Vertical Files Technical Report on Mineral Resources of its Wollastonite Project
Vancouver, British Columbia (FSCwire) - VERTICAL EXPLORATION INC. (NEX: VERT.H) (“Vertical” or “the Company”) is pleased to announce that it has filed on SEDAR a Technical Report in compliance with National Instrument 43-101 (NI 43-101) on the Company’s St. Onge Wollastonite project’s mineral resources under option in Québec. The technical report was prepared by GoldMinds Geoservices Inc. (‘GMG’). The results were publicly disclosed on the April 24th, 2018 press release.
- High-grade Wollastonite deposit at surface pit constrained resources:
- 7,155,000 tonnes Measured @ 36.20 % Wollastonite
- 6,926,000 tonnes Indicated @ 37.04 % Wollastonite
- 14,081,000 tonnes M&I @ 36.61 % Wollastonite at a cut-off grade of 30%
- 17,896,000 tonnes Inferred @ 40.25 % Wollastonite
Note that mineral resources are not mineral reserves and do not have demonstrated economic viability. However, the reported mineral resources are considered by the qualified persons to have reasonable prospects for economic extraction as per CIM 2014 definitions.
"The company will carefully review the technical report and its recommendations, as previously stated: We are in very good position to move forward now." said Peter P. Swistak, President of Vertical Exploration Inc.
Claude Duplessis, Eng., Claude Bisaillon Eng. and Merouane Rachidi P.Geo of GoldMinds Geoservices, all Qualified Persons as defined by National Instrument 43-101, are responsible for the St-Onge wollastonite mineral resources and have approved the technical information contained in this news release.
Vertical Exploration’s mission is to identify, acquire, and advance high potential mining prospects located in North America for the benefit of its stakeholders. The Company’s St-Onge Wollastonite property is located in the Lac-Saint-Jean area in the Province of Quebec.
The company can acquire 100% of the property with the following conditions: issuing 8 million common shares, make cash payments of $750,000 plus expend $2 million on the property over a 3-year period. A 2% NSR will be granted to the vendor of which 1% can be purchased by the Company for $1 million at any time. Additionally, a $5 per tonne royalty on the first million tons of raw material shipped out of the property without processing will be granted, should more than one million tons of unprocessed material be shipped out the royalty will then decrease to $1 per ton.
ON BEHALF OF THE BOARD
Peter P. Swistak, President
FOR FURTHER INFORMATION PLEASE CONTACT: Telephone: 1-604-683-3995 Toll Free: 1-888-945-4770
Some statements in this news release contain forward-looking information that involves inherent risk and uncertainty affecting the business of Vertical Exploration Inc. Actual results may differ materially from those currently anticipated in such statements. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Source: Vertical Exploration Inc. (TSX Venture:VERT.H)
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