Unitronix (PK) (USOTC:UTRX)
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From Jul 2019 to Jul 2024
Unitronix Corporation “Unitronix”
(UTRX:PK) announces that its wholly owned Canadian Subsidiary, Unitronix
Mining and Exploration “UMX”
has submitted all required summary reports of assessment work performed
on mining lands with the Ministry of Northern Development and Mines of
the Province of Ontario. As a result, both option agreements of mining
properties with Inmet Mining Corp. and Xstrata Zinc Canada and all
company held mining claims in Sturgeon Lake East and Sturgeon Lake West
are current and in good standing.
Two drilling programs totaling 1373 meters (4531 feet) on both Sturgeon
Lake East (Base Metals) and Sturgeon Lake West (Gold) were directed by a
team consisting of Dale M. Hendrick, P. Eng., Gary Williams, P. Geo. and
Allan Spector, Ph.D., (geophysics). Mr. Hendrick has been involved in
mineral exploration for the past 50 years, overseeing exploration
programs throughout North America and around the world. Mr. Hendrick
along with Howard Morgan and Jack E. Shaw are the three investors in the
project who have advanced funds and services to the venture.
Results obtained from the drilling core returned intersections of
volcanic host rock favorable to base metal deposition in the East and
anomalous gold values in the West. The recommendation is that a detailed
program of re-evaluation of existing drill holes in conjunction with the
compilation of all geophysical and geological data for the area be
immediately undertaken. The resulting information will better outline
areas of additional ground work essential to determine targets for the
next drilling campaign planned for the winter of 2008.
All funding for the programs was provided by investors in accordance
with the financing plan as detailed in our April 3, 2007 release.
For personal reasons and with the completion of the drilling program,
Mr. Hendrick has resigned as President and Chief Executive Officer and
as Director of Unitronix and UMX effective June 1, 2007. He will,
however, continue to advise and assist the company as a technical
consultant in all matters related to the exploration and development of
the Sturgeon Lake Properties.
In order to implement the program leading up to the next drilling
campaign, personnel will have to be hired and their performances
planned, coordinated and supervised and Mr. Hendrick has agreed to
actively participate in this effort. Mr. Hendrick has also agreed to
assist in other matters including the anticipated need to locate sources
of financing for the planned winter drilling program.
The company has what it considers good reason to be cautiously
optimistic. Unitronix and UMX efforts to date and a plan leading up to
the next drilling campaign could prove to be the foundation required to
locate the additional ore body(s) that they believe are present in the
mining camp.
The companies will limit their activity and concentrate only on the
Sturgeon Lake venture and the hiring of personnel and President and
Chief Executive Officer who will meet the criteria set forth by the
companies.
There can be no guarantee that the company will be successful in its
efforts to prepare for a drilling program for next winter. No guarantee
can likewise be given that financing will be obtained or negotiated on
terms that the company considers acceptable, or that financial
conditions do not materially change and prices for base metals and gold
do not deteriorate from where they are today.
In the interim, the Board is performing the duties vacated by Dale M.
Hendrick.
Safe Harbor Statement. This release includes “forward-looking
statements”. These statements are based on
current expectations, and involve a number of factors that could cause
actual results to differ materially from those stated or implied.
Unitronix expressly does not undertake any duty to update such
statements.