News

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

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

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

CALGARY, ALBERTA — (May 4, 2020)

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

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

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

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

Spring Work Program on Cassiar Gold Project

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

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

Forward Looking Statements

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

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

CONTACT INFORMATION

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