12 Exploration Provides Update on Geophysical Program completed on Deepwater Property
September 04 2019 - 5:17PM
12 Exploration Inc. (CSE:TWLV) (“12 Ex” or the “Company”) announces
the completion of a ground geophysical program on the Deepwater
Project situated in Afton and Scholes Townships, located
approximately 65 km northeast of Sudbury, Ontario (the “Property”).
During the month of August, a geophysical program was
completed. The program consisted of approximately 38 km of
gps-integrated ground magnetics, and 40 gravity stations. The
geophysical survey targeted several deep-seated magnetic anomalies
that are located within a larger regional magnetic anomaly known as
the Temagami Anomaly. The anomalies are speculated to be the
extension of a sulphide-facies iron formation that hosts several
gold occurrences and a past producing mine located immediately east
of the Property.
Several drill targets have been generated from the program that
would test the iron formation below the Huronian-Archean
unconformity that is estimated to be at 300 m vertical depth from
surface. An active exploration permit covers the relevant
area.
The Company has been granted the option to earn up to an 80%
interest in the Property (subject to a 2% net smelter return,
back-in right and a right of first refusal with respect to a lease
comprising, in part, the Property). In order to earn an
initial 50% interest, the Corporation must incur aggregate
exploration expenditures on the Property in the amount of $300,000
(the “Expenditure Requirement”) on or prior to September 30,
2019. The Company is considering whether to fulfill the
balance of the Expenditure Requirement.
The technical content of this news release has been reviewed and
approved by Joerg Kleinboeck, P.Geo., an independent consulting
geologist and a qualified person as defined in National Instrument
43-101.
For further information, please contact:
Mr. Eric Klein Chief Executive Officer Tel. (416) 725-7570
Forward Looking Information
This news release contains statements about the prospectivity of
the Property, which are forward-looking in nature and, as a result,
are subject to certain risks and uncertainties, such as risks
associated with the uncertainty of exploration results and
estimates, exploration risk, the uncertainty of future plans
respecting the Property, the availability of labour and/or
equipment, the availability of financing and/or certain other risks
detailed from time-to-time in the Company’s public disclosure
documents. Although the Company believes that the expectations
reflected in these forward-looking statements are reasonable, undue
reliance should not be placed on them as actual results may differ
materially from the forward-looking statements. Factors that could
cause the actual results to differ materially from those in
forward-looking statements include results from exploration
activities and future determinations as plans are refined. The
forward-looking statements contained in this press release are made
as of the date hereof, and the Company undertakes no obligation to
update publicly or revise any forward-looking statements or
information, except as required by law.
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