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Vancouver, British Columbia, July 9, 2020: Silver Sands Resources Corp. (formerly Golden Opportunity Resources Corp.) (the “Company” or “Silver Sands”) (CSE: SAND) is pleased to announce that further to its price reservation on file with the CSE, it will proceed to a Private Placement of up to 1,000,000 flow-through Units at $0.15 per Unit (the “FT Units”) for gross proceeds of up to $150,000. Each FT Unit will consist of one flow-through common share at $0.15 per share (a “FT Share”) and one half of one common share purchase warrant (each whole warrant, a “Warrant”). Each Warrant entitles the holder to purchase one common share (which is not a flow-through share) at $0.30 per common share for a period of 24 months following the date of issuance.
The Warrants are subject to an acceleration right that allows the Company to give notice of an earlier expiry date if the Company’s share price on the CSE (or such other stock exchange the Shares may be trading on) is equal to or greater than C$0.50 for a period of 10 consecutive trading days.
The Company may pay a finder’s fee of up to 7% cash and 7% Broker’s warrants on all or a portion of the Private Placement in accordance with the policies of the CSE. Proceeds of the Private Placement will be used for exploration work on the Company’s Canadian mineral properties. The Private Placement is subject to the acceptance of the CSE.
About Silver Sands Resources Corp.
The Company signed a definitive agreement with Mirasol Resources to acquire 100% interest in their 73,411-hectare Virginia Silver Project on May 21, 2020. There is an indicated mineral resource of 11.9 million ounces of silver at 310 grams per tonne silver and an inferred resource of 3.1 million ounces of silver at 207 g/t Ag in 2016 (source: Amended Technical Report, Virginia Project, Santa Cruz Province, Argentina - Initial Silver Mineral Resource Estimate” by Earnest, D.F. and Lechner, M.J. dated February 29, 2016 with an effective date of October 24, 2014). Later that year preliminary prospecting of new claims to the south identified quartz vein and vein breccia rock float, scattered along a two-kilometre trend. With a strong belief in the exploration potential of the Virginia district, there was a further expansion of the Virginia property holdings in 2017 adding 27,017 hectares of claims to the south of the limit of previous drilling. First pass prospecting in May 2018 located high-grade silver assay results within three new target areas, suggesting the presence of unrecognized, shallow-soil-covered, high-grade mineralization that would expand the potential of the Virginia silver project.
The project is located in the southern region of Argentina known as Patagonia, in the mining-friendly and resource-rich province of Santa Cruz. Silver Sands Resources will continue with a detailed review of all available data to confirm existing targets and commence testing the exploration upside at Virginia at a time of improving precious metal prices.
On Behalf of the Board of Directors
Chief Executive Officer, President & Director
For further information, please contact:
Chief Executive Officer, President & Director (604) 786-7774
SILVER SANDS RESOURCES CORP.
Suite 830 – 1100 Melville Street
Vancouver, British Columbia V6E 4A6
The Canadian Securities Exchange has not approved nor disapproved the contents of this news release.
This news release may include forward-looking information within the meaning of Canadian securities legislation concerning the business of the Company. Forward-looking information is based on certain key expectations and assumptions made by the management of the Company. Although the Company believes that the expectations and assumptions on which such forward-looking information is based on are reasonable, undue reliance should not be placed on the forward-looking information because the Company can give no assurance that they will prove to be correct. Forward-looking statements contained in this news release are made as of the date of this news release. The Company disclaims any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.
R. Tim Henneberry, P.Geo. (BC), a Director of Silver Sands, is the Qualified Person under NI43-101 who has reviewed and approved the technical content of this news release.