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    FWM   CA34346Q1046


Delayed Quote. Delayed CANADIAN NATIONAL STOCK EXCHANGE - 01/14 01:50:03 pm
0.03 CAD   -25.00%
01/18Flow Outlines New 1.2 km Gold Target
01/17Flow Metals Corp. Announces Flow Outlines New 1.2 Km Gold Target
2021Flow Metals Corp. Reports Earnings Results for the First Quarter Ended October 31, 2021
SummaryMost relevantAll NewsOther languagesPress ReleasesOfficial PublicationsSector news

Flow Metals Completes Program at Sixtymile

10/15/2020 | 10:25am EST

Vancouver, British Columbia--(Newsfile Corp. - October 15, 2020) - Flow Metals Corp. (CSE: FWM) ("Flow Metals" and/or the "Company") is pleased to announce that it has completed a late season exploration campaign in the Yukon. The Sixtymile project is a two-hour drive west from Dawson City at the Alaska border. The gold claims are in the Sixtymile placer district and traditional territory of the Tr'ondëk Hwëch'in First Nation.

Highlights include:

  • Multiple zones with arsenic and gold XRF-detected
  • 835m of RAB drilling completed
  • 250m of trenching completed
  • 88 historical drill samples sent for assay
  • Possible auriferous arsenopyrite-quartz veins discovered in trenching

Over the exploration campaign, a total of 835m was drilled over several geophysical and geological targets. The company also completed 250m of trenching, 60 line-km (75 km total for 2020) of ground geophysics and relogged the historic drill core on site.

Historic drill core highlights the potential for an orogenic gold system with a possible epithermal overprint on the Sixtymile Property. Gold is hosted within quartz veins and sericitized and clay altered faults. Faulting was concurrent with and postdated fluid flow and gold precipitation. The epithermal overprint is evident as pyritiferous silica sinter (drillhole SM20-06 and SM20-07).

Trenching over a geophysical and geochemical anomaly has revealed several massive arsenopyrite and quartz veins. Arsenopyrite is considered an indicator mineral and arsenic has historically been weakly correlated (R2=0.6) to gold. About 130 chip and grab samples have been submitted to MS Analytical for assays.

The drill holes targeted different fault sets and their intersections. Arsenic anomalies occur close to the surface in several holes. Preliminary handheld XRF analysis indicate the largest arsenic anomaly was in hole SM20-14 and contained 0.42% arsenic from 25.9 to 27.4m. Other arsenic anomalies over 0.1% occurred in hole SM20-01, SM20-09, SM20-10, SM20-12, SM20-14 and SM20-15. The cause of the arsenic anomalies are veins and disseminations of arsenopyrite.

The XRF identified gold around the detection limit (15 ppm) in drill hole SM20-09 from 4.6 to 6 m, SM20-10 from 48.8 to 50.3 m, SM20-14 from 25.9 to 27.4 m and in SM20-15 from 35.1 - 36.6 m and from 38.1 to 39.6 m. All gold measurements are associated with highly anomalous arsenic. Gold is measurements in handheld XRF systems should be considered preliminary in nature. Samples have been sent to MS Analytical for assay.

Dr. Jaap Verbaas, COO of Flow Metals comments: "The 2020 exploration program was highly successful in identifying prospective structures. The late start was not an impediment and the daytime temperature at the road accessible Sixtymile Project only dropped below zero in the last days of the program. Massive arsenopyrite veins had not been discovered on the claim prior to this project and are considered very prospective for gold mineralization. Our preliminary data on arsenic and gold over the detection limit in XRF measurements is also encouraging. We now eagerly await the ca. 1,150 assay results for the historical drill-core and the 2020 drilling and trenching program."

Qualified Persons

Adrian Smith, P.Geo., is the qualified person for the Company as defined in the National Instrument 43-101 and has reviewed the technical information presented within this news release.

Data verification

The gold values disclosed in this news release were collected with a handheld VANTA XRF device. The XRF is a tool that was used to analyze RAB samples in the field. Arsenic values correspond to the occurrence of arsenopyrite in chips so the relative values are considered reliable. Gold values have not been verified. Samples have been sent to MS Analytical for gold assay.

Corporate update

The Company announces incentive stock options have been granted to directors, officers and consultants to purchase up to an aggregate 800,000 Common shares of the Company, pursuant to the terms of the Company's stock option plan. The stock options are exercisable at a price of $0.10 per share and expire 2 years from grant.

About Flow Metals

Flow Metals is a gold explorer based in Vancouver with early stage gold projects in BC, the Yukon and Quebec.

For further information, please contact:
Scott Sheldon, President

Forward-Looking Information

This press release may include "forward-looking information" (as that term is defined by Canadian securities legislation), concerning the Company's business. Forward-looking information is based on certain key expectations and assumptions made by the Company's management, including future plans for the exploration and development of its mineral properties. Although the Company believes that such expectations and assumptions are reasonable, investors should not rely unduly on such forward-looking information as the Company can give no assurance they will prove to be correct. Forward-looking statements in this press release are made as of the date of this press release. The Company disclaims any intent or obligation to publicly update any forward-looking information (whether as a result of new information, future events or results, or otherwise) other than as required by applicable securities laws.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/65963

ę Newsfilecorp 2020
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Sales 2021 - - -
Net income 2021 -0,79 M -0,64 M -0,64 M
Net cash 2021 0,41 M 0,33 M 0,33 M
P/E ratio 2021 -1,74x
Yield 2021 -
Capitalization 0,95 M 0,76 M 0,76 M
EV / Sales 2020 -
EV / Sales 2021 -
Nbr of Employees -
Free-Float -
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Managers and Directors
Scott Sheldon President, Chief Executive Officer & Director
Robert Brian Murray Chief Financial Officer & Director
Donald Robert Sheldon Independent Director
Adrian Allister Smith Independent Director
Michael Hamilton Woods Secretary
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