Sona Resources Corp.

Published : December 24th, 2015

Sona Resources Clarifies Technical Disclosure

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Keywords :   Gold | Gold Mine | Market | Market Conditions |

Sona Resources Clarifies Technical Disclosure

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Dec 24, 2015) - Sona Resources Corp. (the "Company" or "Sona") (TSX VENTURE:SYS)(QS7.F) announces that as a result of a review by the British Columbia Securities Commission, as detailed in a comment letter dated December 16, 2015, the Company is issuing this news release to clarify past disclosure deficiencies. These relate to public disclosures regarding the Company's Blackdome Gold Mine ("Blackdome"), its Elizabeth Gold Property ("Elizabeth") and the combined Blackdome-Elizabeth Gold Project (the "Project"). Non-compliant disclosures under NI 43-101 Standards of Disclosure of Mineral Projects appeared on Sona's website, as well as in its corporate presentation and certain news releases.

Sona confirms that the Preliminary Economic Assessment ("PEA") on the Project, undertaken by Micon International Ltd. ("Micon") and announced on May 18, 2010, is still current and stands as the Company's NI 43-101 Technical Report of record.

Disclosure of Mineral Resources and Preliminary Economic Assessment

In its news releases and on the Blackdome property page on its website, the Company referred to the positive results of the PEA, without prominently including the cautionary language required by NI 43-101: "The Company clarifies that its PEA is preliminary in nature; it includes inferred mineral resources considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves; and that there is no certainty that the preliminary assessment will be realized."

Subsequent to the May 18, 2010, disclosure of the PEA, a section in the news releases titled "About Sona Resources Corp." referenced the initial news release of the PEA as May 28, 2010. This was a typographical error, and should have referred to the Company's May 18, 2010 news release which provided initial disclosure of the PEA with all cautionary statements required by NI 43-101.

The Blackdome and Elizabeth property pages on Sona's website - along with the section titled "About Sona Resources Corp." in most news releases from June 22, 2010, to March 13, 2013 - made reference to inferred resources, which are detailed in the PEA. All such references did not prominently include the following cautionary language: "Mineral resources that are not mineral reserves do not have demonstrated economic viability."

Investors are cautioned that any disclosure of the Company's PEA and mineral resources should have included these cautionary statements and should be interpreted with such language in mind.

The Company's website and corporate presentation have been corrected to remediate these non-compliant deficiencies.

Non-compliant Disclosure of an Exploration Target

In its corporate presentation, the Company made statements about the exploration potential at the Project. Statements of potential quantity and grade were expressed as ranges, as required by NI 43-101, but the presentation slide did not contain language for the basis on which these quantities were determined. The Company's news release of April 18, 2011 contained the language for the basis on which quantities were determined.

Potential investors are cautioned that any disclosure of the Company's exploration potential should have included the basis on which quantity and grade ranges were determined.

During its years of production (1986 to 1990) Blackdome, used a mining cut-off grade of 10g Au/t while lower grades were left in the stopes. Exploration potential exists in several near-parallel quartz veins that contain mineralization but with insufficient drilling to be classified as a resource. A target with particularly good potential is the extension of the Giant Vein on the property. In addition, the last drill program in 2011 intersected 13.5g Au/t over 1.5 metres in a new vein located about 300 metres to the south of the No.1 and No.2 Vein underground workings. The additional work planned to evaluate these veins targets a potential mineral deposit of between 250,000 and 400,000 tonnes, grading between 9.0 and 12.0g Au/t and potentially containing 70,000 to 150,000 ounces of gold.

At Elizabeth, there are six known roughly parallel mineralized veins that are mostly covered with talus. In places, the veins are difficult to drill from surface, outcrop is scarce, and their absolute location may be in doubt.

The Inferred mineral resource estimate was delineated on the ends of two of the six known veins and drilling has not closed off the mineralization on the Southwest Vein. Mineralization at these zones has never been drilled below approximately 200 metres from surface. In the Company's opinion, good potential remains on the Southwest Vein, both along strike and at depth as well as within other nearby parallel veins.

The Company is of the opinion that additional potential mineral deposits exist at Elizabeth. Future exploration programs will target potential mineral deposits of one to two million tonnes grading between 9.0g Au/t to 12.0g Au/t, and potentially containing 260,000 to 770,000 ounces of gold.

Investors are cautioned that the potential quantity and grade of the material over and above the known mineral resources for both the Blackdome and Elizabeth properties are considered to be conceptual in nature; there has been insufficient exploration to define a mineral resource; and it is uncertain whether further exploration will result in the target being delineated as a mineral resource.

Possible Non-compliance of Timely Disclosure

In the news release of October 26, 2012, as part of a status report on the Project, the Company noted that the PEA had been updated internally to better reflect capital costs due to market conditions at the time. This in-house update of the PEA was not in any way compliant with NI 43-101 standards, and the Company simply used it to provide a framework for management and directors to make more informed decisions going forward. These references to an in-house update of the PEA were made in error, they should not have been released, and the Company retracts their mention.

To date, neither the mineral resources nor the PEA have been fully updated, neither in house nor by an independent engineering firm. As previously noted, the 2010 Micon PEA remains current and stands as the Company's 43-101 Technical Report of record.

The content of this news release has been reviewed by John P. Thompson, a Qualified Person for the purposes of NI 43-101, with the ability and authority to verify the authenticity and validity of the data.

This news release contains certain forward-looking statements, and such statements involve risks and uncertainties. The results or events predicted may differ materially from actual results or events. Any forward-looking statement speaks only as of the date of this news release. Except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results, or any other occurrence.

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.

For more information, visit www.sonaresources.com.

Read the rest of the article at finance.yahoo.com

Sona Resources Corp.

EXPLORATION STAGE
CODE : SYS.V
ISIN : CA83540Y1088
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Sona Resources is a gold exploration company based in Canada.

Sona Resources holds various exploration projects in Canada.

Its main exploration properties are ZENDA, CALLAGHAN and GOLDEN TREND in USA and MONTGOLFIER, TRUAX CLAIMS, ELIZABETH and BLACKDOME in Canada.

Sona Resources is listed in Canada and in United States of America. Its market capitalisation is CA$ 1.8 millions as of today (US$ 1.3 millions, € 1.2 millions).

Its stock quote reached its highest recent level on September 14, 2007 at CA$ 5.00, and its lowest recent point on April 08, 2016 at CA$ 0.01.

Sona Resources has 29 224 056 shares outstanding.

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Financings of Sona Resources Corp.
8/2/2013Closes Second Tranche of Private Placement
7/25/2013Closes First Tranche of Private Placement
6/18/2013Closes Second Tranche of Private Placement
3/18/2013Announces Private Placement
1/24/2012CLOSES SECOND TRANCHE OF PRIVATE PLACEMENT
1/2/2012CLOSES FIRST TRANCHE OF PRIVATE PLACEMENT
12/21/2011ANNOUNCES PRIVATE PLACEMENT
2/17/2011Sona Resources $1,499,999.60 private placement
Nominations of Sona Resources Corp.
4/1/2011APPOINTS MICHAEL WILLIAMS TO BOARD OF DIRECTORS
Project news of Sona Resources Corp.
9/8/2011INTERSECTS 8.4g Au/t OVER 0.51 METRES
7/19/2011(Blackdome)Commences 5,000-Metre Surface Drill Program at Its Blackdome...
7/12/2011(Elizabeth)s 4,500-Metre Underground Drill Program at Its Elizabeth Gol...
6/9/2011(Elizabeth)BEGINS 4,500-METRE UNDERGROUND DRILL PROGRAM AT ITS ELIZABE...
4/1/2011(Elizabeth)Releases Final 2010 Drill Results From Elizabeth Gold Deposi...
3/24/2011(Elizabeth)Gears Up for Underground Exploration at the Elizabeth Gold D...
3/22/2011STAY IN TOUCH WITH SONA RESOURCES
8/13/2008Releases Technical Report and Drill Data on the Elizabeth So...
5/1/2008(Montgolfier)Reports on Montgolfier Project Drilling Progress in Quebec
3/3/2008(Montgolfier)Provides Progress Report on its Montgolfier Drilling Program
12/14/2007(Montgolfier)Finalizes Plans for New Drill Program at its Montgolfier Pro...
10/16/2007(Elizabeth)Intersects 12.38g Au/t over 3.24 metres at the Elizabeth Sou...
10/9/2007Intersects 5.73g Au/t over 1.75 metres on the Blackdome No. ...
9/13/2007(Elizabeth) Intersects 37.5g Au/t over 11.2 metres at the Elizabeth Sou...
9/11/2007Identifies a Possible Southern Extension of the Giant Vein a...
6/26/2007(Montgolfier)Additional Promising Drilling Results from J-Pacific's Montg...
4/12/2005(Blackdome)2005 Technical report
Corporate news of Sona Resources Corp.
12/24/2015Sona Resources Clarifies Technical Disclosure
9/3/2015Sona Becomes Tier 2 Issuer
4/10/2015Sona Files Response Against Civil Claim by Illidge and White...
3/11/2015Sona Disputes Civil Claim Filed by Illidge and White Over El...
3/11/2015(Elizabeth)Disputes Civil Claim Filed by Illidge and White Over Elizabe...
12/17/2014Sona Recieves Threat to Elizabeth Option Agreements
10/28/2014IIROC Trading Resumption - PZE; LAB; REV.H; SYS
10/24/2014IIROC Trading Halt - SYS
7/16/2013Enters Into an Option Agreement to Acquire 100% of the Miner...
5/14/2013Closes First Tranche of Private Placement and Reprices Stock...
3/13/2013and China Machinery Engineering Corporation Extend the Timef...
2/13/2013Signs Agreement With China Machinery Engineering Corporation...
10/26/2012(Blackdome)Blackdome-Elizabeth Gold Project Progress Report
7/14/2011MiningInsights (tm) Sona Resources Corp.: Resurgent Value in...
4/19/2011CLARIFIES TECHNICAL DISCLOSURE
3/15/2011Closing of First Tranche of Private Placement for $257,400
9/18/2008Receives Quebec Mineral Investment Refund
4/18/2008Sale of Shares
2/15/2008 Grants Incentive Options
1/31/2008Gold Announces 2008 Exploration Plans
1/24/2008Commences New Drill Program at its Montgolfier Project in Qu...
1/21/2008Terminates SEC Registration
1/15/2008 Resignation of Directors
6/25/2007Arranges Financing
6/20/2007Commences Drilling Program at the Elizabeth Southwest Gold V...
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