(TheNewswire)
Calgary, A B – TheNewswire - December 29, 2022 Tocvan Ventures Corp. (the “Company”) ( CSE:TOC ) ( OTC:TCVNF ) ( FSE:TV3) , is pleased to provide an annualsummary of 2022 and plans for 2023. 2022 was a standout year for thecompany completing major milestones at its Pilar gold-silver projectin Sonora, Mexico. Advancement continued with drilling at Pilarincluding the Company’s first core drilling program which wassuccessful in intersecting broad mineralization across the Main Zone,returning 116.9-meters of 1.2g/t Au , including 10.2-meters of 12 g/t Au and 23 g/tAg . A step-out 125-meters to the southeastintersected a new zone of mineralization, returning 108.9-meters of 0.8 g/t Au , including 9.4-meters of 7.6 g/t Au . Later infill andreconnaissance drilling at Pilar further confirmed mineralizationoccurs in at least threeparallel zones to the Main Zone across a 600-meter widearea and so far defined along 600-meters ofstrike . Surface indications and historicworkings indicate mineralization continues another 600-meters towardsthe southeast. Column Leach studies from surface material at Pilarreturned above regional average recovery for gold (see news releaseJuly 21, 2022). At El Picacho, the Company’s brownfields gold-silverproject in Sonora, surface work outlined key target areas across thelarge 24 square-kilometer project area. An initial drill program wascompleted at its San Ramon Prospect, results are pending.
During the year, key corporate advancements were madewith the addition of two new Directors with collectively over 70-yearsof experience in mining and financial markets (see news releaseDecember 1, 2022). In June, a financing was secured with aninstitutional fund, providing support for the development of bothprojects until June of 2024 (see new release June 30 ,2022).
2022 Company Milestones
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Continued Drill Success at Pilar Au-Ag Project. 116.9-meters of 1.2 g/tAu and 108.9-meters of 0.8 g/t Au
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Financing from InstitutionalFund to Assist in Development and ExplorationActivities Until June of 2024
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Preliminary Metallurgical Results from Pilar Showing High Recovery of Gold
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Initiated DrillTargeting at El Picacho Au-Ag Project
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Depth Added to Board ofDirectors
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Luis Manuel Arroyo Domínguez, over 48 years of mineoperation experience in Mexico
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Ralph Wintermantel, over 20 years of financial market experience
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2022 Pilar Project Highlights:
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RC and Core drilling encountered best results to dateand new discoveries:
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Main Zone 116.9-meters of 1.2 g/tAu , including 10.2-meters of 12 g/t Au and 23 g/tAg
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NEW Discovery 125-meters tosoutheast, 108.9-meters of 0.8 g/t Au, including 9.4-meters of 7.6 g/tAu and 5g/t Ag
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Recon Drilling intersected newparallel zones 600-meters and 325-meters away from the MainZone
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Trench Program results from Pilar, all four trenchesintersected mineralization, two with gold-silver across entirelength:
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19.5m at 0.6 g/t Au and 6 g/t Ag
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19.8m at 0.7 g/t Au and 8 g/t Ag
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Preliminary Gold Recovery from Column Leach above 85%
2022 El Picacho ProjectHighlights:
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Surface Sampling, Mapping and Data Compilation DefiningKey Target Areas
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San RamonProspect – 500-meter trend ,highlighted by two underground workings, up to 22 g/t Au (seenews release September 13, 2022
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MurcielagoProspect – 450-meter trend ,highlighted by 7.2 g/t Au, 36g/t Ag and 4.4% Pb in silicified brecciatedlimestone (see news release July 6, 2022)
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JabaliProspect – 500-meter trend ,highlighted by average samplegrade of 3.2 g/t Au, up to 32 g/t Au
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Initial Drill Targeting at San Ramon Prospect - Results Pending
Plans for 2023:
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Bulk Sampling at Pilar Project to Provide Information for Next Stage ofDevelopment
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Continued Drilling at Pilar (SE Extensions andInfill) and El Picacho (Jabali, Cornea, Murcielago and TortugaProspects)
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Updated Reporting and Maiden Resource Estimate at Pilar
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Permitting for Full-Scale On-site Mine Facilities and Processing atPilar
Video Summary of the Upcoming BulkSample:
"2022 was a challenging yearfor many resource companies,” stated BrodieSutherland, CEO . “Amid theturbulent global markets, Tocvan is proud to have made 2022 one of itsmost productive years in terms of the advancement of both of ourprojects in Sonora and setting the Company up for a return of investorsentiment towards the precious metals. Major producing companies havealready seen a positive correction in their share prices and webelieve this same correction is set to occur for the majority ofsmall-cap mining and exploration companies. We believe Tocvan providesan excellent opportunity for shareholders looking to take part notonly in exploration upside but also the potential for near-term goldand silver production. 2023 will be an important and exciting year aswe complete the first ever Bulk Sample at Pilar and continue to drilland expand the known area of mineralization. At El Picacho, we arejust getting started with drill evaluating several prospect areas overa large, highly prospective area. With all that in mind, we arelooking forward to starting aggressive development and coincidingmarketing campaigns early in 2023.”
Update of Rogers CreekTransaction
As announced May 19, 2022, the Company will be issuingshares of a new company, Cascade Copper on or about the time Cascadecompletes its initial public offering. Each shareholder of record asof the close of business on May 31, 2022 will receive, on thedistribution date, one common share of Cascade Copper for every6.5384044 common shares held in the Company. The share dividend isexpected to be distributed in Q1, 2023 to the Company’sshareholders. No action is required by shareholders in order toreceive the common shares of Cascade Copper in the dividenddistribution.
Change to Board of Directors
Derek Wood, Co-Founder and Director of Tocvan will bestepping aside as a Director of the Company to pursue other careerendeavors. Mr. Wood was an integral part of the formation of Tocvanand set a Company culture that values shareholders above all elsethrough mindful acquisitions, appropriate deployment of capital and atight share structure. Core values Tocvan will continue to maintain asit develops its portfolio of assets. Mr. Wood will remain close to theCompany. The Company wishes Derek all the best in his futureendeavors.
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 asthe Main Zone, North Hill and 4-T. The Main Zone and 4-T trends areopen to the southeast and new parallel zones have been recentlydiscovered. Structural features and zones of mineralization within thestructures follow an overall NW-SE trend of mineralization.Mineralization extends along a 1.2-km trend, only half of that trendhas been drill tested so far. To date, over 22,000 m of drilling hasbeen 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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Figure 1. Map ofSonora, Mexico with the location of Tocvan’s Projects relative toother major Sonora projects
About the El Picacho Property
The El Picacho Gold-Silver property is interpreted as an orogenic goldsystem within the regional Caborca Orogenic Gold Belt known forproducing gold mines that include La Herradura (>10 Moz Au) and SanFrancisco (>3 Moz Au). The project is 140 kilometers north ofHermosillo and only 18 kilometers southwest of the producing SanFrancisco Mine. The Project totals 24 square kilometers. Five primaryzones of mineralization have been identified across the propertytotalling over six kilometers of prospective trends. Surface samplingand historic workings have identified high-grade gold and silvervalues. The project has only seen widely spaced reconnaissancedrilling with no follow-up. Tocvan believes this provide an excellentopportunity for discovery of a muti-million ounce district.
Figure 2. Overviewmap of the El Picacho Gold-Silver Project.
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 approximately37 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 defined by CanadianNational Instrument 43-101, has reviewed and approved the technicalinformation contained in 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-lookinginformation is often, but not always, identified by the use of wordsand phrases such as “plans”, “expects”, “is expected”,“budget”, “scheduled”, “estimates”, “forecasts”,“intends”, “anticipates”, or “believes” or variations(including negative variations) of such words and phrases, or statethat certain actions, events or results “may”, “could”,“would”, “might” or “will” be taken, occur or be 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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