(TheNewswire)
Calgary, A B - TheNewswire - March 29, 2023- Tocvan Ventures Corp. (the " Company " ) (CSE:TOC ) ( OTC:TCVNF ) ( FSE:TV3), is pleased to provide a progress update on its first bulksample at the Pilar Gold-Silver Project in Sonora, Mexico. Over 1,200tonnes of material have been stockpiled, with first shipments ofmaterial completed. Crushing, screening circuit and laboratory setupis completed. Material crushing and screening has started. Foundationand drainage system for leach pad installation is ongoing. Separate tothe Bulk Sample, head-grade results from the precious metal diagnosticleach tests have returned high-grade results with the five samplesaveraging 6.2 g/t Au, 7.6 g/tAu, 1.3 g/t Au, 11.1 g/t Au and 7.6 g/t Au respectively (see Table 1). Diagnostic leach tests are ongoing andwere collected from four trench areas and one select drill core coarsereject sample. Preliminary results from the study suggest free gold ispresent in the samples and has been confirmed visually by testingsieved (<3/8”) material. A gravity concentrator unit will beutilized to conduct formal testing for the presence and abundance offree gold in the finer grained fraction. At Pilar, trenching relatedto the bulk sample has unearthed several buried underground workingentrances along quartz vein structures, another indicator of therobust mineralized system and a useful tool for mapping new high-gradestructures.
Highlights:
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Precious Metal Diagnostic Leach HeadGrade Results Return High-Grade Gold
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Bulk Sampling and Plant ConditioningCompleted
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Coarse Free Gold Identified inScreened Material
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Gravity Recovery Circuit Added forTesting
Video Discussion Link:
Sample ID | Sample Weight (kg) | Au (g/t) |
494741 | 10.26 | 6.5 |
Duplicate 1 | 6.4 | |
Duplicate 2 | 5.7 | |
494743 | 10.46 | 7.8 |
Duplicate 1 | 7.5 | |
Duplicate 2 | 7.5 | |
494745 | 10.28 | 0.8 |
Duplicate 1 | 2.2 | |
Duplicate 2 | 1.0 | |
494747 | 10.31 | 10.6 |
Duplicate 1 | 11.3 | |
Duplicate 2 | 11.5 | |
494749 | 10.31 | 7.7 |
Duplicate 1 | 8.3 | |
Duplicate 2 | 6.8 |
Table1 . Summary of head-graderesults from five select samples collected at Pilar as part of aprecious metal diagnostic leach study. These samples are selective andtherefore not representative of the average grade. Full study resultsare expected in April.
Photos 1 & 2.Above, Trenching for Bulk Sample at 4-T, channel sampling averaged 2.2g/t Au and 31 g/t Ag over the 25-meter trend. Below, a stockpile ofbulk sample material – Main Zone.
Photos 3 & 4Above. Top left, gravity concentrator added to circuit for testing.
Top right quartzvein rock sample collected from old working exposed duringtrenching.
Photos 5 & 6Below. Bottom left, newly exposed rock face at Main Zone.
Bottom right,coarse gold ‘nuggets’ identified in screening of fine fraction,formal tests are underway.
"We areextremely pleased with the bulk sample progress so far and how quicklywe are learning more about the robust mineralized system at Pilar” stated Brodie Sutherland,CEO . “Allthe material we need for the sample is now stockpiled. Throughtrenching and excavation for the sample we have unearthed historicworkings that clearly were focused on higher-grade mineralization,this will provide us with key information to aid in future targeting.The new exposures are also giving us excellent structural data toenhance our modelling. We are also seeing free gold visible in thefiner fraction of sample material which we will evaluate further. Inaddition, the first results highlighting the head-grade for samplescollected for diagnostic leach have returned very encouraging results.We look forward to updating shareholders as we progress.”
About the Bulk Sample
Up to 1,000 tonnes of oxide-gold material will beextracted from select areas exposed at surface across the projectarea, focusing on the Main Zone and 4-T Trends where preliminarycolumn leach studies have returned promising head-grade and recoveryresults. Bulk Sample material will be extracted and prepared forprocessing by heap-leach method at a private mining operation lessthan 25 kilometers to the west of Pilar. Information from the samplewill aim to provide a more detailed account of expected head-grade andrecovery percentage of gold along with providing key information tooptimize future production facilities. The information provided fromthe sample will be used for planning in coordination for permitting offull-scale mine and process facilities on-site at Pilar.
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 23g/t Ag
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108.9m @ 0.8 g/t Au, including 9.4m @ 7.6 g/t Au and 5g/t Ag
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63.4m @ 0.6 g/t Au and 11 g/t Ag, including 29.9m @ 0.9g/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 38g/t Ag;
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41.2m @ 1.1 g/t Au, including 3.1m @ 6.0 g/t Au and 12g/t Ag ;
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24.4m @ 2.5 g/t Au and 73 g/t Ag, including 1.5m @ 33.4g/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 the El Picacho Property
The El Picacho Gold-Silver property is interpreted asan orogenic gold system within the regional Caborca Orogenic Gold Beltknown for producing gold mines that include La Herradura (>10 MozAu) and San Francisco (>3 Moz Au). The project is 140 kilometersnorth of Hermosillo and only 18 kilometers southwest of the producingSan Francisco Mine. The Project totals 24 square kilometers of areashowing similarities in geology and structure as the San FranciscoMine. Five primary zones of mineralization have been identified acrossthe property totalling over six kilometers of prospective trends.Surface sampling and historic workings have identified high-grade goldand silver values. Recently the Company completed its first drillprogram at El Picacho, confirming its model and hitting significantgold mineralization In a step-out to historic workings. Drill holeSRA-22-010, intersected 44.2-meters of 0.6 g/t Au, including 12.2-meters of 2.0 g/t Au and 7g/t Ag . As exploration and drilling continues,Tocvan believes this provide an excellent opportunity for discovery ofa muti-million ounce district.
Private Placement
The Company is pleased to announce it has executed aterm sheet in connection with a $600,000.00 (CAD)
private placement with an institutional investor. The private placement shall consist of 1,102,941 units of the Company (the " Units ") at a price of $0.544 per Unit , foraggregate gross proceeds of $600,000 (the " Offering "). TheUnits will be issued under the terms of an escrow agreement. TheCompany will receive $50,000 per month from the closing date of theOffering over the next 12 months. The Offering structure is anextension of the private placement structure previously disclosed bythe Company in its news release dated June 30, 2022.
Each Unit will consist of one (1) common share of the Company (each a " Common Share ", and each Common Share comprising part of a Unit being a " Unit Share ") and one-half of one (1/2) sharepurchase warrant (each whole share purchase warrant, a " Unit Warrant "), with each Unit Warrantentitling the holder to purchase one additional Common Share (a " Unit Warrant Share ") at a price of $0.68 per Unit Warrant Share , for a period of thirty six months from the date of issue (the " Expiry Date ").The investor will receive a corporate finance fee of $36,000, payablevia the issuance of 66,177 Common Shares and 33,088 Warrants on theterms noted above.
The Company has the right to accelerate the Expiry Date if, at any time, the average closing price of the Common Shares on the CSE is equal to or greater than $1.00 for 10 consecutive trading days ("10-Day Period"). In the event ofacceleration, the Expiry Date will be accelerated to a date that is 30 days after the Company issues the acceleration notice through a news release, provided that the acceleration notice is issued within 10 business days after the end of the particular 10-Day Period.
The Company intends to rely on the listed issuer financing exemption under Part 5A of National Instrument 45-106 – Prospectus Exemptions forthe Offering, and the Unit Shares, Unit Warrants and Unit Warrant Shares will not be subject to restrictions on resale. There will be an offeringdocument related to the Offering that will be available under the Company's profile at www.sedar.com and at www.tocvan.com .Prospective investors should read this offering document before making an investment decision.
The net proceeds of the Offering will be used for various work programs, including drilling, annual concession fees for the Company's flagship Pilar Gold Silver property in Sonora, Mexico and general working capital purposes.
The Company may pay finders a fee in cash and/or share purchase warrants under the Offering. TheOffering is expected to close on or before April7, 2023.
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 approximately38 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.
Quality Assurance / QualityControl
Channel samples were shipped for sample preparation andanalysis to LTM in Hermosillo, Sonora, Mexico.
The LTM Hermosillo facilities are ISO 9001 and ISO/IEC 17025certified. Gold was analyzed using 30-gram nominal weight fire assaywith atomic absorption spectroscopy finish. Control samples comprisingcertified reference samples and blank samples were systematicallyinserted into the sample stream and analyzed as part of theCompany’s robust quality assurance / quality controlprotocol.
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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