Metallum Resources: Major development milestone as Mining Lease granted over the Pick Lake deposit

Metallum Resources: Major development milestone as Mining Lease granted over the Pick Lake deposit

by ahnationtalk on October 4, 202217 Views

Metallum Resources Inc. (TSXV:MZN; OTCQB:MTLLF) (“Metallum” or the “Company”) is pleased to announce a major step forward in the future development of the Superior Lake Zinc Project (Superior Lake or the Project), as the Ontario Ministry of Mines has issued Mining Leases over the Pick Lake Claim area (Image 1 and Appendix 1).

The Mining Lease claims are valid for a period of 21 years. The conversion of these claim from exploration claims to mining lease are an essential and major step forward regarding the future development of the Project. Without the conversion of these claims into mining leases future production cannot occur.

Image 1: Mining Lease over the Pick Lake deposit

The Pick Lake deposit contains 100% of the mineralization incorporated in the Definitive Feasibility Study (DFS) released by the Company last year. The DFS outlined approximately 70,000 tpa of zinc concentrate and 5,300 tpa of copper concentrate (9-year mine life) of production, at an All-In Sustaining Operating cost of just C$0.51 / lb, ranking the Project in lowest quartile operating costs for zinc Projects globally.

APPENDIX 1

SURFACE AND MINING RIGHTS

All that land and land under water,

Being part of Perimeter Survey CLM 569,

Comprising all of Mining Claims 128641, 135280, 161750, 162598, 162599, 162600, 175304, 182220, 187277, 221893, 229858, 229859, 238291, 242038, 288461, 308718 and 343842,

And part of Mining Claims 114012, 140125, 161751, 162597, 221892, 236645, 242037 and 250023,

Unsurveyed Territory,

Territorial District of Thunder Bay,

Containing 368.084 hectares, more or less,

Designated as Parts 1 on Reference Plan 55R-14894.

MINING RIGHTS ONLY

All that land and land under water,

Being part of Perimeter Survey CLM 569,

Comprising part of Mining Claims 114012, 140125, 161751, 162597, 221892, 236645, 242037 (being the Road Allowance in front of Mining Location R 721) and 250023,

Unsurveyed Territory,

Territorial District of Thunder Bay,

Containing 77.524 hectares, more or less,

Designated as Parts 2, 3 and 4 on Reference Plan 55R-14894

About Metallum

Metallum Resources (TSXV:MZN) is developing its Superior Lake Zinc and Copper Project located in Ontario, Canada which has been advanced to the feasibility stage. For more information on the project please visit metallumzinc.com.

For further details about the Company and the Superior Project, please visit the Company’s website at metallumzinc.com.

ON BEHALF OF THE BOARD

For further information, contact:

Tony Wonnacott, Chairman and Interim CEO

Tel: 416-953-5879

Email: info@metallumzinc.com

Website: metallumzinc.com

NT4

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