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VANCOUVER, BRITISH COLUMBIA, Oct. 31, 2024 (GLOBE NEWSWIRE) --
METALSOURCE MINING INC. (the “Company” or "Metalsource") (CSE: “MSM”) is pleased to announce a non-brokered private placement of up to 7,500,000 units in the capital of the Company (each, a “Unit”) at a price of $0.20 per Unit for aggregate gross proceeds of up to $1,500,000 (the “Offering”). Eric Sprott shall be the lead order on the Offering, subscribing for 2,500,000 Units, totaling $500,000.
Each Unit purchased will include one common share and one-half of one transferable common share purchase warrant. Each whole Warrant (a “Warrant”) will entitle the holder to purchase one additional common share for a period of two (2) years at a price of CAD $0.30 per common share.
The Company may pay finder’s fees in accordance with the policies of the Canadian Securities Exchange.
The Company intends to use the proceeds raised from the Offering for working capital purposes and to proceed with a work program on their property, “The Aruba Project”, in Botswana.
The Aruba Project covers a portion of the western margin of the 1,300 km2 Molopo Farms Complex (MFC) and is situated about 200 kilometers west of the co-eval Bushveld Complex. The property consists of five prospecting licenses totaling approximately 4,663 km2 in South-Central Botswana The project area is adjacent to Rio Tinto Exploration and is surrounded by good infrastructure and can be operated all year round, with no seasonal influences.
* Located adjacent to South Africa, which accounts for 40% of world Manganese reserves
* The western part of the project area is underlain by the highly prospective Transvaal Supergroup
* Includes the basal units prospective, and untested, for Nickel, Copper and PGE mineralization
Exploration Targets
The Molopo Farms Complex is considered to be one of the most highly prospective areas for Ni-Cu, Mn and PGE. MetalSource’s proposed drilling campaign will be targeted at defining such contacts.
Proposed Work Programs
Phase 1
* Airborne geophysical surveys
* Modeling of survey data, with a focus along Margins of the Malpo Formation
* Definition Geochemical surveys over targets
Phase 2
* Drill Testing of Conductors and Geochem anomalies
* Additional geophysical surveys as appropriate, particularly downhole testing
Qualified Person
This news release has been reviewed and approved by Rory Kutluoglu, B.Sc, P.Geo, a “Qualified Person” as defined under NI 43-101 – Standards for of Disclosure for Mineral Projects.