TCVNF - Tocvan Completes Definitive Agreement to Acquire 100% Interest in Pilar Gold - Silver Expansion
(TheNewswire)
Increases Pilar District Land Holdings Significantly byAdding 21.7 km 2 of Prospective Ground
Highlights
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Sign up for Webinar, Thursday October19 th here: TOCWebinar
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Consolidated Area Totals 2,277.7ha
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District Has Never Been Consolidatedfor Systematic Gold-Silver Exploration
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Provides Significant Increase to LandPosition Available for Development Infrastructure
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Increases Discovery and ResourcePotential for a New Pilar Gold -Silver District
Calgary, Alberta - TheNewswire - October 18, 2023 - Tocvan Ventures Corp. (the “ Company ” ) (CSE:TOC ) ( OTC:TCVNF ) ( FSE:TV3) , is pleased to announce it hascompleted and signed a Definitive Agreement with a private title ownerfor the 100% acquisition of 2,172.7 ha immediately adjacent and northof its Pilar Gold-Silver Project in Sonora, Mexico. The area includeshighly prospective zones that have seen limited exploration to date,however recent placer mining suggests untested gold and silverpotential (see figure 1). Tocvan’s technical personnel have alreadycompleted initial field reconnaissance to evaluate new target areas,results are pending.
“To finalizethis agreement is a major milestone for the Company, completelychanging our trajectory towards becoming a producer with significantresource potential.” StatedBrodie Sutherland, CEO. “To now be able to explore a much larger areaprimed for new discoveries and provide immediate expansion potentialto Pilar itself gives our shareholders added upside. The acquisitionalso gives us ample space for future mine infrastructure as wecontinue to advance Pilar towards production. We look forward toquickly evaluating this new area to begin aggressive drill campaignstargeting expansion and discovery.”
Figure1. Overview of PilarExpansion Area. Large hydrothermal alteration cells, recent placermining and similar geology to Pilar all indicate the area is highlyprospective for Au-Ag and Cu mineralization. The area has never seensystematic Au-Ag exploration.
Terms of the Agreement
Total cash payments of $4 million USD and 2.5 millioncommon shares will be issued over the 5-year term of the agreement. Atotal minimum work commitment of $1 million USD is considered over theagreement. The title owner will retain a 2% NSR on the propertiesacquired. After the initial 5-year term the Company can elect toextend the agreement an additional 10 years by starting advancedroyalty payments or purchase full title ownership through anadditional cash payment of $500,000 USD.
Table 1. Summary of the DefinitiveAgreement Terms. All cash values are in USD. Common shares issued aresubject to certain sale restrictions over the course of the agreement.
About the Pilar Property
The Pilar Gold-Silver property has recently returnedsome of the regions best drill results. Coupled with encouraging goldand silver recovery results from metallurgical test work, Pilar isprimed to be a potential near-term producer. Pilar is interpreted as astructurally controlled low-sulphidation epithermal system hosted inandesite rocks. Three primary zones of mineralization have beenidentified in the north-west part of the property from historicsurface work and drilling and are referred to as the Main Zone, NorthHill and 4-T. The Main Zone and 4-T trends are open to the southeastand new parallel zones have been recently discovered. Structuralfeatures and zones of mineralization within the structures follow anoverall NW-SE trend of mineralization. Mineralization extends along a1.2-km trend, only half of that trend has been drill tested so far. Todate, over 23,000 m of drilling has been completed.
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2022 Phase III Diamond DrillingHighlights include ( all lengths are drilled thicknesses ):
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116.9m @ 1.2 g/t Au, including 10.2m@ 12 g/t Au and 23 g/t Ag
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108.9m @ 0.8 g/t Au, including 9.4m @7.6 g/t Au and 5 g/t Ag
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63.4m @ 0.6 g/t Au and 11 g/t Ag,including 29.9m @ 0.9 g/t Au and 18 g/t Ag
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2021 Phase II RC Drilling Highlightsinclude ( all lengths are drilled thicknesses ):
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2020 Phase I RC Drilling Highlights include ( all lengths are drilledthicknesses
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94.6m @ 1.6 g/t Au, including 9.2m @10.8 g/t Au and 38 g/t Ag;
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41.2m @ 1.1 g/t Au, including 3.1m @6.0 g/t Au and 12 g/t Ag ;
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24.4m @ 2.5 g/t Au and 73 g/t Ag,including 1.5m @ 33.4 g/t Au and 1,090 g/t Ag
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15,000m of Historic Core RCdrilling. Highlights include:
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61.0m @ 0.8 g/t Au
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16.5m @ 53.5 g/t Au and 53 g/t Ag
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13.0m @ 9.6 g/t Au
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9.0m @ 10.2 g/t Au and 46 g/t Ag
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About Tocvan VenturesCorp .
Tocvan is a well-structured exploration developmentcompany. Tocvan was created in order to take advantage of theprolonged downturn in the junior mining exploration sector, byidentifying and negotiating interest in opportunities where managementfeels they can build upon previous success. Tocvan has approximately39.9 million shares outstanding and is earning 100% into two excitingopportunities in Sonora, Mexico: the Pilar Gold-Silver project and theEl Picacho Gold-Silver project. Management feels both projectsrepresent tremendous opportunity to create shareholder value.
Brodie A. Sutherland, P.Geo., CEO for Tocvan VenturesCorp. and a qualified person (" QP ") as definedby Canadian National Instrument 43-101, has reviewed and approved thetechnical information contained in this release.
Neither the Canadian Securities Exchange nor itsregulation services provider (as that term is defined in the policiesof the Canadian Securities Exchange) accepts responsibility for theadequacy or accuracy of this release.
Cautionary Statement RegardingForward Looking Statements
This news release contains“forward-looking information” which may include, but is notlimited to, statements with respect to the activities, events ordevelopments that the Company expects or anticipates will or may occurin the future. Forward-looking information in this news releaseincludes statements regarding the use of proceeds from the Offering.Such forward-looking information is often, but not always, identifiedby the use of words and phrases such as “plans”, “expects”,“is expected”, “budget”, “scheduled”, “estimates”,“forecasts”, “intends”, “anticipates”, or “believes”or variations (including negative variations) of such words andphrases, or state that certain actions, events or results “may”,“could”, “would”, “might” or “will” be taken, occur orbe achieved.
These forward-looking statements,and any assumptions upon which they are based, are made in good faithand reflect our current judgment regarding the direction of ourbusiness. Management believes that these assumptions are reasonable.Forward-looking information involves known and unknown risks,uncertainties and other factors which may cause the actual results,performance or achievements of the Company to be materially differentfrom any future results, performance or achievements expressed orimplied by the forward-looking information. Such factors include,among others, risks related to the speculative nature of theCompany’s business, the Company’s formative stage of developmentand the Company’s financial position. Forward-looking statementscontained herein are made as of the date of this news release and theCompany disclaims any obligation to update any forward-lookingstatements, whether as a result of new information, future events orresults, except as may be required by applicable securities laws.
There can be no assurance thatforward-looking information will prove to be accurate, as actualresults and future events could differ materially from thoseanticipated in such statements. Accordingly, readers should not placeundue reliance on forward-looking information.
For more information, please contact:
TOCVAN VENTURES CORP.
Brodie A. Sutherland, CEO
820-1130 West Pender St.
Vancouver, BC V6E 4A4
Telephone: 1 888 772 2452
Email: ir @tocvan.c a
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