NOC:CC - Caribou Silver Copper Project Acquired by Norseman Silver
(TheNewswire)
Vancouver, British Columbia – TheNewswire - September 12, 2022 – Norseman Silver Inc. (TSXV:NOC) ( OTC :NOCSF) (“ Norseman ” or the“ Company ”) is pleased to announce that the Company has completedall of its obligations under the option agreement and now has acquiredthe Caribou Silver- Copper project.
A total of 148 rock outcrop and float samples were collected at theCaribou property. An outcrop sample from Caribou West, graded 42% Cuand 384 ppm Ag. From the total samples collected to date, 31 samplesor 20% have Cu contents of 1% and above. Although most of these werefrom the NH area, significant numbers were also taken from the CaribouWest.
Caribou consists 3 concessions with a total area of approximately3,567 and is located 36 km west of Smithers , British Columbia,Canada. Detailed grid soil geochemical sampling was carried out withintwo separate blocks to cover in detail the NH and the Caribou Westtargets.
The soil geochemistry defined areas with elevated values for Cu, Ag,Pb and Zn within these two targets. The positively anomalous valuesshow a NE-SW trend in the NH area and an E-W trend at Caribou West.Results to date have identified targets approximately 30-hectare and40-hectare zones in the Caribou West and NH.
Ground IP and Magnetometer surveys were also carried within a sectionof the soil sampling block at the NH area. Six (6) survey lines spaced 100 meters apart and with a total length of6.3 kms. were covered by the survey. The IP work employed apole-dipole array and along the same survey lines, total magneticreadings were taken at 5 to 10-meter intervals.
Caribou was optioned for $80k cash, 2.75m shares and$225k in expenditures. The NSR is 2% was given to Cloudbreak. Half canbe bought back for $1m before production. Other half is $5m toextinguish the NSR altogether.
The Company also announces that it will not be proceeding on the NewMoon project to enable to focus on Norseman’s core projects thatappear to have great leverage and provide more cost-effectiveexploration.
Qualified Person
The technical information in this news release wasreviewed by Rene Victorino, P. Geo., Vice President for Exploration ofNorseman Silver Inc., a qualified person as defined under NationalInstrument 43-101 (NI 43-101).
Norseman Silver is focused on acquiring, exploring anddeveloping silver assets with upside potential in the Americas.Norseman Silver’s shares are listed on the TSX Venture Exchangeunder the symbol NOC and on the OTCQB under the symbol NOCSF. Learnmore about Norseman Silver at www.norsemansilver.com .
This press release does not constitute an offer to sellor a solicitation of an offer to buy any of the securities in theUnited States. The securities have not been and will not be registeredunder the United States Securities Act of 1933, as amended, or anystate securities laws and may not be offered or sold within the UnitedStates or to or for the account or benefit of a U.S. person (asdefined in Regulation S under the United States Securities Act) unlessregistered under the U.S. Securities Act and applicable statesecurities laws or an exemption from such registration isavailable.
Onbehalf of Norseman Silver Inc.
Sean Hurd
President and CEO
Forfurther information, please contact:
Sean Hurd
President and CEO
604-505-4554
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