December 06, 2019: Vancouver, BC Canada-International Samuel Exploration Corp. (TSX- V: ISS) (the “Company”) is pleased to announce plans to sell its 100% percent interest in its owned LGM Property.
International Samuel Exploration Corp. plans to sell its 100-per-cent interest in its LGM property to focus its resources on its Williams gold-copper property. Accordingly, the company has entered into an arm’s-length agreement with a private company pursuant to which the purchaser can acquire a 100-per-cent undivided interest in the LGM property in consideration for $50,000 in cash payments over 90 days and the issuance of one million shares of the purchaser. In certain circumstances, the company may return the shares to the purchaser for $100,000. The sale of the LGM properties takes away the company’s obligation to spend $600,000 in 2020 to keep the property in good standing.
Conrad Swanson, president and chief executive officer of International Samuel Exploration, stated, “This is an excellent move for ISS as we can now focus our efforts on the fully permitted Williams gold-copper property.”
The Williams gold property hosts three large exploration targets, the T-Bill prospect, which is prospective for mesothermal-style gold mineralization, the GIC porphyry prospect, which is prospective for porphyry copper-gold-molybdenum-style mineralization, and the expansive Gossan zone.
The T-Bill bulk-tonnage gold prospect is underlain by Devonian to Permian metavolcanic rocks, which have been altered to carbonate-muscovite-quartz schist associated with gold mineralization. This alteration is confined to the core of a north-easterly trending structural dome and is controlled both by foliation and by steep crosscutting structures. Gold-rich quartz- arsenopyrite veins, locally with visible gold, are broadly co-spatial with the carbonate-muscovite alteration. Eleven gold veins were intersected when the bulk of the exploration was done in the early 1980s when there was limited access.
- Hole 83-2 interested 35.0 grams per tonne over two metres and 7.2 grams per tonne over four metres.
- Hole 84-8 intersected 24.8 g/t over two m.
- Hole 2010-3 intersected 7.7 g/t over two m and 19.9 g/t over 1.4 m.
Please go to the company’s website for a complete list of historical intersections.
The Williams property is located halfway between the Red Chris mine and the Kemess North mine. The Williams property is on trend with the Lawyers mines currently being explored by Benchmark Metals Inc.
The GIC porphyry prospect is north of the T-Bill prospect and occurs
as a 500-by-1,400-metre copper- and gold-in-soil geochemical anomaly that
partially overlaps a 600-by-1,800-metre zone of high chargeability and moderate
to high resistivity. Several gold-bearing rock samples have been taken from
within the copper-gold soil geochemical anomaly on the northern edge of the
induced polarization anomaly. Five samples contained 1,280 to 4,740 parts per
billion gold, with
84 to 1,045 parts per million copper. A chip sample from one of the rare outcrops on the southern flank of the IP anomaly returned 2,200 ppm copper and 220 ppb gold across 3.73 metres.
The Gossan zone is a zone with numerous gossans over a 1.5-to-2.0-kilometre strike length that have elevated copper geochem values associated with a strong magnetic high. This Gossan zone represents further untested potential on the Williams property.
Technical disclosure in this news release has been reviewed and approved by International Samuel Exploration’s vice-president of exploration, Derrick Strickland, P. Geo, a qualified person as defined by National Instrument 43-101.
The company also announces that TSX Venture Exchange has approved the consolidation of its common shares on a one-for-10 basis. The consolidation will take effect Dec. 11, 2019. Assuming no other change in the issued capital of the company, it is expected that upon completion of this consolidation, the company will have approximately 5,082,865 common shares issued and outstanding, reduced from 50,828,653, which are currently issued and outstanding. At the opening of trading on Dec. 11, 2019, the Cusip number of the company will change to 46027W507; however, the company’s name and trading symbol will remain the same. The company’s outstanding options and warrants will also be adjusted on the same basis (one for 10) as the common shares, with proportionate adjustments being made to exercise price. No fractional common shares will be issued, and no cash will be paid in lieu of fractional, postconsolidation common shares, options or warrants. The number of postconsolidation common shares to be received by a shareholder will be rounded down to the nearest whole common share (less than one-half of a share will be cancelled, and more than one-half of a share will be changed to one whole share). A letter of transmittal will be mailed to all registered shareholders with instructions on how to exchange existing share certificate(s) for new share certificate(s). Additional copies of the letter of transmittal can be obtained through Computershare Investor Services Inc. Until surrendered, each certificate formerly representing common shares of the company will be deemed for all purposes to represent the number of common shares to which the holder thereof is entitled as a result of the consolidation.
We seek Safe Harbor.
Technical disclosure in this news release has been reviewed and approved by International Samuel Exploration Corp.’s Vice President of Exploration, Derrick Strickland P. Geo., a Qualified Person as defined by National Instrument 43-101.
ON BEHALF OF THE BOARD OF DIRECTORS
For further information, please contact: International Samuel Exploration Corp. Telephone: 604-317-3090
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Certain statements in this news release constitute “forward-looking” statements. These statements relate to future events or the Company’s future performance. All such statements involve substantial known and unknown risks, uncertainties and other factors which may cause the actual results to vary from those expressed or implied by such forward-looking statements. Forward-looking statements involve significant risks and uncertainties, they should not be read as guarantees of future performance or results, and they will not necessarily be accurate indications of whether or not such results will be achieved. Actual results could differ materially from those anticipated due to a number of factors and risks. Although the forward-looking statements contained in this news release are based upon what management of the Company believes are reasonable assumptions on the date of this news release, the Company cannot assure investors that actual results will be consistent with these forward-looking statements. The forward-looking statements contained in this press release are made as of the date hereof and the Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required under applicable securities regulations.