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

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

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 Non-Brokered Private Placement of Flow-through Units and Units and issuance of Promissory Note

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

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]

Margaux Resources Announces Execution of Definitive Agreement to Acquire Cassiar Gold Project in Northern British Columbia

Margaux Resources Announces Execution of Definitive Agreement to Acquire Cassiar Gold Project in Northern British Columbia

Margaux Resources Ltd. (TSXV: MRL) (OTCQB: MARFF) (“Margaux” or the “Company”) is pleased to announce that it has executed the definitive agreement with Wildsky Resources Inc. (“Wildsky”) for an option to acquire a 100% interest in the Cassiar Gold Project (the “Property”) in northern British Columbia by way of an all-share agreement.

The Cassiar Gold Project 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 complete its evaluation of the Property it anticipates identifying and completing a drill program in 2019, completing further QA/QC work and engaging an independent reserves evaluator to complete an updated 43-101 report.

Tyler Rice, President and CEO for Margaux, stated, “The Sheep Creek and Cassiar projects are two of the three regions identified in recently published GeoScience BC report as having good upside potential for orogenic gold mineralization in BC. The third area identified in that same report is Barkerville, which has recently become an active gold producing site. Margaux looks forward to applying our learning and geological insights from our recent work at Sheep Creek to the Cassiar project.”

On the Cassiar Property, gold mineralization occurs along a 15 km corridor of veining[1]. 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[2]. During this period, portions of the Property were held by different operators, and production was from different mine operations (predominantly underground) utilizing different mill facilities.

The Property has subsequently been amalgamated and now covers 60,000 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 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.

“We are presently reviewing the vast amount of historical data from the Cassiar project and are encouraged by our findings. I am confident that we will have quality targets selected for drill testing in 2019, to advance this exciting project,” stated Linda Caron, VP Exploration for Margaux Resources.

Terms of Definitive Agreement

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

In order to exercise the option, Margaux must issue 58,200,000 common shares in the capital of Margaux, issued at a deemed price of $0.08 per share, for aggregate consideration of $4,656,000. Margaux must also undertake exploration on Cassiar’s property and must satisfy certain other conditions as follows:

(a) 5,820,000 shares being issued to Wildsky on receipt of final TSX Venture Exchange (the “Exchange”) approval of the Definitive Agreement, as fully paid and non-assessable securities;

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

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

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

(e) 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;

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

(g) Twelve (12) Months after execution of the Definitive 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;

(h) Twelve (12) Months after execution of the Definitive 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

(i) 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 Definitive 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 Shares issued to Wildsky in accordance with Definitive 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 Shares issued to Wildsky, including any Shares issued prior to Acceleration, shall only be subject to the Statutory Hold Period. For greater certainty, if any Shares have been issued to Wildsky more than 4 months prior to the occurrence of Acceleration, then those Payment 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 Definitive 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 Shares issued to Wildsky and/or any of the Cassiar Gold shares.

The Transaction is subject to the following conditions:

  • Approval of the Transaction by the TSX Venture Exchange; and
  • Approval of the Transaction by shareholders of the Wildsky.

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. (TSXV: 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 ability to enter into the Definitive Agreement on the timeframes indicated, or at all, sourcing of the required for the exploration expenditures and the timing and ability to obtain TSX Venture Exchange and requisite shareholder approval for the transaction, 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 Non-Brokered Private Placement of Flow-Through Units and Units

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

Subject to TSX Venture Exchange approval, Margaux Resources Ltd. intends to issue, pursuant to a non-brokered private placement, up to:3,125,000 units (“Units”) of the Company at a price of $0.08 per Unit; and 2.5 million flow-through units (“Flow-Through Units”) of the Company at a price of $0.10 cents per flow-through unit, for aggregate gross proceeds of up to $500,000.

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-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, (the “Expiry Time”) 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.

Closing of the Offering is expected to occur on or before March 20, 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 Kootenay Arc Zinc District, 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 Letter of Intent to acquire Cassiar Gold Project in northern British Columbia

Margaux Resources Announces Letter of Intent to acquire Cassiar Gold Project in northern British Columbia

Margaux Resources Ltd is pleased to announce that it has entered into a non-binding Letter of Intent (“LOI”) with Wildsky Resources Inc. (“Wildsky”) for an option to acquire the Cassiar Gold Project (the “Property”) in northern British Columbia by way of an all-share agreement.

The Cassiar Gold Project is an advanced-stage orogenic gold system, with past-production (primarily 1979-1997) of 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 (1). During this period, portions of the Property were held by different operators, and production was from different mine operations (predominantly underground) utilizing different mill facilities.

The Property has been subsequently amalgamated, now covers 60,000 hectares, and includes all of the areas of historic production, as well as the unmined resources described below. The Property is road accessible and has significant existing infrastructure, including a permitted 270 tonne per day flotation and gravity mill, numerous ancillary buildings, a tailings storage facility, as well as a 30 man camp with grid power.

The Property is also the site of a historical placer gold rush during the late 1800’s, when an estimated 100,000 ounces of placer gold was produced, including the largest gold nugget ever discovered within British Columbia.

Tyler Rice, President and CEO for Margaux, stated “The Sheep Creek and Cassiar projects are two of the three regions identified in recently published by GeoScience BC report as having good upside potential for orogenic gold mineralization in BC. The third area identified in that same report is Barkerville, which has recently become an active gold producing site. Margaux looks forward to applying our learning and geological insights from our recent work at Sheep Creek to the larger and equally promising Cassiar project.”

On the Cassiar Property, gold mineralization occurs along a 15 km corridor of veining (2). Within this structural corridor, gold occurs both as discrete high-grade veins and as near-surface low-grade bulk tonnage style mineralization.

The Taurus bulk tonnage target, in the northern part of the Property, hosts an inferred resource of 1.04 million ounces of 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.

The Taurus resource estimate has not been verified by Margaux and is considered a historical resource estimate. It does not incorporate the results of drilling completed within the resource area in 2012. An economic assessment has not been completed on the Taurus resource and, as such, it has not been shown to be economically viable.


(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.


A separate 2010 resource estimate for high-grade veins in the Table Mountain area in the southern part of the project 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 permitted 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. The Table Mountain resource estimate has not been verified by Margaux and is considered a historical resource estimate. An economic assessment has not been completed on the Table Mountain resource and, as such, it has not been shown to be economically viable.

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 bulk tonnage style gold mineralization.

“We are presently reviewing the vast amount of historical data from the Cassiar project and are encouraged by our findings. I am confident that we will have quality targets selected for drill testing in 2019, to advance this exciting project,” stated Linda Caron, VP Exploration for Margaux Resources.

Terms of LOI

Under the terms of the LOI, Margaux will issue 58,200,000 common shares (“Shares”) in the capital of Margaux, at a deemed price of $0.08 per Share, to Wildsky to acquire all the common shares (the “Cassiar Shares”) in the capital of Wildsky’s wholly-owned subsidiary, Cassiar Gold Corp. Shares will be issued in 4 tranches over an 18 month period. A Definitive Option Agreement (the “Definitive Agreement”) must be entered into by Margaux and Wildsky within a 90 day due diligence and exclusivity period that follows the signing of the LOI, and the closing of the Definitive Agreement is subject to regulatory approval. A 10% initial Share payment is due upon signing the Definitive Agreement. Thereafter, subsequent 20, 30 and 40% Share payments are due at 6 month intervals. The LOI is subject to board approval by both Margaux and Wildsky and to the approval of the TSX Venture Exchange.

Further clarification and details of the conditions of the transaction follow.

  • Negotiation and execution of a Definitive Option agreement;
  • Approval of the transaction by the board of directors of both Wildsky and of Margaux;
  • Approval of the transaction by the TSX Venture Exchange; and
  • Approval by Wildsky shareholders.

In order to exercise the Option, Margaux must issue a total of 58,200,000 Shares, issued at a deemed price of $0.08 per Share for aggregate consideration of $4.656 million. Margaux must also undertake certain exploration expenditures on the Cassiar Property and satisfy certain other conditions as follows:

(a) 5,820,000 Shares issued to Wildsky on execution of the Definitive Agreement, as fully paid and non-assessable securities;

(b) 11,640,000 Shares issued to Wildsky no later than six (6) months after execution of the Definitive Agreement, as fully paid and non-assessable securities;

(c) 17,460,000 Shares issued to Wildsky no later than twelve (12) months after execution of the Definitive Agreement, as fully paid and non-assessable securities; and

(d) 23,280,000 Shares issued to Wildsky no later than eighteen (18) months after execution of the Definitive Agreement, as fully paid and non-assessable securities.

(e) 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;

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

(g) Twelve (12) Months after execution of the Definitive 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; and

(h) Twelve (12) Months after execution of the Definitive 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.

(i) Wildsky being granted a 30% net profit interest (the “NPI”) on all minerals processed from Cassiar’s TM #1 tailings pond (the “Tailings Pond”) located on the Cassiar property, after capital payout of up to $500,000. The Definitive Agreement shall include a schedule detailing the calculation of NPI.

If, at any time prior to the exercise of the Option or the termination of the Definitive 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 Shares issued to Wildsky in accordance with Definitive 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 Shares issued to Wildsky, including any Shares issued prior to Acceleration, shall only be subject to the Statutory Hold Period. For greater certainty, if any Shares have been issued to Wildsky more than 4 months prior to the occurrence of Acceleration, then those Payment 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 Definitive 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 Shares issued to Wildsky and/or any of the Cassiar Gold shares.

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 ability to enter into the Definitive Agreement on the timeframes indicated, or at all, sourcing of the required for the exploration expenditures and the timing and ability to obtain TSX Venture Exchange and requisite shareholder approval for the transaction, 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 Option Agreement on Old Timer Gold Property in Southeastern British Columbia

Margaux Resources Announces Option Agreement on Old Timer Gold Property in Southeastern British Columbia

Margaux Resources Ltd. is pleased to announce that it has entered into an option agreement (the “Option Agreement”) with a third party (the “Vendor”) to option the Old Timer gold property (the “Old Timer Property”), near Salmo in southern British Columbia. The Old Timer Property is a road-accessible property, located 10 km north of the Company’s Jackpot property, at the north end of the historic Ymir gold belt. It is comprised of 16 mineral claims, totaling approximately 1790 hectares.

The Old Timer Property hosts several known gold-bearing veins. The majority of historic exploration has targeted the Old Timer vein, which has been traced on surface and by historic diamond drilling, intermittently for a strike length of 800 m. A 100 m portion of the vein was stripped off in 1980, where it reportedly averages 3 m in width. At present, the stripped area is badly sloughed and the vein is only partly exposed. Reported grades from historic drilling , in the vicinity of the stripped area include the following. The reader is cautioned that these are historical results which have not been independently verified by Margaux.

  • ddh 04-04 13.3 g/t Au over 4.4 m
  • ddh 91-01 12.7 g/t Au over 4.0 m
  • ddh 90-01 12.0 g/t Au over 4.3 m
  • ddh 90-02 10.0 g/t Au over 3.1 m

“We believe the Old Timer Property nicely complements our existing gold project in the Salmo area, and are pleased with the favourable option terms that allow us to add this to our portfolio. Our team will be compiling historic property data over the coming months and we anticipate being in a position to drill this property in 2019,” stated Linda Caron, Vice-President, Exploration for Margaux.

Margaux has located and retrieved some of the historic drill core from the Old Timer Property and is in the process of relogging select drill holes. Results from 15 rock samples collected during a site visit to the Old Timer Property have also been received. Fourteen of these 15 samples returned elevated gold values, including a grab sample that assayed 7.9 g/t Au and a 2 m chip sample that assayed 7.5 g/t Au.

Terms of the Option Agreement include staged payments totalling $50,000 and 500,000 common shares (“Shares”) of the Company over a 4 year period, for Margaux to acquire a 100% interest in the Old Timer Property. The Option Agreement and the issuance of Shares thereunder is subject to TSX Venture Exchange approval.

Rock samples described in this release were grab samples collected from outcrop, float or from the dumps of historic workings, or chip samples collected from outcrop. Grab samples are designed to show the presence or absence of mineralization, and results are not necessarily indicative of average grade. Samples were shipped to MS Analytical Laboratory in Langley, B.C. (ISO 17025:2005 certification) for preparation and analysis. At the lab, samples were crushed to 70% passing a 10 mesh (2 mm) screen, then a 500 g split of the crushed sample was pulverized to 85% passing 75 microns. All samples were analysed for gold and a multi-element suite by method IMS-132 (ICP-MS analysis following aqua regia digestion of a 40 g sample of pulverized material). For samples returning > 0.2 ppm Au by IMS-132, the sample was re-analysed by method FAS-111 (fire assay/AAS finish of a 30 g sample).


[1]  Dunn and Endersby, 2004.  Report on the Geology and Mineral Potential of the Summit/Old Timer Property, for Auramex Resources Corp., May 15, 2004. Filed on Sedar.

[2]  Dunn, 2005.  Report on Diamond Drilling on the Summit/Old Timer Property, for Auramex Resources Corp., October 15, 2005.  Assessment Report 28026.

Qualified Person
Linda Caron, M.Sc., P.Eng, Margaux’s Vice-President, Exploration, is the Company’s Qualified Person as defined by NI 43-101 who supervised the sampling program, reviewed the historic drill results and 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 ability to acquire the Old Timer Property under the terms of the Option Agreement, or at all, the receipt of TSX Venture Exchange Approval 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 Financing Increase and Closing of $1.11 Million Non-Brokered Private Placement of Flow-Through Shares and Units

Margaux Resources Announces Financing Increase and Closing of $1.11 Million Non-Brokered Private Placement of Flow-Through Shares and Units

Margaux Resources Ltd. is pleased to announce that it received in excess of the previously announced $850,000 non-brokered private placement (see press release dated September 20, 2018, October 16, 2018 and October 31, 2018), and subject to receiving final regulatory approvals, has increased and closed the second tranche of its non-brokered private placement (the “Offering”) by issuing:

• 3,550,000 units (“Units”) of the Company at a price of $0.08; and
• 250,000 common shares of the Company issued on a “CEE flow-through” basis pursuant to the Income Tax Act (Canada) (“Flow-Through Shares”) at a price of $0.10 per Flow-Through Share, for aggregate gross proceeds of $309,000.

Gross proceeds raised under the first and second tranche of the Offering are $1.11 million.

Each Unit consists of one Common Share and one Common Share purchase warrant (“Warrant”). Each Warrant entitles the holder to acquire one Common Share (each a “Warrant Share”) at an exercise price of $0.15 per Warrant Share until 4:30 pm (Calgary time) on that date that is 24 months from the issuance closing date, (the “Expiry Time”) 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.

About Margaux Resources Ltd.
Margaux Resources Ltd. (TSX.V: MRL, OTCQB: MARFF) is a mineral acquisition and exploration Company focused on gold and zinc exploration in the Kootenay Arc, in the southeastern region of British Columbia, and 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 Completion of Drilling and Extension to Non-Brokered Private Placement of Flow-Through Shares and Units

Margaux Resources Announces Completion of Drilling and Extension to Non-Brokered Private Placement of Flow-Through Shares and Units

Margaux Resources Ltd. is pleased to announce that follow-up drilling on the Company’s Bayonne gold property in southern BC is complete. Two holes (590 m) were drilled to follow up the Company’s recent 12 hole (2,628 m) drill program on the property.

Previously released highlights from the 12 hole program (see Margaux news release October 22, 2018) include:

  • Vein intercepts from drilling:
    • 1.40 m @ 39.43 g/t gold, 131.2 g/t silver
    • 0.88 m @ 16.88 g/t gold, 60.2 g/t silver
    • 1.14 m @ 10.85 g/t gold, 23.7 g/t silver
  • Low-grade, bulk tonnage potential indicated:
    • 12.22 m @ 2.89 g/t gold, 20.5 g/t silver
    • 9.17 m @ 1.01 g/t gold
    • 12.92 m @ 0.55 g/t gold

Results from the recently completed 2 holes are pending.
The Company also announces that it has extended the expiry date of its previously announced private placement (the “Offering”). The closing date of the Offering will now be on or before December 4, 2018, and subject to receiving final regulatory approvals. Additional details regarding the Offering can be found in the Company’s news releases dated September 20, 2018 and October 16, 2018.

About Margaux Resources Ltd.

Margaux Resources Ltd. (TSX.V: MRL, OTCQB: MARFF) is a mineral acquisition and exploration Company focused on gold and zinc exploration in the Kootenay Arc, in the southeastern region of British Columbia, and 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]