/NOT FOR DISSEMINATION IN THE U.S. OR THROUGH
U.S. NEWSWIRES/
CALGARY, AB, Sept. 27, 2021 /CNW/ - Highwood Asset Management
Ltd. (TSXV: HOCL) ("Highwood" or the "Company") is pleased to
announce the filing of NI 43-101 Technical Report for the Company's
Ironstone Iron-Vanadium project.
NI 43-101 Technical Report
Highwood commissioned APEX Geoscience Ltd. to prepare a National
Instrument 43-101 Report effectively dated September 21, 2021 (the "Technical Report") as a
geological introduction to its Ironstone Iron-Vanadium Project (the
"Project") in northwest Alberta. The Technical Report for the
Project is available on SEDAR (www.sedar.com) and on the Company's
website.
Summary of the Ironstone Fe-V Project and
the Technical Report:
Highwood's total Alberta and
northeast British Columbia land
position, which includes both the Ironstone Iron-Vanadium Project
and the Lithium-Brine Project, is comprised of 236 mineral
permits/titles encompassing 1,522,099 hectares or 3,761,189 acres
(the "Permits") for which Highwood owns 100% mineral
rights.
The Ironstone Iron-Vanadium Project and Technical Report
emphasised in this disclosure is focused on the surface exposed, or
near-surface, Upper Cretaceous Bad Heart Formation in northwest
Alberta. The Ironstone
Iron-Vanadium Project comprises a portion of Highwood's overall
land package and consists of 77 mineral permits encompassing
546,399 hectares or 1,350,182 acres. The 77 mineral permits are
grouped into 7 sub-properties that include 4 contiguous groups and
3 non-contiguous groupings of mineral permits.
The Late Cretaceous Bad Heart Formation ironstone has been
historically documented to contain anomalous concentrations of iron
and vanadium. For example, historical Bad Heart Formation ironstone
analyses within the boundaries of Highwood's current property
yielded iron concentrations that range between 16.71% Fe and 40.4%
Fe, with an average of 28.9% Fe, and vanadium concentrations that
range from 357 ppm V to 2,323 ppm V with an average of 1,349 ppm
V.
During May 2021, Highwood
conducted an early-stage, reconnaissance, road-based bedrock
sampling program to validate the historical information. A total of
8 Cretaceous bedrock samples were collected by the Company at 3 of
the 7 sub-properties. The samples were analyzed at
independent and accredited laboratories (ALS Vancouver and the
Saskatchewan Research Council). The analytical results yielded
between 3.9% and 38.5% Fe2O3 and 21 ppm to
468 ppm V. The lower iron-vanadium samples collected during this
program are interpreted to represent Late Cretaceous Cardium
Formation sandstone, which is stratigraphically older than the Bad
Heart Formation. In contrast, samples collected from an
historically documented exposure of Bad Heart Formation ironstone
at the "Sprit River Section Pit" contained 34.4% to 38.4%
Fe2O3 and 418 to 468 ppm V. These samples
verify the historical iron and vanadium content from the Bad Heart
Formation ooidal ironstone at this site.
An independent Qualified Person ("QP") site inspection
(July 2021) supported the Late
Cretaceous Bad Heart Formation geology and geochemistry at the
Sprit River Section Pit. The QP collected 5 samples of ferruginous,
moderate to pervasive ooidal ironstone at this bedrock exposure,
which included 3 approximately one-metre channel samples and 2 grab
samples. The samples were analyzed at Activation Laboratories Ltd.
and yielded 29.8% to 36.9% Fe (45.06-% to 57.03 %
Fe2O3) and 1,160 ppm to 1,530 ppm V. As
part of the inspection, an additional grab sample of Cardium
Formation iron-stained fine-grained sandstone yielded 21.9% Fe and
117 ppm V.
Upon completion of the Technical Report, Highwood intends to
shift its focus to:
- Initiate independent ironstone extraction technology test work
with the goal of developing mineral beneficiation and recovery
technologies;
- Conduct early-stage exploration work that includes ongoing
historical compilation and geological mapping and sampling of the
Bad Heart Formation within Highwood's permitted areas; and
- Complete a heli-borne, detailed, high-resolution, aeromagnetic
survey to delineate target areas for a future diamond drill
program.
Summary of the Lithium-Brine Project:
Additionally, Highwood's Lithium-Brine Project is still material
to the Company (see news release dated July
16, 2021), and therefore, a synopsis of a previous 43-101
Technical Report dated July 14, 2021
is incorporated into the Company's current Technical Report, which
focuses on the Ironstone FE-V Project.
Qualified Person:
D. Roy Eccles, M.Sc, P. Geol., of
APEX Geoscience Ltd. is an independent Qualified Person as defined
by National Instrument 43-101 and has reviewed and approved the
technical information that forms the basis for this news
release.
Neither 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.
Cautionary Note Regarding Forward-Looking Information
This news release contains "forward-looking information" or
"FLI" within the meaning of the Canadian securities laws.
Forward-looking information is generally identifiable by use of the
words "believes," "may," "plans," "will," "anticipates," "intends,"
"budgets", "could", "estimates", "expects", "forecasts", "projects"
and similar expressions, and the negative of such expressions.
Forward-looking information in this news release include statements
about the Company's next steps which include resource assessment,
continued exploration and development work, including in respect of
the potential extraction technology, continued sampling and
developing a reservoir model, the completion and timing for the
Cretaceous ironstone NI 43-101 Technical Report, and the evaluation
and potential spinout of a pure play lithium company, as well as
the specific assumptions used to develop such FLI and the specific
risk factors.
In connection with the forward-looking information contained
in this news release, Highwood has made numerous assumptions,
regarding, among other things: the geological, metallurgical,
engineering, financial and economic advice that Highwood has
received is reliable and is based upon practices and methodologies
which are consistent with industry standards. While Highwood
considers these assumptions to be reasonable, these assumptions are
inherently subject to significant uncertainties and
contingencies.
Additionally, there are known and unknown risk factors which
could cause Highwood's actual results, performance, or achievements
to be materially different from any future results, performance or
achievements expressed or implied by the forward-looking
information contained herein. Known risk factors include, among
others: the Li-brine resource assessment may not be completed as
planned or at all, the exploration and continued sampling may
exceed the budget; continued sampling and the reservoir model may
not achieve the results expected; investor support for a pure play
lithium public spinout; the need to obtain additional financing;
uncertainty as to the availability and terms of future financing;
the possibility of delay in exploration or development programs and
uncertainty of meeting anticipated program milestones; uncertainty
as to timely availability of permits and other governmental
approvals.
A more complete discussion of the risks and uncertainties
facing Highwood is disclosed in Highwood's continuous disclosure
filings with Canadian securities regulatory authorities at
www.sedar.com. All forward-looking information herein is
qualified in its entirety by this cautionary statement, and
Highwood disclaims any obligation to revise or update any such
forward-looking information or to publicly announce the result of
any revisions to any of the forward-looking information contained
herein to reflect future results, events, or developments, except
as required by law.
SOURCE Highwood Asset Management Ltd.