VANCOUVER, B.C. November 15, 2022– Highbank Resources Ltd. (the “Company”) (TSX.V – “HBK”) is pleased to announce that CMC Metals Ltd. (TSX-V: CMB) has received all required permits for the Terra Nova Property in central Newfoundland and Highbank will now be commencing field activities.
Field crews are being mobilized to the Terra Nova property which consists of 71 claims located 30 kilometers northwest of Port Blandford in central Newfoundland. Access is from the town of Terra Nova via 12 km of transmission line road built for the Lower Churchill Falls power development. The final permit for the project was recently received from NALCOR in Newfoundland, who are responsible for the power transmission line and access routes that traverse the Terra Nova Property.
Gary Musil, President and CEO of Highbank Resources Ltd. notes; “CMC Metals Ltd. can now progress with trail and road development to access the mineralized showings. They will then undertake trenching to assess the extent of these showings and better understand the geology and mineralizing system of this area.”
CMC has an option to earn a 100% ownership of the property, and in turn recently optioned the property to Highbank Resources Ltd., but remained the exploration operator and has a carrying NSR interest. The property lies within the Gander Zone which is an area of significant exploration interest as a result of Newfound Gold’s Queensway gold project. Terra Nova is an interesting property as it has a large alteration area of 12 square kilometers which to date has been subjected to limited exploration. The property is considered to have potential to host mesothermal gold-polymetallic deposits.
The property currently comprises five mineralized showings: (i) the Copper Vein; (ii) Nancy’s gold vein showing; (iii) New Alteration Zone; (iv) the Silver Pit; and,(v) the Galena Vein Showing. Previous sampling efforts have produced interesting results including:
The Qualified Person is Kevin Brewer, a registered professional geoscientist who is CMC Metals Ltd. President and CEO, and Qualified Person (as defined by National Instrument 43-101). He has given his approval of the technical information reported herein.
About Highbank Resources Ltd.
Highbank Resources Ltd. is engaged in the business of acquiring and developing mineral projects located in North America.
ON BEHALF OF THE BOARD OF DIRECTORS
Gary Musil, CEO/President
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