Silverton Metals Corp. has announced that the board of directors has approved a change of the Company’s name to “Lodestar Battery Metals Corp.” The change better reflects the Company’s focus on exploration and development of lithium and silver projects.
Shareholders of the Company will not be 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. No action is required by existing shareholders of the Company.
The Company also announces that it has reappointed Killian Ruby as Chief Financial Officer and a director to replace outgoing Chief Financial Officer Kyle Appleby and director Gunther Roehlig. Mr. Ruby is the Company’s former Chief Financial Officer and has extensive experience working with the Company. Mr. Ruby is President and CEO of Malaspina Consultants Inc.
“On behalf of the Board and management, I’d like to thank Mr. Roehlig for his support of Silverton,” said Lowell Kamin, CEO of Silverton. “I am excited for Silverton to move into this next chapter and to expand our focus to include lithium exploration and development. Mr. Ruby’s dynamic finance experience and previous knowledge of the Company gives me confidence in our ability to execute on our new strategy as Lodestar Battery Metals Corp.”
The Company is also pleased to announce that it has engaged Micon International Limited to prepare a current mineral resource estimate on the silver-focused Peñasco Quemado Property.
A 2006 drilling program outlined a historical measured and indicated resource of 2.57 million tonnes at a grade of 117 g/t Ag for a silver resource of 9.63 million ounces (see “Peñasco Quemado Historical Mineral Estimate” below). The silver mineralization is associated with manganese oxides in a near surface shallow westerly dipping zone of polymictic conglomerate in the northern part of the deposit and in stockwork quartz and manganese oxides in a rhyolite dome in the southern part of the deposit. The mineralization has been traced along a 2 km strike length and drilling to date has been relatively shallow, less than 100m deep, mainly focused on the silver-bearing conglomerate.