Giga Metals to Exit Copper Exploration Project in Brazil
VANCOUVER, British Columbia, Dec. 05, 2022 (GLOBE NEWSWIRE) -- Mark Jarvis, CEO of Giga Metals Corp. (TSX.V – GIGA) announced today that Giga will discontinue its greenfields copper exploration activities in Piaui State, Brazil.
“Our exploration activities in Brazil have not generated enough encouragement to justify continued allocation of budget and effort,” said Mr. Jarvis. “We will keep our focus on advancing our core asset, the Turnagain nickel project.”
Since early 2021, Giga Metals, has conducted several reconnaissance and follow-up exploration programs across a 40kHa exploration land package along the southern perimeter of the Parnaiba Sedimentary Basin in southern Piaui State, Northeast, Brazil. This work was done via its wholly owned subsidiary Giga Brazil.
Exploration included remote sensing, reprocessing of regional magnetic and radiometric geophysical data, stream sediment sampling and reconnaissance percussion drilling targeting potentially economic “Kupferschiefer-style” sediment hosted copper mineralization, examples or which were known to occur in this remote, under-explored region of Brazil.
About Giga Metals
Giga Metals Corporation’s core asset is the Turnagain Project, located in northern British Columbia, which contains one of the few significant undeveloped sulphide nickel and cobalt resources in the world. Giga Metals has formed a joint venture with Mitsubishi Corporation and plans to complete a Prefeasibility Study in H1 2023.
Scientific and technical information disclosed in this document has been reviewed and approved by David Tupper, P. Geo., a Qualified Person consistent with NI 43-101.
On behalf of the Board of Directors,
“Mark Jarvis”
MARK JARVIS, CEO
GIGA METALS CORPORATION
Contact Information
Office Phone: +1 (604) 681-2300
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FORWARD LOOKING STATEMENTS
Statements in this document which are not purely historical are forward looking statements, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Forward looking statements in this news release include the Brazil project is prospective for copper, the Company’s plans to undertake exploration activities at the Brazil Project and expend funds on it. It is important to note that the Company's actual business outcomes and exploration results could differ materially from those in such forward looking statements. Risks and uncertainties include that Giga may not be able to fully finance exploration at the Project, including drilling; our initial findings at the Project may prove to be unworthy of further expenditure; commodity prices may not support exploration expenditures at the Project; and economic, competitive, governmental, environmental and technological factors may affect the Company's operations, markets, products and share price. There are geopolitical risks because the Project is located in Brazil. Even if we explore and develop the Project, and even if copper or other metals or minerals are discovered in quantity, the project may not be commercially viable. Additional risk factors are discussed in the Company's latest Management Discussion and Analysis which is available under Company's SEDAR profile at Except as required by law, the Company will not update these forward looking statement risk factors.
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