VANCOUVER, BRITISH COLUMBIA – TheNewswire – July 4, 2022 – Secova Metals Corp. (“Secova” or the “Company”) (CSE:SEK), (Frankfurt:N4UP), (OTC:SEKZF) is pleased to provide the following update on the Company’s plans for the 2022 summer season.
At Montauban, the Company anticipates receipt of the assay results from its 275-hole drilling program by the middle of July. These assay results will form the support for the Preliminary Economic Assessment (“PEA”) on the tailings. Secova will be able to use this assessment to better understand the mineral composition of each of the five (5) tailings deposits and use this information to assist in the logistics required to process and extract the minerals already identified in the tailings.
In addition, Longford Exploration is continuing to compile all historic drilling and mining information on the underground works at Montauban. The intention is to digitize this information so that it can be incorporated into a model that outlines the extent of the underground resource at the site. Although Montauban has had some form of operations since 1910, there has never been a comprehensive model compiled.
Over 75% of the equipment required to put the mill into operation has been sourced and the Company anticipates beginning this month the refurbishing of the used equipment and site preparation to install the major components of the processing plant.
In other operations, Secova will begin its underwater sampling program at its Ottawa River project in two (2) weeks. These samples will be analyzed to determine if recoverable metal residuals are present on the riverbed. If the analysis of the sampling program proves positive, then the Company will commence a systematic extraction program beginning in the fall of 2022.
In other corporate news, the Company is adding a half warrant to the previously announced private placement. The offering is now a unit consisting of one common share and one-half warrant that when combined to form a whole warrant, the holder will be able to purchase one (1) common share at a price of $0.10. The warrant has a term of twelve (12) months from the closing date of the Private Placement.
In addition, the Company has issued to advisors and officers 1 million options at $0.05 per share and 500,000 options at $0.095 per share that will vest quarterly and issued 2.5 million restricted share units.
All securities issued in connection with the offering and the grants will be subject to a statutory hold period expiring in accordance with applicable securities legislation. The company may pay eligible finders a fee on the offering within the amount permitted by the policies of the Canadian Securities Exchange.
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About the Company
Secova Metals Corp. is a Canadian environmentally aware resource exploration and processing company. Management has demonstrated expertise in advancing gold exploration projects into acquisition targets, most notably in the province of Quebec. Secova’s principal restoration and recovery project is the Montauban property situated in Quebec, just 80 kilometers west of Quebec City. Recently, The Company has also entered into a joint venture agreement to determine the presence of recoverable metals in the Ottawa River. The Company’s main exploration focus is its 100% ownership of the Eagle River project, which is adjacent to and on-trend to several gold projects in the Windfall Lake district of Urban Barry in Quebec.
On behalf of the Board of Directors,
SECOVA METALS CORP.
“Jean Yves Therien”
Chief Executive Officer
Tel: +1 438-399-6316
This press release contains “forward-looking information” that is based on the Company’s current expectations, estimates, forecasts, and projections. This forward-looking information includes, among other things, statements with respect to the Company’s exploration and development plans. The words “will”, “anticipated”, “plans” or other similar words and phrases are intended to identify forward-looking information. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, level of activity, performance, or achievements to be materially different from those expressed or implied by such forward looking information.
Neither the Canadian Securities Exchange nor its Regulation Services Provider accept responsibility for the adequacy or accuracy of this release.