American Marconi Wireless News - Armory Mining Corp to Conduct Data Compilation and Multispectral Antimony-Gold Exploration Program at the Ammo Property, Nova Scotia

This program has begun under contract to consultants Avant Exploration with compilation of regional and local geological, geophysical and geochemical maps, editable datasets, reports and any complimentary information which will be used to create a GIS database and proprietary maps for Armory Mining Corp.

Avant Exploration will also download available multispectral satellite imagery (e.g. ASTER, Landsat, Sentinel, ALOS, etc.) to evaluate its potential to be processed and analyzed for potentially creating new exploration targets, despite the local vegetative cover. Assuming useful images can be identified, multispectral analysis based on Principal Component Analysis (PCA), images from three multispectral satellites (Sentinel-2 MSI, Landsat-8, and ASTER), as well as radar from the ALOS PALSAR sensor to create a digital terrain model (DTM), will be used to identify new PCA targets worthy of follow-up field inspection.

Armory holds an option agreement to acquire 100% interest in the 3,092-hectare Ammo Exploration Property which is located adjacent to and surrounding the past-producing West Gore antimony-gold mine in central Nova Scotia, located approximately 45 kilometres north-northwest of the provincial capital of Halifax (Fig. 1). Production from the adjacent historical West Gore antimony-gold mine dates from the early 1880s to 1917. The historical mine workings and subsequent evaluations include multiple shafts, eight underground levels and at least 70 drill holes.

"We're eager to begin what we feel is a methodical and detailed exploration strategy at Ammo," said Alex Klenman, CEO of Armory Mining. "The more data we can analyze the greater chance we can identify priority drill targets. This first phase of work will provide critical data and can potentially expedite our drill plans."

Debt Settlement and Grant of RSUs and Options
The Company also announces that it intends to settle approximately $50,000 in debt owed to a former officer of the Company by issuing 333,333 common shares of the Company at a deemed price of $0.15 per share.

The Company intends to complete the debt settlement to preserve the Company's cash for working capital and improve its financial position by reducing its existing liabilities. The debt is owed by the Company to a former officer of the Company. The debt settlement is expected to close shortly, subject to customary closing conditions, including, but not limited to, finalizing all contractual documentation and receipt of all applicable regulatory approvals, as applicable, including compliance with the policies of the Canadian Securities Exchange (the "CSE").

The Company has also granted an aggregate of 100,000 stock options and 2,550,000 restricted share units ("RSUs") to a director and consultants of the Company pursuant to its amended and restated stock option plan. The stock options are exercisable at a price of $0.17 per share and expire five years from the date of grant. The RSUs will vest in four months from the grant date.

Harrison Cookenboo, Ph.D., P.Geo., a "Qualified Person" for the purpose of National Instrument 43-101, has reviewed and approved the contents of this news release.

For additional information, please refer to the Company's public disclosure record available on SEDAR+ at www.sedarplus.com.

About Armory Mining Corp
Armory Mining Corp. is a Canadian exploration company focused on minerals critical to the energy, security and defense sectors. The Company controls an 80% interest in the Candela II lithium brine project located in the Incahuasi Salar, Salta Province, Argentina; a 100% interest in the Kaslo Silver project, west of Kaslo, British Columbia; and a 100% interest in the Riley Creek antimony-gold project located in Haida Gwaii, British Columbia, and an option to acquire a 100% interest in the Ammo antimony-gold project located in Nova Scotia.

Contact Information
Alex Klenman
CEO
[email protected]

Neither the Canadian Securities Exchange nor its Market Regulator (as the term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy of accuracy of this news release.

Certain information contained herein constitutes "forward-looking information" under Canadian securities legislation. Forward-looking information includes, but is not limited to the creation of a GIS database and proprietary maps for the Company, the creation and identification of new exploration targets, identification of priority drill targets, expediting drill plans, pursuit of exploration programs at the Company's antimony prospects and the terms of the proposed debt settlement. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "anticipates", "anticipated" "expected" "intends", "potentially", "will" or variations of such words and phrases or statements that certain actions, events or results "will" occur. Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made and they are from those expressed or implied by such forward-looking statements or forward-looking information subject to known and unknown risks, uncertainties and other factors that may cause the actual results to be materially different, including receipt of all necessary regulatory approvals. Although management of the Company have attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. The Company will not update any forward-looking statements or forward-looking information that are incorporated by reference herein, except as required by applicable securities laws.

SOURCE: Armory Mining Corp.

View the original press release on ACCESS Newswire

H.E.Young--AMWN