VANCOUVER, BRITISH COLUMBIA – November 16, 2021 – Secova Metals Corp. (“Secova” or the “Company”) (CSE: SEK, USA: SEKZF) is pleased to announce it has entered into a strategic acquisition agreement (the “Agreement”) effective November 15, 2021, with 9093 – 6725 Quebec Inc. (“9093”) and Randon Ferderber (“Ferderber”) (collectively the “Vendors”). Under the agreement, the Vendors will sell and transfer 100% interest ownership in claims located in the Province of Quebec to Secova as further detailed in figure 1 (the “Claims”). The Company acquired these claims as they completed the continuous land package to the east of its existing claims. Secova will include these claims in its new exploration project at Eagle River.
In consideration for the transfer of the Claims the Company will pay the Vendors an aggregate sum of C$25,000 (C$12,500 to 9093 and C$12,500 to Ferderber). The Vendors will retain a total net smelter royalty (“NSR”) of two percent (2%) on a commercial production from the Property if, as, and when same occurs, consisting of a 1% NSR to 9093 and a 1% NSR to Ferderber. One half (1/2) of the total two percent (2%) NSR, may be purchased by the Purchaser for the sum of C$1.0 million and a further half (1/2) of the two percent (2%) NSR, may be purchased for the additional sum of C$2.0 million dollars.
Figure 1: Secova Metals Eagle River Claims Disposition
The Eagle River project is located south of Osisko Mining’s Windfall Lake project and is adjacent to Bonterra Resources Inc.’s Gladiator project in the Urban-Berry area of Quebec (see Figure 2). The property and newly acquired claims comprise favourable Greenstone and Ultramafic bedrock which outcrop, and subprop beneath shallow glacial deposits at the east of the property. Theses greenstone and ultramafic bedrock exposures are highlighted by a pronounced magnetic anomaly which will be the focus of upcoming exploration efforts at the property.
Figure 2: Eagle River Property Location and surrounding claims disposition
Qualified Person: Alexander Beloborodov (P.Geo) is a Qualified Person (“QP”) as defined by National Instrument 43-101 guidelines, and he has reviewed and approved the technical content of this news release.
To further assist with communication, the Company has launched a new website which can be found at www.secova.ca.
About the Company
Secova Metals Corp. is a Canadian environmentally aware resource exploration and processing company. Management has demonstrated expertise in advancing gold exploration projects into acquisition targets, most notably in the province of Quebec. Secova’s principal restoration and recovery project is the Montauban property situated in Quebec, just 80 kilometers west of Quebec City. The Company is proposing to commence operations by the middle of 2022. The Company’s main exploration focus is its 100% ownership of the Eagle River project, which is adjacent to and on-trend to several gold projects in the Windfall Lake district of Urban Barry in Quebec. Secova will use its expertise in early-stage exploration to create shareholder value by attempting to prove out the resource in these assets.
For more information on Secova Metals Corp. please contact firstname.lastname@example.org, Tel: +1 604-558-5397 or visit the website at www.secova.ca for the French version of this news release, past news releases, media interviews and opinion-editorial pieces by CEO and Chairman Brad Kitchen.
On Behalf of the Board of Directors,
SECOVA METALS CORP.
Chairman, CEO and Director
Tel: +1 604-506-7555
This press release contains “forward-looking information” that is based on the Company’s current expectations, estimates, forecasts, and projections. This forward-looking information includes, among other things, statements with respect to the Company’s exploration and development plans. The words “will”, “anticipated”, “plans” or other similar words and phrases are intended to identify forward-looking information. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, level of activity, performance, or achievements to be materially different from those expressed or implied by such forward looking information.
Neither the Canadian Securities Exchange nor its Regulation Services Provider accept responsibility for the adequacy or accuracy of this release.