Secova Metals Makes Strategic Investment at Windfall Lake
VANCOUVER, BC / ACCESSWIRE / November 29, 2016 / Secova Metals Corp. (TSX-V: SEK) (FSE: 4NUN) (OTC: SEKZF) ("Secova" or the "Company") is very pleased to announce that the Company has acquired 1084409 B.C. Ltd., a private B.C. Company which sole asset is the Eagle River project ("Eagle River") that consists of 77 claims or 4,354 contiguous hectares in the Windfall Lake gold district, Quebec.
The Eagle River project is located south of Osisko Mining's Windfall Lake project and is adjacent to BonTerra Resources Inc.'s Gladiator project in the Urban-Berry area of Quebec. The Management of Secova is intimately familiar with the structure of the Windfall Lake project as they developed the mineralization model. The mineralization structure continues to the south and has been shown to strengthen as it hits Bonterra's Gladiator project. Secova's newly acquired claims lie directly to the south of these recent discoveries.
"Secova has taken advantage of this rare acquisition opportunity to acquire the Eagle River claims that lie directly in the path of the known gold mineralization at the Windfall Lake Camp," stated Brad Kitchen, C.E.O. and Chairman of Secova Metals Corp. "This is a strategic investment that will not divert funds from its exploration of the Duvay/Chenier claims but will add additional value for our shareholders as the Windfall Lake area develops."
The acquisition is an arms-length transaction in which the Company will issue 5 million common shares by way of a share exchange agreement. In connection with the transaction, the Company will issue a finder's fee of 500,000 common shares.
The issuance of the acquisition and the finder's fee of common shares are subject to TSX Venture Exchange approval. Once issued, the finder's shares will be subject to a fourth month and one day hold period.
About Secova Metals Corp.
Secova Metals Corp. is a Canadian gold exploration company focused on building a strong asset base through exploration of undervalued gold projects in Canada. Management has demonstrated expertise in advancing gold exploration projects into acquisition targets, most notably in the province of Quebec. Secova has the exclusive right and option to acquire from Tres-OR Resources Inc. ("Tres-Or"), an undivided 65% right, title and interest in the contiguous Duvay/Chenier Gold projects. Secova can earn up to 90% of the property (an additional 25% ownership) by funding a pre-feasibility study after the initial exploration expenditures to bring the property towards production. The Company has a total contiguous land package of 174 claims covering over 7,766 hectares (17,458 acres) of land. Duvay/Chenier is located in the Abitibi gold belt, one of Quebec's premier mining jurisdictions. The Company has plans to advance the development of Duvay/Chenier as well as seek other avenues of growth through acquisition and mergers. Secova Metals trades on the TSX Venture under the symbol SEK, in the United States under the symbol SEKZF, and on the Frankfurt Exchange as 4NUN.
For more information on Secova Metals Corp. please contact Morgan Good, Secova's President, at morgan.good@secovametals.com and Tel: +1 604-715-4751 or visit the website at www.secovametals.com for past news releases, media interviews and opinion-editorial pieces by CEO and Chairman Brad Kitchen.
On Behalf of the Board of Directors,
SECOVA METALS CORP.
"Brad Kitchen"
CEO, Director and Chairman
Tel: +1 604-506-7555
info@secovametals.com
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.
This press release contains "forward-looking information" that is based on the Company's current expectations, estimates, forecasts and projections. This forward-looking information includes, among other things, statements with respect to the Company's exploration and development plans. The words "will," "anticipated," "plans," or other similar words and phrases are intended to identify forward-looking information. Forward-looking information is subject to known and unknown risks, uncertainties, and other factors that may cause the Company's actual results, level of activity, performance, or achievements to be materially different from those expressed or implied by such forward-looking information.
SOURCE: Secova Metals Corp.
