Vancouver, British Columbia--(Newsfile Corp. - July 9, 2024) - T2 Metals Corp. (TSXV: TWO) (OTCQB: AGLAF) (WKN: A2DR6E) ("T2" or the "Company") following the recent closing of an over-subscribed $2.9m private placement (see new release dated June 27, 2024), the Company is pleased to welcome new cornerstone and institutional shareholders who accounted for more than 50% of the non flow-through financing.
Institutional participants in the private placement included:
- Aumontis Holding AG ("Aumontis"), a highly regarded European company backed by renowned resource investor Dr Titus Gebel. Dr Gebel was a Director of Osisko Exploration when the company discovered Canada's largest gold mine (Canadian Malartic), and was co-founder of German listed Deutsche Rohstoff AG. In addition to the Aumontis investment, Dr Gebel invested on a personal basis in the T2 Metals private placement;
- Lowell Resources Fund ("Lowell"), an Australian listed investment trust with a strong track record for successful early investment in exploration stage assets. Lowell is known for achieving market leading investment returns through astute project assessment;
- Earthlabs Inc ("Earthlabs"), an innovative Canadian media and investment group that has demonstrated technical and commercial leadership in the exploration industry; and
- The ARI Fund ("ARI"), an Australian private investment fund with a global natural resources mandate. ARI's unique blend of experience, technical expertise and resources industry networks enable it to identify stand-out resources projects.
The institutional investors all completed technical and commercial due diligence on T2 Metals, and appreciate the unique opportunity presented by the high-merit Sherridon copper asset in Manitoba, with demonstrated support from First Nation communities and the provincial government, plus the strong technical team, low shares on issue and high insider ownership.
Mark Saxon, CEO of T2 Metals Corp. said, "Through our recent financing, we have built a very strong institutional shareholding in the Company that places us in an excellent position for continued discovery success. These institutional investors have all spent time with our technical team and share the vision for major discovery at Sherridon in Manitoba. The strong cash position shall allow T2 Metals to complete the most comprehensive drill program at Sherridon for over a decade enabling many catalysts to be achieved.
Of particular note, is the investment by Aumontis and Titus Gebel, who brings strength to our register and will greatly increase the European visibility of the Company."
Titus Gebel commented, "Mark Saxon and his team have put together a portfolio of promising copper targets. Given the historical resource at Sherridon alone, we see very limited downside and tremendous upside."
Flagship Project, Sherridon, Manitoba
T2 Metals owns copper assets in both the US and Canada, the flagship being the Sherridon project in the Flin Flon-Snow Lake District of central western Manitoba. Sherridon is a high grade volcanogenic massive sulphide ("VMS") project in an infrastructure-rich location, with key features including:
- High grade historic copper and zinc production from an orebody with approximately 2km of strike extent. Production totalled 7.74 million tonnes @ 2.46% Cu, 2.84% Zn, 0.6 g/t Au and 33 g/t Ag (see press release dated January 31, 2022);
- Historic NI43-101 resources calculated in 2010 comprising 362 M lb of copper; 470 M lb of zinc; 0.22 M oz of gold and 4.5 M oz of silver (see press release dated January 31, 2022);
- Recent drilling results that intersected high grade gold in wall rock outside the copper-zinc massive sulphide including 4.50 m grading 0.38% Cu, 0.02% Zn, 29.2 g/t Au and 138.8 g/t Ag from 38.0m. This discovery opens the opportunity for new discoveries in unsampled areas (see press release dated March 1, 2024);
- Sherridon is characterised by a large alteration system and more than 30 km of strike length of the mineralised target horizon containing numerous massive sulphide deposits and occurrences. VMS systems in the Flin Flon-Snow Lake District, have equal prospectivity down dip as along strike, emphasising the scale of the prospective area. At Sherridon, there is little drilling below 150m depth.
- Excellent First Nations support, indicated by the 2023 signing of an Exploration Agreement with the Kiciwapa Cree, and the 2024 receipt of an award for reconciliation efforts from Manitoba Prospectors and Developers Association;
- Strong support from the Province of Manitoba, highlighted by the granting of more than $500k from the Manitoba Mineral Development Fund (MMDF) in the past 12 months; and
- Sherridon lies in an infrastructure rich location, with all weather road, operating rail, power, a well serviced village and accommodation. The site has seen prior commercial-scale mining.
Proposed Work Plan for Second Half of 2024
The successful private placement financing follows a recent $300,000 grant to T2 Metals from the Manitoba Mineral Development Fund and ensures the Company is well financed to test various exploration targets and achieve multiple catalysts for the balance of 2024 and into 2025.
The work program proposed for execution at Sherridon includes:
- Sampling of unsampled historic core identified by T2 Metals' geologists as prospective for gold mineralization. T2 Metals project geologist has extensive Flin Flon - Snow Lake experience and has prioritised sample intervals based on geological logs. Not all core will be accessible due to poor storage by prior explorers;
- Comprehensive review of geophysical data to identify untested targets. Airborne, surface and downhole geophysics will be integrated to identify new drill targets. Few deeper targets (below 200m) have been drill tested;
- Drilling of multiple targets including near surface high grade gold, geophysical targets down plunge from historic resources, and new targets identified by integration of geology and geophysics;
In addition, a surface sampling program will be completed at the Copper Eagle project in Nevada; drill permitting will be completed for the Cora copper project in Arizona; and new project opportunities shall be visited and surface sampled as appropriate.
The qualified person for the Company's projects, Mr. Mark Saxon, the Company's Chief Executive Officer, a Fellow of the Australasian Institute of Mining and Metallurgy and a Member of the Australian Institute of Geoscientists, has reviewed and approved the contents of this release.
About T2 Metals Corp (TSXV: TWO) (OTCQB: AGLAF) (WKN: A2DR6E)
T2 Metals Corp is an emerging copper and precious metal company enhancing shareholder value through exploration and discovery. The Company continues to target under-explored areas, including the Sherridon, Lida, Cora and Copper Eagle projects where post-mineralization cover masks areas of high geological prospectivity in the vicinity of major mines.
ON BEHALF OF THE BOARD,
"Mark Saxon"
Mark Saxon
President & CEO
For further information, please contact:
t2metals.com
1305 – 1090 West Georgia St., Vancouver, BC, V6E 3V7
info@t2metals.com
Neither the 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.
Cautionary Note Regarding Forward-Looking Statements
Certain information set out in this news release constitutes forward-looking information. Forward-Looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "intend", "could", "might", "should", "believe" and similar expressions. Forward-Looking statements are based upon the opinions and expectations of management of the Company as at the effective date of such statements and, in certain cases, information provided or disseminated by third parties. Although the Company believes that the expectations reflected in forward-looking statements are based upon reasonable assumptions, and that information obtained from third party sources is reliable, they can give no assurance that those expectations will prove to have been correct. Readers are cautioned not to place undue reliance on forward-looking statements.
These forward-looking statements are subject to a number of risks and uncertainties. Actual results may differ materially from results contemplated by the forward-looking statements. Accordingly, the actual events may differ materially from those projected in the forward-looking statements. Such risks include uncertainties relating to exploration activities. When relying on forward-looking statements to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and should not place undue reliance on such forward-looking statements. The Company does not undertake to update any forward-looking statements, except as may be required by applicable securities laws.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/215924
