VANCOUVER, BRITISH COLUMBIA – November 3, 2021 – Secova Metals Corp. (“Secova” or the “Company”) (CSE: SEK, USA: SEKZF) is pleased to provide general corporate updates on its latest activities and properties; the Eagle River Mineral Exploration Project and the Montauban Project, both located in Quebec.
On October 6, 2021, the common shares of the Company commenced trading on the Canadian Securities Exchanges (the “CSE”) under the symbol “SEK.” The Company had applied with the TSX Venture Exchange to delist its common shares in the move to be listed on the Canadian Securities Exchange.
“Now that the Company has resumed trading, informing our shareholders of Secova’s progress and the related value of its projects is critical,” stated Brad Kitchen, CEO of Secova. “Much has been accomplished with regards to moving the Montauban Project closer to commencement of operation, generating value by expanding our exploration at Eagle River and putting together a strong management team to accomplish our aggressive goals.”
To further assist with communication, the Company has launched a new website which can be found at www.secova.ca.
MINERAL PROJECTS UPDATES:
The Company will provide more detailed updates on its projects as activity progresses, but offers the following;
- Montauban Restoration and Gold Recovery Project
The Montauban Project is located in mining-friendly Quebec, covering 1846 hectares, and is comprised of 65 claims. The Montauban Property was mined intermittently between 1910 and 1990. These mining operations resulted in a number of toxic residues piles which the Company intends to reprocess using modern milling techniques that will both remove gold and silver resources and cleanse the contaminated material. The primary zone of interest is the Anacon Lead 1 residue site which underwent a resource estimation in 2011. Further to this primary residue site, there are four other residue sites that will be evaluated as modern mill feed. The underlying hard rock mineralization, which was previously mined, will undergo modern systematic exploration with the intent of building a resource to provide future mill feed once the residue sites have been fully reprocessed.
- Over $9M has been invested in developing the Montauban opportunity
- Secova has obtained all the required permits to restore this contaminated site and has signed the required protocols with the Municipality of Notre-Dame-de-Montauban
- Additionally, the Company has completed all the essential infrastructures, including access roads, a 1.3 km long hydropower line, and a 16,000 SF milling facility
- Furthermore, the Company has engaged Alphard Engineering Inc. (Montreal) to design the mill optimization requirements and to assist the Company in identifying the necessary milling equipment required for commencement of commercial operation on the Montauban Property
- Eagle River Mineral Exploration Project:
From November 2019 to present, Secova has acquired 386 claims, 21,472 hectares of contiguous hectares in the Windfall Lake gold district in Quebec. located south-east of Osisko’s Windfall Lake project. The Company completed its phase one exploration program and subsequently aggregated additional claim blocks with a high-resolution helicopter borne VTEM™ (“Versatile Time Domain Electromagnetic”), plus a survey flown by Geotech Ltd., of Aurora, Ontario. The exploration work was supervised by Longford Exploration Ltd (“Longford”). The Company is planning a Longford exploration program beginning in November with the objective to identify further exploration targets for Spring 2022. You can download the technical report (NI-43-101) on the Eagle River Property released in December 2020 by visiting the following link: https://esgold.com/wp-content/uploads/2021/10/Eagle_River_NI_43_101.pdf
With regards to other corporate developments, on September 22, 2021, the Company announced the closing of a non-brokered private placement of 50,000,000 units (the “Unit”) for a total gross consideration of CAD$ 2,500,000, net CAD$ 2,479,000 after payment of CAD$21,000 finders’ fees (refer to news release issued on September 22, 2021). The proceeds are being used to complete preliminary work on the Montauban Project, resume exploration on the Eagle River Project and for general corporate and administrative purposes, including payment of current liabilities.
Secova filed its Audited Annual Financial Statements and MD&A on October 28, 2021, which are available on www.sedar.com.
During the year, the Company was pleased to announce the appointment of two Directors and a new CFO:
- On July 19th, Mr. Vikas Ranjan replaced Mr. Fuller, who stepped down to expand his real estate services. Mr. Ranjan was also appointed as the Chairman of the Company’s audit committee. Mr. Ranjan’s background includes over 25 years of experience in diverse areas of finance, capital markets, entrepreneurship, and investing. He is a co-founder of Gravitas Group of companies and is the President of Gravitas Financial Inc.
- Mr. Huang joined the Board of Directors on March 5, 2021. Mr. Huang received his CPA designation in 2016 and is a founding partner at Katalyst Chartered Professional Accountants, a CPA firm located in Vancouver, B.C. He graduated from the University of British Columbia in 2008 and completed a Master degree at the University of Washington in 2010.
- The Company announced the appointment of Rebecca Ong as chief financial officer on March 5th. She brings expertise in public reporting, investment banking, corporate finance, financial reporting, project financing, budgets and forecasting, and general financial management. She has worked with companies ranging from small-scale start-ups to mid and large-size corporations across various industries such as fintech, construction, renewable energy, road toll operator, investment bank, commercial banking, and public accounting.
The Company is also pleased to announce it has retained Relations Publiques Paradox Inc. (“Paradox”), as an investor relations consultant to provide shareholder and investor relations services to the Company. Paradox is a Montreal-based full-service communications firm and will help the Company with market awareness campaigns and provide valued industry exposure through its network of retail and institutional relationships.
The initial term of the contract is for 12 months and may be extended for an additional 24-month term. The Company will pay a monthly retainer of $10,000 and will grant to Paradox 1,000,000 Restricted Share Units (the “RSUs”), such RSUs to vest and be exercisable in four equal quarterly tranches over a twelve (12) month period.
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 further information about the Company, please visit Secova’s new website at www.secova.ca
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.