Margaux Resources Announces Closing of Non-Brokered Private Placement of Units and Flow-Through Units and Amendment to Bayonne and Sheep Creek Option Agreement

Margaux Resources Announces Closing of Non-Brokered Private Placement of Units and Flow-Through Units and Amendment to Bayonne and Sheep Creek Option Agreement

CALGARY, ALBERTA – (July 13, 2020)

Margaux Resources Ltd. (TSX VENTURE:MRL, OTCQB:MARFF) (“Margaux” or the “Company”) is pleased to announce that further to its press release dated June 19, 2020 and June 24, 2020, and subject to receiving final regulatory approvals, it has closed its non-brokered private placement (the ”Offering”) by issuing:

      • 49,999,993 units (“Units”) of the Company at a price of $0.07; and
      • 11,111,109 flow-through units (“Flow-Through Units”) at a price of $0.09 per Flow-Through Unit.

Gross proceeds raised under Offering are $4.5 Million.

“We are very pleased with the overwhelming interest from investors and to be able to drill at our flagship Cassiar Gold property. Our 2020 exploration program is scheduled to begin in early August, and we are very excited with the potential to expand and explore the known mineralization at the Taurus Deposit” said Marco Roque, CEO of Margaux.

“Our team has worked hard to advance the Cassiar Project on the technical front in preparation for drilling, and we look forward to delivering a safe and successful program,” said Kaesy Gladwin, Margaux’s VP Exploration.

The proceeds from this financing will be used to initiate the next phase of drilling at the Cassiar Gold Project, and for general working capital purposes.

Each Unit consists of one common share (“Common Share”) in the capital of the Company and one Common Share purchase warrant (“Warrant”). Each Flow-Through Unit consists of one common share issued on a “CEE flow-through” basis pursuant to the Income tax Act (Canada) (“CEE Share”) and one flow-through Warrant (“FT Warrant”). Each Warrant will entitle the holder to acquire one Common Share (each, a “Warrant Share”) of the Corporation at a price of CAD$0.12 per Warrant Share, and each FT Warrant will entitled the holder to acquire one Common Share (each, a “FT Warrant Share”) at a price of CAD$0.14 per FT Warrant Share, exercisable for 24 months from the date of closing at 4:30pm (Mountain Standard Time) (“Expiry Time”), subject to acceleration by the Corporation, if the 20-day volume weighted average price of the Common Shares on the TSXV exceeds $0.20 per Common Share.

In connection with the Offering, the Company paid finders’ fees consisting of cash payments totaling $223,146, equal to 6% of the aggregate proceeds raised from the sale of Unit and Flow-Through Units to subscribers introduced to the Company by the finder.

The securities issued pursuant to the Offering are subject to a four month hold period under applicable securities laws.

Option Agreement Amendment

The Company is also pleased to announce that it has entered into an agreement (the “Amending Agreement”) with Yellowstone Resources Ltd. (a private company, based in British Columbia) to amend the option agreement dated December 26, 2016 and amended on February 10, 2020 (the “Option Agreement”), for the acquisition of 100% of the Bayonne and Sheep Creek properties (“the Properties”), located in Salmo, British Columbia.

Pursuant to the Amending Agreement, aggregate option payments (the “Option Payments”) will be paid as follows:

1. Bayonne Property

a. cash payment of $60,000 and issuance of 200,000 Common Shares will be paid on or before July 31, 2020, by way of a cash payment of $50,000, the release of a $10,000 holdback and the issuance of 200,000 Common Shares. In addition, $30,000 will be paid by the issuance of additional Common Shares, at a price per Common Share, equal to the Discounted Market Price (as defined in the policies of the TSXV) (subject to TSXV approval).

2. Sheep Creek Property

a. the cash payment of $100,000 payable on or before July 31, 2020 will be settled by issuing $100,000 in Common Shares, at a price per Common Share, equal to the Discounted Market Price (subject TSXV approval).

All other terms and conditions of the Option Agreement shall remain otherwise unamended.

About Margaux Resources Ltd.
Margaux Resources Ltd. (TSX.V: MRL, OTCQB: MARFF) is a Canadian gold exploration company focused on exploration in British Columbia, and is directed by a group of highly successful business executives.

Forward Looking Statements
This press release may contain forward looking statements including those describing Margaux’s future plans and the expectations of management that a stated result or condition will occur. Any statement addressing future events or conditions necessarily involves inherent risk and uncertainty. Actual results can differ materially from those anticipated by management at the time of writing due to many factors, the majority of which are beyond the control of Margaux and its management. In particular, this news release contains forward-looking statements pertaining, directly or indirectly, to the following: Margaux’s exploration plans and work commitments, the use of proceeds of the Offering and economic factors, TSXV approval business and operations strategies. Readers are cautioned that the foregoing list of risk factors should not be construed as exhaustive. These statements speak only as of the date of this release or as of the date specified in the documents accompanying this release, as the case may be. The Company undertakes no obligation to publicly update or revise any forward-looking statements except as expressly required by applicable securities laws.

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.

CONTACT INFORMATION

Margaux Resources Ltd.
Marco Roque
CEO and a Director
+852 6691 6295
[email protected]

Margaux Resources Ltd. Announces Executive and Board Changes

Margaux Resources Ltd. Announces Executive and Board Changes

CALGARY, ALBERTA — (June 26, 2020)

Margaux Resources Ltd. (TSX VENTURE: MRL, OTCQB: MARFF) (“Margaux” or the “Company”) is pleased to announce the appointment of Marco Roque as its new Chief Executive Officer, effective immediately. Mr. Roque will join the MRL Board as a Director of the Company effective July 1, 2020.

Marco Roque brings to the position a wealth of knowledge and an array of experiences in company development and global capital markets.

Mr. Roque started his career in private banking with Millennium BCP, a large Portuguese bank and joined Barclays Capital in 2007, where for several years he spearheaded the Portuguese derivatives and structured products team with a focus on commodities.

He is a co-founder of Reyna Silver, a silver exploration company with a portfolio of Mexican silver assets, built around two assets that formed part of MAG Silver’s original IPO.

Mr. Roque is also a co-founder and director of Arabian Shield Resources, a private mining company engaged in the acquisition, exploration, and development of mining assets in the Arabian-Nubian Shield and surrounding regions of the Middle-East.

Marco is a CFA charter holder, earned an MBA from Hong Kong University of Science and Technology and London Business School, a Masters in Finance from Nova School of Business and Economics in Lisbon as well as an undergraduate Management degree from the same school.

The Company’s Board and Management team welcome Mr. Roque to the Company.

Tyler Rice will remain in his role as President and Director but effective immediately has resigned from his position as Chief Executive Officer. The Corporation would also like to announce the resignation of Mr. Doug Foster as a Director of the Corporation. The Board thanks Mr. Foster for his valuable contributions to the Company over his many years of service.

About Margaux Resources Ltd.
Margaux Resources Ltd. (TSX.V: MRL, OTCQB: MARFF) is a Canadian gold exploration company focused on exploration in British Columbia, and is directed by a group of highly successful business executives.

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.

CONTACT INFORMATION

Margaux Resources Ltd.
Marco Roque
CEO and a Director
+852 6691 6295
[email protected]

Margaux Resources Ltd. Announces Increase of Private Placement and Update to the 2020 Drill Program

Margaux Resources Ltd. Announces Increase of Private Placement and Update to the 2020 Drill Program

CALGARY, ALBERTA — (June 24, 2020)

Margaux Resources Ltd. (TSX VENTURE:MRL, OTCQB:MARFF) (“Margaux” or the “Company”) is pleased to announce the following:

  • Increase in previously announced financing
  • Warrant acceleration clause amendment
  • Update on 2020 Drill Program

FINANCING

The Company has increased its previously announced private placement financing (see new release dated June 19, 2020) from 22,857,143 units of the Company (“Units”) to 50,000,000 Units at a price of $0.07 per Unit.

The Company also announces that it has updated the terms of the acceleration provisions of the common share purchase warrants issuable pursuant to the private placement announced on June 19, 2020. Pursuant to the revised terms of the acceleration provisions, the Company may accelerate the expiry time of the warrants if the 20-day volume weighted average price of the Company’s common shares on the TSXV exceeds $0.20 per common share. All other terms of the private placement remain unchanged.

Proceeds of the Offering will be used to pursue the Company’s ongoing exploration and drilling programs and for general working capital. The securities issued pursuant to the Offering will be subject to a four month hold period under applicable securities laws. In connection with the Offering, certain finders may receive a cash fee and/or non-transferable finder warrants.

2020 Drill Program

The Margaux exploration team continues to work with GoldSpot Discoveries Ltd. to develop and prioritize resource extension and exploration targets for the summer program. This is being done by leveraging existing geochemical, geophysical, and geological datasets, to characterize and define known areas of mineralization in order to identify expanded or new areas of interest. Historical data will be supplemented with field data collected prior to and concurrent with the drilling program. The 2020 drilling program will collect drill core orientation data for all drill holes. Structural data collected from each drill hole will be used to refine the deposit model and subsequent targets during the program.

Margaux Resources Ltd. prioritizes the safety of its workers and local communities. Accordingly, a comprehensive COVID Infection Prevention and Control Protocol has been developed, to minimize the risk of exposure to COVID-19 or other pathogens. Camp population and crew changes will be kept to a minimum, to further reduce risk. These measures, along with a camp inspection, are required to be in place prior to commencement of work. The inspection was completed and approved by EMPR on June 17, 2020. Margaux’s protocols are available on the company website.

About Margaux Resources Ltd.

Margaux Resources Ltd. (TSX.V: MRL, OTCQB: MARFF) is a Canadian gold exploration company focused on exploration in British Columbia, and is directed by a group of highly successful Canadian business executives.

Forward Looking Statements
This press release may contain forward looking statements including those describing Margaux’s future plans and the expectations of management that a stated result or condition will occur. Any statement addressing future events or conditions necessarily involves inherent risk and uncertainty. Actual results can differ materially from those anticipated by management at the time of writing due to many factors, the majority of which are beyond the control of Margaux and its management. In particular, this news release contains forward-looking statements pertaining, directly or indirectly, to the following: Margaux’s exploration plans and work commitments, and economic factors, business and operations strategies. Although Margaux believes that the expectations reflected in these forward-looking statements are reasonably, undue reliance should not be placed on them because Margaux can give no assurance that they will prove to be correct. Readers are cautioned that the foregoing list of risk factors should not be construed as exhaustive. These statements speak only as of the date of this release or as of the date specified in the documents referenced by this release, as the case may be. The Company undertakes no obligation to publicly update or revise any forward-looking statements except as expressly required by applicable securities laws.

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.


CONTACT INFORMATION

Margaux Resources Ltd.
Tyler Rice
President, CEO and a Director
(403) 537-5590
[email protected]

Margaux Resources Announces Non-Brokered Private Placement of Units and Flow-Through Units

Margaux Resources Announces Non-Brokered Private Placement of Units and Flow-Through Units

CALGARY, ALBERTA — (June 19, 2020)

Margaux Resources Ltd. (TSX VENTURE:MRL, OTCQB:MARFF) (“Margaux” or the “Company”) is pleased to announce that subject to TSX Venture Exchange (“TSXV”) approval, it intends to issue, pursuant to a non-brokered private placement, up to 22,857,143 units (“Units”) of the Company at a price of $0.07 per Unit and 11,111,111 flow-through units on a “CEE flow-through” basis (“Flow-Through Units”) at a price of $0.09 per Flow-Through Unit, pursuant to the Income Tax Act (Canada) (the “ITA”) for gross proceeds of up to $2.6 Million (the “Offering”).

Each Unit will consist of one common share (“Common Share”) in the capital of the Company and one Common Share purchase warrant (“Warrant). Each Flow-Through Unit will consist of one common share issued on a “CEE flow-through” basis pursuant to the ITA (“CEE Share”) and one flow-through Warrant (“FT Warrant”). Each Warrant will entitle the holder to acquire one Common Share (each, a “Warrant Share”) of the Corporation at a price of CAD$0.12 per Warrant Share, and each FT Warrant will entitled the holder to acquire one Common Share (each, a “FT Warrant Share”) at a price of CAD$0.14 per FT Warrant Share, exercisable for 24 months from the date of closing at 4:30pm (Mountain Standard Time) (“Expiry Time”), subject to acceleration by the Corporation, if the 20-day volume weighted average price of the Common Shares on the TSXV exceeds $0.16 per Common Share.

Closing of the Offering is expected to occur on or before July 10, 2020.

Proceeds of the Offering will be used to pursue the Company’s ongoing exploration and drilling programs and for general working capital. The securities issued pursuant to the Offering will be subject to a four month hold period under applicable securities laws. In connection with the Offering, certain finders may receive a cash fee and/or non-transferable finder warrants.

About Margaux Resources Ltd.
Margaux Resources Ltd. (TSX.V: MRL, OTCQB: MARFF) is a Canadian gold exploration company focused on exploration in British Columbia, and is directed by a group of highly successful Canadian business executives.

Forward Looking Statements
This press release may contain forward looking statements including those describing Margaux’s future plans and the expectations of management that a stated result or condition will occur. Any statement addressing future events or conditions necessarily involves inherent risk and uncertainty. Actual results can differ materially from those anticipated by management at the time of writing due to many factors, the majority of which are beyond the control of Margaux and its management. In particular, this news release contains forward-looking statements pertaining, directly or indirectly, to the following: Margaux’s exploration plans and work commitments, market conditions and the Company’s reasonable commercial efforts regarding financing activities, the ability to close the Offering in the amount anticipated or at all, the use of proceeds of the Offering and economic factors, business and operations strategies. Readers are cautioned that the foregoing list of risk factors should not be construed as exhaustive. These statements speak only as of the date of this release or as of the date specified in the documents accompanying this release, as the case may be. The Company undertakes no obligation to publicly update or revise any forward-looking statements except as expressly required by applicable securities laws.

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.

CONTACT INFORMATION

Margaux Resources Ltd.
Tyler Rice
President, CEO and a Director
(403) 537-5590
[email protected]

Margaux Resources Announces Closing of Non-Brokered Private Placement of Units and Appointment of New Director

Margaux Resources Announces Closing of Non-Brokered Private Placement of Units and Appointment of New Director

CALGARY, ALBERTA – (May 20, 2020)

Margaux Resources Ltd. (TSX VENTURE:MRL, OTCQB:MARFF) (“Margaux” or the “Company”) is pleased to announce that further to its press release dated March 5, 2020 and April 28, 2020, and subject to receiving final regulatory approvals, it has closed the second tranche of its non-brokered private placement (the ”Offering”) by issuing 357,000 units (“Units”) of the Company at a price of $0.07 for aggregate proceeds of $24,990.

Gross proceeds raised under the first and second tranche of the Offering are $274,995.

Each Unit consists of one common share in the capital of the Company (“Common Share”) and one Common Share purchase warrant (“Warrant”). Each Warrant will entitle the holder to acquire one Common Share (each a “Warrant Share”) at an exercise price of $0.12 per Warrant Share until 4:30 pm (Mountain Standard time) on that date that is 24 months from the issuance closing date, subject to accelerated expiry, if the 20-day Volume Weighted Average Price of the Common Shares on the TSX Venture Exchange exceeds $0.20 per share.

The securities issued pursuant to the Offering are subject to a four month hold period under applicable securities laws. In connection with the Offering, certain finders may receive a cash fee and/or non-transferable finder Warrants.

As previously announced, the proceeds of the Offering will be used to pursue the Company’s ongoing exploration and drilling programs and for general working capital.

The Company is also pleased to announce the appointment of Mr. Wenhong Jin to the Company’s Board of Directors effective June 1, 2020.

Mr. Jin is a Professional Geologist and has 28 years of field exploration, acquisitions and investment experience for precious and non-ferrous metals in Asia, Africa, and in North America. He has served as a Chief Geologist, VP Acquisition and most recently as President and CEO of Huakan International Mining Inc. based in Vancouver since 2010. He led a successful exploration of the J&L Gold polymetallic deposit in BC. He also discovered a medium-sized gold deposit and made significant achievements in the exploration of adjacent claims of the Jinduicheng Molybdenum Porphyry deposit in Shaanxi province, China. Mr. Jin is currently the CEO and a Director of Wildsky Resources (TSX.V WSK), CEO of C2 Mining International Corp. (a private consulting firm) and an independent director on two other publicly listed companies.

“Mr. Jin brings great depth and range of relevant geology and mining experience to the Margaux Resources Board. His working knowledge of our Cassiar Gold Project is especially beneficial to our path forward,” stated Chairman of the Board Jim Letwin.

About Margaux Resources Ltd.
Margaux Resources Ltd. (TSX.V: MRL, OTCQB: MARFF) is a Canadian gold exploration company focused on exploration in British Columbia, and is directed by a group of highly successful Canadian business executives.

Forward Looking Statements
This press release may contain forward looking statements including those describing Margaux’s future plans and the expectations of management that a stated result or condition will occur. Any statement addressing future events or conditions necessarily involves inherent risk and uncertainty. Actual results can differ materially from those anticipated by management at the time of writing due to many factors, the majority of which are beyond the control of Margaux and its management. In particular, this news release contains forward-looking statements pertaining, directly or indirectly, to the following: Margaux’s exploration plans and work commitments, the use of proceeds of the Offering and economic factors, business and operations strategies. Readers are cautioned that the foregoing list of risk factors should not be construed as exhaustive. These statements speak only as of the date of this release or as of the date specified in the documents accompanying this release, as the case may be. The Company undertakes no obligation to publicly update or revise any forward-looking statements except as expressly required by applicable securities laws.

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.


CONTACT INFORMATION

Margaux Resources Ltd.
Tyler Rice
President, CEO and a Director
(403) 537-5590
[email protected]

Margaux Resources Announces Closing of First Tranche of Non-Brokered Private Placement of Units

Margaux Resources Announces Collaboration with GoldSpot Discoveries and Spring Work Program on Cassiar Gold Project

CALGARY, ALBERTA — (May 4, 2020)

Margaux Resources Ltd. (TSX VENTURE:MRL, OTCQB:MARFF) (“Margaux” or the “Company”) is pleased to announce that it has engaged GoldSpot Discoveries Corp. (“GoldSpot”) to identify and assess targets at Margaux’s Cassiar Gold Project in northern British Columbia. This will be done by leveraging extensive geoscience data that has been collected through the multi-decade exploration and production history of the Project, using GoldSpot’s in-house collaborative expertise, machine learning, and other techniques.

GoldSpot will examine multidisciplinary datasets from geological, geophysical, and geochemical programs, conducted by previous workers and compiled by Margaux’s geologists, to identify geological features including structural and mineralization trends. Ultimately, the collaboration with GoldSpot is intended to identify high-quality near-mine and regional gold exploration targets that minimize exploration risk.

The Cassiar Gold Project is a 60,000 ha property in northern British Columbia, Canada, that hosts the Taurus bulk-tonnage gold resource (one million ounces gold at 1.43 g/t Au; see Margaux press release dated September 11, 2019), as well as several past-producing high-grade underground gold mines. Margaux continues to work on brownfields targets near Taurus, and is exploring the Cassiar property for additional bulk-tonnage gold prospects.

GoldSpot will use its geoscience and machine science expertise to clean, unify and analyze exploration data from Margaux’s Cassiar Gold Project, to identify and assess targets for advancement during the 2020 exploration program.

Spring Work Program on Cassiar Gold Project

The Margaux exploration team will mobilize a small crew in May to conduct sampling and reclamation work in advance of the 2020 exploration program. Personnel will carry out baseline environmental sampling and monitoring at the Cassiar Gold Property to continue to move the project forward with a balanced and responsible approach.
Work will be planned and carried out in accordance with recently released COVID-19 Exploration Fieldwork Safety Guidelines, and with current public health guidance. Margaux continues to consult and work together with the local First Nation community, who have expressed their support for proposed fieldwork on the Cassiar Gold Project in 2020.

About Margaux Resources Ltd.
Margaux Resources Ltd. (TSX.V: MRL, OTCQB: MARFF) is a Canadian gold exploration company focused on exploration in British Columbia, and is directed by a group of highly successful Canadian business executives.

Forward Looking Statements

This press release may contain forward looking statements including those describing Margaux’s future plans and the expectations of management that a stated result or condition will occur. Any statement addressing future events or conditions necessarily involves inherent risk and uncertainty. Actual results can differ materially from those anticipated by management at the time of writing due to many factors, the majority of which are beyond the control of Margaux and its management. In particular, this news release contains forward-looking statements pertaining, directly or indirectly, to the following: Margaux’s exploration plans and work commitments, and economic factors, business and operations strategies. Although Margaux believes that the expectations reflected in these forward-looking statements are reasonably, undue reliance should not be placed on them because Margaux can give no assurance that they will prove to be correct. Readers are cautioned that the foregoing list of risk factors should not be construed as exhaustive. These statements speak only as of the date of this release or as of the date specified in the documents referenced by this release, as the case may be. The Company undertakes no obligation to publicly update or revise any forward-looking statements except as expressly required by applicable securities laws.

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.

CONTACT INFORMATION

Margaux Resources Ltd.
Tyler Rice
President, CEO and a Director
(403) 537-5590
[email protected]

Margaux Resources Announces Closing of First Tranche of Non-Brokered Private Placement of Units

Margaux Resources Announces Closing of First Tranche of Non-Brokered Private Placement of Units

CALGARY, ALBERTA — (April 28, 2020)

Margaux Resources Ltd. (TSX VENTURE:MRL, OTCQB:MARFF) (“Margaux” or the “Company”) is pleased to announce that further to its press release dated March 5, 2020, and subject to receiving final regulatory approvals, it has closed the first tranche of its non-brokered private placement (the ”Offering”) by issuing 3,571,500 units (“Units”) of the Company at a price of $0.07 for aggregate proceeds of $250,005.

Each Unit consists of one common share in the capital of the Company (“Common Share”) and one Common Share purchase warrant (“Warrant”). Each Warrant will entitle the holder to acquire one Common Share (each a “Warrant Share”) at an exercise price of $0.12 per Warrant Share until 4:30 pm (Mountain Standard time) on that date that is 24 months from the issuance closing date, subject to accelerated expiry, if the 20-day Volume Weighted Average Price of the Common Shares on the TSX Venture Exchange exceeds $0.20 per share.

President and CEO, Tyler Rice stated “We welcome this new investment from GoldSpot Discoveries, a mining-focused technology and investment company that is working with some of the leading exploration and mining names in the industry”.

The securities issued pursuant to the Offering are subject to a four month hold period under applicable securities laws.

As previously announced, the proceeds of the Offering will be used to pursue the Company’s ongoing exploration and drilling programs and for general working capital.

About Margaux Resources Ltd.
Margaux Resources Ltd. (TSX.V: MRL, OTCQB: MARFF) is a Canadian gold exploration company focused on exploration in British Columbia, and is directed by a group of highly successful Canadian business executives.

Forward Looking Statements
This press release may contain forward looking statements including those describing Margaux’s future plans and the expectations of management that a stated result or condition will occur. Any statement addressing future events or conditions necessarily involves inherent risk and uncertainty. Actual results can differ materially from those anticipated by management at the time of writing due to many factors, the majority of which are beyond the control of Margaux and its management. In particular, this news release contains forward-looking statements pertaining, directly or indirectly, to the following: Margaux’s exploration plans and work commitments, the use of proceeds of the Offering and economic factors, business and operations strategies. Readers are cautioned that the foregoing list of risk factors should not be construed as exhaustive. These statements speak only as of the date of this release or as of the date specified in the documents accompanying this release, as the case may be. The Company undertakes no obligation to publicly update or revise any forward-looking statements except as expressly required by applicable securities laws.

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.

CONTACT INFORMATION

Margaux Resources Ltd.
Tyler Rice
President, CEO and a Director
(403) 537-5590
[email protected]

Margaux Resources Announces Non-Brokered Private Placement of Units

Margaux Resources Announces Non-Brokered Private Placement of Units

CALGARY, ALBERTA — (March 5, 2020)

Margaux Resources Ltd. (TSX VENTURE:MRL, OTCQB:MARFF) (“Margaux” or the “Company”) is pleased to announce that subject to TSX Venture Exchange (“TSXV”) approval, it intends to issue, pursuant to a non-brokered private placement, up to 14,285,714 units (“Units”) of the Company at a price of $0.07 per Unit for gross proceeds of up to $1,000,000 (the “Offering”).

Each Unit will consist of one common share in the capital of the Company (“Common Share”) and one Common Share purchase warrant (“Common Warrant”). Each Common Warrant will entitle the holder to acquire one Common Share (each a “Warrant Share”) at an exercise price of $0.12 per Warrant Share until 4:30 pm (Mountain Standard time) on that date that is 24 months from the closing date of the Offering, subject to accelerated expiry, if the 20-day volume weighted average price of the Common Shares on the TSXV exceeds $0.20 per Common Share.

Closing of the Offering is expected to occur on or before March 31, 2020.

Proceeds of the Offering will be used to pursue the Company’s ongoing exploration and drilling programs and for general working capital. The securities issued pursuant to the Offering will be subject to a four month hold period under applicable securities laws. In connection with the Offering, certain finders may receive a cash fee and/or non-transferable finder warrants.

About Margaux Resources Ltd.
Margaux Resources Ltd. is a junior exploration company with two district-scale assets in the eastern Cordilleran gold belt, Canada. The Cassiar Property in northernmost British Columbia is the Company’s flagship property, with a decades-long mining history and a recently announced near-surface 1 Moz gold inferred resource (MRL press release 11 Sep. 2019). The Company’s Sheep Creek Property in southernmost British Columbia comprises gold and base metal prospects in an area with a long history of exploration and mining.

Forward Looking Statements
This press release may contain forward looking statements including those describing Margaux’s future plans and the expectations of management that a stated result or condition will occur. Any statement addressing future events or conditions necessarily involves inherent risk and uncertainty. Actual results can differ materially from those anticipated by management at the time of writing due to many factors, the majority of which are beyond the control of Margaux and its management. In particular, this news release contains forward-looking statements pertaining, directly or indirectly, to the following: Margaux’s exploration plans and work commitments, market conditions and the Company’s reasonable commercial efforts regarding financing activities, the ability to close the Offering in the amount anticipated or at all, the use of proceeds of the Offering and economic factors, business and operations strategies. Readers are cautioned that the foregoing list of risk factors should not be construed as exhaustive. These statements speak only as of the date of this release or as of the date specified in the documents accompanying this release, as the case may be. The Company undertakes no obligation to publicly update or revise any forward-looking statements except as expressly required by applicable securities laws.

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.

CONTACT INFORMATION

Margaux Resources Ltd.
Tyler Rice
President, CEO and a Director
(403) 537-5590
[email protected]

Margaux Resources Ltd. Announces Stephen JJ Letwin as Director

Margaux Resources Ltd. Announces Stephen JJ Letwin as Director

CALGARY, ALBERTA — February 11, 2020

Margaux Resources Ltd. (TSX VENTURE:MRL, OTCQB:MARFF) (“Margaux” or the “Company”) is pleased to announce the appointment of Mr. Stephen J.J. Letwin to the Company’s Board of Directors effective March 2, 2020.

Mr. Letwin, who has been a member of Margaux’s Advisory Committee since November 2016, is looking forward to taking on the Director role. “I am excited about joining the Margaux Resources Board because I am a very strong believer in the company’s current assets and financial potential”, said Mr. Letwin.

A hard-working and well respected gold miner specializing in corporate finance, operational management and merger and acquisitions, Mr. Letwin also brings over 30 years of experience from the highly competitive resource sector. Prior to his 10 year role as president and CEO of IAMGOLD, Mr. Letwin was previously with Enbridge Inc. in Houston, Texas, as Executive Vice President, Gas Transportation & International. He was responsible for natural gas operations including overall responsibility for Enbridge Energy Partners as Managing Director. Before Enbridge, he was President & CEO of TransCanada Energy and CFO, TransCanada Pipelines, Numac (Westcoast Energy) and Encor Energy. Mr. Letwin has been a director of Precision Drilling Inc. since 2006.
Stephen holds an MBA from the University of Windsor, is a Certified General Accountant, a graduate of McMaster University (B.Sc., Honours), and a graduate of the Harvard Advanced Management Program.

About Margaux Resources Ltd.
Margaux Resources Ltd. is a junior exploration company with two district-scale assets in the eastern Cordilleran gold belt, Canada. The Cassiar Property in northernmost British Columbia is the Company’s flagship property, with a decades-long mining history and a recently announced near-surface 1 Moz gold inferred resource (MRL press release 11 Sep. 2019). The Company’s Sheep Creek Property in southernmost British Columbia comprises gold and base metal prospects in an area with a long history of exploration and mining.

Forward Looking Statements
This press release may contain forward looking statements including those describing Margaux’s future plans and the expectations of management that a stated result or condition will occur. Any statement addressing future events or conditions necessarily involves inherent risk and uncertainty. Actual results can differ materially from those anticipated by management at the time of writing due to many factors, the majority of which are beyond the control of Margaux and its management. Although Margaux believes that the expectations reflected in these forward-looking statements are reasonably, undue reliance should not be placed on them because Margaux can give no assurance that they will prove to be correct. Readers are cautioned that the foregoing list of risk factors should not be construed as exhaustive. These statements speak only as of the date of this release or as of the date specified in the documents referenced by this release, as the case may be. The Company undertakes no obligation to publicly update or revise any forward-looking statements except as expressly required by applicable securities laws.

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.

CONTACT INFORMATION

Margaux Resources Ltd.
Tyler Rice
President, CEO and a Director
(403) 537-5590
[email protected]

Margaux Resources announces results of 2019 exploration program at Cassiar Gold Property

Margaux Resources announces results of 2019 exploration program at Cassiar Gold Property

  • Drill core resampling confirms bulk tonnage target potential at Backyard prospect
  • Rock grab samples return multi-ounce assay results at Taurus and Lucky
  • New data supplements ongoing compilation work for drill target generation at Cassiar

CALGARY, ALBERTA — February 4, 2020)

Margaux Resources Ltd. (TSX VENTURE:MRL, OTCQB:MARFF) (“Margaux” or the “Company”) is pleased to share analytical results from the 2019 field season at its Cassiar Gold Property in northern British Columbia. The 2019 exploration program was an efficient and successful effort to assess and characterize the recently acquired Cassiar Gold Property. The program included rock and chip sampling of documented and previously unknown prospects, as well as select resampling of historic drill core. Exploration efforts were guided by the Margaux corporate strategy which prioritizes near-surface, bulk-tonnage gold resource discoveries.

“With an existing million-ounce resource base and demonstrated exploration potential across the property, we see numerous opportunities for potential resource growth at Cassiar through extension and exploration,” stated CEO and president Tyler Rice. “This optionality will be a key driver in evolving this district-scale project.”

Rock samples
A total of 373 rock samples were collected by Margaux geologists from prospects across the Cassiar Gold Property. Samples were taken on traverses and spot-checks of historically documented showings, in a program intended to confirm historical data and to familiarize Margaux geologists with property geology and prospects. The majority of samples taken were from outcrop, but float or subcrop samples were taken locally where outcrop was not available but source was inferred to be proximal. 290 grab samples and 75 chip samples were sent for gold and multielement analysis. Eight rock samples were submitted for lithogeochemical characterization.

Samples were taken from four regions of the Cassiar Gold Property, shown in Figure 1, as well as some regional exploration samples. Gold assays returned encouraging results, including numerous high-grade quartz vein samples, and lower grades from altered and mineralized basalt. Selected high-grade samples from the program, returning greater than 5 g/t Au, are summarized in Table 1. Most are from mineralized quartz veins with pyrite. High-grade gold mineralization in quartz veins is well-known at the Cassiar Gold Property, from showings and through historic underground mining at Table Mountain and at Taurus. Newcoast and Taurus areas have similar character to the Taurus bulk-tonnage resource, with strong iron carbonate and sericite-altered basalt associated mainly with extensional quartz veining. The Lucky showing (Figure 2), 3 km northwest of Taurus, is an alpine ridge characterized by talus and subcrop, 50 m east of the Boomerang-Lyla fault zone, a subvertical dextral-offset regional structure. True outcrop is scarce at Lucky, which is dominated by angular basalt talus of cm- to m-scale, and quartz vein fragments which commonly host specks of visible gold; angular blocks suggest proximal source for mineralized and altered basalt and quartz vein material.

 

All rock samples were assayed for gold by 50 g fire assay with atomic absorption (AA) finish. Samples returning >10 g/t Au were re-analyzed by screen fire assay with gravimetric finish, except for sample A0019272 which was analyzed by 50 g fire assay with gravimetric finish and was not re-analyzed by screen fire assay. Standards were inserted in each shipment to the lab.

Drill core resampling
The 2019 exploration program included resampling of historical core from drillhole 05BY-01, originally drilled and selectively sampled in 2005 on the Backyard target, within the Newcoast region along Highway 37 (Figure 2). The Backyard prospect is 3 km southeast of the Taurus deposit, 50 m north of Highway 37. Six drillholes were completed in 2005, testing a strike length of 300 m and a width of 40 m.

Drillhole 05BY-01 was selected for resampling due to its similarity in lithology, alteration, and mineralization to the Taurus deposit (see Margaux news release 11 September 2019). Original sampling had gaps through low-alteration intervals, and some gold-bearing samples did not have shoulder samples. Margaux geologists sampled the remaining core from the drillhole from top to bottom, using standard QAQC procedures, to gain a better understanding of gold and trace element distribution in the Backyard system.

Results from the resampled core compared closely with historical values, confirming that gold mineralization at Backyard comprises both low-grade bulk-tonnage values and high-grade vein values. Gold mineralization is restricted to sericite-pyrite-Fe carbonate alteration zones centred on quartz veins. Arsenic values show a consistent positive correlation with the altered and gold-mineralized zones (Figure 3), and may thus provide a useful vectoring tool for exploration.

Grab samples taken at Backyard returned peak values of 9.78 g/t Au from an extensional quartz vein, and 1.99 g/t Au and 2.41 g/t Au from altered basalt wall rock, providing additional confirmation of the grades and distribution of gold mineralization.

In addition to confirming the prospectivity of the Backyard target, and the validity of historical data, the resampling effort illustrates the value of the available core record on the property. Unsampled and half core for many historical deposit and exploration drillholes is available for review and, if warranted, resampling. This core record is a valuable asset, as Margaux continues to develop and assess bulk-tonnage gold prospects on a property that was historically explored for high-grade veins.

2020 Exploration program development
The Margaux exploration team continues its data compilation and verification work as it works to develop high-quality drill targets for the upcoming field season. “Margaux has the benefit of decades of accumulated geological data, across a large contiguous property with a demonstrated production history,” stated Kaesy Gladwin, Margaux VP Exploration. “We will leverage this asset to refine deposit models and develop targets that we can use to advance the Cassiar project through diamond drilling in 2020.”

Drill core samples reported in this release were taken from previously logged drill core. Original sample intervals were used where possible. For intervals which had been sampled previously, the remaining half of the drill core was placed in bags for sampling. Intervals which had not been previously sampled were placed in bags as whole core. No drill core was retained for drillhole 05BY-01.

All drill core and rock samples were transported by Margaux personnel to ALS Geochemistry, Whitehorse, Yukon, for preparation and analysis. At the lab, samples were crushed to 70% passing a 10 mesh (2 mm) screen, then a 1000 g split of the crushed sample was pulverized to 85% passing 75 microns. Prepared samples were transported to ALS Geochemistry facility in North Vancouver, British Columbia. All drill core and rock samples were analysed for gold by method Au-AA24 (fire assay with atomic absorption finish of a 50 g sample). For drill core samples returning > 10 ppm Au by Au-AA24, subsequent gold assay was done by method Au-SCR24 (screen fire assay/gravimetric finish of a 1000 g sample). For rock samples returning > 10 ppm Au by Au-AA24, subsequent gold assay was done by method Au-GRA22 (fire assay with gravimetric finish of a 50 g sample). For both rock and drill core samples, a multi-element suite was analyzed by method ME-ICP-61 (ICP-AES analysis following four-acid digestion of a 0.25 g sample of pulverized material).

Margaux Resources follows a rigorous QA/QC procedure for all drill core samples, including the insertion of analytical blanks and standards at regular intervals. Core size was NQ2. Intervals reported in this news release are core intervals. Additional drilling is required to fully understand the difference between core intercept and true width. Rock grab and chip samples are selective in nature, and may not represent the overall grade or extent of mineralization in an area.

Qualified Person
Kaesy Gladwin, M. Sc., P. Geo., Margaux’s Vice President of Exploration, is the Company’s Qualified Person as defined by NI 43-101, who has reviewed and approved the technical information contained within this press release.

Margaux Resources Ltd.
Margaux Resources Ltd. is a junior exploration company with two district-scale assets in the eastern Cordilleran gold belt, Canada. The Cassiar Property in northernmost British Columbia is the Company’s flagship property, with a decades-long mining history and a recently announced near-surface 1 Moz gold inferred resource (MRL press release 11 Sep. 2019). The Company’s Sheep Creek Property in southernmost British Columbia comprises gold and base metal prospects in an area with a long history of exploration and mining.

Forward Looking Statements
This press release may contain forward looking statements including those describing Margaux’s future plans and the expectations of management that a stated result or condition will occur. Any statement addressing future events or conditions necessarily involves inherent risk and uncertainty. Actual results can differ materially from those anticipated by management at the time of writing due to many factors, the majority of which are beyond the control of Margaux and its management. In particular, this news release contains forward-looking statements pertaining, directly or indirectly, to the following: Margaux’s exploration plans and work commitments, and economic factors, business and operations strategies. Although Margaux believes that the expectations reflected in these forward-looking statements are reasonably, undue reliance should not be placed on them because Margaux can give no assurance that they will prove to be correct. Readers are cautioned that the foregoing list of risk factors should not be construed as exhaustive. These statements speak only as of the date of this release or as of the date specified in the documents referenced by this release, as the case may be. The Company undertakes no obligation to publicly update or revise any forward-looking statements except as expressly required by applicable securities laws.

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.


CONTACT INFORMATION

Margaux Resources Ltd.

Tyler Rice
President, CEO and a Director

(403) 537-5590
[email protected]