TRANSACTION SUMMARY
Puma granted to Melius the option to acquire 100% in its Copper Projects in consideration of
PROGRESS ACHIEVED TO DATE
- Melius appointed Mr.
Simon Quick as Chief Executive Officer (CEO). - Melius completed Qualifying Technical Reports (NI 43-101) on Chester and Turgeon as required for public listing purposes.
- Melius closed private placement financings for a total of
$1,500,000 . - Launch of a 2,000 meters drilling program on Chester, execution of a final
$100,000 cash payment and acquisition by Puma of a 100% interest on Chester. - At Puma’s Annual and Special Meeting of Shareholders, approval of resolutions approving the sale of the copper assets reduction of stated capital.
Considering all the achievements that Melius has made so far, and highlighted above, Puma has agreed to extend the Satisfaction Date from
Currently, Melius is finalizing the audited financial statement to be included in the preliminary prospectus and is proceeding with an additional round of financing which is expected to close in the next few weeks. Melius is currently preparing its preliminary prospectus with the intention of listing shares on the
As a result of this additional round of financing by Melius, Puma intends to hold a Special Meeting of Shareholders in
The objective is to reduce any potential fiscal impact on Puma’s shareholders considering anticipated changes to the listing price of Melius shares. More details about the date of the Special Meeting and the record date will be provided shortly.
APPOINTMENT OF MR. SIMON QUICK AS CHIEF EXECUTIVE OFFICER OF MELIUS
EXPLORATION UPDATE AT CHESTER COPPER DEPOSIT
The new drilling program at Chester has commenced and consists of approximately 40 drillholes totaling approximately 2,000 meters (see Figure 1). The Chester copper deposit contains three known zones; the
There are three strategic objectives for this drilling campaign:
1) Validate historical resource and geological model for the three primary zones, Central, East, and West (Copper Stringer), all located near surface.
2) Test resource gaps between the
3) Each hole will also test for presence of gold and silver mineralization given historical drilling did not assay for these minerals.
Significant previous drill results at Chester:
4.8% Cu over 20.3 meters | 10.8% Zn + 4.5% Pb over 5.6 meters | |
3.4% Cu over 25.0 meters | 7.4% Zn + 2.3% Pb over 6.1 meters | |
6.0% Cu over 13.1 meters | 8.0% Zn + 3.9% Pb over 7.0 meters | |
8.0% Cu over 5.2 meters | 8.5% Zn + 4.0% Pb over 7.9 meters | |
4.9% Cu over 14.2 meters | 7.0% Zn + 2.6% Pb over 15.6 meters |
Figure 1: Current Drilling Operation at Chester Copper Deposit is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/cc9b03ad-9d44-4e3b-b1a3-7437f3415f42
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ABOUT MELIUS METALS CORP.
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Forward-Looking Statements: This press release may contain forward-looking statements. Such forward-looking statements involve a number of known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Puma to be materially different from actual future results and achievements expressed or implied by such forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements which speak only as of the date the statements were made, except as required by law. Puma undertakes no obligation to publicly update or revise any forward-looking statements. These risks and uncertainties are described in the quarterly and annual reports and in the documents submitted to the securities administration.
Figure 1: Current Drilling Operation at Chester Copper Deposit
Current Drilling Operation at Chester Copper Deposit
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