Affinity Metals Clarifies News Release Dated April 16, 2020
Drill Results for Regal Project with New Silver Discovery of 11.10 Meter Interval of 143.29 g/t Silver Including 0.55 Meter Interval of 2612.0 g/t SilverVancouver, April 17, 2020 - Affinity Metals Corp. (TSXV: AFF) ("Affinity") ("the Corporation") has been contacted by IRROC and has been asked to clarify and add further disclosure with respect to certain items contained in the April 16, 2020 news release.
With respect to the 22 grab samples that were reported it should be noted that though the grades reported in the selected grab samples are extremely high, use of the term "bonanza grade" may be considered vague or imprecise. Furthermore, the selected grab samples, whose collection may possess a level of bias, are not necessarily indicative of the mineralization found throughout the property and should not be considered representative of the mineralization on the property as a whole.
With respect to the paragraph in the April 16, 2020 news release referencing the historic estimate for the Snowflake and Regal Silver mines:
"The Snowflake and Regal Silver mines were two former producing mines that operated intermittently during the period 1936-1953. The last significant work on the property took place from 1967-1970, when Stannex Minerals completed 2,450 meters of underground development work and a feasibility study, but did not restart mining operations. In 1982, reported reserves were 590,703 tonnes grading 71.6 grams per tonne silver, 2.66 per cent lead, 1.26 per cent zinc, 1.1 per cent copper, 0.13 per cent tin and 0.015 per cent tungsten (Minfile No. 082N 004 - Prospectus, Gunsteel Resources Inc., April 29, 1986). It should be noted that the above resource and grades, although believed to be reliable, were prepared prior to the adoption of NI43-101 and are not compliant with current standards set out therein for calculating mineral resources or reserves."
The disclosure of the historical estimate did not provide the disclosure required by NI 43-101, 2.4 - Disclosure of Historical Estimates. In this regard the following disclosure is provided to address this deficiency:
- The historic estimate was presented by Gunsteel Resources Inc., April 29, 1986 in a Prospectus filing and is presumed to be reliable based on the fact that it was part of a Prospectus filing and would have been subject to review and scrutiny at that time.
- Affinity Metals is not aware of the key assumptions, parameters, or methods used by Gunsteel Resources at that time to prepare the historical estimate.
- The historic estimate uses categories other than ones set out in NI 43-101. With the information available the Company is not able to provide an explanation of the differences.
- Affinity Metals is not aware of any more recent estimates or data since the Gunsteel filing in 1986.
- Affinity Metals at this point does not yet know what work needs to be done to upgrade or verify the historical estimate as current mineral resources or mineral reserves.
- Affinity Metals is not treating the historical estimate as current mineral resources or mineral reserves.
- That a Qualified Person has not yet done enough work in order to classify the historical estimate as mineral resources or reserves.
- Affinity Metals is not treating the historical estimate as mineral resources or mineral reserves.
Qualified Person
The Qualified Person for the Regal Project for the purposes of National Instrument 43-101 is Frank O'Grady, P.Eng. He has read and approved the scientific and technical information that forms the basis for the disclosure contained in this news release.
About Affinity Metals
Affinity Metals is focused on the acquisition, exploration and development of strategic metal deposits within North America.
The Corporation's flagship project and present focus is the Regal.
On behalf of the Board of Directors
Robert Edwards, CEO and Director of Affinity Metals Corp.
The Corporation can be contacted at: info@affinity-metals.com.
Information relating to the Corporation is available at: www.affinity-metals.com
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.
This news release contains forward-looking statements. These statements are based on current expectations and assumptions that are subject to risks and uncertainties. Readers should not place undue importance on forward-looking information and should not rely upon this information as of any other date. Actual results could differ materially because of factors discussed in the Corporation's management discussion and analysis filed with applicable Canadian securities regulators, which can be found under the Corporation's profile on www.sedar.com. The Corporation does not assume any obligation to update any forward-looking statements.