This news release is not for distribution or dissemination in the United States of America
Toronto, Ontario, December 10th, 2019 – Ubique Minerals Limited (“Ubique”)(CSE:UBQ) announces it has received the results of additional soil samples collected from the East Mineral License in their Daniel’s Harbour zinc project which expands the zinc anomaly. Ubique and MinKap Resources Inc. (“KAP”) have agreed to modify the timing of certain work and payment commitments in their Option Agreement for Daniel’s Harbour Mineral Licenses. Ubique has filed its annual financials for the financial year ending July 31st, 2019.
Ubique’s Daniels Harbour Zinc Project
Ubique owns 85 Mineral Licenses located in the Daniel’s Harbour area in Newfoundland, Canada, covering more than 21 sq. kms, in two blocks and has another 42 Licenses covering 10 sq. kms. under option from MinKap Resources Inc. The Ubique Licenses cover three zones of zinc mineralization, including the P Zone where Ubique completed most of its 2017 and 2018 drilling. The highlight of the P Zone drilling was a true width intersection of 13.6% Zinc over 12.2 metres including 17.43% Zinc over 8.6m. More than 20 historic and recent drill holes in this target area have intersections with greater than 4% zinc over at least 2 metres true widths and demonstrate the zone extends for more than 150 metres. The KAP Option claims cover areas of historic mining activity and research identified five high priority drill target areas. The former drilling at each of these sites is considered as historic and not acceptable under the criteria defined by National Instrument 43-101 without demonstrated duplication and validation. Diamond drilling in 2019 by Ubique was successful in relocating three of those targets and confirming the zinc mineralization.
The zinc mineralization is a very pale coloured sphalerite, characteristic of a low-iron, Mississippi-Valley-Type carbonate rock geological environment analogous to many large deposits in north America. Seven million tonnes, averaging 7.8% zinc, were mined from the former Daniel’s Harbour mine and processed on site to yield a very high grade concentrate for shipping from a nearby deep water port facilities to a custom zinc smelter. (Wardle, R.J. (2000) Mineral Commodities of Newfoundland and Labrador – Zinc and Lead; Government of Newfoundland and Labrador, Geological Survey, Mineral Commodities Series Number 1).
East Mineral Licenses Soil Geochemical Anomaly
Ubique has extended the area of the grid previously soil sampled and added infill sampling to increase the density of sampling with the result that several zinc soil anomalies have now been defined, some of which are still open ended. A map showing the contoured soil geochemistry results will be posted on the Company website at www.ubiqueminerals.com
KAP Option Agreement
Ubique and KAP have agreed to revise certain of the dates and amounts required under the Option Agreement dated Febraury13, 2019 and announced by press release dated 14th February, 2019. The payments and work commitments required under the Agreement in 2019 have been made but subsequent commitments under the Agreements have been revised and are now as shown in the table below.
|
Date/Period |
Amounts Payable |
Shares |
Expenditure |
|
On signing of this Agreement, which date being February 13th, 2019 |
$10,000 |
500,000 |
completed |
|
On or before March 9, 2019 |
|
|
$12,000 and file a work assessment report completed |
|
On or before September 15, 2019 |
|
|
an additional $88,000 (for a total of $100,000) completed |
|
On or before the date that is 1 year from the date of the signing of this Agreement i.e. February 12th, 2020 |
additional $10,000 |
additional 500,000 |
|
|
On or before the date that is 2 years from the date of the signing of this Agreement, i.e. February 12th, 2021 |
|
additional 200,000 |
|
|
On or before February 28, 2021 |
|
|
an additional $200,000 (for a total of $300,000) |
|
On or before September 1st, 2021 |
|
|
$40,000 cash payment for the payment to the Vendors from whom KAP optioned the property |
|
On or before February 28, 2022 |
|
|
an additional $300,000 (for a total of $600,000), which amounts include payments to the Vendors from whom KAP optioned the property |
|
On or before the expiration of Year 5, i.e. February 12th, 2024 |
|
|
$400,000 |
On completion of all the conditions outlined in the above table Ubique will have earned an undivided 55% interest in the Property. Thereafter the Agreement provides for Ubique to earn an additional 15% interest, the terms of which acquisition have not changed from those in the original Agreement.
Corporate Developments
Ubique has filed its annual financials for the financial year ending July 31st, 2019. They are now available on SEDAR and the Company website at www.ubiqueminerals.com
A Director of Ubique who is also the Chief Executive Officer has recently acquired 100,000 common shares of Ubique by exercise of warrants at $0.10 per warrant and subsequently acquired another 100,000 common shares by purchase on the open market.
About Ubique Minerals Limited.
Ubique Minerals Limited is a zinc exploration company listed on the CSE (CSE:UBQ). It has focused on exploration of its 100% owned Daniel’s Harbour zinc property in Newfoundland, and was initially funded for two years by private equity including that from Greenbank Capital Inc (CSE:GBC and OTCMKTS:GRNBF and FRA:2TL). Ubique became a publicly listed company in September 2018. Ubique undertook one drilling program on its Daniel’s Harbour zinc project in 2017 and two more drilling campaigns in 2018 which were successful in delineating zinc mineralization extending from the vicinity of former mine workings. Ubique has an experienced management group with a record of multiple discoveries of deposits worldwide, and has an extensive database of historic exploration results from the Daniel’s Harbour area. For more information on Ubique please contact Gerald Harper, CEO, at (416) 232-9114 or by email gharper@ubiquezinc.com or see www.ubiqueminerals.com
Dr. Gerald Harper, P.Geo.(Ont), the CEO of Ubique, is the qualified person as defined by NI 43-101 responsible for the technical data presented herein and has reviewed and approved this release.
More information regarding Ubique’s exploration activities and results will be found on their website at www.ubiqueminerals.com
Forward-Looking Information: This press release may include forward-looking information within the meaning of Canadian securities legislation, concerning the business and trading in the common stock of Ubique Minerals Limited., the raising of additional capital and the future development of the business. The forward-looking information is based on certain key expectations and assumptions made by the company’s management. Although the company believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because Ubique can give no assurance that they will prove to be correct. These forward-looking statements are made as of the date of this press release and Ubique disclaims any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.
Neither the Canadian Securities Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.