SXOOF - Exploration Drilling Underway
(TheNewswire)
Montréal – TheNewswire - August 11, 2021 – St-Georges Eco-Mining Corp.(CSE:SX) (OTC:SXOOF)(FSE:85G1) (CNSX:SX.CN) is pleased to disclose that exploration drilling isunderway on two if its mineral projects located in Iceland and on theQuébec North-Shore and drilling should start momentarily on twoadditional projects in Québec.
Thor GoldDrilling
The first of 22 planned drill holes ranging from 125 to 500 metersin depth is underway on the Thor Gold Project in Iceland. Drillingtargets will allow for twin drilling some of the historical holes toallow a NI 43-101 resource estimate and for future definition of thegold deposit. This campaign is fully funded and should stretch overthe next 3 months for a total of 4,060 meters.
Picture 1. Drill Rigon Thor Gold Project
Julie Nickel ProjectDrilling
DrillingProgress
Drilling on Julie is currently underway. A first hole totalling504 meters was completed on Monday. The drill rig has been moved tothe second planned hole and at the time of this report, 3 meters ofcasing and 57 meters of core is already completed. The second holelocated approximately 210 meters North-East of the Julie Showing hasan azimuth of 325°, and a 55° down dipangle for a planned 500 meters length.
Three additional holes are expected to be drilled in this firstphase that should be followed by downhole geophysics.
The total drilling campaign has been increased from 11,600 meters to12,600 meters following observations on the ground. Surfaceexploration and sampling is also being conducted punctually inparallel with the drilling effort.
Additional Ground forJulie Nickel Project
The Company is also pleased to announce that it hasagreed to acquire 28 mineral claims from an arms-length vendor. Someof these claims were land-locked within the other exploration licensesheld by St-Georges while the bulk of it was located to the south andsouth-west boundaries of the project.
The terms of the acquisition are the issuance of100,000 common shares of St-Georges within 30 days of the approval ofthe transaction, the payment of CA$50,000 under the same terms. Theagreement also calls for the signing of an NSR agreement within 60days following the acquisition. The NSR covering these claims willbe set at 1%, of which 0.5% can be bought back for CA$1,000,000 at anytime at the Company’s discretion. The agreement also establishes a10 km zone of influence in favor of the Company.
These new mineral claims represent an increase ofapproximately 1,512 hectares of the project footprint.
Fig. 1 Map of the Julie project withnew claims identified in yellow (Source Gestim)
New IndependentDirector and Upcoming AGM
St-Georges is pleased to welcome Ms. Keturah Nathe as anew independent director of the Company. She is currently the CEO andPresident of American Biofuels Inc., listed on the TSX VentureExchange, CEO and President of Anquiro VenturesLtd., a CPC listed on the TSX Venture Exchange, and a director ofIconic Minerals Ltd., listed on the TSX Venture Exchange. Ms. Nathehas a 13-year career in the finance and management industry, whichincludes corporate finance, mergers and acquisitions, corporatedevelopment, corporate management as a director and officer.
The Company would like to remind its shareholders that its AnnualShareholders Meeting or AGM, will be held in Baie-Comeau, on theQuébec North-Shore on Friday September 3 rd at 4:00PM at Le Grand Hotellocated at 48 Place LaSalle.
The technicalinformation contained in this report in regard to the Julie Projecthas been reviewed by Jean-Paul Barette. P. Geo, an independentqualified person as per NI 43-101. The technical information containedin this report in regards to Iceland has been reviewed by Herb Duerr,P.Geo a qualified person as per NI 43-101.
ON BEHALF OF THE BOARD OF DIRECTORS
“HerbDuerr”
HERB DUERR
President & CEO
About St-Georges Eco-Mining Corp.
St-Georges is developing new technologies to solve someof the most common environmental problems in the miningindustry. The Company controls all the activemineral tenures in Iceland. It also explores for nickel on the JulieNickel Project & the Manicouagan Palladium Project on Quebec’sNorth Shore. Headquartered in Montreal, St-Georges’ stock is listedon the CSE under the symbol SX, on the US OTC under the Symbol SXOOFand on the Frankfurt Stock Exchange under the symbol 85G1
The Canadian Securities Exchange(CSE) has not reviewed and does not accept responsibility for theadequacy or the accuracy of the contents of this release .
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