Margaux Resources Ltd. Announces 1 MM oz Gold Maiden Resource Estimate for Bulk-Tonnage Taurus Deposit, Cassiar District, British Columbia

Margaux Resources Ltd. Announces 1 MM oz Gold Maiden Resource Estimate for Bulk-Tonnage Taurus Deposit, Cassiar District, British Columbia

  • 1MM oz gold Inferred Resource at 0.7 g/t Au cut-off for past-producing Taurus Property

CALGARY, ALBERTA — (September 11, 2019)

Calgary, Alberta – (Newsfile Corp. – September 11, 2019) – Margaux Resources Ltd. (TSX VENTURE:MRL, OTCQB:MARFF) (“Margaux” or the “Company”) is pleased to announce its maiden mineral resource estimate for the Taurus Deposit on the Cassiar Gold property (the “Cassiar Property”) in British Columbia, Canada.

“The Taurus resource estimate confirms the potential for significant bulk-tonnage deposits at the Cassiar Property.  Margaux is excited to continue our evaluation of the Cassiar Property in preparation for a focused 2020 exploration program that will include drilling,” stated Tyler Rice, President and CEO of Margaux.

The mineral resource estimate was independently prepared by Scott Zelligan, P.Geo. The mineral resource estimate is based on the results from 423 drill holes completed to date on the Cassiar Property. Wireframes were prepared using the drill hole information combined with geological interpretations of the deposit and validated through a thorough literature review, historical observations, and internal modeling by several recent project stakeholders. Further details related to the current mineral resource estimate are detailed below.  Table 1 outlines the total base case Mineral Resources.

A NI 43-101 Technical Report on the updated Mineral Resource estimate for the Cassiar Property will be filed within 45 days of this release, in accordance with applicable securities laws.

Table 1 – Base Case Mineral Resource Estimates by cut-off grade


Notes:

1. The effective date for this mineral resource estimate for Taurus Deposit is September 11, 2019.   Mineral Resources are calculated assuming a cut-off grade of 0.7 g/t Au consistent with open pit mining methods.

  1. Mineral resources which are not mineral reserves do not have demonstrated economic viability.  The estimate of mineral resources may be materially affected by environmental, permitting, legal, title, socio-political, marketing, or other relevant issues.
  2. The model was domained using 38 high-grade wireframes and a modified 0.5 g/t Au grade shell to constrain the low-grade volume.
  3. Block model with parent block size of 10m x 10m x 10m with sub-blocking down to 0.625m x 0.625m x 2.5m in order to best fit the high-grade wireframe volumes.
  4. Density of 2.65 t/m3 was chosen based on a conservative value for similar deposits.
  5. Drill hole data was composited to 1.5m length based on the most common assay lengths in the dataset. Any unsampled intervals were set to 0 g/t Au.
  6. Composites were capped at 27 g/t Au in the high-grade domains, and at 7 g/t Au in the low-grade domain. These values were chosen using histogram, probability plot, and decile analyses.
  7. An iterative process was used to determine estimation parameters. Inverse-distance-cubed was chosen as the estimation method as it best reproduced the grade distribution of the input data.
  8. Maximum search distances of 50m were used in the high-grade domains, and 60m in the low-grade domain. Two search passes were used in order to prioritize closer composites and best honour the grade distribution of the input data.
  9. A minimum of 6 composites (from at least 2 separate drill holes) were required for a block to be estimated.
  10. The model was depleted in order to remove previously mined material (220,000t @ 5.14 g/t Au).
  11. All resources have been classified as inferred, according to the definitions of the Canadian Institute of Mining, Metallurgy and Petroleum (CIM), CIM Standards on Mineral Resources and Reserves, Definitions and Guidelines prepared by the CIM Standing Committee on Reserve Definitions and adopted by CIM Council May 10, 2014.
  12. The mineral resource estimate was prepared by Scott Zelligan, B.Sc., P.Geo., an independent resource geologist of Coldwater, Ontario.
  13. Figures are rounded to reflect the relative accuracy of the mineral resource estimate, therefore totals may not add correctly.

“We have had a busy and successful first field season on the Cassiar Property.  The extent and strength of the gold-bearing system on the Cassiar Property is district scale and we look forward to exciting times ahead as we drill to expand the Taurus resource and to test other quality targets on the Cassiar Property,” stated Linda Caron, VP Exploration for Margaux Resources.

Background

The Cassiar Property is a road-accessible, advanced-stage orogenic gold system located in northern British Columbia, Canada.  In June 2019, Margaux Resources Ltd. announced that the shareholders of Wildsky Resources Inc. approved the sale of its 100% interest in the Cassiar Property by way of an all-share option agreement with Margaux (see Margaux news release dated June 24, 2019).

On the Cassiar Property, gold mineralization occurs along a 15 km corridor. Within this structural corridor, gold occurs both as discrete high-grade veins and as near-surface low-grade style mineralization. Past production from the Cassiar Property (primarily 1979-1997) is approximately 920,000 tonnes at an average grade of 11.9 grams per tonne (g/t) gold, or a total of 350,000 ounces of hard rock gold. During this period, portions of the Cassiar Property were held by different operators, and production was from different mine operations (predominantly underground) utilizing different mill facilities.

The Cassiar Property has subsequently been amalgamated and now covers 56,000 hectares. It is bisected by Highway 37, with significant existing road access infrastructure and a 30 person camp with grid power.

Margaux believes there to be good potential for new discoveries of low-grade bulk tonnage gold mineralization on its Cassiar Property. Numerous known high-grade gold showings on the Cassiar Property have been tested by only limited drilling, and the property-wide potential for low-grade bulk tonnage deposits has only been investigated at Taurus, to date.

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

The Mineral Resource estimate was prepared by Scott Zelligan, P. Geo, who has approved the content of this news release, and is a Qualified Person under the terms of NI 43-101.

Kaesy Gladwin, Senior Geologist for Margaux Resources Ltd., is a Qualified Person under the terms of NI 43-101, and has reviewed the technical content of this press release for the Cassiar Project and approved its dissemination.

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 timing and receipt of required approvals, the timing of issuance of securities, and economic factors, business and operations strategies. There can be no assurance that the Company will complete the option payments to acquire the Property on the time frame required by the Cassiar option agreement or at all. The payments under the option agreement are subject to a number of conditions, including Margaux obtaining requisite TSX Venture Exchange approval to make the requisite option payments.  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 Cassiar Drill Data Review and Addition of Mr. James Maxwell to Advisory Committee

Margaux Resources Announces Cassiar Drill Data Review and
Addition of Mr. James Maxwell to Advisory Committee

CALGARY, ALBERTA — (July 3, 2019)

Margaux Resources Ltd. (TSX VENTURE:MRL, OTCQB:MARFF) (“Margaux” or the “Company”) is undertaking a compilation and analysis of data from the recently acquired Cassiar Gold Project in northern British Columbia (see the Company’s news release dated June 24, 2019).  Highlights include the following historic drill intercepts from the Taurus prospect:

        • ddh 07TC-01           116.3 m @ 2.23 grams per tonne (g/t) gold
        • ddh T95-29             118.0 m @ 1.87 grams per tonne (g/t) gold, including

                       86.0 m @ 2.47 grams per tonne (g/t) gold

    The Cassiar Gold Project is a 56,000 hectare, road-accessible, orogenic gold project that hosts a historical Inferred Resource of 1.04 million ounces gold at the Taurus prospect (32.4 million tonnes at an average grade of 1.0 g/t gold using a cut-off grade of 0.5 g/t gold). The Taurus resource is supported by a technical report entitled “Technical Report on the Taurus Project, Liard Mining District, B.C. for Cusac Gold Mines Ltd.,” dated May 15, 2009, and prepared by Wardrop Engineering Inc.

    Margaux is now in the process of incorporating the results of 2009 and 2012 drilling within the resource area to update the Taurus technical report.

    Once this report has been updated, Margaux will be furthering its economic assessment of the Cassiar property with more field work.  Tyler Rice, President and CEO said “Our very experienced team believes that the significant gold endowment of the Cassiar Gold Project supports an excellent opportunity for further unlocking ‘in the ground value’. Once the 43-101 report has been updated, Margaux will be leveraging significantly enhanced geological data and drilling information to develop targeted exploration programs.”

    Since 1993, 294 diamond drill holes have been drilled at Taurus, for a cumulate total of 35,000 m. Drilling has tested the zone within an area of 2000 x 900m. Select drill results are tabulated below.  Intervals listed in the table are drilled intercepts.  The relationship between drilled intercept and true width is unknown at this time.

    Drill collars and traces for these holes are shown on the accompanying figure.  Of note are the fact that most of these historic intercepts start at, or near, surface.

    Advisory Committee

    The Company is also pleased to announce that Mr. James Maxwell has joined Margaux’s Advisory Committee to advise the Company and Board of Directors. Mr. James Maxwell – Exploration Manager at Sabina Gold & Silver Corp.

    Mr. Maxwell is a professional geoscientist with over 20 years of experience, operating as a successful exploration manager and strategy leader with a direct strength in the exploration and development of orogenic gold discoveries.

    He has made considerable contributions to discovery teams at the Back River Gold Project in Nunavut and at the Rahill-Bonanza Gold Project in Red Lake, Ontario for a total of 5 major gold discoveries.

    Mr. Maxwell is the current Exploration Manager at Sabina Gold & Silver Corp. where he has helped grow a >5 Million Oz gold resource base from discovery to the feasibility study level, and now operates in the support of early stage development.

    He is a co-award winner of the Northwestern Ontario Prospectors Association Discovery of the Year Award, an acting member of the PDAC Health & Safety Committee, and an indigenous member of the Sachigo Lake First Nation of Ontario.

    With a strong track record in exploration of orogenic gold deposits focused in Northern Canada, Mr. Maxwell is a leader of modern exploration techniques, strategy, safety, environment and corporate social responsibility.

    Qualified Person

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

    About Margaux Resources Ltd.

    Margaux is pleased to announce the Company’s recently updated website, www.margauxresources.com, which includes details of the Cassiar Project and features an interview with Linda Caron, Margaux’s VP Exploration by CRUX Investor.

    Margaux Resources Ltd. (TSX.V: MRL, OTCQB: MARFF) is a mineral acquisition and exploration company focused on gold 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: the timing for and completion of the updated technical report on the Cassiar Gold Project, sourcing of the required funds for the exploration expenditures, Margaux’s exploration plans and work commitments, the potential of mineral resources and potential for recovery thereof, the timing of reporting exploration results, as well as other market conditions 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 Grant of Stock Options

Margaux Resources Announces Grant of Stock Options

Calgary, Alberta – (Newsfile Corp. – June 25, 2019) – Margaux Resources Ltd. (TSXV: MRL) (OTCQB: MARFF) (“Margaux” or the “Company”) is pleased to announce it has granted an aggregate of 3,975,000 Common Share purchase options in accordance with the Company’s shareholder approved stock option plan. These stock options include 1,500,000 options to directors, being Messrs. James Letwin, Robert Derkitt, Douglas Foster and Chris Stewart; 825,000 to officers, being Messrs. Tyler Rice and Don Nguyen; 625,000 to the advisory committee; and the balance to consultants.
The stock options are exercisable at a price of $0.10 per share and expire in five years. The options will vest over a period of three years, with 1/3 of the options vesting immediately, and 1/3 vesting at the end of each the first and second anniversary of the date of grant.

About Margaux Resources Ltd.
Margaux Resources Ltd. (TSX.V: MRL, OTCQB: MARFF) is a mineral acquisition and exploration company focused on gold 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 timing and receipt of required approvals, the timing of issuance of the Margaux Shares, the ability of Margaux to complete its obligations under the Option Agreement, the existence of and ability to recover material quantities of mineral resources, 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 Wildsky Shareholder Approval of Option Agreement to Acquire Cassiar Gold Project in Northern British Columbia

Margaux Resources Announces Wildsky Shareholder Approval of Option Agreement to Acquire Cassiar Gold Project in Northern British Columbia

Calgary, Alberta – (Newsfile Corp. – June 24, 2019) – Margaux Resources Ltd. (TSXV: MRL) (OTCQB: MARFF) (“Margaux” or the “Company”) is pleased to announce that the shareholders of Wildsky Resources Inc. (“Wildsky”) approved the sale of its 100% interest in the Cassiar Gold Project (the “Cassiar Property”) in northern British Columbia by way of an all-share option agreement (the “Option Agreement”) with Margaux (the “Transaction”).

The Cassiar Property is a road-accessible, advanced-stage orogenic gold system, with a historical Inferred Resource of 1.04 million ounces gold (32.4 million tonnes at an average grade of 1.0 g/t gold using a cut-off grade of 0.5 g/t gold). The resource is supported by a technical report entitled “Technical Report on the Taurus Project, Liard Mining District, B.C. for Cusac Gold Mines Ltd.,” dated May 15, 2009, and prepared by Wardrop Engineering Inc. A qualified person has not done sufficient work to classify the historical estimate as current mineral resources or mineral reserves, and Margaux is not treating the historical estimate as current mineral resources or mineral reserves. The Taurus resource does not incorporate the results of drilling completed within the resource area in 2009 or 2012.

As Margaux works to continue its evaluation of the Property it will be engaging an independent reserves evaluator to complete an updated 43-101 report and based on the findings of that report, anticipates further QA/QC work, including a drill program.

Tyler Rice, President and CEO for Margaux, stated, “Obtaining shareholder approval from the shareholders of Wildsky is a major milestone which affords Margaux the opportunity to activate the 2019 field season with a focus on completing an updated resource estimate for the Taurus zone.”

On the Cassiar Property, gold mineralization occurs along a 15 km corridor of veining . Within this structural corridor, gold occurs both as discrete high-grade veins and as near-surface low-grade style mineralization. Past-production from the property (primarily 1979-1997) is approximately 920,000 tonnes at an average grade of 11.9 grams per tonne (g/t) gold, or a total of 350,000 ounces of hard rock gold . During this period, portions of the Cassiar Property were held by different operators, and production was from different mine operations (predominantly underground) utilizing different mill facilities.

The Cassiar Property has subsequently been amalgamated and now covers 56,000 hectares. It is bisected by Highway 37, has significant existing infrastructure, including a 270 tonne per day flotation and gravity mill (on care and maintenance since 2005) plus numerous ancillary buildings, a tailings storage facility, and a 30 man camp with grid power.

In addition to the Taurus gold resource described above, a 2010 resource estimate for high-grade veins in the Table Mountain area, includes 21,470 tonnes at an average grade of 18.02 g/t gold (Indicated) and 65,750 tonnes at an average grade of 24.30 g/t gold (Inferred), using a cut-off grade of 3 g/t gold. Contained ounces of gold within the Table Mountain resource are 13,650 ounces (Indicated) and 56,360 ounces (Inferred). Most of the Table Mountain resource is accessible by a modern underground ramp development which is linked by road to the mill facility. The resource is supported by a technical report entitled “Technical Report on the Table Mountain Property, Liard Mining District, B.C. for Hawthorne Gold Corp.” authored by C. Pearson, P. Geo. and F. Bakker, P. Geo. and dated May 18, 2010. A qualified person has not done sufficient work to classify the historical estimate as current mineral resources or mineral reserves, and Margaux is not treating the historical estimate as current mineral resources or mineral reserves.

Numerous other veins are known on the Cassiar Property, which have been tested by only limited drilling. In addition, Margaux believes there to be good potential to discover new veins and new areas of low-grade gold mineralization.


1.2 Kirkham et al., 2008.  Update of Technical Report on the Table Mountain Property, Liard Mining District, British Columbia, for Hawthorne Gold Corp., June 1, 2008.

Terms of Option Agreement

The Cassiar Property, including all existing infrastructure, is held by Cassiar Gold Corp. (“Cassiar”), a wholly-owned subsidiary of Wildsky Resources. Under the terms of the Option Agreement, Margaux has an option to acquire a 100% interest in the Cassiar Property by acquisition of all of the common shares (“Cassiar Shares”) of Cassiar.

In order to exercise the option, Margaux must issue 58,200,000 common shares in the capital of Margaux (“Margaux Shares”), issued at a deemed price of $0.08 per Margaux Share, for aggregate consideration of $4,656,000 as set forth below:

a) 5,820,000 Margaux Shares being issued to Wildsky on receipt of final TSX Venture Exchange (the “Exchange”) approval of the Option Agreement;

b) 11,640,000 Margaux Shares on the date that is the earlier of six (6) months from: (a) the date of the Option Agreement, and (b) the receipt of final Exchange approval of the Option Agreement;

c) 17,460,000 Margaux Shares on the date that is the earlier of twelve (12) months from: (a) the date of the Option Agreement, and (b) the receipt of final Exchange approval of the Option Agreement;

d) 23,280,000 Margaux Shares on the date that is the earlier of eighteen (18) months from: (a) the date of the Option Agreement, and (b) the receipt of final Exchange approval of the Option Agreement.

In addition, Margaux must also undertake exploration on the Cassiar Property and must satisfy certain other conditions as follows:

a) Margaux will expend at least $400,000 on the planning, development and execution of the Cassiar 2019 work program, based on a mutually approved budget;

b) Six (6) Months after execution of the Option Agreement, Wildsky will have the right to appoint one (1) member to the board of directors of Margaux;

c) Twelve (12) Months after execution of the Option Agreement, Wildsky will have the right to appoint an additional person (for a total of two (2) board members) to the board of directors of Margaux;

d) Twelve (12) Months after execution of the Option Agreement, Wildsky will have the right to appoint one person to the senior management team of Margaux, on terms and conditions to be agreed upon by Margaux and Wildsky, acting reasonably; and

e) Wildsky being granted a 30% net profit interest (the “NPI”) on all minerals processed from Cassiar’s TM-TSF#1 tailings pond (the “Tailings Pond”) located on the Cassiar property, after capital payout of up to $500,000.

If, at any time prior to the exercise of the Option or the termination of the Option Agreement, Margaux or its agent(s) remove material from the Tailings Pond for purposes other than bona fide exploration and testing purposes, and such material is processed for its minerals and/or metals, then the time periods set out above in paragraphs (b), (c) and (d) of shall be accelerated (“Acceleration”) to seven (7) days from the date of first removal of such material.

All Margaux Shares issued to Wildsky in accordance with Option Agreement shall be subject to a statutory hold period (the “Statutory Hold Period”) of 4 months and a contractual hold period of a further eight (8) months (for a total of 12 months from the date of issuance). If Acceleration occurs, then all Margaux Shares issued to Wildsky, including any Margaux Shares issued prior to Acceleration, shall only be subject to the Statutory Hold Period. For greater certainty, if any Margaux Shares have been issued to Wildsky more than 4 months prior to the occurrence of Acceleration, then those Margaux Shares shall immediately become “free-trading”.

For greater certainty, Margaux will not acquire any interest whatsoever in the Cassiar Shares until such time as it has satisfied all the requirements of exercise of the Option as set out in the Option Agreement. If Margaux fails to fully comply with all such conditions of exercise within the stipulated time periods, the Option shall immediately terminate and Margaux shall forfeit all interest in any and all Margaux Shares issued to Wildsky and/or any of the Cassiar Shares.

The Transaction is subject to Exchange approval.

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

About Margaux Resources Ltd.
Margaux Resources Ltd. (TSX.V: MRL, OTCQB: MARFF) is a mineral acquisition and exploration company focused on gold 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 timing and receipt of required approvals, the timing of issuance of the Margaux Shares, the ability of Margaux to complete its obligations under the Option Agreement, the existence of and ability to recover material quantities of mineral resources, 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 Flow-Through Units and Units

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

CALGARY, ALBERTA — (June 3, 2019)

Margaux Resources Ltd. (TSX VENTURE:MRL, OTCQB:MARFF) (“Margaux” or the “Company”) is pleased to announce that further to its press release dated May 14, 2019, and subject to receiving final regulatory approvals, it has closed the first tranche of its non-brokered private placement (the ”Offering”) by issuing:

      • 1,645,345 units (“Units”) of the Company at a price of $0.07; and
      • 375,000 flow-through units (“Flow-Through Units”) at a price of $0.08 per Flow-Through Unit, for aggregate gross proceeds of $145,174.

Each Unit consists of one common share in the capital of the Company (“Common Share”) 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) and one 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.

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 mineral acquisition and exploration company focused on gold 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 Flow-Through Units and Units

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

CALGARY, ALBERTA — (May 14, 2019)

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; and
      • 18,750,000 flow-through units (“Flow-Through Units”) of the Company at a price of $0.08 per Flow-Through Unit, for aggregate gross proceeds of up to $2.5 Million (the “Offering”).

Each Unit will consist of one common share in the capital of the Company (“Common Share”) 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 Income Tax Act (Canada) and one 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 closing date of the Offering, (the “Expiry Time”) 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 June 28, 2019.

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 mineral acquisition and exploration Company focused on the development of gold, zinc and tungsten deposits in the Kootenay Arc, in the southeastern region of British Columbia. The Company is directed by a group of highly successful Canadian business executives and is focused on exploration of the Company’s Cassiar Gold Project and Sheep Creek Gold District.

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 Flow-Through Units and Units and issuance of Promissory Note

Margaux Resources Announces Closing of Non-Brokered Private Placement of Flow-through Units and Units and issuance of Promissory Note

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

    • 2,375,000 units (“Units”) of the Company at a price of $0.08; and
    • 3,000,000 flow-through units (“Flow-Through Units”) at a price of $0.10 per Flow-Through Unit
    • a $210,000 principal sum unsecured promissory note (the “Note”), for aggregate gross proceeds of
      $700,000.

Units and Flow-Through Units
The previously announced non-brokered private placement (the “Offering”) is subject to receiving final regulatory
approvals.

Each Unit consists of one common share in the capital of the Company ("Common Share") 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) and one-half of one 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.

Note
The Company issued a $210,000 Note to an arm’s length third party. Pursuant to the Note, the Company promises to pay the $210,000 on demand and to pay interest on the principal sum at a rate of six percent (6%) per annum.

The aggregate gross proceeds of $700,000 raised pursuant to the Offering and the Note 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 mineral acquisition and exploration company focused on gold 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]