00:50:40 EST Wed 07 Dec 2022
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Centurion gets TSX-V conditional OK for Casa Berardi

2022-09-20 18:59 ET - News Release

Mr. David Tafel reports

CENTURION ANNOUNCES CONDITIONAL ACCEPTANCE OF CASA BERARDI WEST GOLD PROJECT TRANSACTION; RESUMPTION OF TRADING

Further to Centurion Minerals Ltd.'s news release dated Aug. 8, 2022, the TSX Venture Exchange has conditionally accepted the previously announced option agreement that provides Centurion with the right to earn a 100-per-cent interest in the Casa Berardi West gold project. The project is located in the prolific gold-producing Harricana-Turgeon greenstone belt of the central Abitibi subprovince of Northeastern Ontario. A National Instrument 43-101 technical report entitled "NI 43-101 Independent Technical Report on the Casa Berardi West Properties, Cochrane, Ontario," having an effective date of June 30, 2022, has now been filed on SEDAR under Centurion's profile and can be viewed on Centurion's website.

PROJECT HIGHLIGHTS:

  • Historical exploration includes more than 70 RC drill holes returning encouraging results that include 18 samples greater than 1,000 ppb (1 g/t) gold and the highest returning 38,000 ppb (38g/t) gold1;
  • The Project is situated along structural corridors hosting world class discoveries, operating mines, and significant past-producing operations;
  • Nearby, historical production from Normetal Mines and the recent (Perron) gold discovery by Amex Exploration which returned 15.5 g/t gold over 15.8 meters within 12 kilometers of the Project (Amex NR-June 16-2022);
  • Numerous iron formations and shear zones proximal to a late granitic pluton has gold deposit analogies to the Musselwhite gold mine in northern Ontario; and
  • Excellent access and infrastructure.

RESUMPTION OF TRADING:

Centurion has received notification from the TSX-V that trading will resume on September 23, 2022. Additionally, following a resumption of trading, it is the Company's intention to complete a shares for debt transaction related to select current liabilities and to conduct a private placement financing of common shares for gross proceeds of up to $1,000,000. The timing and pricing of these transactions will be announced in a later news release once confirmed. The Company intends to use the net proceeds from the financing for further exploration of the Project and general working capital.

David Tafel, CEO of the Company, commented: "Subject to final TSX-V approval we will have the right to earn a 100% interest in a Project that is located within a region of current and historical gold and polymetallic production and in close proximity to very recent discoveries. As Centurion moves to a resumption of trading and we progress to completing this transaction, we believe this Project has the potential to provide shareholders with an excellent opportunity for value creation."

CASA BERARDI WEST PROJECT

The Project consists of 3 non-contiguous claim groups (Noseworthy, Newman and Hepburn) comprising a total of 11,600 acres or 4,700 hectares, strategically located northeast of Cochrane, Ontario, in the metal endowed central north Abitibi greenstone belt (Figure 1).

Transaction Summary

The Option Agreement enables Centurion to acquire a 100% interest in the Project for cash consideration totaling $114,000 and the issuance of 600,000 common shares over a 3-year period. The optionors will retain a 2% NSR but Centurion has the right to acquire 50% of the NSR for $1,000,000.

Qualified Person

Mike Kilbourne, P. Geo, an independent qualified person as defined in National Instrument 43-101, has reviewed and approved the technical contents of this news release on behalf of the Company.

References

Technical Report for the Casa Berardi Mine, Northwestern Quebec, Canada authored by Jonathan Archambault-Giroux, P.Geo, Effective date December 31, 2018.

ABOUT CENTURION

Centurion Minerals Ltd. is a Canadian-based company with a focus on mineral asset development in the Americas. The Company's lead investment is its interest in the Ana Sofia Agri-Gypsum Fertilizer Project, and it is also reviewing additional prospective, precious mineral exploration projects.

We seek Safe Harbor.

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