Vancouver, B.C. – July 04, 2022 - Highbank Resources Ltd. (the “Company”) (TSX.V –“HBK”)
The Company is pleased to announce that they have signed an Option Assignment Agreement with CMC Metals Ltd. (TSX.V: CMB) on the Terra Nova property in Newfoundland.
Terra Nova Property details:
The Terra Nova property consists of 71 claims (6 licences) located 30 km northwest of Port Blandford in central Newfoundland. Access is from the town of Terra Nova via 12 km of transmission line road built from the Lower Churchill Falls power development project. HBK has an option to earn an 80% ownership in the property.
An alteration area of 12 square kilometers has been identified, which to date has been subjected to limited exploration. The project has the potential to host mesothermal gold-polymetallic deposits. The property lies within the Gander Zone, which is an area of significant exploration interest as a result of Newfound Gold Corp.’s Queensway gold project. Highlights of the property include:
In March 2022 CMC Metals Ltd., completed a ground magnetometer survey (approx. 35-line km) with the services of McKeown Exploration Ltd., of St. John’s, Newfoundland. These surveys have helped to provide an indication of possible areas of mineralization associated with large-and local-scale structures (faults, dykes, shear zones, etc.), variations in the near surface geology as well as depth, and to identify demagnetized zones which are an indicator of areas that have been subjected to hydrothermal activity.
For further information on the Terra Nova, Newfoundland property click on the following link:
Kevin Brewer, a registered professional geoscientist, President/CEO of CMC Metals Ltd., and a Qualified Person (as defined by National Instrument 43-101) has given his approval of the technical information reported herein.
Terms of the Assignment Option:
ON BEHALF OF THE BOARD OF DIRECTORS
"James H. Place"
James H. Place, CEO/President
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