Kirkland Lake, Ontario--(Newsfile Corp. - June 26, 2019) - Mistango River Resources Inc. (CSE: MIS) "Mistango") is pleased to announce that it will be commencing an exploration program on its 100% wholly owned Omega Property for the purpose of updating its resource estimate.
With the recent investment from Harbour Royalty Corp., Mistango is planning to drill 3800 meters of the recommended drilling program as outlined in AMC Consultants' NI 43-101 report, which was issued in 2013. The objective of the drilling program is to expand the resources identified in the NI 43-101 report completed in 2013. The Omega remains open at depth on its southern horizon of the property and Mistango plans to raise more funds to further explore these opportunities.
Summary of Mineral Resources as at 10 May 2013
Cut-off grade
| Classification
| Tonnes
(Mt)
| Au
(g/t)
| Contained Au
ounces
|
0.5 g/t Au above 130 masl
| Indicated | 4.92
| 1.39 | 219,438
|
| 3 g/t Au above 130 masl | Indicated | 0.003
| 3.19 | 370 |
| | | | Total Indicated
| 219,808 |
| 0.5 g/t Au above 130 masl | Inferred | 3.35 | 1.8 | 190,900 |
| 3 g/t Au above 130 masl | Inferred | 1.34 | 4.0 | 174,500 |
| | | | Total Inferred
| 365,400 |
Donald Kasner, Mistango's Chief Operating Officer, said:
"We are excited to restart exploration of the Omega Project. We are confident in the future of Mistango and its shareholders. The junior exploration industry market conditions have been and continue to be difficult to raise funds for projects. However, with the revived interest in the Larder break, and especially the Omega Property being the central focus of the Larder break, we believe this asset will bring significant value to Mistango and its shareholders."
Mistango has applied for a drilling permit for its Omega Property. In anticipation of receiving the drilling permit, we have commenced preparing the site to accommodate starting the exploration program very shortly after the permit is issued. Mistango has already secured the services of a drilling contractor who is on standby pending issuance of the permit.
The Omega Property has excellent infrastructure with a major highway, rail and high voltage power line all on site. The Omega is located just 3 km east of Larder Lake, Ontario. Mistango`s tailings are also being tested for the possibility of processing. If the processing of the tailings is economically feasible, the revenue from these tailings would provide a significant source of cash for the company to expand its exploration program.
Mistango is a Canadian-based exploration and development company focusing on its Omega Mine project, with other properties in Ontario. For additional information about Mistango and its mining properties, please visit Mistango's website:
www.mistangoriverresources.ca.
FORWARD LOOKING STATEMENTS: This news release contains forward-looking statements. All statements, other than statements of historical fact, that address activities, events or developments that Mistango believes, expects or anticipates will or may occur in the future including, without limitation, statements relating to Mistango's anticipated development and exploration plans and its upcoming shareholders meeting, are forward-looking statements. These forward-looking statements reflect the current expectations or beliefs of Mistango based on information currently available to Mistango. Forward-looking statements are subject to a number of significant risks and uncertainties and other factors that may cause the actual results of Mistango to differ materially from those discussed in the forward-looking statements, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or are not limited to, general business and economic uncertainties, future mineral prices and the actual outcome of Mistango's upcoming shareholders meeting.
Any forward-looking statement speaks only as at the date on which it is made and, except as may be required by applicable securities laws, Mistango disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Although Mistango believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein.
For further information please contact:
Donald Kasner, COO
Telephone: 1-705-567-5351
Fax: 1-705-567-5557
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/45915
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