VANCOUVER, July 3, 2019 /CNW/ - Mineral Mountain Resources Ltd. ("Mineral Mountain" or the "Company") (TSXV: "MMV") is pleased to announce that it has received the core hole permits drill its Standby Project. All sites approved are in all-year drilling locations and the Company intends to use "low impact" environmentally friendly practices. The coring program is set up to drill in excess of 4,000 meters.
The Standby Project summer program will focus on a mineralized gold zone previously drilled by Mineral Mountain (2018) and by Homestake Mining Company (historical drilling) at depths from surface to a vertical depth 950 meters (2945 feet). Within the 30 meter (93 feet) wide gold bearing formation, assayed grades from these past core hole programs ranged from 2.3 g/t Au to over 10.0 g/t Au. These past core holes were from near to surface to a vertical depth of 1300 meters (4030 feet).
The summer drill program will sample the gold bearing formation from 400 meters (1240 feet) to 1000 meters (3100 feet) total vertical depth. These are similar depths to the Homestake Mine 26 kilometers to the northwest. Of the 40 million ounces produced at the Homestake Mine, 30 million ounces of gold were produced at these depths.
The first drill hole will go to a vertical depth of 950 meters using directional drilling for control and will include down hole DHEM geophysics. Stated Nelson W. Baker, President and CEO of Mineral Mountain Resources Ltd.: "Our Phase 1 drill program completed late last season and the Company's comprehensive database provide strong report that the 30 meter wide gold structure, which hosts the surface workings of the Standby Mine deposit, Mineral Mountain's technical data indicates this structure to be part of a large, deep, thickened of gold hosted iron formation, similar to the host rocks of the Homestake Mine, that plunge south-southeast."
Mineral Mountain has reworked its field data including drilling data from 2018 and has concluded there are two other similar sized magnetic features considered to be strong gold targets all located within a 5- kilometer area.
Mineral Mountain Resources Ltd. ("Mineral Mountain" or the "Company") (TSXV: "MMV") announces that it is continuing its a non-brokered private placement (the "Private Placement") on the same terms announced in the Company's press released dated April 15, 2019. Up to 13,333,333 units of the Company ("Units") are to be sold at a price of C$0.15 per Unit to raise gross proceeds of up to C$2,000,000. Each Unit consists of one common share of the Company and one common share purchase warrant (a "Warrant"), with each Warrant entitling the holder to purchase one common share of the Company (a "Warrant Share") for a period of one (1) year from closing at an exercise price of C$0.25 per Warrant Share. A 30-day extension to August 6, 2019 of this financing has been approved by the TSX Venture Exchange.
The securities issued pursuant to the Private Placement will be subject to a four month plus one day hold period in accordance with applicable Canadian securities laws. The Company may pay a finders' fee on a portion of the financing in accordance with TSX Venture Exchange policy.
About Mineral Mountain Resources and the Standby Gold Project
Mineral Mountain Resources Ltd., through its wholly owned subsidiary Mineral Mountain Resources (SD) Inc., is focused on the exploration and, if warranted, development of its 100%-owned Standby Gold Project situated along the highly prospective Homestake Gold Belt in the Black Hills of South Dakota, U.S.A. The Standby Project covers approximately 7,500 acres and straddles three major trends of structurally thickened gold-hosted banded iron formation that host hydrothermal gold mineralization.
The Company has continued to expand its land position in the Standby Gold District since 2013 by claim staking and by purchasing the strategically located Standby Mine property, a strategically located past gold producer that hosts hydrothermal gold mineralization. Presently, the Company now owns the largest contiguous land position in the Standby greenstone belt and has assembled the largest and most comprehensive technical database in Leapfrog format for the district. The Company believes that the Standby Project is under-explored and constitutes one of the most prospective gold districts in North America.
On Behalf of the Board of Directors
MINERAL MOUNTAIN RESOURCES LTD.
"Nelson W. Baker", President and CEO
Neither the TSX Venture Exchange nor its Regulation Services Provider (as such term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward looking information
This release includes certain statements that may be deemed to be "forward-looking information" under Canadian securities laws. All statements in this release, other than statements of historical facts, that address events or developments that the Company expects to occur, constitute forward looking- information. Forward looking information consists of statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "could" or "should" occur. Although the Company believes the expectations expressed in such forward-looking information are based on reasonable assumptions, such information does not constitute guarantees of future performance and actual results may differ materially from those in forward- looking information. Factors that cause the actual results to differ materially from those in forward-looking information include gold prices, results of exploration and development activities, regulatory changes, defects in title, availability of materials and equipment, timeliness of government approvals, continued availability of capital and financing and general economic, market or business conditions. The Company cautions the foregoing list of important factors is not exhaustive. Investors and others who base themselves on the Company's forward-looking information should carefully consider the above factors as well as the uncertainties they represent and the risk they entail. The Company believes that the expectations reflected in the forward-looking information are reasonable, but no assurance can be given that these expectations will prove to be correct. Please see the public filings of the Company at www.sedar.com for further information.