Rogue Nears Completion on Snow White Drill Program and Selects M.Plan International to Complete its Resource Estimate
- Approximately 2,000m of diamond drilling to be completed by end of May
- Geochemical analysis is underway, including additional metallurgical analysis by ANZAPLAN in Germany
- M.Plan International (a JV between ANZAPLAN and Micon) will complete a Resource Estimate
- Rogue extends Warrants associated with April 6, 2018 financing
NOT FOR DISSEMINATION IN THE UNITED STATES OF AMERICA OR TO US WIRE SERVICES
TORONTO, May 29, 2018 (GLOBE NEWSWIRE) -- Rogue Resources Inc. (TSX-V:RRS) (“Rogue” or the “Company”) is pleased to provide an update on the Company’s Snow White quartz project, located near Massey, Ontario, Canada (“Snow White” or the “Project”). The final drill hole of the previously announced drill program (the “Drill Program”) is in progress and should be completed by the end of May (see press releases dated April 30, 2018 and May 15, 2018). The core is currently being logged, sampled and analyzed by the Company’s geotechnical team and service providers. As part of the geochemical analysis, samples will be sent to Dorfner ANZAPLAN GmbH (“ANZAPLAN”), the metallurgical lab in Germany that Rogue has used for testing quartz since 2016.
Additionally, Rogue has selected M.Plan International Limited (“M.Plan”) to prepare an initial mineral resource estimate for the Main Zone at the Snow White Silica Project and a technical report (the “Resource Report”) that complies with the requirements of National Instrument 43-101 - Standards of Disclosure for Mineral Projects (“NI 43-101”) and to be filed by Rogue in compliance with NI 43-101. M.Plan is a joint venture between ANZAPLAN and Micon International Limited (“Micon”) formed specifically to provide consulting services in the specialty minerals sector. The M.Plan team has already visited Snow White and will develop the Resource Report over the coming weeks.
“Our team has worked hard to complete the drilling safely and efficiently at Snow White over the past month. We are excited by the visual results and look forward to the results of the geochemical analysis and modelling now underway. We remain on track for completing the Resource Report”, said Sean Samson, President and CEO of Rogue Resources. “Given Rogue’s experience with ANZAPLAN and the expertise of the M.Plan team, they were a natural fit for this work. Once completed, Rogue anticipates the Resource Report will confirm the volume of high-quality Snow White Silica mineralization, and provide further comfort to our potential customers.”
Rogue has also agreed to amend the terms of the share purchase warrants (“Warrants”) issued to subscribers upon closing of a private placement by the Company on April 6, 2018 (the “Amendment”). The subscribers to the Offering were SCR Mining and Tunnelling L.P. together with certain of its affiliates (the “Subscribers”). The Subscribers are strategic operating partners of Rogue (see press release dated March 8, 2018) and they received Warrants entitling the holder thereof to purchase one common share (“Common Share”) at an exercise price of $0.45 (the “Exercise Price”) until May 31, 2018 (see press release dated April 6, 2018). Subject to, among other things, TSX Venture Exchange (“TSXV”) approval, Rogue has agreed to extend the term of the Warrants to March 31, 2019 and to add an acceleration provision whereby the Warrants will expire upon notice by the Company in the event that a volume weighted average price of the Common Shares exceeds the Exercise Price for five consecutive trading days. The Amendment remains subject to regulatory approval, including approval of the TSXV.
“We continue to work very closely with SCR and want them to remain positioned to help finance our potential advancement decision. This Amendment was developed in coordination with them, and the acceleration provision addresses the risk of creating an additional, ongoing overhang in our capital structure,” explained Sean Samson.
About Rogue Resources Inc.
Rogue is a mining company focused on generating positive cash flow. Not tied to any commodity, it looks at rock value and good grade deposits that can withstand all stages of the commodity price cycle. The Company remains focused on advancing its silica/quartz business with the Snow White Project in Ontario and the Silicon Ridge Project in Québec, exploring its other assets, including the gold potential at Radio Hill, and identifying additional projects or mines that meet its criteria.
For more information visit www.rogueresources.ca.
Qualified Person
The Company’s Projects are under the direct technical supervision of Paul Davis, P.Geo., and Vice-President of the Company. Paul is a Qualified Person (“QP”) as defined by NI 43-101. He has reviewed and approved the technical information in this press release.
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 news release.
Cautionary Note Regarding Forward-Looking Statements:
This news release contains certain statements or disclosures relating to the Company that are based on the expectations of its management as well as assumptions made by and information currently available to the Company which may constitute forward-looking statements or information (“forward-looking statements”) under applicable securities laws. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “continue”, “potential” and similar expressions, or are events or conditions that “will”, “would”, “may”, “could” or “should” occur or be achieved.
In particular, but without limiting the foregoing, this news release contains forward-looking statements pertaining to the following: the Drill Program and the timing and results thereof; preparation and filing of the Resource Report and the timing thereof; the Advancement Decision, the factors and contingencies contributing thereto and the timing thereof.
The forward-looking statements contained in this news release reflect several material factors and expectations and assumptions of the Company including, without limitation: business strategies and the environment in which the Company will operate in the future; commodity prices; exploration and development costs; mining operations, drilling plans and access to available goods and services and development parameters; regulatory restrictions; the ability of the Company to obtain applicable permits; activities of governmental authorities (including changes in taxation); currency fluctuations; the global economic climate; and competition.
The Company believes that the material factors, expectations and assumptions reflected in the forward-looking statements are reasonable at this time but no assurance can be given that these factors, expectations and assumptions will prove to be correct. The forward-looking statements included in this news release are not guarantees of future performance and should not be unduly relied upon. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements including, without limitation: general economic, market and business conditions; the technical reports which may not be completed in the timelines anticipated, in the manner anticipated or at all; the Company’s properties may not have the results currently anticipated by the Company; the Company may be unable to resolve geological, mechanical, regulatory or operational issues in the timelines anticipated, in the manner anticipated or at all; increased costs and expenses; reliance on industry partners; risks related to operations, government and environmental regulation, conclusions of economic evaluations and changes in project parameters as plans continue to be refined; risks in the marketability of minerals; fluctuations in the commodity prices; fluctuation in foreign exchange rates and interest rates; stock market volatility; and certain other risks detailed from time to time in the Company’s public disclosure documents including, without limitation, those risks identified in this news release, and in the Company’s most recent annual and interim management’s discussion and analysis, copies of which are available on the Company’s SEDAR profile at www.sedar.com. Readers are cautioned that the foregoing list of factors is not exhaustive and are cautioned not to place undue reliance on these forward-looking statements.
The forward-looking statements contained in this news release are made as of the date hereof and the Company undertakes no obligations to update publicly or revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any securities in the United States of America. The securities have not been and will not be registered under the United States Securities Act of 1933 (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons (as defined in the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws, or an exemption from such registration is available.
For additional information regarding this news release please contact: Sean Samson info@rogueresources.ca