Silver Sands Announces $300,000 Flow-Through Private Placement Financing
Vancouver, British Columbia--(Newsfile Corp. - April 20, 2022) - Silver Sands Resources Corp. (CSE: SAND) (OTCQB: SSRSF) ("Silver Sands" or the "Company") announces a Private Placement of up to 2,000,000 Flow-Through Units at a price of C$0.15 per FT Unit for gross proceeds of up to $300,000.
Each FT Unit will consist of one flow-through common share at $0.15 per share that qualify as "flow-through shares" ("Flow Through Shares") within the meaning of subsection 66(15) of the Income Tax Act (Canada) (a "FT Share") and one half of one common share purchase warrant (each whole warrant, a "Warrant"). Each Warrant entitles the holder to purchase one common share (which is not a flow-through share) at $0.25 per common share for a period of 24 months following the date of issuance.
The Company may pay a finder's fee of 7% Cash and 7% warrants, (with the same terms as the subscribers' warrants) on all or a portion of the Private Placement in accordance with the policies of the CSE. Proceeds of the private placement will be used for work on the Company's Canadian mineral properties. The Private Placement is subject to the acceptance of the CSE.
The Corner Pocket Project, Newfoundland.
The 6,400 hectare Corner Pocket copper-zinc-silver massive sulfide project, 25 km to the WNW of Corner Brook, Newfoundland is contiguous to the west, east and south of the York Harbour Metals Inc., massive sulfide project.
The contiguous York Harbour project of York Harbour Metals Inc. (formerly Phoenix Gold Resources Corp.) hosts significant semi-massive to massive volcanogenic massive sulfide mineralization including the past producing York Harbour mine. Historic mining and current and historic drilling have identified lenses from 1 to 26 metres wide over 600 metres of strike length. York Harbour has identified additional copper-zinc mineralization in the western and southern portions of the property that has yet to be explored.2
York Harbour drill highlights (drill widths, not true widths) include:
- 2.70% copper, 9.04% zinc, 17.78 gpt silver, 164 g/t cobalt and 0.15 g/t gold over 25 metres
- including 2.47% copper, 16.52% zinc, 36.43 gpt silver, 93 g/t cobalt and 0.31 g/t gold over 10 metres1
- 1.69% copper, 0.13% zinc, 1.43 g/t silver and 125.14 g/t cobalt over 9.51 metres2
- including 5.2% copper, 0.07% zinc, 2.57 g/t silver and 287.12 g/t cobalt over 1.54 metres2
- 1.69% copper, 0.11% zinc, 2.83 g/t silver and 238.73 g/t cobalt over 9.54 metres2
Source: 1) York Harbour Metals Inc. News Release dated 2022-Feb-14 ; 2) Phoenix Gold Resources Corp. Management Discussion and Analysis for Quarter Ended 2021-Oct-31
Silver Sands cautions investors mineralization on the York Harbour property is not necessarily indicative of similar mineralization on the Corner Pocket property.
The Corner Brook claim covers a NNE/SSW trending synclinal fold within the Blow me Down Massif which is comprised of the Humber Arm Allochthon/ Bay of Islands Ophiolite suite. The claim hosts the upper and middle stratigraphy of the upper Cambrian to lower Ordovician Bay of Islands Ophiolite: a mafic sheeted dyke complex and massive gabbro. The Claim also contains a deeper serpentinized harzburgite and red arkosic sandstone, conglomerate, volcanic pillows and breccias of the Lower Cambrian Blow Me Down Brook Formation.
The targets are Cypress style volcanogenic massive sulfides within the Blow Me Down Massif within an ophiolite sheeted dyke complex. The lower Cambrian Blow Me Down Brook Formation also has potential to host volcanogenic massive sulfides.
About Silver Sands Resources Corp.
Silver Sands is a well-financed, Canada-based company engaged in the business of mineral exploration and the acquisition of mineral property assets in mining-friendly jurisdictions. Its objective is to locate and develop economic precious and base metal properties of merit. Its key asset is the Virginia silver project, located in the mining-friendly Santa Cruz state of Argentina.
On Behalf of the Board of Directors
Chief Executive Officer, Director
For further information, please contact:
Chief Executive Officer, Director (604) 786-7774
Qualified Person Statement: Silver Sand's disclosure of technical and scientific information in this press release has been reviewed and approved by R. Tim Henneberry, P.Geo., a director of the Company, who serves as a Qualified Person under the definition of National Instrument 43-101.
Forward Looking Statements:
The information in this news release contains forward-looking statements that are subject to a number of known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those anticipated in our forward-looking statements. Factors that could cause such differences include: changes in world commodity markets, equity markets, costs and supply of materials relevant to the mining industry, change in government and changes to regulations affecting the mining industry and to policies linked to pandemics, social and environmental related matters. Forward-looking statements in this release include statements regarding future exploration programs, operation plans, geological interpretations, mineral tenure issues and mineral recovery processes. Although we believe the expectations reflected in our forward-looking statements are reasonable, results may vary, and we cannot guarantee future results, levels of activity, performance or achievements. Silver Sands disclaims any obligations to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as may be required by applicable law.
Neither the Canadian Securities Exchange ("CSE") nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/120943