Vancouver, British Columbia–(Newsfile Corp. – March 9, 2021) – Red Oak Mining Corp. (TSXV.H “ROC”) (the “Company”) is pleased to announce at the opening of the markets on Thursday March 11, 2021, the Company’s common shares will commence trading on the TSX Venture Exchange (the “Exchange”) under the new name “Pantera Silver Corp.” and the new ticker symbol “PNTR”. The Company’s new CUSIP number is 69867T1030 and its new ISIN is E202106498780. The Board of Directors approved a change of the Company’s name from “Red Oak Mining Corp.” to “Pantera Silver Corp.”, to better reflect the Company’s focus on their newly acquired Nuevo Taxco Silver property:
The Nuevo Taxco Silver Property is located in the north of Guerrero State approximately 12 kms north of the municipality of Taxco – the “silver capital” of Mexico and approximately 110 kms southwest of Mexico City. In 2013, Impact Silver Corp (TSXv.IPT). completed a detailed compilation of existing data, followed by a field program which consisted of geological mapping and prospecting which identified a total of twenty-one (21) silver-bearing veins with substantial widths on the Property. A collection of a total of 395 rock samples with high silver values grading over one (1) kilogram per tonne silver occur in three samples (1,430, 1,230, 1,100 g/t), 18 samples between 500 and 900 g/t silver and 92 samples between 100 and 499 gr/t silver, most of which come from the twenty-one (21) veins thus far identified. Historical mining in the area dates back to the year 1520 with 11 historical mills from that era on the Property.
The project is considered to be significantly underexplored, with known silver and gold occurrences throughout the Property. Pantera Silver will be proceeding with additional geological work and an initial exploration drill program. Details will be disclosed in due course.
The Nuevo Taxco Silver Gold Property is within the Pregones Mining District which is one of three principal production centers with the Zacualpan District situated ten kilometers to the northwest and Taxco District ten kilometers to the southeast. The Pregones Mining District shares the same stratigraphy as the Zacualpan District lower Cretaceous rocks of the Telooapan and Acapetlahuaya Formations, both of which are a mixed volcanic and sedimentary assemblage. Whereas in the Taxco District it is correlative 49389287.2 sediments of the Mezcala Formation and limestones of the Morelos Formation, also of Cretaceous age. The Pregones Mining District is considered prospective for high grade silver and gold mineralization.
The reactivation on the TSX Venture Exchange was approved as a result of the Company filing a National Instrument 43-101 (“NI 43-101”) Technical Report entitled the “NI 43-101 Technical Report for Nuevo Taxco Project; Tetipac Municipality, Guerrero State, Mexico” with an effective date of December 7th, 2020 (the “Technical Report”). The Technical Report in conjunction with the Company’s previously announced acquisition of the Nuevo Taxco Silver Project and associated private placement together served as the Company’s “Fundamental Transaction” for reinstatement on the TSX Venture Exchange.
There is no consolidation of the Company’s share capital in connection with the name change. As a result, shareholders are not required to exchange their existing share certificates for new certificates bearing the Company’s new name. The name change does not affect the Company’s share structure or the rights of the Company’s shareholders, and no further action is required by existing shareholders.
As previously announced on October 7, 2020, in connection with the reactivation the Company issued 10,423,500 units (the “Units”) at a price of $0.10 per Unit for gross proceeds of $1,042,350.00. Each Unit consists of one Pantera Share and one Pantera Share purchase warrant at a price of $0.20, exercisable for a period of two years from issuance (the “Warrants”). The Offering was oversubscribed by $92,350.00. All securities distributed pursuant to this private placement will be subject to a statutory hold period until August 11, 2021.
José A. Olmedo, is a “qualified person” within the meaning of the NI 43-101, and is responsible for the technical information disclosed in this news release.
Pantera Silver Corp. is a mineral exploration company committed to enhancing shareholder value by advancing a diverse portfolio of mineral projects through collaborative partnerships and highly experienced technical teams. Pantera will continue to seek out and secure high-quality, unencumbered projects through research, staking and strategic acquisitions while advancing exploration work on the Nuevo Taxco Silver project. Throughout the exploration process, our mission is to help maintain prosperous communities by exploring for and discovering resource opportunities that build lasting relationships through honest and respectful business and environmental practices. Further information can be obtained on the Company’s new website located at https://www.panterasilver.com.
On behalf of the Board of Directors
Pantera Silver Corp
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release contains “forward looking statements” within the meaning of applicable Canadian securities legislation. Forward looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Forward looking statements involve known and unknown risks, uncertainties and other factors that may cause actual financial results, performance or achievements to be materially different from the estimated future results, performance or achievements expressed or implied by those forward looking statements and the forward looking statements are not guarantees of future performance. Pantera Silver Corp (formerly Red Oak Mining Corp) disclaims any obligation to update or revise any forward looking statements, whether as a result of new information, events or otherwise, except as required by law.