Green Swan Capital Corp. Announces Work Program on Cobalt Asset and Financings
September 7, 2016 (Source) — Green Swan Capital Corp. (TSXV: GSW) (“Green Swan”), announces it intends to immediately effect hard dollar and flowthrough financings.
The flowthrough financing will be deployed at Green Swan’s cobalt asset in the Sudbury Basin, Ontario. A short diamond drill program is slated to begin in November, 2016, following the completion of surface work, geophysics and data compilation. Management is very pleased with the strong results to date (see press releases dated June 20/16 and August 15/16).
Green Swan announces its intention to effect a flowthrough financing in an amount up to $300,000 by offering up to 2,500,000 Flowthrough Units priced at $0.12 (twelve cents) per Flowthrough Unit. Each Flowthrough Unit will comprise of one flowthrough share and one full 13-cent warrant with a 12-month term. Green Swan also announces its intention to carry out a hard dollar financing in an amount up to $200,000 by offering up to 2,222,222 Common Units priced at $0.09 (eight cents) per Common Unit. Each Common Unit will comprise of one common share and one full 13-cent warrant with a 12-month term. Both financings are subject to regulatory approval.
Green Swan has previously announced that it has qualified for a JEAP grant, in amount to be determined following completion of the diamond drill program.
The Asset and its Geology
The asset as acquired by Green Swan in June, 2016 was a block of 16 contiguous patented mining claims (260 hectares) in the Sudbury Basin, an area renowned for its world-class polymetallic sulphide ore deposits. It lies within the Huronian Gold Belt, a prolific zone of past gold producers that extends across roughly 120 kilometers. Mining infrastructure, labour and knowledge are easily accessible in this mining-friendly jurisdiction. Green Swan has since strategically added to its land package by staking and by acquisition.
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In the southern four claims, the Sudbury Breccia is observed to the west and east of the Nipissing Gabbro, and is cross-cutting and subparallel to metasediments that strike north-eastward. The Main Zone in the north and the Blue Pit in the east are separated by approximately 330m within metasediments with a local Sudbury Breccia vein network around the Blue Pit.
Historic work by third parties on property concentrated on three areas, namely, the Main Zone, the Blue Pit, and Ed’s Watering Hole (‘EWH’) in the south. EWH is roughly 1.2 km south of the Blue Pit. Ed’s Watering Hole appears to occur in altered rock (skarn) at the contact between Nipissing Mafic (Gabbro) sills and dykes (2.22 Ga), and the metasediments of the Huronian Supergroup, Hough Lake Group and Mississage Formation (2.2 to 2.45Ga), and is associated with a 30-centimetre quartz vein.
A map showing the location of the property, its close proximity to Glencore plc’s smelter and key data points can be seen at Green Swan’s website at http://www.greenswancapital.com/map-of-copper-prince.html. The map does not show Green Swan’s recently acquired claims in the area. Pictures of samples taken from Ed’s Watering Hole are also at the website.
About Green Swan Capital Corp.
Green Swan Capital Corp. is a Canadian mining company with a proven leadership team, targeting cobalt in Ontario. Green Swan is well-poised to deliver real value to its shareholders.
Forward Looking Statements
This news release may include statements about expected future events and/or financial results that are forward-looking in nature and subject to risks and uncertainties. Green Swan cautions that actual performance will be affected by a number of factors, many of which are beyond its control. Future events and results may vary substantially from what Green Swan currently foresees. Discussion of the various factors that may affect future results is contained in Green Swan’s recent filings, available on SEDAR. Green Swan assumes no liability for repeating or referring to any facts, statements, releases, data or reports disseminated by any other issuer. Any reference to any other issuer should be cross-checked for accuracy and context by the reader. 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.
On Behalf of the Board of Directors
Green Swan Capital Corp.
“Peter M. Clausi”
Peter M. Clausi
President, CEO and Director
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.
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