Appointment of CEO, Board Changes, and Acquisition of Interest in Pangeni Project, Zambia
February 27, 2018
The board of directors of BQ Metals Corp. (the “Board”) (TSX-V: BQ.H) has appointed John Wilton as Chief Executive Officer and President and to the board of directors of the Company. The Board has also resolved to change the Company’s name to BeMetals Corp.
The Company’s new President, John Wilton graduated with BSc Honours in geology from the University of Newcastle upon Tyne. In 1990 he joined Anglovaal Limited based in South Africa with roles in exploration, feasibility projects and business development for precious and base metals. In this time he was involved in a number of projects that lead to mine development and numerous international project assessments. In 1998 he moved to Namibia and was a principal member of both the discovery and resource development teams of what is now the Otjikoto Gold Mine, operated by B2 Gold. Later he was a co-recipient of the Henno Martin Medal, awarded by the Geological Society of Namibia, for his role in the discovery. He was also intrinsically involved, as the exploration manager, in the 2005 IPO of TEAL Exploration onto the TSX as a listing of the Namibia, Zambia and DRC exploration and development assets of African Rainbow Minerals. Since 2005 John has been focused on base metal exploration, including the Central African Copperbelt, and worked with a number of internationally recognised researchers. From 2010 until 2017 he was the Regional Exploration Manager: Africa for Antofagasta Minerals, and was responsible for all of the company’s exploration and business activities in Africa. Under Mr. Wilton’s leadership and the Board’s direction the Company intends to acquire and advance exploration and development stage base metal projects.
Pangeni Acquisition
The Company is pleased to announce its first such acquisition being the acquisition of up to a 72.5% interest in the Pangeni Project in the Zambian Copper Belt. The Company can acquire a 67.5% interest in the project over a five year period by expending US $2.5 million on exploration, incurring cash payments of US $1.45 million, and issuing 500,000 shares. Following acquisition of the initial 67.5% interest the Company can acquire an additional 5% interest by completing a feasibility study and making a further cash payment of US $750,000.
The Pangeni Project is located on the western extension of the Zambian Copper belt underlain by Katangan Supergroup metasediments which are covered by a thin veneer of Kalahari sands. The Sentinel, open pit, Copper Mine is operated by First Quantum Minerals (“FQM”) some 130 kilometers to the northeast of the Pangeni Project. A number of other major international mining companies have identified this region of the Zambian Copper belt to be prospective for the discovery of tier one copper mines and are conducting exploration field work.
Limited historic work on the licence has included soil geochemistry, airborne magnetics and the core drilling of 5 holes totaling 1000 meters in two different initial geochemical anomalies approximately 20 kilometers apart. The Central target was tested with 3 holes over 500 meters strike length with CT1 intersecting up to 6.1 meters containing 0.34 percent copper. In the South West target area, 2 holes tested 1200 meters of strike length and contained up to 0.48 percent copper over 5.5 meters in SW 1. These mineralized zones remain open to additional drill testing and other areas of the licence largely unexplored. The encouraging initial drilling results provide significant proof of concept, of the exploration potential and indicate that further copper mineralization can be discovered under the extensive Kalahari sand cover within the licence. The Company intends to commence exploration in the first half of 2018.
Other Changes
In connection with the changes in management and the board, Harry Pokrandt has resigned as a director of the Company. The Board thanks Mr. Pokrandt for his service and wishes him well in future endeavours. Following these changes the Board of Directors is now comprised of John Wilton, Clive Johnson, Roger Richer and Tom Garagan.
Stock Option Grant
In connection with Mr. Wilton’s appointment, he has been granted an aggregate of 2,250,000 incentive stock options of the Company exercisable at a price of $0.24 per share for a period of 10 years, vesting over the period of three years and subject to the approval of the TSX Venture Exchange.
For further information: please contact: Kristen Reinertson, CFO & Corporate Secretary, (604) 609-6118
ON BEHALF OF BQ METALS CORP.
Clive Johnson, Director
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.