Sentinel Resources Options Waterloo Silver-Gold Property Near Vernon, BC; Announces Private Placement to Raise $500,000

Sentinel Resources Corp. is pleased to announce it has entered into an option agreement with RebelEX Resources Corp., to acquire up to a 100% interest in the historic Waterloo silver-gold property, located near Vernon, British Columbia. President and CEO, Rob Gamley commented, “I am pleased to announce the addition of the Waterloo silver-gold property to Sentinel’s BC exploration project portfolio. The Waterloo …

Sentinel Resources Corp. (CSE: SNL) (US OTC PINK: SNLRF) (“Sentinel” or the “Company”) is pleased to announce it has entered into an option agreement with RebelEX Resources Corp., to acquire up to a 100% interest in the historic Waterloo silver-gold property, located near Vernon, British Columbia.

President and CEO, Rob Gamley commented, “I am pleased to announce the addition of the Waterloo silver-gold property to Sentinel’s BC exploration project portfolio. The Waterloo project, which includes the historic Waterloo Mine, has clearly shown the potential to host high-grade silver and gold mineralization. Historic work on the project such as geological mapping and prospecting have produced compelling results of high-grade silver and gold – metals which have been mined in the region for over 100 years.”

Waterloo highlights:

  • Road accessible, 3,130 hectare project close to developed infrastructure
  • High-grade silver and gold veins exposed over an area of approximately 4 .0 by 0.7 kilometers
  • Grab samples from historic workings returned assays of 2,790 grams per tonne (g/t) silver (Waterloo) and 45.70 g/t gold (Au showing)
  • The property has not been systematically drill tested and numerous untested targets are defined

Waterloo Property

The Waterloo Property consists of 3,130 hectares located in the historic Lightning Peak silver and gold camp in the Vernon Mining District. The property is host to numerous high-grade silver and gold showings exposed over an area of 4.0 by 0.7 kilometers. Central to the property is the historic Waterloo Mine that has seen sporadic production of high-grade silver since 1903, resulting in numerous shipments of ore to the Trail, BC smelter in 1954, 1967 and 1983. The Waterloo Mine is centered east-west striking shear zone, host to structurally controlled high-grade silver, lead and zinc mineralization (Waterloo structure). This zone is reportedly mineralized along its mined length (approximately 550 meters in the #4 adit) including numerous higher grade sections from vertically oriented ore shoots. Based on geophysical and geochemical surveys, previous operators have interpreted the Waterloo structure to extend below thick cover to the east, with a potential strike length of up to two kilometers. The structure has never been systematically drill tested over its proposed length or at depth.

Gold dominant showings (e.g., the Au showing located 550 meters northeast of the Waterloo Mine) are hosted in north-south trending quartz – sulphide veins with associated iron carbonate alteration. The Forge area, 590 meters east of the Waterloo mine and 850 meters south of the Au showing, marks the projected intersection of the east-west trending Waterloo structure and the north-south trending structures of the Au showing. These zones of structural intersections remain largely untested and represent priority targets for follow-up.

Table of selected grab sample assays compiled from previous operators

Target

Sample

Type

Ag (g/t)

Au (g/t)

Pb (%)

Zn (%)

Forge East

1717023

grab

3,095

3.8

0.47

0.71

Forge East

1710502

grab

1,507

2.81

0.44

0.03

AU Showing

1717037

grab

794

45.7

7.82

3.63

AU Showing

J486140

grab

141

25.4

1.8

0.69

Waterloo

1717035

grab

1,482

0.03

1.81

26.77

Waterloo

1710270

grab

1,159

0.02

18.53

7.53

Waterloo

E924007

grab

2,790

0.01

1.94

3.82

All results stated above were previously reported by former project option holder, Tower Resources Ltd. Samples were reportedly collected from outcrops, trenches, and dump piles located near old workings. Sentinel cautions readers that grab samples are selective by nature and the resulting assays from the samples may not be representative of all the mineralization on the property.

Project maps showing the locations of the main target areas are found on the company’s website (www.sentinelexp.com).

Option Terms

Terms of the Option Agreement include the right of Sentinel to exercise the Option and acquire the 100% Interest is conditional on Sentinel:

  1. Making cash payments to RebelEX of an aggregate of $200,000, including: (i) $30,000 within ten (10) Business Days of the Effective Date; (ii) $30,000 on or before the date that is twelve (12) months following the Effective Date; (iii) $40,000 on or before the date that is twenty four (24) months following the Effective Date; (iv) $40,000 on or before the date that is thirty six (36) months following the Effective Date; and (v) $60,000 on or before the date that is forty eight (48) months following the Effective Date;
  2. Issuing to RebelEX the aggregate amount of 4,000,000 common shares in the capital of Sentinel (the “Option Shares”) as follows: (i) 300,000 Common Shares within ten Business Days following the Effective Date; (ii) 600,000 Common Shares on or before the date that is twelve (12) months following the Effective Date; (iii) 700,000 Common shares on or before the date that is twenty four (24) months following the Effective Date; (iv) 800,000 Common Shares on or before the date that is thirty six (36) months following the Effective Date: (v) 1,600,000 Common Shares on or before the date that is forty eight (48) months following the Effective Date;
  3. Funding aggregate Expenditures on the Property of $1,200,000 as follows: (i) $200,000 on or before the date that is twelve (12) months following the Effective Date; (ii) $250,000 on or before the date that is twenty four (24) months following the Effective Date; (iii) $250,000 on or before the date that is thirty six (36) months following the Effective Date; and (iv) $500,000 on or before the date that is forty eight months following the Effective Date.

After Sentinel has earned the 100% Interest, Sentinel will pay to RebelEX a royalty (the “Royalty”) being equal to 2% of Net Smelter Returns. Sentinel may purchase 1% of the Royalty Interest, for $1,000,000.

In connection with the transaction, Sentinel will pay an arm’s length finder of 435,000 common shares over the term of the Option Agreement.

Financing

Sentinel also announces that the Company has arranged a non-brokered private placement financing of up to 2 million units at a price of 25 cents per unit for gross proceeds of up to $500,000. Each unit comprises one common share in the capital of the company and one common share purchase warrant. Each warrant entitles the holder thereof to purchase one common share for 40 cents for a period of one year from the date of issuance. The Company may pay a finder’s fee in connection with the offering to qualified non-related parties, in accordance with the policies of the Canadian Securities Exchange.

Proceeds from the offering will be used for general working capital purposes. All securities issued under the offering, including securities issuable on the exercise thereof, are subject to a hold period expiring four months and one day from the date of issuance. The offering is subject to certain conditions, including, but not limited to, the receipt of all necessary approvals, including the approval of the exchange.

About Sentinel Resources

Sentinel Resources is a Canadian-based exploration company focused on the acquisition and exploration of gold and silver projects with world-class potential. Its current portfolio includes the Waterloo, Pass, and Little Bear projects in British Columbia. For more information, please go to the Company’s website at www.sentinelexp.com.

Qualified Person

The scientific and technical information contained in this news release has been reviewed and approved by Greg Bronson, P.Geo, a director of the Company and a “Qualified Person” as defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects. Greg Bronson, P. Geo., a Qualified Person as defined by NI 43-101, has reviewed and approved the contents of this news release.

Historical exploration data summarized in this release are compiled from publicly available assessment reports (http://aris.empr.gov.bc.ca) and news releases (www.sedar.com). Assays and geological observations have not been verified by Sentinel. All quoted assays are accompanied in the assessment reports by copies of certified laboratory assay certificates.

Sentinel Resources Corp.

“Rob Gamley”
President and Chief Executive Officer

Neither the Canadian Securities Exchange (“CSE”) nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this news release.

SOURCE Sentinel Resources Corp.

Cision View original content to download multimedia: http://www.newswire.ca/en/releases/archive/September2020/02/c1214.html

T – 604.689.7422, F – 604.689.7442, 204 – 998 Harbourside Drive, North Vancouver, BC, V7P 3T2Copyright CNW Group 2020

News Provided by Canada Newswire via QuoteMedia

When Will Australia Legalise Recreational Cannabis?

Recreational cannabis remains illegal in all Australia’s states and territories with the exception of the Australian Capital Territory (ACT). But could that change in the future?

So far there are no clear indicators as to when or if Australia could legalise recreational cannabis, but attitudes seem to be changing. Public support is growing, and there’s even some political acceptance.

Read on to learn more about when Australia may legalise recreational cannabis.

Keep reading... Show less

Data Review Enhances Prospectivity at Galan’s Greenbushes South Lithium Project

Highlights:

  • CSIRO’s historical datasets show prospectivity for Galan’s Greenbushes South Lithium Project
  • Historical laterite geochemistry data collected prior to mining at Greenbushes
  • Elevated abundances of pathfinder elements display a well-defined anomaly adjacent to Greenbushes South
  • Dispersion of elements into the laterite profiles include arsenic, tantalum, tin and antimony among others
  • Galan to commence sampling and mapping at Greenbushes South next month

Galan Lithium Limited (ASX: GLN) (Galan or the Company) is pleased to announce that it has completed a review of historical CSIRO data which enhances the prospectivity of its Greenbushes South Lithium project.

Keep reading... Show less

Data Review Enhances Prospectivity at Galan’s Greenbushes South Lithium Project

Highlights:

  • CSIRO’s historical datasets show prospectivity for Galan’s Greenbushes South Lithium Project
  • Historical laterite geochemistry data collected prior to mining at Greenbushes
  • Elevated abundances of pathfinder elements display a well-defined anomaly adjacent to Greenbushes South
  • Dispersion of elements into the laterite profiles include arsenic, tantalum, tin and antimony among others
  • Galan to commence sampling and mapping at Greenbushes South next month

Galan Lithium Limited (ASX: GLN) (Galan or the Company) is pleased to announce that it has completed a review of historical CSIRO data which enhances the prospectivity of its Greenbushes South Lithium project.

Keep reading... Show less

AIS Resources’ Australian Yalgogrin Gold Project’s first drill hole returns gold intercepts averaging 1.5g/t over 87 meters including 0.9 meters at 9.3 g/t

A.I.S. Resources Limited ( TSX: AIS, OTCQB: AISSF ) (the “Company” or “AIS) reports that the assay analysis from YDD1 at Neighbour’s Farm historic mine workings, the first diamond drill hole at its Yalgogrin Gold Project, NSW, Australia has been completed by SGS Australia. Extensive gold mineralisation was intersected from 58m through to the end of hole at 162.3m with gold mineralisation remaining open at depth and returning gold Intercepts over 87m averaging 1.5gt. The best individual grades returned up to 9.3 gt Au that are supported by consistent mineralisation hosted within the altered rock mass.

A summary of the intervals and average assays is set out below from the top of the core:

Keep reading... Show less

Resolution Minerals Ltd Drilling Program at Sunrise Gold Prospect Completed

Adelaide, Australia (ABN Newswire) – Resolution Minerals Ltd (ASX:RML) (FRA:NC3) is pleased to announce that it has completed the Company’s first drilling program on the Sunrise Gold Prospect at the 64North Project in Alaska. Drilling was conducted along an existing access road, targeting outcropping granite hosted mineralisation, analogous in style to Kinross’s Fort Knox Gold Mine, which is one of Alaska’s most profitable mines. The Sunrise Prospect was identified in 2020 by a RML trenching program and is located less than 5km from Northern Star’s operating Pogo Gold Mine.

Summary

– A 1400m long “fence line” of 27 shallow RAB drill holes designed to test outcropping mineralisation at the Sunrise Prospect has been completed.

Keep reading... Show less

Top News

Related News