The western part of the project area is underlain by the highly prospective
The MFC is made up by a well layered lower ultramafic sequence containing; chromite bearing hezburgite, olivine orthopyroxinite and dunite. The upper mafic layers consist of norite, gabbros and diorites with pegmatitic areas. Structurally, the MFC consists of a folded, block-faulted and tilted lopolith now warped into a southwest-plunging syncline and divided into northern and southern lobes by the east-northeast trending Jwaneng-Makopong and northeast-trending Werda-Kgare shear zones. Parts of the intrusion and its roof-rocks were later eroded and unconformably overlain by
The Company looks forward to developing a methodical exploration strategy utilizing methods to target both Bushveld type PGM-Chromite “reefs” and ultramafic-hosted Ni-Cu massive sulphides.
The Share Purchase Agreement
Pursuant to the terms of the Share Purchase Agreement, the Company will acquire from the Seller all of its interest in the issued and outstanding shares of the Subsidiary, the sole asset of which consists of the Property. In consideration for the acquisition of the Subsidiary, the Company will issue 13.0 million common shares to the Seller (the “Consideration Shares”) at a deemed price of
The Consideration Shares will be subject to a voluntary lock-up period pursuant to which 10% of the Consideration Shares held by the Seller will be released on the Closing and 15% will be released every six months thereafter, with the final release to occur 36 months following the Closing. The Consideration Shares will also be subject to a statutory hold period expiring on the date which is four months and one day following the date of Closing.
Closing of the Acquisition is subject to various conditions including approval by the applicable authorities in
Old Timer Property Update
The Company is also continuing with its planned exploration of the Old Timer Property as described in its final prospectus dated
The Company plans to complete a systematic grid-based soil sampling, and additional rock chip sampling, prospecting, and stream sediment sampling over the property in the coming months as weather conditions permit. The work program is designed to complement the existing soil sample grid with higher definition infill and extend the coverage along mineralized trends.
Qualified Person
All scientific and technical information in this news release has been reviewed and prepared under the supervision of
About One Bullion
One
About Silverfish
The Company is engaged in acquisition, exploration and development of mineral property assets in
For more information, please refer to SEDAR (www.sedar.com), under the Company’s profile.
ON BEHALF OF THE BOARD OF DIRECTORS
“Joseph Cullen”
and Director
For further information, please contact:
Mr.
Phone: 778-919-8615
Email: jpacullen@gmail.com
Website: www.silverfishresources.com
THE CANADIAN SECURITIES EXCHANGE HAS NOT APPROVED NOR DISAPPROVED
OF THE CONTENT OF THIS PRESS RELEASE
Cautionary Note About Forward-Looking Statements
Certain of the information contained in this news release may constitute ‘forward-looking statements' within the meaning of applicable securities laws. Such forward-looking statements, including but not limited to statements relating to: the Acquisition; the ability of the parties to satisfy the conditions of closing of the Acquisition; the anticipated timing thereof; and the prospectivity of the Property, involve risks, uncertainties and other factors which may cause the actual results to be materially different from those expressed or implied by such forward-looking statements. Such factors include, among others, obtaining required regulatory approvals, exercise of any termination rights under the Share Purchase Agreement, and the ability to meet other conditions in the Share Purchase Agreement. Although the Company and the Seller have each attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Neither the Company nor the Seller undertakes to update any forward-looking statements, except in accordance with applicable securities laws.
Source:
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