Vancouver, British Columbia, June 14, 2023 – Inomin Mines Inc. (TSX.V: MINE) (“Inomin” or the “Company”) is pleased to announce drilling is underway at the Beaver-Lynx property located between the Gibraltar and Mount Polley mines in the Cariboo region of south-central British Columbia.
Drilling at the Beaver property is currently targeting the South zone located approximately 3 km south-west of Inomin’s previous drilling discoveries. The objective of the program is to drill test the South zone’s potential for significant magnesium and nickel-cobalt-chromium mineralization.
The South zone is one of five main mineral zones identified at Beaver prospective for hosting critical mineral deposits. Previous drilling by the Company in 2021 intersected mineralization in the Spur and North Lobe zones over a strike length of 5.7 kilometres. All holes encountered significant intervals of mineralization, with drill-hole B21-02 intersecting 252.1 metres grading 20.6% magnesium, 0.16% nickel, and 0.33% chromium (see March 29, 2022 news release).
Testing carried-out by researchers at the University of British Columbia in 2022 on the 2021 drill core demonstrated the potential for carbon capture and storage through key minerals that sequester carbon dioxide (CO2) from the atmosphere (see June 27, 2022 news release). Preliminary metallurgical testing completed in 2022 demonstrated up to 99% recovery of the magnesium using an HCl leach and 58% recovery of the nickel through floatation (see January 19, 2023 news release).
Positive drilling results from the current and previous programs enable the Company to identify the size and grade potential of the various zones prior to definition drilling for a resource.
Inomin president John Gomez, says, “We’re delighted to get the drill turning again at Beaver where our maiden drilling program discovered significant high-grade magnesium, as well as nickel, cobalt, and chromium – all critical minerals. We plan to drill more metres than our previous drilling campaign that enabled us to make our big discoveries. As we’re testing new targets, the current drilling program could expand our discovery footprint substantially, and materially increase the value of our project.”
Further information about the Beaver-Lynx critical minerals project is available at Inomin’s website: www.inominmines.com.
The Company also announces the proposed acquisition of approximately 197 hectares at Beaver-Lynx through staking (177 ha) and a purchase agreement (20 ha). The purchase of a 20-hectare claim by way of a purchase agreement covers a prospective mineral target and enables Inomin to consolidate the Beaver-Lynx project that now totals approximately 22,644 hectares. Subject to TSX Venture Exchange acceptance, the 20-hectare claim will be acquired for 100,000 common shares of the Company.
Inomin Mines Director, L. John Peters, P.Geo., a qualified person as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects, has reviewed and approved the technical information in this news release.
About Inomin Mines
Inomin Mines is focused on the identification, acquisition, and exploration of mineral properties with strong potential to host significant resources, especially critical minerals, as well as gold and silver projects. Inomin trades on the TSX Venture Exchange under the symbol MINE. For more information visit www.inominmines.com and follow us on Twitter @InominMines.
On behalf of the board of Inomin Mines:
Inomin Mines Inc.
Per: “John Gomez”
President and CEO
For more information please contact:
Neither 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.
Not for distribution to United States Newswire Services or for dissemination in the United States.
Cautionary Note Regarding Forward-looking Statements
This news release includes certain statements and information that may constitute forward-looking information within the meaning of applicable Canadian securities laws. Forward-looking statements relate to future events or future performance and reflect the expectations or beliefs of management of the Company regarding future events. Generally, forward-looking statements and information can be identified by the use of forward-looking terminology such as “intends” or “anticipates”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “should”, “would” or “occur”. This information and these statements, referred to herein as “forward‐looking statements”, are not historical facts, are made as of the date of this news release and include without limitation, statements regarding discussions of future plans, estimates and forecasts and statements as to management’s expectations and intentions with respect to, among other things, the targets, plans and expectations of the Company with respect to the new drilling program at the Beaver-Lynx property, and the expectations with respect to increased drilling at the Beaver-Lynx property.
These forward‐looking statements involve numerous risks and uncertainties, and actual results might differ materially from results suggested in any forward-looking statements. These risks and uncertainties include, among other things, that the drilling program at the Beaver-Lynx property is not carried out as planned.
In making the forward-looking statements in this news release, the Company has applied several material assumptions, including without limitation, that the Company will deploy resources in a manner that will allow the Company to conduct the drilling program at the Beaver-Lynx property as planned.
Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. Readers are cautioned that reliance on such information may not be appropriate for other purposes. The Company does not undertake to update any forward-looking statement, forward-looking information or financial out-look that are incorporated by reference herein, except in accordance with applicable securities laws. We seek safe harbor.