GREENBANK AFFILIATE UBIQUE COMPLETES NI 43-101 REPORT WHICH RECOMMENDS $2,262,500 DRILL PROGRAM
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Toronto, Ontario, December 5, 2017 – GreenBank Capital Inc (CSE: GBC and OTCMKTS: GRNBF) ("GreenBank or the Company") announces that its 27% owned affiliate Ubique Minerals Limited (“Ubique”) has completed a NI 43-101 Report (the “Report”) on its 108 claims located in the Daniel’s Harbour area in Newfoundland, Canada. The Report will be utilized in Ubique’s intended public listing during 2018.
The Report states that the Daniel’s Harbour property is prospective for Mississippi Valley Type sulphide zinc deposits, and describes the results from Ubique’s 2017 nine-hole diamond drilling program, the highlight of which was a true width intersection of 13.6% Zinc over 39.9ft including 17.43% Zinc over 28.2 ft. “…which vastly exceeded what was predicted based on historic drilling in this area.”.
The Report recommends an ongoing exploration program in the total amount of $2,262,500 in three phases. Phase 1 in the amount of $285,000 would comprise a 1,000-2,000m diamond drill program on existing targets in the P Zone area. Phase 2 in the amount of $52,500 would comprise of a detailed digital data compilation of historic exploration, the establishment of exploration grids, and the identification of new drill targets. Phase 3 in the amount of $1,925,000 would comprise of a 10,000m diamond drill program to include the Tilt Pond and Cobo’s Pond areas. The Phase 3 program is intended to define any potential resource and provide the feasibility of re-establishing mining operations at Daniel’s Harbour.
The Report was prepared by Elliott M. Stuckless, P.Geo for Ubique. A copy of the Report titled “Technical Report on the Daniel’s Harbour Property” has been filed on SEDAR under GreenBank’s profile, and on Ubique’s website at www.ubiqueminerals.com .
Ubique’s 108 claims cover 27 sq kms around the former Daniel’s Harbour zinc mine situated approximately 10 km northeast of the town of Daniel’s Harbour on the west coast of Newfoundland. Approximately 7,000,000 tonnes averaging 7.8% zinc have been mined from the Daniel’s Harbour mine (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). The Ubique claims comprise three zones, namely P Zone, Cobo’s Pond and Tilt Pond. The P Zone is where Ubique completed its 2017 drilling program, the highlight of which was a true width intersection of 13.6% Zinc over 39.9ft including 17.43% Zinc over 28.2 ft. Ubique management believes that the Cobo’s Pond claims are strategically significant as they could potentially contain the extension to the mineralized horizon hosting the high-grade zinc intercepts from the 2017 drilling program. The Tilt Pond claims cover a southern mineral trend adjacent to previous drilling completed by Teck Exploration in 1990 on the adjacent Black Duck and Trapper claims (Newfoundland and Labrador Department of Mines, Geofiles Metadata Search).
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.
Ubique expresses its appreciation of the financial support offered by the Junior Exploration Assistance Mineral Incentive Program (“JEA”) offered by the Department of Natural Resources, Government of Newfoundland and Labrador, for its Daniel's Harbour drilling program. The JEA objective is to grow the mineral inventory of the province through mineral discoveries.
GreenBank is a merchant banking business listed on the Canadian Securities Exchange (trading symbols CSE:GBC and OTCMKTS:GRNBF), and is included in the CSE Composite Index. GreenBank’s 100% subsidiary GreenBank Financial Inc. is a merchant bank. GreenBank’s portfolio companies comprise minority equity investments in 9 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; 19% of Veterans Financial Group LLC, a Ohio, USA based insurance agency providing insurance services to veterans, families and businesses; 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; and 27% of Buchans Wileys Exploration Inc, a minerals exploration company with interests in Newfoundland, Canada.
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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