VANCOUVER, British Columbia, Aug. 01, 2018 (GLOBE NEWSWIRE) -- New Point Exploration Corp. (CSE: NP / OTC: NPEZF / FSE: 4NP) (“ New Point ” or the “ Company ”) is pleased to announce the Company has acquired title 026311M, 500 metres east of the Moosehead Gold Project located close to the town of Grand Falls-Windsor in North-Central Newfoundland.
The newly acquired property is 2.0 km long by 1.5 km wide and lies 3 kilometres east of the Sokoman Iron Corp. Moosehead Gold Project, where Sokoman recently reported a drill intersection of 44.96 grams per tonne (g/t) gold over 11.9 metres.
New Point cautions investors mineralization on the Moosehead property is not necessarily indicative of similar mineralization on its newly acquired claim block. New Point further cautions investors it has not verified the Sokoman exploration data.
President Bryn Gardener-Evans stated: "On July 24, Sokoman Iron Corp. announced a new discovery hole that caught our attention. The company made the decision to ensure our shareholders had exposure to what we feel could be a very prosperous area of interest."
The Sokoman intersection consisted of quartz veining at a down hole depth of 109m to 120.9m. Visible gold was noted in the quartz veining. True width is not known but appears to be 50% to 80%.
The Moosehead and New Point properties lie along a northeast trending 150km belt of Silurian volcanics, volcaniclastics and sediments rocks. Mineralization in the Moosehead area is associated with east-west trending quartz veins associated with a north dipping fault system.
In addition, New Point has acquired the historic St. John’s Bay gold occurrence on Thwart Island in St. John’s Bay, where historic sampling has of the showing area returned gold grab values ranging from background to 26,485 parts per billion (26.485 grams per tonne). Mineralization consists of sulfide bearing auriferous quartz veins and veinlets within shear zones in carbonitized and silicified quartz veins.
New Point cautions investors it has not verified the historic exploration data on the St. John’s Bay gold occurrence. The data is taken from Newfoundland and Labrador Department of Natural Resources Mineral Occurrence Database Record ID Number 6336. New Point further cations investors that grab samples are selected samples and are not necessarily representative of mineralization hosted on the property.
Under the terms of the purchase agreement, New Point will make a cash payment of CAD$60,000, at which point New Point will be beneficial owner of the prospective claims.
About New Point Exploration Corp.
New Point (CSE: NP / OTC: NPEZF / FSE: 4NP) is engaged in the business of acquiring, exploring and developing mineral properties related to the growing battery industry. Focused on high grade, prospective properties in North America, New Point is building a portfolio that includes lithium, cobalt and copper projects in prospective, mining-friendly jurisdictions. New Point, A Next Generation Metals Company .
On Behalf of the Board of New Point Exploration Corp. Bryn Gardener-Evans President & CEO Corporate Office 1240-1140 West Pender St Vancouver, BC V6E 4G1
For further information, please contact: E: investors@newpointexploration.com P: 403-830-3710
Forward-looking Information
This news release includes certain forward-looking statements and forward-looking information (collectively, “forward-looking statements”) within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein including, without limitation, statements regarding the Assumption Agreement, the anticipated exploration program for the Empire Lithium Property, future capital expenditures, the anticipated business plans, including the Company’s transition into mineral exploration and development related to the battery industry, and the timing of future activities of the Company, are forward-looking statements. Often, but not always, forward looking information can be identified by words such as “may”, “will”, “expect”, “intend”, “estimate”, “anticipate”, “believe”, “continue”, “plans” or similar terminology. These forward-looking statements reflect the Company’s current views with respect to future events and are necessarily based upon a number of assumptions that, while considered reasonable by the Company, are inherently subject to significant operational, business, economic and regulatory uncertainties and contingencies, including, prices for lithium, cobalt, copper, and base metals remaining as estimated, prices for labour, materials, supplies and services (including transportation) remaining as estimated, all necessary permits, licenses and regulatory approvals for the Company’s operations being received in a timely manner, and the Company’s ability to comply with environmental, health and safety laws. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct.
Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to differ materially from any future results, performance or achievements expressed or implied by the forward-looking statements. Such risks and other factors include, among others, operating and technical difficulties in connection with mineral exploration and development, actual results of exploration activities, variations to the geological and metallurgical assumptions, the costs and timing of the development of new exploration projects, requirements for additional capital to fund the Company’s business plan, future prices of lithium, cobalt, copper, and base metals, changes in general economic conditions, changes in the financial markets and in the demand and market price for commodities, delays in obtaining governmental and regulatory approvals (including of the Canadian Securities Exchange), permits or financing, or in the completion of development or construction activities, changes in laws, regulations and policies affecting mining operations, hedging practices, currency fluctuations, title disputes or claims limitations on insurance coverage and the timing and possible outcome of pending litigation, and environmental issues and liabilities, as well as those factors discussed under the heading “Risk Factors” in the Company’s prospectus dated November 8, 2017 and other filings of the Company with the Canadian Securities Authorities, copies of which can be found under the Company’s profile on the SEDAR website at www.sedar.com.
Readers are cautioned not to place undue reliance on forward-looking statements. The Company undertakes no obligation to update any of the forward-looking statements in this news release or incorporated by reference herein, except as otherwise required by law.
