TIDMPERE
RNS Number : 6125C
Pembridge Resources plc
23 February 2022
23 February 2022
Pembridge Resources plc
Minto Metals Receives a New Exploration Permit, Outlines its
2022 Exploration Programme and Announces Grant of Stock Options
London, United Kingdom - Pembridge Resources plc (LSE: PERE)
("Pembridge" or the "Company") is pleased to announce that Minto
Metals Corp. ("Minto") (TSX-V: MNTO) today announced receipt of a
10-year Class 4 Quartz Mining Land Use Permit from the Yukon
Government for exploration activities on its claims and provided an
overview of its 2022 Exploration Program.
Minto received approval from the Chief of Mining Land Use for
the Yukon for a 10-year Class 4 Quartz Mining Land Use Permit. The
Permit, subject to certain restrictions and conditions, enables
Minto to diamond drilling, geophysical surveys and other associated
exploration land-use activities on its mining claims. The Permit
includes the Minto Mine Property which falls entirely within the
Settlement Lands of the Selkirk First Nation and comprises 164
Quartz Mining Claims covering an area of 26 km2. Minto's long-term
Exploration strategy mandates minimal disturbance which can be
achieved through the utilization of modern state-of-the-art
techniques in targeting and data acquisition. Minto is fully
committed to conducting exploration activities in a socially and
environmentally responsible manner. The exploration that this
permit allows will include previously unexplored, high potential
targets close to the existing mine operations infrastructure and
Minto hopes that it will build on its current resource.
Minto's Board of Directors recently approved a C$9.2 million
exploration programme for 2022. The programme will consist of:
1) 30,000 meters of surface diamond drilling which will explore
historical untested, high priority targets within 2 km of Minto's
existing mine operations as well as some delineation and infill
drilling of potential new resource zones. Paycore Drilling has been
retained as the surface diamond drilling contractor.
2) Surface geophysics which will include:
i. Borehole Pulse Electromagnetic surveys of all-new drill
holes.
ii. Passive Magnetotellurics survey to identify new drilling
targets at depth beneath the current mine infrastructure.
3) Remote Sensing: procured Exploration Mapping out of Denver,
CO will supervise and task a 1,993 km2 Worldview-3 Spectral Mapping
satellite survey over Minto properties. The Worldview-3 satellite
captures information across the visible, near-infrared, and
short-wave infrared regions of the electromagnetic spectrum and is
the highest spatial and spectral resolution satellite imagery
commercially available.
4) Minto has partnered with Goldspot Discoveries Corp. to
support Exploration efforts at Minto Metals. Goldspot will assist
by compiling and re-processing Minto geological data to support
artificial intelligence and data science exploration methods. This
will include re-processing and interpreting historical local and
regional geophysics datasets, and developing enhanced geochemical
models. Identification of new surface and underground targets are a
priority, as well as an updated 3-D geological model.
Minto has also engaged Equity Exploration Consultants Ltd. to
compile and maintain the company's geoscientific and mining
databases and to monitor ongoing Quality Assurance / Quality
Control performance. Minto has retained Bureau Veritas for
geochemistry services in 2022.
The 2022 drill program has been designed to try and create
resource additions in the near term and on an ongoing basis moving
forward. A large inventory of untested, high-priority exploration
targets remain from previous operators where initial drill testing
has not been conducted since 2012. These untested, high potential
targets include possible extensions to the Minto North, Area 2 and
Ridgetop orebodies as well as zones at a depth between the Minto
Main Pit and Minto North Pit.
All the current and historical orebodies were discovered via
drill-testing chargeability targets generated from a Titan-24 DC-IP
survey circa 2009-2010. Minto will focus the 2022 drill plan on the
remaining targets from that survey and will further supplement the
target database and drill test new targets generated by the
magnetotellurics survey in 2022. This survey should identify
additional targets below the penetrative depth of the Titan-24
survey.
In addition, Minto announced that its Board of Directors has
approved the grant of stock options (the "Options") exercisable for
an aggregate of 705,626 common shares to the senior leadership team
and executive officers of Minto in lieu of cash payments due under
the 2021 Short Term Incentive Program. The Options were granted
pursuant to Minto's 2021 Long Term Incentive Plan and are subject
to the terms of the applicable option agreements and the
requirements of the TSX Venture Exchange. The Options are
exercisable at a price of $2.60 per share for a period of five
years from the date of grant. The Options vested fully on the grant
date.
The full release from Minto is available [here].
Gati Al-Jebouri, Chief Executive Officer and Chairman of the
Board of Pembridge said:
"The Minto mine is part of a larger copper belt and we believe
that there is scope, through further exploration, considerably to
enlarge the resource currently known at Minto. Having this Permit
will enable Minto to explore new areas of the site which are close
to existing infrastructure and so move towards that goal, which
could extend the life of the mine."
Cautionary Statement
This News Release includes certain "forward-looking statements"
which are not comprised of historical facts. Forward-looking
statements include estimates and statements that describe the
Company's future plans, objectives or goals, including words to the
effect that the Company, or management, expects a stated condition
or result to occur. Forward-looking statements may be identified by
such terms as "believes", "anticipates", "expects", "estimates",
"may", "could", "would", "will", or "plan". Since forward-looking
statements are based on assumptions and address future events and
conditions, by their very nature they involve inherent risks and
uncertainties. Although these statements are based on information
currently available to the Company, the Company provides no
assurance that actual results will meet management's expectations.
Risks, uncertainties and other factors involved with
forward-looking information could cause actual events, results,
performance, prospects and opportunities to differ materially from
those expressed or implied by such forward-looking information.
Forward-looking information in this news release includes, but is
not limited to, the Company's intentions regarding its objectives,
goals or future plans and statements. Factors that could cause
actual results to differ materially from such forward-looking
information include, but are not limited to, the Company's ability
to predict or counteract the potential impact of COVID-19
coronavirus on factors relevant to the Company's business, failure
to identify additional mineral resources, failure to convert
estimated mineral resources to reserves with more advanced studies,
the inability to eventually complete a feasibility study which
could support a production decision, the preliminary nature of
metallurgical test results may not be representative of the deposit
as a whole, delays in obtaining or failures to obtain required
governmental, environmental or other project approvals, political
risks, uncertainties relating to the availability and costs of
financing needed in the future, changes in equity markets,
inflation, changes in exchange rates, fluctuations in commodity
prices, delays in the development of projects, capital, operating
and reclamation costs varying significantly from estimates and the
other risks involved in the mineral exploration and development
industry, and those risks set out in the Company's public
documents. Although the Company believes that the assumptions and
factors used in preparing the forward-looking information in this
news release are reasonable, undue reliance should not be placed on
such information, which only applies as of the date of this news
release, and no assurance can be given that such events will occur
in the disclosed time frames or at all. The Company disclaims any
intention or obligation to update or revise any forward-looking
information, whether as a result of new information, future events
or otherwise, other than as required by law.
S
NOTES TO EDITORS
Pembridge is a mining company that is listed on the standard
segment of the Official List of the FCA and trading on the main
market for listed securities of London Stock Exchange plc.
Pembridge has an investment in Minto Metals Corp, a British
Columbia incorporated business listed on the TSX Venture Exchange
under the symbol "MNTO" that operates the Minto mine in Yukon,
Canada.
About Minto Metals Corp
Minto Metals Corp operates the underground copper-gold-silver
mine located in central Yukon, approximately 240 kilometres north
of the capital Whitehorse along the Klondike Highway. In excess of
US$350 million of capital expenditure has been invested into Minto
operations since site construction began in 2006. The Minto mine
was in continuous production between 2007 and 2018, when the mine
was placed onto temporary care and maintenance. Pembridge acquired
the Minto mine from Capstone Mining Corporation in June 2019 and
restarted operations in October 2019.
Enquiries:
Pembridge Resources plc: +44 (0) 7905 125740
Gati Al-Jebouri, Chief Executive Officer and Chairman of the
Board
David James, Chief Financial Officer
Tavira Securities - United Kingdom: +44 (0)20 7100 5100
Jonathan Evans
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END
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