Flow Metals Drilling Program at Sixtymile
Vancouver, British Columbia--(Newsfile Corp. - September 15, 2020) - Flow Metals Corp. (CSE: FWM) ("Flow Metals" and/or the "Company") is pleased to announce that it has completed acquisition and processing of ground geophysics. Final drill targets have been selected and the project will commence within the next two weeks. The Sixtymile is a road accessible gold project that has produced gold in placer and has proven gold mineralization in bedrock.
The ground geophysical program combined magnetic and VLF acquisition and inversion to image the structural setting of the bedrock underlying coarse grained gold in gravels. The magnetics and VLF has imaged a stepover in a large NW striking structure which is interpreted as a potential dilatational zone in a broader fault system. Dilatational zones in fault systems are conducive to fluid flow and consequently are prospective for the precipitation of gold.
Placer mining near the imaged structures has yielded coarse-grained gold in gravels directly overlying bedrock. The planned drilling program is for 10 - 20 RAB holes to a maximum of 100 m to identify the source of the coarse-grained gold. Known disseminated gold mineralization in bedrock occurs on the project and has been uncovered through trenching, RAB and diamond drilling, but has not identified the source of the coarse-grained gold.
The RAB drilling will include down-hole televiewing surveying and XRF on rock chips to allow real-time targeting of mineralized structures.
Flow Metals also wishes to correct the disclosure provided in the news release dated August 26, 2020 and advises that Finder's fees of $41,759.66 cash, 215,026 common shares issued at a deemed price of $0.09 and 679,026 finder's warrants (each, a "Finders Warrant") have been paid to qualified parties. Each Finders Warrant is exercisable at a price of CAD$0.15 for a period of 36 months from issuance.
All securities issued in connection with the private placement are subject to a statutory hold period of four months and one day from the date of issuance. None of the securities issued in connection with the private placement have been registered under the United States Securities Act of 1933, as amended (the "1933 Act"), and none of them have been offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the 1933 Act. This news release shall not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of the securities in any state where such offer, solicitation, or sale would be unlawful.
Adrian Smith, P.Geo., is the qualified person for the Company as defined in the National Instrument 43-101 and has reviewed the technical information presented within this news release.
About Flow Metals:
Flow Metals is a junior gold explorer based in Vancouver with gold claims in BC, Yukon and Quebec.
For further information, please contact:
Scott Sheldon, President
This press release may include "forward-looking information" (as that term is defined by Canadian securities legislation), concerning the Company's business. Forward-looking information is based on certain key expectations and assumptions made by the Company's management, including future plans for the exploration and development of its mineral properties. Although the Company believes that such expectations and assumptions are reasonable, investors should not rely unduly on such forward-looking information as the Company can give no assurance they will prove to be correct. Forward-looking statements in this press release are made as of the date of this press release. The Company disclaims any intent or obligation to publicly update any forward-looking information (whether as a result of new information, future events or results, or otherwise) other than as required by applicable securities laws.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/63801