GREENBANK AFFILIATE BUCHANS WILEYS COMPLETES NI43-101 REPORT
Toronto, Ontario, February 5, 2018 – GreenBank Capital Inc (CSE: GBC and OTCMKTS: GRNBF and FRA; 2TL) ("GreenBank or the Company") announces that its affiliate portfolio company Buchans Wileys Exploration Inc (“Buchans Wileys”) has completed a NI43-101 report on its flagship property in Newfoundland, Canada. The Report will be utilized in Buchans Wileys’ intended public listing during 2018.
The Report states that the Clench Brook area at the western end of the Buchans Wileys property appears to occur along strike from the former producer Clementine Zone, and recommends further drilling in this area. It also states that previous drilling northeast of Wileys Lake has been too shallow to compensate for the thick overburden in the area, and recommends deeper drilling designed to intersect the favorable rock type.
The Report recommends an ongoing exploration program of a two phase 2,000m drilling program in the total amount of $330,000. Phase 1 in the amount of $40,000 would comprise a detailed data review and compilation, re-logging and re-sampling of historic core, further review of the recent airborne survey, establishment of exploration grids, mapping, and geochemical assays. Phase 2 in the amount of $290,000 would comprise of a 2,000m diamond drill program targeting existing targets and any new targets identified in Phase 1.
The Report was prepared by Elliott M. Stuckless, P.Geo for Buchans Wileys. A copy of the Report titled “Technical Report on the Buchans Wileys Property” has been filed on SEDAR under GreenBank’s profile, and on Buchans Wileys website at www.buchanswileys.com .
Buchans Wileys Exploration Inc is a private exploration company with mineral properties in Newfoundland, of which GreenBank owns 27%. Buchans Wileys flagship property consists of 48 claims located approximately 4 km southwest of the past producing Buchan’s Mine that produced 16,196,876 tonnes of ore at an average mill head grade of 14.51% zinc, 7.65% lead, 1.33% copper, 126 grams/tonne silver and 1.37 grams per tonne gold. (Wardle,R.J (2000) Mineral Commodities of Newfoundland and Labrador- Zinc and Lead; Government of Newfoundland and Labrador, Geological Survey, Mineral Commodities Series Number 1, 12 pages). A further 30 claims, known as Buchans Wileys South, (“BW South”) are located 15 km southeast of the Buchans Wileys flagship property. BW South is located approximately 18 km southeast of the past producing Buchan’s Mine.
Roland Crossley P.Geo., is the qualified person as defined by NI 43-101 responsible for the technical data presented herein and has reviewed and approved this release.
GreenBank is a merchant banking business listed on the Canadian Securities Exchange (trading symbols CSE: GBC and OTCMKTS: GRNBF and FRA: 2TL), and is included in the CSE Composite Index. GreenBank’s 100% subsidiary GreenBank Financial Inc. is a merchant bank. GreenBank’s portfolio companies comprise equity investments in 11 small cap businesses, namely; 10% of The Lonsdale Group LLC, a USA based private equity company focused on small cap investments; 27% of Ubique Minerals Limited, a zinc exploration company in Newfoundland, Canada; 10% of Reliable Stock Transfer Inc, a Canadian small cap transfer agency; 14% of Slabdeck Technology Inc, developers of a unique comprehensive all-in-one search mobile application that integrates social search, discovery and communication; 15% of Blockchain Evolution Inc, owners of the world’s first identification based blockchain; 15% of KYC Technology Inc, owners of a worldwide online 24-hour “Know Your Customer” identification verification process; 19% of Inside Bay Street Corporation, a financial news communications company; 27% of Buchans Wileys Exploration Inc, a minerals exploration company with interests in Newfoundland, Canada; 100% of Medik Blockchain Inc, providing blockchain based medical confidentiality systems to the healthcare community; 100% of North America Veterans Insurance Services Inc, an insurance agency holding company; and 19% of Kabaddi Games Inc, developers of a mobile application game based on the sport of Kabaddi.
Forward-Looking Information: This press release may include forward-looking information within the meaning of Canadian securities legislation, concerning the business and trading in the common stock of GreenBank Capital Inc., the raising of additional capital and the future development of the businesses comprising GreenBank’s investment portfolio. The forward-looking information is based on certain key expectations and assumptions made by the company's management. Although the company believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because GreenBank can give no assurance that they will prove to be correct. These forward-looking statements are made as of the date of this press release and GreenBank disclaims any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.
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