05:24:40 EDT Tue 26 Sep 2023
Enter Symbol
or Name

Centurion Minerals Ltd (5)
Symbol CTN
Shares Issued 31,469,069
Close 2023-05-08 C$ 0.02
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Centurion Minerals executes option deal for Casa

2023-05-08 17:08 ET - News Release

Mr. David Tafel reports


Centurion Minerals Ltd. has provided an update of the Casa Berardi West gold project and financing as follows.

Casa Berardi West Gold Project Acquisition: Proceeding with its original focus of acquiring and advancing gold exploration projects, the Company executed a previously announced Option Agreement to acquire a 100% interest in the Casa Berardi West Gold Project (the "Project"). The Project consists of 3 claim groups comprising a total of 4,700 hectares, strategically located northeast of Cochrane, Ontario, Canada in the mineral endowed central north Abitibi greenstone belt.


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) gold;

Situated along structural corridors hosting world-class discoveries, operating mines, and significant past-producing operations;

Located near historical production from Normetal Mines as well as currently active, Amex Exploration Inc. which is undertaking one of the largest drilling programs in Canada on its Perron project. (Amex Exploration Highlights Accomplishments From 2022 And Reviews Exploration Plans for 2023);

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.

An NI 43-101 Technical Report outlining the Project's historical activities has been completed and can be found on the Company's website. Project overview link (Casa Berardi West - Centurion Minerals Ltd)

2023 Next Steps: Centurion has received conditional approval from the TSXV for this transaction and subject final approval, immediate exploration efforts will be focused on: (i) compilation of all historical data; (ii) ground geophysics over priority targets; and (iii) an initial drill program covering identified targets.

Private Placement

As previously announced, the Company is arranging a non-brokered private placement financing for up to $750,000 priced at $0.02 per Unit. Each Unit will consist of one common share and one-half share purchase warrant. Each full warrant shall have a term of 24 months commencing on the Closing Date and shall entitle the holder to purchase one common share at a price of $0.05 during the first year and $0.10 during the second year. Up to $150,000 of the $750,000 will consist of a Flow-through component. The Flow-through portion will consist of a Share only.

A minimum of 25% of the proceeds from the financing shall be used for property payments and furthering exploration activities on the Project, up to 15% for non-arm's length payments and 10% for corporate communications. The balance shall be used for working capital and general corporate activities. Closing will be subject to TSX-V approval, and any shares issued will be subject to a four-month hold period.

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.

About Centurion Minerals Ltd.

Centurion Minerals Ltd. is a Canadian-based company with a focus on mineral asset exploration and development in the Americas. Centurion has executed an Option Agreement enabling it to earn a 100% interest in the Casa Berardi West Gold Project which is located in the prolific gold-producing, greenstone belt of the central Abitibi Subprovince of north-eastern Ontario. The Agreement has received conditional Exchange approval.

We seek Safe Harbor.

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