Jul 10, 2018
Argentum Enters Into Mining Claim Acquisition Agreement To Acquire Interest In Vanadium Ridge Property
TORONTO, ON -- July 10, 2018 -- Argentum Silver Corp. (the "Company") (TSXV: ASL) is pleased to announce that it has entered into a mining claim acquisition agreement (the "Agreement") with Lithium Energy Products Inc. (the "Vendor") pursuant to which the Company has agreed to purchase 80% of the Vendor's right, title and interest in the Vanadium Ridge Property (the "Property").
Pursuant to the terms of the Agreement, the Company has agreed to purchase the interest in the Property, in exchange for the payment of $150,000 and the issuance of 1,250,000 common shares ("Common Shares") of the Company to the Vendor on the date the TSX Venture Exchange ("TSXV") grants approval of the transaction ("Effective Date").
Vanadium Ridge Project -- British Columbia
The Vanadium Ridge Project is located at the southern end of the Quesnel Trough approximately 50 km north of Kamloops, British Columbia. The property consists of 20 mining claims covering 2,110 hectares near the town of Barriere. In 2008, American Creek Resources conducted mapping, geochemical sampling, soil sampling and ground geophysics on the property, focused on a large magnetic anomaly identified in a previously flown airborne survey by the British Columbia government. Initial results had indicated potential for an iron ore deposit as three separate zones consisting of massive parallel high-grade magnetite seams and pods in gabbro and diorite intrusions and related skarns. In 2009 American Creek drilled 7 holes totaling of 650 metres to test the continuity at depth of vanadium-rich magnetite surface exposures located within well-defined magnetic anomalies. The program was successful in proving that multiple massive magnetite seams and pods continued at depth. Advanced metallurgical testing of drill-core composites was also performed. Initial metallurgical testing of the magnetite/vanadium produced concentrate averaging 67% iron, 93% magnetite, and 0.74% vanadium. This test-work indicates that the magnetite is coarse-grained and soft, and that silica is not bound in magnetite.
The Vanadium Ridge Project, with its near-surface vanadium-rich magnetite mineralization exposure is an attractive exploration target that may not require chemical processing for the liberation of a magnetite concentrate. Argentum feels it is a good entry into what is becoming one of the most sought-after commodities in the battery-metal sector.
The technical aspects of this press release have been reviewed and approved by Gary Nassif, M.Sc., P.Geo., President and CEO of Argentum.
The transaction remains subject to approval of the TSX Venture Exchange and the Common Shares issuable thereunder will be subject to a statutory hold period of four months and one day from the date of issuance.
For further information, please visit www.argentumsilvercorp.com or contact:
Gary Nassif President & CEO
Forward Looking Statements
This news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate", "may", "will", "would", "potential", "proposed" and other similar words, or statements that certain events or conditions "may" or "will" occur. These statements are only predictions. Forward-looking information is based on the opinions and estimates of management at the date the information is provided, and is subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information. For a description of the risks and uncertainties facing the Company and its business and affairs, readers should refer to the Company's Management's Discussion and Analysis. The Company undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change, unless required by law. The reader is cautioned not to place undue reliance on forward-looking information.
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.