Stewart, BC – Decade Resources Ltd. (the “Company”) is pleased to announce it is using its best efforts to complete a non-brokered private placement of flow-through units to raise aggregate gross proceeds of up to $800,000.
The flow-through offering will be comprised of up to 16,000,000 flow-through units, at a price of $0.05 per flow-through unit, for gross proceeds of up to $800,000. Each flow-through unit will be comprised of one flow-through common share and one transferable non-flow-through common share purchase warrant, each warrant being exercisable for the purchase of one additional common share, at a price of $0.08 per share, for a two year period.
The proceeds from the sale of the flow-through units will be expended on the recently optioned Del Norte property from Teuton Resource Corp in the Golden Triangle area of BC. The Del Norte property was optioned in January of 2020 with terms allowing the Company to earn up to a 55% interest in the property by spending $4 million over a five year period. The Company can an earn an additional 20% interest by carrying the property to commercial production.
The Del Norte property has numerous mineral showings with the most extensively explored being the LG vein and stockwork. Previous work has shown a continuity of gold silver values over an explored length of 1.7 km, open both to the north and south. The Company plans a work program consisting of geochemical sampling, saw cut sampling and extensive drilling. Saw cut sampling is planned in the Crackle zone, a 700 m wide zone with quartz-sulphide veins and stringers from cm to meter widths with high gold values associated with arsenopyrite. Continued geochemical sampling will be carried out in areas exposed by ablation of glaciers and to determine the source of high gold bearing float north along the extension of the LG vein. Past drill results indicate a widening of stockwork widths with increases of gold within deeper drill holes.
Certain directors and officers of the Company may participate in the private placement. Any such participation would be considered to be a “related party transaction” as defined under Multilateral Instrument 61-101 (“MI 61-101”). The transaction will be exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as neither the fair market value of any units issued to or the consideration paid by such persons will not exceed 25% of the Company’s market capitalization. Finders’ fees may be payable in connection with the private placement.
Decade Resources Ltd. is a Canadian based mineral exploration company actively seeking opportunities in the resource sector. Decade holds numerous properties at various stages of development and exploration from basic grass roots to advanced ones. Its properties and projects are all located in the “Golden Triangle” area of northern British Columbia. For a complete listing of the Company assets and developments, visit the Company website at www.decaderesources.ca which is presently being updated. For investor information please call 250-636-2264 or Gary Assaly at 604-377-7969.