Voleo (Intrepid Metals) Broadens Technical Team, Hires Project Managers and Provides Update on Change of Business Transaction
VANCOUVER, CANADA, Voleo Trading Systems Inc. (TRAD: TSX-V) (“the Company””) (to be renamed Intrepid Metals Corp.) is pleased to announce a number of positive corporate developments in anticipation of fulfilling all steps required to complete the change of business transaction to become a mining issuer under the name Intrepid Metals Corp as more fully described in the Company’s news releases dated April 22, 2021.
Project Development Team
The Company has retained Daniel MacNeil, MSc, P.Geo. and Dr. Alan Wainwright, PhD, P.Geo. to broaden the project development technical team. Together, Dan and Alan bring over 40 years of experience in the precious and base metals space throughout the Americas, Europe and Asia.
Mr. Daniel MacNeil is a precious and base metal specialist with more than 20 years of experience from continental-scale project generation to in-mine resource expansion in a wide variety of geological settings throughout the Americas and Europe. Mr. MacNeil currently consults with mid-tier, private and junior mining/exploration companies on mine resource expansion and early through advanced exploration target delineation, drill testing and exploration property evaluations globally.
Dr. Alan Wainwright is an economic geologist focused on precious and base metals with 20+ years of mineral exploration and research experience in North America, South America, Europe and Asia. Dr. Wainwright completed his PhD with Ivanhoe Mines at Oyu Tolgoi (Mongolia) and was a co-recipient of the H.H. Spud Huestis award for his role in the Coffee Gold discovery (5 Moz Au; Yukon). He was the program leader for the industry sponsored Western Tethyan Metallogeny Project at The University of British Columbia’s Mineral Deposit Resource Unit, where the research team built new geologic and mineral exploration frameworks for the Balkans, Turkey and Caucasus. Dr. Wainwright is a Professional Geoscientist (PGeo; EGBC) and a Fellow of the Society of Economic Geologists.
“We are very pleased that Daniel and Alan have joined our team, as their experience will be invaluable at developing the Company’s property portfolio going forward,” said Mark Morabito, Executive Chairman of the Company.
About Resource Geosciences Incorporated - Project Manager
The Company has also hired Resource Geosciences Incorporated (“RGI”) as the Project Manager for the Tombstone South Property in Arizona. RGI has been providing exploration services to mining and exploration companies for over twenty years.
The managing partners have over 60 years of international exploration experience with companies such as Placer Dome, BHP, and Cambior and have provided services to Agnico-Eagle, BHP Billiton, Yamana Gold, First Quantum and many more. RGI will be providing geological consulting services, administrative services and logistical support to Voleo on the Tombstone South Project. RGI will assist in finalizing drill-hole targets in preparation for a 3000-metre drill program planned for Q1 2022. The required permits for this program are already in place. RGI will also be running the program on the ground and managing all site personnel and subcontractors in the field.
The RGI team is led by Dr. Matthew Gray who holds a Ph.D. in Geology from the Colorado School of Mines. During his thirty-year career, he has directed generative exploration programs and project evaluations throughout the Americas. Dr. Gray has extensive experience in project development and resource/reserve QA/QC validations and acts as a Qualified Person as per the definitions of CSA National Instrument 43-101 for programs conducted on behalf of clients.
Update on Business Transaction and Name Change to Intrepid Metals Corp.
As previously announced, the Company has received conditional approval for its change of business transaction and the acquisition of the Tombstone South Property. The Company has now obtained written consent from the majority of its shareholders for the transaction and the only material condition outstanding to complete the transaction is the closing of the concurrent financing. The Company is in the process of completing the financing and expects it will be completed before mid-November.
In anticipation of final approval from the TSX Venture Exchange for its change of business transaction, a new website has been developed and can be found at www.intrepidmetals.com.
About Tombstone South
The Tombstone South Property is located 5.6 kilometers southwest of the town of Tombstone, Cochise County, Arizona, USA. The Property is easily accessible via two hours of driving on paved highway from Tucson, Arizona. The Property is an exploration stage opportunity with potential to discover substantial, high-grade, silver/ lead/zinc veins and carbonate replacement deposits similar to those mined in the Tombstone District. The Tombstone mines produced 32 million ounces of silver in the 1880s.
The target concept on the Property, in addition to the Tombstone style silver mineralization in the Bisbee Group, will be to test the Cretaceous-Paleozoic contact. This stratigraphic horizon hosts the Taylor silver/lead/zinc deposit in southern Arizona, which was bought for US$1.3B in 2018 by South 32. The Cretaceous-Paleozoic contact zone on the Property, including its proximity to low grade porphyry copper deposits and high-grade silver deposits, presents a very favorable setting for Taylor deposit style mineralization.
Trading in the common shares of the Company on the Exchange will remain halted until such times as the requirements of the Exchange are met.
Completion of the transaction is subject to a number of conditions, including but not limited to, Exchange acceptance and if applicable, disinterested shareholder approval. Where applicable, the transaction cannot close until the required shareholder approval is obtained. There can be no assurance that the transaction will be completed as proposed or at all.
Investors are cautioned that, except as disclosed in the management information circular or filing statement to be prepared in connection with the transaction, any information released or received with respect to the transaction may not be accurate or complete and should not be relied upon. Trading in the securities of Voleo Trading Systems Inc. should be considered highly speculative.
The TSX Venture Exchange Inc. has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this news release.
The Company’s technical work on the Tombstone South Project is supervised by Dr. Chris Osterman, P.Geo., a consultant of the Company and a Qualified Person as defined by National Instrument 43-101. Dr. Osterman has reviewed and approved the technical information contained in this news release.
For additional information on the Tombstone South Property please refer to the National Instrument 43-101 Technical Report dated effective May 10, 2021 entitled “Technical Report on the Tombstone South Property, Cochise County, Arizona, USA” filed on SEDAR at www.sedar.com.
About Voleo Trading Systems Inc./Intrepid Metals Corp.
For more information on the Company please visit www.intrepidmetals.com
ON BEHALF OF THE VOLEO BOARD
For further information please contact:
Cautionary Note Regarding Forward-Looking Information
Certain statements contained in this release constitute forward-looking statements and forward-looking information (collectively referred to herein as "forward-looking statements") within the meaning of applicable Canadian securities laws. Such forward-looking statements relate to: (i) removal of conditions relating to the completion of the Transaction; (ii) completion of any concurrent financing; and (iii) receipt of TSXV, regulatory and, if applicable, shareholder approvals of the Transaction.
All statements other than statements of historical fact may be forward-looking statements. Such forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "budget", "plan", "estimate", "expect", "forecast", "may", "will", "project", "potential", "intend", "could", "might", "should", "believe" and similar expressions. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Voleo believes the expectations reflected in those forward-looking statements are reasonable but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this release should not be unduly relied upon. These forward-looking statements speak only as of the date of this release, or as of the date specified in the documents incorporated by reference into this release, as the case may be.
With respect to forward-looking statements contained in this release, Voleo has made assumptions regarding, among other thing: the accuracy, reliability and applicability of Voleo’s business model; the impact of COVID-19 on Voleo’s operations; the ability of Voleo to implement its business plan as intended; the legislative and regulatory environments of the jurisdictions where Voleo carries on business; the impact of competition; and the availability of financing to execute the business plan. Voleo has included the above summary of assumptions and risks related to forward-looking statements provided in this release in order to provide investors with a more complete perspective on Voleo’s current and future operations and such information may not be appropriate for other purposes.
Readers are cautioned that the foregoing lists of factors are not exhaustive and it would be unreasonable to rely on any such forward-looking statements and information as creating any legal rights, that the statements and information are not guarantees and may involve known and unknown risks and uncertainties, and that actual results may differ (and may differ materially) and objectives and strategies may differ or change from those expressed or implied in the forward-looking statements or information as a result of various factors. Except as required by applicable securities laws, Voleo is not under any duty and do not undertake any obligation to publicly update or revise any forward-looking statements after the date of this release.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) has reviewed or accepts responsibility for the adequacy or accuracy of this release.