Vancouver, BC, March 1st, 2023 – Mineral Mountain Resources Ltd. (“Mineral Mountain” or the “Company“) (TSXV: MMV) (OTCQB: MNRLF) (M8M-FRANKFURT) is pleased to announce a non-brokered private placement whereby the Company will issue up to 50,000,000 units (the “Units“) at a price of CDN$0.10 per Unit (the “Offering Price“) for total gross proceeds of up to CDN$5,000,000 (the “Offering).
Each Unit will consist of one common share (a “Share“) in the capital of the Company and one common share purchase warrant (each whole common share purchase warrant being a “Warrant“). Each Warrant will be exercisable to acquire one Share at a price of CDN$0.25 per Share for a period of 12 months from the date of issuance.
The Company intends to use the net proceeds raised from the Offering specifically for a 9,000 metre drill program on its flagship Standby Property in the Rochford District of South Dakota, USA, together with additional ongoing exploration in the Rochford District, BLM drill permitting on several high priority targets, and for general working capital purposes.
The Company may pay finder’s fees on a portion of the Offering, subject to compliance with the policies of the TSX Venture Exchange and applicable securities legislation.
The closing of the Offering is subject to the receipt of all necessary regulatory approvals, including the approval of the TSX Venture Exchange. All securities issued pursuant to the Offering will be subject to a four-month hold period in accordance with applicable Canadian securities laws. There are no material facts or material changes regarding the Company that have not been generally disclosed.
Nelson Baker, President and CEO commented: “For the first time in our history, we will be drilling the large, almost entirely untested Standby centroid ore target. Significant progress has been made on understanding the Standby system since our previous drill campaign, including: direct age dating of gold mineralization to better understand the timing within a structural context, a revised structural model that accounts for the presence of a major regional shear zone cutting through the ledge and late-stage faulting, the presence of synorogenic conglomerates along the shear zone and magnetic depth slicing down to 2 km. These new datapoints have been synthesized into a new model that highlights the fertility of the Standby system at depth.
Previous limited drilling by Homestake Mining Company in the mid-1980’s resulted in several piercements of mineralized iron formation in the centroid, including one of the highest-grade intercepts seen in the Standby system; ie: 10.23 g/t Au over 3.05 m. This drilling also proved the centroid contains an enormous volume of fold-thickened iron formation up to 130 meters across and 300 meters tall extending for at least 700 meters along plunge. Magnetic depth slicing has tracked this thick iron formation into the subsurface and confirmed its significant scale. For comparison, this volume of iron formation in the Standby centroid is several times larger than the Main Ledge at the Homestake Mine that contained an original pre-mining endowment of over 20 million ounces of gold and yielded gold at a rate of over 30,000 ounces per meter along plunge. There is more than adequate space in the Standby centroid to host a major gold discovery.”
Dr. Jeff Hrncir, the Company’s chief geologist commented “Confirming the existence of an Ore Centroid at Standby would be a game-changing discovery for Mineral Mountain Resources and set the stage for future resource delineation drilling.”
On Behalf of the Board of Directors
MINERAL MOUNTAIN RESOURCES LTD.
“Nelson W. Baker”, President and CEO
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.
Forward looking information
This release contains “forward-looking information” within the meaning of applicable Canadian securities legislation (“Forward-looking information”). Forward-looking information includes, but is not limited to, statements that address activities, events or developments that the Company expects or anticipates will or may occur in the future, including such things as future business strategy, competitive strengths, goals, expansion, growth of the Company’s businesses, operations, plans and with respect to exploration results, the timing and success of exploration activities generally, permitting time lines, government regulation of exploration and mining operations, environmental risks, title disputes or claims, limitations on insurance coverage, timing and possible outcome of any pending litigation and timing and results of future resource estimates or future economic studies.
Often, but not always, forward-looking information can be identified by the use of words such as “plans”, “planning”, “planned”, “expects” or “looking forward”, “does not expect”,
SOURCE Mineral Mountain Resources Ltd.