Vancouver, British Columbia (FSCwire) – VERTICAL EXPLORATION INC. (V: VERT.H) (“Vertical” or “the Company”) is pleased to provide an update on its resource development program at it’s St. Onge Wollastonite project in Quebec.
The company wants to inform its shareholders that it has obtained clarifications in a formal written opinion from the Ministry of Mines of Quebec (MERN) legal department regarding its 100% own Wollastonite project. The statement basically says that the Wollastonite project can be considered under the Quarry Law with a BEX (bail d’exploitation miniere permit) as long as the material being produced serve as soil amendment without concentration.
Following the clarifications obtained by the ministry, the board of vertical having taken knowledge of the recommendations with its consultants and advisors made the decision to proceed with the various license applications required to obtain a BEX from the MERN for operation as well as a Certificate of Authorization from the MDDELCC and any other permits necessary for the extraction to produce aggregates and fine products of wollastonite for the purpose of soil amendment for the agriculture and cultivation of different plants and other potential markets.
Vertical wants to mention that it is actively working to open new markets in connection with non-optimized wollastonite product. It is comparable with iron rich project called DSO (Direct Shipping Ore) where material is mined, crushed, screened and shipped.
This strategy will allow the company in the very short term to generate cash without having to dilute further and without having to invest significant amount related to the construction of a treatment plant, thus Vertical confirms its position and its long-term vision regarding the benefits of the use of this unique mineral by its properties to a responsible and ecological agriculture.
The Company realizes what undertakes a major shift in its development and how it should test its ability to complete the various stages of the process, hence the importance of starting the project with an approach based on principles of respect for the communities involved, the environment and the various stakeholders.
The required permit application process will be initiated immediately following the delivery of GoldMinds Geoservices Inc. technical report so that all required documents are submitted by the end of 2018.
The Company is starting to receive analytical results from its witness core resampling program, results will be disclosed once all received, validated and interpreted.
“Written confirmation from the Ministry of Mines in Quebec to define the exact status of the project in relation to mineral development at St. Onge will make a huge difference in the time needed to advance the project forward.” commented Peter Swistak, President and CEO Vertical Exploration.
The technical and scientific content of this press release has been reviewed and approved by Claude Duplessis, P.Eng. Qualified Person under National Instrument 43-101.
Vertical Exploration’s mission is to identify, acquire, and advance high potential mining prospects located in North America for the benefit of its stakeholders. The Company’s St-Onge Wollastonite property is located in the Lac-Saint-Jean area in the Province of Quebec.
The Historical resources of the property with ancient CIM Vol 45 1992 labelling prior to NI 43-101 combined measured class I and Class II with the indicated Mineral Resources were of 45.2 MT at 38.19 % Wollastonite using a 30% cut off on wollastonite. The % wollastonite was derived from mineral norm constitution based on whole rock analysis with COREM. Source: Geostat Systems International report January 20th 1994. The historical estimates are relevant and present the amount of mineralized material intersected by diamond drill holes in 3D surveyed by legal surveyor. The numbers were prepared with the standard of the time. Kriging has been used for the interpolation of 10 x 5 x 10m blocks with a density of 2.96. Resampling work is being done and a Lidar survey has been done for a precise topography.
The reader is cautioned that the above referenced “Historical Resource” is considered historical in nature and as such is based on prior data and reports prepared by previous property owners and the company is not treating the historical estimate as current mineral resources. The qualified person has not done sufficient work yet to classify the historical estimate as current resources or mineral reserves.
ON BEHALF OF THE BOARD
Peter P. Swistak, President
FOR FURTHER INFORMATION PLEASE CONTACT: Telephone: 1-604-683-3995 Toll Free: 1-888-945-4770
Some statements in this news release contain forward-looking information that involves inherent risk and uncertainty affecting the business of Cavan Ventures Inc. Actual results may differ materially from those currently anticipated in such statements. 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.