Discovery Minerals Activities & Operations Update for October 2021

Rhea-AI Summary

Discovery Minerals Ltd (OTC PINK:DSCR) announced progress on the Ruby Gold Mine program, confirming all Option payments are current. The company has signed a Letter of Intent (LOI) with Zambian mining property owners, covering two gold ore bodies along with copper and cobalt occurrences, pending due diligence. Discovery aims to operate these mining sites, which possess reserves as per Australian JORC Reports. Furthermore, Discovery is negotiating a civil works project joint venture through Africa-American Resources Inc. and is addressing its trading status.

Positive

• Progress on the Ruby Gold Mine program confirmed.
• Current with all Option payments.
• Signed LOI for Zambian gold and mineral properties.
• Gold mines backed by Australian JORC Reports.
• Negotiating a joint venture for a civil works project.

Negative

• Forward-looking statements indicate uncertainties regarding financing and regulatory approvals.

LOS ANGELES, CA / ACCESSWIRE / November 2, 2021 / Discovery Minerals Ltd (OTC PINK:DSCR)

Discovery is pleased to report that the Ruby Gold Mine program is progressing and that Discovery is current with all Option payments.

Discovery has previously signed an LOI with mining property owners in Zambia which contains two gold ore bodies and some copper and cobalt occurrences. This agreement is subject to a full due diligence review of the properties. Ongoing negotiations are currently being carried out as to the final details. Discovery will be the Operators of these mining operations. The gold mines have been declared as having reserves in accordance with two Australian JORC Reports.

A further Agreement is being negotiated with the same mining group in Zambia regarding a major civil works Project in a JV that will require large quantities of mined construction material and earth fill sourced from the previously secured tenements and some additional ground. This JV will be conducted through a USA corporation called Africa-American Resources Inc.

Additionally, Discovery is continuing to address the matter of the Company's trading status.

Safe Harbor: This release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 27E of the Securities Act of 1934. Statements contained in this release that are not historical facts may be deemed to be forward-looking statements. Investors are cautioned that forward-looking statements are inherently uncertain. Actual performance and results may differ materially from that projected or suggested herein due to certain risks and uncertainties including, without limitation, ability to obtain financing and regulatory and shareholder approval for anticipated actions.

Discovery Minerals Ltd.
+1 (310) 607-8252
Admin@discoveryminerals.com

SOURCE: Discovery Minerals Ltd.

View source version on accesswire.com:
https://www.accesswire.com/670681/Discovery-Minerals-Activities-Operations-Update-for-October-2021

FAQ

What is the latest update on Discovery Minerals Ltd's Ruby Gold Mine program?

Discovery Minerals Ltd confirmed progress on the Ruby Gold Mine program and is current with all Option payments.

What properties has Discovery Minerals Ltd secured in Zambia?

Discovery has secured an LOI for two gold ore bodies and additional copper and cobalt occurrences in Zambia.

What is the significance of the Australian JORC Reports for Discovery Minerals Ltd?

The Australian JORC Reports validate the reserves of the gold mines Discovery is looking to operate.

What is the role of Africa-American Resources Inc. in Discovery Minerals Ltd's operations?

Africa-American Resources Inc. will serve as the vehicle for Discovery's joint venture concerning a civil works project.

What are the risks mentioned in Discovery Minerals Ltd's latest press release?

Risks include uncertainties related to financing and the need for regulatory and shareholder approvals for planned actions.