REG - Pembridge Resources - New Permit and Exploration Programme - Replacement

Pembridge ResourcesAnnouncement

23/02/2022 17:45

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RNS Number : 6224C  Pembridge Resources plc  23 February 2022

This RNS replaces RNS 6142C due to an error in the minto announcement attached
previously

 

23 February 2022

Pembridge Resources plc

Minto Metals Receives a New Exploration Permit, Outlines its 2022 Exploration
Programme and Announces Grant of Stock Options

London, United Kingdom - Pembridge Resources plc (LSE: PERE) ("Pembridge" or
the "Company") is pleased to announce that Minto Metals Corp. ("Minto")
(TSX-V: MNTO) today announced receipt of a 10-year Class 4 Quartz Mining Land
Use Permit from the Yukon Government for exploration activities on its claims
and provided an overview of its 2022 Exploration Program.

Minto received approval from the Chief of Mining Land Use for the Yukon for a
10-year Class 4 Quartz Mining Land Use Permit.  The Permit, subject to
certain restrictions and conditions, enables Minto to diamond drilling,
geophysical surveys and other associated exploration land-use activities on
its mining claims.  The Permit includes the Minto Mine Property which falls
entirely within the Settlement Lands of the Selkirk First Nation and comprises
164 Quartz Mining Claims covering an area of 26 km2.  Minto's long-term
Exploration strategy mandates minimal disturbance which can be achieved
through the utilization of modern state-of-the-art techniques in targeting and
data acquisition.  Minto is fully committed to conducting exploration
activities in a socially and environmentally responsible manner.  The
exploration that this permit allows will include previously unexplored, high
potential targets close to the existing mine operations infrastructure and
Minto hopes that it will build on its current resource.

Minto's Board of Directors recently approved a C$9.2 million exploration
programme for 2022.  The programme will consist of:

1)   30,000 meters of surface diamond drilling which will explore historical
untested, high priority targets within 2 km of Minto's existing mine
operations as well as some delineation and infill drilling of potential new
resource zones.  Paycore Drilling has been retained as the surface diamond
drilling contractor.

2)   Surface geophysics which will include:

i. Borehole Pulse Electromagnetic surveys of all-new drill holes.

ii.     Passive Magnetotellurics survey to identify new drilling targets
at depth beneath the current mine infrastructure.

3)   Remote Sensing: procured Exploration Mapping out of Denver, CO will
supervise and task a 1,993 km2 Worldview-3 Spectral Mapping satellite survey
over Minto properties.  The Worldview-3 satellite captures information across
the visible, near-infrared, and short-wave infrared regions of the
electromagnetic spectrum and is the highest spatial and spectral resolution
satellite imagery commercially available.

4)   Minto has partnered with Goldspot Discoveries Corp. to support
Exploration efforts at Minto Metals.  Goldspot will assist by compiling and
re-processing Minto geological data to support artificial intelligence and
data science exploration methods. This will include re-processing and
interpreting historical local and regional geophysics datasets, and developing
enhanced geochemical models. Identification of new surface and underground
targets are a priority, as well as an updated 3-D geological model.

Minto has also engaged Equity Exploration Consultants Ltd. to compile and
maintain the company's geoscientific and mining databases and to monitor
ongoing Quality Assurance / Quality Control performance.  Minto has retained
Bureau Veritas for geochemistry services in 2022.

The 2022 drill program has been designed to try and create resource additions
in the near term and on an ongoing basis moving forward.  A large inventory
of untested, high-priority exploration targets remain from previous operators
where initial drill testing has not been conducted since 2012.  These
untested, high potential targets include possible extensions to the Minto
North, Area 2 and Ridgetop orebodies as well as zones at a depth between the
Minto Main Pit and Minto North Pit.

All the current and historical orebodies were discovered via drill-testing
chargeability targets generated from a Titan-24 DC-IP survey circa
2009-2010.  Minto will focus the 2022 drill plan on the remaining targets
from that survey and will further supplement the target database and drill
test new targets generated by the magnetotellurics survey in 2022.  This
survey should identify additional targets below the penetrative depth of the
Titan-24 survey.

In addition, Minto announced that its Board of Directors has approved the
grant of stock options (the "Options") exercisable for an aggregate of 705,626
common shares to the senior leadership team and executive officers of Minto in
lieu of cash payments due under the 2021 Short Term Incentive Program.  The
Options were granted pursuant to Minto's 2021 Long Term Incentive Plan and are
subject to the terms of the applicable option agreements and the requirements
of the TSX Venture Exchange.  The Options are exercisable at a price of $2.60
per share for a period of five years from the date of grant.   The Options
vested fully on the grant date.

The full release from Minto is available
http://www.rns-pdf.londonstockexchange.com/rns/6224C_1-2022-2-23.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/6224C_1-2022-2-23.pdf) .

 

Gati Al-Jebouri, Chief Executive Officer and Chairman of the Board of
Pembridge said:

"The Minto mine is part of a larger copper belt and we believe that there is
scope, through further exploration, considerably to enlarge the resource
currently known at Minto.  Having this Permit will enable Minto to explore
new areas of the site which are close to existing infrastructure and so move
towards that goal, which could extend the life of the mine."

 

Cautionary Statement

This News Release includes certain "forward-looking statements" which are not
comprised of historical facts. Forward-looking statements include estimates
and statements that describe the Company's future plans, objectives or goals,
including words to the effect that the Company, or management, expects a
stated condition or result to occur. Forward-looking statements may be
identified by such terms as "believes", "anticipates", "expects", "estimates",
"may", "could", "would", "will", or "plan". Since forward-looking statements
are based on assumptions and address future events and conditions, by their
very nature they involve inherent risks and uncertainties. Although these
statements are based on information currently available to the Company, the
Company provides no assurance that actual results will meet management's
expectations. Risks, uncertainties and other factors involved with
forward-looking information could cause actual events, results, performance,
prospects and opportunities to differ materially from those expressed or
implied by such forward-looking information. Forward-looking information in
this news release includes, but is not limited to, the Company's intentions
regarding its objectives, goals or future plans and statements. Factors that
could cause actual results to differ materially from such forward-looking
information include, but are not limited to, the Company's ability to predict
or counteract the potential impact of COVID-19 coronavirus on factors relevant
to the Company's business, failure to identify additional mineral resources,
failure to convert estimated mineral resources to reserves with more advanced
studies, the inability to eventually complete a feasibility study which could
support a production decision, the preliminary nature of metallurgical test
results may not be representative of the deposit as a whole, delays in
obtaining or failures to obtain required governmental, environmental or other
project approvals, political risks, uncertainties relating to the availability
and costs of financing needed in the future, changes in equity markets,
inflation, changes in exchange rates, fluctuations in commodity prices, delays
in the development of projects, capital, operating and reclamation costs
varying significantly from estimates and the other risks involved in the
mineral exploration and development industry, and those risks set out in the
Company's public documents. Although the Company believes that the assumptions
and factors used in preparing the forward-looking information in this news
release are reasonable, undue reliance should not be placed on such
information, which only applies as of the date of this news release, and no
assurance can be given that such events will occur in the disclosed time
frames or at all. The Company disclaims any intention or obligation to update
or revise any forward-looking information, whether as a result of new
information, future events or otherwise, other than as required by law.

 

ENDS

 

NOTES TO EDITORS

Pembridge is a mining company that is listed on the standard segment of the
Official List of the FCA and trading on the main market for listed securities
of London Stock Exchange plc. Pembridge has an investment in Minto Metals
Corp, a British Columbia incorporated business listed on the TSX Venture
Exchange under the symbol "MNTO" that operates the Minto mine in Yukon,
Canada.

About Minto Metals Corp

Minto Metals Corp operates the underground copper-gold-silver mine located in
central Yukon, approximately 240 kilometres north of the capital Whitehorse
along the Klondike Highway. In excess of US$350 million of capital expenditure
has been invested into Minto operations since site construction began in 2006.
The Minto mine was in continuous production between 2007 and 2018, when the
mine was placed onto temporary care and maintenance. Pembridge acquired the
Minto mine from Capstone Mining Corporation in June 2019 and restarted
operations in October 2019.

Enquiries:

 

Pembridge Resources plc:
 
+44 (0)7905 125740

Gati Al-Jebouri, Chief Executive Officer and Chairman of the Board

David James, Chief Financial Officer

 

Tavira Securities - United Kingdom:
                                    +44
(0)20 7100 5100

Jonathan Evans

 

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