Toronto, Ontario--(Newsfile Corp. - September 26, 2022) - Tashota Resources Inc. ("TRI" or the "Company") is pleased to provide an update on its exploration activities at its 50% owned Echo Ridge property in the Shebandowan Greenstone Belt and the continuance of its Critical Mineral Exploration Tax Credit CMETC offering.
Echo Ridge Exploration Update
In August 2022, TRI announced that it had engaged Abitibi Geophysics ("Abitibi") to mobilize and conduct a down-hole survey program involving measurements between approximately 12 drill hole pairs, including a hole-to-hole-three-dimensional Induced Polarization ("H2H-3D-IP") survey. This work was based on mineralization that has a clear signature of over 500 meters strike length and is open on strike to the east and west of the drilled areas.
This program also included a 3D modeling of geology and mineralization based on the Company's thirteen drill hole program conducted in 2021. This drilling confirmed the copper-gold mineralization in diorites occurring near the sheared contacts with metasedimentary rocks. The best results from the drilling returned 0.5% Cu over 8.14m (ER-21-10), 1.33% Cu over 3.5m (ER21-13), 0.45% Cu over 3.58m (ER21-12), and 2.08% Cu over 1.85m (ER21-09) along with anomalous gold and silver mineralization.[1]
As indicated in the August announcement, the report on Abitibi's IP survey was finalized and delivered to the Company earlier this month. TRI is now providing the results and recommendations of the report on this most recent exploration work at its Echo Ridge property and the entire report may be accessed here.
The H2H-3D-IP® survey on nine drill hole pairs identified several distinctive polarizable between-hole and off-hole responses that led to the qualitative interpretation of several anomalous sources. More specifically, three well-defined sources in the western sector and four in the eastern sector were identified and recommended by Abitibi to be drill-tested in future drill programs. A 3D inversion was also conducted to better locate observed anomalous sources. The results of this inversion are shown in Figures 12 to 14 of the report and the boreholes recommended for drill-testing are listed in the table below:
Recommended Boreholes
| Borehole ID | UTM Coordinates (Collar) | Elevation | Azimuth | Dip | Length | |
| Easting (m) | Northing (m) | |||||
| W-02 | 654078 | 5376436 | 437.5 | 325 | -60 | 110 |
| W-04_05 | 654141 | 5376384 | 442.3 | 335 | -50 | 200 |
| E-01_02 | 654386 | 5376484 | 435.9 | 0 | -60 | 75 |
| E-05 | 654469.5 | 5376500 | 435.5 | 2 | -45 | 75 |
| E-06 | 654469.5 | 5376500 | 435.5 | 350 | -50 | 130 |
In addition to H2H-3D-IP Survey, Abitibi also recommended a pole-dipole ground IP survey, which in their opinion, would allow it to locate the mineralized targets more precisely for up to 150 metres depth; hence would help plan future drilling programs by the Company.
The Abitibi report concludes: "The author is confident that the Echo Ridge Project offers potential for discovering new mineralized zones and that the investigation of the anomalous sources identified by the present survey will yield positive results." TRI is now evaluating the entirety of Abitibi's report and planning its next steps, including where and when to commence the recommended drill programs, and will announce these in due course.
TRI's Critical Mineral Exploration Tax Credit Flow-Through Unit Offering
The Critical Mineral Exploration Tax Credit CMETC provides an additional exploration tax credit per the 2022 Federal budget released on April 7, 2022. The Canadian government introduced the CMETC to encourage investment in the exploration of such critical minerals as copper, nickel, lithium, and cobalt, and specifically, it provides an additional 30 percent tax credit on top of the 100 percent tax deductions provided by the traditional Canadian exploration tax credit flow-through structure.
Critical minerals are used in various clean energy technologies, including electric car batteries, solar panels, wind turbines, and virtually all electronic devices. The CMETC is intended to ensure that Canada, with its vast potential for discovering mineral resources, is well-positioned to benefit from the looming demand for these critical minerals. The Company is qualified to offer CMETC flow-through units due to the presence of copper-gold mineralization on its Echo Ridge property.
TRI's CMETC-based offering announced in August 2022 is an offering of flow-through units priced at $.20 per unit. Each unit comprises one (1) common share and one (1) common share purchase warrant. Each warrant entitles the holder to purchase a common share at $.30 per warrant share, exercisable for three (3) years from the date of issuance, subject to the terms and conditions provided in the Company's Subscription Agreement. This offering remains open to Accredited Investors and Family, Friends, and Close Business Associates FFBA on a prospectus-exempt basis up to a maximum of 5.2 million units.
About Tashota Resources Inc.
Tashota Resources Inc. ("TRI") is a Prospect Generator junior resource Exploration Company currently focused on defining and monetizing the mineral deposits on its multiple properties in historically prolific gold camps in Northern Ontario. TRI has a management and advisory team with extensive exploration, engineering, project financing, and permitting experience. This includes decades-long experience in prospecting and mining operations in the Hemlo, Shebandowan, and Beardmore-Geraldton Gold Camps, where TRI has significant property interests comprising nearly 45,000 acres.
The technical information contained in this press release has been reviewed and approved by Ikram (Ike) Osmani, M.Sc., P.Geo., a Qualified Person as defined under National Instrument 43-101.
ON BEHALF OF THE BOARD,
Charles J. Elbourne,
President & CEO
For further information, please contact:
Charles J. Elbourne, President & CEO,
Tashota Resources Inc.
82 Richmond St. E. Suite 401
Toronto, ON M5C 1P1
C: 416-315-6490 | O: 647-350-6122
Email: elbourne007@gmail.com
Website: www.tashotaresources.com
Cautionary Note Regarding Forward-Looking Statements and Information
This release contains "forward-looking statements" within the meaning of applicable Canadian securities legislation. Forward-looking statements in this press release include, but are not limited to, statements regarding the timing and amount of estimated future exploration and success of such exploration activities; and the availability of the CMETC for the Company's Unit offering as described in this press release. Generally, forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "schedule", "estimates", "forecasts", "intends", "continue", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "will", "might" or "will be taken", "occur" or "be achieved". Forward-looking statements are made based upon certain assumptions and other important facts that, if untrue, could cause the actual results, performance or achievements of the Company to be materially different from future results, performances or achievements expressed or implied by such statements. Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which the Company will operate in the future. Certain important factors that could cause actual results, performances or achievements to differ materially from those in the forward-looking statements include, amongst others, availability of sufficient financial and other resources in order to complete anticipated exploration work on the Company's properties; availability of certain tax treatment under the CMETC; currency fluctuations; the global economic climate; and competition. Forward-looking statements are subject to known and unknown risks, uncertainties and other important factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: the impact the COVID 19 pandemic may have on the Company's activities and the economy in general; the impact of the recovery post COVID 19 pandemic and its impact on precious metals; the risk that the Company may not be able to secure financing on the terms described in this press release or at all; there being no assurance that the exploration program described in this press release will warrant future exploration on the Echo Ridge Property; risks and uncertainties inherent to any mineral exploration program; receipt of necessary approvals; general business, economic, competitive, political and social uncertainties; future gold and other metal prices; accidents, labour disputes and shortages; environmental risks and other risks of the mining industry. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company does not undertake to update any forward-looking statements, except in accordance with applicable securities laws.
In presenting this information, TRI is not making an offer to sell nor soliciting an offer to buy any securities, certifying the completeness or accuracy of this information, or assuming that the recipient is qualified to consider this opportunity. Accordingly, this document does not and is not intended to comply in any manner with any United States or Canadian securities or disclosure laws or requirements. Prior to making or soliciting any such offer, the Company will provide access to such information and will comply with the requirements of applicable securities laws.
[1] As detailed in a report by Richard Kilpatrick, P.Geo, with an effective date of April 19, 2022.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/138464
