GreenBank Acquires 50% of GBC Grand Exploration Inc
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Toronto, Ontario (FSCwire) - GreenBank Capital Inc. (CSE: GBC and OTCMKTS: GRNBF and FRA; 2TL) ("GreenBank or the Company") announces that it has made its 16th portfolio investment and, in a non-material transaction, acquired 50% of GBC Grand Exploration Inc (“Grand”), a mineral exploration company in Newfoundland, Canada.
The principal property of Grand is the Twilite Gold Property in Newfoundland, comprising 65 claims located 14km southwest of Grand Falls-Windsor. The property is easily accessible via an all-weather gravel road network that transects the property and crosses within 50-100m of the main prospects. The Twilite property features low-sulphidation epithermal-style gold mineralization and shares geological characteristics in common with the Moosehead bonanza-style gold property located 30 km to the northeast. The Moosehead property currently is the focus of an exploration program by Sokoman Iron Corp. (TSXV:SIC) under option from Altius Minerals Corporation (TSX:ALS).
On the Twilite property, deformed carbonaceous argillite, mudstone and siltstone are the primary host rocks to sulphide mineralization. “The presence of sulfosalt minerals is potentially significant in that these can exhibit a spatial association with bonanza-grade gold mineralization,” said Barry Greene, P.Geo, and a director of Grand. Gold mineralization on the Twilite property is hosted by both northwest and northeast orientated structures. Two principal mineralized areas are associated with separate sub parallel northwest trending structures that are 300 meters apart. To the east, these structures appear to intersect a northeast-trending fault zone, which also hosts mineralization. Grand intends to proceed with obtaining a NI 43-101 report on its Twilite Gold Property, following which it will decide on the timing and scope of an exploratory drilling program.
Grand also owns the Browning property comprising 24 claims located 2km south of Pollards Point, Newfoundland. The Browning Property includes the Browning Mine, which produced 149 ounces of gold in 1903. This production came from some 1000 tons of ore, indicating an average grade of some 0.15 oz/ton, or about 5 ppm Au. The Browning Mine is the best-known gold deposit in the area and has the distinction of being one of the first-producing gold-only deposits on the Island of Newfoundland. On the Browning property, gold mineralization is epigenetic and is associated with mesothermal-style quartz and quartz-carbonate veins that typically also contain base-metal sulphides such as pyrite, chalcopyrite, galena and sphalerite. Auriferous veins are mostly hosted by volcanic and volcaniclastic rocks of the Pollards Point Formation or by sedimentary rocks of the Simms Ridge Formation, which respectively sit west and east of a proposed structure separating the two sequences within the Sops Arm group. Iron carbonate alteration is spatially associated with gold-bearing veins at the Browning Mine (Kerr. A, Current Research (2006) Newfoundland and Labrador Department of Natural Resources Geological Survey, Report 06-1, pages 61-90).
GreenBank intends to provide Grand with continuing merchant banking services, with the objective of listing Grand on the Canadian Securities Exchange in due course, although there is no guarantee that a listing application will be approved.
Barry Greene, P.Geo, is the qualified person as defined by NI 43-101 guidelines responsible for the technical data presented herein and has reviewed and approved this release.
Ubique warrants update
Separately, the directors of GreenBank’s portfolio company Ubique Minerals Limited (“Ubique”) advise that in order to comply with CSE listing rules, the Unit structure of Ubique’s recent private placement has been revised by reducing the number of Unit warrants by 50% pro-rata. Accordingly, new warrants exercisable on the same terms have been issued to Ubique investors to replace existing warrants. Each private placement investor has accepted the replacement warrants.
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 16 small cap businesses, namely; 52% of Blockchain Evolution Inc, owners of the world’s first identification based blockchain, and developers of Xbook a user permissioned and revenue sharing social media platform; 10% of The Lonsdale Group LLC, a USA based private equity company focused on small cap investments; 25% 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 search mobile application; 12% 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; 19% of Kabaddi Games Inc, developers of a mobile application game based on the sport of Kabaddi; 19.62% of Minfocus Exploration Corp (TSXV: MFX), a mineral exploration company; 19.9% of Gander Exploration, a minerals exploration company in Newfoundland, Canada; 100% of Cannabis Blockchain Inc, developers of a digital information management system for the cannabis industry; 100% of Expatriate Assistance Services Inc, providing relocation services to expatriates; and 50% of GBC Grand Exploration Inc, a minerals exploration company 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.
Neither the Canadian Securities Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
Source: GreenBank Capital Inc. (CSE:GBC, OTC Pink:GRNBF, FWB:2TL)
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