VANCOUVER, BRITISH COLUMBIA – October 18, 2017 – Secova Metals Corp. (“Secova” or the “Company“) (TSXV: SEK, Frankfurt: N4UN, USA: SEKZF) is pleased to announce it has completed the Phase 1 drill program at the Duvay/Chenier gold project (the “Property”), located 15 kms northeast of Amos, Quebec.
“These initial results are extremely encouraging as they show the presence of near surface gold mineralization in a deformed white quartz vein system which was intersected in this initial drill program,” stated Brad Kitchen, Chairman & CEO of Secova. “This is merely the beginning as there are currently over 1,000 assay results in the lab which include similar structures and further mineralized zones that continue at depth. This initial drill program was intended to provide knowledge of the structure of the project, which has been accomplished, but even better, it has also returned significant gold results.”
The drill program comprised 20 drill holes totaling 3207 m, and tested three main target areas. These three target areas are: 1) the northeast shear zone/strong induced polarization (IP) chargeability target; 2) the Duvay Zone Principal, and 3) coincident magnetic/electromagnetic (EM) and structural targets 2 kms northwest of the Zone Principal, near Lake Obalski.
The first forty sample results have been returned from the laboratory. These samples cover only the top 46.5 meters of the first drill hole (DUV17-01) which were rushed for assay, but already reveal a new zone of significant gold mineralization. Drill hole DUV17-01 tested the strong chargeability anomaly identified from the IPower 3D survey and coincident with the northeast shear zone at Duvay. The sample results include 10.0 m of gold mineralization at 0.66 g/t Au from 18.0 m to 28.0 m depth, including an enriched interval of 2.55 g/t Au over 2.0 m from 21.0 to 23.0 m (Table 1). This mineralized interval includes a 5.4 m deformed white quartz vein, with zones of substantial sulfide mineralization and black schist. The true thickness of this zone is not yet known.
Table 1: Gold bearing interval from the first forty samples sent to the lab. Note that the received sample results extend from 3.0 to 46.5 m depth in drill hole DUV17-01. The remaining core from DUV17-01 extending to the end of hole at 201 m is at the lab.
More than 1,000 additional samples have been delivered to the lab, covering the remainder of the first drill hole (DUV17-01), and two other drill holes from the NE shear zone that have significant quartz vein and sulfide mineralization, as well as 7 holes testing the Duvay Zone Principal, where numerous gold enriched drill intersections and bulk samples are reported. Results will be presented when available.
Quality Control and Reporting Protocols
This initial drill program recovered NQ core which was logged, split in half for sampling, with the remainder stored for reference in the secure core facility at Duvay. Samples are delivered to Techni-Lab Abitibi Inc. in Ste. Germaine de Boulé, Quebéc (ISO/IEC 17025; a division of Actlabs, Ancaster, Ontario) for analysis. At Techni-Lab, samples are analyzed for gold by traditional fire assay with atomic absorption finish, with those samples returning >1 g/t gold repeated using a 50g aliquot and gravimetric finish. Selected samples are also analyzed for multi-elements including silver, cobalt, copper and zinc by total digestion ICP at the Actlabs facility in Anacaster Ontario. Selelcted samples will also be re-assayed by metallic sieve methods using up to a 350 g aliquot, based on gold and sulfide content.
Drill program design, Quality Assurance/Quality Control (“QA/QC”) and interpretation of results is performed by qualified persons employing a QA/QC program consistent with NI 43-101 and industry best practices. Standards, duplicates, and blanks are added at the lab as well as standards and duplicates submitted as unknowns by the Company every twenty samples. Approximately 5% of sample pulps are sent to secondary laboratories for check assay.
Assays are reported as composited intervals using weight averages, with highly enriched zones reported separately. Assays are uncut at this time. Applicable true widths are determined by ongoing investigation of the continuity and geometry of zones, and are typically expected to be 65% to 85% of the reported core lengths.
Other Corporate News
The Company is also pleased to announce that as a result of the success of the initial drill program at Duvay/Chenier, it will immediately advance to Phase 2 of the exploration program. Details on this program will be announced as it advances based on the pending assay results from Phase 1. To fund this program, Secova has arranged a non-brokered private placement of up to approximately 37 million flow-through units (“FT Units) of the Company at a price of $0.055 per FT Unit and up to 5,000,000 non-flow-through units (“NFT Unit”) of the Company at a price of $0.05 per Unit for total gross proceeds of up to approximately $2,250,000.
Each Unit will consist of one common share and one-half (1/2) share purchase warrant. Each FT Unit will consist of one common share and one half (1/2) share purchase warrant. Each Full Warrant will entitle the holder to purchase one additional common share of the Company at a price of $0.10 per share for a period of 12 months from closing.
All the securities will be subject to a four-month hold period from the date of closing. A finder’s fee may be payable, in accordance with the policies of the TSX Venture Exchange. The private placement is subject to the approval of the TSX Venture Exchange.
Proceeds of the private placement will be used to advance the Phase 2 exploration program at the Duvay/Chenier Project in Quebec. Proceeds will also be utilized to commence further ground work at the Eagle River Project in Quebec, and for general working capital.
Harrison Cookenboo, Ph.D., P.Geo., OGQ, is a Qualified Persons as defined in NI 43-101, and has reviewed and is responsible for the technical information presented in this news release.
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. Tres-Or is the Operator providing logistical, technical and geologic services as well as reporting. 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 which is adjacent to and on-trend to several gold projects, including but not limited to Osisko’s Windfall Lake gold deposit, in the district of Urban Barry in Quebec.
For more information on Secova Metals Corp. please contact email@example.com, Tel: +1 604-558-5397 or visit the website at www.secovametals.com for past news releases, media interviews and opinion-editorial pieces by CEO and Chairman Brad Kitchen.
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.