Sassy Resources Commences Trading Executes Maiden Exploration Campaign
VANCOUVER, British Columbia, August 17, 2020 – Sassy Resources Corporation (“Sassy” or the “Company”) is pleased to announce that trading of its common shares commences today, Monday, August 17, on the Canadian Securities Exchange (CSE) under the symbol “SASY”.
Sassy Resources Corporation became a reporting issuer in the provinces of British Columbia and Alberta upon the closing of its spinout Plan of Arrangement from Enduro Metals Corporation (TSXV:
ENDR) (formerly Crystal Lake Mining) on February 18, 2020.
Mr. Mark Scott, Sassy Chief Executive Officer, commented: “On behalf of the Board of Directors and Executive Officers of Sassy Resources, I am very pleased Sassy has received final listing approval from the CSE. This is a significant milestone in the development of the Company and supports the execution of our capital and operations strategy moving forward. I am equally pleased that Sassy has initiated its maiden exploration program at the Foremore Gold-Silver Project, with Phase I of a planned two-phase drilling program for 2020 having started on July 20.
“Foremore consists of 35 mineral claims covering 146 sq. km of high-grade gold-silver targets in the Eskay Camp district in the heart of Northwest B.C.’s prolific Golden Triangle,” Mr. Scott continued. “Sassy looks forward to sharing more detail about the exciting Foremore Gold-Silver Project and the initial results of our work in the weeks ahead. Since May we have raised approximately $3.5 million at hard dollar prices of 25 cents (May) and 30 cents (July) per share to execute at Foremore and prepare for fall/winter activity elsewhere. As the name suggests, Sassy is going to be lively, bold and full of spirit.”
Sassy Share Structure
Sassy features an attractive share structure with a total of only 29,082,961 shares currently issued and outstanding. This total includes 10 million shares issued to Enduro (formerly Crystal Lake) shareholders in a dividend spinout earlier this year. Four-month holds on the May and July 2020 financings (5.7 million shares issued in May and 6.5 million shares issued in July) expire September 22 and November 29, 2020, respectively, leaving 15,055,816 shares free-trading as of August 17 (1,814,184 shares currently subject to escrow will be released in equal instalments every six months for the next 36 months).
Just under 17.2 million warrants are outstanding, mostly from the May and July private placements with 30-month expiry dates, for the potential to add another $6.3 million to the Company’s treasury.
The Sassy Team
- Mark Scott (President, CEO, Director) was most recently Vice President of Vale Canada and head of its Manitoba Operations, overseeing all aspects of the operation;
- Sean McGrath (CFO) has spent more than 20 years providing financial management and consulting services to publicly traded companies, with primary emphasis in the resource sector;
- Ian Fraser (P.Geo., VP-Exploration), an expert in geological models and structural settings, has enjoyed a successful 30-year career in the resource sector, working with numerous junior and senior mining and exploration companies;
- Rob Stewart (P.Geo., Independent Director) was most recently Manager of Regional Exploration and Mines Geology for Vale Canada’s Manitoba Operations. He has played a critical role in the discovery and development of multiple mineral deposits and ore bodies over the course of his 30-year career;
- Kate McLaughlin (P.Eng., Independent Director) has 25 years of technical, operations and leadership experience with Noranda, Falconbridge, Xstrata, Vale and Stantec. She is currently Innovation Leader for Stantec’s Energy & Resources operating unit;
- Richard Savage (Director) brings extensive capital markets’ experience to Sassy after 28 years at Yorkton Securities where he completed his career as Senior Vice-President;
- Dr. Peter Lightfoot (Lightfoot Geoscience – Technical Advisor) is one of the world’s foremost nickel sulphide experts. His unique insights into the Eskay Camp in recent years have contributed to important new discoveries in this prolific district;
- Mike Middleton (Middleton Geoscience – Technical Advisor) is a highly regarded B.C. prospector with more than three decades of industry experience. Foremore has been a prominent project in his portfolio and his experience at Foremore is an invaluable asset to the Sassy team.
About Sassy Resources
Sassy Resources is an exploration stage resource company currently engaged in the identification, acquisition and exploration of high-grade precious metal and base metal projects in North America. Its current focus is on the Foremore Gold-Silver Project located in the Eskay Camp, Liard Mining Division, in the heart of Northwest B.C.’s prolific Golden Triangle.
Chief Executive Officer & Director
NOT FOR DISTRIBUTION IN THE UNITED STATES
Forward Looking Statements
This press release may contain “forward looking statements” or “forward-looking information” within the meaning of applicable securities legislation. Forward-looking information contained herein is provided as of the date of this release and the Company does not intend, and does not assume any obligation, to update this forward-looking information, except as required by applicable securities law. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, “looks forward”, “does not anticipate”, “believes”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. Technical and scientific information are based on the assumptions and parameters set out herein, in the Foremore Technical Report (as defined below) and on the opinion of “qualified persons” (as defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects). Forward-looking information is based on opinions, estimates and reasonable assumptions that have been made by the Company as at the date of such information and is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Issuer to be materially different from those expressed or implied by such forward-looking information, including but not limited to, risks related to: possible changes to the use of proceeds; the impact of general business and economic conditions; mining operations, including risks related to government and environmental regulation, unexpected events and delays during exploration, actual results of current and future exploration activities, conclusions of economic evaluations and changes in project parameters as plans continue to be refined; industry conditions, including fluctuations in the price of precious metals and other metals, fluctuations in foreign exchange rates and fluctuations in interest rates; stock market volatility; competition; community relations; risks, uncertainties and other factors relating to public health crises, including the evolving COVID-19 coronavirus (“COVID-19”) pandemic and health crisis; as well as those factors discussed in Section 17 – Risk Factors in the Listing Statement and identified elsewhere in the Technical Report and other disclosure documents of the Issuer filed at www.sedar.com. Any forward-looking statements contained in this press release are expressly qualified in their entirety by this cautionary statement.