VANCOUVER, April 15, 2013 /PRNewswire/ - Calico Resources Corp. (TSX-V: CKB) (the "Company" or "Calico") is pleased to announce the closing of the second and final tranche of its non-brokered private placement originally announced on March 28, 2013. In this second tranche, the Company issued 2,500,000 units at a price of $0.16 per unit. The total gross proceeds raised in this tranche amount to CDN$400,000.00.
Each unit consists of one common share and one-half of one share purchase warrant. Each whole warrant is exercisable into one additional common share at a price of $0.28 per share for a period of two years, expiring April 12, 2015.
All securities issued by the Company in connection with this first portion of the private placement are subject to a statutory hold period and may not be traded until August 13, 2013.
The net proceeds from the Offering will be used for exploration and development on the Company's Grassy Mountain Project and for general working capital.
From a cost perspective, Calico has entered a great price range to buy into...There are three things of note here...
1. The company has continued to progress... 2. There has been tremendous shorting of Gold and Silver that will not continue much longer. 3. The U.S. is entering a big recession, and the Canadian dollar will outperform the U.S. dollar.
Vancouver Sept 5, 2012: Calico Resources Corp. (TSX-V: CKB, OTCQX: CVXHF) (the ”Company”) or “Calico”) is pleased to announce that the first public hearing on the Grassy Mountain “Oregon Consolidated Application and Permitting Process” was very positive and well attended. Approximately 24 members of the Project Coordinating Committee (PCC), representing State, Federal and County Agencies participated in the meeting, along with 75-80 members of the general public consisting of interested citizens, community leaders, stakeholders and non-governmental organizations (NGO’s). All formal testimony from the public comment portion of the meeting was supportive of Calico and the Grassy Mountain Project.
The meeting was held in Ontario, Oregon on August 14, 2012, in the commercial center of Malheur County, Eastern Oregon, easily accessible for all stakeholders and interested parties. The meeting was chaired by Gary Lynch, Assistant Director, DOGAMI (Oregon Department of Geology and Mineral Industries). Mr. Lynch gave an overview of DOGAMI, its role as the lead agency in the consolidated application process and summarized the current status of the Grassy Mountain permitting. Mr. Larry Knudsen, Senior Assistant Attorney General, Oregon Department of Justice, presented an overview of Division 37 Chemical Process Mining Law, rules and regulations facilitating mine permitting in Oregon and the role of the PCC during the permitting process.
Mr. Arden “Buck” Morrow, President and CEO, assisted by Vance Thornsberry, VP Exploration and Rick Richins, Environmental Coordinator gave a presentation introducing the audience to Calico and the Calico team, the Grassy Mountain conceptual mine plan and processing facility, Calico’s vision for the project and the Company’s plans moving forward through the permitting phase. Buck Morrow stated at the meeting “Calico feels the consolidated application process under Division 37 is well structured, offers transparency and contains clear guidelines and a timetable amenable to moving the project forward in a timely and efficient manner.”
On August 15th Calico organized a site tour of the Grassy Mountain Project for the PCC, members of the community and NGO’s. Mr. Morrow and Thornsberry provided information on geology, mining, processing and infrastructure. A special guest, Skip Yates P.G., the discoverer of Grassy Mountain, discussed how the deposit was first discovered 30 years ago. “We are very pleased with the positive feed-back from the PCC on the site visit; boots-on-the ground perspective is invaluable, said Vance Thornsberry.”
About Grassy Mountain
The Grassy Mountain Project contains NI 43-101 compliant (see March 29, 2012 Technical Report) Indicated resources of 1,271,300 ounces of Au in 37,471,000 tonnes averaging 1.055 g/t at a 0.34 g/t cutoff and Inferred resources of 305,600 ounces of Au in 15,733,300 tonnes averaging 0.604 g/t at a 0.34 g/t cutoff. Contained in the resource above, is a higher grade NI 43-101 compliant resource suitable for underground mining with Indicated resources of 540,200 ounces Au in 3,195,400 tonnes averaging 5.258 g/t at a 2.06 g/t cutoff and Inferred resources of 58,500 ounces Au in 302,600 tonnes averaging 6.010 g/t at a 2.06 g/t cutoff.
Michael McGinnis, Calico’s Exploration Project Manager, is a Qualified Person as defined by National Instrument 43-101 and has reviewed and approved the technical contents of this release.
On behalf of the Board,
Arden (Buck) Morrow
President and CEO
“Neither 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.”
Calico’s executive management team is creating shareholder value by acquiring projects that give the Company a “pipeline of opportunities” ranging from near term production to exploration and progressing them to production in a manner consistent with “sustainable development” principles. The Grassy Mountain Project fits our “pipeline of opportunities” model perfectly, as it contains both a well-defined NI 43-101 resource and 17 additional targets that have been identified and, in many cases, drill tested. The primary target has also been the subject of numerous and detailed environmental and engineering studies which will serve as the template as we progress to development.
The management has a track record of success both as individuals and as a team. As a team, we located, explored, engineered, permitted and financed a district scale iron oxide-copper-gold (IOCG) system stretching across the borders of Sweden and Finland. The first mine and processing facility is now under construction.
We are committed to “sustainable development” and have demonstrated the ability to develop and operate projects in a safe and environmentally sound manner. Numerous awards have been received by operations led by Calico executives in the areas of health, safety and environmental compliance.
The executive team is excited about being reunited in Calico Resources. We are executing a plan to deliver on a strategy designed to increase shareholder value and are confident that in so doing, we will benefit the employees, communities and other stakeholders in the areas in which we operate.
President and CEO
Calico Resources has 2 projects.
Calico Resources Corp. (formerly Cobre Exploration Corp.) holds an option to acquire a 60% interest in the Iron Lake property from Eastfield Resources Ltd. Iron Lake is a 7,116 hectare property containing anomalous concentrations of copper-nickel plus, gold and platinum group metals. It is located 45 kilometres northeast of the community of 100 Mile House, BC.
The Iron Lake property covers a large mafic to ultramafic intrusive body in which pyroxenite, olivine pyroxenite, gabbro, sodic pegmatite and diorite occur in contact with a granodiorite batholith. In many ways the Iron Lake Complex is comparable to the Turnagain Ultramafic Complex in northern BC and also to the Lac Des Isles deposit in Ontario. Important criteria that support this comparison include the large size of the igneous complex (several tens of square kilometers), the presence of multiple phases of magma dominated by mafic and ultramafic components and strong palladium and platinum soil anomalies indicating the presence of platinum group metals. In 2000 significant copper, gold, palladium and platinum mineralization was discovered in several samples of olivine pyroxenite rubble (average; 7173 ppm Cu, 402 ppm Ni, 676 ppb Au, and 312 ppb Pd+Pt from six samples). In 2004 the Iron lake Property was flown by Fugro Airborne Surveys and a number of conductors were identified. The conductors were further defined by a 2006 UTEM ground survey. Targets from both surveys were drill tested in 2005-06 identifying intersections of significant thicknesses of pyrrhotite dominant massive sulphides. The most recent drill program was completed at the Iron Lake property was in 2006.
Mineral exploration at the Iron Lake property has identified potential for copper and nickel massive sulphides (cobalt rich) and for disseminated sulphide mineralization containing copper, platinum group metals and gold in ultramafic rock. In 2008 Calico funded an expansion of the soil grids and trenching on the property and a technical review. Several new anomalies from the 2008 work remain to be evaluated. The trenching program, while generally inconclusive owing to deeper than expected overburden, generated additional geologic insight, particularly with regards to the surficial geology of the area and will additionally provide new access for ongoing exploration. The depth of overburden encountered in 2009 justifies a reassessment of areas of the property where spotty geochemical results formerly were interpreted to limit the permissiveness for mineralization, but in fact may be a function of overburden too deep to respond.
A staged ongoing exploration program is being developed for the Iron Lake property.
Grassy Mountain is an advanced stage fold exploration in Malheur Co. Oregon.
1,271,300 oz. Au and 4,139,300 Ag
Averaging 1.055 g/t at a 0.34 g/t Au cutoff
305,600 oz. Au and 1,056,500 Ag
Averaging 0.604 g/t at a 0.34 Au cutoff
Grades as high as 595 g/t Au have been encountered through drilling and indicate the potential for a very robust, shallow and low cap-cost underground mine.
17 additional targets identified through mapping, soil and rock chip sampling and drill testing
Calico Resources Has the Option to Acquire 100% Interest