VANCOUVER, BRITISH COLUMBIA – February 22, 2018 – Secova Metals Corp. (“Secova” or the “Company“) (TSXV: SEK, Frankfurt: N4UN, USA: SEKZF) is pleased to provide the following corporate update on its two gold projects and one cobalt project all in Quebec and welcomes Mr. Don Fuller to the Board of Directors.
The Company is pleased to disclose that based on preliminary results from its first phase of exploration, Secova is proceeding with Phase 2 of its exploration program at the Duvay/Chenier project. Although there are still approximately 1,000 samples along with drill assays pending, the encouraging initial results from the new North Shear zone (announced on December 13, 2017) and visual inspection of the core as it was drilled from other targets has provided management with the confidence to begin the next stage of exploration. Details on location and method of exploration will be announced as they are finalized. This will be done in conjunction with receipt of the outstanding assays. The back log of assays is a direct result of the extensive exploration programs taking place throughout the province of Quebec. This is an exciting time for gold exploration in Quebec, but this boom has caused some delays. Secova has been able to maintain its strong relationships and continual access to its numerous suppliers.
Eagle River Project
Secova has completed the preliminary exploration program on one-third of its Eagle River project adjacent to the Windfall Lake gold camp. Although this is a grassroots project, the Company performed an advanced VTEM airborne survey program that identified 19 anomalies. Secova then contracted Longford Exploration Corp. to perform a two week ground exploration program that allowed the geologists to map and perform till sampling on some of the areas around the identified anomalies. Results from this initial exploration program on the Eagle River are anticipated within the next couple of weeks. Once received, the Company will then determine any follow-up work required for further detailed exploration. Secova has plans to also expand its exploration work to include the remaining two-thirds of the Company’s 21,472 contiguous hectares adjacent to Bonterra’s projects and also on-trend from Osisko’s Windfall Lake project.
The Company is also pleased to announce, with its mandate to acquire and explore undervalued mineral projects in Quebec, that Secova is reviewing additional cobalt property acquisitions to potentially add to its cobalt portfolio. The Company could not ignore the high-levels of interest for the metal due to a globally increased need for electric vehicles seeing the spot price rise from $10USD/lb in May 2017 to now over $35USD/lb.
If these additional acquisitions do happen Secova will plan to immediately commence initial airborne mag surveys to delineate targets on the properties which could be then followed up with detailed ground exploration programs.
PDAC Conference in Toronto
Secova will be attending the Prospectors and Developers Conference (“PDAC”) in Toronto which starts on March 4th to March 7th. We welcome you to stop by Booth #3329 to meet the team if you plan on attending.
Other Corporate Items
Secova is pleased to announce the appointment of Mr. Don Fuller as an Independent Director to the Company. Mr. Fuller is a businessman whose focus is on international development and capital structuring for numerous projects in the United States and the United Kingdom. Mr. Fuller’s appointment is subject to regulatory approval.
The Company is in several discussions with other individuals regarding their potential appointment to the Board of Directors and anticipates announcing any developments shortly.
In related news, the Company’s Board of Directors wishes to advise that Mr. Sean Kingsley had stepped down from the role of full-time VP Finance but will continue to work with Secova as a capital markets and strategy consultant. Mr. Kingsley was instrumental in raising international capital to commence Secova’s initial drill program on the Duvay/Chenier project, acquire and commence the Eagle River’s initial exploration program and assisted in bringing in competent and effective technical consultants to the team.
Previous Financing Cancelled
Secova would like to disclose that it has chosen to cancel the previously proposed financing announced on October 18, 2017. This financing was announced to accommodate the wishes of one fund/group, since the announcement market conditions have changed.
About Secova Metals Corp.
Secova Metals Corp. is a Canadian gold exploration company focused on building a strong asset base through exploration of undervalued gold projects in Canada. Management has demonstrated expertise in advancing gold exploration projects into acquisition targets, most notably in the province of Quebec. Secova has the exclusive right and option to acquire from Tres-Or Resources Inc. (“Tres-Or”), an undivided 65% right, title and interest in the contiguous Duvay/Chenier Gold Projects. Secova can earn up to 90% of the property (an additional 25% ownership) by funding a pre-feasibility study after the initial exploration expenditures to bring the property towards production. The Company has a total contiguous land package of 174 claims covering over 7,766 hectares (17,458 acres) of land. Duvay/Chenier is located in the Abitibi gold belt, one of Quebec’s premier mining jurisdictions. The Company has plans to advance the development of Duvay/Chenier as well as seek other avenues of growth through acquisition and mergers. The Company also has 100% ownership of the Eagle River project (21,920 contiguous hectares) which is adjacent to and on-trend to several gold projects in the Windfall Lake district of Urban Barry in Quebec.
For further information about Secova Metals Corp.:
Office: Tel: +1 604-558-5397
On behalf of the Board of Directors
SECOVA METALS CORP.
Chairman, CEO and Director
Tel: +1 604-558-5397
Neither 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.
This press release contains “forward-looking information” that is based on the Company’s current expectations, estimates, forecasts, and projections. This forward-looking information includes, among other things, statements with respect to the Company’s exploration and development plans. The words “will”, “anticipated”, “plans” or other similar words and phrases are intended to identify forward-looking information. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, level of activity, performance, or achievements to be materially different from those expressed or implied by such forward-looking information.