VANCOUVER, B.C. September 15, 2022– Highbank Resources Ltd. (the “Company”) (TSX.V – “HBK”) announces that it is arranging a flow-through private placement financing (the “Financing”) of up to $80,000 through the issuance of 1,140,000 Units (the “Units”) at $0.07. Each Unit will consist of one flow-through common share of the Company and one-half transferable NFT warrant exercisable for two years at $0.10 .
The Company intends to pay finder fees of up to 8% cash and 8% warrants, subject to compliance with applicable securities legislation and TSX.V policies.
The securities to be issued will be subject to a four-month and one day hold period from closing. The terms of the Financing are subject to customary closing conditions including, but not limited to, receipt of applicable regulatory approvals, including final approval of the TSX.V.
The Company proposes to use the proceeds of the Financing for exploration on its Terra Nova, Newfoundland property option.
Terra Nova Property:
The Terra Nova property consists of 71 claims (6 licences) located 30 km northwest of Port Blandford in central Newfoundland. Access is from the town of Terra Nova via 12 km of transmission line road built from the Lower Churchill Falls power development project. HBK has an option to earn an 80% ownership in the property.
An alteration area of 12 square kilometers has been identified, which to date has been subjected to limited exploration. The project has the potential to host mesothermal gold-polymetallic deposits. The property lies within the Gander Zone, which is an area of significant exploration interest as a result of Newfound Gold Corp.’s Queensway gold project.
The property currently comprises five mineralized showings (i) the Copper Vein; (ii) Nancy’s Gold Vein; (iii) New Alteration Zone; (iv) the Silver Pit; and (v) Galena Vein showing.
In March 2022 CMC Metals Ltd., completed a ground magnetometer survey (approx. 35-line km) with the services of McKeown Exploration Ltd., of St. John’s, Newfoundland. These surveys have helped to provide an indication of possible areas of mineralization associated with large-and local-scale structures (faults, dykes, shear zones, etc.), variations in the near surface geology as well as depth, and to identify demagnetized zones which are an indicator of areas that have been subjected to hydrothermal activity.
The Company is planning road extensions into some of the mineralized areas in order to trench and complete a more extensive sampling program on these showings.
Kevin Brewer, a registered professional geoscientist, President/CEO of CMC Metals Ltd., and a Qualified Person (as defined by National Instrument 43-101) has given his approval of the technical information reported herein.
The Company also announces that it has granted 1,225,000 incentive stock options to directors & consultants in accordance with the Company's current stock option plan. Each option is exercisable into one common share of the Company at a price of $0.07 per share for a period of three years from the date of grant.
About Highbank Resources Ltd.
Highbank Resources Ltd. is engaged in the business of acquiring and developing mineral projects located in North America.
ON BEHALF OF THE BOARD OF DIRECTORS
Gary Musil, CEO/President
This News Release may contain forward-looking statements based on assumptions and judgments of management regarding future events or results. Forward-looking statements are projections of events, revenues, income, future economic performance or management’s plan and objective for future operations and include, without limitation, statements with respect to the anticipated production, the realization of mineral estimates, success of mining operations, the timing and amount of estimated future production, title disputes or claims, environmental risks, limitations on insurance coverage, current and anticipated purchase negotiations and arrangements, requirements for additional capital; and government regulation of mining operations. In some cases, you can identify forward -looking statements by the use of terminology such as “may”, “should”, “expects”, “plans”, “anticipates”, “believes”, “estimates”, “predicts”, “potential” or “continue” or the negative of these terms or other comparable terminology. By their very nature forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors, including: fluctuations in worldwide prices and demand for aggregates; changes in project parameters as plans continue to be refined; possible variations in grade and or recovery rates; accidents, labour disputes as well as those factors detailed from time to time in the Company's interim and annual financial statements and management's discussion and analysis of those statements, are filed and available for review on SEDAR at www.sedar.com.
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