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Omineca Announces Private Placement for Drilling at Wingdam, BC Canada
Omineca Announces Private Placement for Drilling at Wingdam, BC Canada Canada News...
About this update from Omineca Mining And Metals Ltd.
[{"type":"text","content":"\n\n\n\nOmineca Announces Private Placement for Drilling at Wingdam, BC Canada\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\n\nCanada NewsWire\nSASKATOON, April 1, 2020\n\n\n\n/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES./\n SASKATOON, April 1, 2020 /CNW/ - Omineca Mining and Metals Ltd. (TSX-V: OMM) (\"Omineca\" or the \"Company\") announces that it has arranged a non-brokered private placement offering of up to 4,166,666 units of the Company (the \"Units\") at a price of $0.12 per unit for gross proceeds of $500,000, along with 6,250,000 common shares of the Company issued on a flow through basis (the \"FT Shares\") at a price of $0.16 for gross proceeds of $1,000,000.  Each Unit consists of one common share and one common share purchase warrant (a \"Warrant\") with each Warrant entitling the holder to acquire one common share of the Company at a price of $0.20 for a period of 24 months following the closing of the offering. \nOmineca is planning a hard rock exploration and drilling program at Wingdam, which represents the Company's initial exploration program for the lode gold source of placer gold recovered from the underground paleochannel at Wingdam, BC, Canada.  While not finalized, the exploration plan will begin with structural mapping and trenching, followed with diamond drilling of up to 20 exploration holes in four initial target areas for a planned 6,000 meters.  This will be Omineca's first drill program for lode gold at Wingdam.  \nThe drill program is targeting NW striking faults where they intersect NE trending faults identified in the magnetic survey completed in 2018.  This structural control pattern is indicative of Riedel style strike-slip deformation that would produce sub-vertical ore shoots similar to the structural controls of the gold hosted at Osisko Gold Royalties' Cariboo Gold Project at Barkerville, 25 kilometers to the east. \nIn an earlier SkyTEM survey, a large electro-magnetic signature was identified immediate...