VANCOUVER, BC / ACCESSWIRE / November 29, 2023 / Green Bridge Metals Corporation (CNSX:GRBM) ("Green Bridge" or the "Company") is pleased to provide a corporate update.
Since announcing plans to focus on nickel (Ni), copper (Cu) and critical minerals and acquire the Puddy Lake and Danby Properties in Ontario, Canada, the Company has successfully met key project milestones. Highlights include:
Changed its name to Green Bridge Metals Corp., with common shares of the Company having resumed trading on the Canadian Securities Exchange (CSE) on October 19, 2023.
Closed a non-brokered private placement financing for aggregate proceeds of $1,153,000 (CAD).
Has closed the acquisition of an option to purchase a 100-per-cent interest in the Chrome-Puddy. property and Danby Triangle property located in Thunder Bay, Ontario, Canada.
Completed a geochemical survey at Danby property with results pending.
Completed surface work at the Puddy Lake property including mapping and rock sampling to aid in developing drill targets at the Puddy Lake property. Results from the program, a targeting update, and 2024 exploration plans will be forthcoming in the coming weeks.
Initiated a number of property reviews with the aim of developing a premiere North American-based portfolio of copper-nickel projects.
"I would like to start by thanking our shareholders for their patience, support and resolve through a long period of change and transformation from Mich Resources to Green Bridge Metals. We have achieved a realignment of vision and strategy for our Company that reflects a viable future. As climate change shapes societies, economies and consumer behaviour we need to adapt. Green Bridge is purpose-built to be a leader in creating access to the critical resources required for responsible, practical and prosperous transition. Over the past months, we have worked to put Green Bridge in a strong position to leverage its growing, Canadian critical metals asset base. We are excited about the nickel-copper targets and the prospectivity of other battery metals near to the infrastructure in Ontario, Canada. While we build value with our existing properties we will aggressively pursue additions to the portfolio that are size and scope appropriate to the Company and market conditions. We look forward to providing the market with technical and Corporate news in the near future," stated David Suda, Green Bridge Metals CEO.
Puddy Lake Property Overview:
The Puddy Lake Property and the Opportunity:
Puddy Lake Property has a 30M tonne non NI43-101 compliant resource at approximately 0.27% nickel within ultramafic intrusion based on drilling from the 1960s.**
Exploration target associated with historical mineralized drill holes over a 1.9 kilometre (km) strike length is 100Mt at similar nickel grades. Some historical drill holes bottom in mineralization indicating potential for a bigger system.
There are several untested conductors within the 5.5 km long ultramafic intrusive that provide considerable exploration upside for nickel and platinum (Pt) group elements.
Property is fully permitted for drilling.
Serpentinite, the host rock for Puddly Lake mineralization, has exceptional carbon dioxide (CO2) sequestration potential for a carbon-neutral or carbon negative mining opportunity.
Puddy Lake Exploration Update and Plans:
Rock sampling program was conducted in September of this year over known ultramafic nickel mineralization as well as over conductive targets that remain undrilled. Results are pending and will utilized for developing drill targets.
The Company plans for a modern VTEM (Versatile Time Domain Electromagnetic) airborne survey to refine drill targeting.
Initial drill program planned for 2024.
Danby Exploration Update and Plans:
Completion of geochemical survey over the 325 hectare property for 180 samples. Soil gas hydrocarbon survey was employed as a way of detecting mineralization under deep cover targeting copper-nickel-platinum group metal mineralization.
Results of the geochemical survey have delineated a redox cell target with a Cu-Ni signature that is broadly coincident with an airborne VTEM conductor identified by previous operators.
The Company plans for a modern VTEM airborne survey to refine drill targets beneath the newly recognized geochemical anomalies.
**The above mineral resource estimates are not current and should be considered "historical estimates" under National Instrument 43-101 -Standards of Disclosure for Mineral Projects ("NI 43-101"). A Qualified Person has not done sufficient work to classify the historical estimate as a current mineral resource or reserve, and the Company is not treating these historical estimates as current mineral resources or reserves. The Company would need to conduct an exploration program (including drilling) in order to verify these historical estimates as current in accordance with NI 43-101. There can be no certainty, following further evaluation and/or exploration work, that these historical estimates can beupgraded or verified as mineral resources or mineral reserves in accordance with NI 43-101. As such, these historical estimates should not be relied upon.
ABOUT GREEN BRIDGE METALS
Green Bridge Metals Corporation (formerly Mich Resources Ltd.) is a Canadian based exploration company focused on acquiring ‘battery metal' rich mineral assets and the development of the Chrome-Puddy Property (the "Property") in the Thunder Bay Mining Division, Ontario, Canada. Chrome-Puddy contains bulk-tonnage nickeliferous magnetite mineralization and a past-producing chromite mine both hosted in a serpentinized ultramafic intrusion. The Property has exploration targets for bulk-tonnage Ni mineralization, high grade Ni-Cu-PGM magmatic sulphide mineralization and chromite.
On behalf of Green Bridge Metals,
"David Suda" President and Chief Executive Officer
For more information, please contact:
David Suda President and Chief Executive Officer Tel: 604.928-3101 [email protected]
Forward Looking Information
Certain statements and information herein, including all statements that are not historical facts, contain forward-looking statements and forward-looking information within the meaning of applicable securities laws. Such forward-looking statements or information include but are not limited to statements or information with respect to: the exploration and development of the Puddy Lake and Danby Properties.
Although management of the Company believe that the assumptions made and the expectations represented by such statements or information are reasonable, there can be no assurance that forward-looking statements or information herein will prove to be accurate. Forward-looking statements and information by their nature are based on assumptions and involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information. These risk factors include, but are not limited to: the exploration and development of the Puddy Lake and Danby Properties may not result in any commercially successful outcome for the Company; risks associated with the business of the Company; business and economic conditions in the mining industry generally; changes in general economic conditions or conditions in the financial markets; changes in laws (including regulations respecting mining concessions); and other risk factors as detailed from time to time.
The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.