Vancouver, British Columbia--(Newsfile Corp. - October 30, 2024) - Sienna Resources Inc. (TSXV: SIE) (OTC Pink: SNNAF) (FSE: A1XCQ0) ("Sienna" or the "Company") is pleased to announce that Sienna has closed its financing consisting of 5,555,555 flow-through shares for gross proceeds of $250,000. No warrants were issued in the financing. An aggregate finders' fee of $15,000 was paid in connection with the private placement. All the securities issued in connection with this private placement have a hold period that expires on March 3, 2025. Proceeds will be used towards the Company's existing projects in Ontario and or Saskatchewan. The private placement is subject to final approval of the TSX Venture Exchange and was originally announced on October 21, 2024.
Jason Gigliotti, President of Sienna Resources Inc. stated, "We are very pleased to have closed this placement with one strategic investor. This will enable Sienna to commence operations on at least one of our Canadian projects while preserving our hard dollars for our USA project and marketing. The junior market is starting to show strong signs of recovery and this is great time to restart operations."
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About Sienna Resources Inc.
Sienna has significantly increased acreage of the "Stonesthrow Gold Project", consisting now of approximately 31,718 contiguous acres prospective for gold. Sienna has also recently acquired the "Case Lake West Cesium and Spodumene Pegmatite Project" in Larder Lake Mining division of Ontario, Canada roughly 100 km north of Kirkland Lake, NE Ontario. This project consists of approximately 7,850 contiguous acres prospective for Cesium and Spodumene Pegmatites. Sienna has also just acquired the 10,357 acre "Uranium Town Project" bordering Denison Mines Corporation (DML, DNN) , the now 23,134 contiguous acre "Dragon Uranium Project" bordering Cameco Corporation (CCO, CCJ) and the 55,440 acre "Atomic Uranium Project" in the world renowned Athabasca Basin of Saskatchewan. Also, Sienna has the "Elko Lithium Project" in Elko County, Nevada consisting of approximately 1830 contiguous acres directly bordering Surge Battery Metals' (NILI) "Nevada North Lithium Project" in Elko County, Nevada who announced the highest grade lithium deposit in the USA. Sienna is also one of the larger landholders in Clayton Valley Nevada. Sienna's Clayton Valley projects include the Blue Clay Lithium Project, the Silver Peak South Project, and the Clayton Valley Deep Basin Lithium Project. Clayton Valley is home to the only lithium production in North America, being Albemarle Corp's (NYSE: ALB) Silver Peak deposit. This project is also near Tesla Motors Inc.'s (Nasdaq: TSLA) Gigafactory in Nevada. On March 18, 2021, Schlumberger New Energy Venture (NYSE: SLB) announced the development of a lithium extraction pilot plant with a strategic partnership with Pure Energy (TSX.v: PE). On September 10, 2024, SLB announced that the "Nevada demonstration plant integrates direct lithium extraction (DLE), concentration and conversion technologies to sustainably produce lithium at scale with integrated technology solution produces lithium from brine 500 times faster than conventional methods while using significantly less land, water and chemical reagents with a verified results confirm recovery rate of 96% lithium from brine at operational rates." The success that SLB achieved could have a significant future impact on the brine prospects within Clayton Valley Nevada as Sienna is located in the deepest section of this brine deposit.
Qualified Person:
Mr. Frank Bain, PGeo, a qualified person as defined by National Instrument 43-101 has reviewed and approved the scientific and technical disclosure contained within this news release.
"Jason Gigliotti"
President, Director
Sienna Resources Inc.
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Statements in this news release that are not historical facts are forward-looking statements. Forward-looking statements are statements that are not historical, and consist primarily of projections - statements regarding future plans, expectations and developments. Words such as "expects", "intends", "plans", "may", "could", "potential", "should", "anticipates", "likely", "believes" and words of similar import tend to identify forward-looking statements. Forward-looking statements in this news release include uncertainty of exploration and development plans regarding the property; commodity price fluctuations; political or economic instability and regulatory changes; currency fluctuations, the state of the capital markets; uncertainty in the measurement of mineral reserves and resource estimates; the Company's ability to attract and retain qualified personnel and management; potential labour unrest; reclamation and closure requirements for mineral properties and the availability of capital to fund the Company's projects, as well as other risks and uncertainties identified under the heading "Risk Factors" in the Company's continuous disclosure documents filed on SEDAR. You are cautioned that the foregoing list is not exhaustive of all factors and assumptions which may have been used. The Company cannot assure you that actual events, performance or results will be consistent with these forward-looking statements, and management's assumptions may prove to be incorrect. These forward-looking statements reflect current expectations regarding future events and operating performance and speak only as of the date hereof and the Company does not assume any obligation to update forward-looking statements if circumstances or management's beliefs, expectations or opinions should change other than as required by applicable law. For the reasons set forth above, you should not place undue reliance on forward-looking statements.
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