KELOWNA, British Columbia, July 24, 2018 (GLOBE NEWSWIRE) -- IRONSIDE RESOURCES INC. (TSX-V:IRC) (“Ironside” or the “Company”) is pleased to announce a non-brokered private placement (the "Offering") of up to 6,250,000 flow-through shares at a price of $0.08 per share for gross proceeds of up to $500,000. This is in addition to the Company’s previously announced round of financing of up to $1,000,000 in non-flow through funds. (See news release: June 20, 2018) A finder’s fee of 7% payable cash and 7% shares may be paid upon closing.
Watts Lake Property Summary
Ironside has entered into a letter of intent (the “LOI”) with Edge Geological Consulting Inc. to acquire a 100% interest in the Watts Lake property (see news release October 27, 2017). The 13,248 ha property is located approximately 65 km north north-east of the town of La Ronge, SK and 20km northwest of the village of Missinipe, SK. Geologically, the property is situated on the eastern margin of the Crew Lake Belt of the La Ronge Domain and covers several bedrock hosted electromagnetic conductive trends, including the entire ~14km of strike length of the Borys Lake conductive trend that hosts the historic Borys Lake lead-zinc VMS deposit as well as numerous mineralized occurrences of zinc, copper and silver, in addition to anomalous gold, nickel and cobalt as identified in drill holes, surface trenches and outcrop samples along strike and on parallel conductive trends. All four known drill-identified mineralized zones of the near surface Borys Lake deposit occur on the Watts Lake property over approximately 4.5km along the Bory’s Lake conductive trend; Mac, Main, Will A/B and Can zones.
The Company has filed on its SEDAR profile a National Instrument 43-101 – Standards of Disclosure for Mineral Projects technical report entitled “Technical Report on the Watts Lake Property, La Ronge Mining District, Saskatchewan, Canada”. The report is dated with an effective date of December 29, 2017.
Ross McElroy, Director, and Chief Geologist for Ironside, commented:
“We are very pleased with the demand for both the flow thru and our previously announced financing. Once completed, this will allow us to quickly advance drill targets to test for expansion of the Borys Lake lead-zinc VMS deposit at depth and along strike and further evaluate the very prospective mineralized occurrences along the main 14km conductive trend.”
The technical information in this news release has been prepared in accordance with the Canadian regulatory requirements set out in National Instrument 43-101 and reviewed on behalf of Ironside Resources by Ross McElroy, P.Geol., Director, a qualified person.
ON BEHALF OF IRONSIDE RESOURCES Contact info@ironsideresources.com
"Ross McElroy" TF: 1-866-979-7022
Ross McElroy, Director
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Certain information contained in this press release constitutes “forward-looking information", within the meaning of Canadian legislation. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", “forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur", "be achieved" or “has the potential to”. Forward looking statements contained in this press release may include statements regarding the future operating or financial performance of Ironside Resources which involve known and unknown risks and uncertainties which may not prove to be accurate. Actual results and outcomes may differ materially from what is expressed or forecasted in these forward-looking statements. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. Among those factors which could cause actual results to differ materially are the following: market conditions and other risk factors listed from time to time in our reports filed with Canadian securities regulators on SEDAR at www.sedar.com. The forward- looking statements included in this press release are made as of the date of this press release and the Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation.