Mr. William Jorgenson reports
HI HO SILVER RESOURCES INC. ACQUIRES SIGNIFICANT INTEREST IN MAJOR TITANIUM
LANDHOLDER, QUEBEC, CANADA
Hi Ho Silver Resources Inc. has acquired a significant indirect interest in
an extensive land position covering approximately 17,000 hectares in the Allard Lake
titanium belt of Quebec, Canada, from the private company Canamara Iron & Titanium
Corp. In settlement of debt owed to Hi Ho, Canamera issued to
the company a total of two million shares and warrants entitling the company to purchase
up to two million additional shares of Canamera at an exercise price of 20 cents per share
for three years. Canamera has been granted an option by the owners of the land
position, with one additional payment of $125,000 to be paid to own the property
outright, subject to a 5-per-cent royalty and a $1-million work commitment in the next year
(2018).
William Jorgenson, chief executive officer of Hi Ho Silver, stated, "This acquisition provides Hi Ho a keynote
participation within the titanium field for future evolution of the titanium industry."
Canamara's large land position covers historically drilled titanium zones occurring as
ilmenite in what has been termed the largest hard rock titanium belt in the world by
Professor Bernard Charlier, department of geology, University of Liege, Belgium
(Charlier et al., 2010).
Within the Allard Lake belt lies the largest high-grade hard rock titanium mine in the
world, the Lac Tio deposit of Rio Tinto which has been in production since 1951,
annually supplying 15 per cent to 17 per cent of the world's titanium. This deposit originally exceeded 200
million tonnes, of which approximately half has been produced to date.
Canamara's holdings in the district include a large number of claims with prospective
titanium mineralization. Two main occurrences outcrop on the property holdings: one
drilled historically in part and known in detail from extensive outcroppings, and another
drilled in detail historically in addition to outcropping. Both have been studied
historically with detailed gravity surveys. The exploration potential of these two targets is
between 125 million to 150 million tonnes grading between 38 per cent and 42 per cent titanium and 35 per cent and 40 per cent iron.
Titanium is becoming a modern cinderella substance with the advent of 3-D printing of
metal components and parts for aircraft usage and medical appliance
applications. Titanium use in the aircraft industry is intensive with the majority of supply
sourced in Russia and Ukraine. Titanium pigment use in paints requires 85 per cent of
world production. Hi Ho is evaluating its continued role in the titanium field.
About Hi Ho Silver Resources Inc.
Hi Ho Silver Resources is a Vancouver-based mineral exploration company dedicated to
the exploration and development of precious and base-metal mineral deposits in North America
and elsewhere.
We seek Safe Harbor.
© 2024 Canjex Publishing Ltd. All rights reserved.