Hinterland Receives $40,000 Grant Under the New Brunswick Junior Mining Assistance Program
June 9, 2014 (Source: Marketwired) — Hinterland Metals Inc. (TSX VENTURE:HMI) is pleased to announce that it has been approved for $40,000 of grants under New Brunswick Junior Mining Assistance Program (“NBJMAP”). The NBJMAP is a financial assistance program designed for junior mining companies that provides incentive contributions based on 50% of eligible exploration costs up to $100,000 per project annually. It is intended to increase the probability of finding economically viable mineral resources in New Brunswick.
The NBJMAP funds will be spent on the newly acquired McIntyre ($20,000) and Williams Brook ($20,000) properties located approximately 85 kilometres west of Bathurst, New Brunswick. Both properties are underlain by northeast trending mafic to felsic volcanics rocks and sediments within the Matapedia Basin just west of the contact with the Miramichi Terrane. The properties are adjacent to the regional scale Rocky Brook-Millstream and McIntyre faults.
Get our daily investorintel update
In response to the tough equity markets, Hinterland has been concentrating its exploration efforts in areas with low operating costs. Northwestern New Brunswick offers a relatively inexpensive jurisdiction for exploration due to its well-developed network of logging roads, proximity to towns and villages, and local availability of trained exploration personnel and contractors. Historically exploration in northern New Brunswick has been primarily in and around the Bathurst base metal camp. The area of the properties has not been found prospective for base metals and has been largely ignored by the resident exploration community. Recent gold discoveries by local prospectors indicate that this area may be more prospective for gold mineralization than previously thought.
Prior work at McIntyre and Williams Brook has located a number of gold showings in float and outcrop, gold-in-soil geochemical anomalies and geophysical anomalies. Hinterland has commenced exploration on both properties with soil geochemical, prospecting and rock sampling surveys. The goal of the work will be to confirm the results of previous work and to generate new drill targets.
“In these tough equity markets we are very grateful for the support provided by the New Brunswick Junior Mining Assistance Program. This money will go a long way towards generating drill targets at McIntyre and Williams Brook,” commented Mark Fekete, President and CEO.
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 release.
This release may contain forward-looking statements that are subject to known and unknown risks and uncertainties that could cause actual results to vary materially from targeted results. Such risks and uncertainties include those described in the Company’s periodic reports including the annual report or in the filings made by the Company from time to time with securities regulators. The Company undertakes no obligation to publicly release the result of any revision of these forward-looking statements to reflect events or circumstances after the date they are made or to reflect the occurrence of an unanticipated event.
Raj Shah has professional experience working for over a half a dozen years at financial firms such as Merrill Lynch and First Allied Securities Inc., ... <Read more about Raj Shah>