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Toronto, Ontario, June 29th, 2021 – GreenBank Capital Inc. (CSE: GBC and OTCMKTS: GRNBF and FRA: 2TL) (“GreenBank” or “the Company”) is pleased to announce that its portfolio company Ubique Minerals Limited (“Ubique”)(CSE:UBQ) announced yesterday that a diamond drilling contract has been arranged to allow more drilling at the Daniel’s Harbour Zinc Project in Newfoundland. Ubique also announced its intention to undertake a non-brokered private placement of flow through units to raise a minimum of $300,000 and hard dollar units to raise $500,000 to further its exploration and definition of zinc deposits at Daniel’s Harbour and general exploration and corporate expenses. Vilhjalmur Thor Vilhjalmsson will join the Board of Directors and assume the role on an interim basis of Chief Executive Officer. Dr. Gerald Harper, presently CEO will continue as a director and Qualified Person for the Company.
Ubique’s Daniels Harbour Zinc Project – Plans for 2021 Diamond Drilling Program.
Ubique owns three mineral licenses located in the Daniel’s Harbour area in Newfoundland, Canada, covering more than 6 sq. kms, in two blocks and has another four mineral licenses covering more than 10 sq. kms. under option from Ophir Gold Corp (“KAP”). The Ubique licenses cover at least three zones of zinc mineralization, one of which is the P Zone where Ubique completed most of its 2017 and 2018 drilling programs, the highlight of which was a true width intersection of 13.6% Zinc over 12.2 metres including 17.43% Zinc over 8.6m. There are now 28 drill holes in this target area with zinc intersections with greater than 4% zinc over at least 2 metres true widths. The KAP Option licenses cover many areas of the historic mining activity and research has already identified five high priority drill target areas where historic drilling intersected zinc mineralization that was never followed up or mined, including a true width interval of 5.73m of 8.96% zinc in the 1386 zone target. Three of these drill target areas have been relocated (the 1386, 2160 and Nose Zones), the historic drill holes identified and new holes confirming the location and grade of mineralization in historic holes plus the holes drilled in 2019 and 2020.
Ubique’s drilling will follow up on the 2019 – 2020 diamond drilling results and extend those identified zones of zinc mineralization. The drilling will target the Nose Zone and 1386 Zone on the KAP Option licenses. These zones are parallel to and close to the former L Zone which was the largest individual deposit mined (approx. 3 million tonnes) during the historic mine operations. A decline ramp to access the L Zone could be dewatered easily and utilized to access the Nose and 1386 Zones. Both zones are open to extension updip to the northeast and downdip to the southwest. Some 2,000 meters of drilling is planned to extend each of these zones in both directions.
The zinc mineralization intersected is a very pale coloured sphalerite, characteristic of a low-iron Mississippi-Valley-Type carbonate rock, geological environment analogous to many large deposits in north America. Approximately 7,000,000 tonnes averaging 7.8% zinc have been mined from the Daniel’s Harbour mine and after concentrating on site was shipped as a very high-grade concentrate from nearby deep-water port facilities to a custom zinc smelter. (Wardle, R.J. (2000) Mineral Commodities of Newfoundland and Labrador – Zinc and Lead; Government of Newfoundland and Labrador, Geological Survey, Mineral Commodities Series Number 1, 12 pages).
Funding for the 2017, 2018 and 2020 diamond drilling programs was financially supported, in part, by grants from the Government of Newfoundland and Labrador under their Junior Exploration Assistance Program. Application has been made for a similar grant to support the 2021 diamond drilling program.
Private Placement Financing
The Ubique private placement will comprise up to 5,000,000 Flow-Through Units each priced at $0.06 and 10,000,000 Common Share Units each priced at $0.05. Each Flow Through Unit will consist of one common share in the capital of Ubique issued on a flow through basis pursuant to the Income Tax Act (Canada) and one half of a common share purchase warrant with each whole warrant being exercisable at a price of $0.075 per common share for a period of 24 months from the date of issuance.
Each Common Share Unit will consist of one common share in the capital of Ubique and one common share purchase warrant with each whole warrant exercisable at a price of $0.075 per common share for a period of 24 months from the date of issuance.
The total private placement common shares will represent 24.06% of the increased share capital of Ubique. Insiders of the Company have indicated their interest in participating in this private placement financing. The terms of this private placement are subject to approval by the Canadian Stock Exchange (“CSE”).
The proceeds are intended to be used for a follow-on drilling on Ubique’s Daniels Harbour Zinc Project including the adjacent Ophir Gold Corp. (“KAP”) option property on the island of Newfoundland, Canada and other exploration. The KAP option was announced in press releases dated December 6th, 2018 and February 14th, 2019 and drilling results and drilling plans have been announced in press releases dated October 2nd, 2018, and subsequently in 2019 and 2020. All these press releases are available from the Company website and SEDAR (www.sedar.com).
Board and Management Strengthening
The Board of Directors is very pleased to announce the appointment of Vilhjalmur Thor Vilhjalmsson to the Board of Directors of Ubique Minerals Ltd. Mr. Vilhjalmsson will also step into the role of CEO on an interim basis. A search for a permanent CEO will be conducted, at which time Vilhjalmur will move to the position of Chairman. Vilhjalmur is the CEO of JV Capital Ltd., a family-based investment company focusing on mining exploration and civil construction companies. From 2017 till early 2021 he was a director and then CEO and President of St Georges Eco-Mining Corp. (CSE:SX) a mineral exploration and technical development company developing new technologies in the mining and recycle industries. Vilhjalmur holds a diploma in Business Administration from the University of Bifrost, Iceland. In his professional career he has been active in the mining and civil construction industry along with investments and development projects. Over the past 25 years he has mainly been operating in Canada, Scandinavia, Greenland, UK and Africa with roles at senior management and director level ranging from greenfield exploration projects to mining services and mine build up.
David Lonsdale, Chairman of the Board of Ubique commented that “Villi brings a great depth of experience to the company and we are looking forward to working with him so that the company can accelerate its development as a successful mineral explorer and developer. Dr Harper, currently CEO and a director will be stepping down as CEO but will continue as a director of the company and also a key senior technical advisor and Qualified Person for the Company. We are very grateful to Dr Harper for all his hard work to bring the company forward from its public listing to owner of a very important property with high grade zinc resources being outlined.” Dr Harper has tendered his resignation to the Board of Directors of Ubique as recent medical problems have prevented his providing his full attention to the company in the role of CEO.
About Ubique Minerals Limited.
Ubique Minerals Limited is a zinc exploration company listed on the CSE (CSE:UBQ) focused on exploration of its Daniel’s Harbour zinc property in Newfoundland. It was funded for its first two years by private equity including that from Greenbank Capital Inc (CSE:GBC and OTCMKTS:GRNBF and FRA:2TL). Ubique became a publicly listed company in September 2018. Ubique has an experienced management group with a record of multiple discoveries of deposits worldwide, and owns an extensive and exclusive database of historic exploration results from the Daniel’s Harbour area. For more information on Ubique please contact Gerald Harper, CEO, at (416) 232-9114 or by email email@example.com or see www.ubiqueminerals.com
Dr. Gerald Harper, P.Geo.(NL), is the qualified person as defined by NI 43-101 responsible for the technical data presented herein and has reviewed and approved this release.
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