Vancouver, British Columbia–(Newsfile Corp. – July 12, 2017) – Sego Resources (TSXV: SGZ) receives a new 5 Year Area Based Exploration Permit and announces a non-brokered private placement.
The company plans to raise up to $200,000 through the offering of up to 4 million units priced at $0.05 per unit. Each unit consists of one share and one full warrant, with each warrant exercisable at $0.075 in the first year, and $0.10 in the second year.
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In addition to accredited investors, the offering is open to current shareholders. The company is also relying on BC Securities Commission Instrument 45-535 allowing non-accredited investors to purchase the private placement provided they have obtained advice from a registered investment dealer.
Sego plans to use $125,000 for diamond drilling on the 100% owned Miner Mountain project and the balance for working capital.
The company recently received a new 5 Year Area Based Exploration Permit. With a drill on site, the company plans, as soon as the risk of fire passes, an initial 2 to 4-hole drill program, depending on the depth drilled, to extend the area of significant alteration and copper-gold mineralization outlined in 2012, with the goal of delineating a NI 43-101 compliant resource.
The 2,056 hectare project is located near mining friendly Princeton, British Columbia, just 15 kilometres north of the Copper Mountain Mine, operated by the Copper Mountain Mining company. The claims cover an extensive, well-altered porphyry system containing excellent copper-gold grades, located along the same regional fault as the Copper Mountain mine, which is mining 0.33% copper, with gold and silver credits.
To date, Sego has incurred exploration and evaluation expenditures in excess of $4.6 million on Miner Mountain, including approximately 4,200 metres of diamond drilling and 9,000 metres of percussion drilling. The drilling outlined a large zone, the Cuba Zone, of elevated grade over 1,200 metres in length and 100 metres in width, with several drill holes ending in mineralization. Best drill intersection to date contained 100 metres of 0.95% copper, 0.55 grams per tonne gold and 3.47 grams per tonne silver.
The management team, headed by J Paul Stevenson, a Metis Elder, has successfully moved a similar copper/gold porphyry property from the exploration stage to the filing of a preliminary economic assessment.
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