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As a result of a review by staff of the Ontario Securities Commission, we are issuing the following news release regarding our disclosure on the Daniel’s Harbour Property.
TORONTO, Ontario, January 23, 2020 – Ubique Minerals Limited (CSE: UBQ) (“Ubique or the Company”) reports that it has filed an amended NI 43-101 report for its Zinc exploration project in Daniel’s Harbour, Newfoundland, based on guidance from the Ontario Security Commission (“OSC”).
On review of previous disclosures about the project, the OSC staff had advised the following amendments to the NI 43-101 report filed on SEDAR in August 2018:
- Removal of references to sources of technical information from Item 3 “Reliance on Other Experts”.
- Inclusion of cautionary language required by section 2.4 of NI 43-101, while referencing historical estimates, and
- Removal of references to adjacent property information sourced from the Government of Newfoundland and Labrador’s online Mineral Occurrence Database system
Ubique also announces the results of the balance of the drill holes completed in the 2019 drill program for which the first results were announced by press release dated October 21st, 2019. Seven holes were completed in the drill program of which the first three holes (UM29 – UM31) were reported previously. Holes UM 32, 33 and 34 were drilled in the vicinity of the P Zone on Ubique’s 100% owned mineral license and failed to intersect any zinc values of significance (>4% zinc) but they have helped define the boundaries of the P Zone zinc deposit which is still open along strike to the northeast.
Drill hole UM35 was a vertical hole drilled on the MinKap option property in the area of the historic N Zone drilling. Ubique personnel were unable to find the collar of the historic drill hole C513 that had intersected 6.78% zinc over 13.6 feet from a depth of 461.0 feet in a vertical hole. The collar position for vertical hole UM35 was determined by triangulation from other historic features in the area. The hole intersected several intervals with zinc grades in excess of 1% zinc (see table below) but the average does not compare with the historic hole. Further drilling is being considered to relocate the N Zone mineralization.
|From (m)||To (m)||Interval (m)||Zinc %|
Zinc mineralized intervals identified in the core logging were sampled by half core sawing, with one half of the core shipped to Atlantic Analytical Laboratories of Springdale, Newfoundland for assaying. Atlantic Analytical is an ISO 17025 registered laboratory. Appropriate standards and blanks were inserted into the samples sequence for quality control in accordance with Ubique’s standard QA/QC protocol which was developed for the drill program in 2018 (see press release dated November 30th, 2018).
Further historical research by Ubique personnel has identified another area with historic drill intersections which needs drilling to confirm the location, grades and determine the extent of a potential deposit. This target has been named the R Zone and is in the vicinity of historically mined zones C, D and E on the MinKap Option Mineral Licenses area. The key identifier for this zone is historic drill hole #1890, a vertical hole which intersected 11.59% zinc over 32.0 feet from a depth of 44.1 feet. The surrounding zones were shallow enough to be mined as open pits and the intersection in drill hole #1890 suggests a similar depth for the R Zone. Field work will be required, once the ground is clear of snow, to search for the relevant historic drill hole collars.
An Officer and Director of the Company has exercised 250,000 options for common shares of Ubique Minerals Ltd at $0.10 per share. He has also purchased 1,000 shares from the market.
About Ubique Minerals Limited.
Ubique Minerals Limited is a zinc exploration company listed on the CSE (CSE:UBQ). It has focused on exploration of its 100% owned Daniel’s Harbour zinc property in Newfoundland and was initially funded for two years by private equity including that from Greenbank Capital Inc (CSE:GBC and OTCMKTS:GRNBF and FRA:2TL). Ubique became a publicly listed company in September 2018. Ubique undertook one drilling program on its Daniel’s Harbour zinc project in 2017 and two more drilling campaigns in 2018, and one in 2019 which were successful in delineating zinc mineralization extending from the vicinity of former mine workings. Ubique has an experienced management group with a record of multiple discoveries of deposits worldwide, and has an extensive database of historic exploration results from the Daniel’s Harbour area. For more information on Ubique please contact Gerald Harper, CEO, at (416) 232-9114 or by email email@example.com or see www.ubiqueminerals.com
More information regarding Ubique’s exploration activities and results will be found on their website at www.ubiqueminerals.com
Dr. Gerald Harper, P.Geo.(Ont), P.Eng.(NL), the CEO of Ubique, is the qualified person as defined by NI 43-101 responsible for the technical data presented herein and has reviewed and approved this release.
Forward-Looking Information: This press release may include forward-looking information within the meaning of Canadian securities legislation, concerning the business and trading in the common stock of Ubique Minerals Limited., the raising of additional capital and the future development of the business. The forward-looking information is based on certain key expectations and assumptions made by the company’s management. Although the company believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because Ubique can give no assurance that they will prove to be correct. These forward-looking statements are
made as of the date of this press release and Ubique disclaims any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.
Neither the Canadian Securities Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.