St. John's, Newfoundland and Labrador--(Newsfile Corp. - January 15, 2024) - Anteros Metals Inc. ("Anteros" or the "Company") is pleased to announce that it has acquired the Haven Steady VMS Property (the "Property"), located in the Province of Newfoundland and Labrador. The Property represents a strategic expansion of copper-zinc-lead-silver targets within the Company's land position in southcentral Newfoundland.
HAVEN STEADY OVERVIEW
Located in central Newfoundland, the Haven Steady Property lies 15 kilometres south of the past-producing Duck Pond zinc-copper-lead mine and 40 kilometres southeast of the town of Buchans (Figure 2). The Property is comprised of seven claims covering 175 hectares in the prolific Buchans-Victoria Lake area. Hosted by rocks of the Red Cross Group volcanic belt, the Property hosts high-grade volcanogenic massive sulphide ("VMS")-style base and precious metal mineralization.
PROPERTY HIGHLIGHTS
- Located in a district with proven, large VMS deposits containing rich, Kuroko-style concentrations of copper, lead, zinc, and silver.
- Prospective for a large, geologically consistent mineral deposit, as identified through historical exploration, with a 1,000-meter strike length of notable silver-lead-zinc mineralization.
- Underlain by felsic volcanic rocks endowed with significant occurrences of bornite, chalcopyrite, and galena within silicified and sericitized felsic tuff, aligning with characteristics of the region's mineral-rich formations.
- Complements the Company's Strickland VMS property, emphasizing Anteros' strategic focus on copper, zinc, and lead as critical minerals for project portfolio expansion and economic growth.
- Fully permitted for explorative diamond drilling.
HISTORIC DRILLING HIGHLIGHTS (Figure 1)
- Drill Hole HS-87A-86: 40.5 m of 0.68% Pb, 0.81% Zn, 8.4 g/t Ag, 0.07 g/t Au
- Drill Hole HS-87-2: 59.7 m of 0.11% Cu, 0.17% Pb, 0.66% Zn, 8.3 g/t Ag, 0.23 g/t Au including 2.6 m of 1.41% Cu, 0.51% Pb, 3.2% Zn, 47.2 g/t Ag, 2.94 g/t Au
- Drill Hole HS-88-3: 68 m of 0.09% Cu, 0.55% Pb, 1.45% Zn, 11.8 g/t Ag, 0.2 g/t Au including 2.6 m of 0.91% Cu, 1.32% Pb, 6.44% Zn, 45.7 g/t Ag, 1.99 g/t Au
Figure 1: Property map showing historic drill hole locations and select intercepts, access, geophysical interpretation, and geology
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HAVEN STEADY ACQUISITION
Pursuant to the mining claim acquisition agreement (the "Acquisition Agreement") dated January 10th, 2024, between the Company and non-arm's length parties (the "Vendors"), the Company acquired the Property. As consideration for the Property, the issued an aggregate of 600,000 common shares in capital of the Company (the "Common Shares") at a deemed issuance price of $0.10 per Common Share to the Vendors.
Trumbull Fisher, Company CEO, remarks, "We are thrilled with the addition of the Property to the Anteros portfolio. The Property has incredible potential and support for these critical metals is strong. The concurrent financing aligns seamlessly with our exploration strategy and will fuel our ambitious plans for 2024."
The transaction contemplated by the Acquisition Agreement and the issuance of the Common Shares thereunder, constitutes a related party transaction within the meaning of and Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101") as the Vendors are officers and/or directors of the Company. The Company is relying on the exemptions from the valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(b) and 5.7(1)(a) of MI 61-101, as the Company is not listed on a specified market and the fair market value of transaction contemplated by the Acquisition Agreement does not exceed 25% of the market capitalization of the Company in accordance with MI 61-101.
PROPERTY GEOLOGY
REGIONAL SETTING
The Property is situated within the Central Mobile Belt of the Dunnage Zone in Newfoundland and Labrador, an area marked by complex geological formations resulting from accretionary events in the Paleozoic era. The region is underlain by sequences of Cambrian- to Silurian-aged volcanic and sedimentary rocks and related intrusive rocks, typical of island-arc and related settings. The Property borders the Victoria Lake Supergroup, a complex assortment of several distinct volcanic sequences, some of which host world class VMS deposits such as the past-producing Duck Pond VMS Mine.
LOCAL SETTING AND MINERALIZATION
Underlain by the Red Cross Group volcanic belt, the Property is dominated by felsic volcanic rocks, namely rhyolite flows and related pyroclastics and graphitic argillites and siltstones, but also includes pillow basalts and mafic intrusive rocks. The Property is marked by extensive sericitization and silicification within the felsic volcanic units, with chloritic alteration often occurring around zones of massive sulfides and stringer sulfide zones. This geological setting mirrors that of Kuroko-type VMS deposits known for their rich polymetallic content and significant economic yields, as exemplified by the renowned Kuroko deposits in Japan.
Previous geophysical work, including airborne electromagnetics, identified multiple conductive anomalies consistent with the presence of sulfide mineralization. Historic drilling programs revealed zones of zinc, lead, copper, and silver mineralization demonstrated by the presence of pyrite, sphalerite, and galena, with chalcopyrite and bornite particularly notable in copper-rich zones. Drill hole HS88-07 intersected a significant zone of zinc-lead-silver mineralization assaying 9.9% Zn, 2.7% Pb, and 28.4 g/t Ag over 3.5 meters, while copper-rich zones were confirmed in drill hole HS09-18, where a section revealed 2.1% Cu over a 2.72-meter interval, suggesting the presence of copper-enriched massive sulphides. The Property encompasses a VMS system having a continuous strike length of approximately 1,000 metres, characterized by consistent mineralization with extensive zones of stringer sulfides, indicative of a robust hydrothermal system.
Figure 2: Regional Map showing past-producing mines and VMS occurrences
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NON-BROKERED PRIVATE PLACEMENT
In addition, the Company is pleased to announce it intends to complete a non-brokered private placement through the issuance of up to 4,500,000 units (the "Units") in the capital of the Company at $0.10 per Unit and up to 10,500,000 flow-through units (the "FT Units") in the capital of the Company at a price of $0.12 per FT Units for aggregate gross proceeds of up to $1,710,000 (the "Offering").
Each Unit shall be comprised of one common share (each, a "Common Share") in the capital of the Company and one-half of one whole Common Share purchase warrant (each whole warrant, a "Warrant") of the Company. Each Warrant shall entitle the holder thereof to acquire one Common Share at a price of $0.20 per Common Share for a period of one (1) year from date of issuance. Each FT Unit shall be comprised of one common share in the capital of the Company, issued on a flow-through basis (each, a "FT Share") and one-half of one whole Warrant. The FT Shares will qualify as "flow-through shares" within the meaning of subsection 66(15) of the Income Tax Act (Canada).
All securities issued pursuant to the Offering will be subject to a hold period of four months plus a day from the date of issuance and the resale rules of applicable securities legislation. The net proceeds from the sale of the Units will be used for general working capital purposes. The gross proceeds from the sale of the FT Units will be used by the Company to incur eligible "Canadian exploration expenses" that will qualify as "flow-through expenditures" as such terms are defined in the Income Tax Act (Canada).
PARTICIPATION
For additional information or to participate in the Offering, interested parties are encouraged to directly contact Anteros investor relations using the corporate contact details provided below.
This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
QUALIFIED PERSON
Jesse Halle, P. Geo., an independent Qualified Person in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects, has reviewed and accepted the technical material contained in this news release.
ABOUT THE COMPANY
Anteros Metals Inc. is a multimineral junior mining company using data science to target and acquire highly prospective deposits for exploration and development throughout Newfoundland and Labrador. The Company is currently focused on advancing five key projects across diverse commodities and development horizons. The flagship Knob Lake Fe-Mn Property is set for feasibility study in 2024.
For further information please contact or visit:
Email: info@anterosmetals.com | Phone: 1-800-417-1468
Web: www.anterosmetals.com
Social: @anterosmetals
On behalf of the Board of Directors,
Chris Morrison
Director
Email: chris@anterosmetals.com | Phone: 709-725-6520
www.anterosmetals.com/contact
16 Forest Road, Suite 200
St. John's, NL, Canada
A1X 2B9
Cautionary Statement Regarding Forward-Looking Information
This news release may contain "forward-looking information" and "forward-looking statements" within the meaning of applicable Canadian securities legislation. All information contained herein that is not historical in nature may constitute forward-looking information. Forward-looking statements herein include but are not limited to statements relating to the prospects for development of the Company's mineral properties, and are necessarily based upon a number of assumptions that, while considered reasonable by management, are inherently subject to business, market and economic risks, uncertainties and contingencies that may cause actual results, performance or achievements to be materially different from those expressed or implied by forward-looking statements. Except as required by law, the Company disclaims any obligation to update or revise any forward-looking statements. Readers are cautioned not to put undue reliance on these forward-looking statements.
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SOURCE: Anteros Metals Inc.
