(TheNewswire)
Calgary, Alberta - TheNewswire – December 14, 2021 . Tocvan VenturesCorp. ( CSE:TOC) (CNSX:TOC.CN) (OTC:TCVNF)(WKN:TV3/A2PE64) (“ Tocvan ” or the “ Company ”) ispleased to announce that it has closed the second tranche of itspreviously announced
non-brokered private placement of units (“ Units ”) for grossproceeds of $266,000 (the “ Offering ”). The Offering consisted of theissuance of an aggregate of 266,000 Units at a price of $1.00 perUnit. Each Unit consists of one common share (“ Common Share ”) inthe capital of the Company and one-half common share purchase warrant(“ Warrant ”). Each Warrant entitles the holder thereof to acquire oneCommon Share at a price of $1.50, for a period of 24 months from theclosing of the Offering.
In connection with the Offering, the Company paidaggregate cash commissions to arm’s length finders who assisted withthe Offering of approximately $16,280 and issued 1,280 finder warrants(“ FinderWarrants ”). Each Finder Warrant is exercisableat a price of $1.00 per Common Share for a period of 24 months fromthe closing of the Offering.
The company currently has 31,578,701 Common Sharesoutstanding.
Discussion on Use of Proceeds
Proceeds from the Offering will be used to advance thePilar Gold-Silver Project in Sonora, Mexico. A trenching program wascompleted earlier in December to evaluate key target areaswith channel sampling followed by a series ofcolumn leach studies on representative sites across the Main Zone.Samples for the trench program have been delivered to a certifiedlaboratory for analysis. Results of channel samples are expected inmid-January and will used to select the representative mineral samplefor the programmed column tests. In addition, drilling is planned withbetween 5,000 to 8,000 meters estimated between now and July of 2022.Drilling will focus on continued step-out drilling along the Main Zoneand new 4-Trench Trend, following up on Phase II step-outs highlightedby JES-21-50 which intersected 39.7m at 0.96 g/t Au including 1.5m at 14.6 g/t Au . Exploration drilling will continue to evaluate target areasalong the Triple Vein Zone. Surface exploration work will continuewith trenching and sampling along the southeastern extension of theMain Zone.
In coordination with exploration at Pilar, anexploration program of surface mapping and sampling will be conductedat the El Picacho Gold-Silver Project in Sonora, Mexico. The programaims to advance key target areas towards trenching and ultimatelydrill targeting.
“With a first phase of trenchingcomplete and drilling set to begin, we remain focused on theadvancement of Pilar and are excited to announce the recent financingwill provide the capital to see us through to our next phase ofexploration.”, commented VP Exploration, Brodie Sutherland.
About the Pilar Property
The Pilar Gold-Silver property is interpreted as astructurally controlled low-sulphidation epithermal project hosted inandesite rocks. Three zones of mineralization have been identified inthe north-west part of the property from historic surface work anddrilling and are referred to as the Main Zone, North Hill and4-Trench. Structural features and zones of mineralization within thestructures follow an overall NW-SE trend of mineralization. Over22,700 m of drilling have been completed to date. Significant resultsare highlighted below:
-
2021 Phase II RC Drilling Highlightsinclude ( all lengths are drilled thicknesses ):
-
39.7m @ 0.96 g/t Au, including 1.5m @14.6 g/t Au
-
47.7m @ 0.75 g/t Au including 3m @5.6 g/t Au and 22 g/t Ag
-
29m @ 0.71g/t Au
-
35.1m @ 0.66 g/t Au
-
-
2020 Phase I RC Drilling Highlights include ( all lengths are drilledthicknesses
-
94.6m @ 1.6 g/t Au, including 9.2m @10.8 g/t Au and 38 g/t Ag;
-
41.2m @ 1.1 g/t Au, including 3.1m @6.0g/t Au and 12 g/t Ag ;
-
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
-
-
17,700m of Historic Core RCdrilling. Highlights include:
-
61.0m @ 0.8 g/t Au
-
16.5m @ 53.5g/t Au and 53 g/t Ag
-
13.0m @ 9.6 g/t Au
-
9.0m @ 10.2 g/t Au and 46 g/t Ag
-
Soil and Rock sampling results fromundrilled areas indicate mineralization extends towards the southeastfrom the Main Zone and 4-Trench Zone. Recent Surface exploration hasdefined three new target areas: Triple Vein Zone, SE Vein Zone and 4Trench Extension.
Brodie A. Sutherland, P.Geo., VP Exploration for TocvanVentures Corp. and a qualified person ("QP") as defined byCanadian National Instrument 43-101, has reviewed and approved thetechnical information contained in this release.
About Tocvan VenturesCorp .
Tocvan is a well-structured exploration developmentcompany. Tocvan was created in order to take advantage of theprolonged downturn the junior mining exploration sector, byidentifying and negotiating interest in opportunities where managementfeels they can build upon previous success. Tocvan has approximately31 million shares outstanding and is earning into two excitingopportunities in Sonora, Mexico: the Pilar Gold-Silver project and the
El Picacho Gold-Silver project. Management feels both projectsrepresent tremendous opportunity to create shareholder value.
FOR FURTHER INFORMATION, PLEASECONTACT:
TOCVAN VENTURES CORP.
Brodie A. Sutherland, VPExploration
950-736 6 Ave SW
Calgary, Alberta T2P 3T7
Telephone: 403-668-7855
Email: bsutherland @tocvan.c a
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.
Copyright (c) 2021 TheNewswire - All rights reserved.