CMC Metals Ltd. Announces Cancellation of Private Placement and the Agreement to Acquire the Gavilanes Project
Due to the Rejection of the Exploration Permit Renewal by SEMARNATVANCOUVER, March 13, 2024 - CMC Metals Ltd. (TSXV:CMB)(Frankfurt:ZM5P)(OTCQB:CMCXF) ("CMC" or the "Company") announces cancellation of the $1.2 million private placement announced on February 28, 2024 due to the failure of the property owner of the silver-gold-polymetallic Gavilanes project in Durango, Mexico to achieve an extension of the exploration permit with SEMARNAT, Mexico's permitting authority. In addition, CMC has subsequently served notice of its intent to terminate the agreement with Sailfish Royalty Corp. to acquire the Gavilanes project but remains interested in securing exclusivity rights until October 2024.
CMC now intends to revert its attention to its flagship Silverknife Property in British Columbia which has considerable exploration potential for high grade silver-lead-zinc carbonate replacement and skarn deposits.
Kevin Brewer, President and CEO of CMC noted "The decision by SEMARNAT to not extend the permit renewal at the Gavilanes project is disappointing. The preparation and filing of the application was the sole responsibility of the property owner and as a result CMC was left with no choice but to pull out of the agreement to initiate the acquisition of Gavilanes. This event was not within our control and was not possible to foresee by all involved parties. We still consider the Gavilanes Deposit to have excellent potential for resource expansion and be a 'company maker' and we therefore remain interested in the project under revised circumstances and terms. However, our strategy to have a strong and diversified asset portfolio now allows us to revert our attention to the Silverknife Project in North-Central British Columbia which continues to hold potential for the discovery of high-grade silver-lead-zinc-critical mineral carbonate replacement and skarn deposits."
About CMC Metals Ltd.
CMC Metals Ltd. is a growth stage exploration company focused on the exploration of high-grade silver-lead-zinc critical mineral carbonate replacement and skarn deposits in the Rancheria Silver District in Northern British Columbia and Yukon. Their properties include their flagship Silverknife project which is immediately adjacent to Coeur Mining's Silvertip deposit, one of the highest-grade underground CRD-vein deposits in the world, the Silver Hart Deposit and Blue Heaven claims (Yukon) and the Amy claims (north-central British Columbia). Other polymetallic projects in its portfolio and available for option include the Bridal Veil (Newfoundland) which is an orogenic gold target, and silver-gold target - Logjam (Yukon) possibly with porphyritic association..
On behalf of the Board:
"John Bossio"
John Bossio, Chairman
CMC Metals Ltd.
For Further Information and Investor Inquiries:
Kevin Brewer, P. Geo., MBA, B.Sc.(Hons), Dip. Mine Eng.
President, CEO and Director
Tel: (709) 327 8013
kbrewer80@hotmail.com
Suite 1000-409 Granville St.
Vancouver, BC, V6C 1T2
To be added to CMC's news distribution list, please send an email to info@cmcmetals.ca or contact Mr. Kevin Brewer directly.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
"This news release may contain certain statements that constitute "forward-looking information" within the meaning of applicable securities law, including without limitation, statements that address the timing and content of upcoming work programs, geological interpretations, receipt of property titles and exploitation activities and developments. In this release disclosure regarding the potential to undertake future exploration work comprise forward looking statements. Forward-looking statements address future events and conditions and are necessarily based upon a number of estimates and assumptions. While such estimates and assumptions are considered reasonable by the management of the Company, they are inherently subject to significant business, economic, competitive and regulatory uncertainties and risks, including the ability of the Company to raise the funds necessary to fund its projects, to carry out the work and, accordingly, may not occur as described herein or at all. Actual results may differ materially from those currently anticipated in such statements. Factors that could cause actual results to differ materially from those in forward looking statements include market prices, exploitation and exploration successes, the timing and receipt of government and regulatory approvals, the impact of the constantly evolving COVID-19 pandemic crisis and continued availability of capital and financing and general economic, market or business conditions. Readers are referred to the Company's filings with the Canadian securities regulators for information on these and other risk factors, available at www.sedar.com. Investors are cautioned that forward-looking statements are not guarantees of future performance or events and, accordingly are cautioned not to put undue reliance on forward-looking statements due to the inherent uncertainty of such statements. The forward-looking statements included in this news release are made as of the date hereof and the Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation."
SOURCE: CMC Metals Ltd.