Calgary, Alberta – February 16, 2022 Tocvan Ventures Corp. (the “Company”) (CSE: TOC; OTCQB: TCVNF; WKN: TV3/A2PE64), is pleased to announce it will be proceeding with a non-brokered private placement of up to 666,667 units (the “Units”) at CAD $0.90 per Unit for gross proceeds of up to CAD $600,000 (the “Offering”). Each Unit is comprised of one common share of the Company (a “Share”) and one common share purchase warrant (a “Warrant”). Each Warrant will entitle the holder to acquire one additional Share in the capital of the Company at a price of CAD $1.35 for a period of 18 months from the date the Units are issued, subject to the accelerated expiry provision described in the notes below.
“With the recent discovery of a broad mineralized breccia host and the activation of a second drill rig at Pilar, we feel now is the time to keep the momentum going as we come into full-swing of our operating season.”, commented CEO, Brodie Sutherland. “The use of these funds will ensure we are able to advance Pilar as much as possible this season while starting to evaluate our newest acquisition, the exciting Picacho Au-Ag project, a brownfields project in the Caborca Orogenic Gold Belt.”
Use of Proceeds
The proceeds of the raise will go towards the advancement of the Pilar and El Picacho Au-Ag projects in Sonora, Mexico. At Pilar, a second drill rig has been mobilized to further expand and define the extent of the established Main Zone, while continuing to explore several new prospective trends including 4-T. Advanced metallurgical studies are underway for bulk material across the
property and will evaluate the recovery of gold and silver across mineralized oxide zones exposed at surface.
Main Zone Highlights:
• Drill Highlight: 94.6m at 1.6 g/t Au, including 9.2m at 10.8 g/t Au and 38 g/t Ag
• Trench Highlight: 19.8m at 0.73 g.t Au
• Surface Highlight: 9.2 g/t Au and 279 g/t Ag
• 500-meter prospective trend
4-T Highlights:
• Drill Highlight: 15.3m at 1.1g/t Au
• Trench Highlight: 19.5m at 0.61 g/t Au
• Surface Highlight: 6.6 g/t Au and 433 g/t Ag
• 600-meter prospective trend
At Picacho, reconnaissance mapping and surface sampling will define trench and drill targets across 6-kilometers of prospective trend. Priority target areas include San Ramon where a 70-meter underground drive has returned 28 samples ranging from 0.29 to 21.8 g/t Au.
Tocvan Announces Private Placement
