2014 Exploration Program on the Takla-Rainbow Property, B.C. Canada and Closing of Private Placement
27 5월 2014 - 10:14PM
Access Wire
Vancouver, BC / ACCESSWIRE / May 27, 2014 /
Manado Gold Corp.
("Manado") (TSX-V: MDO) (TSX-V: MDO)
is pleased to announce it has closed the second and final
tranche of its previously announced private placement financing.
Manado is also pleased to announce that
that it plans to carry out a two phase exploration program in
2014 on its Tackla-Rainbow Property to follow up on follow up on
its successful 2013 drill program where hole number TR13-88
finished in a mineralised zone.
Private Placement Closing
Manado closed the second and final
tranche of its previously announced private placement (see news
release dated March 27, 2014) by issuing 1,060,000 units at a price
of $0.05 per unit for gross proceeds of $53,000. Each unit consists
of one common share of Manado ("Share") and one share purchase
warrant ("Warrant"), with each Warrant entitling the holder to
acquire one additional Share at a price of $0.06 per Share for a
period of three years from the date of issuance. Manado has now
issued a total of 2,560,000 units at a price of $0.05 per unit for
gross proceeds of $128,000 under its private placement.
The securities issued under the
first and second tranche of the private placement will be subject
to hold periods expiring on August 23, 2014 and September 24, 2014
respectively, pursuant to applicable Canadian securities laws and
the rules of the TSX Venture Exchange.
2014 Exploration Program
Manado plans to carry out a
two phase exploration program during the 2014 field season to
follow up on its 2013 drill program where the results of drill hole
number TR13-88 indicated that there may be a porphyry-style copper
and gold-bearing mineralized zone associated with pervasive
siliceous and potassic flooding. The TR13-88 drill hole intersected 24.52 metres
(66.0 to 90.52 m, end of hole) of mineralization grading 2.011 gpt
gold, 2.0 gpt silver and 0.18% copper, including a 6-metre section
(66.0 to 74.0 m) with an average grade of 4.225 gpt gold, 4.0 gpt
silver and 0.35% copper (Note: these intercepts are
drilling lengths, not true widths).
Manado expects to commence the
first phase of the 2014 exploration program in late
June when the local roads are expected to be fully
accessible. This phase will concentrate on re-logging and sampling
the unsplit diamond drill core that remains on site originating
from the pre-1992 Imperial Metals and Eastfield Resources drilling
programs. This work will focus on identifying porphyry-style
copper-gold mineralization that was not sampled during the previous
exploration drilling.
The second phase, which is
subject to an obtaining sufficient financing, will be a diamond
drill program to confirm and test for extensions and depth of the
zone discovered in 2013.
Manado also plans
to carry out prospecting, geological mapping, and rock and basal
till sampling within the known South and Red Zones. The South Zone
has several large, untested copper-gold soil geochemical anomalies
that may be reflecting a buried porphyry-style copper-gold
mineralizing system. The Red Zone is situated 1.2 kilometres to the
northwest and has known copper-gold mineralization typical of a
calc-alkaline porphyry copper-gold system.
Doug Blanchflower, P. Geo, is
a Qualified Person as defined in National Instrument 43-101
- Standards of Disclosure
for Mineral Projects and is responsible for the work
program on the Takla-Rainbow Property. Mr. Blanchflower has
reviewed and approved the technical information in this news
release.
About the
Takla-Rainbow Property
The Takla-Rainbow Property is
located in northcentral British Columbia, approximately 152
kilometres north-northwest of Fort St. James or 156 kilometres
northeast of Smithers. The property consists of six mineral tenures
that collectively cover 4,545.34 hectares (11,231.38 acres) along
the Twin Creek drainage. All of the claims are owned 100% by CJL
Enterprises Ltd. of Smithers, B.C., subject to the terms of an
option to purchase agreement with Manado.
On behalf of the Board of Directors
Logan Anderson
President and Chief Executive Officer
info@manadogold.com
Investor Relations - Dave Ryan
dave@manadogold.com
Forward-Looking Statements
Information set forth in this news release contains
forward-looking statements that are based on assumptions as of the
date of this news release. These statements reflect management's
current estimates, beliefs, intentions and expectations. They are
not guarantees of future performance. Manado cautions that all
forward looking statements are inherently uncertain and that actual
performance may be affected by a number of material factors, many
of which are beyond Manado's control. Such factors include, among
other things: risks and uncertainties relating to Manado's limited
operating history; the need to comply with environmental and
governmental regulations; and potential defects in title to
Manado's properties. Accordingly, actual and future events,
conditions and results may differ materially from the estimates,
beliefs, intentions and expectations expressed or implied in the
forward looking information. Except as required under applicable
securities legislation, Manado undertakes no obligation to publicly
update or revise forward-looking information.
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.
SOURCE: Manado Gold Corp.
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