VANCOUVER, British Columbia, May 3, 2021 (GLOBE NEWSWIRE) – Major Precious Metals Corp. (“Main precious metals“or the”Company”) (CSE: SIZE | OTC: SIZYF | FRANKFURT: 3EZ) is pleased to provide an update on recent developments in Greenland with respect to exploration and mining activities and their potential impact on the project Skaergaard (“Skaergaard”). The company is planning an extensive diamond drilling program on its Skaergaard project from late June to early July, and further details will be released shortly.
The recent elections in Greenland have resulted in a new coalition government that remains very supportive of mineral exploration and development in the country. This was evident with the recent conditional approval and full support of the Company’s exploration and drilling plans for Skaergaard by the Greenland Mineral Licensing and Safety Authority (“MLSA”). The company has worked directly with MLSA regarding its upcoming drilling plans and feedback has been very positive with final approvals expected once final drilling plans and related documentation have been approved by MLSA staff.
International financing of strategic or critical mining projects in Greenland
Greenland remains a stable, low-risk, pro-mining jurisdiction with strong financial backing from European and North American institutional banks and financial agencies, as well as organizations backed by the Greenlandic and European governments. Greenland is also strategically located with direct access to the North American and European markets.
International mining companies with advanced projects in Greenland, such as Ironbark Zinc Limited (“Ironbark”) and Bluejay Mining plc (“Bluejay”), have recently signed letters of intent (“LOI”) to obtain debt financing from low interest rate Export-Import Bank of the United States (“EXIM”) to provide the capital necessary to advance their mining projects through the bankable feasibility phase. EXIM is the official export credit agency of the United States and is an independent executive agency whose mission is to support American jobs by facilitating the export of American goods and services.
Ironbark announced on November 2, 2020 that it had received a letter of intent from EXIM for an interim amount of US $ 216 million in debt financing for its Citronen Zinc-Lead project located in northern Greenland. Ironbark can select a secured or direct loan. The interest rate for the direct lending option is set at the Benchmark Commercial Interest Rate (“CIRR”). The CIRR is the official lending rate of export credit agencies. The current CIRR for transactions with a payback period of 8.5 years is 1.46%. Bluejay announced on February 15, 2021 that it had received a Letter of Interest (“LOI”) from EXIM for an interim amount of US $ 208 million in debt financing on similar terms for its Dundas Ilmenite (titanium dioxide) project. located in the northwest of Greenland.
To date, Ironbark has completed the EXIM loan process. Bluejay continues to explore EXIM eligibility requirements and has also advanced discussions with European export credit agencies as well as other traditional commercial lenders to ensure the highest quality and most favorable trading terms available. for the development of their Dundas project.
EXIM has invested strategically in Greenlandic mining projects due to the abundance of strategic or critical minerals in some of the largest undeveloped mineral deposits in the world. These strategic and critical minerals include zinc-lead-copper, platinum group metals (palladium and platinum), titanium, vanadium, gallium, rare earth elements (REE) and many more that are found commonly throughout Greenland. These products are considered critical minerals because they have been deemed essential to the economic and national security of the United States (source: US Department of the Interior – press release dated May 18, 2018).
The Skaergaard project contains several of these critical metals in large quantities such as palladium and platinum, as well as vanadium, titanium and gallium. As Major Precious Metals develops the Skaergaard project over the next few months, it may be well placed to capitalize on these sources of funding from European and American export credit agencies to move the project forward through the mining feasibility phase. in a way that uses strategic capital in a non-dilutive manner for shareholders, as well as supporting the economics of the project itself.
Qualified Person Declaration
All scientific and technical information contained in this press release has been prepared and approved by Paul Ténière, P.Geo., President and Chief Executive Officer of Major Precious Metals Corp, who is a qualified person within the meaning of NI 43-101.
On behalf of the board of directors
MAJOR PRECIOUS METALS CORP.
Paul Ténière, M.Sc., P.Geo.
President and CEO
Office 810-789 Pender Street West
Vancouver, British Columbia V6C 1H2
Phone: (604) 687-2038
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About Major Precious Metals Corp.
Major Precious Metals is a junior Canadian mining and exploration company based in Vancouver, British Columbia, with a diverse portfolio of exploration properties in some of the most promising precious and base metal deposits in the world. Major Precious Metals is also engaged in the acquisition and exploration of precious metals projects near or near existing mining operations controlled by well established mining companies.
Major Precious Metals is listed on the Canadian Securities Exchange (“CSE”) and its common shares trade under the symbol “SIZE”. Additional information on the main precious metals is available at www.majorprecious.com and SEDAR at www.sedar.com.
The Canadian Stock Exchange has neither approved nor disapproved the contents of this press release.
Forward-looking information statement
This press release may contain certain “forward-looking statements” and “forward-looking information” within the meaning of applicable Canadian and US securities laws. When used in this press release, the words “anticipate”, “believe”, “estimate”, “expect”, “target”, “plan”, “foresee”, “may”, “plan” and other similar words or phrases identify forward-looking statements or information. Such forward-looking statements or information may relate to the development of a mineral resource estimate for the Skaergaard project and to other factors or information. Such statements represent the current opinions of the company with respect to future events and are necessarily based on a number of assumptions and estimates which, although considered reasonable by the company, are inherently subject to risks, unforeseen events and uncertainties. Many factors, known and unknown, could cause any results, performance or achievement to differ materially from the results, performance or achievements which are or may be expressed or implied by these forward-looking statements. The Company does not intend, and assumes no obligation, to update such forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other event affecting such statements and information other than such. as required by laws, rules and regulations.