T2 Metals Receives $300,000 Grant from Manitoba Mineral Development Fund

Rhea-AI Summary

T2 Metals announced it has received a $300,000 grant from the Manitoba Mineral Development Fund (MMDF) to support its Sherridon copper-gold-zinc project in Manitoba. The Sherridon project has a rich mining history and significant historical resources. Recent drilling in 2023 revealed promising near-surface mineralization, including notable copper, zinc, gold, and silver deposits.

The company plans to follow up on these findings with further drilling and continue its collaboration with local Cree Nations and other stakeholders. The MMDF grant will aid in these efforts, and T2 Metals appreciates the Manitoba Government's support for the mining industry and northern economies.

The project aims to advance exploration and development while benefiting from the Manitoba Mineral Exploration Tax Credit (MMETC). The grant and tax credit make Manitoba an attractive region for mineral exploration, especially for critical raw materials.

Positive

• T2 Metals received a $300,000 grant from MMDF for the Sherridon project.
• 2023 drilling results showed promising mineralization with significant copper, zinc, gold, and silver deposits.
• The Manitoba Government supports the mining industry, enhancing the region's attractiveness for exploration.
• The MMDF grant and MMETC help maintain Manitoba's status as a favorable jurisdiction for mining.
• T2 Metals is actively collaborating with local Cree Nations, benefiting community relations and project sustainability.

Negative

• The PR does not provide specific timelines for the follow-up drilling, which could imply potential delays in project advancement.
• There is no mention of overcoming potential environmental or regulatory hurdles, which could pose risks to the project.

Vancouver, British Columbia--(Newsfile Corp. - June 6, 2024) - T2 Metals Corp. (TSXV: TWO) (OTCQB: AGLAF) (WKN: A2DR6E) ("T2" or the "Company") is pleased to announce receipt of a $300,000 grant from the Manitoba Mineral Development Fund ("MMDF") to support the Company's ongoing exploration of the Company's Sherridon copper-gold-zinc project in west-central Manitoba.

Sherridon is a well known VHMS camp in the Flin Flon - Snow Lake district, with both a significant mining history and substantial copper-rich historical resources calculated in 2010. T2 Metal's 2023 drilling program highlighted the excellent potential for near-surface copper, gold and zinc rich mineralization including the below in the vicinity of the Cold and Lost deposits as reported Q1 2024:

SHN23005
23.50 m grading 1.18% Cu, 1.46% Zn, 6.8 g/t Au and 40.4 g/t Ag (7.4% CuEq) from 38.00 m;

SHN23008
14.4 m grading 0.88% Cu, 2.58% Zn, 0.51 g/t Au and 9.8 g/t Ag (2.16% CuEq) from 49.38 m;

SHN23010
5.52 m grading 1.77% Cu, 1.47% Zn, 2.30 g/t Au and 37.2 g/t Ag (4.41% CuEq) from 105.00 m;

Planning and permitting is now well underway for follow up drilling of these areas, and to test additional targets across the project.

Mark Saxon, CEO of T2 Metals Corp. said, "Following a very successful 2023 exploration program, T2 Metals Corp continue to be an active and optimistic investor in Manitoba. This MMDF grant will enable the Company to continue on a discovery and development pathway at the Sherridon copper project, while furthering the close relationship with the Kiciwapa Cree Nation, the Mathias Colomb Cree Nation and other rights holders. The Manitoba Government recognises the important role mining plays in enabling the energy transition, and is a strong supporter of the mining industry and northern economies through the MMDF."

T2 Metals acknowledges the positive impact the MMDF has on mineral exploration across Manitoba. Mining is an important contributor to economic development and investment within northern communities. The MMDF program and the Manitoba Mineral Exploration Tax Credit ("MMETC") help to ensure the province remains an attractive jurisdiction for mineral exploration including critical raw materials.

Notes:

Copper equivalents calculated using current metal prices (Cu $/t = 8,174; Pb $/t = 2,032; Zn = 2,487 $/t; Au = 2,020 $/oz; Ag = 22.7 $/oz) and assume equal recovery of all elements. The formula used to calculate CuEq. = Cu_(%) + ((Zn_(%) * Zn_(USD/t)) + (Pb_(%) * Pb_(USD/t)) + (Ag_(g/t) * (Ag_(USD/oz)/31.1) * 100) + (Au_(g/t) * (Au_(USD/oz)/31.1) * 100)) / Cu_(USD/t) The formula used to calculate ZnEq. = Zn_(%) + ((Cu_(%) * Cu_(USD/t)) + (Pb_(%) * Pb_(USD/t)) + (Ag_(g/t) * (Ag_(USD/oz)/31.1) * 100) + (Au_(g/t) * (Au_(USD/oz)/31.1) * 100)) / Zn_(USD/t)

"Reported drill intercepts are downhole core lengths with true thickness estimated to be at least 90% of core downhole length."

T2 Metals is focused on copper, nickel and lithium acquisition, exploration and development within the major mining belts of western North America. The Company continues to target under-explored areas, including the Sherridon, Lida and Cora projects where post-mineralization cover masks areas of high geological prospectivity in the vicinity of major mines.

About T2 Metals Corp (TSX.V: TWO) (OTC: AGLAF) (WKN: A2DR6E)

T2 Metals Corp is an emerging copper and precious metal company enhancing shareholder value through exploration and discovery. T2 is focused on the Sherridon Project in Manitoba, the Lida Project in Nevada, and the Cora Project in Arizona.

ON BEHALF OF THE BOARD,

"Mark Saxon"

Mark Saxon
President & CEO

For further information, please contact:

t2metals.com

1305 - 1090 West Georgia St., Vancouver, BC, V6E 3V7
info@t2metals.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Note Regarding Forward-Looking Statements

Certain information set out in this news release constitutes forward-looking information. Forward looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "intend", "could", "might", "should", "believe" and similar expressions. Forward-looking statements are based upon the opinions and expectations of management of the Company as at the effective date of such statements and, in certain cases, information provided or disseminated by third parties. Although the Company believes that the expectations reflected in forward-looking statements are based upon reasonable assumptions, and that information obtained from third party sources is reliable, they can give no assurance that those expectations will prove to have been correct. Readers are cautioned not to place undue reliance on forward-looking statements.

These forward-looking statements are subject to a number of risks and uncertainties. Actual results may differ materially from results contemplated by the forward-looking statements. Accordingly, the actual events may differ materially from those projected in the forward-looking statements. Such risks include uncertainties relating to exploration activities. When relying on forward-looking statements to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and should not place undue reliance on such forward-looking statements. The Company does not undertake to update any forward-looking statements, except as may be required by applicable securities laws.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/211864

FAQ

What is the impact of the $300,000 MMDF grant on T2 Metals' Sherridon project?

The $300,000 MMDF grant will support T2 Metals' ongoing exploration and development activities at the Sherridon copper-gold-zinc project in Manitoba.

What were the results of T2 Metals' 2023 drilling program at the Sherridon project?

The 2023 drilling program revealed promising near-surface copper, zinc, gold, and silver mineralization, including significant grades in the Cold and Lost deposits.

How does the Manitoba Government support T2 Metals' exploration projects?

The Manitoba Government supports T2 Metals through the MMDF grant and the Manitoba Mineral Exploration Tax Credit (MMETC), making the region attractive for mineral exploration.

What is the future plan for T2 Metals' Sherridon project in Manitoba?

T2 Metals plans to conduct follow-up drilling based on the 2023 results and test additional targets across the Sherridon project area.

How does T2 Metals engage with local communities at the Sherridon project?

T2 Metals collaborates closely with the Kiciwapa Cree Nation, the Mathias Colomb Cree Nation, and other rights holders, fostering positive community relations.