VANCOUVER, British Columbia, Aug. 09, 2018 (GLOBE NEWSWIRE) -- Declan Resources Inc. ("Declan" or the "Company") (CSE: LAN) has commenced its first exploration program on its recently acquired Tisova Copper-Cobalt project (the “Property”) (please see press release dated July 6, 2018). The current program will identify diamond drill targets for use in the subsequent Q4 exploration program.
Program details include:
GEOPHYSICAL PROGRAM
- Detailed walking magnetic survey both down dip and along strike of historical workings
- DIAS Geophysical will complete a 3D resistivity and induced polarization survey by the mid September, utilizing its proprietary DIA32 survey methodology
GEOLOGICAL MODELLING
- Structural compilation and mapping, utilizing both field and historic data
- Geochemical analysis to determine cobalt prospective horizons
- 3 D modeling to determine structural events and target thicker sulphide zones
DIAMOND DRILLING & PROPERTY DETAILS
The Tisova Property is comprised of a 327 hectare concession in the Czech Republic (with applications pending for a further 7,565 hectares) and a 7,710 hectare concession in Germany. There has been no modern geophysics completed on the property, with the first documented mining on the property being done in the 13th Century. Further mining operations took place from 1953 to 1973, providing extensive historical paper data for the Company’s geologists to compile and integrate with the new geophysical data.
Some historical context:
- In the period, 1959 to 1992, 72 surface diamond holes were drilled (25,985m) as well as 142 underground holes (14,299m)
- In 2017, the Property’s previous owner drilled 4 diamond drill holes (1340 m) after limited analysis of above-referenced data.
- Charles University, Prague has made available to the Company numerous studies related to Tisova geology and structure
- More than 30 Km of underground development including the 400m Helena Shaft down to 9 level (400m below surface), all available for use
- Sulphide zones more than 100m true thickness
- High-grade copper horizons form lenses up to 5m wide within thick sulphide blanket.
Previous grab samples from waste dumps assayed from low grades to 0.69% Cobalt, 17.1% Copper, 3.7 g/t Gold and 178 g/t Silver. Grab samples are, of course, selective by nature and may not represent average grades on the property.
DIRECTOR AND ADVISOR
The Company is pleased to announce the appointment of Garry Clark as a director, effective immediately. Mr. Clark is a geologist (P Geo) with over 30 years of mineral exploration experience and will be overseeing the exploration program. He is the Executive Director of the Ontario Prospectors Association (OPA) and has been a Director, Vice President or President of OPA since its formation in the early 1990s. Mr. Clark currently serves on the Minister of Mines Mining Act Advisory Committee and has worked on various Ministry projects representing the explorers of Ontario.
Mr. Clark has held geological positions with a number of mining companies and has served as a director of other TSX Venture Exchange listed companies including his current position with Mineral Mountain Resources Ltd., and Kapuskasing Gold Corp. He has extensive experience in managing large scale exploration and development programs internationally including Asia and North America, and has worked extensively in the Hemlo and Wawa districts.
Further, Jamie Newall has been appointed to the Company’s Advisory Committee. Mr. Newall is an experienced senior Executive and Non-Executive Director. He was Investment Director of Intrepid Financial, an incubator of natural resource companies for eight years, and has previously served as director and COO of Declan for two years. More recently he has been interim CEO of Conversis, one of the UK’s leading language service providers and is Voluntary CEO of Oracle Cancer Trust, the UK’s largest head and neck cancer research charity. Mr. Newall has sat on the Boards of many TSX Venture Exchange listed public companies, is a graduate of Cambridge University and holds a Masters Degree in Law.
Additionally, Kelsey Chin has been appointed Chief Financial Officer to replace David Hughes who has resigned. Ms. Chin, a Chartered Professional Accountant, has 15 years of experience in audit, finance and accounting within the mining, exploration and technology industries. She has served as director and executive officer for several publicly traded companies where she was responsible for all aspects of financial services, financial reporting, corporate governance, and has led numerous financings, mergers and acquisitions to successful completion.
Finally, in connection with the corporate changes, the Company has granted 2.8 million incentive stock options to certain directors, officers and consultants which are exercisable at $0.39 for a period of five years, and subject to regulatory approval.
For additional information please contact:
Declan Resources Inc.
Wayne Tisdale, President and CEO
T: (604) 639-4455
Reader Advisory
This news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. In particular, forward-looking information in this press release includes, but is not limited to, statements with respect to the proposed exploration program on the Property. Although we believe that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. We cannot guarantee future results, performance or achievements. Consequently, there is no representation that the actual results achieved will be the same, in whole or in part, as those set out in the forward-looking information.
Forward-looking information is based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking information. Some of the risks and other factors that could cause the results to differ materially from those expressed in the forward-looking information include, but are not limited to: general economic conditions in Canada and globally; industry conditions, including governmental regulation and environmental regulation; failure to obtain industry partner and other third party consents and approvals, if and when required; the availability of capital on acceptable terms; the need to obtain required approvals from regulatory authorities; stock market volatility; liabilities inherent in mining operations; competition for, among other things, skilled personnel and supplies; incorrect assessments of the value of acquisitions; geological, technical, processing and transportation problems; changes in tax laws and incentive programs; failure to realize the anticipated benefits of acquisitions and dispositions; and the other factors. Readers are cautioned that this list of risk factors should not be construed as exhaustive.
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