Company
CNSX:TOC
Tocvan Ventures Corp is a resource company that went public in February 2019 looking to take advantage of the prolonged downturn in the junior exploration sector. It is earning into what it sees as two exciting opportunities - the advanced Pilar gold project in the Sonora gold district in Mexico, and the Rogers Creek project in British Columbia Canada. In a cash-and-share deal with Colibri Resource Corp, Tocvan can buy up to 100% of Pillar, which is road accessible, has already had over 17,000 meters of drilling since the 1990s, and lies 140 kilometers south-east of the city of Hermosillo. The firm believes the project can prove up an economic resource in the short term as it must now complete C$2 million of exploration over the next several years. In addition, Tocvan has an option to earn 80% of Rogers Creek from Carube Copper - a project which has already received C$3 million for exploration.
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Seven holes as part of the Phase 3 program were sunk for 1,382 metres and assays from four, in new areas, hit structures known to host gold-silver mineralization
"For the first holes testing these new trends to return anomalous mineralization is an excellent indication there is more to be discovered at Pilar", Tocvan CEO, Brodie Sutherland said
Drilling focused on the 4-T expansion and extension targets and a new trend discovered during the last stage of drilling
"These initial results are encouraging and suggest the gold recovery of oxide material at Pilar has the potential to be relatively high," Tocvan CEO Brodie Sutherland said
The sampling at the gold-silver project has been going on since April this year with 65 samples taken from the Murcielago prospect, with 14 of them returning greater than 0.1 grams per ton (g/t) gold
The funds will go towards the advancement of the Pilar and El Picacho Au-Ag projects in Sonora, Mexico and for general working capital purposes, the company said
"We are excited for this next stage of drilling at Pilar, as we feel the potential to expand the known areas of mineralization is very significant," the company's CEO Brodie Sutherland said
"Over the last year it has been our goal to align with an institutional investor that sees the potential of our Sonora projects and wants to be part of our next stage of growth," commented Brodie Sutherland, the company's CEO
One of the two holes was successful in hitting a "significant" zone of broad low-grade gold mineralization, showing 54.9m of 0.3 grams per tonne (g/t) gold starting from just 6.10m depth, including 13.7m of 0.6 g/t gold and 9.2m of 0.6 g/t
In all, 1,562 metres have been sunk in nine holes, providing key information across the project's Main Zone and 4-T Trend
“Completing this transaction means we can unlock the value of the Rogers Creek asset to our shareholders and ensure it has the focus it deserves through Cascade Copper", Tocvan CEO Brodie Sutherland said
The proceeds of the offering will go toward the advancement of the Pilar and El Picacho gold-silver projects in Sonora, Mexico
The company said the proceeds of the raise will go towards the advancement of the Pilar and El Picacho Au-Ag projects in Sonora, Mexico
"We consider this new discovery of high-grade breccia-hosted mineralization on trend with our Main Zone as one of our most significant findings to date,” CEO Brodie Sutherland said
"This further validates the strength of the shallow mineralized system at Pilar, especially in regard to the significant high-grade mineralization adjacent to controlling structures. We look forward to reviewing the remaining results that t
CEO Brodie Sutherland: "Core drilling continues to demonstrate the continuity and strength of oxide gold-silver mineralization at Pilar"
"As we prepare to receive the drill results from the start of Phase III drilling, we look forward to the next stage of planning and drilling at Pilar," Brodie Sutherland, CEO of Tocvan said
Proceeds from the offering will be used to advance the company's Pilar and El-Picacho Au-Ag (gold-silver) projects in Sonora, Mexico
The company said 1,200 meters (m) of core drilling has been completed providing essential information across the Main Zone and 4-T Trend
"With the recent discovery of a broad mineralized breccia host and the activation of a second drill rig at Pilar, we feel now is the time to keep the momentum going as we come into full-swing of our operating season," said Tocvan CEO Brodie
