Toronto - Ubique Minerals Limited ('Ubique') (CSE: UBQ) announces its intention to undertake a non-brokered private placement of flow through shares to raise a minimum of $150,000 and up to $200,000 to further its exploration and definition of zinc deposits at Daniel's Harbour, Newfoundland.
The Ubique private placement will comprise up to 3,000,000 Flow-Through Shares each priced at $0.06. The total private placement common shares will represent 6.84% of the increased share capital of Ubique. Insiders of the Company have indicated their interest in participating in this private placement financing. The terms of this private placement are subject to approval by the Canadian Stock Exchange ('CSE').
The proceeds are intended to be used for a follow-on drilling on Ubique's Daniels Harbour Zinc Project including the adjacent MinKap Resources Inc. ('KAP') option property, both on the island of Newfoundland, Canada and other exploration. The KAP option was announced in press releases dated December 6th, 2018 and February 14th, 2019 and drilling results and drilling plans have been announced in press releases dated October 2nd, 2018, October 29th, 2018, February 28th, 2019 and October 21st, 2019.
Ubique's Daniels Harbour Zinc Project - Plans for 2020 Diamond Drilling Program.
Ubique owns three mineral licenses located in the Daniel's Harbour area in Newfoundland, Canada, covering more than 6 sq. kms, in two blocks and has another four mineral licenses covering more than 10 sq. kms. under option from MinKap Resources Inc. The Ubique licenses cover three zones of zinc mineralization, namely P Zone, Cobo's Pond and Tilt Pond. The P Zone is where Ubique completed most of its 2017 and 2018 drilling programs, the highlight of which was a true width intersection of 13.6% Zinc over 12.2 metres including 17.43% Zinc over 8.6m. There are now 28 drill holes in this target area with zinc intersections with greater than 4% zinc over at least 2 metres true widths. The P Zone is still open to extension with additional drilling. The KAP Option licenses cover many areas of the historic mining activity and research has already identified five high priority drill target areas where historic drilling intersected zinc mineralization, including a true width interval of 5.73m of 8.96% zinc in the 1386 zone target. Two of these drill target areas have been relocated (the 1386 and Nose Zones), the historic drill holes identified and new holes drilled confirming the location and grade of mineralization.
Ubique intends to undertake a drilling program this summer to follow up on the 2017 - 2019 diamond drilling results and extend those identified zones in anticipation of estimating a resource. The drilling program will also target at least the three other areas with indications of zinc mineralization on the KAP Option licenses where mineralized historic holes have been relocated. Funding for both the 2017 and 2018 diamond drilling programs was financially supported, in part, by grants from the Government of Newfoundland and Labrador under their Junior Exploration Assistance Program. Application has been made for a similar grant to support the 2020 diamond drilling program.
The zinc mineralization intersected is a very pale coloured sphalerite, characteristic of a low-iron Mississippi-Valley-Type carbonate rock geological environment analogous to many large deposits in north America. Approximately 7,000,000 tonnes averaging 7.8% zinc have been mined from the Daniel's Harbour mine and after concentrating on site was shipped as a very high-grade concentrate from nearby deep-water port facilities to a custom zinc smelter. (Wardle, R.J. (2000) Mineral Commodities of Newfoundland and Labrador - Zinc and Lead; Government of Newfoundland and Labrador, Geological Survey, Mineral Commodities Series Number 1, 12 pages).
About Ubique Minerals Limited.
Ubique Minerals Limited is a zinc exploration company listed on the CSE (CSE:UBQ). It has focused on exploration of its 100% owned Daniel's Harbour zinc property in Newfoundland, and was initially funded for two years by private equity including that from Greenbank Capital Inc (CSE:GBC and OTCMKTS:GRNBF and FRA:2TL). Ubique became a publicly listed company in September 2018. Ubique has undertaken one drilling program on its Daniel's Harbour zinc project in 2017 and additional drilling campaigns in 2018 and 2019, all of which were successful in delineating zinc mineralization extending from the vicinity of former mine workings. Ubique has an experienced management group with a record of multiple discoveries of deposits worldwide, and owns an extensive and exclusive database of historic exploration results from the Daniel's Harbour area.
This press release may include forward-looking information within the meaning of Canadian securities legislation, concerning the business and trading in the common stock of Ubique Minerals Limited., the raising of additional capital and the future development of the business. The forward-looking information is based on certain key expectations and assumptions made by the company's management. Although the company believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because Ubique can give no assurance that they will prove to be correct. These forward-looking statements are made as of the date of this press release and Ubique disclaims any intent or obligation to update publicly 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.
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