Tectonic Metals Attracts Leading Exploration and Mining Experts to Form Technical Advisory Committee
VANCOUVER, B.C., August 16, 2023 – Tectonic Metals Inc. TECT: TSX-V; TETOF: OTCQB; T15B: FSE) (“Tectonic” or the “Company”), a mineral exploration company employing a rigorous up-front approach to addressing project risk, economics, community benefits, and the sustainability of exploration projects in the pursuit of genuine mine opportunities, today announced the formation of the Company’s Technical Advisory Committee. The Technical Advisory Committee consists of leading professionals in structural economic geology, metallurgical processing, and mining. These experts, who possess extensive experience and align with Tectonic's core values and business model, will play a crucial role in guiding exploration at the Company’s Flat Project.
The Company is proud to welcome Fred Lightner and Mark Smith to the Technical Advisory Committee. Both individuals have an impressive track record, having been instrumental in the success of the Kaminak Gold Corporation ("Kaminak") Coffee Gold Project. Their leadership in the Feasibility Study was a catalyst for Goldcorp Inc.'s (now Newmont Corporation) acquisition of Kaminak in 2016 for $520M.
Furthermore, Tectonic has appointed specialist Structural-Economic Geoscientists Dr. Ian Basson, Michael McCall and Dr. Corne Koegelenberg to the Technical Advisory Committee. These individuals, associated with TECT Geological Consulting ("TGC") (www.tectgeological.com), are renowned internationally and have worked on world-class projects and mines across the globe for prominent mining companies, such as Rio Tinto, Barrick, BHP, De Beers, Debswana, Goldfields, Glencore, and Anglo American.
“We are incredibly fortunate to attract such exceptional talent at this stage, which demonstrates our focused approach in considering our projects as mining opportunities rather than mere ‘drill plays’,” stated Tony Reda, President and Chief Executive Officer of Tectonic. "By bringing this expertise on board now, we can gain a deeper understanding of the mineralizing systems at our Flat Gold Project and strategically plan our drilling program to fully realize its potential. These additions not only possess expertise in structural geology but also bring economic and operational perspectives to the table for the advancement of our current and future projects. They are expected to make an immediate impact on our Flat Gold Project, further strengthening our team’s knowledge and expertise in all key areas of exploration and mining. This impressive roster of top professionals reflects Tectonic's commitment to excellence and positions the Company for continued success in the exploration and mining industry.”
Fred Lightner, P.E.
Fred H. Lightner is a metallurgical engineer from the Colorado School of Mines and has over 50 years of industry experience (+25 projects) specializing in heap leach gold project evaluation, consultation, feasibility, construction and operations. Fred has worked in the heap leaching gold sector almost exclusively since 1980 and has held senior management positions with Tenneco Minerals, Pegasus Gold, Wharf Resources, and Metallica Resources. His experience includes the evaluation, development, and operation of successful open pit gold mining heap leach projects in the USA, Mexico, Ghana, South America, and the Yukon.
His most recent consulting assignments were with Grayd Resources for the La India heap leach mine in Mexico. After the completion of the preliminary economic assessment, Grayd was acquired by Agnico Eagle Mines. Fred was then Director Mine Development with Kaminak Gold for the development and feasibility study of the Coffee Gold heap leach project in the Yukon. After the feasibility study was complete, Kaminak was acquired by Goldcorp (now Newmont). Fred then consulted for Orla Mining, who owned the Camino Rojo gold/silver heap leach project in Mexico. After the development period and feasibility study, Orla built the mine which is in operation today.
Mark Smith, P.E., G.E., D.GE, S.E.
Mr. Smith has been involved in the design, construction, operations and closure of heap leach mine and tailings management facilities for 35 years. Many of the design standards used in modern heap leaching and tailings disposal were developed by Mr. Smith or his team. He has authored and co-authored over 30 technical papers and contributed to various publications and texts in the fields of heap leaching, tailings management, sustainable development, containment systems, and closure.
Mr. Smith was the founder of Vector Engineering, Inc., a 500-person engineering firm specializing in tailings and heap leach engineering with offices in seven countries and working around the world. He has worked extensively throughout North and South America, including the USA, Canada and the Andean nations. He has co-authored several papers on cold-climate heap leaching and worked on projects in extreme latitudes in both the north and south.
His key heap leach projects and mines have included: Teck’s Quebrada Blanca & Nueva Union - Chile; Victoria’s Eagle Gold - Yukon, Canada; Barrick’s Goldstrike, Carlin & Cortez - USA, Veladero - Argentina, Pierina & Lagunas Norte - Peru; Newmont’s Coffee Gold – Yukon, Canada, Carlin - USA, Yanacocha - Peru; BHP Billiton’s Cerro Colorado, Spence & Escondida - Chile, Tintaya - Peru, Cerro Matoso - Colombia; Vale’s Cristalino, Area 118 & Piaui - Brazil; Rio Tinto’s Barney’s Canyon - USA, La Granja - Peru, Ranger - Australia and Rossing - Namibia; Codelco’s Radomiro Tomic & El Abra - Chile, and Freeport’s Cerro Verde - Peru.
Dr. Ian Basson – Pr. Sci. Nat., FGSSA, MSEG, AMSAIEG
Dr. Basson is a Principal Structural-Economic Geologist at Tect Geological Consulting, which he founded in 2002. He holds a Ph.D. in Structural-Economic Geology from the University of Natal and is an industry expert in lithological and structural interpretation of geophysical data, forward structural modelling, and targeting for exploration projects. He specializes in the interpretation of complex geology, mapping of opencast mines, and 3D Geomodelling. He has provided expertise to numerous mining and exploration companies including Anglo American, Rio Tinto, Kumba Iron Ore, De Beers, Debswana, Glencore, Barrick, and First Quantum Minerals. In the last two decades, Dr. Basson has gained personal experience in over 150 projects, 18 commodities, and 38 deposit types throughout 23 countries.
Michael McCall – Pr. Sci. Nat., FGSSA, MSEG
Mr. McCall is a Principal Structural-Economic Geologist at Tect Geological Consulting with a M.Sc. from the University of Stellenbosch. Over the last decade he has consulted to a broad range of exploration, mining and investment clients across the world’s metallogenic regions (30+ projects). With commodity experience ranging from precious and base metal systems to iron ore and diamonds, his noteworthy clients include Anglo American, Glencore, First Quantum Minerals, De Beers, Anglo Gold Ashanti, Kumba and Alphamin Resources. Michael leverages his expertise in field- and mine-based geological mapping of structurally-complex terranes, regional geophysical data interpretations, fully-constrained 3D geological modelling and technical analysis of projects to add value by optimizing resource delineation and exploration targeting from a regional- to deposit-scale.
Dr. Corné Koegelenberg – Pr. Sci. Nat., MGSSA, MSEG
Dr. Koegelenberg holds a M.Sc. and Ph.D. in Structural-Economic Geology from the University of Stellenbosch. He has been responsible for over 44 projects in variably-metamorphosed and deformed, fold-and-thrust belt terranes, covering both opencast and underground mines and exploration projects. With a strong aptitude for mapping, structural data capture, and due diligence, he specializes in license- to deposit-scale exploration targeting and 3D Geomodelling in LeapfrogGeo and Micromine. Dr. Koegelenberg has optimized and guided resource modelling, geotechnical analysis, and generative exploration for numerous companies including Barrick, EMR Capital, Kumba Iron Ore, Shanta Gold, Anglo Gold Ashanti and Anglo Platinum.
Stock Option Grant
The Company also announced that a total of 5,425,000 stock options have been granted to the Company's directors, officers, advisors and employees. The stock options have an exercise price of $0.13 per share, a mix of service and performance based vesting conditions (including 950,000 stock options that have performance based vesting criteria relevant to certain key performance indicators at the Flat Gold Project), and expiry dates ranging from two to five years from the grant date.
About Tectonic Metals Inc. (“Tectonic” or the “Company”)
Tectonic brings a highly disciplined capital allocation and development process to mineral exploration. By consistently limiting their focus to tier 1 opportunities that fit their formula for mine economics, and de-risking projects upfront, the team has established a tremendous track record of success. Members of the Tectonic team have been directly involved in identifying and monetizing several significant gold discoveries throughout N. America that have created a tremendous amount of value for shareholders and stakeholders.
Tectonic is currently assessing the Flat Gold Project in partnership with Doyon Limited (“Doyon”), one of Alaska’s largest native regional corporations and a significant Tectonic investor. Between 1908 and 1966 approximately 1.4 million ounces of Placer Gold was produced in and around the Flat Gold project. Chicken Mountain is credited as the primary source of this historic placer gold. Tectonic is currently evaluating this target, which features a four-kilometer long gold in-soil anomaly and 55 historic drill holes, all of which intersected and 25 of which ended in gold mineralization. Preliminary metallurgical analysis to-date has demonstrated rapid leach kinetics and gold recoveries averaging 95% from bottle roll testing (see Tectonic’s news release dated February 16, 2023). This, combined with gold intersections at or near surface, suggest Chicken Mountain could represent an open pit, heap leach opportunity. Chicken Mountain is part of a larger geophysical anomaly that appears to represent an 11-kilometer-long intrusion related gold system that incorporates the additional targets of Golden Apex and Chicken Mountain East.
To learn more about Tectonic, please click here.
Tectonic’s disclosure of a technical or scientific nature in this press release has been reviewed, verified, and approved by Peter Kleespies, M.Sc., P.Geo., Tectonic’s Vice President Exploration, who serves as a Qualified Person under the definition of National Instrument 43-101.
On behalf of Tectonic Metals Inc.,
President and Chief Executive Officer
For further information about Tectonic Metals Inc. or this news release, please visit our website at www.tectonicmetals.com or contact Tom McMillan, Investor Relations, at toll-free 1.888.685.8558 or by email at firstname.lastname@example.org.
Cautionary Note Regarding Forward-Looking Statements
Certain information in this news release constitutes forward-looking information and statements under applicable securities law. Any statements that are contained in this news release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements are often identified by terms such as “may”, “should”, “anticipate”, “expect”, “intend” and similar expressions and include, but are not limited to, the potential for mineralization at Tectonic’s projects, any future exploration activities and the size; the ability of Technical Advisory Committee to make an immediate impact on the Flat Gold Project, the receipt of any regulatory approvals, including the final approval of the TSXV.
Forward-looking information is not a guarantee of future performance and is based upon a number of estimates and assumptions of management at the date the statements are made including, among others, assumptions about future prices of gold and other metal prices, currency exchange rates and interest rates, favourable operating conditions, political stability, obtaining governmental and other approvals and financing on time, obtaining required licenses and permits, labour stability, stability in market conditions, availability of equipment, accuracy of any mineral resources, successful resolution of disputes and anticipated costs and expenditures. Many assumptions are based on factors and events that are not within the control of Tectonic, and there is no assurance they will prove to be correct.
Although Tectonic considers these beliefs and assumptions to be reasonable based on information currently available to it, they may prove to be incorrect, and the forward-looking statements in this release are subject to numerous risks, uncertainties and other factors that may cause future results to differ materially from those expressed or implied in such forward-looking statements. Forward-looking statements necessarily involve known and unknown risks, including, without limitation: the Company’s ability to implement its business strategies; risks associated with mineral exploration and production; risks associated with general economic conditions; adverse industry events; marketing and transportation costs; loss of markets; volatility of commodity prices; inability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favourable terms; industry and government regulation; changes in legislation, income tax and regulatory matters; competition; currency and interest rate fluctuations; and other risks.
Readers are further cautioned not to place undue reliance on forward-looking statements as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. Although Tectonic has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. Tectonic does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.