September 22, 2020 / Vancouver, BC / Corsurex Resource Corp., (CSE: CRC) (the “Company”). Further to a news release dated Aug. 19, 2020, the company has experienced significant demand for the proposed private placement. It has applied for, and received, an overallotment from the Canadian Securities Exchange and now intends to place 28,575,832 units for total gross proceeds of $3,429,100. The placement is anticipated to close in the immediate future.
Groete gold-copper project exploration plan
The company recently retained P&E Mining Consultants Inc. of Brampton, Ont., Canada, to review its work to date and recommend the next phase of exploration for the Groete gold-copper project. The current database comprises 22 drill holes, totalling 6,521 metres. After review, P&E has advised that the variography indicates a low nugget effect of 20 per cent and a reliable cross-deposit variogram (perpendicular to the dip of the deposit), suggesting the current domain modelling is reasonable. To enhance the accuracy of the current mineral resource and potentially upgrade it in classification, P&E is recommending a 56-hole, 12,000-metre program. The private placement proceeds and current assets are anticipated to be adequate to complete the drill program.
The company has obtained three drill quotes from experienced drillers in Guyana with available equipment. After camp expansion, a phase 1 drill program will begin on site. Further details will be provided upon selection of the drill contractor.
The company holds a 100-per-cent interest in the Groete gold-copper project, located in Guyana, South America.
The project was last explored in 2012, which included a drill program. The company has maintained a full camp and security at the project site. Approximately 1.2 kilometres of the known four-kilometre strike have been evaluated by drilling. Further surface sampling to better define the mineral horizon will be undertaken in conjunction with drilling the historical target areas.
ON BEHALF OF THE BOARD OF DIRECTORS
President, CEO and Director
This news release has been reviewed and approved by independent qualified person Eugene Puritch, PEng, FEC, CET, president of P&E Mining Consultants.
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