Vancouver, British Columbia–(Newsfile Corp. – February 15, 2022) – Casa Minerals Inc. (TSXV: CASA) (OTC Pink: CASXF) (FSE: 0CM) (the “Company” or “Casa”) is pleased to announce it has mobilized its exploration crew to the Congress Gold Mine, in the Martinez Mining District of Yavapai County, Arizona, in preparation for its upcoming diamond drilling program. The Company expects to begin the drilling program following an initial period of ground exploration work.
The Congress Mine has the distinction of being Arizona’s largest gold-silver mine with production of an estimated 500,000 ounces of gold at various intervals between 1887 and 1992.
Casa has recently compiled and digitized a majority of the historic data available, including several important vein systems in addition to historically mined out stopes and historically outlined mining stopes. A geological model has been developed and will be enhanced with the new data when it has been thoroughly analyzed. The model will be publicly available before drilling commences.
The current program is planned to map and re-sample outcropped veins, to verify certain historic data with the GIS database, and to investigate proposed diamond drill locations and to prepare the drill sites for the drilling program. Casa will provide further exploration details in the near future.
The company wished to extend warrant expiry dates to reflect delays caused by Covid-19 that affected the company’s milestones. The Company is announcing that it will be extending the exercise period of a total of 21,912,400 share purchase warrants, all of which are exercisable at $0.30 per share (collectively, the “Warrants”). The Warrants were issued pursuant to two private placements which closed over two tranches in May and June of 2021 and one tranche respectively, which closed in July 2021. The Company proposes to extend the expiry dates for all these Warrants by one (1) additional year and accordingly, the new expiry dates for the Warrants are as follows:
- Private Placement 1, Tranche 1: For Warrants issued on May 20, 2021, the new expiration date of those Warrants will be May 20, 2023
- Private Placement 1, Tranche 2: For Warrants issued on June 24, 2021, the new expiration date of those Warrants will be June 24, 2023
- Private Placement 2, Tranche 1: For Warrants issued on July 08, 2021, the new expiration date of those Warrants will be July 08, 2023
All other terms and conditions of the Warrants remain unchanged. The Warrant extension is subject to acceptance by the TSX Venture Exchange.
The Company has currently 21,192,400 Warrants outstanding, exercisable at $0.30.
About Casa Minerals Inc.
The Company is engaged in the acquisition, exploration and development of mineral properties located in Canada and the USA. Casa owns ninety percent (90%) interest in the Congress gold mine (Arizona, USA). This historic high-grade gold producing mine has not been explored or produced since 1992. Additionally, the Company owns a one hundred percent (100%) interest in the polymetallic Pitman and Keaper properties (BC, Canada) and has an option to acquire a seventy-five percent (75%) interest in the Arsenault VMS Property (BC Canada).
On Behalf of Board of Directors
Farshad Shirvani, M.Sc. Geology
President and CEO
NEITHER 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.
Certain of the statements made and information contained herein may constitute “forward-looking information.” In particular references to the private placement and future work programs or expectations on the quality or results of such work programs are subject to risks associated with operations on the property, exploration activity generally, equipment limitations and availability, as well as other risks that we may not be currently aware of. Accordingly, readers are advised not to place undue reliance on forward-looking information. Except as required under applicable securities legislation, the Company undertakes no obligation to publicly update or revise forward-looking information, whether as a result of new information, future events or otherwise.