Flow Metals Agreement for Ashuanipi Gold Project
Vancouver, April 26, 2021 - Flow Metals Corp. (CSE: FWM) ("Flow Metals" or the "Company") is pleased to report an agreement with Go Metals Corp. on the Ashuanipi gold project in eastern Quebec near the Labrador border in the traditional territory of both the Innu Nation of Matimekush-Lac John and the Naskapi Nation of Kawawachikamach.
Go Metals will earn in on the project through funding exploration. The terms are as follows:
- $200,000 exploration dollars will earn 40%
- $200,000 exploration dollars will earn an additional 20%
- Flow Metals has the option to create a Joint Venture or Go Metals may spend an additional $400,000 to earn a final 20%
Scott Sheldon, President comments, "We are excited to have Go Metals fund the exploration on the Ashuanipi project this summer. This will be our first pass on the project following up on the intensive work Windfall Geotek has done creating over 50 high quality gold targets. Freeing up finances for Flow means we will also be running programs at the company's two other gold projects in the Yukon and BC this summer."
Transaction
The transaction is a "related party transaction" for purposes of Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The transaction is exempt from the valuation and minority approval requirements of MI 61-101 in accordance with sections 5.5(a) and 5.7(1a) as the fair market value is not more than 25% of Flow Metals market capitalization.
Ashuanipi, Quebec
The project contains numerous AI targets over banded iron formations. The targets were generated by Windfall Geotek after a 330,000 km AI mining study of eastern Quebec. The project is northeast of Schefferville in the Ashuanipi complex, on the edge of the Superior Province. The next phase will test targets using till and channel sampling methods starting in June.
Sixtymile, Yukon
The Sixtymile project is a 60km2 gold prospect siting on three active placer camps at the Alaska border. The road accessible project is scheduled to continue drilling with the team from GroundTruth Exploration in June.
New Brenda, BC
The New Brenda project is a large 100km2 gold property with road access to the Okanagan Connector Highway in the highly prospective Quesnel terrane. The project neighbors Gold Mountain's advanced Elk Gold project.
About Flow Metals
Flow Metals is a Canadian gold explorer with a focus on early-stage gold projects in renowned mining districts.
Qualified Persons
Adrian Smith, P.Geo., is the qualified person for the Company as defined in the National Instrument 43-101 and has reviewed the technical information presented within this news release.
For further information, please contact:
Scott Sheldon, President
604.725.1857
scott@flowmetals.com
Forward-Looking Information
This press release may include "forward-looking information" (as that term is defined by Canadian securities legislation), concerning the Company's business. Forward-looking information is based on certain key expectations and assumptions made by the Company's management, including future plans for the exploration and development of its mineral properties. Although the Company believes that such expectations and assumptions are reasonable, investors should not rely unduly on such forward-looking information as the Company can give no assurance they will prove to be correct. Forward-looking statements in this press release are made as of the date of this press release. The Company disclaims any intent or obligation to publicly update 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.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/81676
