Nov 12 2014
Geomega Resources Inc. announces the start of a 3,000 meters diamond drilling program on its Anik gold project. The initial campaign will include drilling of the gold showings (Orbi, Mirador and Bobby) discovered last summer during field works as well as testing other satellite targets outlined following geophysical and geochemical surveys.
The Anik project is located 40 km south of the town of Chapais, in Québec and consists of 151 mining claims covering an area of approximately 8,452 hectares. Anik benefits from a permanent access, public infrastructure and experienced workforce in the immediate vicinity.
The area exhibits strong potential for gold-bearing mineralization with the Joe Mann mine (4.75 Mt at 8.26 g/t Au), Phillibert (1.4 Mt at 5.3 g/t Au) and Lake Meston (1.2 Mt at 6.25 g/t Au) deposits and several new gold discoveries made by Iamgold/TomaGold (at Monster Lake), Vanstar (at Nelligan) and Bold Ventures/Northern Superior (at Surprise Lake) within a few kilometers of the property.
"All preparatory work is completed. Geophysical and geochemical anomalies obtained from recent surveys, twined with the gold showings helped define several drill targets. The initial campaign is most encouraging with the quality of these targets." commented Alain Cayer, Vice-president Exploration of GéoMégA.
Private placement closing
The Company closed a second private placement consisting of 1,250,166 units (the "Units") at a subscription price of $0.18 per Unit for gross proceeds of $225,030 (the "Private Placement").
The Company will use the proceeds of the Private Placement for the initial campaign on the Anik gold project and working capital purposes.
Each Unit consists of one common share (a "Common Share") and one-half of one share purchase warrant (each whole warrant, a "Warrant"). Each whole Warrant entitles the holder thereof to acquire one additional common share at a price of $0.25 per share for a period of twenty-four (24) months from November 10, 2014 (the "Closing Date").
The Common Shares and Warrants acquired by the subscribers are subject to a hold period of four months plus one day and may not be traded until March 10, 2015 except as permitted by applicable securities legislation and the rules of TSX Venture Exchange.
Montviel REE project and Proprietary separation technology:
The Company will provide a status update on its Montviel REE project and proprietary separation technology in the upcoming weeks as it approaches the completion of its metallurgical works and energy balance optimization. Once completed, operating costs to produce a mixed REE concentrate from Montviel will be known and the updated 43-101 resource estimate disclosed. In addition, mixed REE concentrate produced from Montviel ore according to the final flow sheet will be used to resume testing of our separation technology.
NI 43‐101 Disclosure
Alain Cayer, P. Geo., MSc., Vice-President Exploration of GéoMégA, is the Qualified Person under NI 43-101 guidelines who supervised and approved the preparation of the technical information in this news release.
Source: http://ressourcesgeomega.ca/