Vancouver, British Columbia--(Newsfile Corp. - February 8, 2018) - New Destiny Mining (TSXV: NED) has announced a non-brokered private placement. The company plans to raise gross proceeds of up to $500,000 from the issuance of up to 2 million units, priced at $0.25 per unit, with each unit consisting of 1 share and 1 warrant, with each warrant exercisable at $0.35 for 24 months, subject to an acceleration clause.
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Proceeds will be used for exploration work on the Treasure Mountain Silver Property and for general working capital.
New Destiny's Treasure Mountain Silver Property is located approximately 30 kilometres east/northeast of Hope, British Columbia. The property covers 10,700 hectares of geologically prospective ground adjacent to Nicola Mining's Treasure Mountain Property, which is the site of the historic Treasure Mountain Silver-Lead-Zinc mine.
The company's property hosts at least seven gold, silver, lead, zinc and/or copper occurrences in various regions. These include gold-quartz vein, polymetallic veins and porphyry type showings. Some of these mineral occurrences have associated historic underground workings.
The fall 2017 program was conducted in the eastern region of the property in the area of gold bearing quartz veins discovered by the company in 2016. The objective of the recent exploration program was to follow up on the results from the 2016 fall prospecting program, which located an area of quartz veining in the east region of the property with grab samples returning anomalous gold values, including samples of 0.51 and 1.15 grams per tonne gold. The two vein exposures discovered in 2016 are approximately 700 metres apart and appear to be along a northwest strike.
During the fall 2017 program, the Ximen Mining crew collected 50 soil samples and 10 rock samples in the area between the two areas of anomalous quartz veins. In areas where the overburden was thick the crew used a deep soil auger drill to collect samples. Six such holes were completed. All samples collected during the fall 2017 program have been shipped to Vancouver for gold and multi-element analysis.
For more information on the property, please refer to the NI 43-101 Technical Report on Sedar.
For more information, please visit the company's website at www.newdestinymining.com, contact Robert Birmingham, President and CEO, at 604-783-0499 or email [email protected]
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