Secova Metals Corp. Engages BBA Engineering to Conduct a Preliminary Economic Assessment at Montauban
December 29, 2021 - Secova Metals Corp. (The "Company" or "Secova") (CSE:SEK), (CNSX:SEK.CN), (OTC:SEKZF), (FSE:N4UP) is pleased to announce that it has engaged BBA Engineering Ltd. ("BBA") to generate a NI 43-101 technical report with a mineral resource estimate on the Company's Montauban project. In addition to the technical report, BBA will advance the project through to the completion of a Preliminary Economic Assessment ("PEA"). "Management made the decision to engage BBA, with the support of Longford Exploration and John Langton, to compile a PEA on the tailings resource at Montauban to improve the logistics of the processing of the gold and silver resource on the project", explained Brad Kitchen, CEO, Secova. "The PEA will consolidate all historic data and new exploration drilling on the site that was originally mined in 1919. The report will help to optimize the extraction of the minerals already identified in the tailings."
Founded in 1980, BBA is a privately-owned Canadian consulting firm serving clients for over 40 years. Today, with more than 1,000 employees in 15 offices across Canada and abroad, BBA maintains a close relationship with their clients and plays an active role in their sustainability and growth projects, from early concepts and studies to engineering, commissioning and operational support. BBA offers integrated services in multidisciplinary engineering, the environment, Industry 4.0, cybersecurity, and field services. BBA stands out as a practice-centered business (PCB) offering state-of-the-art solutions-reliable, cost-effective, and environmentally friendly-that target the needs of its clients.
Close of the Company's increased Quebec Flow-Through Private Placement
In conjunction with the PEA, management of the Company have planned to increase the scope of the exploration planned for 2022 and as a result, has increased and closed its previously announced non-brokered Quebec Flow Through Private Placement (the "Offering"). The Company raised gross proceeds of $2,356,922.88 by the issuance of 12,740,125 flow through common shares (the "Flow-Through Shares") at a purchase price of $0.185 per Flow-Through Share. All securities issued in connection with the Offering are subjected to a restricted hold period of four months a day from the date of closing of the Offering, under applicable securities legislation.
In connection with the closing of the Offering, the Company paid an aggregate finders' fees of $141,590.11 in cash and issued 765,351 share purchase warrants (the "Finder's Warrants) to certain arms-length finders. Each Finder's Warrant entitles the holder thereof to purchase one common share of the Company at a price of $0.185 and expires nine (9) months from the date of closing.
The Company will use the proceeds from the sale of the Flow-Through Shares to incur flow-through expenditures in the province of Quebec which qualify as 100% Canadian Exploration Expense ("CEE") and will renounce said flow-through expenditures to the investors for the taxation year ending December 31, 2021.
Pour une traduction française de ce communiqué de presse, veuillez visiter notre site Web à www.secova.ca
About the Company
Secova Metals Corp. is a Canadian environmentally aware resource exploration and processing company. Management has demonstrated expertise in advancing gold exploration projects into acquisition targets, most notably in the province of Quebec. Secova's principal restoration and recovery project is the Montauban property situated in Quebec, just 80 kilometers west of Quebec City. The Company is proposing to commence operations by the middle of 2022. In addition, the Company's main exploration focus is its 100% ownership of the Eagle River project, which is adjacent to and on-trend to several gold projects in the Windfall Lake district of Urban Barry in Quebec. Secova will use its expertise in early-stage exploration to create shareholder value by attempting to prove out and process the resource in these assets.
For more information on Secova, please contact info@secova.ca, Tel: +1 604-803-5229 or visit the website at www.secova.ca for the French version of this news release, past news releases, media interviews and opinion-editorial pieces by CEO and Chairman Brad Kitchen.
On Behalf of the Board of Directors,
"Brad Kitchen"
Chairman, CEO, and Director
Tel: +1 604-803-5229
Email: info@secova.ca
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.
Neither the Canadian Securities Exchange nor its Regulation Services Provider accept responsibility for the adequacy or accuracy of this release.
