Affinity Metals Provides Exploration and Shares for Services Update
Vancouver, March 19, 2021 - Affinity Metals Corp. (TSXV: AFF) (FSE: 34IA) ("the Company" or "Affinity") is pleased to provide shareholders with an update of the Company's ongoing exploration initiatives and general corporate activities.
The Company is currently awaiting assay results related to diamond drill programs in 2020 and 2021. Assay wait times have been significantly longer this year due to COVID-19 and increased exploration activities across Canada. Assay results from the Regal Property drill program and the Carscallen Extension Project are pending and the Company expects to receive them soon. Upon receipt of the assay results, the Company's geological team will compile, verify and interpret the information as soon as possible for public release.
Specific property updates are as follows:
The Regal Property is located near Revelstoke, British Columbia within the northern end of the prolific Kootenay Arc and is south east and on trend with Rokmaster Resources' Revel Ridge project. A total of 3,442 meters over 19 holes of diamond drilling was completed on Oct. 29, 2020 and core was delivered to the lab shortly after the program was completed. Assays results are pending and are expected to be received very soon. A follow up diamond drill program is being planned and assay results will be utilized to guide additional exploration for the upcoming exploration season.
Carscallen Extension Property:
The Carscallen Extension Property is located near Timmons, Ontario and immediately adjoins the Carscallen Project currently being explored under a joint venture agreement between Kirkland Lake Gold Ltd. and Melkior Resources Inc. An initial drill program commenced on Nov. 19, 2020 designed to test a large zone identified by aerial acoustic geophysics on trend with the projected extension of the Shenkman-ZamZam gold system which has been the focus of the Melkior/Kirkland Lake Gold JV. Melkior has reported that the Shenkman-ZamZam zone extends for 800 meters and is open to both the northwest and southeast, as well as at depth. High grade intercepts reported by Melkior on the Carscallen include 23.5 g/t Au over 8.0 meters (Melkior news release 28/11/2019) and 25.7 g/t Au over 6.0 meters (Melkior news release 7/5/2020). To date, three diamond drill holes have been completed totalling 1,850 meters. Initial test samples were sent to the lab while detailed logging of the core was ongoing. Further samples were identified during core logging and have also been sent for assay. Results are pending.
Windfall North Property:
Affinity Metals holds a 100% owned mineral property in Quebec, Canada that adjoins Osisko's world class Windfall Lake project claim holdings. The property resides on the Eastern portion of the prolific Abitibi Greenstone Belt.
Affinity staked the North Windfall claims based on the interpreted northeast trend of the Windfall Lake Fault from the Windfall Lake gold deposit and plans to conduct geological and geophysical data compilation in order to generate drill targets in anticipation of a diamond drill program in 2021.
Rob Edwards, CEO of Affinity Metals, remarks, "As we look into 2021 we are very excited to establish plans for further advancement of our key properties. Unfortunately, assay labs have been plagued with delays as COVID-19 and the volume of exploration has caused a drastic increase in turnaround times from what the industry is accustomed to. The delays of setting a waypoint for 2021 exploration programs will hopefully be short lived as we expect results from the 2020 exploration programs soon.
"Additionally, Affinity has good neighbors with good geology surrounding its key exploration properties. Recent developments on these properties bordering Affinity's properties seem likely to continue to provide added exposure and value to the Company and its shareholders. Specifically, on the Regal Property in BC, Rokmaster Resources has expanded its 2021 Drill Program to 10,000 meters after positive results. The Kirkland Lake/Melkior joint venture in Ontario on the Carscallen Project has been expanded to 6,600 meters of diamond drilling and in Quebec, Osisko Mining continues to prove up their Windfall Project with some extremely encouraging drill results. Affinity and its investors have so much to look forward to in 2021."
Shares for Services - Online Marketing
Further to Affinity's news release of September 25, 2020, in which the Company disclosed an update to a shares for services agreement it had entered into with Agoracom dated September 13, 2019, the Company confirms that, to date, it has issued 96,000 common shares to Agoracom with a hold period expiring on January 16, 2020. The news release also stated that the Company was to issue a further 297,295 common shares to Agoracom under the agreement. The 297,295 shares were not issued at that time due to delays in the approval process. Now that the agreement with Agoracom is complete, and to fully satisfy the terms of that agreement, the Company is required to issue an additional 432,064 common shares with deemed price ranging from $0.11 per share to $0.325 per share. Once approval has been received from the TSXV, the 432,064 common shares will have a hold period expiring 4 months and one day after their date of issuance in accordance with applicable securities laws and the policies of the TSXV. The number of shares issuable and the deemed share price has been determined at the market price of the Company's common shares at the time the quarterly payments were due, in compliance with the policies of the TSXV.
Under the initial 2019 agreement, services would have been terminated September 15, 2020 however on September 11, 2020, Agoracom provided an amended agreement for services that extended the original agreement to January 15, 2021. No new shares were issued as a result of the extension.
About Affinity Metals
Affinity is focused on the acquisition, exploration and development of strategic metal deposits within North America. Affinity has outlined a hybrid exploration model of combining the advancement of strategic assets in addition to implementing a Project Generator approach to other prospective properties in the Company's portfolio.
The Company also recently acquired the Windfall North property, located adjacent to Osisko's Windfall project in Quebec and exploration plans are ongoing.
On behalf of the Board of Directors
Robert Edwards, CEO and Director of Affinity Metals Corp.
The Company can be contacted at: firstname.lastname@example.org
Information relating to the Company is available at: www.affinity-metals.com
Neither the 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.
This news release contains forward-looking statements. These statements are based on current expectations and assumptions that are subject to risks and uncertainties. Readers should not place undue importance on forward-looking information and should not rely upon this information as of any other date. Actual results could differ materially because of factors discussed in the Company's management discussion and analysis filed with applicable Canadian securities regulators, which can be found under the Company's profile on www.sedar.com. The Company does not assume any obligation to update any forward-looking statements.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/77886