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Affinity Metals Clarifies Disclosure Regarding Historical Estimate Associated with the Snowflake/Regal Silver Mines Located on the Regal Project Near Revelstoke, British Columbia
Vancouver, British Columbia--(Newsfile Corp. - July 17, 2020) - Affinity Metals Corp. (TSXV: A...
About this update from Affinity Metals Corp
[{"type":"text","content":"Affinity Metals Clarifies Disclosure Regarding Historical Estimate Associated with the Snowflake/Regal Silver Mines Located on the Regal Project Near Revelstoke, British ColumbiaVancouver, British Columbia--(Newsfile Corp. - July 17, 2020) - Affinity Metals Corp. (TSXV: AFF)\") (\"Affinity\" or \"the Corporation\") announces that as a result of a review by the British Columbia Securities Commission, the Corporation is issuing this news release to clarify certain information previously disclosed in news releases and corporate presentation material.Regal Mine DisclosureThe Corporation previously disclosed historical estimates for the Regal Mine located on its Regal Property on its corporate website, in its corporate presentation material, and also in news releases dated October 23, 2019, November 5, 2019, January 15, 2020 and April 16, 2020.: In 1982, reported reserves were 590,703 tonnes grading 71.6 grams per tonne silver, 2.66 per cent lead, 1.26 per cent zinc, 1.1 per cent copper, 0.13 per cent tin and 0.015 per cent tungsten. This previous disclosure of the historical estimate did not provide all of the disclosure required by NI 43-101, 2.4 - Disclosure of Historical Estimates. In this regard, the following additional disclosure is provided by the Corporation to address this deficiency:The historic estimate was presented by Gunsteel Resources Inc., April 29, 1986 in a Prospectus filing and was presumed to be reliable based on the fact that it was part of a Prospectus filing and would have been subject to review and scrutiny by regulatory bodies at the time it was filed.The Corporation is not aware of the key assumptions, parameters, or methods used by Gunsteel Resources at that time to prepare the historical estimate.The historic estimate uses categories other than ones set out in NI 43-101. With the limited information available to the Corporation at this time, it is not able to provide an explanation of the differences.The Corporation is not aware of any more recent estimates or data since the 1986 Gunsteel Resources Prospectus filing.The Corporation at this point does not yet know what work needs to be done to upgrade or verify the historical estimate as current mineral resources or mineral reserves.No Qualified Person (as defined in NI 43-101) has done sufficient work to classify the historical estimate as current mineral...