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First Energy completes initial exploration work at both Kokankee Creek & Independence Gold Properties
VANCOUVER, BC, Aug. 3, 2020 /CNW/ - First Energy Metals Ltd. (CSE: FE) ("First Energy" or the "Company) is pleased to announce that it has completed exploration
About this update from Linear Minerals Corp.
[{"type":"text","content":" VANCOUVER, BC, Aug. 3, 2020 /CNW/ - First Energy Metals Ltd. (CSE: FE) (\"First Energy\" or the \"Company) is pleased to announce that it has completed exploration work at its Kokanee Creek and Independence Gold Properties located in the southeastern British Columbia, Canada. The work included prospecting to locate historical mineralization areas, carry out surface sampling, and mapping of historical gold mineralization veins and structures. A total of 45 grab rock / sediment samples were collected from various outcrops and mineralized areas mentioned in the historical exploration work reports. The samples are submitted to ACME Analytical Laboratories in Vancouver, BC and the results are expected in four to six week's time. During fieldwork at the Kokanee Creek Property, a mineralization area with 2 kilometres by 500 meters dimensions was targeted where historical drilling in 1997 returned encouraging gold, silver, lead or zinc mineralization at shallow depths. The Company has filed a drill permit application using BC online mine permitting system and timing of drilling work will depend upon permit approval. Afzaal Pirzada, P.Geo., Geological Consultant of the Company, and a \"Qualified Person\" for the purposes of National Instrument 43-101 - Standards of Disclosure for Mineral Projects, has reviewed and approved the scientific and technical information contained in this news release. First Energy would also like to announce its intention to reprice the non-brokered private placement originally announced on June 9, 2020. Both the price of the flow-through and hard dollar private placement will be revised upwards to $0.14 cents per share. The total amount to be raised of $500,000 remains the same, the offering will now comprise of 1,785,714 flow-through shares at $0.14 cents per share and the hard dollar portion will comprise of 1,785, 714 units at $0.14 cents per unit, with each unit consisting of one common share and one fully transferrable share purchase warrant entitling the holder to purchase one additional common share at a price of $0.25 cents for a period of 1 year. The use of proceeds will be used for exploration and development of Company's mineral properties and general working capital. One or more existing insiders may be participating in the financing as approved by independent directors. The Co...