/ DO NOT RELEASE IN THE UNITED STATES OR THROUGH US NEWSWIRE /
CALGARY, AB, September 27, 2021 / CNW / – Highwood Asset Management Ltd. (TSXV: HOCL) (“Highwood” or the “Company”) is pleased to announce the filing of NI 43-101 technical report for the Company’s Ironstone Iron-Vanadium project.
NI 43-101 Technical Report
Highwood commissioned APEX Geoscience Ltd. prepare a report according to National Standard 43-101 dated September 21, 2021 (the “Technical Report”) as a geological introduction to its Ironstone iron-vanadium project (the “Project”) in northwestern Alberta. The technical report for the project is available on SEDAR (www.sedar.com) and on the Company’s website.
Summary of the Fe-V iron stone Project and technical report:
Highwood’s total Alberta and northeast British Columbia The Land Position, which includes both the Ironstone Iron-Vanadium Project and the Lithium-Brine Project, includes 236 mining permits / titles covering 1,522,099 hectares or 3,761,189 acres (the “Permits”) for which Highwood owns 100%. mining rights.
The Ironstone iron-vanadium project and technical report highlighted in this disclosure focuses on the Bad Heart formation exposed on or near the surface of the Upper Cretaceous in the northwest. Alberta. The Ironstone Vanadium Project includes a portion of all of the Highwood Lands and consists of 77 mining permits covering 546,399 hectares or 1,350,182 acres. The 77 mining permits are grouped into 7 sub-properties which include 4 contiguous groups and 3 non-contiguous groups of mining permits.
The ironstone of the Bad Heart Formation of the Late Cretaceous has been historically documented to contain abnormal concentrations of iron and vanadium. For example, historical analyzes of ironstone from the Bad Heart Formation within the boundaries of the current Highwood property have yielded iron concentrations between 16.71% Fe and 40.4% Fe, with an average of 28 , 9% Fe, and vanadium concentrations ranging from 357 ppm V to 2323 ppm V with an average of 1349 ppm V.
While May 2021, Highwood conducted an early stage reconnaissance bedrock sampling program to validate historical information. A total of 8 Cretaceous bedrock samples were collected by the Company from 3 of the 7 sub-properties. The samples were analyzed in independent and accredited laboratories (ALS Vancouver and Saskatchewan Research Council). Analytical results gave between 3.9% and 38.5% Fe2O3 and 21 ppm to 468 ppm V. The lower iron-vanadium samples collected during this program are interpreted to represent sandstone from the Upper Cretaceous Cardium Formation, stratigraphically older than the Bad Heart Formation. In contrast, samples collected from a historically documented exposure of ironstone from the Bad Heart Formation at the “Sprit River Section Pit” contained 34.4% to 38.4% Fe.2O3 and 418 to 468 ppm V. These samples verify the historical iron and vanadium content of the ooidal ferrous stone of the Bad Heart Formation at this site.
A site inspection by an independent qualified person (“QP”) (July 2021) supported the geology and geochemistry of the Upper Cretaceous Bad Heart Formation in the Sprit River Section Trench. The PQ collected 5 samples of moderately to ubiquitous ferruginous ferruginous at this rock outcrop, which included 3 channel samples of about one meter and 2 grab samples. The samples were analyzed at Activation Laboratories Ltd. and gave 29.8% to 36.9% Fe (45.06% to 57.03% Fe2O3) and 1160 ppm to 1530 ppm V. On inspection, an additional grab sample of fine-grained iron-stained sandstone from the Cardium Formation yielded 21.9% Fe and 117 ppm V.
Once the technical report is complete, Highwood intends to focus on:
- Initiate independent test work on ferrous stone mining technology with the aim of developing mineral enrichment and recovery technologies;
- Conduct early stage exploration work that includes continuous historical compilation, geological mapping and sampling of the Bad Heart Formation in the Highwood licensed areas; and
- Perform a detailed, high-resolution, helicopter-borne aeromagnetic survey to delineate target areas for a future diamond drilling program.
Summary of the Lithium-Brine project:
In addition, the Highwood Lithium-Brine project continues to be important to the Company (see press release dated July 16, 2021), and therefore, a summary of a previous 43-101 technical report dated July 14, 2021 is incorporated into the Company’s current technical report, which focuses on the Ironstone FE-V project.
D. Roy Eccles, M.Sc, P. Geol., APEX Geoscience Ltd. is an independent qualified person as defined by National Instrument 43-101 and has reviewed and approved the technical information that forms the basis of this press release.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Caution regarding forward-looking information
This press release contains “forward-looking information” or “FLI” within the meaning of Canadian securities laws. Forward-looking information is generally identifiable by the use of the words “believes”, “could”, “plans”, “will”, “plans”, “plans”, “budget”, “could”, “” “,” forecasts “,” plans “and similar expressions, and the negative of such expressions. The forward-looking information contained in this press release includes statements about the next steps of the Company which include the evaluation of resources, the continuation of exploration work. and development, including with respect to potential mining technology, further sampling and reservoir model development, completion and timing for the Cretaceous Ironstone NI 43-101 Technical Report, and the valuation and potential spin-off of a pure play lithium company, as well as the specific assumptions used to develop such an FLI and specific risk factors.
In connection with the forward-looking information contained in this press release, Highwood has made numerous assumptions regarding, among others: the geological, metallurgical, technical, financial and economic advice that Highwood has received is reliable and is based on best practices and methodologies that conform to industry standards. Although Highwood considers these assumptions to be reasonable, these assumptions are inherently subject to significant uncertainties and contingencies.
In addition, there are known and unknown risk factors that could cause Highwood’s actual results, performance or achievements to differ materially from future results, performance or achievements expressed or implied by the forward-looking information contained herein. . Known risk factors include, among others: Li-brine resource assessment may not be completed as planned or at all; exploration and further sampling may be over budget; the continuation of sampling and the reservoir model may not achieve the expected results; investor support for a pure play lithium public spin-off company; the need for additional funding; uncertainty about the availability and terms of future funding; the possibility of delays in exploration or development programs and uncertainty about meeting planned program milestones; uncertainty about the timely availability of permits and other government approvals.
A more complete discussion of the risks and uncertainties facing Highwood is disclosed in Highwood’s continuous disclosure documents to Canadian securities regulators at www.sedar.com. All forward-looking information contained in this document is qualified in its entirety by this cautionary statement, and Highwood disclaims any obligation to revise or update such forward-looking information or to publicly announce the result of any revision of any of the forward-looking information contained herein. to reflect future results, events or developments, except as required by law.
SOURCE Highwood Asset Management Ltd.
View original content to download multimedia: http://www.newswire.ca/en/releases/archive/September2021/27/c1814.html