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11/29/13 - C$0.17
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matnic resources inc (MIK) Details

MatNic Resources Inc. engages in the identification, evaluation, acquisition, and exploration of mineral properties in British Columbia, Canada. It has an option to acquire a 100% interest in the Shuswap Silver property, which consists of 16 contiguous mineral claims comprising an area of 2,697 hectares located in the Kamloops Mining Division, British Columbia. The company was incorporated in 2011 and is based in Vancouver, Canada.

Founded in 2011

matnic resources inc (MIK) Top Compensated Officers

Chief Executive Officer, President and Direct...
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Chief Financial Officer, Corporate Secretary,...
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Compensation as of Fiscal Year 2013.

matnic resources inc (MIK) Key Developments

MatNic Resources Inc. Auditor Raises 'Going Concern' Doubt

MatNic Resources Inc. filed its Annual on Oct 17, 2013 for the period ending Jul 31, 2013. In this report its auditor, Manning Elliott, gave an unqualified opinion expressing doubt that the company can continue as a going concern.

MatNic Resources Inc., Annual General Meeting, Dec 09, 2013

MatNic Resources Inc., Annual General Meeting, Dec 09, 2013., at 10:30 Pacific Standard Time. Location: Salley Bowes Harwardt LC, Main Boardroom. Agenda: To receive the report of the directors; to receive the financial statements of the company for its fiscal year ended july 31, 2013 and the report of the auditors thereon; to appoint auditors for the ensuing year and to authorize the directors to fix their remuneration; to determine the number of directors and to elect directors; to consider, and if thought fit, approve by ordinary resolution, with or without amendment, the consolidation of the issued common shares of the company, on the basis of two (2) common shares being consolidated into one (1) common share; to consider, and if thought fit, approve by special resolution, with or without amendment, the replacement and alteration of the articles of the company to a new form of articles; and to transact such other business as may properly come before the meeting.

MatNic Resources Inc. Completes Shuswap Silver Property Drill Program

MatNic Resources Inc. announced that drilling was completed on the company's Shuswap Silver property located approximately 18k m east of Salmon Arm, BC. The program consisted of three drill holes totaling 869.0 m. DDH SS12-001 tested the core of a 2.2k m long ESE-WNW orientated airborne EM anomaly. The hole cut an intercalated sequence of quartz-biotite schist and quartz-muscovite schist intruded by granite and pegmatite dikes. A graphitic fault zone was intersected from 109.35-118.26 m and is believed to be the cause of the EM anomaly. No significant base metal or precious metal mineralization was intersected in the drillhole. DDH SS12-002 was drilled approximately 30 m west of a 1978 drill hole G78-12 which reported an intersection of 1.4 m of 9.9% combined Pb plus Zn and 100.5 g/t Ag. DDH SS12-002 intersected thick sequences of quartz-muscovite and quartz-biotite schist intruded by granite and pegmatite dikes. Near the top of the hole from 14.00-16.00 m returned 0.034% Pb, 0.177% Zn and 3.25 g/t Ag within a strongly sericite-chlorite altered quartz-muscovite schist. The projected depth of intersection for the base metal mineralization intersected in DDH G78-12 is at approximately 115 m downhole in SS12-002. At this location in the hole a granite dike was encountered which may explain the lack of mineralization. DDH SS12-003 was drilled to test down dip of surface base metal mineralization discovered in 2010. Surface samples returned assays up to 12.24% Pb plus Zn and 70.6 g/t Ag. The hole cut a thick sequence of quartz-muscovite schist and minor quartz-biotite schist intruded by granite and pegmatite dikes. Two mineralized zones were encountered in the drillhole. The upper zone from 29.17-35.17 m returned 1.003% Pb, 0.9225% Zn and 10.25 g/t Ag. This interval is believed to be the down-dip extension of the surface showing. A lower zone was intersected from 40.43-42.70 m assaying 2.77% Zn, 1.10% Pb and 12.3 g/t Ag. Within this interval from 40.43 to 40.70 m massive sulphide mineralization was encountered consisting of disseminated and stringers of galena and sphalerite and minor chalcopyrite in a pyrrhotite-pyrite groundmass. Assay of this material returned 22.72% Pb, 7.28% Zn and 90.1 g/t Ag. Results from SS12-003 are encouraging and suggests that base metal mineralization may extend some 350m along strike further to the northwest of the Annis adit.


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