Vancouver, British Columbia, September 22, 2021 Parallel Mining Corp. (the "Company") (TSX-V: PAL) is pleased to announce that the Ministry of Mines and Petroleum in the Federal Democratic Republic of Ethiopia ("Ethiopia") has granted the Company an exploration license for gold and base metals exploration on the Lightning Project located in Tigray, Ethiopia.
The Lightning Project, located in the Tigray National Regional State in Northern Ethiopia, is approximately 280km northwest of the administrative centre of Mek'ele. The Exploration License covers a total area of 376.30 square kilometres on the edge of a very active gold and base metal exploration region. The Lightning Project is dominated by meta-volcanic greenstone rocks of the Adi Hageray and Adi Nebrid blocks, Neoproterozoic rocks forming the Arabian Nubian Shield. This permit area is underlined by the same volcanic and volcanic-sedimentary rocks units as the Asmara VMS district, located approximately 100km to the northeast.
"We are very excited to have been granted this license directly from the Ministry of Mines and Petroleum of the Federal Democratic Republic of Ethiopia," said John Anderson, CEO and Director. "After spending many years studying the Arabian Nubian Shield, our Technical Director, Ian Cooper, visited the Lightning Project in early 2019 where he identified tourmaline at surface over vast areas. Based on our positive internal assessments, we immediately applied for an exploration permit and are very optimistic about the significant potential this land package holds."
Ian Cooper said, "The identification of alteration with tourmaline is often associated with gold prospects and has many similarities to gold projects that I have worked on in the Birimian terrane of West Africa." Examples of gold projects with a tourmaline association include Barrick's Loulu-Gounkoto mine in Mali (plus 16 million ounces), B2 Gold's Fekola mine in Mali (plus 10 million ounces), Golden Star's Wassa gold mine in Ghana (plus 10 million ounces) and Endeavour Mining's Lafigue deposit in Cote d'Ivoire (2.5 million ounces). Parallel intends to get on the ground as soon as it's feasible to conduct further assessments of the Lightening Project.
Mineralization at Lightning is expected to occur alongside silicification, chloritization, epidotization and oxidation. Extensive gossanous outcrops are often indicators of mineralization in the district due to the potential VMS setting. The Lightning Project provides the setting for classic structurally controlled, orogenic gold deposits and polymetallic volcanic massive sulphide deposits. Host rocks are highly variable for orogenic gold as mineralization is structurally controlled and includes volcanic, sedimentary, and granites. VMS deposits tend to form in clusters, and the discovery at both the Asmara deposit and the Harvest property indicates that further VMS occurrences is likely to be encountered on the belt.
The Lightning Project is located on the edge of a very active gold and base metal exploration region. To the south of the project lies the Harvest Project, which hosts the Terakimti VMS deposit.
The Company further announces the appointment of John Newell as a director of the Company. John has over 35 years of experience in the investment industry as an Officer, Director, and Portfolio Manager of a Global Precious Metal Fund, which specialized in precious metal equities and commodities with a disciplined, proprietary investment strategy incorporating equity research and the utilization of both technical and analytical frameworks. He has also worked with some of the largest investment firms in Canada as a branch manager. During the past 18 years, he has been actively involved as an entrepreneur in the exploration, development and mining finance, raising over $500 million in capital for what have become some of the most successful exploration teams and mid-cap producers. John also acts as an advisor to Cordillera Minerals Group Ltd. which creates Cordillera Minerals Flow-Through Limited Partnerships that are tax-advantaged structures that also provide the opportunity for potential capital appreciation and capital gains. John is a recognized author contributing many columns in recognized mining publications. His years of establishing contacts globally with institutions, family offices and retail clients have given him a great following for his work. Mr. Newell is also the President / CEO and Director of Golden Sky Minerals Corp. with properties in the Yukon Territories and British Columbia, Canada. Concurrent with the appointment of Mr. Newell, the Company is also announcing the resignation of Wilson Jin as a director. The Company would like to thank Mr. Jin for his contributions to the Company.
The Company previously announced that it had entered into an agreement to acquire two additional properties in Ethiopia referred to as the North Terer and Ziban Gedena properties, which will be placed in a joint venture company to be owned 95% by the Company. The Company is continuing to work to finalize the transaction, and associated private placement financing of up to $3 million through the offer and sale of up to 20 million common shares at a price of 15 cents per share.
For further information, please contact:
PARALLEL MINING CORP.
John Anderson, President & Chief Executive Officer
Parallel Mining Corp.
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This news release contains certain forward-looking information and statements. Forward-looking statements and/or information are based on a number of material factors, expectations and/or assumptions of Parallel Mining Corp. which have been used to develop such statements and information but which may prove to be incorrect. Undue reliance should not be placed on forward-looking statements. Parallel Mining Corp. can give no assurance that such expectations will prove to be correct. In addition to other factors and assumptions which may be identified herein, assumptions have been made regarding: receipt of all applicable regulatory and stock exchange approvals to complete the acquisition of the North Terer and Ziban Gedena properties, or that exploration of the Lighting project will result in the discovery of economically recoverable mineralization. The forward-looking information and statements included in this news release are not guarantees of future performance and should not be unduly relied upon. Such information and/or statements, including the assumptions made in respect thereof, involve known and unknown risks, uncertainties and other factors that may cause actual results and/or events to differ materially from those anticipated in such forward- looking information and/or statements. Forward-looking statements contained in this news release are made as at the date of this news release and the Company does not undertake any obligation to update forward-looking statements except as may be required by applicable securities laws.