CEOdigest

Tag: Expand

  • Signal Gold Identifies Further Growth Targets to Expand the Potential of the Goldboro Gold District

    Signal Gold Identifies Further Growth Targets to Expand the Potential of the Goldboro Gold District

    2023-11-08 05:03:56

    TORONTO, ON / ACCESSWIRE / November 8, 2023 / Signal Gold Inc. (“Signal Gold” or the “Company”) (TSX:SGNL)(OTCQX:SGNLF) is pleased to announce that it has received the results of a 2,700-line kilometre airborne magnetic and very low frequency (“VLF”) electromagnetic survey over its extensive land position in the Goldboro Gold District in Nova Scotia, which includes the Goldboro Project (“Goldboro”, or the “Project”). VLF anomalies are known to form distinct, linear conductive-high response closely aligned with mineralization along the Goldboro Trend, and specifically the Goldboro Deposit. The results of the airborne survey indicate numerous VLF anomalies associated with both the Goldboro and Lower Seal Harbour Trends, a combined 51 kilometers of strike potential, including areas with little to no previous exploration work (Exhibit A). Based on the high-resolution magnetic and VLF data sets, the Company has initiated a geological mapping and prospecting program to further refine and test new targets and develop detailed exploration plans to ultimately drill test the highest priority targets.

    Junior Mining Network

    Exhibit A: A map showing the extent of a 2,700 line-kilometre airborne magnetic and VLF survey over approximately 19,450 hectare (195 km2) of the Goldboro Gold District and the interpreted VLF anomalies along the trace of the Goldboro and Seal Harbour Trends.

    “We are excited with the results of the recently completed magnetic and VLF surveys, as we know that VLF forms a distinct, linear conductive-high response that is closely aligned with the hinge of the host anticline along the Goldboro Trend, including the host structure of the Goldboro Deposit. This has recently led to successful gold discoveries west of the Goldboro Deposit towards the past producing Dolliver Mountain Gold Mine, and the new airborne surveys have now successfully outlined further geophysical anomalies along the Goldboro and Lower Seal Harbour trends that are similar to those associated with alteration and gold mineralization at the Goldboro Deposit and recent discoveries to the west. Some of these anomalies are in areas with little to no previous exploration work and provide significant near-term discovery potential, highlighting the potential to leverage a central milling complex at the Goldboro Project to service the prospective Goldboro Gold District.”

    ~ Kevin Bullock, President and CEO, Signal Gold Inc.

    The airborne survey was designed to cover the entirety of the Company’s recently expanded land position comprising approximately 19,450 hectares (194.5 km2) of prospective mineral exploration licences, with particular focus on the 28-kilometre strike length along the Upper Seal Harbour Anticline (the “Goldboro Trend”) and the 23-kilometre strike length along the Lower Seal Harbour Anticline (the “Seal Harbour Trend”) (Exhibit A). The survey was completed by Terraquest Ltd. and comprised high-resolution aeromagnetics, horizontal gradiometer and matrix digital VLF electromagnetics. The survey was flown at 100 metre north-south line spacing with one (1) kilometre tie lines.

    Compilation of historic geophysical data by the Company indicates that VLF forms a distinct, linear conductive-high response that is closely aligned with the hinge of the host anticline along the Goldboro Trend, including the host structure of the Goldboro Deposit. The Company has used this historic data, in conjunction with recent ground Induced Polarization (IP) surveys, to construct a robust model for regional exploration targeting. This model has proved successful in our recent drilling west of the current resource model and towards the past producing Dolliver Mountain Gold Mine* where multiple gold bearing quartz veins have been intersected.

    *Operations began at the Dolliver Mountain Gold Mine in 1901 and the operation ceased in 1904.

    The exploration program was partially funded under MRDF Shared Funding Exploration Grant (MRDF-2023-SF-11). The Company wishes to thank the Government of Nova Scotia for the partial funding of the airborne program.

    This news release has been reviewed and approved by Paul McNeill, P. Geo., VP Exploration with Signal Gold Inc., a “Qualified Person”, under National Instrument 43-101 Standard for Disclosure for Mineral Projects.

    ABOUT SIGNAL GOLD

    Signal Gold is advancing the Goldboro Gold Project in Nova Scotia, a significant growth project subject to a positive Feasibility Study which demonstrates an approximately 11-year open pit life of mine (“LOM”) with average gold production of 100,000 ounces per annum and an average diluted grade of 2.26 grams per tonne gold. (Please see the ‘NI 43-101 Technical Report and Feasibility Study for the Goldboro Gold Project, Eastern Goldfields District, Nova Scotia’ on January 11, 2022, for further details). On August 3, 2022, the Goldboro Project received its environmental assessment approval from the Nova Scotia Minister of Environment and Climate Change, a significant regulatory milestone which enables the Company to commence site-specific permitting processes including the Industrial Approval and Crown Land Lease and Mining Lease applications. The Goldboro Project also has potential for further Mineral Resource expansion, particularly towards the west along strike and at depth. A future study will consider upgrading and expanding potentially mineable underground Mineral Resources as part of the longer-term mine development plan.

    FOR ADDITIONAL INFORMATION CONTACT:

    Signal Gold Inc.
    Kevin Bullock
    President and CEO
    (647) 388-1842
    This email address is being protected from spambots. You need JavaScript enabled to view it.    		 Reseau ProMarket Inc.
    Dany Cenac Robert
    Investor Relations
    (514) 722-2276 x456
    This email address is being protected from spambots. You need JavaScript enabled to view it.

    SOURCE: Signal Gold Inc.

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  • Golden Sky Minerals Continues to Expand Semlin Porphyry-Style Target to 1.7 x 0.9 km, Rayfield Property, British Columbia

    Golden Sky Minerals Continues to Expand Semlin Porphyry-Style Target to 1.7 x 0.9 km, Rayfield Property, British Columbia

    2023-10-31 05:03:28

    VANCOUVER, British Columbia, Oct. 31, 2023 (GLOBE NEWSWIRE) — Golden Sky Minerals Corp. (AUEN.V) (the “Company” or “Golden Sky”) is pleased to announce the results from the 2023 geochemical sampling and prospecting program conducted on its 35,000-hectare Rayfield Property (“the Property”) in southern British Columbia (Figures 1 and 2). The program included the collection of 685 B-horizon soil samples and 77 rock samples. The main soil grid was designed to infill and extend geochemical anomalies previously identified over the Semlin Target zone. The soil program was successful at further expanding the geochemical anomaly to 1.7 x 0.9 km. This anomaly flanks and overlies an area with known bedrock-hosted disseminated and veinlet-style copper (Cu) and gold (Au) mineralization. Rock sample C00064614 (2022) was of a 4 cm-wide sulphide-rich vein that assayed 55 ppb Au and 0.2% Cu) (Figure 3). The soil anomaly hosts elevated values of copper (Cu) – gold (Au) – zinc (Zn) – arsenic (As) and remains open to the northwest and northeast. As a follow-up to these encouraging results, a drill permit has been applied for, which will include the Gnome and Semlin target zones (see December 6, 2022 News Release).

    Extending known bedrock mineralization was a priority at the Rayfield Target Zone for 2023, as soil sampling in 2022 highlighted several anomalous copper values associated with geophysical anomalies identified by an airborne total magnetic geophysical survey (Geological Survey of Canada, 2006). Rock samples from these areas returned several anomalous values, up to 6,319 ppm (0.63%) Cu and 245.5 ppb Au (Sample 118884; Figure 4). Importantly, fieldwork also observed a continuation of dense sheeted and stockwork quartz veining that closely correlates with a magnetic low (Geological Survey of Canada, 2006) feature that extends ~2.0 km in a northwest orientation (Figure 4). This magnetic low is also coincident with elevated values of pathfinder elements (Mn, Zn, V, Ba) that are commonly associated with sericite/propylitic alteration bounding the core of porphyry systems and causing magnetite destruction (Figure 5). This transition is best observed in Figure 6, where historic copper grades from diamond drilling increase towards the magnetic low.

    Prospecting across the property identified several other zones of interest, as approximately 40% of the rock samples assayed >100 ppm Cu. These results continue to demonstrate the potential for additional porphyry-related mineralization across the property.

    The Rayfield property is located in the Quesnel Trough, British Columbia’s primary copper-producing belt, which hosts Teck Resources’ Highland Valley Mine, Imperial Metals’ Mount Polley Mine, Centerra Gold’s Mount Milligan Mine, and Kodiak Copper’s MPD Project (see Figure 1). The Rayfield copper-gold project is located approximately 20 kilometers east of the town of 70 Mile House, British Columbia, and is accessible year-round by well-maintained service and logging roads extending from BC Highway 97.

    John Newell, President and CEO of Golden Sky Minerals, states: “Through systematic exploration, the Company has identified several excellent porphyry targets that hold strong potential for mineral discovery. These targets have been carefully selected based on extensive geological and geophysical data, and they represent significant opportunities for future exploration. This work has laid the groundwork for future drill programs.”

    Figure 1: The ~35,000-hectare Rayfield Cu-Au Property is located within the Quesnel Trough, British Columbia’s primary copper-producing belt.Figure 1

    Figure 2: The Semlin target zone is defined by a large 1.7 km x 0.9 km multi-element soil geochemical anomaly which may be outlining a buried porphyry system. The Rayfield target zone is highly prospective, with anomalous copper-in-soil values grading up to ~0.40%, and rock samples grading up to 0.63% Cu and 245 ppb Au. Numerous other target zones also exist across the extensive 35,000-hectare Rayfield Property.Figure 2

    Figure 3: Copper-in-soil assays values from the 2022/2023 soil sampling program, with overlapping Cu-Au-Zn-As multi-element geochemical signature outlined in dashed black outline. The mineralized system remains open.Figure 3

    Figure 4: Rock samples from the Rayfield Target Zone grade up to 0.63% Cu and 245.5 ppb Au. Mapping has confirmed a high density of sheeted and stockwork quartz veining within the magnetic-low feature. This may be indicative of alteration that typically bounds the centre of porphyry systems.Figure 4

    Figure 5: Copper-in-soil assays (2021-2022) overlying TMI Aeromagnetic survey. Elevated values in copper also coincide with pathfinder geochemical elements commonly c associated with deeper sericite and/or propylitic alteration, typically bounding the higher-grade core of porphyry systems. See Figure 6 for cross section A-A’.Figure 5

    Figure 6: Cross-section A-A’ outlined in Figure 5. Historical drill results with interpreted centre of the porphyry system. Historical induced polarization surveys extend only to ~125m of depth and many of the historical drill holes ended in mineralization. Mineralization is interpreted to remain open along strike and at depth.Figure 6

    About Golden Sky Minerals Corp.

    Golden Sky Minerals Corp. is a well-funded junior grassroots explorer engaged in the acquisition, assessment, exploration, and development of mineral properties located in highly prospective areas and mining-friendly districts. Golden Sky’s mandate is to develop its portfolio of projects to the mineral resource stage through systematic exploration.

    The drill-ready projects include Hotspot, Bullseye, and Lucky Strike, all in Yukon, Canada. In addition, the recent purchases of the Rayfield Copper-Gold Project in southern British Columbia, and the staking of the Eagle Mountain Gold Project in the Cassiar Gold District in northern British Columbia, add to the company’s substantial early-stage Canadian project pipeline.

    The company was incorporated in 2018 and is headquartered in Vancouver, British Columbia, Canada.

    More information can be found at the Company’s website at www.goldenskyminerals.com 

    ON BEHALF OF THE BOARD

    John Newell, President and Chief Executive Officer

    Carl Schulze, P. Geo., Consulting Geologist with Aurora Geosciences Ltd, is a qualified person as defined by National Instrument 43-101 for Golden Sky’s British Columbia exploration projects, and has reviewed and approved the technical information in this release.

    For new information from the Company’s programs, please visit Golden Sky’s website at www.GoldenSkyMinerals.com or contact John Newell by telephone (604) 568-8807 or by email at This email address is being protected from spambots. You need JavaScript enabled to view it. or This email address is being protected from spambots. You need JavaScript enabled to view it..

    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.

    Forward-Looking Statements

    Statements contained in this news release that are not historical facts are “forward-looking information” or “forward-looking statements” (collectively, “Forward-Looking Information”) within the meaning of applicable Canadian securities legislation. In certain cases, Forward-Looking Information can be identified by the use of words and phrases such as “anticipates”, “expects”, “understanding”, “has agreed to” or variations of such words and phrases or statements that certain actions, events or results “would”, “occur” or “be achieved”. Although Golden Sky has attempted to identify important factors and risks that could affect Golden Sky and may cause actual actions, events or results to differ materially from those described in Forward-Looking Information, there may be other factors and risks that cause actions, events or results not to be as anticipated, estimated or intended, including, without limitation: inherent risks involved in the exploration and development of mineral properties; the uncertainties involved in interpreting drill results and other exploration data; the potential for delays in exploration or development activities; the geology, grade and continuity of mineral deposits; the possibility that future exploration, development or mining results will not be consistent with Golden Sky’s expectations; accidents, equipment breakdowns, title and permitting matters; labour disputes or other unanticipated difficulties with or interruptions in operations; fluctuating metal prices; unanticipated costs and expenses; uncertainties relating to the availability and costs of financing needed in the future, including to fund any exploration programs on its projects; that Golden Sky may not be able to confirm historical exploration results and other risks set forth in Golden Sky’s public filings at www.sedar.com. In making the forward-looking statements in this news release, Golden Sky has applied several material assumptions, including the assumption that general business and economic conditions will not change in a materially adverse manner. There can be no assurance that Forward-Looking Information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on Forward-Looking Information. Except as required by law, Golden Sky does not assume any obligation to release publicly any revisions to Forward-Looking Information contained in this news release to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

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  • Gold Springs Resource Continues to Expand Charlie Ross Deposit

    Gold Springs Resource Continues to Expand Charlie Ross Deposit

    2023-10-30 13:11:37

    VANCOUVER, BC / ACCESSWIRE / October 30, 2023 / Gold Springs Resource Corp. (the “Company” or “GRC”) (TSX:GRC) (OTCQB:GRCAF) continues to report positive drilling results from the Charlie Ross Resource area of its large Gold Springs project located in USA, on the border of Nevada and Utah.

    Highlights include:

    • 0.85 g/t gold equivalent over 4.5 meters and
      1.85 g/t gold equivalent over 10.7 meters including
      3.61 g/t gold equivalent over 4.6 meters in hole CR-22-019

    Gold equivalent based on US$1,800/oz gold, US$25/oz silver and 50% for silver recovery.

    Antonio Canton, President and CEO, stated:

    “These latest positive results from Charlie Ross confirm the existence of higher-grade zones and the excellent results reported in our recent press release of October 6, 2023.

    We believe that these multiple drill intercepts of +2 g/t and +1 g/t gold equivalent will enable us to extend our Charlie Ross deposit in all its three parallel zones (West, Central and East), both up dip and to the north where it remains open:

    • 3.10 g/t gold equivalent over 12.2 meters including
      7.74 g/t gold equivalent over 4.6 meters and
      1.08 g/t gold equivalent over 3.0 meters and
      0.84 g/t gold equivalent over 6.1 meters in hole CR-22-014
    • 2.64 g/t gold equivalent over 12.2 meters including.
      9.49 g/t gold equivalent over 3.0 meters and
      0.72 g/t gold equivalent over 6.1 meters in hole CR-22-010
    • 2.33 g/t gold equivalent over 6.1 meters and
      1.02 g/t gold equivalent over 3.0 meters in hole CR-22-008
    • 1.60 g/t gold equivalent over 3.1 meters in hole CR-22-015
    • 1.31 g/t gold equivalent over 10.6 meters and
      0.61 g/t gold equivalent over 6.1 meters in hole CR-22-009

    Our future drilling programs will aim to further extend this high-grade gold mineralization in the three parallel resource zones located in a very large 1100×600 meters CSAMT geophysical anomaly area, which offers exciting expansion opportunities”.

    Charlie Ross

    The discovery hole at Charlie Ross was drilled in 2021, and after only 22 holes, GRC was able to identify a new resource which was reported in its latest resource estimate (see GRC’s press release of June 13, 2022, concerning our last mineral resource estimate based on drilling to 2021 and detailed table below).

    The positive drill results from 19 additional holes reported in 2022-2023 demonstrate GRC’s ability to expand gold mineralization in all three zones of the Charlie Ross resource and to provide higher-grade intercepts than previously seen (see GRC’s press releases of September 28, 2022, October 6, 2023, and today).

    The Charlie Ross target is highlighted by a significant CSAMT geophysical anomaly that extends over an 1100×600 meters area on the edge of the Gold Springs caldera complex.

    Gold is controlled by north-south trending structural corridors with three parallel zones: Western, Central and Eastern, each hosting a portion of the current resource, and each expanded by these significant gold mineralization results.

    Junior Mining Network

    Charlie Ross Historic Mine

    These three structural zones host the historic Charlie Ross mine that was a producer at the beginning of the 20th century, with one shaft, 400 meters of drifts, and several stopes. Several other tunnels and shafts exploited the Western resource area which is an extension of the historic Little Buck Mine.

    Reports described the historic Charlie Ross mine as a 53 meter inclined shaft with a 12 meter talc zone containing very high-grade gold telluride and sylvanite streaks with bonanza gold grades. Visible gold was found in rocks from the dump of the historic mine.

    Summary of drill intercepts

    Hole ID

    From
    (m)

    To
    (m)

    Thickness (m)

    Au
    g/t

    Ag
    g/t

    AuEq
    g/t

    CR-22-001

    132.6

    143.3

    10.7

    1.05

    20.9

    1.20

    and

    190.5

    204.2

    13.7

    0.68

    2.8

    0.70

    CR-22-002

    47.2

    51.8

    4.6

    0.47

    27.5

    0.66

    and

    59.4

    64.0

    4.6

    0.70

    10.6

    0.77

    and

    100.6

    103.6

    3.0

    0.53

    35.5

    0.78

    and

    170.7

    173.7

    3.0

    0.63

    1.65

    0.64

    CR-22-003

    42.7

    45.7

    3.0

    1.20

    128.45

    2.09

    and

    61.0

    67.1

    6.1

    0.48

    11.08

    0.56

    and

    83.8

    93.0

    9.2

    0.88

    12.02

    0.96

    and

    118.9

    126.5

    7.6

    0.38

    15.88

    0.49

    CR-22-006

    56.4

    64.0

    7.6

    0.55

    1.94

    0.56

    CR-22-008

    3.0

    6.0

    3.0

    2.31

    2.9

    2.33

    and

    228.6

    231.6

    3.0

    0.84

    25.7

    1.02

    CR-22-009

    105.2

    115.8

    10.6

    1.10

    29.8

    1.31

    and

    195.1

    201.2

    6.1

    0.59

    2.9

    0.61

    CR-22-010

    160.0

    172.2

    12.2

    2.53

    16.4

    2.64

    inc.

    164.6

    167.6

    3.0

    9.19

    43.0

    9.49

    and

    192.0

    198.1

    6.1

    0.66

    8.3

    0.72

    and

    210.3

    216.4

    6.1

    0.39

    7.25

    0.44

    CR-22-011

    53.3

    59.4

    6.1

    0.35

    2.7

    0.37

    CR-22-012

    150.9

    158.5

    7.6

    0.71

    15

    0.81
     

    211.8

    219.5

    7.7

    0.37

    5.4

    0.41

    CR-22-014

    106.7

    118.9

    12.2

    2.83

    39.6

    3.10

    inc.

    106.7

    111.3

    4.6

    7.16

    83.8

    7.74

    and

    125.0

    128.0

    3.0

    0.85

    32.7

    1.08

    and

    147.8

    153.9

    6.1

    0.75

    12.9

    0.84

    CR-22-015

    36.6

    39.6

    3.0

    0.84

    3.1

    0.86

    and

    47.2

    50.3

    3.1

    1.47

    18.9

    1.60

    CR-22-016

    1.5

    3.0

    1.5

    2.69

    7.0

    2.74

    and

    131.1

    134.1

    3.0

    1.14

    1.8

    1.15

    CR-22-019

    73.2

    77.7

    4.5

    0.54

    22.6

    0.85

    and

    88.4

    99.1

    10.7

    1.57

    19.8

    1.85

    including

    91.4

    96.0

    4.6

    3.23

    27.2

    3.61

    True thickness is estimated to be 60-100% of reported length. Gold equivalent based on US$1,800/oz gold, US$25/oz silver, and 50% for silver recovery.

    Drill Hole Table

    Hole ID

    Easting
    UTM NAD 27 Z11

    Northing

    Elevation (m)

    Azimuth

    Inclination

    TD
    (m)

    CR-22-001

    758628

    4199326

    2117

    270

    -70

    231.6

    CR-22-002

    758609

    4199318

    2119

    270

    -50

    173.7

    CR-22-003

    758596

    4199348

    2107

    270

    -70

    213.4

    CR-22-004

    758549

    4199696

    2176

    270

    -70

    231.6

    CR-22-005

    758603

    4199776

    2092

    270

    -70

    292.6

    CR-22-006

    758730

    4199695

    2188

    340

    -45

    274.3

    CR-22-007

    758672

    4199698

    2169

    270

    -65

    268.2

    CR-22-008

    758673

    4199611

    2168

    90

    -70

    259.1

    CR-22-009

    758954

    4199517

    2122

    270

    -70

    243.8

    CR-22-010

    758666

    4199609

    2181

    270

    -60

    259.1

    CR-22-011

    758596

    4199343

    2121

    90

    -45

    259.1

    CR-22-012

    758761

    4199545

    2154

    270

    -45

    289.6

    CR-22-013

    758821

    4199481

    2158

    270

    -50

    213.4

    CR-22-014

    758713

    4199490

    2139

    270

    -50

    298.7

    CR-22-015

    758908

    4199241

    2116

    270

    -45

    213.4

    CR-22-016

    758944

    4199261

    2115

    270

    -65

    231.6

    CR-21-017

    758608

    4199459

    2134

    270

    -55

    207.3

    CR-21-018

    758567

    4199566

    2138

    270

    -55

    201.2

    CR-21-019

    758594

    4199600

    2154

    270

    -65

    219.4

    Charlie Ross Resource – based on drilling to 2021 and without results from 2022-2023

    “Mineral Resource Estimate NI 43-101 Technical Report – Gold Springs Project, Utah-Nevada, USA” dated July 11, 2022, with an effective date of June 13, 2022

    Category

    Deposit

    $1,800 Pit Constrained – 0.25 g/t gold cutoff

    Tonnes (1000s)

    Gold

    Silver

    g/t

    Troy oz

    g/t

    Troy oz

    Indicated

    Charlie Ross

    4,943

    0.56

    88,300

    6.23

    990,000

    Inferred

    Charlie Ross

    1,122

    0.60

    21,700

    8.68

    313,000

    Qualified Person

    Randall Moore, VP of Gold Springs Resource Corp., is the Company’s designated Qualified Person for this news release within the meaning of National Instrument 43-101 Standards of Disclosure for Mineral Projects. He has approved the scientific or technical information in this release and has verified the data disclosed in this release for its geological reasonableness, checked all the inputs and verified the analytical data through an analysis of the blanks and standards submitted with the drill-chip samples.

    Quality Assurance and Quality Control

    Approximately 7 kg of RC chips were sent to the laboratory for each 1.52 meters drill interval. Standards and blanks are submitted into the sample stream at the rate of 15% for QA/QC purposes. In addition, the laboratory also includes duplicates of samples, standards and blanks. The results of these check assays are reviewed prior to the release of data. All RC sample assays are also reviewed for their geological context and checked against the drill logs.

    Assay Method

    Assays were performed in Reno, Nevada by ALS Geochemical, an ISO 9001:2000 certified and independent laboratory. Gold was analyzed by fire assay of a 30-gram sample with an AAS finish with samples assaying greater than 5 g/t re-assayed using a 30-gram sample and a gravity finish. Silver is analyzed by a four-acid leach ICP method.

    About Gold Springs Resource Corp.

    Gold Springs Resource Corp. (TSX:GRC) and (OTCQB:GRCAF) is focused on the exploration and expansion of the gold and silver resources of its Gold Springs project located on the border of Nevada and Utah, USA. The project is situated in the prolific Great Basin of Western USA, one of the best mining jurisdictions in the world.

    Gold Springs Resource Corp. Contact:
    Antonio Canton, President and CEO
    This email address is being protected from spambots. You need JavaScript enabled to view it.

    Forward-Looking Statements

    Certain statements contained herein constitute “forward-looking information” under applicable Canadian securities laws (“forward-looking statements”). Forward-looking statements look into the future and provide an opinion as to the effect of certain events and trends on the business. Forward-looking statements herein may include words such as “creating”, “believe”, “would”, “continue”, “will”, “promising”, “should”, and similar expressions and includes the statement relating to the significant potential of the Charlie Ross deposit. These forward-looking statements are based on current expectations and entail various risks and uncertainties. Actual results may materially differ from expectations if known and unknown risks or uncertainties affect our business or if our estimates or assumptions prove inaccurate. Factors that could cause results or events to differ materially from current expectations expressed or implied by the forward-looking statements, include, but are not limited to, risks of the mineral exploration industry which may affect the advancement of the Gold Springs project, including possible variations in mineral resources, grade, recovery rates, metal prices, capital and operating costs, and the application of taxes; availability of sufficient financing to fund planned or further required work in a timely manner and on acceptable terms; availability of equipment and qualified personnel, failure of equipment or processes to operate as anticipated, changes in project parameters, including water requirements for operations, as plans continue to be refined; regulatory, environmental and other risks of the mining industry more fully described in the Company’s Annual Information Form and continuous disclosure documents, which are available on SEDAR+ at www.sedarplus.ca. The assumptions made in developing the forward-looking statements include: the accuracy of current resource estimates and the interpretation of drill, metallurgical testing and other exploration results; the continuing support for mining by local governments in Nevada and Utah; the availability of equipment and qualified personnel to advance the Gold Springs project; execution of the Company’s existing plans and further exploration and development programs for Gold Springs, which may change due to changes in the views of the Company or if new information arises which makes it prudent to change such plans or programs.Readers are cautioned not to place undue reliance on the forward-looking statements contained in this press release. Except as required by law, the Company assumes no obligation to update or revise any forward-looking statement, whether as a result of new information, future events or any other reason. Unless otherwise indicated, forward-looking statements in this press release describe the Company’s expectations as of the date hereof.

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  • Azincourt Energy Announces Agreement to Expand Big Hill Lithium Project, Newfoundland, Canada

    Azincourt Energy Announces Agreement to Expand Big Hill Lithium Project, Newfoundland, Canada

    2023-10-19 05:04:37

    VANCOUVER, British Columbia, Oct. 19, 2023 (GLOBE NEWSWIRE) — AZINCOURT ENERGY CORP. (“Azincourt” or the “Company”) (TSX.V: AAZ, OTCQB: AZURF), is pleased to announce that it has entered into a mineral property purchase and sale agreement (the “Purchase Agreement”), dated effective October 18, 2023 with Atlantis Battery Metals Corp. (“Atlantis”), pursuant to which the Company will acquire additional ground adjacent to the Company’s Big Hill Lithium Project, located in southwestern Newfoundland, Canada (the “Acquisition”).

    The newly acquired ground consists of 2 mineral licences, 035707M and 035708M, consisting of 153 and 151 claims, respectively, with each mineral claim covering 25 hectares. The combined lands package for these two licences covers a total of 7,600 hectares, which will double the existing Big Hill project from 7,500 hectares to 15,100 hectares. The new licences lie approximately 25km eastward and 6.5km south of the Benton/Sokoman Kraken Lithium discovery.

    Three high quality targets have been located on the newly acquired licences. These targets include, the NE-trending, dike system, the Moly Zone, and the Connoire Bay Brook Zone.

    Pursuant to the terms of the Purchase Agreement, the aggregate purchase price payable by Azincourt to Atlantis consists of 5,000,000 common shares of the Company (the “Consideration Shares”). The Company will also be issuing 500,000 common shares of the Company to an arms-length third-party as a finder’s fee in connection with the Acquisition (the “Finder Shares”). The Company and Atlantis are at arms-length. Upon issuance, the Consideration Shares and the Finder Shares will be subject to a four month hold period as prescribed by applicable securities laws. Completion of the Acquisition remains subject to the approval of the TSX Venture Exchange.

    “We’re pleased we will be able to double the size of Big Hill,” said president and CEO, Alex Klenman. “With the recent discovery of the previously unidentified pegmatite field we felt it was a good time to increase the size of the project ground. This is a significant exploration opportunity, in the right neighborhood, with compelling geological attributes. We’re excited to move forward with exploration plans and will announce the next phase of work shortly,” continued Mr. Klenman.

    The Company recently announced the discovery of a significant pegmatite field at Big Hill which spans for ~400m trending NNE (see the Company’s previous news release dated September 26, 2023). The Big Hill claims are underexplored for lithium, and thanks to the highly impactful Kraken find, the Company feels the area is prospective for additional discoveries. The project has size, numerous priority targets, and the potential for many more. With year-round access, this project gives Azincourt the ability to be active throughout the year.

    Image 1: Azincourt’s Big Hill Lithium Project, with additional licenses in red, NewfoundlandFigure 1: Azincourt’s Big Hill Lithium Project, with additional licenses in red, Newfoundland

    All of the known target areas have potential for spodumene-bearing pegmatites near the marginal areas of the Burgeo Granite Intrusive Suite, including gold mineralization like Marathon Gold’s Valentine Lake deposit located north of the Hermitage Flexure.

    A recommended next phase exploration program (Phase I) would include any and all of the following: (a) additional helicopter supported prospecting, mapping, and sampling, (b) rapid analytical field analyses (portable XRF/spectrometer), and a Phase II program consisting of (c) till sampling for spodumene where cover masks the bedrock, (d) high-resolution drone-based geophysics including, but not limited to, radiometric and lidar surveys, (e) a high-resolution drone photographic survey, and (f) targeted trenching where lithium-bearing pegmatites are verified, followed by a Phase II limited diamond drill program (1,500 meters).

    Figure 2: Selected photos from Big Hill Lithium Project area, (a) large, silicified pegmatite boulder (b, c, d) in situ quartz-tourmaline±pyrite veins, (e) brecciated quartz vein, (f) silicified pegmatite boulder.Figure 2: Selected photos from Big Hill Lithium Project area, (a) large, silicified pegmatite boulder (b, c, d) insitu quartz-tourmaline±pyrite veins, (e) brecciated quartz vein, (f) silicified pegmatite boulder.

    Based on the Newfoundland mineral occurrence database, W, Mo, Pb, F, Zn, Cu, Au, Ag, Sn, Ba, Bi, and U mineralization is common throughout the project region and may also be conducive for LCT pegmatite formation. The discovery of spodumene-bearing pegmatites at the Kraken prospect opens the potential of more widespread lithium pegmatite mineralization throughout the area.

    The regional presence of widespread mineralization, the discovery of the Kraken Li deposit, and the general lack of historical exploration provides an opportunity to find new mineralization. The five mineral licenses of the Big Hill project have potential for lithium, molybdenum, fluorite, tin, tungsten, uranium, tantalum, and other rare metals.

    About the Big Hill Lithium Project

    The Big Hill Lithium Project is a 15,100-hectare Lithium-Cesium-Tantalum (“LCT”) exploration property located in southwestern Newfoundland, Canada, along the south side of the Hermitage Flexure, approximately five kilometres south of the Benton/Sokoman JV partnership (“the Alliance”) discovery of the Kraken Lithium Pegmatite Field (1.04% Li2O over 15.23m, 8.4m of 0.95% Li2O, and 5.5m of 1.16% Li2O*). The Benton/Sokoman JV partnership has also discovered the cesium-tantalum-rubidium-lithium Hydra Dyke which is located 12 kilometres northeast of the Kraken Lithium Pegmatite Field. Channel samples returned results as high as 8.76% Cs2O, 0.41% Li2O, 0.025% Ta2O5, and 0.33% Rb2O over 1.20m*.

    The Kraken Lithium Pegmatite discovery features numerous granitic dykes and unmapped pegmatites in a variety of rock types with a strike length up to 40 kilometres in length. The Big Hill Lithium Property is host primarily in the Burgeo granite with large enclaves of older mafic paragneiss. The boundary between the two properties is marked by the Hermitage Flexure, which in part appears to be locally segmented by sub-parallel fault segments, and the intrusive contact between the Burgeo granite and older stratigraphy. Similar structural controls are recognized within the global tectonic boundary stretching from the Carolina Tin-Spodumene Belt, through Avalonia in Nova Scotia, to Newfoundland, and then on to Laurentia (Leinster) on the east side of the Atlantic Ocean.

    At the Big Hill Lithium Project numerous granite dykes can be seen cutting the Burgeo granite. Coarse-grained pegmatite dykes greater than 2 meters wide and 20 meters long occur south of the property and are anticipated to be present on the Big Hill exploration licences.

    Recent preliminary prospecting at Big Hill has identified four known target areas, based on extrapolation of bedrock geology, structural disaggregation of stratigraphic blocks, and apparent folding and late shear faulting. Similar structural elements are observed in the Kraken Lithium Pegmatite field although host rocks differ. These targets are known as the River, Road, MK, and Ridge Targets and will be the focus the initial exploration.

    The area around the Big Hill Lithium Project has seen extensive mineral exploration over the past several decades. The Peter Snout mineral occurrences immediately east of the Kraken Lithium Pegmatite discovery and the White Bear River area further to the northeast have seen exploration for many years for polymetallic mineralization, but not for lithium until 2021.

    * Sokoman Minerals Corp., news release March 28, 2023

    Qualified Person

    The technical information in this news release has been prepared in accordance with the Canadian regulatory requirements set out in National Instrument 43-101 and reviewed on behalf of the company by Paul K. Smith, a Qualified Person as defined by National Instrument 43-101.

    About Azincourt Energy Corp.

    Azincourt is a Canadian-based resource company specializing in the strategic acquisition, exploration, and development of alternative energy/fuel projects, including uranium, lithium, and other critical clean energy elements. The Company is currently active at its joint venture East Preston uranium project located in the Athabasca Basin, Saskatchewan, and the Big Hill lithium project, located in southwestern Newfoundland.

    ON BEHALF OF THE BOARD OF AZINCOURT ENERGY CORP.

    “Alex Klenman”
    Alex Klenman, President & CEO

    For further information please contact:

    Alex Klenman, President & CEO
    Tel: 604-638-8063
    This email address is being protected from spambots. You need JavaScript enabled to view it.

    Azincourt Energy Corp.
    1430 – 800 West Pender Street
    Vancouver, BC V6C 2V6
    www.azincourtenergy.com

    Cautionary Statement Regarding Forward-Looking Statements

    This news release contains “forward-looking statements” or “forward-looking information” (collectively, “forward-looking statements”) within the meaning of applicable securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as of the date of this news release. Forward-looking statements include, but are not limited to, statements regarding the Acquisition, and the Company’s business and plans, including with respect to completing the Acquisition, carrying out exploration activities in respect of its Big Hill Lithium Project, timing of the Company’s exploration programs, the Company’s next phase of exploration, additional discoveries and mineralization, and estimates of market conditions.

    Forward-looking statements are subject to a variety of known and unknown risks, uncertainties and other factors that could cause actual events or results to differ from those expressed or implied by forward-looking statements contained herein. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Certain important factors that could cause actual results, performance or achievements to differ materially from those in the forward-looking statements are highlighted in the “Risks and Uncertainties” in the Company’s management discussion and analysis for the fiscal year ended September 30, 2022, dated January 30, 2023, and also include the risks that the Acquisition does not complete as contemplated, or at all; that the Company does not complete any further acquisitions; that the Company does not carry out exploration activities in respect of its mineral project as planned (or at all); and that the Company may not be able to carry out its business plans as expected.

    Forward-looking statements are based upon a number of estimates and assumptions that, while considered reasonable by the Company at this time, are inherently subject to significant business, economic and competitive uncertainties and contingencies that may cause the Company’s actual financial results, performance, or achievements to be materially different from those expressed or implied herein. Some of the material factors or assumptions used to develop forward-looking statements include, without limitation: the future price of minerals; anticipated costs and the Company’s ability to raise additional capital if and when necessary; volatility in the market price of the Company’s securities; future sales of the Company’s securities; the Company’s ability to carry on exploration and development activities; the success of exploration, development and operations activities; the timing and results of drilling programs; the discovery of mineral resources on the Company’s mineral properties; the costs of operating and exploration expenditures; the presence of laws and regulations that may impose restrictions on mining; employee relations; relationships with and claims by local communities and indigenous populations; availability of increasing costs associated with mining inputs and labour; the speculative nature of mineral exploration and development (including the risks of obtaining necessary licenses, permits and approvals from government authorities); uncertainties related to title to mineral properties; assessments by taxation authorities; fluctuations in general macroeconomic conditions.

    The forward-looking statements contained in this news release are expressly qualified by this cautionary statement. Any forward-looking statements and the assumptions made with respect thereto are made as of the date of this news release and, accordingly, are subject to change after such date. The Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.

    Neither the TSX-V nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this release.

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  • Dynasty Gold Began 2023 Phase Two Drill Campaign at Thundercloud to Expand Near Surface Mineralization

    Dynasty Gold Began 2023 Phase Two Drill Campaign at Thundercloud to Expand Near Surface Mineralization

    2023-10-18 06:03:17

    Vancouver, British Columbia–(Newsfile Corp. – October 18, 2023) – Dynasty Gold Corp. (TSXV: DYG) (FSE: D5G1) (OTC Pink: DGDCF) (“Dynasty” or the “Company”) is pleased to announce that it has commenced the 2023 Phase two drill program at its Thundercloud property following the encouraging assay results from the Phase one drill program this summer. The program planned to drill up to 2,000 meters with the goal of expanding near surface mineralization to the north and south of the Pelham zone that have not been test drilled before.

    Highlights from Phase One Drilling

    Drill Hole Number From (m) To (m) Interval (m) Au (g/t)
    DP23-01
    Including
    Including
    And
    Including    		 134.7
    162.0
    162.0
    184.5
    186.0    		 187.5
    165.0
    163.5
    187.5
    187.5    		 52.8
    3.0
    1.5
    3.0
    1.5    		 2.67
    19.34
    37.20
    18.28
    31.60
    DP23-03
    Including
    Including
    Including    		 97.5
    126.0
    139.5
    147.0    		 155.3
    154.3
    154.3
    153.0    		 57.8
    28.3
    14.8
    6.0    		 3.28
    5.33
    7.14
    10.36
    DP23-04
    Including
    Including
    Including
    Including
    Including
    And
    Including
    And    		 93.0
    108.0
    108.0
    109.5
    112.5
    112.5
    136.5
    136.5
    150.0    		 163.5
    151.5
    124.5
    121.5
    121.5
    114.0
    139.5
    138.0
    151.5    		 70.5
    43.5
    16.5
    12.0
    9.0
    1.5
    3.0
    1.5
    1.5    		 3.2
    5.0
    8.2
    11.0
    14.1
    62.5
    12.8
    23.5
    11.0
    DP23-05
    Including
    And
    Including    		 104.5
    109.5
    130.5
    148.5    		 154.5
    117.0
    151.5
    151.5    		 50.0
    7.5
    21.0
    3.0    		 3.06
    4.36
    3.83
    8.26
    DP23-06
    Including
    Including
    And    		 100.5
    100.5
    129.0
    153.0    		 231.0
    157.5
    132.0
    156.0    		 130.5
    57.0
    3.0
    3.0    		 1.17
    2.30
    5.19
    5.63

    Results from the Phase one drill program have been a success. All of the assay results for the nine holes reported have intersected good grade over broad widths (Please refer to news releases on September 6, September 19 and October 3, 2023). The highest grade intersected was 62.5 g/t gold over 1.5 meters within a broader interval of 11.0 g/t over 12 meters and 3.2 g/t over 70.5 meters.

    Ivy Chong, the President and Chief Executive Officer stated: “We have improved the historical drill hole grades in the East Pelham zone by up to 300% and encountered widths of up to 130.5 meters (the longest interval ever drilled on the property). The Phase two drill program is expected to test high chargeability IP areas to the north, northeast and south of the Pelham zone with deeper holes to target the continuation of the high-grade mineralization outlined in the 2022 and Phase one 2023 drill programs.”

    The drilling in Phase one has successfully confirmed the high grade structures in the East Pelham zone that were discovered in the 2022 program. The higher grades outlined in the last 2 programs appear to trend north-east within the regionally defined east-west deformation zone. The positive results are allowing us to improve our understanding of the high-grade occurrences and will strongly influence future programs where by we should identify prospective targets for step out discovery drilling within the 90% of the property that remains unexplored.

    The technical information in this release has been reviewed by James Rogers, P.Geo, an independent consultant and a Qualified Person as defined by NI 43-101.

    About Dynasty Gold Corp.

    Dynasty Gold Corp. is a Canadian mineral exploration company currently focused on gold exploration in North America with projects located in the Manitou-Stormy Lake greenstone belt in Ontario and in the Midas gold camp in Nevada. The Company is currently advancing its Thundercloud gold resource in northwest Ontario. A NI 43-101 Independent Technical Report, dated September 27, 2021 can be found on the Company’s and SEDAR websites. The 100% owned Golden Repeat gold project in the Midas gold camp in Elko County, Nevada, is surrounded by a number of large-scale operating mines. For more information, please visit the Company’s website www.dynastygoldcorp.com.

    ON BEHALF OF THE BOARD OF DYNASTY GOLD CORP.

    “Ivy Chong”
    ________________________________
    Ivy Chong, President & CEO

    For additional information please contact:

    Vancouver Office:
    Ivy Chong
    Phone: 604.633.2100. Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

    This press release contains certain “forward-looking statements” that involve a number of risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

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  • Altamira Gold Continues to Expand Intrusive-hosted Gold Discovery at Maria Bonita

    Altamira Gold Continues to Expand Intrusive-hosted Gold Discovery at Maria Bonita

    2023-09-12 05:34:23

    Vancouver, British Columbia–(Newsfile Corp. – September 12, 2023) – Altamira Gold Corp. (TSXV: ALTA) (FSE: T6UP) (OTC Pink: EQTRF), (“Altamira” or the “Company“) is pleased to provide an update on its ongoing exploration program at the Maria Bonita discovery which forms part of the Cajueiro gold project in the states of Mato Grosso and Para, northern Brazil.

    Highlights:

    • A recently completed deep motorised auger drilling program over the Maria Bonita discovery has extended the footprint of gold mineralization in weathered bedrock to the north, east and west of the mineralized area defined by the initial diamond drilling program
    • This program follows excellent results from the initial nine diamond drill holes which include 69m @ 1g/t in MBA005, 50m @ 1.1 g/t gold in MBA004, 55m @ 1.0 g/t gold in MBA002, 50m @ 1.0 g/t gold in MBA001 and 45m @ 1.4 g/t gold in MBA003. Disseminated gold mineralization in the initial discovery holes is hosted within rhyolitic intrusive rocks
    • A total of 47 auger holes, comprising an aggregate 430m were completed. A total of 266 samples (or 62% of the sample population) contained greater than 0.5g/t gold. Thirty-nine auger holes (83% of the total holes drilled) ended in gold mineralization greater than 0.5g/t Au

    CEO Mike Bennett commented; “These very positive results confirm that contiguous gold mineralization is present in the saprolite (weathered bedrock) over a significantly wider area than that established by our initial diamond drilling. These new data suggest that the axis of the stockwork mineralization in the bedrock has an east-southeast orientation, dipping below a later inferred dyke to the east and remaining open to the west. As the gold mineralization at Maria Bonita is present at the surface, with no cover rocks, auger drilling has provided quick and low-cost data on the near surface distribution of gold which can now be used for future resource estimates. These new data support our interpretation of a significant new disseminated gold discovery in intrusive rocks and will assist us in designing a forthcoming second phase diamond drill program.”

    CAJUEIRO PROJECT

    The Maria Bonita target lies within the Cajueiro project, located approximately 75km north-west of the town of Alta Floresta in the state of Mato Grosso in central western Brazil. Maria Bonita is located 7km north-west of the Cajueiro resource, within Para state. It is easily accessible by both paved highway and local well-maintained unsurfaced roads. Cajueiro forms one of three key projects that Altamira controls in the region, the others being Apiacas and Santa Helena (Figure 1).

    The Cajueiro project has current NI 43-101 resources of 5.66Mt @ 1.02 g/t gold for a total of 185,000 oz in the Indicated Resource category and 12.66Mt @ 1.26 g/t gold for a total of 515,000 oz in the Inferred Resource category.

    Junior Mining NetworkFigure 1: Location of the Altamira project areas in Mato Grosso and Para states

    The Maria Bonita discovery is located 7km to the northwest of the central resource area within the Cajueiro Project. This discovery was originally defined by regional soil sampling in an area with no outcrop and no prior hard rock artisanal mining activity. Scout drilling conducted in 2022 in the central part of an open-ended 800m by 800m gold-in-soil anomaly, resulted in the discovery of well-developed three-dimensional gold mineralization within quartz stockwork vein systems hosted in porphyritic rhyolite intrusive rocks.

    Nine initial scout diamond drill holes have been completed at Maria Bonita, with the results of this work released previously (see press releases dated September 7, November 16, 2022, and January 18, 2023). Of the seven holes completed in the centre of the soil anomaly, five holes returned thick intervals of consistent gold mineralization (~50m downhole) in saprolite and include 69m @ 1g/t in MBA005, 50m @ 1.1 g/t gold in MBA004, 55m @ 1.0 g/t gold in MBA002, 50m @ 1.0 g/t gold in MBA001 and 45m @ 1.4 g/t gold in MBA003.

    As the mineralization extends from surface (where soils contain greater than 1g/t gold in places), part of a future mineral resource estimate will include the saprolite profile. This can be cost-effectively assessed using shallow auger drilling and sampling. The gold grade distribution in the initial diamond drill holes is remarkably consistent throughout both the weathered saprolite and the underlying intrusive bedrock.

    A program of 47 deep auger holes was recently completed.

    The results from the initial diamond drilling at Maria Bonita which previously defined consistent gold mineralization averaging 1 g/t Au in bedrock in diamond drill holes 1,2,3,4,5 and 7 are shown in table 1. The auger results confirm that consistent gold is found in deep saprolite over an area broadly correlating with the 0.75g/t gold contour defined by the original soil sampling. It is interpreted that this zone represents the near surface manifestation of the rhyolite intrusive-hosted stockwork mineralization found in the primary zone during the scout diamond drilling program.

    Hole From To Metres Gold g/t
    MBA001 0 50 50 1.00
    MBA002 0 55 55 1.00
      110 135 25 0.70
    MBA003 0 45 45 1.40
    MBA004 0 50 50 1.10
      50 122 72 0.60
    MBA005 0 69 69 1.00
    MBA007 34 105 71 0.60
      105 148 43 0.50

    Table 1: Key results of the scout diamond drilling program (previously released)

    The distribution of gold in the lowermost sample in each augur drill hole (Figure 2) indicates a coherent pattern, consistent with an east-southeast axis, reflecting one of the two perpendicular vein sets identified in the prior diamond drilling. The mineralization plunges at a shallow angle below cover between diamond drill holes MBA005 and MBA007 and the auger data supports this interpretation. A coherent 200m wide zone of gold values above 0.7g/t Au in saprolite is now defined by the auger results.

    Junior Mining NetworkFigure 2: Gold in basal power auger samples at the Maria Bonita discovery in relation to scout diamond drill hole collar positions. Arrows indicate directions in which mineralization remains open from scout diamond drilling.

    Importantly, thirty-nine of the total of forty seven auger holes (83%) ended in gold mineralization greater than 0.5g/t Au which indicates the extent of potentially significant gold mineralization in the saprolite

    A second stage diamond drill program is being designed to test the lateral and vertical extents of the mineralized intrusive body and further augur drilling is aimed at defining the limits to the mineralized system which remains open to the north, south, east, west, and at depth.

    Qualified Person

    Guillermo Hughes, FAIG and M AusIMM., a consultant to the Company as well as a Qualified Person as defined by National Instrument 43-101, supervised the preparation of the technical information in this news release.

    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.

    About Altamira Gold Corp.

    The Company is focused on the exploration and development of gold projects within western central Brazil. The Company holds 6 projects comprising approximately 190,000 hectares, within the prolific Juruena gold belt which historically produced an estimated 7 to 10Moz of placer gold. The Company’s advanced Cajueiro project has NI 43-101 resources of 5.66Mt @ 1.02 g/t gold for a total of 185,000 oz in the Indicated Resource category and 12.66Mt @ 1.26 g/t gold for a total of 515,000oz in the Inferred Resource category.

    On Behalf of the Board of Directors,

    ALTAMIRA GOLD CORP.

    “Michael Bennett”

    Michael Bennett
    President & CEO

    Tel: 604.676.5660
    Toll-Free:1-833-606-6271
    This email address is being protected from spambots. You need JavaScript enabled to view it.
    www.altamiragold.com

    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. It is important to note that actual outcomes and the Company’s actual results could differ materially from those in such forward-looking statements. Except as required by law, we do not undertake to update these forward-looking statements.

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  • Majuba Hill Copper Designs New Exploration Program to Expand NI 43-101 Tonnage at Majuba Hill Copper Porphyry Deposit in Nevada

    Majuba Hill Copper Designs New Exploration Program to Expand NI 43-101 Tonnage at Majuba Hill Copper Porphyry Deposit in Nevada

    2023-07-26 00:19:32

    Mr. David Greenway reports:

    Vancouver, BC – TheNewswire – July 26, 2023 – Majuba Hill Copper Corp. (CSE:JUBA) (OTC: JUBAF) (FWB:4NP) (“Majuba Hill Copper” or the “Company”) is making plans for advancing the Majuba Hill Porphyry Copper Deposit. The Company is pleased to announce that it has filed on SEDAR an independent technical report (the “Report”) prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) titled “Technical Report for the Majuba Hill Copper Project, Pershing County, Nevada, USA”.

    The Report was authored by Jeffrey M. Bickel, C.P.G., Senior Geologist, RESPEC Company LLC, Reno, NV (“RESPEC”). The full Report dated June 20, 2023 is available on the Company’s website and the SEDAR Issuer profile at www.sedar.com.

    RESPEC evaluated the porphyry copper mineralization using a series of conceptual open-pit scenarios. The conceptual open-pit scenarios were constructed using a Whittle Pit calculation. In the report a significant footprint of copper mineralization was outlined that is within an Exploration Corridor containing favorable porphyry-copper-type geologic characteristics and robust copper mineralization.

    The following table summarizes the tonnage and grade ranges for the Whittle Pits.

    Model (1)

    Tonnage Range Tonnes
    (Bickel, 2023)

    Grade Range Copper (%)
    (Bickel, 2023)

    Copper Range (pounds)
    Calculated

    Exploration Target – All

    50,000,000 to 100,000,000

    0.15% to 0.30%

    165,000,000     to

    660,000,000

    Exploration Target – High Grade

    10,000,000 to 20,000,000

    0.40% to 0.80%

    88,185,000

    to

    352,739,000

    1. Conceptual open-pit scenarios for the mineralized material do not meet the test for “reasonable prospects for eventual economic extraction” with currently appropriate economic inputs,Canadian Institute of Mining, Metallurgy, and Petroleum (2014) 

    “We are thrilled to announce the significant milestone achieved by Majuba Hill Copper Corp with the successful filing of our updated NI 43-101 report on SEDAR, a testament to our commitment to transparency and adherence to the highest standards in mineral project disclosure. I extend my deepest gratitude to the entire RESPEC Company team for their dedicated efforts in delivering this comprehensive report. Their expertise and unwavering support have been instrumental in shaping our path to success. Special thanks to Buster and Jefferey, whose leadership and hard work have been pivotal in driving this endeavor forward. With this milestone, we are confident in our position to seize the abundant opportunities that lie ahead in the dynamic copper market,” commented David Greenway, CEO of Majuba Hill Copper Corp.

    Exploration Plans

    During 2023 the Company will focus on drilling up to 4900 meters (16,000 feet) to advance and expand the copper deposit. The primary objective of the drilling is to convert the mineralization from an exploration target category into the inferred and indicated resource categories. The Company geologists have determined locations for 15 to 20 core and reverse circulation (“RC”) holes. Holes are sited to achieve four main objectives:

    • Tighten up drill spacing to convert waste blocks to mineralized blocks. 

    • Complete additional drill holes between Whittle Pit 13 and the much larger Whittle Pit 42 to improve the grade of copper mineralization and infill areas that currently have no drillholes. 

    • Extend high-grade mineralization. 

    • Characterize the metallurgy of the oxide and enriched mineralization to aid with the economics of processing the copper mineralization. 

    About RESPEC Company LLC

    RESPEC Company LLC stands as a prominent global leader in geosciences, data, and engineering services, specializing in exploration, mine productivity, efficiency, and safety. Renowned for its expertise, RESPEC serves as a reliable advisor, offering integrated technology solutions tailored to the specific needs of mining and mineral clients. Throughout the entire mine life cycle, RESPEC’s extensive experience and know-how prove instrumental in adding value to projects. They excel in optimizing exploration and production, elevating safety measures, improving reliability, and streamlining costs. With a proven track record of success, RESPEC emerges as a trusted partner for companies seeking to enhance their operations and achieve sustainable growth in the mining industry.

    Qualified Person

    The scientific and technical information contained in this news release has been reviewed by E.L. “Buster” Hunsaker III, CPG 8137, a non-independent consulting geologist who is a “Qualified Person” as such term is defined under National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43- 101”).

    About Majuba Hill Copper Corp.

    Majuba Hill Copper Corp. is engaged in the identification, review and acquisition of latter stage copper and copper/silver/gold assets. This is in direct response to the growing worldwide demand and lack of supply for precious metals fueled by the Green New Deal in the US and most other developed nations with similar programs aimed at addressing climate change. Such programs are heavily reliant on silver, gold and especially copper to produce Electric Vehicles and other renewable power sources, as well as building infrastructure to provide clean and affordable electricity.

    The flagship project is the Majuba Hill copper, silver and gold District located 156 miles outside Reno, Nevada, USA. Management has been mandated to focus on safe, mining friendly jurisdictions where government regulations are supportive of mining operations.

    Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.

    On Behalf of the Board of Majuba Hill Copper Corp.

    “David Greenway”

    David C. Greenway

    President & CEO

    For further information, please contact:

    Joel Warawa

    VP of Corporate Communications

    E: This email address is being protected from spambots. You need JavaScript enabled to view it. 

    P: 1 (855) 475-0745

    Forward-Looking Statements

    This news release contains certain statements that may be deemed “forward-looking” statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential” and similar expressions, or that events or conditions “will”, “would”, “may”, “could” or “should” occur. Although Majuba Hill Copper Corp. believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward looking statements. Forward looking statements are based on the beliefs, estimates and opinions of Majuba Hill Copper Corp. management on the date the statements are made. Except as required by law, Majuba Hill Copper Corp. undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.

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  • Sitka Gold Continues to Intercept Visible Gold and Expand Mineralization with Further Step Out Drilling at its Blackjack Gold Deposit in Yukon

    Sitka Gold Continues to Intercept Visible Gold and Expand Mineralization with Further Step Out Drilling at its Blackjack Gold Deposit in Yukon

    2023-07-10 07:08:13

    VANCOUVER, CANADA – TheNewswire – July 10,  2023 – Sitka Gold Corp.  (“Sitka” or the “Company”) (CSE:SIG) (FSE:1RF) (OTC:SITKF) is pleased to provide an update on the diamond drilling program currently underway at its RC Gold Project (“RC Gold” or the “Project”) located within Yukon’s Tombstone Gold Belt, approximately 100 kilometres east of Dawson City. The ongoing drilling program of up to 10,000 metres is primarily focused on step out drilling designed to expand the 1,340,000 ounce gold initial mineral resource estimate(1) that was announced this year (see news release dated January 19, 2023) which is comprised of two at/near surface gold deposits: the Blackjack and Eiger deposits, both of which remain open in all directions.

    Step out drilling at the Blackjack gold deposit, hosting an inferred, pit-constrained 900,000 ounces of gold at a grade of 0.83 g/t, is currently underway and has been the initial focus of the summer drill program. Four drill holes, DDRCCC-23-043 to -046, have been completed to date this summer with DDRCCC-23-047 drilling in progress (see Figure 1). Each drill hole has been successful in expanding the known mineralization of the deposit and visible gold occurrences have been observed in all holes that have been logged so far (Holes 043, 044 and 045; see Figure 2). Analytical results are currently pending for all summer drill holes completed to date.

    “The first drill holes completed during the summer drilling campaign at RC Gold continue to highlight the expansion potential at our Blackjack gold deposit with additional visible gold occurrences observed in every hole logged to date”, comments Cor Coe, CEO and Director of Sitka Gold. “Part of this drilling included the deepening of Hole 043 where the entire 422 m hole had returned 0.74 g/t gold from surface, including 112 m of 1.24 g/t gold and 14 m of 3.28 g/t gold (see news release dated June 21, 2023). This hole was extended with an additional 104.6 m of mineralization observed to a total depth of 526.4 m. The mineralization with visible gold observed in these drill holes has the potential to add significant tonnage to the known mineralization at Blackjack and we look forward to receiving the analytical results of these holes as we continue our drill program at RC Gold.”

    Junior Mining NetworkFigure 1: Plan map of drill hole locations at the Blackjack Zone

    The 2023 summer drilling season began with the continuation and completion of drill hole DDRCCC-23-043, which had terminated in 111.7 m of 1.24 g/t Au starting from 315 m (see news release dated June 21, 2023). To date, an additional 3 holes, DDRCCC-23-044 to 046, have been completed for a total of 1353.3 m drilled during the summer drilling campaign.

    DDRCCC-23-043 continued in similar appearing megacrystic quartz monzonite (MQZMN) hosting quartz sulfide veins until 476 m where a 6 m lamprophyre dyke, a known and expected marker unit in the Blackjack Deposit, was intersected. From the 482 m to the end of the hole at 526.4 m the hole intersected moderately altered metasediments intruded by metre scale MQZMN dykes, with both units cross-cut by quartz sulfide veins.

    Holes DDRCCC-23-044 and DDRCCC-23-045 with an azimuth of 040 degrees and dips of – 55 and -65 respectively, were drilled from the same location to extend the current resource to the south and at depth (see Figure 1). Both holes intersected moderately to strongly altered metasediments intersected by metre scale MQZMN dykes throughout their length. Quartz vein density with locally massive development of arsenopyrite generally increased downhole in both holes and both holes also encountered visible gold. Holes DDRCCC-23-044 and 045 are significant as they intersected the strongest alteration and quartz sulfide development seen in the metasediment unit in drilling on the RC Project to date and indicate the potential of the metasedimentary unit to host significant gold mineralization (see Figure 3).

    Hole DDRCCC-23-046 was targeted to extend the margin of the current resource to the northeast. Logging has yet to be completed on this hole. Hole 47 (in progress) was targeted to extend the southern margin of the current resource. Analytical results are pending for all holes completed to date during the ongoing summer drilling campaign.

    Junior Mining NetworkFigure 2: Examples of visible gold observed in Holes 43, 44 and 45

    Junior Mining NetworkFigure 3: Drill core from DDRCCC-23-044 showing strong quartz sulphide veining in the metasediments

    About the RC Gold Project

    The RC Gold Project (RC Gold) consists of a 376 square kilometre contiguous district-scale land package located in the newly road accessible Clear Creek, Big Creek, and Sprague Creek districts in the heart of Yukon’s Tombstone Gold Belt. The project is located approximately 100 kilometres east of Dawson City and is accessed via a secondary gravel road from the Klondike Highway an approximate 2 hour drive from Dawson. It is the largest consolidated land package strategically positioned mid-way between Victoria Gold’s Eagle Gold Mine – Yukon’s newest gold mine which reached commercial production in the summer of 2020 – and Sabre Gold Mine’s Brewery Creek Gold Mine. The RC Gold Project land package comprises five underlying properties, namely, the RC, Bee Bop, Mahtin, Clear Creek, and Barney Ridge properties*. The planned 10,000 metre drill program for 2023 is currently underway and is focused on expanding the Blackjack and Eiger gold deposits, both of which remain open in all directions.

    On January 19, 2023 Sitka Gold announced an Initial Mineral Resource Estimate prepared in accordance with National Instrument 43-101 (“NI 43-101”) guidelines for the RC Gold  Property of 1,340,000 ‎ounces of gold(1). The road accessible, pit constrained Mineral Resource is classified as inferred and is contained in two near/on-surface zones: The Blackjack and Eiger deposits. The Mineral Resource estimate is presented in the following table at a base case cut-off grade of 0.25 g/t Au:

    Table 1: RC Gold Inferred Mineral Resource Estimate

    COG g/t Au

    Blackjack Zone

    		  

    Eiger Zone

    		  

    Combined

    Tonnes 000’s

    Au g/t

    0z Au 000’s

    		  

    Tonnes 000’s

    Au g/t

    0z Au 000’s

    		  

    Tonnes 000’s

    Au g/t

    0z Au 000’s

    0.20

    35,798

    0.80

    921

    		  

    32,523

    0.45

    471

    		  

    68,321

    0.63

    1,391

    0.25

    33,743

    0.83

    900

    		  

    27,362

    0.50

    440

    		  

    61,105

    0.68

    1,340

    0.30

    31,282

    0.88

    885

    		  

    22,253

    0.55

    393

    		  

    53,535

    0.74

    1,279

    0.35

    29,065

    0.92

    860

    		  

    17,817

    0.60

    344

    		  

    46,882

    0.80

    1,203

    0.40

    26,975

    0.96

    833

    		  

    14,506

    0.66

    308

    		  

    41,481

    0.86

    1,140

    Notes

    1. Mineral resource estimate prepared by Ronald G. Simpson of GeoSim Services Inc. with an effective date of January 19,

    2023. Mineral Resources are classified using the 2014 CIM Definition Standards.

    2. The cut-off grade of 0.25 g/t Au is believed to provide a reasonable margin over operating and sustaining costs for open-pit

    mining and processing

    3. Mineral resources are constrained by an optimised pit shell using the following assumptions: US$1800/oz Au price; a 45°

    pit slope; assumed metallurgical recovery of 85%; mining costs of US$2.00 per tonne; processing costs of US$8.00 per

    tonne; G&A of US$1.50/t.

    4. Mineral resources are not mineral reserves and do not have demonstrated economic viability.

    5. Totals may not sum due to rounding.

    The Initial Mineral Resource Estimate of 1,340,000 ounces of gold at the RC Gold Project is comprised of two deposits: the Blackjack deposit containing 900,000 ounces of gold at a grade of 0.83 g/t gold and the Eiger deposit containing 440,000 ounces of gold at a grade of 0.50 g/t gold (see news release dated January 19, 2023). Both of these deposits are at/near surface, are potentially open pit minable and amenable to heap leaching, with initial bottle roll tests indicating that the gold is not refractory and has high gold recoveries of up to 94% with minimal NaCN consumption (see News Release July 13, 2022).

    The Blackjack and Eiger deposits are in close proximity to highway and power infrastructure, are road accessible year-round, remain open in all directions and are respectively located at the western and eastern end of a large, 500 metre by 2 kilometre intrusion related gold system that was recently discovered on the Property. To date, just 41 diamond drill holes have been drilled into this system for a total of approximately 14,500 metres with results of up to 201.0 m of 1.26 g/t gold from surface, including 82.0 m of 2.04 g/t gold and 19.5 m of 4.87 g/t gold at Blackjack (drill hole DDRCCC-22-040; see news release dated January 11, 2023) and 354 m of 0.41 g/t gold including 72 m of 0.72 g/t gold at Eiger (drill hole DDRCCC-21-09; see news release date August 19, 2021).

    Several high priority intrusion related gold targets exist at RC Gold with nine outcropped intrusions identified to date over the 376 sq km property, however Sitka’s main focus at the RC Gold Project has been on the underlying Clear Creek Property where a large 500 metre by 2000 metre intrusion related gold system covering the area over the Blackjack, Saddle and Eiger zones was identified. Prior to the onset of the 2023 winter drilling program, the Company had drilled 38 diamond drill holes into this system for a total of approximately 13,000 metres. This drilling culminated in the discovery of the Blackjack and Eiger deposits with an initial inferred mineral resource estimate of 1,340,000 gold ounces(1).

    Sitka Gold inherited a wealth of historical and current data from these properties from work spanning the last 40 years. Recent exploration work and the compilation of historical data have defined several mineralized zones with both bulk tonnage, intrusion-related gold deposit targets and high-grade, vein- and breccia-hosted gold targets. The RC Gold Project also has a common border with Victoria Gold’s Clear Creek property at its western boundary and Florin Resources’ Florin Gold property at its northern boundary.

    (1)  Simpson, R.  January 19, 2023.  Clear Creek Property, RC Gold Project, NI 43-101 Technical Report, Dawson Mining District, Yukon Territory.

    *For more detailed information on the underlying properties please visit our website at www.sitkagoldcorp.com.

    Deposit Model

    Exploration on the Property has mainly focused on identifying an intrusion-related gold system (“IRGS”). The property is part of the Tombstone Gold Belt which is the prominent host to IRGS deposits within the Tintina Gold Province in Yukon and Alaska. Notable deposits from the belt include: Fort Knox Mine in Alaska with current Proven and Probable Reserves of 230 million tonnes at 0.3 g/t Au (2.471 million ounces; Sims 2018)(1); Eagle Gold Mine with current Measured and Indicated Resources of 233 million tonnes at a grade of 0.57 g/t Au at the Eagle Main Zone (4.303 million ounces; Harvey et al, 2022)(2); the Brewery Creek deposit with current Indicated Mineral Resource of 22.2 million tonnes at a gold grade of 1.11 g/t (0.789 million ounces; Hulse et al. 2020)(3); the Florin Gold deposit, located adjacent to Sitka’s RC Gold project, with a current Inferred Mineral Resource of 170.99 million tonnes grading 0.45 g/t (2.47 million ounces; Simpson 2021)(4) and  the AurMac Project with an Inferred Mineral Resource of 312.90 million tonnes grading 0.61 gram per tonne gold (6.18 million ounces; Jutras 2023)(5).

    (1)    Sims J. Fort Knox Mine Fairbanks North Star Borough, Alaska, USA National Instrument 43-101 Technical Report. June 11, 2018.  https://s2.q4cdn.com/496390694/files/doc_downloads/2018/Fort-Knox-June-2018-Technical-Report.pdf 

    (2)    Harvey N., Gray P., Winterton J., Jutras M., Levy M.,Technical Report for the Eagle Gold Mine, Yukon Territory, Canada. Victoria Gold Corp.  December 31, 2022.  https://vgcx.com/site/assets/files/6534/vgcx_-_2023_eagle_mine_technical_report_final.pdf 

    (3)    Hulse D, Emanuel C, Cook C. NI43-101 Technical Report on Mineral Resources. Gustavson Associates. May 31, 2020. https://www.goldenpredator.com/_resources/Brewery-Creek_NI-43-101-05OCT2020-File.pdf 

    (4)    Simpson R.  Florin Gold Project NI43-101 Technical Report. Geosim Services Inc.  April 21, 2021. https://sedar.com/GetFile.do?lang=EN&docClass=24&issuerNo=00005795&issuerType=03&projectNo=03236138&docId=4984158 

    (5)    Banyan Gold News Release Dated May 24,, 2023 (Technical Report to be filed within 45 days of news release) https://banyangold.com/news-releases/2023/banyan-announces-6.2-million-ounce-gold-resource-estimate-for-the-aurmac-property-yukon-canada/ 

    About Sitka Gold Corp.

    Sitka Gold Corp. is a mineral exploration company headquartered in Canada. The Company is managed by a team of experienced industry professionals and is focused on exploring for economically viable mineral deposits with its primary emphasis on gold, silver and copper mineral properties of merit. Sitka currently has an option to acquire a 100% interest in the RC, Barney Ridge, Clear Creek and OGI properties in the Yukon and the Burro Creek Gold property in Arizona. Sitka owns a 100% interest in its Alpha Gold property in Nevada, its Mahtin Gold property in the Yukon and its Coppermine River project in Nunavut.

    The Company recently announced an NI 43-101 compliant Initial Mineral Resource Estimate of 1,340,000 ounces of gold(1) beginning at surface and grading 0.68 g/t at its RC Gold Project in Yukon (see news release dated January 19, 2023). A resource expansion diamond drilling program is currently underway.

    The Company is also planning additional drilling at its Alpha Gold Property in Nevada where a new Carlin-type gold system was recently discovered. The Company is focused on vectoring towards the high-grade core of this system, which is located on the Cortez Trend just 40 km southeast of the Cortez Mine Complex of Barrick/Newmont.

    (1)    Simpson, R.  January 19, 2023.  Clear Creek Property, RC Gold Project, NI 43-101 Technical Report, Dawson Mining District, Yukon Territory.

    Upcoming Events

    Sitka Gold will be attending and/or presenting at the following events:

    • YMA Property Tours, Dawson City, Yukon: July 16-22, 2023 

    • Precious Metals Summit, Beaver Creek, Colorado: September 12 – 15, 2023 

    All events are subject to change.

    The scientific and technical content of this news release has been reviewed and approved by Cor Coe, P.Geo., Director and CEO of the Company, and a Qualified Person (QP) as defined by National Instrument 43-101.

    ON BEHALF OF THE BOARD OF DIRECTORS OF

    SITKA GOLD CORP.

    “Donald Penner”

    President and Director

    For more information contact: 

    Donald Penner
    President & Director
    778-212-1950
    This email address is being protected from spambots. You need JavaScript enabled to view it. 

    or 

    Cor Coe
    CEO & Director
    604-817-4753
    This email address is being protected from spambots. You need JavaScript enabled to view it. 

    Cautionary and Forward-Looking Statements

    This news release contains forward-looking statements and forward looking information within the meaning of applicable securities laws. These statements relate to future events or future performance. All statements other than statements of historical fact may be forward-looking statements or information. Forward-looking statements and information are often, but not always, identified by the use of words such as “appear”, “seek”, “anticipate”, “plan”, “continue”, “estimate”, “approximate”, “expect”, “may”, “will”, “project”, “predict”, “potential”, “targeting”, “intend”, “could”, “might”, “should”, “believe”, “would” and similar expressions.

    Forward-looking statements and information are provided for the purpose of providing information about the current expectations and plans of management of the Company relating to the future. Readers are cautioned that reliance on such statements and information may not be appropriate for other purposes, such as making investment decisions. Since forward-looking statements and information address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, the expected timing and terms of the private placement, use of proceeds, anticipated work program, required approvals in connection with the work program and the ability to obtain such approvals. Accordingly, readers should not place undue reliance on the forward-looking statements, timelines and information contained in this news release. Readers are cautioned that the foregoing list of factors is not exhaustive.

    The forward-looking statements and information contained in this news release are made as of the date of this news release and no undertaking is given to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws or the CSE. The forward-looking statements or information contained in this news release are expressly qualified by this cautionary statement.

    Neither the CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.

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  • RT Minerals Stakes Additional Claims to Expand Boundary of 100% Owned Sheba Property, Ontario

    RT Minerals Stakes Additional Claims to Expand Boundary of 100% Owned Sheba Property, Ontario

    2023-07-07 06:06:23

    Vancouver, B.C. – TheNewswire – July 7, 2023 – RT Minerals Corp. (TSXV:RTM) (OTC:RTMFF) (the “Company” or “RTM”) announces that it has staked an additional 150 mineral claims totalling approximately 2,650 hectares within the northwest-southeast trending Michie, Sheba and Alma Township corridor in the Abitibi Greenstone belt, located within the Superior Province, 70 km southeast of Timmins Ontario (Figure 1).  The additional claims surround the initial 54 Sheba North, Sheba South and Sheba East claim blocks recently acquired by the Company (see June 13, 2023 and July 5, 2023 news releases) (collectively, the “Sheba” property). The Sheba property is 100% owned and royalty-free.

    The Sheba property is prospective for Cu, Ni, Co, Cr, Pt, and Pd mineralization (MNDM files 42A02SE2019). Previous limited surface sampling activities have encountered 0.19% Cu, 0.14% Ni and 0.34% Cr immediately west of the Sheba South block in ultramafic pyroxenite-peridotite assemblages. Whole rock analysis of these units is substantially identical to the peridotites and associated Ni mineralization that occurs in Langmuir Township, 36 km on trend to the northwest.

    The pyroxenites-peridotites exhibit strong magnetic signatures and the entire claim block covers extensive geophysical magnetic anomalies that are currently interpreted as peridotite intrusive bodies within the volcanic stratigraphy of the Abitibi Greenstone Belt (MNDM files M 82050, M82049, M82031, M82032 and M82056).

    The exploration programs to be conducted within the entire 204 claim block in Michie, Sheba and Alma Township are expected to be eligible under the Federal Government of Canada flow-through share and critical minerals exploration tax credit programs, subject to acceptance. Work permitting programs will now be initiated on at least 6 geophysical anomalies within the continuous 204 claim block for the 2023 – 2024 exploration seasons. The work programs are subject to Company financing.

    Junior Mining NetworkFigure 1: Location map of Sheba property

    Qualified Person

    The technical information contained in this news release has been reviewed and approved by Mr. Garry Clark, P.Geo., a “Qualified Person” as defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects.

    About RT Minerals Corp: RTM is a junior exploration company listed on the TSX Venture Exchange under the symbol “RTM”. The Company holds a 100% interest, largely royalty-free, in a portfolio of rare earth element, gold and base metal properties in Ontario. The Company also holds an option to acquire a 100% interest in the Link-Catharine RLDZ gold property located 22 km south-southeast of the town of Kirkland Lake, Ontario.

    Nordica Property (Cu, Ni, Co, Cr, Pd) is comprised of 34 claims in Nordica Township that cover the ultramafic layered Nordica Intrusive Complex in the Abitibi Greenstone Belt, within the Superior Province, 60 km southeast of Timmins, Ontario. Nordica is prospective for copper, nickel, cobalt, chromium, and palladium mineralization. Previous exploration activity on the Nordica property has encountered Cu grading up to 0.292% (rock-grab samples), Ni up to 0.24% in drill core over 1.0 m, Co up to 614ppm (outcrop), Cr up to 17.7% (grab-rock sample) and Pd up to 1.2ppb (outcrop chip and drill core over 1.0m)(MNDM files OFR 6102). The property covers approximately 75% of the ultramafic layered intrusion which is currently inferred to be approximately 4.0 km long, 250 m wide and 100m deep (MNDM files 20000008666/2000113735).

    Kenogaming, Pharand I and Pharand II Properties (Ni, Cr, Co) consists of 38 claim blocks that are 100% owned with 32 claims royalty free and 6 claims subject to a 2% NSR royalty. The properties are situated in Kenogaming and Pharand Townships in the Northern Swayze Greenstone Belt, located within the Abitibi sub-province of the Superior Province, southwest of Timmins, Ontario. The Properties are located within the Hanrahan assemblage which is confined to the southeastern part of the Northern Swayze Greenstone Belt. Cumulate ultramafic bodies are the specific targets comprising the Kenogaming, Pharand I and Pharand II prospects. In 1979, previous operators tested a strong magnetic anomaly with a 184.5m long diamond drill hole, which intersected up to 0.25% nickel in carbonated and serpentinized cumulate ultramafic with interbeds of chlorite and talc alteration over a 3.0m section at the bottom of the hole. Further drilling is warranted on the Kenogaming, Pharand I and Pharand II prospects with the objective to expand the historical Ni, Cr, Co mineralization within the Kenogaming intrusive.

    Ireland Property (Rare Earth Element) is a royalty free 52 claim block covering an inferred carbonatite complex (the “Ireland Complex”) located in Ireland Township, 45 km northeast of Smooth Rock Falls, Ontario. The Ireland Complex is 100% owned by RTM and is approximately 4.0 km long, 2.8 km wide, oval shaped and is positioned along a southern extensional splay fault contained within the Kapuskasing Structural Trend. The Kapuskasing Structural Trend contains several well documented carbonatite complexes that contain Niobium, Iron, Titanium and Rare Earth Element resources within various assemblages of carbonatite rocks.

    Case Batholith Group 1 (Rare Earth Element) consists of 90 claims covering the Case Batholith centered on Heighington Township, 85 km northeast of Cochrane, Ontario. The Case Batholith properties are 100% owned and royalty free. The properties occur within the boundaries of the Case Batholith and are specifically located in Heighington, Kenning, Sequin, and Case Townships. Five properties are situated 12 km north of the Power Metals Case Lake lithium/cesium discovery in Steel Township.

    Case Batholith Group 2 (Rare Earth Element) consists of four properties (113 claim blocks) that are 100% owned and certain of the claims are subject to a 2% NSR royalty, within the boundaries of the Case Batholith in northern Ontario. The four properties are in Agassiz township (29 claims), Potter township (51 claims), Seguin/Challies township (14 claims) and Bragg township (19 claims). The properties are located to the northwest of Power Metals Corp. Case Lake lithium/cesium discovery in Steel township, Ontario. All the claim blocks have been acquired based on magnetic signatures resembling east – west trending pegmatitic dykes and laccolith structures contained within the tonalite/granodiorite rock assemblages of the Case Batholith.

    Sheba-Michie-Alma (Cu, Ni , Co, Cr, Pt), Ontario, are as summarized above herein.

    Kendrey Property (Rare Earth Element) consists of 32 claims in the Kendrey and Colquhoun Townships located 14 km southeast of Smooth Rock Falls, Ontario that are 100% owned and royalty free. The property covers what appears to be a large, inferred carbonatite complex that is prospective for rare earth elements, primarily niobium. The intrusive is approximately 2.8 km wide and 2.7 km long. It is positioned along a southeastern extensional splay fault belonging to the Kapuskasing Structural Trend.

    Galna / Moody Property (Cu, Ni, Co, Cr) consists of four separate claim blocks totalling 24 cells in the Galna and Moody Townships, located 35 km east of Iroquois Falls, Ontario. The Company acquired 100% interest in the property by map staking.

    Timmins Property (Base Metals) is a royalty free 16-claim block located approximately 50 km southeast of Timmins, Ontario, and is 100% owned by RTM. The property features several mineralized fault systems that suggest proximity to a base metal source.

    Link-Catharine RLDZ Property (Gold) is comprised of fifteen unpatented single cell mining claims with a total area of 220 hectares in one claim block. The Link-Catharine property is located 22 km south-southeast of the town of Kirkland Lake, Ontario. RTM has an option to earn a 100% interest in this property subject to a 2% NSR. Milligan Property (Gold) is a royalty free 16-claim block located approximately 75 km northeast of Timmins, Ontario, and is 100% owned by RTM.

    Milligan Property (Gold) covers the southeast extension of the volcanic stratigraphy hosting the Eastford Lake gold discovery of 142.2 g/t Au over 3.0 m announced by Explor Resources in 2009.

    Blakelock Property (Gold) is a royalty free 9-claim block located approximately 75 km northeast of Cochrane, Ontario, and is 100% owned by RTM. The property is host to a massive east-west trending magnetic high intrusive complex that was subject to limited drilling in 1967.

    Mcquibban Property (Gold) is a royalty free 19-claim block located approximately 50 km north of Cochrane, Ontario, and is 100% owned by RTM. The property hosts a strong 3.0 km long east-west trending inferred oxide facies banded iron formation, in which one historical drill hole encountered a gold mineralized interval of 5.47 g/t Au over 1.2m.

    For more information, please visit the company’s website at www.rtmcorp.com.

    On behalf of the Board of Directors

    Douglas J. Andrews, MSc., BSc.

    President and CEO

    604-681-3170

    For further information, please contact:

    William Elston

    Director and Investor Relations

    604-725-0604

    Neither the TSX Venture Exchange nor its Regulation Service Provider (as the term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy of accuracy of this news release.

    Forward-Looking Statements: This news release contains certain forward-looking statements, which relate to future events or future performance and reflect management’s current expectations and assumptions. Such forward-looking statements reflect management’s current beliefs and are based on assumptions made by and information currently available to the Company. Readers are cautioned that these forward-looking statements are neither promises nor guarantees, and are subject to risks and uncertainties that may cause future results to differ materially from those expected including, but not limited to, market conditions, availability of financing, actual results of the Company’s exploration and other activities, environmental risks, future metal prices, operating risks, accidents, labor issues, delays in obtaining governmental approvals and permits, and other risks in the mining industry. All the forward-looking statements made in this news release are qualified by these cautionary statements and those in our continuous disclosure filings available on SEDAR at www.sedar.com. These forward-looking statements are made as of the date hereof and the Company does not assume any obligation to update or revise them to reflect new events or circumstances save as required by applicable law.

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  • Lithium One Metals and Norris Lithium To Merge To Expand Land Position in James Bay, Quebec

    Lithium One Metals and Norris Lithium To Merge To Expand Land Position in James Bay, Quebec

    2023-06-19 07:20:02

    Vancouver, British Columbia–(Newsfile Corp. – June 19, 2023) – Lithium One Metals Inc. (TSXV: LONE) (OTCQB: LOMEF) (FSE: H490) (“Lithium One” or “LONE”) and Norris Lithium Inc. (CSE: CHCK) (“Norris Lithium”) have entered into a definitive arrangement agreement dated June 19, 2023 (the “Agreement”) pursuant to which Lithium One will acquire all of the issued and outstanding common shares of Norris Lithium (the “Transaction”) on the basis of 0.672 common shares of Lithium One for each share of Norris Lithium held, by way of a plan of arrangement under the Business Corporations Act (British Columbia) (the “Arrangement”). This strategic consolidation represents a significant milestone in both companies’ growth trajectories, with Lithium One and Norris Lithium both benefiting from the creation of a large land position in James Bay, Québec, an established presence in Northwestern Ontario in a rapidly emerging lithium district, combined technical expertise, and a joint exploration program already underway. Upon the closing of the Transaction, it is expected that the shareholders of Norris Lithium will hold approximately 35% of the common shares of the combined company, with Dale Ginn being appointed as President & CEO of Lithium One, and Nav Dhaliwal assuming the role of Executive Chair of Lithium One.

    Transaction Highlights

    • Creating a Leading Land Position in James Bay, Québec. The Transaction will result in the addition of two lithium exploration projects totaling 4,500 ha in the renowned Corvette lithium belt of James Bay, Québec. As a result, Lithium One’s total land holdings in the district will total 20,750 ha (Figure 1). Notably, Norris Lithium’s Highway property is immediately adjacent to Lithium One’s Ferrari property, which through the combination will grow to 9,000 ha. The combined company will have an overall lithium-prospective land position of 23,650 ha in Québec.
    • A Platform for Growth in Ontario. Norris Lithium shareholders gain exposure to a portfolio of lithium-prospective exploration properties in Ontario, totalling 26,259 ha, for an overall total of 49,791 ha within the combined entity, creating one of the largest lithium property portfolios in Canada.
    • Streamlining Exploration Programs. Both companies were already underway with plans for robust exploration campaigns in 2023. The merger will now allow for streamlined and cost-effective joint exploration programs. Importantly, follow up to the previous pegmatite discoveries on the Highway property will now be expanded to the contiguous Ferrari property.
    • Enhanced Leadership and Technical Teams. The combined company’s board and management team will draw from the expertise of both companies. This is expected to result in mutually beneficial financial synergies.
    • Strengthened Capital Markets Profile. The proposed Transaction will enhance both companies’ standing in the capital markets, by virtue of a larger market capitalization, more prominent land position and increased exploration activity.

    Nav Dhaliwal, current CEO and Director of Lithium One and proposed Executive Chair of the combined company, commented: “The business combination with Norris Lithium is an exciting transaction that is transformative for both companies and their shareholders. This merger combines two exciting and parallel lithium exploration portfolios, particularly focused on the active and high-profile James Bay lithium belt.”

    Dale Ginn, current President & CEO, Director of Norris Lithium and proposed President & CEO of the combined company further commented: “We are excited to immediately take advantage of the synergies being provided by combining operations of the two companies in James Bay, and for Norris shareholders, to add diversification into Ontario with the addition of established lithium-prospective properties in what we see as an important emerging lithium district.”

    Transaction Details

    Pursuant to the terms of the Agreement, Lithium One will acquire all of the issued and outstanding common shares of Norris Lithium on the basis of 0.672 common shares of Lithium One for each share of Norris Lithium held (the “Exchange Ratio”). The Exchange Ratio implies a consideration of C$0.29 per Norris Lithium Share, based on the volume weighted average price (“VWAP”) of Lithium One’s common shares on the TSXV over the five trading days ending on June 16, 2023. This consideration represents a premium of 31% to the trailing 5-day VWAP of Norris Lithium’s common shares on the CSE. Warrants and options of Norris Lithium will additionally be adjusted or exchanged to become warrants and options, respectively, of Lithium One based on the Exchange Ratio.

    Upon closing of the Transaction, Norris Lithium shall be entitled to nominate two directors to the Lithium One board of directors, which are expected to be Dale Ginn and Robert Jewson. Nicholas Watters and Carl Ginn will resign as directors of Lithium One. The board of Lithium One will therefore consist of the following on closing:

    R. Dale Ginn, President, CEO and Director
    Nav Dhaliwal, Executive Chair and Director
    Robert Jewson, Director
    James Bahen, Director
    Dominic Verdejo, Director
    Nathan Tribble, Director

    The Arrangement will be carried out by way of a court-approved plan of arrangement under the Business Corporations Act (British Columbia) and is subject to a number of conditions being satisfied or waived by one or both of Lithium One and Norris Lithium at or prior to closing of the Arrangement, including approval of Norris Lithium shareholders, together with any requisite minority approvals, and receipt of all necessary regulatory and court approvals and the satisfaction of certain other closing conditions customary for a transaction of this nature.

    It is expected that the special meeting of Norris Lithium shareholders to approve the proposed Arrangement will be held in August 2023 and, if approved at the meeting and all other conditions have been met, it is expected that the Arrangement would close shortly thereafter.

    The Agreement includes customary provisions, including non-solicitation, right-to-match and fiduciary out provisions, as well as certain representations, covenants and conditions that are customary for a transaction of this nature. A termination fee may be payable by Norris Lithium in the case of certain terminating events. Details regarding these and other terms of the Transaction are set out in the Agreement, which will be available under the SEDAR profiles of Lithium One and Norris Lithium at www.sedar.com.

    Further information regarding the Transaction will be contained in a management information circular to be prepared by Norris Lithium and mailed to its shareholders in connection with a special meeting of shareholders to be held by Norris Lithium, to consider the Arrangement and related matters. All shareholders of Norris Lithium are urged to read the information circular once available, as it will contain important additional information concerning the Transaction.

    Board Recommendations and Voting Support

    The Arrangement has been unanimously approved by the board of directors of both Lithium One and Norris Lithium. The board of directors of Norris Lithium unanimously recommends that Norris Lithium shareholders vote in favour of the Transaction. All of the directors and officers of Norris Lithium have entered into customary voting support agreements agreeing to vote in favour of the Transaction.

    Haywood Securities Inc. has provided a verbal fairness opinion to the board of directors of Lithium One that, as of the date hereof, and based upon and subject to the assumptions, limitations and qualifications stated therein, the consideration to be paid by Lithium One to the shareholders of Norris Lithium under the Arrangement is fair, from a financial point of view, to Lithium One.

    Red Cloud Securities Inc. has provided a verbal fairness opinion to the special committee of the board of directors of Norris Lithium that, as of the date hereof, and based upon and subject to the assumption, limitations and qualifications stated therein, the consideration to be received by the shareholders of Norris Lithium under the Arrangement is fair, from a financial point of view, to the shareholders of Norris Lithium.

    Advisors and Counsel

    Haywood Securities Inc. is acting as financial advisor and Cozen O’Connor LLP is acting as legal counsel to Lithium One.

    Red Cloud Securities Inc. is acting as financial advisor and Harper Grey LLP is acting as legal counsel to the special committee of the board of directors of Norris Lithium.

    About the James Bay Lithium District

    Located in Québec, Canada, James Bay is rapidly emerging as a major lithium district, boasting ten advanced-stage projects and numerous early-stage occurrences (Figure 2). Notably, the Whabouchi Mine represents one of the world’s largest bulk tonnage lithium deposits, with a Mineral Resource of 36.6 Mt at 1.3% Li2O, and an estimated mine life of 33 years.[1] Additionally, the recently approved James Bay Lithium Mine has a Mineral Resource of 40.3 Mt at 1.4% Li2O and is proposed to produce an annual average of 321 Kt of spodumene concentrate over a 19-year mine life.[2]

    Junior Mining NetworkFigure 1. Property map showing the combined land position of Lithium One and Norris Lithium and other properties of interest in the Corvette project area of James Bay, Québec.

    Junior Mining NetworkFigure 2. Regional map showing the location and combined land position of Lithium One and Norris Lithium in James Bay, Québec.

    Qualified Persons

    This news release has been reviewed and approved by Carl Ginn, P.Geo., a director of Lithium One and a Qualified Person pursuant to National Instrument 43-101.

    About Lithium One

    Lithium One Metals is a Canadian exploration company specializing in the acquisition and development of high-potential lithium properties in Ontario and Québec. Our team of experienced geologists and prospectors are at the forefront of the search for the next generation of lithium deposits.

    About Norris Lithium

    Norris Lithium is engaged in the acquisition, exploration, and development of mineral property assets in Canada. Norris Lithium owns the Highway and Bus Lithium properties in the James Bay region of Québec and holds the Solitude Lake Property located near the Savant Lake area in the Patricia Mining Division, Ontario. Norris Lithium’s objectives are to conduct exploration programs on its Solitude Lake Property and Québec lithium properties and to locate and develop other economic mineral properties of merit.

    On behalf of the Board of Directors of Lithium One Metals Inc.
    Nav Dhaliwal, Chief Executive Officer and Director

    On behalf of the Board of Directors of Norris Lithium Inc.
    R. Dale Ginn, Chief Executive Officer, President and Director

    For more information, please contact:

    Nav Dhaliwal 
    Tel: +1 (604) 678-5308
    Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

    Dale Ginn
    Tel: +1 (204) 794-5818
    Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

    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.

    Cautionary Statement Regarding Forward-Looking Information

    All statements, trend analysis and other information contained in this press release about anticipated future events or results constitute forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as “seek”, “anticipate”, “believe”, “plan”, “estimate”, “expect” and “intend” and statements that an event or result “may”, “will”, “should”, “could” or “might” occur or be achieved and other similar expressions. All statements, other than statements of historical fact, included herein, including, without limitation, statements regarding anticipated benefits of the Transaction, the estimated date of the special meeting of Norris shareholders the closing of the Transaction, the assets of Lithium One and Norris Lithium (the “Projects”), including anticipated synergies between the Projects, are forward-looking statements. Although Lithium One and Norris Lithium (the “Companies”) believe that the expectations reflected in such forward-looking statements and/or information are reasonable, undue reliance should not be placed on forward-looking statements since the Companies can give no assurance that such expectations will prove to be correct. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements, including the risks, uncertainties and other factors identified in the Companies’ periodic filings with Canadian securities regulators, and assumptions made with regard to: the Companies’ ability to complete the proposed Transaction; the Companies’ ability to secure the necessary shareholder, securityholder, legal and regulatory approvals required to complete the Transaction; the estimated costs associated with the advancement of the Projects; and the Companies’ ability to achieve the synergies expected as a result of the Transaction. Forward-looking statements are subject to business and economic risks and uncertainties and other factors that could cause actual results of operations to differ materially from those contained in the forward-looking statements. Important factors that could cause actual results to differ materially from the Companies’ expectations include risks associated with the business of each of Lithium One and Norris Lithium; risks related to the satisfaction or waiver of certain conditions to the closing of the Transaction; non-completion of the Transaction; risks related to reliance on technical information provided by Lithium One and Norris Lithium; risks related to exploration of the Projects; business and economic conditions in the mining industry generally; fluctuations in commodity prices and currency exchange rates; uncertainties relating to interpretation of drill results and the geology, continuity and grade of mineral deposits; the need for cooperation of government agencies and first nation groups in the exploration and development of properties and the issuance of required permits; the need to obtain additional financing to develop properties and uncertainty as to the availability and terms of future financing; the possibility of delay in exploration or development programs and uncertainty of meeting anticipated program milestones; uncertainty as to timely availability of permits and other governmental approvals; and other risk factors as detailed from time to time and additional risks identified in Lithium One and Norris Lithium’s filings with Canadian securities regulators on SEDAR in Canada (available at www.sedar.com). Forward-looking statements are based on estimates and opinions of management at the date the statements are made. Neither Lithium One nor Norris Lithium undertakes any obligation to update forward-looking statements except as required by applicable securities laws. Investors should not place undue reliance on forward-looking statements.

    [1] Nemaska Lithium NI 43-101 Technical Report: Report on the Estimate to Complete for the Whabouchi Lithium Mine and Shawinigan Electrochemical Plant, May 31, 2019

    [2] Galaxy Lithium Preliminary Economic Assessment, NI 43-101 Technical Report: James Bay Lithium Project Ontario, Canada, March 15, 2021

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  • Monarch Mining Continues to Expand Size of McKenzie Break With Latest Drilling Results, Including 1.77 g/t Au Over 31.0 m (101.7 ft)

    Monarch Mining Continues to Expand Size of McKenzie Break With Latest Drilling Results, Including 1.77 g/t Au Over 31.0 m (101.7 ft)

    2023-05-09 04:36:07

    • Monarch reports gold assays from 13 drill holes of its 2022 McKenzie Break drilling program.
    • Hole MK-22-348 intersects an impressive 1.77 g/t Au over 31.0 m, including a higher grade section of 2.83 g/t Au over 15.6 m along the southeast limit of the current proposed pit shell.
    • Notable broad zones of mineralization include 1.33 g/t Au over 9.35 m (MK-22-342) with the potential to extend the pit shell to the south, and 1.54 g/t Au over 14.91 m (MK-22-363) at the northeast limit of the drilling area.
    • Higher grade mineralization includes 9.09 g/t Au over 1.48 m (MK-22-363) and 8.54 g/t Au over 1.40 m (MK-22-367).
    • Results from the 2022 drilling program confirm that the pit shell and underground mineral resource can be expanded beyond the limits defined in the 2021 mineral resource estimate.
    • Assays are pending for 17 holes.

    MONTREAL, May 09, 2023 (GLOBE NEWSWIRE) — MONARCH MINING CORPORATION (“Monarch” or the “Corporation”) (TSX: GBAR) (OTCQB: GBARF) is pleased to report additional results from the 2022 drilling program on its wholly-owned McKenzie Break gold project, located 25 kilometres north of the Corporation’s wholly owned Beacon mill.

    The 2022 drilling program on the McKenzie Break property totaled 16,104 metres in 53 holes. Today, Monarch is reporting the results from an additional 13 holes totalling 4,523 metres (see Figure 1, Table 1 and 2). Assays are pending for the remaining 17 holes of this drill program.

    The drilling program was aimed at expanding the size of the 2021 mineral resource estimate (“2021 MRE”), including the current pit shell in the up-dip direction (to the west and south), and the underground resource to the east and north. The mineralized envelope currently measures 1,100 metres by 600 metres and has been tested down to a vertical depth of 400 metres.

    The most significant intersection was found in hole MK-22-348, which returned 1.77 g/t Au over 31.0 m, including higher grade sections of 2.83 g/t Au over 15.6 m and 8.42 g/t Au over 3.0 m along the southeast limit of the current proposed pit shell.

    Drill hole MK-22-363, located at the northeast limit of the deposit, intersected 1.54 g/t Au over 14.91 m, including a high grade intercept of 9.09 g/t Au over 1.48 m. This hole confirms that gold mineralization remains open to the northeast.

    Drill hole MK-22-342 intersected 1.33 g/t Au over 9.35 m from 8.0 m to 17.35 m down the hole, confirming the near-surface gold mineralization continuing to the south. The drill hole is located 70 metres south of the pit shell limit and demonstrates the potential to extend the pit shell to the south and southwest.

    Drill hole MK-22-367 intersected 8.54 g/t Au over 1.40 m and 8.99 g/t Au over 1.0 m.

    Since the publication of the 2021 MRE by Geologica and GoldMinds (see Table 3), Monarch drilled a total of 41,465 m in 121 drill holes. The holes are relatively shallow and were primarily drilled at the outer edge of the proposed pit shell limits and in the area of the underground mineral resource blocks. This drilling has confirmed that the pit shell and underground mineral resource can be expanded beyond the limits defined in the 2021 MRE.

    “The known limits of the McKenzie Break mineralization continue to be extended near-surface and at depth as per our geological model, confirming that the proposed pit limits can be expanded,” said Jean-Marc Lacoste, President and Chief Executive Officer of Monarch. “We expect the remaining drill assays will continue to give positive results and further expand the known mineralization.”

    Drilling and Quality Control

    Drill results are obtained by sawing the drill core into equal halves along its main axis and shipping one of the halves to ALS Canada or AGAT Laboratories in Val-d’Or, Quebec, for assaying. The samples are crushed, pulverized and assayed by fire assay, with an atomic absorption finish. Samples exceeding 3 g/t Au are re-assayed using the gravity method and samples containing visible gold are assayed using the metallic screen method. Monarch uses a comprehensive QA/QC protocol, including the insertion of standards, blanks and duplicates.

    The technical and scientific content of this press release has been reviewed and approved by Louis Martin, P.Geo., the Corporation’s qualified person under National Instrument 43-101.

    About Monarch

    Monarch Mining Corporation (TSX: GBAR) (OTCQB: GBARF) is a gold mining company that owns four projects, including the Beaufor Mine, which is currently on care and maintenance and has produced more than 1 million ounces of gold over the last 30 years. Other assets include the Croinor Gold, McKenzie Break and Swanson properties, all located near Monarch’s wholly owned Beacon Mill with a design capacity of 750 tpd. Monarch owns 29,504 hectares (295 km2) of mining assets in the prolific Abitibi mining camp that host a combined measured and indicated gold resource of 666,882 ounces and a combined inferred resource of 423,193 ounces.

    Forward-looking statements

    All statements, other than statements of historical fact, contained in this press release including, but not limited to those describing the timeline of the initiatives described in this press release, those relating to the intended use of proceeds of the Offering, the final approval of the Toronto Stock Exchange in connection with the Offering, the entering into or more sale agreements, debt settlement agreements, merger or other combination business agreements, the Corporation’s commitments and initiatives outlined in the press release, the intended results of the initiatives described in this press release, the positive impact of the foregoing on project economics, and generally those statements which are discussed under the “About Monarch” paragraph and elsewhere in the press release which essentially describe the Corporation’s outlook and objectives, constitute “forward-looking information” or “forward-looking statements” (collectively, “forward-looking statements”) within the meaning of Canadian, and are based on expectations, estimates and projections as of the time of this press release. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by the Corporation as of the time of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. These estimates and assumptions may prove to be incorrect.

    Forward-looking statements are subject to known or unknown risks and uncertainties that may cause actual results to differ materially from those anticipated or implied in the forward-looking statements. Risk factors that could cause actual results or events to differ materially from current expectations include, among others, the Corporation’s ability to continue as a going concern, the Corporation being a going concern able to realize its assets and discharge its liabilities in the normal course of business as they come due into the foreseeable future, the generation of interest for its review of a range of alternatives, in either the sale of part or all of the Company or its assets, a merger or other business combination with another party, a potential investment in Monarch, a debt restructuring, or other strategic initiatives with the goal of maximizing return in respect of the Company’s assets, the ability of the Corporation to successfully implement its strategic initiatives and whether such strategic initiatives will yield the expected benefits, the availability of financing or financing on favorable terms for the Corporation, the business conditions of the Corporation will not change In a materially adverse manner, expectations that the business of the Corporation will continue in the ordinary course, litigation as well as cash flow and capital structure risks and general business risks. A further description of risks and uncertainties can be found in Monarch’s Annual Information Form dated September 28, 2022, including in the section thereof captioned “Risk Factors”, which is available on SEDAR at www.sedar.com. Unpredictable or unknown factors not discussed in this Cautionary Note could also have material adverse effects on forward-looking statements.

    Many of these uncertainties and contingencies can directly or indirectly affect, and could cause, actual results to differ materially from those expressed or implied in any forward-looking statements. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements are provided for the purpose of providing information about management’s expectations and plans relating to the future. The Corporation disclaims any intention or obligation to update or revise any forward-looking statements or to explain any material difference between subsequent actual events and such forward-looking statements, except to the extent required by applicable law.

    Neither the Toronto Stock Exchange nor its Regulation Services Provider (as that term is defined in the manuals of the Toronto Stock Exchange) accepts responsibility for the adequacy or accuracy of this release.

    FOR MORE INFORMATION:

    www.monarchmining.com

    Figure 1: McKenzie Break Significant Intervals from Press ReleaseMonarch Mining Corporation

    Table 1: McKenzie Break Assay Results and Significant Intervals

    Hole From (m) To (m) Width (m)* Au (g/t)
    MK-22-339 31.00 31.50 0.50 2.67
      115.00 115.50 0.50 2.74
      119.00 120.00 1.00 2.11
    MK-22-342 8.00 17.35 9.35 1.33
    Incl. 16.50 17.35 0.85 4.18
      58.00 60.00 2.00 2.39
      92.00 93.00 1.00 5.11
      141.00 141.55 0.55 2.36
    MK-22-345 114.50 115.50 1.00 1.16
    MK-22-347 234.43 236.41 1.98 3.48
      270.00 271.64 1.64 1.12
      286.56 288.00 1.44 1.72
      291.44 294.33 2.89 1.78
      315.90 318.22 2.32 1.69
      390.60 391.35 0.75 4.40
    MK-22-348 92.75 97.55 4.80 2.04
      136.21 138.14 1.93 4.77
      148.60 150.00 1.40 3.04
      203.00 234.00 31.00 1.77
    Incl. 203.00 204.10 1.10 3.52
    Incl. 211.00 211.65 0.65 2.87
    Incl. 212.95 213.52 0.57 2.00
    Incl. 218.40 234.00 15.60 2.83
    Incl. 224.50 227.50 3.00 8.42
      281.89 284.66 2.77 2.26
      349.90 351.00 1.10 2.26
    MK-22-351       NSA
    MK-22-358 103.50 105.50 2.00 1.68
      118.50 119.50 1.00 1.05
      175.00 176.00 1.00 1.12
    MK-22-359 58.50 62.00 3.50 1.93
      65.00 66.00 1.00 2.25
      114.65 116.00 1.35 1.72
      141.55 143.15 1.60 2.98
      205.30 206.40 1.10 1.91
      215.12 216.55 1.43 1.14
      246.00 246.85 0.85 1.82
    MK-22-360 211.90 212.79 0.89 1.30
      222.00 223.85 1.85 1.08
      242.66 243.38 0.72 2.66
      279.08 280.23 1.15 1.55
      305.77 306.89 1.12 1.85
      311.77 312.28 0.51 2.20
      352.90 354.27 1.37 1.46
    MK-22-363 336.00 341.78 5.78 1.53
      366.52 381.43 14.91 1.54
    Incl. 370.52 372.00 1.48 9.09
      445.33 446.70 1.37 1.30
    MK-22-365 238.50 241.50 3.00 1.62
      255.50 257.00 1.50 1.56
    MK-22-366 119.80 120.90 1.10 1.69
      246.00 250.55 4.55 2.12
      280.00 280.50 0.50 7.86
      304.40 305.10 0.70 1.86
      368.50 370.38 1.88 3.20
      373.70 375.70 2.00 1.18
    MK-22-367 44.00 45.00 1.00 1.10
      124.00 124.74 0.74 1.39
      164.00 165.40 1.40 8.54
      273.00 274.00 1.00 8.99
      304.00 305.00 1.00 1.17
      330.00 333.00 3.00 1.18

    *The width shown is the core length. True width is estimated to be between 85% and 90% of core length.
    NSA = No Significant Assays

    Table 2: McKenzie Break Drill Hole Location

    Hole UTM_E (m) UTM_N (m) Azimut (°) Dip (°) Length (m)
    MK-22-339 309566.7 5358400 230 -88 165
    MK-22-342 309636.7 5358223 230 -88 156
    MK-22-345 309852 5358150 230 -88 234
    MK-22-347 310029 5358437 230 -88 399
    MK-22-348 309951 5358491 230 -88 365
    MK-22-351 309800 5358200 230 -88 231
    MK-22-358 309865 5358615 230 -88 213
    MK-22-359 309900 5358936 230 -88 360
    MK-22-360 310182.2 5359219 230 -88 480
    MK-22-363 310295.2 5359114 230 -88 552
    MK-22-365 310032 5358877 230 -88 435
    MK-22-366 310231.1 5358811 230 -88 513
    MK-22-367 310037.7 5358714 230 -88 420

    Table 3: 2021 MRE for McKenzie Break

    Area (cut-off grade) Indicated resource Inferred resource
    Tonnes
    (t)    		 Grade
    (g/t)    		 Ounces
    (Au)    		 Tonnes
    (t)    		 Grade
    (g/t)    		 Ounces
    (Au)
    Pit-constrained (0.50 g/t Au) 1,441,377 1.80 83,305 2,243,562 1.44 104,038
    Underground (2.38 g/t Au) 387,720 5.03 62,677 1,083,503 4.21 146,555
    TOTAL 1,829,097   145,982 3,327,065   250,593

    Notes :

    1. Mineral resources which are not mineral reserves do not have demonstrated economic viability. An Inferred Mineral Resource has a lower level of confidence than that applying to a Measured and Indicated Mineral Resource and must not be converted to a Mineral Reserve. The estimate of mineral resources may be materially affected by environmental, permitting, legal, title, market or other relevant issues. The quantity and grade of reported inferred resources are uncertain in nature and there has not been sufficient work to define these inferred resources as indicated or measured resources.
    2. The database used for this mineral estimate includes drill results obtained from historical records and up to the recent 2018-2020 drill program.
    3. Mineral resources are reported at a cut-off grade of 0.50 g/t Au for the pit-constrained and underground mineral resources are reported at a cut-off grade of 2.38 g/t Au within reasonably mineable volumes.
    4. These cut-offs were calculated at a gold price of C$1,980 ounce.
    5. The pit-constrained resources were based on the following parameters: mining cost $3.5/t, processing, transportation + G&A costs $27/t, Au recovery 95%, pit slopes 15 degrees for overburden and 50 degrees for rock.
    6. The underground reasonably mineable volumes were based on the following parameters: mining cost $98/t, processing, transportation + G&A costs $27/t, Au recovery 95%, dilution of 15% at 0 g/t Au with a minimum stope dimension of 10m x 10m x 5m.
    7. The geological interpretation of the deposits was based on lithologies and the typical mineralized interval mainly composed by diorite hosted shear zones.
    8. The mineral resource presented here was estimated with a block size of 5m x 5m x 5m for the pit-constrained and for underground.
    9. The blocks were interpolated from equal length composites calculated from the mineralized intervals. Prior to compositing, high-grade gold assays were capped to 60 g/t Au applied on 0.6-metre composites.
    10. The mineral estimation was completed using the inverse distance squared methodology utilizing two passes. For each pass, search ellipsoids followed the geological interpretation trends were used.
    11. Tonnage estimates are based on rock specific gravity of 2.77 tonnes per cubic metre for all the zones. Results are presented undiluted and in situ.
    12. Estimates use metric units (metres, tonnes and g/t). Metal contents are presented in troy ounces (metric tonne x grade / 31.10348).
    13. This MRE is dated February 11, 2021, and with an amended date of October 14, 2021. The effective date for the drillhole database used to produce this updated mineral resource estimate is February 1, 2021. Tonnages and ounces in the tables are rounded to the nearest hundred. Numbers may not total due to rounding.
    14. No economic evaluation of the resources has been produced.
    15. The MRE was prepared by Alain-Jean Beauregard, P.Geo., Daniel Gaudreault, P.Eng. of Geologica Groupe-Conseil Inc., and Merouane Rachidi, P.Geo., Claude Duplessi, P.Eng. of GoldMinds GeoServices, all qualified persons under National Instrument 43-101.

    Table 4: Monarch Combined Mineral Resource Estimates

    Mineral resource estimates Tonnes
    (metric)     		Grade
    (g/t Au)    		 Ounces
    Beaufor Mine1      
    Measured Resources 328,500 5.7 59,900
    Indicated Resources 956,400 5.2 159,300
    Total Measured and Indicated 1,284,900 5.3 219,200
    Total Inferred 818,900 4.7 122,500
    Croinor Gold2      
    Measured Resources 97,700 6.24 19,600
    Indicated Resources 805,900 6.50 168,300
    Total Measured and Indicated 903,600 6.47 187,900
    Total Inferred 200,100 6.19 39,800
    McKenzie Break3      
    In-pit      
    Total Indicated 1,441,377 1.80 83,305
    Total Inferred 2,243,562 1.44 104,038
    Underground      
    Total Indicated 387,720 5.03 62,677
    Total Inferred 1,083,503 4.21 146,555
    Swanson4      
    In-pit      
    Total Indicated 1,864,000 1.76 105,400
    Total Inferred 29,000 2.46 2,300
    Underground      
    Total Indicated 91,000 2.86 8,400
    Total Inferred 87,000 2.87 8,000
    TOTAL COMBINED5
    Measured and Indicated Resources
    Inferred Resources    		     666,882
    423,193
    1 Source: NI 43-101 Technical Report and Mineral Resource Estimate for the Beaufor Mine Project, October 13, 2021, Val-d’Or, Québec, Canada, Charlotte Athurion, P. Geo., Pierre-Luc Richard, P. Geo., and Dario Evangelista, P. Eng., BBA Inc.
    2 Source: NI 43-101 Technical Report and Mineral Resource Estimate for the Croinor Gold Project, June 17, 2022, Val-d’Or, Québec, Canada, Olivier Vadnais-Leblanc, P.Geo., Carl Pelletier, P.Geo. and Eric Lecomte, P.Eng., InnovExplo Inc.
    3 Source: NI 43-101 Technical Evaluation Report on the McKenzie Break Property, October 14, 2021, Val-d’Or, Québec, Canada, Alain-Jean Beauregard, P.Geo., Daniel Gaudreault, P.Eng., of Geologica Groupe-Conseil Inc., and Merouane Rachidi, P.Geo., Claude Duplessis, P.Eng., of GoldMinds GeoServices Inc.
    4 Source: NI 43-101 Technical Report and Mineral Resource Estimate for the Swanson Project, January 22, 2021, Val-d’Or, Québec, Canada, Christine Beausoleil, P. Geo. and Alain Carrier, P. Geo., InnovExplo Inc.
    5 Numbers may not add due to rounding.


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  • Usha Resources Provides Jackpot Lake Update and Continues to Expand Lithium Portfolio Through Acquisition; Adds Five Highly Prospective Pegmatite Projects Located in Ontario’s Lithium Hotbed

    Usha Resources Provides Jackpot Lake Update and Continues to Expand Lithium Portfolio Through Acquisition; Adds Five Highly Prospective Pegmatite Projects Located in Ontario’s Lithium Hotbed

    2023-05-02 23:04:00

    VANCOUVER, BC, May 3, 2023 /CNW/ – Usha Resources Ltd. (“USHA” or the “Company”) (TSXV: USHA) (OTCQB: USHAF) (FSE: JO0), a North American mineral acquisition and exploration company focused on the development of drill-ready battery and precious metal projects, is pleased to announce that, subject to the approval of the TSX Venture (the “Exchange“), the Company has executed five (5) options (the “Option Agreements“) with 2758145 Ontario Ltd. (the “Vendor“) of Atikokan, Ontario, for the right to purchase an undivided 100% interest in five (5) additional lithium pegmatite projects located in Ontario: the “Lee Lake“, “Mead“, “Bluett“, “Gathering Lake” and “Triangle Lake” Projects.

    Usha Resources (CNW Group/Usha Resources Ltd.)

    “We are very pleased to be able to add such quality projects to our growing portfolio of hard-rock lithium assets,” said Deepak Varshney, CEO of Usha Resources. “Each of these properties has the technical merit to be the next major discovery in Ontario’s growing lithium hotbed. As we leverage our experience and initial success at Jackpot Lake to help drive friendly terms for these latest acquisitions, our Australian relationships and on-going discussions are also heating up with the shared belief  that all of our Canadian assets, including White Willow, can develop into successful and fiscally prudent partnerships that benefit our shareholders and move these projects forward while carefully managing our share structure.”

    The acquisition of these assets is a continuation of the Company’s strategy to build an accretive portfolio of highly complementary hard-rock assets to its 100% owned flagship Jackpot Lake Lithium Brine Project (“Jackpot Lake”), where the Company is presently undertaking its maiden drill program with the goal of defining a 43-101 resource. On April 12, 2023, the Company reported the highest lithium grades ever at the Project, assaying 820 ppm Li, with an average of 334 ppm Li in thirty samples collected from shallow surface soils (<500 ft), at over four times the reported historical average, comparing very favourably to the reported average of 100 ppm for the Esmeralda Formation, one of the potential sources of the lithium enrichment for the brines present in Clayton Valley which hosts Albemarle’s Silver Peak Lithium Brine Mine, the only producing lithium operation in the United States[i].

    The Company is presently awaiting results from the limited drilling completed as part of the first hole at Jackpot Lake and will shortly resume drilling to 2,000 feet in order to complete well installation to the bottom of the basin and sampling of the higher-porosity sand and conglomerate zone that is the focus for expansion in Clayton Valley and where the Company believes the best potential brines may be present.

    “This summer will be a very busy time for the Company as we complete the initial two drill holes at Jackpot Lake and begin exploration of our hard rock assets,” Varshney continued. “With a working capital of approximately 3 million, limited costs remaining at Jackpot Lake as we progress towards a maiden 43-101 lithium brine resource estimate, and the flexibility to potentially partner with strategic companies from Australia on our lithium pegmatite assets, Usha is well positioned to advance and grow from our market capitalization of just over 12 million today.”

    Portfolio Highlights

    • USHA has optioned 5 properties totalling 13,408 hectares, bringing its lithium property portfolio in Ontario to 7 properties covering 29,088 hectares.
    • USHA is now positioned within four (4) additional major lithium-cesium-tantalum (“LCT”) pegmatite districts in Ontario with strong geological potential in addition to its district-scale White Willow Lithium-Tantalum Project (15,680 hectares) where it has almost 200 pegmatites and already has a confirmed fertile LCT pegmatite system bearing high-grade coarse-grained tantalite only known to be found at one other locality in Ontario which is the North Aubrey pegmatite at Green Technology Metals (GT1) Seymour Lake Project where GT1 has identified a 9.9 Mt resource at 1.04% Li2O (see the Company’s news release dated March 28, 2023).
    • Gathering Lake and Triangle Lake: 8,938 hectares collectively within the prolific Georgia Lake pegmatite field, east of Rock Tech Lithium’s Georgia Lake Deposit, which hosts a 10.6 Mt indicated resource at 0.88% Li2O and 4.22 Mt inferred resource at 1.04% Li2O, and Imagine Lithium’s Jackpot Discovery which has identified 25.5 metres at 1.21% Li2O. Lithium occurrences in this field run along a primary fault which runs through Triangle Lake and is adjacent to Gathering Lake, suggesting that the mapped pegmatites on these properties may be highly fractionated LCT-pegmatites that bear spodumene.
    • Lee Lake: 2,476 hectares adjacent to the west of GT1’s North Seymour Lake Claims and approximately 10 kilometres northwest of the Seymour Lake Project which hosts a 9.9 Mt resource at 1.04% Li2O. Lee Lake is within the same greenstone belt that is host to Seymour Lake and is adjacent to the claim block that will be a focus in 2023 for expansion by GT1 to make new proximal lithium discoveries and strategically grow the resource base for Seymour.
    • Mead: 1,001 hectares adjacent on both east/west boundaries to Brunswick Resources’ Hearst Project, where it has an on-going drill program to assess the spodumene-bearing Decoy pegmatite and other pegmatites along trend to the west/southwest towards the Mead Property up to 2 kilometres from the claim boundary. Mead is located within the same granite-sedimentary belt as Decoy, and aerial imagery has confirmed the presence of outcropping pegmatites at Mead on trend with Decoy, suggesting the potential that this project may contain highly fractionated LCT-pegmatites that bear spodumene.
    • Bluett: 993 hectares adjacent to Critical Resources Limited’s Mavis Lake Project, where it has already drilled over 20,000 metres and is drilling a further 20,000 metres in 2023 to define a maiden resource. Bluett is confirmed to have pegmatite dykes in both drill core and outcrops and is along a major subprovince boundary, demonstrating strong potential that this project may contain highly fractionated LCT-pegmatites that bear spodumene.

    The Terms of the Agreements

    Pursuant to the Option Agreement, the Company may acquire a 100% interest in each of the “Lee Lake“, “Mead“, “Bluett“, “Gathering Lake” and “Triangle Lake” Projects by paying the consideration outlined in the table below:

    Property

    Lee Lake

    Bluett

    Mead

    Gathering Lake

    Triangle Lake

    Payment

    Cash

    Shares

    Cash

    Shares

    Cash

    Shares

    Cash

    Shares

    Cash

    Shares

    Signing

    $10,000

    75,000

    $5,000

    50,000

    $5,000

    50,000

    $12,000

    50,000

    $13,350

    50,000

    1st Anniversary

    $20,000

    100,000

    $12,500

    75,000

    $12,500

    75,000

    $12,500

    75,000

    $12,500

    75,000

    2nd Anniversary

    $40,000

    125,000

    $20,000

    100,000

    $20,000

    100,000

    $20,000

    100,000

    $20,000

    100,000

    3rd Anniversary

    $60,000

    150,000

    $25,000

    187,500

    $25,000

    187,500

    $25,000

    187,500

    $25,000

    187,500

    Total

    $130,000

    450,000

    $62,500

    412,500

    $62,500

    412,500

    $69,500

    412,500

    $70,850

    412,500

    The Company has granted to the Vendor a 2% net-smelter returns royalty (the “NSR“) for each of the “Lee Lake“, “Mead“, “Bluett“, “Gathering Lake” and “Triangle Lake” Options of which the Company may purchase half at any time for consideration of $1,000,000 per option.

    Qualified person

    The technical content of this news release has been reviewed and approved by Mr. Andrew Tims, P.Geo., a qualified person as defined by National Instrument 43-101.

    About Usha Resources Ltd.

    Usha Resources Ltd. is a North American mineral acquisition and exploration company focused on the development of quality battery and precious metal properties that are drill-ready with high-upside and expansion potential. Based in Vancouver, BC, Usha’s portfolio of strategic properties provides target-rich diversification and consist of Jackpot Lake, a lithium project in Nevada; White Willow, a lithium project in Ontario; and Lost Basin, a gold-copper project in Arizona. Usha trades on the TSX Venture Exchange under the symbol USHA, the OTC Exchange under the symbol USHAF and the Frankfurt Stock Exchange under the symbol JO0.

    USHA RESOURCES LTD.

    “Deepak Varshney”
    CEO and Director

    Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

    Forward-looking statements:

    This news release may include “forward-looking information” under applicable Canadian securities legislation. Such forward-looking information reflects management’s current beliefs and are based on a number of estimates and/or assumptions made by and information currently available to the Company that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors that may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information. Readers are cautioned that such forward-looking information are neither promises nor guarantees and are subject to known and unknown risks and uncertainties including, but not limited to, general business, economic, competitive, political and social uncertainties, uncertain and volatile equity and capital markets, lack of available capital, actual results of exploration activities, environmental risks, future prices of base and other metals, operating risks, accidents, labour issues, delays in obtaining governmental approvals and permits, and other risks in the mining industry.

    The Company is presently an exploration stage company. Exploration is highly speculative in nature, involves many risks, requires substantial expenditures, and may not result in the discovery of mineral deposits that can be mined profitably. Furthermore, the Company currently has no reserves on any of its properties. As a result, there can be no assurance that such forward-looking statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements.

    ______________________________

    i Monk, L. et al. 2011. Geochemistry of Lithium-rich brines in Clayton Valley, Nevada, USA. Society of Geology Applied to Ore Deposits Bi-annual Meeting, Antofogasto, Chile.

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  • CMC’s Geochemical Survey Results Continue to Identify and Expand Airborne Geophysical Targets at Silver Hart, Yukon

    CMC’s Geochemical Survey Results Continue to Identify and Expand Airborne Geophysical Targets at Silver Hart, Yukon

    2023-04-12 09:45:38

    VANCOUVER, BC / ACCESSWIRE / April 12, 2023 / CMC Metals Ltd. (TSX-V:CMB) (Frankfurt:ZM5P) (CMCXF:OTCQB) (“CMC” or the “Company”) announces that an additional round of soil geochemical results continue to validate and expand airborne geophysical targets at its flagship Silver Hart project in Yukon.

    During the 2022 exploration season, CMC continued its program of extending previous soil geochemical surveys at Silver Hart as a part of validating targets identified by its property wide airborne SkyTEM geophysical survey completed in 2021. Approximately 400 samples were collected this past season in three areas (i) The T3 area immediately southeast of the Main Zone vein system; (ii) an area immediately northwest if the vein system, bordering the eastern edge of the T1 anomaly and extending northwards to the T6 anomaly; and (iii) an area northwest of the T1 anomaly and east of the T8 anomaly.

    A summary of the results in these three areas is as follows (refer to Figures 1-3):

    1. The T3 area immediately southeast of the Main Zone vein system:
      Anomalous soils with coincident silver, lead and zinc values are located on the crest of the hill. Trenching has identified a number of small veins and possible manto structures in this area. The area has been identified through mapping as being highly silicified and the coincident silver-lead-zinc values have identified an area that deserves further trenching and may present future drill targets. It is interesting to note that the highest lead value obtained in a soil at 7,522 g/t was identified in this area this year, with several anomalous silver values and an extensive number of zinc anomalous values. This area is also described as the “carbonate belt” which comprises of interlayered garnetiferous skarns and limestones. The results in this area also suggest the possible presence of a fault, depicted by a sudden drop of silver, lead and zinc in soils to the southeast and possible fault blocks depicted by barren areas.
    1. An area immediately northwest if the vein system, bordering the eastern edge of the T1 anomaly and extending northwards to the T6 anomaly: This grid was not completed this past season but did result in the identification of two anomalous areas, with coincident silver and zinc values and to a lesser extent lead in soils. The northeastern most portion of this grid covered a transition of high to low magnetics. In particular, silver in soil values were aligned with the magnetic transition and zinc values increased into the lower magnetic signatures. Also, on the southwestern portion of this grid strong silver in soil anomalies were identified over half of which were coincident with high zinc values. This area is thought to be a part of the “carbonate belt”. These results suggest new areas of prospectivity that are yet to be mapped or trenched in any detail and requires further investigation. Furthermore, they suggest that geochemical surveys in this part of the property should be extended eastwards to investigate areas with lower magnetic signatures that suggest the presence of sedimentary sequences that could be north-northeast of T5.
    2. An area northwest of the T1 anomaly and east of the T8 anomaly. This area did not produce anomalous results and the magnetics suggest that the area may be underlain by intrusive units.

    In conclusion, the results are contributing to our further understanding of the mineralization at Silver Hart and are identifying new areas of prospectivity. These current findings validate previous hypothesis that:

    • Areas of magnetic transition areas are associated with geochemical anomalies. Areas with lower magnetism suggest the presence of sedimentary sequences and the associated positive geochemical responses indicate possible areas for silver-lead-zinc mineralization. These areas need to be geochemically sampled, prospected and mapped in greater detail. It is interesting to note that a majority of the Main Zone has a moderate to low magnetic signature.
    • Geochemical anomalies continue to be identified within the “carbonate belt” and have areas with higher coincident values of silver-lead-zinc values that may be indicative of the presence of mineralized veins or mantos;
    • Areas of higher silicification are associated with strong geochemical silver-lead-zinc soil anomalies; and,
    • A soil anomaly associated with a magnetic anomaly (as in the area proximal to T6) suggests skarnified sediments sitting on top of intrusives that may be up to 50 meters or more in thickness and present targets.

    The primary conclusion is that Silver Hart remains a target rich environment. As a result, these result emphasize the importance of current studies being undertaken to better understand the mineralizing system, impacts on the extent and loci of mineralization related to faults and/or differing temperatures during emplacement of the mineralized fluids, and other factors that may serve to pinpoint future drill targets.

    Kevin Brewer, President and CEO notes, “The coincident nature of the geochemical (soil and rock) and geophysical data is very encouraging to our technical team. Geochemical studies are clearly a very cost-effective tool to identify areas of exploration interest that need to be followed up with trenching, prospecting and detailed mapping prior to pinpoint drill targets. The Silver Hart Project encompassing approximately 4,000 hectares with the contiguous Silver Hart and Blue Heaven claims remains a target rich environment.”

    Junior Mining Network

    Junior Mining Network

    Junior Mining Network

    Qualified Person

    Kevin Brewer, a registered professional geoscientist in BC, Yukon and Newfoundland, is the Company’s President and CEO, and Qualified Person (as defined by National Instrument 43-101). He has approved the technical information reported herein. The Company is committed to meeting the highest standards of integrity, transparency and consistency in reporting technical content, including geological reporting, geophysical investigations, environmental and baseline studies, engineering studies, metallurgical testing, assaying and all other technical data.

    About CMC Metals Ltd.

    CMC Metals Ltd. is a growth stage exploration company focused on opportunities for high grade polymetallic deposits in Yukon, British Columbia and Newfoundland. Our polymetallic silver-lead-zinc CRD prospects in the Rancheria Silver District include the Silverknife project (British Columbia), located in very close proximity to one of the world’s highest grade underground silver-lead-zinc mines in the world (owned by Coeur Mining Inc.), the Silver Hart Deposit and Blue Heaven claims (Yukon), Amy claims located 7km west of the Silverknife claims (British Columbia). Our polymetallic projects with potential for copper-silver-gold and other metals include Bridal Veil, Terra Nova (optioned to Highbank Mining Inc.), and Rodney Pond (central Newfoundland) and Logjam (Yukon).

    On behalf of the Board:

    “John Bossio”
    John Bossio, Chairman
    CMC METALS LTD.

    For Further Information and Investor Inquiries:

    Kevin Brewer, P. Geo., MBA, B.Sc.(Hons), Dip. Mine Eng.
    President, CEO and Director
    Tel: (+52) 669 198 8503
    This email address is being protected from spambots. You need JavaScript enabled to view it.
    Suite 1000-409 Granville St., Vancouver, BC, V6C 1T2

    To be added to CMC’s news distribution list, please send an email to This email address is being protected from spambots. You need JavaScript enabled to view it. or contact Mr. Kevin Brewer directly.

    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.

    “This news release may contain certain statements that constitute “forward-looking information” within the meaning of applicable securities law, including without limitation, statements that address the timing and content of upcoming work programs, geological interpretations, receipt of property titles and exploitation activities and developments. In this release disclosure regarding the potential to undertake future exploration work comprise forward looking statements. Forward-looking statements address future events and conditions and are necessarily based upon a number of estimates and assumptions. While such estimates and assumptions are considered reasonable by the management of the Company, they are inherently subject to significant business, economic, competitive and regulatory uncertainties and risks, including the ability of the Company to raise the funds necessary to fund its projects, to carry out the work and, accordingly, may not occur as described herein or at all. Actual results may differ materially from those currently anticipated in such statements. Factors that could cause actual results to differ materially from those in forward looking statements include market prices, exploitation and exploration successes, the timing and receipt of government and regulatory approvals, the impact of the constantly evolving COVID-19 pandemic crisis and continued availability of capital and financing and general economic, market or business conditions. Readers are referred to the Company’s filings with the Canadian securities regulators for information on these and other risk factors, available at www.sedar.com. Investors are cautioned that forward-looking statements are not guarantees of future performance or events and, accordingly are cautioned not to put undue reliance on forward-looking statements due to the inherent uncertainty of such statements. The forward-looking statements included in this news release are made as of the date hereof and the Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation.”

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  • Gold Terra Resource Completes 13 Holes in Phase 1 Winter Drill Program with Objective to Expand Current Mineral Resource on Con Mine Option Property, NWT

    Gold Terra Resource Completes 13 Holes in Phase 1 Winter Drill Program with Objective to Expand Current Mineral Resource on Con Mine Option Property, NWT

    2023-04-11 05:04:47

    VANCOUVER, BC / ACCESSWIRE / April 11, 2023 / Gold Terra Resource Corp. (TSXV:YGT) (Frankfurt:TX0) (OTCQX:YGTFF) (“Gold Terra” or the “Company“) is pleased to announce that Phase 1 of Gold Terra’s 2023 winter drilling program has been completed on the Con Mine Option Property (the “CMO Property”) with the objective of expanding the September 2022 initial Mineral Resource Estimate (“MRE”) (see September 7, 2022 press release). To date, 13 drill holes have been completed on Yellorex North, Yellorex at depth, and Kam Point for a total of 5,769 metres drilled between surface and to a depth of 600 metres. Assays are pending for 12 holes. The CMO Property is under option from subsidiaries of Newmont Corporation and is acquirable by the Company upon fulfillment of certain conditions set out in the CMO Property agreement, as reported in the Company’s news release dated November 22, 2021.

    In addition, preparations are underway for the deep drilling program which will test gold mineralization at depth below the Con Mine workings where geological modeling indicates high potential for finding additional ounces.

    Chairman and CEO, Gerald Panneton, commented, “Phase 1 of the winter drilling program has been successful as all holes have hit the targeted Campbell Shear and show significant intersections of visible multi-meter veining and sulphide mineralization. With 10 holes drilled in the Yellorex North area, we are confident that the results will warrant further drilling in 2023. We are now preparing for a deep drill hole targeting gold mineralization at depth below the historic Con Mine workings. The Campbell Shear structure is our highest priority target as the Con Mine produced historically more than 5 million ounces of high-grade gold (16 g/t Au). We expect to have results for the remaining Phase 1 drill holes in the coming weeks.”

    Phase 1 Drilling Highlights

    All 13 drill holes intersected the Campbell Shear mineralization and were located on Yellorex North (10 holes), Yellorex at depth (1 hole), and Kam Point (2 holes) target areas as shown in the Figure 1 below:

    Junior Mining NetworkFigure 1 – Yellorex North, Yellorex, and Kam Point target areas

    Yellorex North drilling highlights:

    • Hole GTCM23-042, the first hole of the program intersected 5.3 g/t Au over 6.43 metres (see March 3, 2023, press release). The drill hole was designed to verify and add depth extension to historical high-grade mineralization encountered in the Yellorex North zone of the Campbell Shear
    • Hole GTCM23-045 intersected 107 metres of the Campbell Shear with 8 metres of good smoky veining, pyrite mineralization, and sericite alteration.
    • Hole GTCM23-048 intersected 120 metres of the Campbell Shear; 15.1 metres of strong veining and strong sulphide mineralization.
    • Hole GTCM23-053 intersected 111 metres of the Campbell Shear with strong mineralized zones with good alteration over almost 9 metres.
    • Hole GTCM23-054 intersected 91.5 metres of the Campbell Shear with 4.5 meters of strong alteration, mineralization, moderate veining and 2 metres of moderate mineralized zones.

    The Yellorex North long section showing 2023 drilling intersections, historic drilling, and hole GTCM23-42 is presented in Figure 2 further below.

    Kam Point Drilling:

    • Hole GTCM23-050 intersected 145 metres of the Campbell Shear with up to five intersections of good mineralization.
    • Hole GTCM23-051 intersected 183 metres of the Campbell Shear.

    Yellorex Deposit:

    • Hole GTCM23-052 was drilled to a depth of 710 metres and intersected 212 metres of the Campbell Shear with up to six intersections of good mineralization of variable width between 3 and 5 metres wide. Despite not having the assay results of the deepest hole on Yellorex, we have confirmed that the zone is open at depth and will require more drilling.

    Junior Mining NetworkFigure 2 – Yellorex North long section showing 2023 drilling intersections, historic drilling, and hole GTCM23-42

    The focus of the drilling program is to expand the September 2022 initial MRE (see September 7, 2022 press release) of 109,000 Indicated ounces of contained gold and 432,000 Inferred ounces of contained gold between surface and to a depth of 400 metres below surface along a 2 kilometre corridor of the Campbell Shear. Please see the October 21, 2022 technical report, titled “Initial Mineral Resource Estimate for the CMO Property, Yellowknife City Gold Project, Yellowknife, Northwest Territories, Canada” with an effective date of September 2, 2022, by Qualified Person, Allan Armitage, Ph. D., P. Geo., SGS Geological Services, which can be found on the Company’s website at https://www.goldterracorp.com and on SEDAR at www.sedar.com.

    Deep Drilling Program

    The deep drill hole program is designed to target high-grade gold zones below the northern end of the lowest mining levels of the historical Con Mine. Historical underground drill holes that were drilled below the lowest workings have intersected various high-grade gold zones in this area and very high-grade assays exist in many historical holes immediately above the target area. The objective is to expand these zones at depth.

    The initial hole is aiming to intersect the Campbell Shear 300 metres below the lowest working, or approximately 2,080 metres below surface. The opportunity will exist to wedge off the initial hole and target other high-grade zones in the area. The target area is shown in Figure 3 below.

    Junior Mining NetworkFigure 3 – Con Mine Deep Drilling Target

    Qualified Persons

    Joe Campbell, P. Geo., Senior Technical Advisorfor Gold Terra is a Qualified Person within the meaning of NI 43-101 and has reviewed and approved the technical information contained in this news release.

    About Gold Terra

    The YCG project encompasses 800 sq. km of contiguous land immediately north, south and east of the City of Yellowknife in the Northwest Territories. Through a series of acquisitions, Gold Terra controls one of the six major high-grade gold camps in Canada. Being within 10 kilometers of the City of Yellowknife, the YCG is close to vital infrastructure, including all-season roads, air transportation, service providers, hydro-electric power, and skilled tradespeople. Gold Terra is currently focusing its drilling on the prolific Campbell Shear, where 14 Moz of gold has been produced, and most recently on the Con Mine Option claims immediately south of the past producing Con Mine (1938-2003).

    The YCG and CMO property lie on the prolific Yellowknife greenstone belt, covering nearly 70 kilometers of strike length along the main mineralized shear system that host the former-producing high-grade Con and Giant gold mines. The Company’s exploration programs have successfully identified significant zones of gold mineralization and multiple targets that remain to be tested which reinforces the Company’s objective of re-establishing Yellowknife as one of the premier gold mining districts in Canada.

    Visit our website at www.goldterracorp.com.

    For more information, please contact:
    Gerald Panneton, Chairman & CEO
    This email address is being protected from spambots. You need JavaScript enabled to view it.

    Mara Strazdins, Manager of Investor Relations
    Phone: 1-778-897-1590 | 604-689-1749 ext 102
    This email address is being protected from spambots. You need JavaScript enabled to view it.

    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.

    Information Concerning Estimates of Mineral Resources

    Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. Therefore, investors are cautioned not to assume that all or any part of an Inferred Mineral Resource could ever be mined economically. It cannot be assumed that all or any part of “Measured Mineral Resources,” “Indicated Mineral Resources,” or “Inferred Mineral Resources” will ever be upgraded to a higher category. The Mineral Resource estimates contained herein may be subject to legal, political, environmental or other risks that could materially affect the potential development of such mineral resources. Refer to the Technical Report, once filed, for more information with respect to the key assumptions, parameters, methods and risks of determination associated with the foregoing.

    Cautionary Note to United States Investors

    The Company prepares its disclosure in accordance with the requirements of securities laws in effect in Canada, which differ from the requirements of U.S. securities laws. Terms relating to Mineral Resources in this news release are defined in accordance with NI 43-101 under the guidelines set out in CIM Definition Standards on Mineral Resources and Mineral Reserves, adopted by the Canadian Institute of Mining, Metallurgy and Petroleum Council on May 19, 2014, as amended (“CIM Standards”). The U.S. Securities and Exchange Commission (the “SEC”) has adopted amendments effective February 25, 2019 (the “SEC Modernization Rules”) to its disclosure rules to modernize the mineral property disclosure requirements for issuers whose securities are registered with the SEC under the U.S. Securities Exchange Act of 1934. As a result of the adoption of the SEC Modernization Rules, the SEC will now recognize estimates of “Measured Mineral Resources”, “Indicated Mineral Resources” and “Inferred Mineral Resources”, which are defined in substantially similar terms to the corresponding CIM Standards. In addition, the SEC has amended its definitions of “Proven Mineral Reserves” and “Probable Mineral Reserves” to be substantially similar to the corresponding CIM Standards.

    U.S. investors are cautioned that while the foregoing terms are “substantially similar” to corresponding definitions under the CIM Standards, there are differences in the definitions under the SEC Modernization Rules and the CIM Standards. Accordingly, there is no assurance any Mineral Resources that the Company may report as “Measured Mineral Resources”, “Indicated Mineral Resources” and “Inferred Mineral Resources” under NI 43-101 would be the same had the Company prepared the Mineral Resource estimates under the standards adopted under the SEC Modernization Rules. In accordance with Canadian securities laws, estimates of “Inferred Mineral Resources” cannot form the basis of feasibility or other economic studies, except in limited circumstances where permitted under NI 43-101.

    Cautionary Note Regarding Forward-Looking Information

    Certain statements made and information contained in this news release constitute “forward-looking information” within the meaning of applicable securities legislation (“forward-looking information“). Generally, this forward-looking information can, but not always, be identified by use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or statements that certain actions, events, conditions or results “will”, “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved” or the negative connotations thereof.

    All statements other than statements of historical fact may be forward-looking information. Forward-looking information is necessarily based on estimates and assumptions that are inherently subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information. In particular, this news release contains forward-looking information regarding the current drilling on the Campbell Shear, potentially adding ounces to the Company’s current YCG mineral resource, and the Company’s objective of re-establishing Yellowknife as one of the premier gold mining districts in Canada.

    There can be no assurance that such statements will prove to be accurate, as the Company’s actual results and future events could differ materially from those anticipated in this forward-looking information as a result of the factors discussed in the “Risk Factors” section in the Company’s most recent MD&A and annual information form available under the Company’s profile at www.sedar.com.

    Although the Company has attempted to identify important factors that would cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. The forward-looking information contained in this news release is based on information available to the Company as of the date of this news release. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. All of the forward-looking information contained in this news release is qualified by these cautionary statements. Readers are cautioned not to place undue reliance on forward-looking information due to the inherent uncertainty thereof. Except as required under applicable securities legislation and regulations applicable to the Company, the Company does not intend, and does not assume any obligation, to update this forward-looking information.

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  • Recharge Resources Applying to Drill Pinchi Lake Nickel Project and Undertake Follow up Rock Sampling to Expand Previous Nickel Findings up to 2,525 PPM Ni and 27.16% Mg

    Recharge Resources Applying to Drill Pinchi Lake Nickel Project and Undertake Follow up Rock Sampling to Expand Previous Nickel Findings up to 2,525 PPM Ni and 27.16% Mg

    2023-04-11 03:32:41

    Vancouver, BC – TheNewswire – April 11, 2023 – Recharge Resources Ltd. (“Recharge” or the “Company”) (RR:CSE) (RECHF:OTC) (SL5:Frankfurt) is applying for drill permits at its 100% owned Pinchi Lake Nickel project (‘Pinchi’) located approximately 15 to 30 km northwest of Fort St. James and 120 km northwest of Prince George in central British Columbia.

    The Pinchi claims was previously explored by Nanton Nickel Corp., and the project consists of three separate claim blocks totaling 3354.64 hectares that were carefully selected to cover the best sampling results (greater than 0.20% nickel in rocks) reported by Nanton Nickel company in 2013 shortly after the discovery of the Decar Nickel property owned FPX Nickel Corp.  (“FPX Nickel”). Awaruite, a naturally occurring nickel-iron alloy and a naturally occurring stainless steel was confirmed to be a constituent of the nickel mineralization found at Recharge’s project.

    FPX Nickel announced on April 3rd, 2023, they had entered in to global generative exploration alliance with Japan Organization for Metals and Energy Security (“JOGMEC”). The purpose of the generative alliance, which will be solely financed by JOGMEC, is to carry out worldwide mineral exploration activities for the identification and acquisition of high-quality properties which are prospective for the same style of awaruite nickel mineralization as contained at FPX Nickel’s flagship Baptiste nickel project in central British Columbia.

    FPX has demonstrated that awaruite mineralization can be economically recovered through conventional magnetic separation and flotation unit operations to produce a clean, high-grade nickel concentrate. Due to the high nickel grade and general lack of sulphur and deleterious elements, awaruite concentrates can either bypass smelting for direct sale to the stainless-steel industry or utilize a relatively simple refinery flowsheet to feed the burgeoning electric vehicle battery supply chain.

    Recharge’s 2021 program highlighted 33 locations where samples were returning greater than 1,500 ppm total Ni, with 27 of those locations having better then 2,000 ppm total Ni and values up to 2,525 total Ni and magnesium levels up to a high of 27.16%. Anomalous values of awaruite was confirmed to be a constituent of the nickel values in previous sampling. The 2023 exploration program will be focused on further sampling in order to identify drill hole locations for a proposed diamond drill hole program.

    Nickel is selling in the spot market at $22,910 per tonne according to TradingEconomics.com. (April 4th, 2023).

    CEO, David Greenway, stated, “With drilling ongoing at Brussels Creek, an approved recon program at the Georgia Lake Lithium project and pending drilling at the Company’s Pocitos Lithium Brine project, Recharge can no longer ignore the opportunity that the Pinchi Lake Nickel project presents. The project, at first glance, has some very exciting nickel and magnesium assays and warrants further development especially given the current incentivized environment for critical metal investments in Canada. With the launch of the Sprott Nickel Miners ETF (Nasdaq: NIKL), the latest addition to Sprott’s Expanding Energy Transition ETF suite, Recharge’s board has approved a further exploration budget to be allocated to developing this highly prospective 100% owned asset.”

    About the Pinchi Lake Nickel Project

    The Murray Ridge and Pinchi Lake nickel projects are located approximately 15 to 30 kilometres northwest of Fort St. James and 120 km northwest of Prince George in central British Columbia. The project was previously explored by Nanton Nickel Corp. The projects consist of three separate claim blocks totalling 3,917.326 hectares (9,679.92 acres) that were carefully selected to cover the best sampling results (greater than 0.20 per cent nickel in rocks) reported by Nanton Nickel Company in 2013 shortly after the discovery of the Decar nickel property owned FPX Nickel Corp. Anomalous awaruite was confirmed to be a constituent of the nickel values.

    The Decar nickel project geology, which lies 60 km southwest is an analogous suite of ultramafic intrusions that are hosts to widely disseminated coarse grained awaruite mineralization. Compositionally, awaruite (Ni2Fe-Ni3Fe) comprises approximately 75 per cent nickel, 25 per cent iron and 0 per cent sulphur, and therefore it is considered natural steel. Absence of sulphur allows a concentrate to be shipped directly to steel mills without incurring smelting and refining costs, and minimal environmental problems. For further details on the project refer to the Company’s website or to the Company’s press release dated August 3rd, 2021.

    Pinchi Lake Nickel: https://recharge-resources.com/projects/murray-ridge-pinchi-lake/#Summary

    Recharge’s management cautions that past results or discoveries on properties in proximity to Recharge may not necessarily be indicative of the presence of mineralization on the Company’s properties.

    Qualified person

    James M. Hutter, P.Geo is a qualified person as defined by National Instrument 43-101, is responsible for the technical information contained in this release as it pertains to Pinchi Lake.

    About Recharge Resources

    Recharge Resources is a Canadian mineral exploration company focused on exploring and developing the production of high-value battery metals to create green, renewable energy to meet the demands of the advancing electric vehicle and fuel cell vehicle market.

    All stakeholders are encouraged to follow the Company on its social media profiles on , , and Instagram.

    On Behalf of the Board of Directors,

    “David Greenway”

    David Greenway, CEO

    For further information, please contact:

    Recharge Resources Ltd.
    Joel Warawa
    Phone: 778-588-5473
    E-Mail:     This email address is being protected from spambots. You need JavaScript enabled to view it.
    Website:     recharge-resources.com

    Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.

    Disclaimer for Forward-Looking Information

    Certain statements in this release are forward-looking statements, which reflect the expectations of management regarding Recharge’s intention to continue to identify potential transactions and make certain corporate changes and applications. Forward looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits Recharge will obtain from them. These forward-looking statements reflect managements’ current views and are based on certain expectations, estimates and assumptions which may prove to be incorrect. A number of risks and uncertainties could cause actual results to differ materially from those expressed or implied by the forward-looking statements, including Recharge’s results of exploration or review of properties that Recharge does acquire. These forward-looking statements are made as of the date of this news release and Recharge assumes no obligation to update these forward-looking statements, or to update the reasons why actual results differed from those projected in the forward-looking statements, except in accordance with applicable securities laws.



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  • New Age Metals Continues to Expand Lithium Portfolio with Acquisition of 19,321 ha at McLaughlin Lake Li Project, Manitoba

    New Age Metals Continues to Expand Lithium Portfolio with Acquisition of 19,321 ha at McLaughlin Lake Li Project, Manitoba

    2023-04-05 05:46:18

    April 5, 2023 – TheNewswire – Rockport, Ontario – New Age Metals Inc. (TSXV:NAM); (OTC:NMTLF); (FSE:P7J2) (“NAM” or “Company”) is pleased to report that it has acquired 19,321 hectares of mineral exploration license (MEL) area at McLaughlin Lake, Manitoba. The MEL covers approximately 30 kms strike length of the Stull-Wunnummin Fault structure. The property hosts spodumene-bearing pegmatites with historical assay values up to 2.87% Li2O 1 and numerous prospective LCT-style pegmatites.

    The newly acquired property is located in Northern Manitoba’s Oxford Lake – Knee Lake Greenstone belt (figure 1) which is largely underexplored for LCT Pegmatites. All the claims are held by Lithium Canada Development, a 100% owned Lithium Division of New Age Metals. The Company is looking to find a strategic partner to advance the project to a drill ready stage. 

    KEY HIGHLIGHTS OF THE MCLAUGHLIN LAKE LITHIUM PROPERTY

     

    • Spodumene-bearing pegmatites have been historically documented at McLaughlin Lake. A channel sample taken across the main dyke assayed 1.32% Li2O over 1.52m and more recent whole-rock sampling conducted by the Manitoba Geological Survey (MGS) on this dyke assayed 1.64% Li 

      • The dyke was traced at surface for a reported length of 400 meters and varies in thickness from 1.2 – 2.2 meters. 

      • Spodumene forms up to 40% of the dyke locally with individual crystals noted to be up to 35 centimeters long and 7 centimeters wide  

    • In a later report by Barry (1962), a second spodumene-bearing dyke was described ~20 meters west of the main showing. 

      • Two representative grab samples taken from a second spodumene bearing dyke in the area assayed 2.87% and 0.98% Li 

      • The pegmatite has an exposed width of up to one meter and was traced for 10 meters before disappearing under overburden. 

    • The nearby and related Magill Lake pluton contains abnormally high Rb (8 samples range from 238 to 692 ppm Rb), and a high degree of fractionation is inferred; the associated pegmatites therefore have a potential for rare-element mineralization 4,5 

    • Analysis of regional till sampling conducted by the MGS returned coincident Li-Cs-Rb anomalies with the McLaughlin Lake pegmatite indicating an effective exploration tool and shows additional anomalies occurring west on the property that have yet to be investigated .  

    Harry Barr, Chairman and CEO of New Age Metals Inc. commented “With the strong competition in today’s lithium market for available and prospective projects, we are thrilled to acquire such a large, underexplored area with mapped occurrences of lithium-bearing pegmatites. The acquisition of the McLaughlin Lake Lithium Project expands our Manitoba Lithium Division land position by 79% to an amalgamated 43,870 hectares confirming our commitment to delivering shareholder value through project generation and development. The company looks forward to working with local First Nation(s), local stakeholders, and the Province of Manitoba to increase the lithium economic potential in the region.”

    Junior Mining NetworkFigure 1: Overview of Newly Acquired McLaughlin Lake Lithium Project

    EXPLORATION PLANS

    New Age Metals and its technical consultants from Axiom Exploration Group Ltd., are working on a go-forward exploration plan for the upcoming field season that will include:

    • Permitting and consultation with the local First Nations and Government representatives to support initial exploration plans. 

    • Combined airborne magnetics, radiometrics, and LiDAR survey over the central spodumene bearing structure. 

    • First pass prospecting and geological mapping focusing on historical showings. 

    • Surficial geochemical surveys including Mobile Metal Ions to expand upon regional till sampling anomalies identified by the government. 

    • Identify and prioritize drill targets by integrating historical data with new exploration surveys and datasets. 

    New Age Metals continues to expand it’s Manitoba Lithium Division’s land holdings as a leading explorer for battery metals in the province. Other projects include the recently announced South Bay Lithium Project and 11 projects in Southern Manitoba which are under option to Mineral Resources Limited, one of the top 5 lithium producers worldwide.

    About NAM

    New Age Metals is a junior mineral exploration and development company focused on the discovery, exploration, and development of green metal projects in North America. The Company has two divisions: a Platinum Group Metals division and a Lithium/Rare Element division.

    The PGM Division includes the 100% owned, multi-million-ounce, district-scale River Valley Project, one of North America’s largest undeveloped Platinum Group Metals Projects, situated 100 km by road east of Sudbury, Ontario. The company plans to have an updated Preliminary Economic Assessment (PEA) completed on the project by mid-summer and will announce it’s exploration plans within the next 60 days. In addition to River Valley, NAM owns 100% of the road accessible Genesis PGM-Cu-Ni Project in Alaska and plans to complete a Option-Joint Venture arrangement with a third party mining company to develop the project.

    The Company’s Lithium Division is one of the largest mineral claim holders in the Winnipeg River Pegmatite Field, where the Company is exploring for hard rock lithium and various rare elements such as tantalum, rubidium, and cesium. The company recently completed a phase two drill program at Lithium Two Project and is beginning to receive initial assay results. Further exploration plans for 2023/24 include continued mapping/sampling field programs following up on prospective trends outlined in the magnetic data and 2022 surface sampling, additional geophysical surveys, and diamond drilling. The company has a partnership with Mineral Resource Limited (MRL, ASX: MIN), a top global lithium producer to explore and develop the Company’s lithium project portfolio.

    The 2023/24 budget for our Manitoba Lithium Division has been submitted to MRL and a final budget is expected by mid-April 2023. The company is currently completing its 2022/23 $2.3 million budget.

    Our philosophy is to be a project generator with the objective of optioning our projects with major and junior mining companies through to production. The Company is actively seeking an option/ joint venture partner for our newly acquired McLaughlin Lake Li Project, the SouthBay Lithium Project in Northern Manitoba, and its road-accessible Genesis PGM-Cu-Ni Project in Alaska.

    Investors are invited to visit the New Age Metals website at www.newagemetals.com where they can review the company and its corporate activities. Any questions or comments can be directed to This email address is being protected from spambots. You need JavaScript enabled to view it. or Harry Barr at This email address is being protected from spambots. You need JavaScript enabled to view it. or Farid Mammadov at This email address is being protected from spambots. You need JavaScript enabled to view it. or call 613 659 2773.

    Qualified Person

    The technical information in this news release has been reviewed and approved by Lynde Guillaume (Senior Geologist, Axiom Exploration Ltd.), a Qualified Person, and a Professional Geoscientist (P.Geo) who is a registered member of the ‘Engineer and Geosciences of Manitoba’ (no. 47952).

    Opt-in List

    If you have not done so already, we encourage you to sign up on our website (www.newagemetals.com) to receive our updated news.

    On behalf of the Board of Directors

    “Harry Barr”

    Harry G. Barr

    Chairman and CEO

    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. Cautionary Note Regarding Forward Looking Statements: This release contains forward-looking statements that involve risks and uncertainties. These statements may differ materially from actual future events or results and are based on current expectations or beliefs. For this purpose, statements of historical fact may be deemed to be forward-looking statements. In addition, forward-looking statements include statements in which the Company uses words such as “continue”, “efforts”, “expect”, “believe”, “anticipate”, “confident”, “intend”, “strategy”, “plan”, “will”, “estimate”, “project”, “goal”, “target”, “prospects”, “optimistic” or similar expressions. These statements by their nature involve risks and uncertainties, and actual results may differ materially depending on a variety of important factors, including, among others, the Company’s ability and continuation of efforts to timely and completely make available adequate current public information, additional or different regulatory and legal requirements and restrictions that may be imposed, and other factors as may be discussed in the documents filed by the Company on SEDAR (www.sedar.com), including the most recent reports that identify important risk factors that could cause actual results to differ from those contained in the forward-looking statements. The Company does not undertake any obligation to review or confirm analysts’ expectations or estimates or to release publicly any revisions to any forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. Investors should not place undue reliance on forward-looking statements.

    References

    1. Barry, G.S. 1962. Geology of the Munro Lake area; Manitoba Mines Branch, Publication 61-1. 

    2. Fedikow, M.A.F., Nielsen, E.,Conley, G.G. and Lenton, P. 2000. Operation Superior: multimedia geochemical surveys in the Knee Lake greenstone belt (southern half), northern Superior Province, Manitoba (NTS 53L); Manitoba Industry, Trade and Mines, Manitoba Geological Survey, Open File Report OF2000-2. 

    3. Martins, T. 2022: Whole-rock geochemistry results of pegmatites from the Superior province (parts of NTS 53L10, 11, 14, 15); Manitoba Natural Resources and Northern Development, Manitoba Geological Survey, Data Repository Item DRI2022007, Microsoft® Excel® file. 

    4. Meintzer, R.E., Cerny, P., Odwar, H. 1988. GS-25 The Magill Granite and Associated Pegmatites Near Magill Lake; Manitoba Energy and Mines, Report of Field Activities 1988. 

    5. Lenton, P.G. 1985. GS-40 Granite-Pegmatite Investigations: Knee Lake-MaGill Lake Area. 

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  • EV Nickel Continues to Expand High-Grade W4 Zone with Impressive Nickel Drill Hole Intercepts Including 13.1m Grading 1.47% Ni and 2.1m Grading 3.01% Ni

    EV Nickel Continues to Expand High-Grade W4 Zone with Impressive Nickel Drill Hole Intercepts Including 13.1m Grading 1.47% Ni and 2.1m Grading 3.01% Ni

    2023-03-28 04:06:59

    • EV23-02 intersected 13.1m grading 1.47% Ni including 4.7m grading 2.77% Ni
    • EV23-03 intersected 6.8m grading 1.58% Ni including 2.1m grading 3.01% Ni
    • These results stretch the W4 Extension further to the East
    • An Updated Resource Estimate, including the W4 Extension, is to be completed in Q2 2023
    • EV Nickel management will host a live digital event this Friday, March 31st at 11 am ET, to discuss these W4 Results and Upcoming Catalysts. The event will be accessible through https://my.6ix.com/nPb6xPEP

    TORONTO, ON / ACCESSWIRE / March 28, 2023 / EV NICKEL INC. (TSXV:EVNI) (“EVNi” or the “Company“) is pleased to announce high grade nickel intercepts from the 2023 drill program on the eastern extension of the High-Grade W4 Zone. Drilling has intersected a continuation of the high-grade nickel sulphides 50 metres to the east of the 2022 drill program. The high-grade assay results announced today represent the first 4 holes of the program completed on Section 497550mE (For the W4 Zone location in the Shaw Dome Project, please see Figure 1).

    This year’s diamond drill hole program was designed to test the eastern edge of the W4 Extension, the mineralized Nickel Zone between 200 to 450 metres from surface, discovered last year. The objectives of this year’s program included expanding the known mineralization along the interpreted plunge of the mineralization and expanding the size of the nickel sulphide zone. This year’s drilling successfully expanded the known mineralization with drill intercepts of 1.47% Ni over 13.1 metres, including 2.77% Ni over 4.7 metre in hole EV23-02, the deepest hole on the section and 1.58% Ni over 6.8 metres, including 3.01% Ni over 2.1 metres in hole EV23-03. A summary of the significant drill intercepts is available in Table 1. Assay results are still pending for hole EV23-04 and are anticipated in coming weeks.

    “Extending the high-grade nickel sulphides to the east demonstrates the potential of the W4 Zone and adds to the size of zone to be included in the upcoming updated resource estimate ,” said Paul Davis, Vice President Exploration. “Before this year’s drilling, the exploration team had modeled the W4 Zone and was able to predict the intercepts within a few metres of the actual locations. This indicates to me that our understanding of the W4 Zone has improved significantly, and the Company’s interpretation is that the mineralization should continue deeper and potentially extend further to the east than currently defined.”

    Junior Mining Network

    Junior Mining Network

    Junior Mining Network

    This year’s drilling successfully extended the mineralized envelope approximately 50 metres further to the east from the 2022 interpretation (see Figure 2). The sulphide mineralization was intersected on, or near the basal contact of komatiitic peridotite continuing to confirm the similarities to Kambalda Style nickel sulphide deposits (see Figure 3). The sulphide mineralization is open at depth below hole EV23-02 and has not been closed off by the drilling. EVNI’s exploration team has identified a number of marker horizons associated with the host komatiitic peridotite and were able to project the location of the sulphide mineralization on Section 497550mE to within a few metres of the actual drill intercepts, prior to the start of the drill program. This extension of high-grade nickel sulphide will be included in the upcoming updated mineral resource planned for second quarter of 2023.

    Junior Mining Network

    Junior Mining Network

    About EV Nickel Inc.

    EV Nickel’s mission is to accelerate the transition to clean energy. It is a Canadian nickel exploration company, focussed on the Shaw Dome Project, south of Timmins, Ontario. The Shaw Dome includes the CarLang Area with more than 10km of mineralization and where the first 20% contains the A Zone- with a Resource which defined 1.3M Indicated and 1.2M Inferred tonnes of Contained Nickel, and the W4 Zone, the basis of a 2010 historical estimate of 677K tonnes @ 1.00% Ni, ~15M lbs of Class 1 Nickel. EV Nickel plans to grow and advance a Clean Nickel ™ business, targeting the growing demand from the electric vehicle battery sector. EV Nickel has over 30,000 hectares to explore across the Shaw Dome and has identified >100 km of additional favourable strike length. The Company is focused on a 2-track strategy: Track 1- to produce High-Grade Clean Nickel ™ (starting with W4) and Track 2- an integrated Carbon Capture & Storage project with Large-Scale Clean NickelTM production (starting with CarLang).

    Qualified Person

    The Company’s Projects are under the direct technical supervision of Paul Davis, P.Geo., and Vice-President of the Company. Mr. Davis is a Qualified Person as defined by NI 43-101. He has reviewed and approved the technical information in this press release. There are no known factors that could materially affect the reliability of the information verified by Mr. Davis.

    Cautionary Note Regarding Forward-Looking Statements

    This press release contains forward-looking information. Such forward-looking statements or information are provided for the purpose of providing information about management’s current expectations and plans relating to the future. Readers are cautioned that reliance on such information may not be appropriate for other purposes. Any such forward-looking information may be identified by words such as “anticipate”, “proposed”, “estimates”, “would”, “expects”, “intends”, “plans”, “may”, “will”, and similar expressions. Forward-looking statements or information are based on a number of factors and assumptions which have been used to develop such statements and information, but which may prove to be incorrect. Although EV Nickel believes that the expectations reflected in such forward-looking statements or information are reasonable, undue reliance should not be placed on forward-looking statements because the Company can give no assurance that such expectations will prove to be correct. Factors that could cause actual results to differ materially from those described in such forward-looking information include, but are not limited to, changes in business plans and strategies, market conditions, share price, best use of available cash, the ability of the Company to raise sufficient capital to fund its obligations under various contractual arrangements, to maintain its mineral tenures and concessions in good standing, and to explore and develop its projects and for general working capital purposes, changes in economic conditions or financial markets, the inherent hazards associated with mineral exploration, future prices of metals and other commodities, environmental challenges and risks, the Company’s ability to obtain the necessary permits and consents required to explore, drill and develop its projects and if obtained, to obtain such permits and consents in a timely fashion relative to the Company’s plans and business objectives, changes in environmental and other laws or regulations that could have an impact on the Company’s operations, compliance with such laws and regulations, the Company’s ability to obtain required shareholder or regulatory approvals, dependence on key management personnel, natural disasters and global pandemics, including COVID-19 and general competition in the mining industry. These risks, as well as others, could cause actual results and events to vary significantly. The forward-looking information in this press release reflects the current expectations, assumptions and/or beliefs of EV Nickel based on information currently available to the Company. Any forward-looking information speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or expressly qualified by this cautionary statement.

    Contact Information
    For further information, visit www.evnickel.com
    Or contact: Sean Samson, President & CEO at This email address is being protected from spambots. You need JavaScript enabled to view it..
    EV Nickel Inc.
    200 – 150 King St. W,
    Toronto, ON M5H 1J9
    www.evnickel.com

    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 of this release.

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  • Calibre Mining Continues to Expand the New High-Grade Gold Discovery at Panteon North & Along the Multi-Kilometre VTEM Gold Corridor; Additional Drilling Intersects 17.45 g/t Gold Over 4.1 Metres Following Up on the December 2022 Intercept of 11.61 g/t Go

    Calibre Mining Continues to Expand the New High-Grade Gold Discovery at Panteon North & Along the Multi-Kilometre VTEM Gold Corridor; Additional Drilling Intersects 17.45 g/t Gold Over 4.1 Metres Following Up on the December 2022 Intercept of 11.61 g/t Go

    2023-03-21 03:02:52

    VANCOUVER, British Columbia, March 21, 2023 (GLOBE NEWSWIRE) — Calibre Mining Corp. (TSX: CXB; OTCQX: CXBMF) (the “Company” or “Calibre”) is pleased to announce the results from step-out drilling along the Panteon VTEM Gold Corridor within the Limon Mine Complex. These new intercepts continue to demonstrate the potential of the multi-kilometre long structure identified by our 2022 VTEM geophysical survey released on December 8, 2022 (see news release here). Today’s results are located more than 2 kilometres north of Panteon North which has had numerous bonanza grade gold intercepts to-date as evidenced in our most recent press release here. The Panteon North Maiden Reserve estimate added positively to the Company’s 2022 Mineral Reserve statement adding approximately 244,000 ounces of gold (0.8 Mt at 9.45 g/t) to the Nicaragua Mineral Reserves (see news release dated February 14, 2023).

    New drill intercept along the Panteon VTEM Geophysical Gold Corridor includes:

    • 17.45 g/t Au over 4.1 metres Estimated True Width (“ETW”) including 38.45 g/t Au over 1.8 metres ETW in Hole LIM-22-4736

    December 8, 2022 initial discovery drill results along the Panteon VTEM Gold Corridor include:

    • 11.61 g/t Au over 9.3 metres ETW including 23.93 g/t Au over 1.7 metres ETW, and 15.34 g/t Au over 3.9 metres ETW in Hole LIM-22-4701, 6.73 g/t Au over 2.1 metres ETW in Hole LIM-22-4689, and
    • 3.67 g/t Au over 2.6 metres ETW including 11.10 g/t Au over 0.7 metres ETW in Hole LIM-22-4684.

    New Panteon North drill results outside year-end 2022 Reserve and Resources include:

    • 29.68 g/t Au over 4.3 metres ETW in Hole LIM-22-4724;
    • 24.03 g/t Au over 2.0 metres ETW in Hole LIM-22-4718, 12.97 g/t Au over 1.1 metres in Hole LIM-22-4712;
    • 12.18 g/t Au over 3.7 metres ETW in Hole LIM-22-4710, 11.57 g/t Au over 2.4 metres ETW in Hole LIM-22-4717;
    • 6.14 g/t Au over 4.9 metres ETW including 14.47 g/t Au over 1.8 metres ETW in Hole LIM-22-4705, and
    • 9.17 g/t Au over 1.1 metres ETW in Hole LIM-22-4732, 5.75 g/t Au over 1.5 metres ETW in Hole LIM-22-4727.

    Note: Estimated True Widths for reported vein intercepts are based on 3D models of the individual veins. Estimates are determined in cross-section by measuring the modelled vein thickness perpendicular to the vein margins and through the midpoint of the drill hole intercept. Percentage based differences between individual ETWs and down-hole interval lengths will vary between drill holes depending on drill hole inclination, variations in vein strike and dip, and overall geometries of the different vein systems.

    Darren Hall, President and Chief Executive Officer of Calibre, stated: “Our 2022 drilling campaign was very successful, with the discovery of the high-grade Panteon North gold shoot which hosts a maiden Mineral Reserve of 244,000 ounces of gold (0.8Mt grading 9.45 g/t gold). I am encouraged that our team continues to intersect high-grade drill results along the VTEM Gold Corridor demonstrating the potential to expand the initial Panteon North reserve and make new discoveries. Given the excess capacity in our Libertad plant, and our proven operating strategy, new discoveries can quickly become accretive for us. With two drill rigs active on the Panteon VTEM gold corridor and four rigs across our Nicaraguan projects, we will complete over 60km of drilling in Nicaragua and look forward to the additional drill results from our 2023 program.”

    Figure 1. El Limon Property – VTEM Apparent ResistivityEl Limon Property VTEM Apparent Resistivity

    Figure 2. El Limon Property – Panteon North Longitudinal SectionCalibreMining3212023 Page 3

    Drilling Tables

    Quality Assurance/Quality Control

    Calibre maintains a Quality Assurance/Quality Control (“QA/QC”) program for all its exploration projects using industry best practices. Key elements of the QA/QC program include verifiable chain of custody for samples, regular insertion of certified reference standards and blanks, and duplicate check assays. Drill core is halved and shipped in sealed bags to Bureau Veritas in Managua, Nicaragua, an independent analytical services provider with global certifications for Quality Management Systems ISO 9001:2008, Environmental Management: ISO14001 and Safety Management OH SAS 18001 and AS4801. Prior to analysis, samples are prepared at Veritas’ Managua facility and then shipped to its analytical facility in Vancouver, Canada. Gold analyses are routinely performed via fire assay/AA finish methods. For greater precision of high-grade material, samples assaying 10 g/t Au or higher are re-assayed by fire assay with gravimetric finish. Analyses for silver and other elements of interest are performed via Induction Coupled Plasma (ICP)

    Qualified Person

    The scientific and technical information contained in this news release was approved by David Schonfeldt P.GEO, Calibre Mining’s Corporate Chief Geologist and a “Qualified Person” under National Instrument 43-101.

    ON BEHALF OF THE BOARD

    “Darren Hall”

    Darren Hall, President and Chief Executive Officer

    For further information, please contact:

    Ryan King
    Senior Vice President, Corporate Development & IR
    T: (604) 628-1012
    E: This email address is being protected from spambots. You need JavaScript enabled to view it.
    W: www.calibremining.com

    About Calibre Mining Corp.

    Calibre Mining is a Canadian-listed, Americas focused, growing mid-tier gold producer with a strong pipeline of development and exploration opportunities across Nevada and Washington in the USA, and Nicaragua. Calibre is focused on delivering sustainable value for shareholders, local communities and all stakeholders through responsible operations and a disciplined approach to growth. With a strong balance sheet, a proven management team, strong operating cash flow, accretive development projects and district-scale exploration opportunities Calibre will unlock significant value.

    Cautionary Note Regarding Forward Looking Information

    This news release includes certain “forward-looking information” and “forward-looking statements” (collectively “forward-looking statements”) within the meaning of applicable Canadian securities legislation. All statements in this news release that address events or developments that we expect to occur in the future are forward-looking statements. Forward-looking statements are statements that are not historical facts and are identified by words such as “expect”, “plan”, “anticipate”, “project”, “target”, “potential”, “schedule”, “forecast”, “budget”, “estimate”, “intend” or “believe” and similar expressions or their negative connotations, or that events or conditions “will”, “would”, “may”, “could”, “should” or “might” occur. Forward-looking statements in this news release include, but are not limited to: the Company’s expectations toward higher grades mined and processed going forward; statements relating to the Company’s 2022 priority resource expansion opportunities; the Company’s metal price and cut-off grade assumptions. Forward-looking statements necessarily involve assumptions, risks and uncertainties, certain of which are beyond Calibre’s control. For a listing of risk factors applicable to the Company, please refer to Calibre’s annual information form (“AIF”) for the year ended December 31, 2021, and its management discussion and analysis (“MD&A”) for the year ended December 31, 2022, all available on the ‘Company’s SEDAR profile at www.sedar.com. This list is not exhaustive of the factors that may affect Calibre’s forward-looking statements.

    Calibre’s forward-looking statements are based on the applicable assumptions and factors management considers reasonable as of the date hereof, based on the information available to management at such time. Such assumptions include but are not limited to: the Company being able to mine and process higher grades and keep production costs relatively flat going forward; there not being an increase in production costs as a result of any supply chain issues or ongoing COVID-19 restrictions; there being no adverse drop in metal price or cut-off grade at the ‘Company’s Nevada properties. Calibre does not assume any obligation to update forward-looking statements if circumstances or management’s beliefs, expectations or opinions should change other than as required by applicable securities laws. There can be no assurance that forward-looking statements will prove to be accurate, and actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements. Accordingly, undue reliance should not be placed on forward-looking statements.

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  • Jaxon Acquires Claims at Rocher Deboule Mountain Project to Expand 100% Owned Hazelton Property

    Jaxon Acquires Claims at Rocher Deboule Mountain Project to Expand 100% Owned Hazelton Property

    2023-03-20 07:32:24

    Vancouver, British Columbia–(Newsfile Corp. – March 20, 2023) – Jaxon Mining Inc. (TSXV: JAX) (FSE: 0U31) (OTC Pink: JXMNF) (“Jaxon” or the “Company“) is pleased to announce it has expanded its 100% controlled Hazelton property by staking and acquiring four additional mineral tenures, increasing the total area to 73,079.05 hectares or 730.79 km2, comprising 75 contiguous claims, at NTS 93M centered at -127° 10′ 46″ Longitude, 55° 11′ 5” Latitude. The Hazelton Property hosts seven projects, each with one or more porphyry systems: Netalzul Mountain, Red Springs, Blunt Mountain, Max, Mt Thoen, Rocher Deboule Mountain and Kispiox Mountain (Figure 1).

    The strategic expansion of the Rocher Deboule project (the “Project“) was conducted in 2022 and 2023, and was based on the results of Jaxon’s conceptual geological and mineralization modeling, as informed by regional geology, provincial aeromagnetic data, MINFILEs and recent exploration activities. The four new claims expand the Project area to 1,329.61 hectares. The Project is within the Rocher Deboule stock, a Late Cretaceous porphyritic granodiorite body which is one of the Bulkley Intrusions. The Rocher Deboule stock has been dated at 72 million years through potassium/argon dating of biotite (Geological Survey of Canada Open File 2322). Three mineral occurrences (MINFILEs) have been recorded: the Hecla (Bluebird) copper-silver occurrence, the Silvertip glacier molybdenum-copper occurrence and the Blue Lake tungsten-gold polymetallic occurrence.

    Highlights of the Three MINFILE Occurrences

    Hecla (Bluebird) Copper-Silver Occurrence

    The Hecla (Bluebird) occurrence is located on the north slope of the Rocher Deboule Mountain Range, at the headwaters of Mission Creek, 5.5 kilometres south of New Hazelton. A 2.7 metre-wide aplite dike and a 1.8 metre-wide pegmatite dike cutting porphyritic granodiorite of the Rocher Deboule stock are silicified and cut by narrow quartz veinlets carrying pyrite and chalcopyrite. A grab sample from a drift which was driven to explore the mineralized pegmatite dike assayed 0.39 per cent copper, trace gold and 18.2 grams per tonne silver (Geological Survey of Canada Memoir 223). A grab sample taken to sample the 1.2 metre-wide mineralized zone in the aplite dike assayed 0.22 per cent copper, 34.3 grams per tonne silver and trace gold (Geological Survey of Canada Memoir 223).

    Blue Lake Tungsten-Gold Polymetallic Occurrence

    The Blue Lake property is located near the head of Mudflat Creek on the northeast side of Rocher Deboule Mountain, nine kilometres south of South Hazelton. Several mineralized quartz veins occur in porphyritic granodiorite of the Late Cretaceous Rocher Deboule stock of the Bulkley Intrusions. The intrusion contains a few rafts of hornfelsic argillites from the Middle Jurassic to Lower Cretaceous Bowser Lake Group rocks, the main body of which outcrops to the east.

    There is multiple vein type mineralization reported historically. The No. 1 vein, strikes 105 degrees and dips 65 degrees northeast. It is a quartz vein carrying up to 10 per cent tetrahedrite and minor chalcopyrite, ranging up to 25 centimetres in width.

    Less than 30 metres distant, the No. 2 vein strikes 155 degrees, dipping 70 degrees southwest. It contains chalcopyrite, pyrite, molybdenite, tetrahedrite, scheelite, and likely uraninite. A grab sample assayed 0.85 per cent molybdenum, 1.0 per cent WO3 and 0.004 per cent equivalent uranium (Geological Survey of Canada Memoir 223 Rev.).

    The No. 3 vein is located six hundred metres to the northwest. It strikes 165 degrees and dips 75 degrees west. It is a quartz vein with scheelite, molybdenite, chalcopyrite, and ferberite. A grab sample assayed 2.74 grams per tonne gold, 11.31 per cent WO3, 0.06 per cent molybdenum, and 0.003 per cent equivalent uranium (Geological Survey of Canada Memoir 223 Rev.).

    Another vein, 90 metres below the No. 3 vein, is exposed for 23 metres. It is up to 3 metres wide, strikes northwest and dips 60 degrees northeast. It contains milky white quartz and tetrahedrite and a sample assayed 0.7 gram per tonne gold and 1900 grams per tonne silver (Geological Survey of Canada Memoir 223 Rev.).

    Silvertip Glacier Molybdenum-Copper Occurrence

    A molybdenum-copper occurrence is shown on Map 69-1 at the headwaters of Mudflat Creek on the east side of the Rocher Deboule Mountain Range, nine kilometres south of South Hazelton.

    Previous Exploration

    From 2017 to 2019, Primary Cobalt Corp. and Blue Lagoon Resources completed a series of programs including prospecting, geological mapping and geochemical (rock, soil and stream sediment) sampling and a ground magnetics survey. Previous results from the 2017 to 2019 exploration expanded the zone of anomalous gold, copper and cobalt to approximately 500 metres of strike length. A high proportion of rock samples displayed anomalous gold values, with 22 of the 85 samples returning greater than 0.5 gram per tonne gold and 37 returning greater than 0.1 g/t Au, as announced by Blue Lagoon Resources in a news release on July 16, 2019. The following results were taken from the July 16, 2019 news release.

    • Sample 128240 — 18.2 g/t Au, 0.054 per cent Co and 1.91 per cent Cu (0.3 m chip);
    • Sample 128241 — 11 g/t Au, 0.667 per cent Co and 0.414 per cent Cu (0.2 m chip);
    • Sample 128254 — 2.2 g/t Au, 0.176 per cent Co and 0.935 per cent Cu (grab);
    • Sample 128272 — 4.7 g/t Au, 0.215 per cent Co and 0.28 per cent Cu (0.3 m chip);
    • Sample 128278 — 18.7 g/t Au, 0.653 per cent Co and 0.969 per cent Cu (grab);
    • Sample 128283 — 7.1 g/t Au and 0.256 per cent Co (0.2 m chip);
    • Sample 128288 — 20 g/t Au and 0.194 per cent Co (0.25 m chip);
    • Sample 128294 — 9.9 g/t Au and 0.17 per cent Co (grab).

    Jaxon will conduct a detailed desktop study in the spring of 2023 with plans to conduct a surface sampling program in the summer based on new porphyry modelling and geological interpretation of the Project.

    John King Burns, Chairman and CEO of Jaxon, commented, “As we continue to strategically expand the Hazelton property based on our understanding of the basement conditions that defined the development of the seven porphyry systems we have discovered to date, we will continue to evaluate and make strategic acquisitions that are both geographically contiguous with and consistent with the vision of our regional, geological model.”

    Junior Mining Network

    Figure 1. 75 claims comprise Jaxon’s 100% owned Hazelton Property in northwest BC.

    Qualified Person

    Yingting (Tony) Guo, P.Geo., President and Chief Geologist of Jaxon Mining Inc., a Qualified Person as defined by National Instrument 43-101, has reviewed and prepared the scientific and technical information and verified the data supporting such scientific and technical information contained in this news release.

    About Jaxon Mining Inc.

    Jaxon pursues the discoveries of deeper, under cover, commercial scale and grade Cu, Au, Ag, polymetallic porphyry epithermal systems. Jaxon has seven large-scale porphyry system targets on its 100% controlled Hazelton property, an interconnected network of concessions spanning ~700 km2 in the Skeena Arch in northwest British Columbia, Canada. The Company’s flagship projects Netalzul Mountain and Red Springs are drill ready. The Kispiox Mountain and Blunt Mountain projects both host extensive and high-grade occurrences of antimony, a strategic and critical metal as designated by the governments of Canada and United States.

    ON BEHALF OF THE BOARD OF DIRECTORS
    JAXON MINING INC.

    “John King Burns“

    John King Burns, Chairman

    For more information, please contact:

    Investor Relations

    Kaye Wynn Consulting
    T: 604-558-2630
    TF: 1-888-280-8128
    E: This email address is being protected from spambots. You need JavaScript enabled to view it.

    Freeform Communications
    T: 604-243-0499
    E: This email address is being protected from spambots. You need JavaScript enabled to view it.

    Corporate
    T: 604-424-4488
    E: This email address is being protected from spambots. You need JavaScript enabled to view it.
    www.jaxonmining.com

    This news release may contain forward-looking information, which is not comprised of historical facts. Forward-looking information involves risks, uncertainties, and other factors that could cause actual events, results, performance, prospects, and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward-looking information in this news release may include but is not limited to, the Company’s objectives, goals, or plans. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, those risks set out in the Company’s public documents filed on SEDAR. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release. No assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law. Neither TSX Venture Exchange nor its Regulations 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.

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  • Gama Continues to Expand Land Holding in the Havre St. Pierre Anorthosite Complex in Quebec

    Gama Continues to Expand Land Holding in the Havre St. Pierre Anorthosite Complex in Quebec

    2023-03-15 00:11:06

    VANCOUVER, BC / ACCESSWIRE / March 15, 2023 / Gama Explorations Inc. (CSE:GAMA)(OTCQB:GMMAF)(FSE:N79) (“Gama” or the “Company“) is pleased to announce the purchase of a further 78.8 km2 of mineral claims contiguous to the current project footprint of its Tyee Nickel Project in the Havre St. Pierre Anorthosite Complex (“HSP Complex”) in south-eastern Quebec. The purchase of these additional claims brings Gama’s aggregate land position to 625.9 km2.

    Mick Carew, PhD, CEO of Gama, noted “Gama continues to expand its land holdings at its Tyee Nickel Project, taking the Company’s total land holdings to 625.9 km2, the largest land position held by a company in the HSP Anorthosite complex. We continue the planning phase for our first phase of exploration scheduled to begin in May with a SkyTEM airborne geophysical survey. The results of this survey will form the basis of delineating prospective targets for follow-up mapping, prospecting, and rock-chip sampling so that we may be in a better position to plan our maiden drill program on the project.”

    Junior Mining Network

    Figure 1. Gama’s mineral claims, including newly acquired claims, in the HSP Complex

    All figures are in Canadian dollars unless otherwise denoted.

    Through an asset purchase agreement (the “Agreement“) with 1290480 B.C. Ltd., a non arm’s-length party, Gama has agreed to acquire an additional 147 mineral claims, covering a total of 78.8 km2, for a cash payment of $50,000. The acquisition of these additional claims brings the footprint of the Company’s Tyee Nickel project to 625.9 km2.

    Jacob Verbaas, VP Exploration of the Company, is an officer of 1290480 B.C. Ltd. and, as such, his participation in the transaction is considered to be a “related party transaction” as defined under Multilateral Instrument 61-101 (“MI 61-101”). This transaction is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as the purchase price does not exceed 25% of the Company’s market capitalization.

    About Gama Explorations Inc.

    Gama is a Canadian company listed on the Canadian Securities Exchange (CSE:GAMA), Frankfurt Stock Exchange (FSE:N79) and on the OTCMarkets (OTCQB:GMMAF). The Company is a mineral exploration company focused on the acquisition, exploration, and development of mineral properties containing metals used in green technologies and the renewable energy sector. The Company recently announced the addition of the Muskox Pegmatite Lithium Project situated within the Yellowknife Pegmatite Province in the Northwest Territories, to compliment its existing portfolio consisting of the Big Onion Copper-Molybdenum Project located a short 20-minute drive from the town of Smithers in northern British Columbia (option to earn 100%). Further, Gama owns 100% of the Tyee Nickel-Copper Massive Sulphide Project located in North-Eastern Quebec. The Company continuously evaluates opportunities to acquire interest in additional exploration stage mineral properties in stable jurisdictions.

    ON BEHALF OF THE BOARD,

    Mick Carew, PhD|CEO and Director
    Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

    For further information please contact:
    Focus Communications
    Tel: +1 647 689 6041
    Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

    Forward-Looking Statements

    This press release contains certain forward-looking statements as well as historical information. Readers should not rely on information in this summary for any purpose other than for gaining general knowledge of the Company. The words “expected”, “will” and similar expressions are intended to be among the statements that identify forward-looking statements. Although the Company believes that its expectations as reflected in any forward-looking statements, are reasonable, such statements involve risks and uncertainties and no assurance can be given that actual results will be consistent with these forward-looking statements. Except as required by law, the Company undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates, opinions or other factors should change.

    The Canadian Securities Exchange has not reviewed this press release and does not accept responsibility for the adequacy or accuracy of this news release.

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  • Solaris Resources Reports 186m of 0.64% CuEq From Near Surface, Continues to Expand ‘Indicative Starter Pit’ at Warintza Central

    Solaris Resources Reports 186m of 0.64% CuEq From Near Surface, Continues to Expand ‘Indicative Starter Pit’ at Warintza Central

    2023-03-13 04:35:15

    VANCOUVER, British Columbia, March 13, 2023 (GLOBE NEWSWIRE) — Solaris Resources Inc. (TSX: SLS; OTCQB: SLSSF) (“Solaris” or “the Company”) is pleased to report assay results from a series of holes aimed at growing the Northeast Extension of the ‘Indicative Starter Pit’ at its Warintza Project (“Warintza” or “the Project”) in southeastern Ecuador. Highlights are listed below, with a corresponding image in Figure 1 and detailed results in Tables 1-2.

    Highlights

    Resource expansion drilling continues to grow the Northeast Extension of the ‘Indicative Starter Pit’, an area of near surface, high-grade mineralization estimated at 180 Mt at 0.82% CuEq¹ (Indicated) and 107 Mt at 0.73% CuEq¹ (Inferred) within the Warintza Mineral Resource Estimate² (“MRE”) based on drilling to the end of 2021. Assays are pending from follow-up step-out drilling, with additional platforms planned for construction.

    • SLS-70 was collared at the northeastern limit of Warintza Central and drilled northeast into an open volume, returning 186m of 0.64% CuEq¹ from near surface within a broader interval of 264m of 0.55% CuEq¹, expanding the zone to the north where it remains open

    • This hole follows from SLS-65, drilled approximately 90 degrees to the northwest from the same platform, which returned 286m of 0.55% CuEq¹ from near surface (refer to press release dated December 5, 2022)

    • SLS-69, collared from the same platform and drilled the opposite direction to the southwest, returned 156m of 0.60% CuEq¹ from 52m depth within a broader interval of 846m of 0.30% CuEq¹, connecting the Northeast Extension to Warintza Central

    • Prior hole SLS-66, drilled west-southwest, returned 124m of 0.82% CuEq¹ from near surface within a broader interval of 622m of 0.42% CuEq¹ (refer to press release dated September 7, 2022) from a platform to the south where a follow-up southwest-oriented hole is planned to better connect the Northeast Extension to Warintza Central

    • Assays are pending from two newly constructed 250m step-out platforms testing the zone further to the northeast, with additional platforms planned for construction as the weather improves

    Mr. Jorge Fierro, Vice President, Exploration, commented: “The Northeast Extension represents a significant area of focus for growing the ‘Indicative Starter Pit’, one of the two key goals for the follow-on drilling program from the 2022 MRE, with the other being major resource growth at Warintza East, where extensional and step-out holes are due shortly. In addition, a major program of reconnaissance sampling that commenced last summer has identified new areas of well mineralized outcrop in previously inaccessible terrain adjacent to the Warintza Central and Warintza East deposits that present opportunities for additional discoveries, with further details to be released shortly.”

    Figure 1 – Plan View of Warintza Central Drilling Released to Date³Figure 1 – Plan View of Warintza Central Drilling Released to Date

    Table 1 – Assay Results











    Hole ID Date Reported From (m) To (m) Interval (m) Cu (%) Mo (%) Au (g/t) CuEq¹ (%)
    SLS-70 Mar 13, 2023
    		 26 290 264 0.38 0.03 0.11 0.55
    Including 104 290 186 0.48 0.03 0.11 0.64
    Including 104 198 94 0.53 0.03 0.11 0.70
    SLS-69 52 898 846 0.20 0.02 0.03 0.30
    Including 52 208 156 0.48 0.02 0.08 0.60
    Including 52 122 70 0.56 0.03 0.06 0.70
    Notes to table: True widths of the mineralized zone are not known at this time.

    Table 2 – Collar Location







    Hole ID Easting Northing Elevation (m) Depth (m) Azimuth (degrees) Dip (degrees)
    SLS-70 800350 9648417 1356 291 20 -65
    SLS-69 800350 9648417 1356 944 200 -70
    Notes to table: The coordinates are in WGS84 17S Datum.

    Endnotes

    1. Copper-equivalence calculated as: CuEq (%) = Cu (%) + 4.0476 × Mo (%) + 0.487 × Au (g/t), utilizing metal prices of US$3.50/lb Cu, US$15.00/lb Mo, and US$1,500/oz Au, and assumes recoveries of 90% Cu, 85% Mo, and 70% Au based on preliminary metallurgical test work. The ‘Indicative Starter Pit’ is based on the same assumptions as the MRE except utilized metal prices of US$1.00/lb Cu, US$7.50/lb Mo, and US$750/oz Au. The ‘Indicative Starter Pit’ is comprised of Indicated mineral resources of 180 Mt at 0.82% CuEq (0.67% Cu, 0.03% Mo, 0.07 g/t Au) and Inferred mineral resources of 107 Mt at 0.73% CuEq (0.64% Cu, 0.02% Mo, 0.05 g/t Au) above a 0.6% CuEq cut-off grade. No economic analysis has been completed by the Company and there is no guarantee an ‘Indicative Starter Pit’ will be realized or prove to be economic.

    2. Refer to Solaris’ technical report titled, “NI 43-101 Technical Report for the Warintza Project, Ecuador” with an effective date of April 1, 2022, prepared by Mario E. Rossi and filed on the Company’s SEDAR profile at www.sedar.com.

    3. For additional details on “Near Surface, High-Grade, NE Extension” intervals, refer to press release dated May 26, 2022 for SLS-57: 230m of 0.73% CuEq (0.59% Cu, 0.03% Mo, 0.08 g/t Au), refer to press release dated July 20, 2022 for SLS-62: 168m of 0.68% CuEq (0.51% Cu, 0.03% Mo, 0.07 g/t Au) and SLS-63: 230m of 1.02% CuEq (0.87% Cu, 0.02% Mo, 0.12 g/t Au), refer to press release dated September 7, 2022 for SLS-64: 110m of 0.54% CuEq (0.38% Cu, 0.04% Mo, 0.03 g/t Au) and SLS-66: 124m of 0.82% CuEq (0.71% Cu, 0.02% Mo, 0.09 g/t Au), refer to press release dated December 5, 2022 for SLS-65: 286m of 0.55% CuEq (0.38% Cu, 0.04% Mo, 0.06 g/t Au) and SLS-68: 72m of 1.00% CuEq (0.88% Cu, 0.02% Mo, 0.06 g/t Au).

    Technical Information and Quality Control & Quality Assurance

    Sample assay results have been independently monitored through a quality control/quality assurance (“QA/QC”) program that includes the insertion of blind certified reference materials (standards), blanks and field duplicate samples. Logging and sampling are completed at a secured Company facility located in Quito, Ecuador. Drill core is cut in half on site and samples are securely transported to ALS Labs in Quito. Sample pulps are sent to ALS Labs in Lima, Peru and Vancouver, Canada for analysis. Total copper and molybdenum contents are determined by four-acid digestion with AAS finish. Gold is determined by fire assay of a 30-gram charge. In addition, selected pulp check samples are sent to Bureau Veritas lab in Lima, Peru. Both ALS Labs and Bureau Veritas lab are independent of Solaris. Solaris is not aware of any drilling, sampling, recovery or other factors that could materially affect the accuracy or reliability of the data referred to herein. The drillhole data has been verified by Jorge Fierro, M.Sc., DIC, PG, using data validation and quality assurance procedures under high industry standards.

    Qualified Person

    The scientific and technical content of this press release has been reviewed and approved by Jorge Fierro, M.Sc., DIC, PG, Vice President Exploration of Solaris who is a “Qualified Person” as defined in National Instrument 43-101 Standards of Disclosure for Mineral Projects. Jorge Fierro is a Registered Professional Geologist through the SME (registered member #4279075).

    On behalf of the Board of Solaris Resources Inc.

    “Daniel Earle”
    President & CEO, Director

    For Further Information

    Jacqueline Wagenaar, VP Investor Relations
    Direct: 416-366-5678 Ext. 203
    Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

    About Solaris Resources Inc.

    Solaris is a multi-asset exploration company, advancing a portfolio of copper and gold assets in the Americas, which includes: its primary focus, a world class large-scale resource with expansion and discovery potential at the Warintza Project in Ecuador; discovery potential at its Ricardo Project and Tamarugo Project in Chile; discovery potential at its Capricho and Paco Orco projects in Peru; and significant leverage to increasing copper prices through its 60% interest in the La Verde joint-venture project with a subsidiary of Teck Resources in Mexico.

    Cautionary Notes and Forward-looking Statements

    This document contains certain forward-looking information and forward-looking statements within the meaning of applicable securities legislation (collectively “forward-looking statements”). The use of the words “will” and “expected” and similar expressions are intended to identify forward-looking statements. These statements include statements that resource expansion drilling continues to grow the Northeast Extension of the ‘Indicative Starter Pit’ within the MRE, assays are pending from follow-up step-out drilling, with additional platforms planned for construction, a follow-up southwest-oriented hole is planned to better connect the Northeast Extension to Warintza Central, assays are pending from two newly constructed 250m step-out platforms testing the zone further to the northeast, with additional platforms planned for construction as the weather improves, that the Northeast Extension represents a significant area of focus for growing the ‘Indicative Starter Pit’, one of the two key goals for the follow-on drilling program from the 2022 MRE, with the other being major resource growth at Warintza East, where extensional and step-out holes are due shortly, and finally, that a major program of reconnaissance sampling that commenced last summer has identified new areas of well mineralized outcrop in previously inaccessible terrain adjacent to the Warintza Central and Warintza East deposits that present opportunities for additional discoveries, with further details to be released shortly. Although Solaris believes that the expectations reflected in such forward-looking statements and/or information are reasonable, readers are cautioned that actual results may vary from the forward-looking statements. These statements are based on a variety of assumptions including assumptions made about the Company’s ability to advance exploration efforts at the Warintza Project; the results of such exploration efforts; and the Company’s ability to achieve its growth objectives. These statements also involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements, including the risks, uncertainties and other factors identified in the Solaris Management’s Discussion and Analysis for the year ended December 31, 2021 available at www.sedar.com. Furthermore, the forward-looking statements contained in this news release are made as at the date of this news release and Solaris does not undertake any obligation to publicly update or revise any of these forward-looking statements except as may be required by applicable securities laws.

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  • Rock Tech Lithium Initiates 2023 Exploration Drilling Program to expand Georgia Lake Resource Potential, Targeting extensions to MZN and McVittie Spodumene Pegmatites

    Rock Tech Lithium Initiates 2023 Exploration Drilling Program to expand Georgia Lake Resource Potential, Targeting extensions to MZN and McVittie Spodumene Pegmatites

    2023-03-06 23:01:59

    VANCOUVER, BC, March 7, 2023 /CNW/ –Rock Tech Lithium Inc. (TSXV: RCK) (OTCQX: RCKTF) (FWB: RJIB) (WKN: A1XF0V) (the “Company” or “Rock Tech”) is pleased to announce that the company has mobilized a diamond drill rig to start the first phase of the 2023 exploration drill campaign at its 100%-owned Georgia Lake Lithium project in the Thunder Bay Mining District of Ontario (the “Georgia Lake Project”).

    “It is our aim for 2023 to unlock the exploration potential of our Georgia Lake Project by advancing our drilling and prospecting activities across the land package. We are pleased to be able to initiate a drill program which we believe will grow our MZN and McVittie deposits as the first phase of our 2023 exploration campaign. I expect that our exploration program will lead to a sizeable increase of our Resource over the next year,” Dirk Harbecke, Rock Tech’s Chief Executive says.

    Rock Tech intends to increase its total mineral resources at its 100% owned Georgia Lake project during 2023 and 2024. The first phase of this commitment (“Phase I”) is the mobilization of a diamond drill rig for the completion of a 3,500 meters program. The exploration drilling will include targeted drilling, aimed at expanding the existing Spodumene mineralization at Main Zone North (MZN) and McVittie deposits. (Refer to Figure 1 below for location of MZN and McVittie.)

    The MZN deposit currently contains the largest Mineral Resource within the Georgia Lake Pegmatite Field and remains open along strike to the east. The planned drilling will aim at extending Spodumene mineralization along strike to the east of MZN. Additional step-out drilling south of MZN will focus on extending mineralization in areas where Rock Tech have identified new mineralization during the 2022 drilling program (published on October 7th, 2022, and titled „Rock Tech Lithium Completes 2021 – 2022 Drill Program at Georgia Lake”).

    The McVittie deposit comprises three spodumene dikes which have been mapped for more than 600m of strike length. It currently has an Inferred Resource of 1Mt at 1.0% Li2O and is open at depth and along strike in both directions.

    On November 15, 2022, the Company reported a Mineral Resource estimate of the Georgia Lake Property in its Prefeasibility Study (“PFS”). It outlined 10.60 million tonnes (mt) of Indicated Mineral Resource at a grade of 0.88% Li2O and 4.22 mt of Inferred Mineral Resource at a grade of 1.0% Li2O limited to eight deposits in the Northern and Southern Spodumene Pegmatite Areas (Refer to Table 1 for summary of mineral resources at Rock Tech’s Georgia Lake project).

    The Georgia Lake Project, located between Nipigon and Beardmore, Ontario is comprised of 1,042 hectares of mineral leases and 5,686 hectares of mineral claims.

    ATTACHMENTS

    FIGURE 1 | Map showing location of focus areas for Phase I of the 2023 Drilling Program at Rock Tech’s Georgia Lake project.

    Map is showing location of focus areas for Phase I of the 2023 Drilling Program at Rock Tech’s Georgia Lake project. (CNW Group/Rock Tech Lithium Inc.)

    TABLE 1 | Overview of the Mineral Resource as of 2022’s Prefeasibility Study

    2022 MINERAL RESOURCE 











    Classification 

    Mining 

    Cut-off grade Li2O (%) 

    Zone 

    Tonnes 

    Li2O (%) 

    Indicated

    Open pit

    0.3

    NSPA OP Indicated

    4,242,618

    0.88

    Indicated

    Underground

    0.6

    NSPA UG Indicated

    6,358,650

    0.89

    Total Indicated 

    		      

    10,601,268

    0.88

    Inferred

    Open pit

    0.3

    NSPA OP Inferred

    245,933

    0.78

    Inferred

    Underground

    0.6

    NSPA UG Inferred

    2,073,069

    0.91

    Inferred

    Underground

    0.6

    SSPA UG Inferred

    1,903,274

    1.12

    Total Inferred 

    		      

    4,222,276

    1.00



















    Notes: 

    a. CIM Definition Standards (2014) were used for reporting the Mineral Resources. 

    b. The Qualified Person is Dinara Nussipakynova, P.Geo. of AMC. 

    c. Cut-off grade for open pit Mineral Resources is 0.30% Li2O. 

    d. Open pit Mineral Resources are constrained by the optimization pits shell at a lithium concentrate price of USD 1,100/t with metallurgical recovery of 80% and concentrate grade of 6%. Both cut off use same parameters. 

    e. The pit optimization was based on following cost assumptions: 

               i.  Mill feed mining costs of USD 4.5/t and waste mining cost of USD 4.5/t. 

               ii.  Processing costs of USD 25/t and General and Administration costs of USD 15/t. 

               iii.  Slope angle 45-48 degrees. 

    f.  Cut-off grade for underground Mineral Resources is 0.60% Li2O based on a USD 45/t mining cost and processing and G&A the same as the open pit. 

    g. Underground Mineral Resources are not constrained. 

    h. Mineralized Density used as 2.69 t/m3. 

    i.  Waste Density used as 2.75 t/m3. 

    j.  Drilling results up to 31 July 2022. 

    k. The numbers may not compute exactly due to rounding. 

    j.  Numbers may not compute exactly due to rounding. 

    SAMPLING AND QAQC PROCEDURE

    Samples will be taken across every spodumene-bearing pegmatite and 1 metre into the barren host rock on either side of pegmatite dikes. Sample lengths are generally around 1 metre, though individual sample length will be determined based on internal zoning of the dikes and the locations of their contacts. Core to be sampled will be cut in half with one half being sent for analysis and the other half remaining in the box for reference. All core will be stored at Rock Tech’s core facility in Beardmore, Ontario. Each sample will be put into its own plastic sample bag with a sample tag and closed with zip ties. About 13% of the samples that will be submitted to Activation Laboratories Ltd. (“Actlabs”) for analysis will be QAQC samples. QAQC samples will be inserted into the sample stream and will consist of a high- and low-grade lithium standards, blank material, and duplicates. Samples will be dropped at Actlabs’ preparation laboratory in Thunder Bay, Ontario for crushing and pulverizing, and will subsequently be sent to Actlabs’ geochemistry laboratory in Ancaster, Ontario for analysis of 41 elements using fusion plus ICP-OES or ICP-MS. Sodium peroxide fusion plus ICP-OES. Will be used to analyze for lithium. Actlabs is independent of the Company.

    SCIENTIFIC AND TECHNICAL DISCLOSURE

    The scientific and technical disclosure included in this news release has been reviewed and approved by Amanuel Bein, P.Geo., Chief Exploration Geologist of the Georgia Lake Project, a Qualified Person under National Instrument 43-101 Standards of Disclosure of Mineral Projects.  Exploration data was collected and verified following the guidelines outlined in CIM Mineral Exploration Best Practice Guidelines.

    ABOUT ROCK TECH

    Rock Tech is a cleantech company on a mission to produce lithium hydroxide for EV batteries. The Company plans to build lithium converters at the door-step of its customers, to guarantee supply-chain transparency and just-in-time delivery. To close the most pressing gap in the clean mobility story, Rock Tech has gathered one of the strongest teams in the industry. The Company has adopted strict ESG standards and is developing a proprietary refining process aimed at further increasing efficiency and sustainability. Rock Tech plans to source raw material from its own mineral project in Canada as well as procuring it from other responsibly producing mines. In the years to come, the Company expects to also source raw material from discarded batteries. Rock Tech’s goal: to create a closed-loop lithium production system.

    Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.  

    CAUTIONARY NOTE CONCERNING FORWARD-LOOKING INFORMATION 

    The following cautionary statements are in addition to all other cautionary statements and disclaimers contained elsewhere in, or referenced by, this press release.

    Certain information set forth in this press release constitutes “forward-looking information” (“forward-looking information”) within the meaning of applicable Canadian securities laws, which are based on Rock Tech’s current expectations, estimates, and assumptions in light of its experience and is perception of historical trends. All statements other than statements of historical facts may constitute forward-looking information. Often, forward-looking information can be identified by the use of words or phrases such as “plan”, “estimate”, “project”, “anticipate”, “expect”, “intend”, “believe”, “hope”, “may” and similar expressions, as well as “will”, “shall” and all other indications of future tense. All forward-looking information set forth in this press release is expressly qualified in its entirety by the cautionary statements referred to in this section.

    In particular, forward-looking information contained in this press release includes: statements regarding the 2022, 2023, and 2024 drilling campaigns and mobilization and prospecting activities and the objectives, results and the benefits thereof; the Company’s expectations regarding the outcome and proof of the expected potential, the Company’s intentions with respect to the development and timing thereof and statements regarding further exploration activities future plans, activities, and schedules relating to such projects and related development; Rock Tech’s opinions, beliefs and expectations regarding the Company’s business strategy, development and exploration opportunities and projects; and plans and objectives of management for the Company’s operations and properties.

    Forward-looking information is based on certain assumptions, estimates, expectations and opinions of the Company and, in certain cases, third party experts, that are believed by management of Rock Tech to be reasonable at the time they were made. This forward-looking information was derived utilizing numerous assumptions regarding, among other things, that the results of the exploration program will be indicative of future results; that the way from the 2022 published release on the prefeasibility study (PFS) towards a feasibility study (DFS) will continue as currently planned; the supply and demand for, deliveries of, and the level and volatility of prices of, feedstock and intermediate and final lithium products; that all required regulatory approvals and permits can be obtained on the necessary terms in a timely manner; expected growth, performance and business operations; future commodity prices and exchange rates; prospects, growth opportunities and financing available to the Company; general business and economic conditions; the costs and results of exploration, development and operating activities; Rock Tech’s ability to procure supplies and other equipment necessary for its business; and the accuracy and reliability of technical data, forecasts, estimates and studies. The foregoing list is not exhaustive of all assumptions which may have been used in developing the forward-looking information. While Rock Tech considers these assumptions to be reasonable based on information currently available, they may prove to be incorrect. Forward-looking information should not be read as a guarantee of future performance or results.

    In addition, forward-looking information involves known and unknown risks and uncertainties and other factors, many of which are beyond Rock Tech’s control, that may cause Rock Tech’s actual events, results, performance and/or achievements to be materially different from that which is expressed or implied by such forward-looking information. Risks and uncertainties that may cause actual events, results, performance and/or achievements to vary materially include the risk that Rock Tech will not be able to meet its financial obligations as they fall due, delays in government approval for the construction and commissioning of the Georgia Lake Project­­, changes in commodity prices, Rock Tech’s ability to retain and attract skilled staff and to secure feedstock from third party suppliers, unanticipated events and other difficulties related to construction, development and operation of converters and mines, the cost of compliance with current and future environmental and other laws and regulations, title defects, competition from existing and new competitors, changes in currency exchange rates and market prices of Rock Tech’s securities, Rock Tech’s history of losses, impacts of climate change and other risks and uncertainties discussed under the heading “Financial Instruments and Other Risks” in Rock Tech’s most recently filed Management Discussion and Analysis, a copy of which is filed electronically through SEDAR and is available online at www.sedar.com. Such risks and uncertainties do not represent an exhaustive list of all risk factors that could cause actual events, results, performance and/or achievements to vary materially from the forward-looking information.

    It can not be guaranteed that actual events, results, performance and/or achievements will be consistent with the forward-looking information and management’s assumptions may prove to be incorrect. This forward-looking information reflects Rock Tech management’s current views as at the date of this press release. Except as may be required by law, Rock Tech undertakes no obligation and expressly disclaims any responsibility, obligation or undertaking to update or to revise any forward-looking information, whether as a result of new information, future events or otherwise, to reflect any change in Rock Tech’s expectations or any change in events, conditions or circumstances on which any such information is based.

    The forward-looking information contained herein is presented for the purposes of assisting readers in understanding Rock Tech’s plans, objectives and goals and is not appropriate for any other purposes.

    Source link

  • Wallbridge Mining Continues to Expand Fenelon Gold System in Multiple Directions

    Wallbridge Mining Continues to Expand Fenelon Gold System in Multiple Directions

    2023-03-06 04:31:28

    TORONTO, March 06, 2023 (GLOBE NEWSWIRE) — Wallbridge Mining Company Limited (TSX:WM, OTCQX:WLBMF) (“Wallbridge” or the “Company”) is pleased to report that new assay results from the 2022 exploration program at the Company’s 100%-owned Fenelon Gold project (“Fenelon”) have expanded the Area 51, Tabasco and Contact zones beyond the western and eastern limits of the 2023 Mineral Resource Estimate (“MRE”) footprint. These results underscore the potential to further increase the size of the deposit, which remains open in multiple directions.

    Attila Péntek, Wallbridge’s Vice President, Exploration, commented:

    “Wallbridge continues to grow the footprint of the Fenelon deposit beyond the boundaries of the MRE (see Wallbridge press release dated January 17, 2023), supporting our 2023 strategy of drilling larger step-outs on known mineralized zones. Recent results, including those reported today, have continued to expand gold mineralization, particularly in the southeast, where our updated MRE already demonstrated significant resource growth. Most of the 2022 assay results have now been received and reported, with only a few isolated samples pending.”

    “Our 2023 drill program is also testing various targets on a regional scale with the objective of identifying new zones of mineralization and areas of promising geology such as favorable host rocks and structures. We now have three drill rigs in target areas surrounding the Fenelon deposit until April, when two of the drills will be mobilized to Martiniere to commence exploration drilling with larger step-outs on known mineralized zones.”

    Recent Highlight Assay Results




















    Western Extensions
      Area 51
    		  
      FA-22-507 13.83 g/t Au over 5.00 metres, including
        30.47 g/t Au over 2.00, and
    3.19 g/t Au over 2.50 metres
      FA-22-500
    		 13.24 g/t Au over 1.50 metres;
      FA-22-468A 3.75 g/t Au over 4.50 metres, including
        8.95 g/t Au over 1.50 metres;
      FA-22-475
    		 10.20 g/t Au over 1.50 metres;
      FA-21-226-W2 3.52 g/t Au over 4.00 metres, including
        10.15 g/t Au over 1.00 metres;
      FA-21-233
    		 2.13 g/t Au over 5.70 metres;
      FA-21-233
    		 1.71 g/t Au over 7.40 metres;
      Tabasco-Cayenne Corridor
      FA-22-513 18.10 g/t Au over 2.20 metres, including
        55.70 g/t Au over 0.70 metres;
      FA-22-484 8.21 g/t Au over 3.50 metres, including
        16.50 g/t Au over 1.50 metres;



















    Eastern Extensions
      Area 51
    		  
      FA-22-504
    		 7.47 g/t Au over 2.85 metres;
      FA-22-434-W1 5.22 g/t Au over 4.00 metres, including
        17.31 g/t Au over 1.00 metres;
      FA-20-115 6.05 g/t Au over 4.50 metres, including
        24.09 g/t Au over 1.00 metre from the 2022 historic drill core infill sampling program;
      Tabasco-Cayenne-Contact Zone Corridor
      FA-22-511  4.56 g/t Au over 8.55 metres, including
        7.28 g/t Au over 5.00 metres;
      FA-22-517
    		 5.00 g/t Au over 4.00 metres;
      FA-22-517 5.35 g/t Au over 3.00 metres, including
        9.16 g/t Au over 1.50 metres;
      FA-22-517 1.59 g/t Au over 10.20 metres, including
        2.53 g/t Au over 3.80 metres;
      FA-22-517 7.11 g/t Au over 2.80 metres;

    The results reported in today’s press release are from 41 holes of the 2022 resource drill program and two assay results (FA-20-115 & FA-20-155) from the 2022 infill sampling program. Two drill holes from the 2021 program were extended during the 2022 program: FA-21-233 beyond 360 metres and FA-21-300 beyond 322 metres. Three drill holes from the 2022 program have partial results pending.

    All figures and a table with drill hole information of recently completed holes are posted on the Company’s website under “Current Program” at https://wallbridgemining.com/our-projects/fenelon-gold/.

    2023 Exploration Drill Program

    At Fenelon, the updated MRE totals 2.37 million ounces of gold in the Indicated category and 1.72 million ounces of gold in the Inferred category, representing a significant increase in gold grade and an increase in contained ounces compared to the 2021 MRE. Details of the 2023 MRE results can be found in the Wallbridge press release dated January 17, 2023 and the National Instrument 43-101 Technical Report filed on SEDAR on March 3, 2023.

    This updated MRE will form the basis of Wallbridge’s PEA, scheduled for completion during the second quarter of 2023. This economic study will guide the next steps Wallbridge will take toward developing its most advanced gold project.

    The 15,000 metres of drilling planned for Fenelon, which remains open laterally and at depth in multiple directions, will, in part, follow up on recent exploration results (see Wallbridge press releases dated November 8 and December 8, 2022 and February 28, 2023) that continue to expand the known gold zones.

    In February, Wallbridge mobilized three drills at Fenelon to complete more aggressive step outs on the known system, and to test grassroots targets on a more regional scale. One of the drills has been testing a target area to the Northwest of the Fenelon deposit in search for extensions of the Jeremie Diorite, one of the main host rocks at Fenelon. A second drill is undercutting the main Area 51 system at depth and will be completing large step outs (200-300 metres) towards the west to continue expanding the system in a completely open area at moderate depths. The third drill is testing the Ripley system, as described in Wallbridge press release dated February 28, 2023.

    In addition, the Company will continue de-risking the project with further technical studies and environmental and permitting activities.

    Figure 1. Fenelon Gold. A) Fenelon Plan View and B) Plan View-WestFigure 1

    Figure 2. Fenelon Gold. A) Fenelon- Plan View and B) Fenelon- Plan View- EastFigure 2

    Figure 3. Fenelon Gold, Plan View, 825 metres Vertical DepthFigure 3



















































    Table 1. Wallbridge Fenelon Gold Property, Recent Drill Assay Highlights- West (1,4)
    Drill Hole From To Length Au Au Cut(2) VG(3) Zone/Corridor
      (m) (m) (m) (g/t) (g/t)    
    FA-21-226-W2 1019.50 1023.50 4.00 3.52 3.52   Area 51
    Including… 1022.50 1023.50 1.00 10.15 10.15   Area 51
    FA-21-226-W2 1093.50 1099.00 5.50 1.47 1.47   Contact Zone
    FA-21-233* 412.80 418.50 5.70 2.13 2.13 VG Area 51
    FA-21-233* 739.40 746.80 7.40 1.71 1.71   Area 51
    FA-22-462 No Significant Mineralization  
    FA-22-468A 29.00 41.05 12.05 0.45 0.45   Area 51
    FA-22-468A 901.00 905.50 4.50 3.75 3.75   Area 51
    Including… 904.00 905.50 1.50 8.95 8.95   Area 51
    FA-22-475 107.00 108.50 1.50 10.20 10.20   Area 51
    FA-22-475 178.25 179.90 1.65 5.23 5.23   Area 51
    FA-22-476 530.50 532.00 1.50 4.08 4.08   Area 51
    FA-22-478 No Significant Mineralization  
    FA-22-484 395.00 398.50 3.50 8.21 8.21   Contact Zone
    Including… 397.00 398.50 1.50 16.50 16.50   Contact Zone
    FA-22-486 No Significant Mineralization  
    FA-22-489A No Significant Mineralization  
    FA-22-493 No Significant Mineralization  
    FA-22-500 1085.50 1087.00 1.50 13.24 13.24   Area 51
    FA-22-502A No Significant Mineralization (4)  
    FA-22-507 480.00 485.00 5.00 13.83 13.83 VG Area 51
    Including… 480.00 482.00 2.00 30.47 30.47 VG Area 51
    And**… 482.50 485.00 2.50 3.19 3.19   Area 51
    FA-22-510 No Significant Mineralization  
    FA-22-513 130.50 132.70 2.20 18.10 18.10   Tabasco
    Including… 130.50 131.20 0.70 55.70 55.70   Tabasco
    FA-22-518 255.50 256.45 0.95 6.84 6.84   Cayenne
    FA-22-521 No Significant Mineralization  
    FA-22-523 No Significant Mineralization  
    FA-22-524 188.50 189.00 0.50 17.51 17.51 VG Tabasco
    FA-22-526 No Significant Mineralization  
    FA-22-531 No Significant Mineralization  
    FA-22-532 No Significant Mineralization  
    FA-22-535 No Significant Mineralization  
    FA-22-536 18.30 27.50 9.20 0.75 0.75   Cayenne
    FA-22-539 82.00 94.70 12.70 0.70 0.70 VG Cayenne
    Including… 82.00 88.00 6.00 1.18 1.18   Cayenne
    FA-22-541 No Significant Mineralization  
    (1) Table includes only assay results received since the latest press release dated March 6, 2023.
    (2) Au cut at: 110 g/t Au for the Tabasco/Contact /Cayenne zones; 75 g/t Au for the Area 51 zones.
    (3) Intervals containing visible gold (“VG”).
    (4) Metal factor of at least 5 g/t*m and minimum weighted average composite grade of 0.45 g/t Au within the 2022 MRE open pit shell and 1.5 g/t Au for outside open pit shell.
    * Original drill hole extended after 360m for FA-21-233.
    ** Results reported here contain previously announced intervals that were extended with new assay results.
    Note: True widths are estimated to be 50-80% of the reported core length intervals.


















































    Table 2. Wallbridge Fenelon Gold Property, Recent Drill Assay Highlights- East and 2022 Infill Sampling (1,4)
    Drill Hole From To Length Au Au Cut(2) VG(3) Zone/Corridor
      (m) (m) (m) (g/t) (g/t)    
    FA-20-115* 399.50 404.00 4.50 6.05 6.05   Area 51
    Including… 402.00 403.00 1.00 24.09 24.09   Area 51
    FA-20-155* 431.00 432.00 1.00 12.51 12.51   Area 51
    FA-21-300** 129.90 137.50 7.60 0.66 0.66   Contact Zone
    FA-21-300** 449.50 452.50 3.00 2.76 2.76   Tabasco
    FA-21-300** 569.00 570.30 1.30 8.70 8.70   Tabasco
    FA-22-434-W1 511.00 515.00 4.00 5.22 5.22   Area 51
    Including… 514.00 515.00 1.00 17.31 17.31   Area 51
    FA-22-434-W1 1037.00 1040.50 3.50 1.98 1.98   Area 51
    FA-22-434-W1 1133.45 1134.50 1.05 4.69 4.69   Area 51
    FA-22-434-W1 1217.50 1220.75 3.25 2.91 2.91   Cayenne
    FA-22-473 No Significant Mineralization  
    FA-22-473-W1 1166.50 1169.50 3.00 4.71 4.71   Cayenne
    Including… 1167.00 1168.50 1.50 7.27 7.27   Cayenne
    FA-22-504 345.00 347.85 2.85 7.47 7.47   Area 51
    FA-22-504 411.30 413.30 2.00 3.72 3.72   Area 51
    FA-22-504-W1 No Significant Mineralization  
    FA-22-504-W2 No Significant Mineralization  
    FA-22-506 No Significant Mineralization  
    FA-22-509 516.75 523.10 6.35 1.66 1.66   Tabasco
    FA-22-511 137.50 142.00 4.50 2.83 2.83   Contact Zone
    Including… 140.00 140.75 0.75 14.50 14.50   Contact Zone
    FA-22-511 596.45 605.00 8.55 4.56 4.56   Tabasco
    Including… 598.60 603.60 5.00 7.28 7.28   Tabasco
    FA-22-515 No Significant Mineralization  
    FA-22-517 486.60 487.10 0.50 26.50 26.50   Contact Zone
    FA-22-517 551.50 556.50 5.00 1.67 1.67   Contact Zone
    FA-22-517 584.00 588.00 4.00 5.00 5.00   Contact Zone
    FA-22-517 636.00 637.00 1.00 7.20 7.20   Contact Zone
    FA-22-517 789.25 794.20 4.95 2.09 2.09   Contact Zone
    FA-22-517 970.20 973.20 3.00 5.35 5.35   Tabasco
    Including… 971.15 972.65 1.50 9.16 9.16   Tabasco
    FA-22-517 987.80 998.00 10.20 1.59 1.59   Tabasco
    Including… 994.20 998.00 3.80 2.53 2.53   Tabasco
    FA-22-517 1020.20 1023.00 2.80 7.11 7.11   Cayenne
    FA-22-520 No Significant Mineralization  
    FA-22-530 1073.30 1073.90 0.60 12.00 12.00   Contact Zone
    (1) Table includes only assay results received since the latest press release dated February 28, 2023.
    (2) Au cut at: 110 g/t Au for the Tabasco/Contact /Cayenne zones; 75 g/t Au for the Area 51 zones.
    (3) Intervals containing visible gold (“VG”).
    (4) Metal factor of at least 5 g/t*m and minimum weighted average composite grade of 0.45 g/t Au within the 2022 MRE open pit shell and 1.5 g/t Au for outside open pit shell.
    * New highlight from the 2022 in-fill sampling program.
    ** Original drill hole extended after 322m for FA-21-300.
    Note: True widths are estimated to be 50-80% of the reported core length intervals.

    Assay QA/QC and Qualified Persons

    Drill core samples from the ongoing drill program at Fenelon are cut and bagged either on-site or by contractors and transported to SGS Canada Inc. or Bureau Veritas Commodities Canada Ltd. for analysis. Samples, standards and blanks are included for quality assurance and quality control, were prepared and analyzed at the laboratories. Samples are crushed to 90% less than 2mm. A 1kg riffle split is pulverized to 85% passing 75 microns. 50g samples are analyzed by fire assay and AAS or ICP. At SGS and Bureau Veritas, samples >10g/t Au are automatically analyzed by fire assay with gravimetric finish or screen metallic analysis. To test for coarse free gold and additional quality assurance and quality control, Wallbridge requests screen metallic analysis for samples containing visible gold. These and future assay results may vary from time to time due to re-analysis for quality assurance and quality control.

    The Qualified Person responsible for the technical content of this press release is Christopher Kelly, M.Sc., P.Geo., Senior Geologist of Wallbridge.

    About Wallbridge Mining

    Wallbridge is focused on creating value through the exploration and sustainable development of gold projects along the Detour-Fenelon Gold Trend while respecting the environment and communities where it operates. Wallbridge’s flagship project, Fenelon Gold (“Fenelon”), is located on the highly prospective Detour-Fenelon Gold Trend Property in Québec’s Northern Abitibi region. An updated mineral resource estimate completed in January 2023 yielded significantly improved grades and additional ounces at the 100%-owned Fenelon and Martiniere properties, incorporating a combined 3.05 million ounces of Indicated gold resources and 2.35 million ounces of Inferred gold resources. Fenelon and Martiniere are located within an approximate 830 km2 exploration land package controlled by Wallbridge. The Company believes that these two deposits have good potential for economic development, especially given their proximity to existing hydro-electric power and transportation infrastructure. In addition, Wallbridge believes that the extensive land package is extremely prospective for the discovery of additional gold deposits.

    Wallbridge also holds a 19.9% interest in the common shares of Archer Exploration Corp. (“Archer”) as a result of the sale of the Company’s portfolio of nickel assets in Ontario and Québec in November of 2022.

    Wallbridge will continue to focus on its core Detour-Fenelon Gold Trend Property while enabling shareholders to participate in the potential economic upside in Archer.

    For further information please visit the Company’s website at www.wallbridgemining.com or contact:

    Wallbridge Mining Company Limited

    Marz Kord, P. Eng., M. Sc., MBA
    President & CEO
    Tel: (705) 682‒9297 ext. 251
    Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

    Victoria Vargas, B.Sc. (Hon.) Economics, MBA
    Investor Relations Advisor
    Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

    Cautionary Note Regarding Forward-Looking Information

    This press release contains forward-looking statements or information (collectively, “FLI”) within the meaning of applicable Canadian securities legislation. FLI is based on expectations, estimates, projections, and interpretations as at the date of this press release.

    All statements, other than statements of historical fact, included herein are FLI that involve various risks, assumptions, estimates and uncertainties. Generally, FLI can be identified by the use of statements that include words such as “seeks”, “believes”, “anticipates”, “plans”, “continues”, “budget”, “scheduled”, “estimates”, “expects”, “forecasts”, “intends”, “projects”, “predicts”, “proposes”, “potential”, “targets” and variations of such words and phrases, or by statements that certain actions, events or results “may”, “will”, “could”, “would”, “should” or “might”, “be taken”, “occur” or “be achieved.”

    FLI herein includes, but is not limited to, statements regarding the potential future performance of Archer common shares, future drill results; the Company’s ability to convert inferred resources into measured and indicated resources; environmental matters; stakeholder engagement and relationships; parameters and methods used to estimate the mineral resource estimates (each an “MRE”) at the Fenelon and Martiniere properties (collectively the “Deposits”); the prospects, if any, of the Deposits; future drilling at the Deposits; and the significance of historic exploration activities and results.

    FLI is designed to help you understand management’s current views of its near- and longer-term prospects, and it may not be appropriate for other purposes. FLI by their nature are based on assumptions and involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such FLI. Although the FLI contained in this press release is based upon what management believes, or believed at the time, to be reasonable assumptions, the Company cannot assure shareholders and prospective purchasers of securities of the Company that actual results will be consistent with such FLI, as there may be other factors that cause results not to be as anticipated, estimated or intended, and neither the Company nor any other person assumes responsibility for the accuracy and completeness of any such FLI. Except as required by law, the Company does not undertake, and assumes no obligation, to update or revise any such FLI contained herein to reflect new events or circumstances, except as may be required by law. Unless otherwise noted, this press release has been prepared based on information available as of the date of this press release. Accordingly, you should not place undue reliance on the FLI or information contained herein.

    Furthermore, should one or more of the risks, uncertainties or other factors materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in FLI.

    Assumptions upon which FLI is based, without limitation, include the results of exploration activities, the Company’s financial position and general economic conditions; the ability of exploration activities to accurately predict mineralization; the accuracy of geological modelling; the ability of the Company to complete further exploration activities; the legitimacy of title and property interests in the Deposits; the accuracy of key assumptions, parameters or methods used to estimate the MREs; the ability of the Company to obtain required approvals; the evolution of the global economic climate; metal prices; environmental expectations; community and non-governmental actions; any impacts of COVID-19 on the Deposits; and, the Company’s ability to secure required funding. Risks and uncertainties about Wallbridge’s business are more fully discussed in the disclosure materials filed with the securities regulatory authorities in Canada, which are available at www.sedar.com.

    Information Concerning Estimates of Mineral Resources

    The disclosure in this press release and referred to herein was prepared in accordance with NI 43-101 which differs significantly from the requirements of the U.S. Securities and Exchange Commission (the “SEC“). The terms “measured mineral resource”, “indicated mineral resource” and “inferred mineral resource” used in this press release are in reference to the mining terms defined in the Canadian Institute of Mining, Metallurgy and Petroleum Standards (the “CIM Definition Standards“), which definitions have been adopted by NI 43-101. Accordingly, information contained in this press release providing descriptions of our mineral deposits in accordance with NI 43-101 may not be comparable to similar information made public by other U.S. companies subject to the United States federal securities laws and the rules and regulations thereunder.

    Investors are cautioned not to assume that any part or all of mineral resources will ever be converted into reserves. Pursuant to CIM Definition Standards, “inferred mineral resources” are that part of a mineral resource for which quantity and grade or quality are estimated on the basis of limited geological evidence and sampling. Such geological evidence is sufficient to imply but not verify geological and grade or quality continuity. An inferred mineral resource has a lower level of confidence than that applying to an indicated mineral resource and must not be converted to a mineral reserve. However, it is reasonably expected that the majority of inferred mineral resources could be upgraded to indicated mineral resources with continued exploration. Under Canadian rules, estimates of inferred mineral resources may not form the basis of feasibility or pre-feasibility studies, except in rare cases. Investors are cautioned not to assume that all or any part of an inferred mineral resource is economically or legally mineable. Disclosure of “contained ounces” in a resource is permitted disclosure under Canadian regulations; however, the SEC normally only permits issuers to report mineralization that does not constitute “reserves” by SEC standards as in place tonnage and grade without reference to unit measures.

    Canadian standards, including the CIM Definition Standards and NI 43-101, differ significantly from standards in the SEC Industry Guide 7. Effective February 25, 2019, the SEC adopted new mining disclosure rules under subpart 1300 of Regulation S-K of the United States Securities Act of 1933, as amended (the “SEC Modernization Rules“), with compliance required for the first fiscal year beginning on or after January 1, 2021. The SEC Modernization Rules replace the historical property disclosure requirements included in SEC Industry Guide 7. As a result of the adoption of the SEC Modernization Rules, the SEC now recognizes estimates of “measured mineral resources”, “indicated mineral resources” and “inferred mineral resources”. Information regarding mineral resources contained or referenced in this press release may not be comparable to similar information made public by companies that report according to U.S. standards. While the SEC Modernization Rules are purported to be “substantially similar” to the CIM Definition Standards, readers are cautioned that there are differences between the SEC Modernization Rules and the CIM Definitions Standards. Accordingly, there is no assurance any mineral resources that the Company may report as “measured mineral resources”, “indicated mineral resources” and “inferred mineral resources” under NI 43-101 would be the same had the Company prepared the resource estimates under the standards adopted under the SEC Modernization Rules.

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  • Gold Terra Resource Completes the First 8 Hole Drill Program on Con Mine Option Property to Expand Yellorex North Zone

    Gold Terra Resource Completes the First 8 Hole Drill Program on Con Mine Option Property to Expand Yellorex North Zone

    2023-02-24 06:01:41

    VANCOUVER, BC / ACCESSWIRE / February 24, 2023 / Gold Terra Resource Corp. (TSXV:YGT) (Frankfurt:TX0) (OTCQX:YGTFF) (“Gold Terra” or the “Company”) is pleased to announce that the 8,000-metre winter drilling program on the Con Mine Option (“CMO”) Property in Yellowknife, NWT is progressing well with the completion of the first eight holes designed to expand the Yellorex North gold zone. The CMO property is under option from subsidiaries of Newmont Corporation and is acquirable by the Company upon fulfillment of certain conditions set out in the CMO agreement, as reported in the Company’s news release dated November 22, 2021. Assays are pending and anticipated to be received in March.

    Chairman and CEO, Gerald Panneton, commented, “We are extremely pleased with the Yellorex North drilling as all eight holes have hit the targeted Campbell Shear with the drill core showing significant intersections of multi-metre veining and sulphide mineralization. The objective of the winter drill program is to expand the current near-surface mineral resources on the CMO, and the initial visual observations of the core indicate that we are on track. The Campbell Shear structure is our highest priority target as the Con Mine produced more than 5 million ounces of high-grade gold (16 g/t Au). “

    Drilling Update Highlights

    Eight holes (GTCM23-042 to 049) have been completed on the Yellorex North zone for a total of 3076.53 metres. All eight holes have intersected significant widths of the Campbell Shear with notable highlights shown in the following table:









    DDH # From (m)

    To (m)

    		 Length (m) Mineralization & Alteration
    GTCM23-042 234.30 243.00 8.70 Smoky quartz veining with strong pyrite and arsenopyrite mineralization; strong sericite alteration
    GTCM23-045 257.00 261.00 4.00 Smoky quartz veining with strong pyrite and arsenopyrite mineralization; strong sericite alteration
    and 261.00 265.00 4.00 Quartz-ankerite veining; strong sericite alteration mineralized with banded pyrite
    GTCM23-048 382.40 386.00 3.60 Smoky quartz veining with strong pyrite-arsenopyrite-stibnite-sphalerite mineralization; strong sericite alteration
    and 391.00 397.50 6.50 Smoky quartz veining with strong pyrite-arsenopyrite-stibnite mineralization; strong sericite alteration

    Figures 1 and 2 show the location of the completed Yellorex North drill holes.

    Junior Mining NetworkFigures 1 and 2 – Yellorex North Zone Drill Hole Locations

    Background

    The focus of the winter drilling program is to expand the September 2022 initial Mineral Resource Estimate (“MRE”)(see September 7, 2022 press release) along the Campbell Shear immediately south of the Con Mine. The initial mineral resource estimate from drilling in 2022 is 109,000 Indicated ounces of contained gold and 432,000 Inferred ounces of contained gold between surface and to a depth of 500 metres below surface along a 2-kilometre corridor. Please refer to the October 21, 2022 technical report, titled “Initial Mineral Resource Estimate for the CMO Property, Yellowknife City Gold Project, Yellowknife, Northwest Territories, Canada” with an effective date of September 2, 2022 which can be found on the Company’s website at https://www.goldterracorp.com and on SEDAR at www.sedar.com.

    All the drilling targets on the Yellorex North, Yellorex Main and Kam Point deposits are located along the Campbell Shear structure between surface and 500 metres vertical depth with the exception of one hole which will test the depth extent of the Yellorex Main deposit where most of the initial MRE is located.

    The eight holes were drilled near surface on Yellorex North as this represents the best underexplored target in the area. The target area is very close to existing underground mining infrastructure and tested only by one hole in 2022, GTCM22-039 (see August 3, 2022 press release), which returned two mineralized zones as follows:







    DDH # From (m)

    To (m)

    		 Length (m)

    Au (g/t)
    GTCM22-039 306.00 312.00 6.00 3.31
    including 309.00 311.00 2.00 5.38
    GTCM22-039 324.00 329.00 5.00 2.18

    Figure 3 shows the Yellorex North 2023 drilling and hole GTCM22-039.

    Junior Mining NetworkFigure 3 – Long section showing 2023 drilling and hole GTCM22-039

    Next Steps

    Drilling will continue over a 2-kilometre stretch along the Campbell Shear south of the Con Mine as follows:

    • Three to four holes on the Kam North and Con81 zones, and

    • One hole to test the down-dip depth extension the Yellorex Deposit.

    Another 2,000 -3,000 metres is anticipated as follow-up to areas of interest.

    A second drill capable of drilling 2,500 metres depth down the hole, will be moving to the target site and is expected to start drilling in March, once the planning of the target is completed. The objective is to drill the high-grade gold shoots beneath the Con Mine workings, at approximately -2000 metres vertical.

    Qualified Persons

    Joe Campbell, P. Geo., Senior Technical Advisor for Gold Terra is a Qualified Person within the meaning of NI 43-101 and has reviewed and approved the technical information contained in this news release.

    About Gold Terra

    The YCG project encompasses 800 sq. km of contiguous land immediately north, south and east of the City of Yellowknife in the Northwest Territories. Through a series of acquisitions, Gold Terra controls one of the six major high-grade gold camps in Canada. Being within 10 kilometers of the City of Yellowknife, the YCG is close to vital infrastructure, including all-season roads, air transportation, service providers, hydro-electric power, and skilled tradespeople. Gold Terra is currently focusing its drilling on the prolific Campbell Shear, where 14 Moz of gold has been produced, and most recently on the Con Mine Option claims immediately south of the past producing Con Mine (1938-2003).

    The YCG and CMO property lie on the prolific Yellowknife greenstone belt, covering nearly 70 kilometers of strike length along the main mineralized shear system that host the former-producing high-grade Con and Giant gold mines. The Company’s exploration programs have successfully identified significant zones of gold mineralization and multiple targets that remain to be tested which reinforces the Company’s objective of re-establishing Yellowknife as one of the premier gold mining districts in Canada.

    Visit our website at www.goldterracorp.com.

    For more information, please contact:

    Gerald Panneton, Chairman & CEO
    This email address is being protected from spambots. You need JavaScript enabled to view it.

    Mara Strazdins, Manager of Investor Relations
    Phone: 1-778-897-1590 | 604-689-1749 ext 102
    This email address is being protected from spambots. You need JavaScript enabled to view it.

    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.

    Information Concerning Estimates of Mineral Resources

    Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. Therefore, investors are cautioned not to assume that all or any part of an Inferred Mineral Resource could ever be mined economically. It cannot be assumed that all or any part of “Measured Mineral Resources,” “Indicated Mineral Resources,” or “Inferred Mineral Resources” will ever be upgraded to a higher category. The Mineral Resource estimates contained herein may be subject to legal, political, environmental or other risks that could materially affect the potential development of such mineral resources. Refer to the Technical Report, once filed, for more information with respect to the key assumptions, parameters, methods and risks of determination associated with the foregoing.

    Cautionary Note to United States Investors

    The Company prepares its disclosure in accordance with the requirements of securities laws in effect in Canada, which differ from the requirements of U.S. securities laws. Terms relating to Mineral Resources in this news release are defined in accordance with NI 43-101 under the guidelines set out in CIM Definition Standards on Mineral Resources and Mineral Reserves, adopted by the Canadian Institute of Mining, Metallurgy and Petroleum Council on May 19, 2014, as amended (“CIM Standards”). The U.S. Securities and Exchange Commission (the “SEC”) has adopted amendments effective February 25, 2019 (the “SEC Modernization Rules”) to its disclosure rules to modernize the mineral property disclosure requirements for issuers whose securities are registered with the SEC under the U.S. Securities Exchange Act of 1934. As a result of the adoption of the SEC Modernization Rules, the SEC will now recognize estimates of “Measured Mineral Resources”, “Indicated Mineral Resources” and “Inferred Mineral Resources”, which are defined in substantially similar terms to the corresponding CIM Standards. In addition, the SEC has amended its definitions of “Proven Mineral Reserves” and “Probable Mineral Reserves” to be substantially similar to the corresponding CIM Standards.

    U.S. investors are cautioned that while the foregoing terms are “substantially similar” to corresponding definitions under the CIM Standards, there are differences in the definitions under the SEC Modernization Rules and the CIM Standards. Accordingly, there is no assurance any Mineral Resources that the Company may report as “Measured Mineral Resources”, “Indicated Mineral Resources” and “Inferred Mineral Resources” under NI 43-101 would be the same had the Company prepared the Mineral Resource estimates under the standards adopted under the SEC Modernization Rules. In accordance with Canadian securities laws, estimates of “Inferred Mineral Resources” cannot form the basis of feasibility or other economic studies, except in limited circumstances where permitted under NI 43-101.

    Cautionary Note Regarding Forward-Looking Information

    Certain statements made and information contained in this news release constitute “forward-looking information” within the meaning of applicable securities legislation (“forward-looking information“). Generally, this forward-looking information can, but not always, be identified by use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or statements that certain actions, events, conditions or results “will”, “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved” or the negative connotations thereof.

    All statements other than statements of historical fact may be forward-looking information. Forward-looking information is necessarily based on estimates and assumptions that are inherently subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information. In particular, this news release contains forward-looking information regarding the current drilling on the Campbell Shear, potentially adding ounces to the Company’s current YCG mineral resource, and the Company’s objective of re-establishing Yellowknife as one of the premier gold mining districts in Canada.

    There can be no assurance that such statements will prove to be accurate, as the Company’s actual results and future events could differ materially from those anticipated in this forward-looking information as a result of the factors discussed in the “Risk Factors” section in the Company’s most recent MD&A and annual information form available under the Company’s profile at www.sedar.com.

    Although the Company has attempted to identify important factors that would cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. The forward-looking information contained in this news release is based on information available to the Company as of the date of this news release. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. All of the forward-looking information contained in this news release is qualified by these cautionary statements. Readers are cautioned not to place undue reliance on forward-looking information due to the inherent uncertainty thereof. Except as required under applicable securities legislation and regulations applicable to the Company, the Company does not intend, and does not assume any obligation, to update this forward-looking information.

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  • Nevada Silver Announces Major Land Acquisition in Minnesota to Significantly Expand the Emily Manganese Exploration Footprint

    Nevada Silver Announces Major Land Acquisition in Minnesota to Significantly Expand the Emily Manganese Exploration Footprint

    2023-02-23 06:34:02

    • Signs lease and purchase option agreements covering two strategic blocks of land joining the Company’s existing holdings.

    • First company to consolidate land into one contiguous block covering much of the manganese-iron deposition previously drilled by US Steel and Pickands Mather.

    • NSC to review drill program now underway to include additional holes to cover high-grade historical intercepts on this newly acquired ground.

    TORONTO, ON / ACCESSWIRE / February 23, 2023 / Nevada Silver Corporation (“NSC” or the “Company”) (TSXV:NSC) (OTCQB:NVDSF) a US-based mineral development company with manganese and silver projects geared to supporting the transition to clean energy, is pleased to announce that the Company’s Minnesota subsidiary, North Star Manganese Inc (“NSM”) has signed lease and purchase option agreements with two private landowners in Emily, Minnesota on two adjacent blocks of land covering approximately 77 acres of surface and mineral rights.

    The Emily Project is located in the Cuyuna Iron Range of central Minnesota, USA (Figure 1), an area with a rich mining history and supported by well-established local infrastructure, a skilled mining workforce and abundant power and gas.

    Figure 1. The Emily Project is part of the Emily District of the Cuyuna Iron Range in Crow Wing County, Central Minnesota. The Emily District contains the highest-grade source of Manganese in North America.Junior Mining Network

     

    As Figure 2 below shows, these two acquisitions are significant as they join with the Company’s existing holdings to form one contiguous land block covering much of the manganese-iron deposition previously drilled by Pickands Mather and US Steel in the 1940s and 1950s. Further, NSC now has control over most of the footprint of the planned US Steel designed West Ruth Lake Mine, which was targeting 24,012,200 tons @ 15.29% Mn and 23.4% Fe (Strong 1959).

    Figure 2. Location map showing additional land now under NSC control (white rectangle), bedrock in and around the Emily Project area, as well as historic drill holes by various parties (Peterson 2019).Junior Mining Network

     

    NSC’s CEO Gary Lewis commented, “securing these additional lands represents a significant milestone for the Company and its shareholders. Our Minnesota team has spent many months on the ground finalizing these deals, and the impact will be immediate and considerable. Having recently announced the commencement of drilling at the Emily Manganese Project, our technical team are reviewing the program to include additional holes to cover high-grade historical intercepts and to infill significant areas that were never explored on this newly acquired ground.”

    “As reported in the 2022 NI 43-101 technical report, ‘the [2022] resource defined by Barr Engineering represents only a small portion of a much larger area of manganese-iron disposition along strike and down-dip that was previously drilled by Pickands Mather and U.S. Steel in the 1940s and 1950s’, and we have now secured the majority of this manganese-iron disposition.”

    We look forward to updating shareholders further as the program advances.”

    Qualified Person

    The scientific and technical data contained in this news release was reviewed and approved by Ian James Pringle PhD, who is a Qualified Person under National Instrument 43-101 Standards of Disclosure for Mineral Projects.

    About Nevada Silver Corporation

    Nevada Silver Corporation (TSXV:NSC) (OTCQB:NVDSF) is a U.S.-based mineral development company with manganese and silver projects geared to supporting the transition to clean energy. NSC’s principal asset is the Emily Manganese Project in Minnesota, which has been the subject of considerable technical studies, with US$24 million invested to date. The Company’s mission in Minnesota is to become a domestic U.S. producer of high-purity, high-value manganese metal and chemical products for supply to U.S. energy, technology and industrial markets. With manganese playing a critical and prominent role in lithium-ion battery formulations, and with no domestic supply or active mines in North America, this represents a significant opportunity for NSC shareholders. In addition, NSC owns and operates the Corcoran Silver-Gold Project in Nevada. Both Corcoran and Emily have been the subject of National Instrument 43-101 compliant mineral resource estimates.

    NSC will seek shareholder approval to change its name to Electric Metals USA Limited at the Company’s Annual General Meeting in May 2023.

    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 further Information please contact:
    Gary Lewis, Group CEO & Director: (647) 846 5299 – This email address is being protected from spambots. You need JavaScript enabled to view it.

    Forward-Looking Statements: Information set forth in this news release may involve forward-looking statements under applicable securities laws. The forward-looking statements contained herein are expressly qualified in their entirety by this cautionary statement. The forward-looking statements included in this document are made as of the date of this document and Nevada Silver Corporation disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation. Although management believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. This news release does not constitute an offer to sell or solicitation of an offer to buy any securities that may be described herein and accordingly undue reliance should not be put on such.

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  • Guanajuato Silver Drills 6,981 g/t AgEq at San Ignacio and Prepares to Expand Production

    Guanajuato Silver Drills 6,981 g/t AgEq at San Ignacio and Prepares to Expand Production

    2023-02-23 06:19:23

    VANCOUVER, BC / ACCESSWIRE / February 23, 2023 / Guanajuato Silver Company Ltd. (the “Company” or “GSilver“) (TSXV:GSVR) (AQUIS:GSVR) (OTCQX:GSVRF) is pleased to provide drill results from the Company’s wholly owned San Ignacio mine (“San Ignacio“) in Guanajuato, Mexico.

    James Anderson, Chairman and CEO said, “SI22-006 is the best drill hole the Company has drilled at any of its mines recently acquired from Great Panther Mining in August of 2022. With almost five meters of true width intersecting 1,219 g/t AgEq, which includes 0.42m true width of 6,981 g/t AgEq, this may represent a game changing result for the mine. The primary focus of our most recent San Ignacio drill program was to target the Melladito vein system with the goal of extending silver and gold mineralization in the south and north areas of the mine. This outstanding result will be followed up with additional drill holes attempting to follow the down dip extension of the vein within the Company’s 2023 drill campaign. In parallel, we are in the midst of driving a 400-metre access ramp from Melladito to the analogous Purisima vein, which offers the potential for expanded production at San Ignacio.”

    The Melladito vein dips to the east, with a true width ranging from 0.25 m to over 19 m; the vein has been delineated to a depth of 350 metres but retains deeper potential. Additionally, the vein often returns proportionately higher gold with lesser silver values. Current production from San Ignacio comes mostly from the Melladito and the Nombre de Dios vein systems.

    Junior Mining NetworkNote: All silver equivalent (AgEq) values are calculated based on a long-term gold to silver price ratio of 80:1. Abbreviations used in this news release include the following: g/t: grams per tonne; Au: gold; Ag: silver; m: metre, AgEq: silver equivalent.

    New Ramp to Purisima Vein

    As part of the Company’s 2023 development program, GSilver is currently developing Ramp 430, which will allow for development and production from the Purisima vein located approximately 400 metres to the east of the Melladito vein; approximately 40% of Ramp 430 has been completed (see Figure 1 below). The Purisima vein mirrors the Melladito vein system and has the potential to considerably impact production as well as overall mine life once the vein is encountered. The new ramp is expected to be finished within six months, which will facilitate production of mineralized material from San Ignacio at an expanded rate of over 12,000 tonnes per month.

    Figure 1 – Cross Section of the Ramp 430 ProjectJunior Mining Network

    Figure 2 – Long Section Melladito Vein – Drillhole SI22-006 HighlightedJunior Mining Network

    About the San Ignacio Mine

    Mineralization at San Ignacio is consistent with high-grade epithermal vein systems that are common within the Guanajuato Mining District; silver and gold mineralization is contained within vein stockworks and breccias. To date, eighteen veins have been defined at San Ignacio. Once mined, mineralization is transported using 20-tonne trucks approximately 20km for processing at the Company’s wholly-owned Cata mill at the Valenciana Mines Complex.

    New Resource Calculation Initiated

    The Company also confirms that APEX Geoscience Ltd. of Edmonton, Alberta, Canada (“Apex”), has been engaged to provide a current mineral resource estimate for San Ignacio; the new mineral calculation is expected to be completed by Q3, 2023. A historical resource estimate at San Ignacio was completed by Robert F. Brown and Mohammad Noupour on behalf of Great Panther Mining Limited effective July 31, 2021 as part of a “NI 43-101 Mineral Resource Update Technical Report on the Guanajuato Mine Complex, Guanajuato and San Ignacio Operations, Guanajuato State, Mexico” dated February 28, 2022 (the ‘Great Panther Report”) and is summarized below:

    Junior Mining Network

    1. Notes:

    2. Cut-offs were based on the marginal operating costs per mining area being USD$127.40/tonne for San Ignacio.

    3. Block model grades converted to USD$ value using plant recoveries of 87.15% Ag, 86.70% Au, and net smelter terms negotiated for concentrates.

    4. Rock Density for San Ignacio is 2.64t/m³,

    5. Totals may not agree due to rounding.

    6. Grades in metric units.

    7. Contained silver and gold in troy ounces.

    8. Minimum true width 0.5m.

    9. Metal Prices USD$20.00/oz silver, and USD$1,650.00/oz gold.

    10. AgEq oz were calculated using 85:1 Ag:Au ratio.

    11. Inferred Mineral Resources have a great amount of uncertainty as to their existence and as to whether they can be mined legally or economically. It cannot be assumed that all or part of the Inferred Mineral Resources will ever be upgraded to a higher category.

    12. Mineral Resources that are not Mineral Reserves have no demonstrated economic viability. The potential quantity and grade is conceptual in nature, there has been insufficient exploration to define a Mineral Resource and it is uncertain if further exploration will result in the target being delineated as a Mineral Resource.

    GSilver is not treating this historical estimate as current mineral resources, as a qualified person on behalf of GSilver has not done sufficient work to classify these estimates as current mineral resources. A thorough review by Apex of all historic data as well as additional production (mining depletion), drilling and underground sampling completed at San Ignacio since July 31, 2021, along with additional exploration and validation work to confirm results and estimation parameters, will be required in order to produce a current mineral resource estimate for San Ignacio. See the Great Panther Report, a copy of which is available for review under Great Panther’s profile on SEDAR, for details of the key assumptions, parameters, and methods used to prepare the above historical resource estimate.

    Sampling and quality assurance/quality control

    Drill core was first reviewed by a Company geologist, who identified and marked intervals for sampling. The marked sample intervals were then cut in half with a diamond saw; half of the core was left in the core box and the other half was removed, placed in plastic bags, sealed and labeled. Intervals and unique sample numbers are recorded on the drill logs and the samples are sequenced with standards and blanks inserted according to a predefined QA/QC procedure. The samples are maintained under security on site until they are shipped to the analytical lab. The analytical work reported on herein was performed by Corporacion Quimica Platinum S.A de C.V., Silao, Guanajuato, Mexico. To validate our assay results and our preparation procedures, GSilver sends additional random samples representing approximately 20% of all analytical samples to Bureau Veritas in Hermosillo, Sonora, Mexico. Bureau Veritas is an ISO/IEC (International Organization for Standardization/International Electrotechnical Commission) geo-analytical laboratory and is independent of GSilver and its “qualified person”. In order to further validate our assay results and our preparation procedures GSilver sent additional random samples representing approximately 10% of all analytical samples to SGS Mexico, S.A de C.V, Durango, Mexico. SGS is also an ISO/IEC geo-analytical laboratory and is independent of GSilver and its “qualified person”. Core samples were subject to crushing at a minimum of 70 per cent passing two millimeters, followed by pulverizing of a 250-gram split to 85 per cent passing 75 microns. Gold determination was via standard atomic absorption (AA) finish 30-gram fire assay (FA) analysis, in addition to silver and 34-element using fire assay and gravimetry termination. Following industry-standard procedures, blank and standard samples were inserted into the sample sequence and sent to the laboratory for analysis. Data verification of the analytical results included a statistical analysis of the standards and blanks that must pass certain parameters for acceptance to ensure accurate and verifiable results. GSilver detected no significant QA/QC issues during review of the data and is not aware of any sampling, recovery or other factors that could materially affect the accuracy or reliability of the drilling data referred to herein.

    About Guanajuato Silver

    GSilver is a precious metals producer engaged in reactivating past producing silver and gold mines in central Mexico. The Company produces silver and gold concentrates from the El Cubo Mine, Valenciana Mines Complex, and the San Ignacio mine; all three mines are located within the state of Guanajuato, which has an established 480-year mining history. Additionally, the Company produces silver, gold, lead, and zinc concentrates from the Topia mine in northwestern Durango. With four operating mines and three processing facilities, Guanajuato Silver is one of the fastest growing silver producers in Mexico.

    Technical Information

    Reynaldo Rivera, VP of Exploration of GSilver, has approved the scientific and technical information contained in this news release. Mr. Rivera is a member of the Australasian Institute of Mining and Metallurgy (AusIMM – Registration Number 220979) and a “qualified person” as defined by National Instrument 43-101, Standards of Disclosure for Mineral Projects.

    ON BEHALF OF THE BOARD OF DIRECTORS
    “James Anderson”
    Chairman and CEO

    For further information regarding Guanajuato Silver Company Ltd., please contact:

    JJ Jennex, Gerente de Comunicaciones, T: 604 723 1433
    E: This email address is being protected from spambots. You need JavaScript enabled to view it.
    Gsilver.com

    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.

    Forward-Looking Statements

    This news release contains certain forward-looking statements and information, which relate to future events or future performance including, but not limited to, the identification of the Melladito vein system as a gold and silver rich vein system with the potential for deeper mineralization, the potential of the Purisima vein as an analogue to the Melladito vein system with the ability to expand production at San Ignacio to more than 12,000 tonnes per month and extend the existing mine life, the estimated timetable for completion of Ramp 430 to connect the Purisima and Melladito veins and the anticipated increase in production resulting therefrom, the ability of the Company to quickly assess the deeper mineralization and characteristics of the Melladito vein system and the timing and quantity of production therefrom, the Company’s current and projected mined output from San Ignacio for 2023 and the Company’s status as one of the fasting growing silver producers in Mexico, the ability of the Company to continue to increase production, tonnage and recoveries of mineralized material at San Ignacio, Valenciana, El Cubo and Topia in accordance with its objectives and timetable including increasing silver and gold grades, improving metallurgical recovery rates, increasing revenues, and reducing production costs (including AISC) consistent with the Company’s expectations and production model, the Company’s future development and production activities; estimates of mineral resources and mineralized material at the Company’s mining projects and the accessibility, attractiveness, mineral content and metallurgical characteristics thereof; the opportunities for future exploration, development and production at the Company’s mines including the Melladito, Nombre de Dios and Purisima veins at San Ignacio and the proposed exploration, development and production programs therefor and the timing and costs thereof; and the success related to any future exploration, development and/or production programs.

    Such forward-looking statements and information reflect management’s current beliefs and are based on information currently available to and assumptions made by the Company; which assumptions, while considered reasonable by the Company, are inherently subject to significant operational, business, economic and regulatory uncertainties and contingencies. These assumptions include: the potential quantity, grade and metal content of the mineralized material at the Melladito, Nombre de Dios and Purisima veins, the geotechnical and metallurgical characteristics of such material conforming to sampled results and metallurgical performance; available tonnage of mineralized material to be mined and processed; resource grades and recoveries; assumptions and discount rates being appropriately applied to production estimates; prices for silver, gold and other metals remaining as estimated; currency exchange rates remaining as estimated; availability of funds for the Company’s projects and to satisfy current liabilities and obligations including debt repayments; capital, decommissioning and reclamation estimates; prices for energy inputs, labour, materials, supplies and services (including transportation) and inflation rates remaining as estimated; no labour-related disruptions; no unplanned delays or interruptions in scheduled construction and production; all necessary permits, licenses and regulatory approvals are received in a timely manner; and the ability to comply with environmental, health and safety laws. The foregoing list of assumptions is not exhaustive.

    Readers are cautioned that such forward-looking statements and information are neither promises nor guarantees, and are subject to risks and uncertainties that may cause future results, level of activity, production levels, performance or achievements of GSilver to differ materially from those expected including, but not limited to, market conditions, availability of financing, currency rate fluctuations, rising inflation and interest rates, geopolitical conflicts including wars, actual results of exploration, development and production activities, actual resource grades and recoveries of silver, gold and other metals from the Melladito, Nombre de Dios and Purisima veins or otherwise, availability of third party mineralized material for processing, unanticipated geological or structural formations and characteristics, environmental risks, future prices of gold, silver and other metals, operating risks, accidents, labor issues, equipment or personnel delays, delays in obtaining governmental or regulatory approvals and permits, inadequate insurance, and other risks in the mining industry. There are no assurances that GSilver will be able to continue to increase production, tonnage milled and recoveries rates, improve grades and reduce costs at San Ignacio to process mineralized materials to produce silver, gold and other concentrates in the amounts, grades, recoveries, costs and timetable anticipated. In addition, GSilver’s decision to process mineralized material from San Ignacio including the Melladito and Nombre de Dios vein systems and newly discovered Purisima vein is not based on a feasibility study of mineral reserves demonstrating economic and technical viability and therefore is subject to increased uncertainty and risk of failure, both economically and technically. Mineral resources and mineralized material that are not Mineral Reserves do not have demonstrated economic viability, are considered too speculative geologically to have the economic considerations applied to them, and may be materially affected by environmental, permitting, legal, title, socio-political, marketing, and other relevant issues. There are no assurances that the Company’s projected grades of gold and silver at the Melladito, Nombre de Dios and Purisima veins and the anticipated level of production therefrom will be realized. In addition, there are no assurances that the Company will meet its production forecasts or generate the anticipated cash flows from operations to satisfy its scheduled debt payments or other liabilities when due or meet financial covenants to which the Company is subject or to fund its exploration programs and corporate initiatives as planned. There is also uncertainty about the continued spread and severity of COVID-19, the ongoing war in Ukraine and rising inflation and interest rates and the impact they will have on the Company’s operations, supply chains, ability to access mining projects or procure equipment, contractors and other personnel on a timely basis or at all and economic activity in general. Accordingly, readers should not place undue reliance on forward-looking statements or information. All forward-looking statements and information made in this news release are qualified by these cautionary statements and those in our continuous disclosure filings available on SEDAR at www.sedar.com including the Company’s annual information form for the fiscal year ended December 31, 2021. These forward-looking statements and information are made as of the date hereof and the Company does not assume any obligation to update or revise them to reflect new events or circumstances save as required by law.

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  • Emerita Resources Applies to Expand Highly Prospective Nuevo Tintillo Exploration Property, Andalusia Region Spain

    Emerita Resources Applies to Expand Highly Prospective Nuevo Tintillo Exploration Property, Andalusia Region Spain

    2023-02-16 05:02:30

    TORONTO, Feb. 16, 2023 (GLOBE NEWSWIRE) — Emerita Resources Corp. (TSX – V: EMO; OTCQB: EMOTF; FSE: LLJA) (the “Company” or “Emerita”) is pleased to announce it has submitted applications to expand the highly prospective Nuevo Tintillo property package in the Andalusia Region of Spain. The applications have been accepted by local authorities and posted to the government web site. Recent field mapping and sampling programs by Emerita Geologists have confirmed Emerita’s interpretation of the Nuevo Tintillo regional geologic environment and its stratigraphic similarity to adjacent properties hosting large base metal deposits. The additional land package under application is on trend with many of the recently identified target areas on the existing Nuevo Tintillo property and more than doubles the size of Emerita’s mineral rights in the eastern part of the Iberian Pyrite Belt. When the land application process is finalized, Emerita’s Nuevo Tintillo holdings will be approximately 14,500 hectares which is an increase from the current 6,875 hectares. Nuevo Tintillo has seen little modern exploration despite its location in one of the oldest know mining districts on earth. Evidence of small-scale artisanal workings exist throughout the Nuevo Tintillo property but there is no record of modern exploration.

    According to Ian Parkinson, Emerita’s Executive VP Corporate Development, “Emerita’s Spain based exploration team became aware this additional prospective land was available for application and jumped at the opportunity to expand the exploration footprint in this truly world class district. We were able to more than double our mineral rights at Nuevo Tintillo for approximately €12,500, an opportunity we could not pass-up. Nuevo Tintillo is approximately 10 kilometers from and on trend with the world-famous Rio Tinto Mine (Figure 1). Finalization of the exploration application process is expected to conclude within 12 and 18 months.”

    About Nuevo Tintillo

    The Nuevo Tintillo project is hosted in the Iberian Pyrite Belt located between the world-famous Rio Tinto mine to the west and the Aznalcollar and Cobre Las Cruses mines to the east. Nuevo Tintillo is accessed by paved road approximately 40 km from Seville. Evidence of artisanal operations likely dating to the late 19th century exist, but Nuevo Tintillo has seen little modern exploration. Emerita intends to increase exploration efforts at Nuevo Tintillo throughout 2023.

    Figure 1: Location map of Nuevo Tintillo project and newly acquired mineral rights applications.Figure 1

    Qualified Person

    The scientific and technical information in this news release has been reviewed and approved by Mr. Joaquin Merino, P.Geo., President of the Company and a Qualified Person as defined by NI 43-101 of the Canadian Securities Administrators.

    About Emerita Resources Corp.

    Emerita is a natural resource company engaged in the acquisition, exploration and development of mineral properties in Europe, with a primary focus on exploring in Spain. The Company’s corporate office and technical team are based in Sevilla, Spain with an administrative office in Toronto, Canada.

    For further information, contact:

    Vincent Chen
    +1 778 990 9433 (Toronto)
    This email address is being protected from spambots. You need JavaScript enabled to view it.

    Cautionary Note Regarding Forward-looking Information

    This press release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. Forward-looking information includes, without limitation, the mineralization of the IBW Project; the timing of assay results; the prospectivity of the Project; the timing and ability of the Company to produce an NI 43-101 compliant mineral resource estimate and the Company’s future plans. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. Forward- looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Emerita, as the case may be, to be materially different from those expressed or implied by such forward-looking information, including but not limited to: general business, economic, competitive, geopolitical and social uncertainties; the actual results of current exploration activities; risks associated with operation in foreign jurisdictions; ability to successfully integrate the purchased properties; foreign operations risks; and other risks inherent in the mining industry. Although Emerita has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. Emerita does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

    NEITHER 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.


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  • Amarc’s Ongoing Drilling Continues To Expand Duke Deposit; Drills 309 m of 0.42% CuEQ, within 557 m of 0.36% CuEQ

    Amarc’s Ongoing Drilling Continues To Expand Duke Deposit; Drills 309 m of 0.42% CuEQ, within 557 m of 0.36% CuEQ

    2023-02-15 05:46:28

    Drills 309 m of 0.42% CuEQ, within 557 m of 0.36% CuEQ

    VANCOUVER, BC / ACCESSWIRE / February 15, 2023 / Amarc Resources Ltd. (“Amarc” or the “Company”) (TSXV:AHR) (OTCQB:AXREF) is pleased to announce that the ongoing drilling program continues to expand the DUKE Deposit, located within its 100%-owned DUKE porphyry Cu-Au district (“DUKE District” or “DUKE”) in central British Columbia (“BC”). Boliden Mineral Canada Ltd. (“Boliden”) is earning up to a 70% interest in the DUKE District by funding CDN$90 million of staged earn-in expenditures (see November 22, 2022 news release). Amarc is the operator of the project.

    “The consistently positive results we’ve received from our initial drill program underscore the tremendous potential of the mineralized system at the DUKE Deposit,” said Amarc President and CEO Dr. Diane Nicolson. “We have just returned from site where it was agreed with partner Boliden to expand the drill program to include a third rig: two rigs are focused on delineating the DUKE Deposit laterally and at depth, and the third will step out to continue to drill test the surrounding 4.7 km 2 DUKE target. We strongly believe the untapped potential of the sizeable mineralized system at the DUKE target will continue to emerge, as will its development opportunities.”

    Hole DK22010 is the second of two holes completed in December 2022 in the DUKE Deposit area as part of a first phase drill program to test the geometry and depth potential of the mineralization, which from previous drilling is known to extend over at least 400 m x 600 m at surface and notably remains open for expansion laterally and to depth.

    Highlights from DK22010 include:

    • 309 m of 0.42% CuEQ*(0.31% Cu, 0.017% Mo, 0.08 g/t Au and 1.8 g/t Ag) from 8.6 m

    • Including 57 m of 0.68% CuEQ (0.50% Cu, 0.027% Mo, 0.13 g/t Au and 2.0 g/t Ag) from 243 m

    Within 557 m of 0.36% CuEQ (0.25% Cu, 0.018% Mo, 0.06 g/t Au and 1.4 g/t Ag) from 8.6 m

    * Copper equivalent (CuEQ) calculations use metal prices of: Cu US$4.00/lb, Mo US$15.00/lb, Au US$1,800.00/oz, Ag US$24.00/oz and and conceptual recoveries of: Cu 85%, Mo 82%, Au 72% and 67% Ag.

    Hole DK22010 was collared 200 m east of DK22009, which intercepted 126 m of 0.52% CuEQ* (0.38% Cu, 0.024% Mo, 0.08 g/t Au and 1.8 g/t Ag) within 542 m of 0.33% CuEQ (0.24% Cu, 0.016% Mo, 0.04 g/t Au and 1.2 g/t Ag) (see January 26, 2023 news release). It also encountered significant Cu-Mo-Au-Ag mineralization from the bedrock surface to the bottom of hole including several sub-intervals of higher grade (Table 1). Importantly, DK22010 continues to extend the deposit to the east and to depth.

    Figures 1 and 2 show the location of hole DK22010 in relation to previous Amarc drill holes, including DK17001 and DK17002 to the west, and DK18006 and DK18007 to the east, listed as “1”, “2”, “6” and “7”, respectively, on the figures. The latter holes are further described in Amarc’s December 19, 2017 and June 12, 2018 news releases.

    Figure 1: DUKE Deposit DK22010: Confirms Scale and Depth Potential with Mineralization Open in All DirectionsJunior Mining Network

    Figure 2: DUKE Deposit IP Chargeability Anomaly Indicates a Significant Mineralized SystemJunior Mining Network

    Table 1: Drill Hole DK22010 Assay Results










    Drill Hole ID1

    Azim (°)

    Dip (°)

    EOH (m)

    Incl.

    From (m)

    To (m)

    Int.2,3,4 (m)

    CuEQ5 (%)

    Cu (%)

    Mo (%)

    Au (g/t)

    Ag (g/t)

    DK220106

    0

    -90

    566

    		  

    8.63

    566.00

    557.37

    0.36

    0.25

    0.018

    0.06

    1.4
           

    Incl

    8.63

    317.56

    308.93

    0.42

    0.31

    0.017

    0.08

    1.8
           

    And

    101.00

    317.56

    216.56

    0.45

    0.33

    0.018

    0.08

    1.5
           

    And

    185.00

    206.00

    21.00

    0.48

    0.38

    0.012

    0.08

    1.6
           

    And

    243.45

    300.75

    57.30

    0.68

    0.50

    0.027

    0.13

    2.0
           

    Incl

    338.00

    368.00

    30.00

    0.49

    0.33

    0.030

    0.08

    1.3

    1. DK22010 is collared at UTM NAD83, Zone 9, Easting 679888, Northing 6125597.

    2. Widths reported are drill widths, such that true thicknesses are unknown.

    3. All assay intervals represent length-weighted averages.

    4. Some figures may not sum exactly due to rounding.

    5. Copper equivalent (CuEQ) calculations use metal prices of: Cu US$4.00/lb, Mo US$15.00/lb, Au US$1,800.00/oz, Ag US$24.00/oz and and conceptual recoveries of: Cu 85%, Mo 82%, Au 72% and 67% Ag. Conversion of metals to an equivalent copper grade based on these metal prices is relative to the copper price per unit mass factored by conceptual recoveries for those metals normalized to the conceptualized copper recovery. The metal equivalencies for each metal are added to the copper grade. The general formula for this is: CuEQ % = Cu% + (Au g/t * (Au recovery / Cu recovery) * (Au $ per oz/ 31.1034768) / (Cu $ per lb* 22.04623)) + (Ag g/t * (Ag recovery / Cu recovery) * (Ag $ per oz/ 31.1034768) / (Cu $ per lb* 22.04623)+ (Mo% * (Mo recovery / Cu recovery) * (Mo $ per lb / Cu $ per lb)).

    About the DUKE District

    Amarc’s DUKE District is located 80 km northeast of Smithers within the Babine Region, one of BC’s most prolific porphyry Cu-Au belts. The Babine Region hosts the former Bell and Granisle Cu-Au mines that were operated by Noranda Mines, and the advanced stage Morrison Cu-Au deposit. Significant infrastructure exists in the region servicing the former mines and the very active forestry and exploration industries.

    Central to Amarc’s extensive mineral tenure is the DUKE Deposit discovery, located 30 km north of the former Bell Mine. Although explored historically, the extensive porphyry Cu system at the DUKE discovery has not been delineated or drilled off. Many of the 21 historical shallow and closely-spaced core holes intersected and ended in significant Cu-Mo-Au-Ag mineralization. These holes were restricted to a small portion of a robust, 4.7 km 2 IP chargeability anomaly indicating a large sulphide mineralized system. Amarc completed initial drilling at the DUKE Deposit in 2017 and 2018. Seven of the eight core holes drilled over an area measuring approximately 400 m north-south by 600 m east-west (see December 19, 2017 and June 12, 2018 news releases) successfully intersected porphyry copper-style mineralization to a vertical depth of 360 m. This mineralization remains wide open to expansion. The eighth hole was drilled off a road one kilometre to the north and within the sulphide mineral system; it intersected similar copper-molybdenum-silver-gold porphyry mineralization.

    Amarc has also completed a comprehensive compilation of government and historical data over the entire DUKE District. This detailed scientific work provided a new interpretation of the geological, geochemical and geophysical characteristics of the Babine belt, and identified 12 previously unrecognized porphyry Cu deposit targets with exciting potential (see May 6, 2020 news release). Drilling and additional surface programs testing these compelling deposit targets across the DUKE District are planned for later in 2023.

    In November 2022, Amarc entered into a Mineral Property Earn-In Agreement (the “EIA”) with Boliden Mineral Canada Ltd. (“Boliden”), an entity within the Boliden Group of companies (see Amarc release November 22, 2022). Under the terms of the Agreement, Boliden has a two-staged option to earn up to a 70% interest in the DUKE District by funding $90 million exploration and development expenditures. Boliden has committed to invest $5 million, with an expected investment of a further $5 million (total $10 million) during 2023.

    Further information on the historical and Amarc’s modern exploration activities in the DUKE District, are described in the Company’s DUKE Project 2020 Technical Report available on its website at https://amarcresources.com/projects/duke-project/technical-report/ .

    About Amarc Resources

    Amarc is a mineral exploration and development company with an experienced and successful management team focused on developing a new generation of long-life, high-value porphyry Cu-Au mines in BC. By combining high-demand projects with dynamic management, Amarc has created a solid platform to create value from its exploration and development-stage assets.

    Amarc is advancing its 100%-owned IKE, DUKE and JOY porphyry Cu±Au districts located in different prolific porphyry regions of southern, central and northern BC, respectively. Each district represents significant potential for the development of multiple and important-scale, porphyry Cu±Au deposits. Importantly each of the three districts is located in proximity to industrial infrastructure – including power, highways and rail.

    Amarc is associated with HDI, a diversified, global mining company with a 35-year history of porphyry Cu deposit discovery and development success. Previous and current HDI projects include some of BC’s and the world’s most important porphyry deposits – such as Pebble, Mount Milligan, Southern Star, Kemess South, Kemess North, Gibraltar, Prosperity, Xietongmen, Newtongmen, Florence, Casino, Sisson, Maggie, IKE, PINE and DUKE. From its head office in Vancouver, Canada, HDI applies its unique strengths and capabilities to acquire, develop, operate and monetize mineral projects.

    Amarc works closely with local governments, Indigenous groups and stakeholders in order to advance its mineral projects responsibly, and in a manner that contributes to sustainable community and economic development. We pursue early and meaningful engagement to ensure our mineral exploration and development activities are well coordinated and broadly supported, address local priorities and concerns, and optimize opportunities for collaboration. In particular, we seek to establish mutually beneficial partnerships with Indigenous groups within whose traditional territories our projects are located, through the provision of jobs, training programs, contract opportunities, capacity funding agreements and sponsorship of community events. All Amarc work programs are carefully planned to achieve high levels of environmental and social performance.

    Qualified Person

    Dr. Roy Greig, P.Geo, a Qualified Person as defined by National Instrument 43-101, has read and approved all technical and scientific information related to the Duke Project contained in this news release. Dr. Greig is Amarc’s Vice President, Exploration.

    Quality Control/Quality Assurance Program

    Amarc drilled NQ size core in 2022. All drill core was logged, photographed, and cut in half with a diamond saw. Half core samples from DUKE were sent to ALS Canada Ltd., North Vancouver, Canada, an ISO/IEC 17025:2017 accredited facility, for preparation and analysis. At the laboratory, samples were dried, crushed to 70% passing -2mm, and a 250 g split pulverized to better than 85% passing 75 microns. Samples were analyzed for Au by fire assay fusion of a 30 g sub-sample with an ICP-AES finish, and for 60 elements including Cu, Mo and Ag by a four-acid digestion, multi-element ICP-MS package. As part of a comprehensive Quality Assurance/Quality Control (“QAQC”) program, Amarc control samples were inserted in each analytical batch at the following rates: standards one in 20 regular samples, in-line replicates one in 20 regular samples and one coarse blank per hole. The control sample results were then checked to ensure proper QAQC.

    For further details on Amarc Resources Ltd., please visit the Company’s website at www.amarcresources.com or contact Dr. Diane Nicolson, President and CEO, at (604) 684-6365 or within North America at 1-800-667-2114, or Kin Communications, at (604) 684-6730, Email: This email address is being protected from spambots. You need JavaScript enabled to view it. .

    ON BEHALF OF THE BOARD OF DIRECTORS OF AMARC RESOURCES LTD.
    Dr. Diane Nicolson
    President and CEO

    Neither the TSX Venture Exchange nor any other regulatory authority accepts responsibility for the adequacy or accuracy of this release.

    Forward-Looking and other Cautionary Information

    This news release includes certain statements that may be deemed “forward-looking statements”. All such statements, other than statements of historical facts that address exploration plans and plans for enhanced relationships are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Assumptions used by the Company to develop forward-looking statements include the following: Amarc’s projects will obtain all required environmental and other permits and all land use and other licenses, studies and exploration of Amarc’s projects will continue to be positive, and no geological or technical problems will occur. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, potential environmental issues or liabilities associated with exploration, development and mining activities, exploitation and exploration successes, continuity of mineralization, uncertainties related to the ability to obtain necessary permits, licenses and tenure and delays due to third party opposition, changes in and the effect of government policies regarding mining and natural resource exploration and exploitation, exploration and development of properties located within Aboriginal groups asserted territories may affect or be perceived to affect asserted aboriginal rights and title, which may cause permitting delays or opposition by Aboriginal groups, continued availability of capital and financing, and general economic, market or business conditions, as well as risks relating to the uncertainties with respect to the effects of COVID-19. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. For more information on Amarc Resources Ltd., investors should review Amarc’s annual Form 20-F filing with the United States Securities and Exchange Commission at www.sec.gov and its home jurisdiction filings that are available at www.sedar.com .

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  • Amarc’s Extensive Surface Surveys Identify and Expand Porphyry Copper-Gold Deposit Drill Targets across the Joy Copper-Gold District

    Amarc’s Extensive Surface Surveys Identify and Expand Porphyry Copper-Gold Deposit Drill Targets across the Joy Copper-Gold District

    2023-01-23 05:49:00

    VANCOUVER, BC / ACCESSWIRE / January 23, 2023 / Amarc Resources Ltd. (“Amarc” or the “Company”) (TSX-V:AHR) (OTCQB:AXREF) is pleased to announce the identification of new, and the expansion of known, porphyry copper-gold (“Cu-Au”) deposit drill targets across its 482 km2, 100%-owned JOY District (or “JOY”), in north-central British Columbia (“BC”). These targets are defined based on the integration of comprehensive geophysical, geochemical and geological field survey work, combined with extensive historical survey results completed by past operators. Over the past two years, Freeport-McMoRan Mineral Properties Canada Inc. (“Freeport”), which is earning-in at JOY, has invested approximately $20 million towards advancing the exploration program (see Amarc release October 11, 2022). Amarc is operator of the project.

    Amarc continues to receive incoming drill assay results from the laboratory for 37 core holes (15,427 m) completed in 2022. It is expected all drill results will be received and compiled over the next few weeks and reported as soon as possible.

    “Our systematic surface survey results from 2022 have continued to identify significant new porphyry copper-gold deposit targets across JOY that have not yet been drill tested, while further refining existing deposit targets along major structural trends,” said Dr. Diane Nicolson Amarc President and CEO. “We believe there is a real opportunity to make multiple, important scale copper-gold deposit discoveries, as we work with Freeport to progress these targets and fully develop the District.”

    IP Geophysical Surveys

    Integration of 56.3 new line-km of Induced Polarization (“IP”) ground geophysical surveys from 2022 with the 154 line-km previously completed by Amarc, and the approximately 150 line-km completed historically by Gold Fields Limited continues to discover and expand clusters of large sulphide-bearing hydrothermal systems. These systems host or have significant potential to host porphyry Cu-Au systems, and are principally aligned along a 12.5 km northeast trending corridor. This corridor includes the PINE mineral system which measures 6 km2 and is host to the PINE Deposit (see Amarc release March 7, 2022), and the Canyon (5 km2), Twins (7 km2) and SWT (3 km2) deposit targets (Figure 1). This trend is similar to the northeast trend of the Nugget, Kemess North, Kemess Underground and Kemess East Cu-Au porphyry deposits in the Kemess Mining District, which is located adjacent to the south of the JOY tenure and held by Centerra Gold Inc.

    Figure 1: JOY District – IP Surveys Outline Large Clustered Mineral SystemsJunior Mining Network

    In addition, a second prospective mineralized corridor is defined by a series of IP chargeability anomalies that extend north-northeast over approximately 6 km and remains open to expansion (Figure 1). The corridor includes the More MEX, North MEX, MEX and South MEX deposit targets (see Amarc’s JOY 2020 Technical Report as referenced below). The MEX deposit target is known to host porphyry Cu-Au mineralization, and all targets on this trend remain to be fully explored.

    Furthermore, the NW Gossan (>2.2 km2), South MEX (>1.9 km2) and SWT (3 km2) represent significant newly discovered sulphide systems which remain open to expansion.

    Soil Geochemistry Survey

    The 2022 soil geochemical survey (2,468 samples collected) has delineated encouraging new Cu-Au and multielement anomalies, which are in addition to those outlined by previous soils analyses by Amarc and historical operators (10,957 samples) across the JOY District (Figures 2 and 3). Collectively these multielement anomalies are characteristic of porphyry Cu-Au, transitional porphyry-epithermal and epithermal Au-Ag systems. Newly emerging geochemical anomalies include those at the NW Gossan, South MEX, Acapulco, WT, NWT and Jock deposit targets; these targets remain open to expansion and drill testing.

    Figure 2: JOY District – Extensive Cu-in-Soils AnomaliesJunior Mining Network

    Figure 3: JOY District – Widespread Strong Au-in Soils AnomaliesJunior Mining Network

    Developing Porphyry Cu-Au Deposit Targets

    Emerging and established, high-potential deposit scale targets at JOY occur in areas known or inferred to be underlain by highly prospective Middle Triassic to Lower Jurassic rocks of the Stikine Terrane, and are spatially associated with a significant regional Triassic-Jurassic unconformity (~200 Ma) age. This important geological environment extends throughout the well-endowed Golden Horseshoe Trend, including in the Golden Triangle and is host to world class Cu-Au deposits such as Galore Creek, Kerr-Sulphurets-Mitchell (KSM) and Red Chris. Geological work in 2022 has confirmed that the emerging NW Gossan, South MEX, SWT, WT, NWT and Jock deposit targets are optimally located within this geological environment.

    Notably, in addition to being located in a highly favorable geological environment, the emerging NW Gossan deposit target is characterized by a newly delineated 4 km2, Au-Cu-Mo-Ag-As-Pb-Se-Te-Bi soil geochemical anomaly. This geochemical signature is compatible with the peripheries of a porphyry Cu-Au(-Mo) system, and coincides with a new and substantial IP chargeability anomaly that remains open to expansion (Figures 1, 2 and 3). This new deposit target remains to be explored with additional surface surveys and has not been drill tested.

    Exploration Under Cover: Canyon and Twins Deposit Targets

    Some of the most significant deposit targets at JOY are in topographically subdued areas characterized by a relatively thin veneer (~2-40 m) of glacially transported overburden cover. In this environment both soils geochemical and geological expressions of potential concealed mineralization can be extremely muted and, as such, these largely covered targets have significant and previously underappreciated discovery upside potential. Located within a low-lying and gently undulating area of topography, the PINE Deposit, which is being systematically delineated by Amarc, notably has little or no soils geochemical signature directly overlying the Cu-Au mineralized porphyry body (Figures 2 and 3), the geochemical signature having been transported some 2 km down ice to the northeast. Similarly, the Canyon and Twins deposit targets are largely glacial overburden covered and have subdued soil geochemistry but have strong potential to host concealed porphyry Cu-Au deposits.

    At Canyon, limited initial scout drilling of this expansive sulphide system by Amarc in 2021 (JP21006: 27 m of 0.18% CuEQ1 with 0.06% Cu, 0.21 g/t Au) (see Amarc news release March 7, 2022) and historical operators (MEX12-013: 49 m of 0.16% CuEQ with 0.05% Cu, 0.20 g/t Au, and PIN09-15: 3 m of 11 g/t Au) intersected promising Cu-Au and Au-only mineralization compatible with the fringes of a potentially significant porphyry Cu-Au system.

    The 2022 IP survey at Twins extended its highly prospective chargeability anomaly to 7 km2, which remains open to further expansion to the east. A single scout drill hole completed by Amarc in 2021 (JP21004), the first ever drilled into the sizable Twins target, intersected 63 m of 0.18% CuEQ1 with 0.09% Cu, 0.15 g/t Au, 0.5 g/t Ag, including 39 m of 0.22% CuEQ1 with 0.11% Cu, 0.19 g/t Au, 0.6 g/t Ag, successfully discovering porphyry-type Cu-Au mineralization (see Amarc release March 7, 2022).

    1 Copper equivalent (CuEQ) calculations use metal prices of: Cu US$4.00/lb, Au US$1,800.00/oz, Ag US$24.00/oz and Mo US$15.00/lb and conceptual recoveries of: Cu 85%, Au 72%, 67% Ag and Mo 82%. The estimated metallurgical recoveries are conceptual in nature. There is no guarantee that the metallurgical testing required to determine metal recoveries will be done or, if done, the metallurgical recoveries could be the same as the conceptual recoveries used to determine the CuEQ.

    About the JOY District

    Amarc’s 100%-owned JOY District is located on the northern extension of the prolific Kemess porphyry Cu-Au District, which includes the former Kemess South mine, the permitted and development-stage Kemess North underground deposit, and the advanced-stage Kemess East underground deposit – all currently held by Centerra Gold Inc. Through its association with Hunter Dickinson Inc., Amarc’s technical team was first to recognize the Kemess District’s true porphyry potential, acquiring Kemess North and Kemess South as early-stage prospects and advancing both to significant porphyry Cu-Au deposits. Kemess South was sold in 1996 on beneficial terms to a predecessor of Northgate Minerals, which brought that deposit into production.

    The JOY District is readily accessed via resource roads servicing the southern end of the Toodoggone region, including Centerra’s Kemess porphyry Cu-Au deposits and the historical Lawyers, Baker and Shasta epithermal precious metal mines now being redeveloped by Benchmark Metals Inc. and TDG Gold Corp, respectively.

    In May 2021, Amarc entered into a Mineral Property Earn-In Agreement (the “EIA”) with Freeport-McMoRan Mineral Properties Canada Inc. (“Freeport”), a wholly owned subsidiary of Freeport-McMoRan Inc. (see Amarc release May 12, 2021).

    In 2021, Freeport contributed $5.94 million to the Year 1 JOY exploration program and approximately $14 million in 2022 as its Year 2 spend (see Amarc releases November 15 and December 15, 2021).

    Further in-depth information on historical and contemporary exploration activities completed within the JOY District prior to 2021 can be found in the Company’s ‘JOY Project 2020 Technical Report’, filed under Amarc’s profile at www.sedar.com or located on its website at https://amarcresources.com/projects/joy-project/technical-report/.

    About Amarc Resources Ltd.

    Amarc is a mineral exploration and development company with an experienced and successful management team focused on developing a new generation of long-life, high-value porphyry Cu-Au mines in BC. By combining high-demand projects with dynamic management, Amarc has created a solid platform to create value from its exploration and development-stage assets.

    Amarc is advancing its 100%-owned IKE, DUKE and JOY porphyry Cu±Au districts located in different prolific porphyry regions of southern, central and northern BC, respectively. Each district represents significant potential for the development of multiple and important-scale, porphyry Cu±Au deposits. Importantly, each of the three districts is located in proximity to industrial infrastructure – including power, highways and rail.

    Amarc is associated with HDI, a diversified, global mining company with a 35-year history of porphyry discovery and development success. Previous and current HDI projects include some of BC’s and the world’s most important porphyry deposits – such as Pebble, Mount Milligan, Southern Star, Kemess South, Kemess North, Gibraltar, Prosperity, Xietongmen, Newtongmen, Florence, Casino, Sisson, Maggie, IKE, PINE and DUKE. From its head office in Vancouver, Canada, HDI applies its unique strengths and capabilities to acquire, develop, operate and monetize mineral projects.

    Amarc works closely with local governments, Indigenous groups and stakeholders in order to advance its mineral projects responsibly, and in a manner that contributes to sustainable community and economic development. We pursue early and meaningful engagement to ensure our mineral exploration and development activities are well coordinated and broadly supported, address local priorities and concerns, and optimize opportunities for collaboration. In particular, we seek to establish mutually beneficial partnerships with Indigenous groups within whose traditional territories our projects are located, through the provision of jobs, training programs, contract opportunities, capacity funding agreements and sponsorship of community events. All Amarc work programs are carefully planned to achieve high levels of environmental and social performance.

    Qualified Person as Defined Under National Instrument 43-101

    Dr. Roy Greig, P.Geo., a Qualified Person as defined under National Instrument 43-101, has reviewed and approved the technical content in this release.

    Quality Control/Quality Assurance Program

    Soil samples were sent to Activation Laboratories Ltd. (Actlabs), Kamloops, Canada facility for preparation and analysis. At Actlabs Kamloops, samples were dried at 60°C and sieved to -177 μm (-80 mesh). The -80 mesh fraction for all sample was analyzed for Au at Actlabs Kamloops by fire assay fusion of a 30 g sub-sample with an ICP-OES finish. All samples were also analyzed by multi-element ICP methods. Samples on soil lines in new exploration areas were analyzed for Cu, Ag and 58 additional elements by 4 acid digestion of a 0.25 sub-sample followed by an ICP-OES and ICP-MS finish. Approximately 7% of the samples were taken on extensions of earlier grids. These samples were analyzed for Cu, Au, Ag and 60 additional elements by Aqua Regia digestion of a 0.5 g sample followed by an ICP-MS finish to match the analytical method employed on these grids. All multi-element ICP analysis was done at the Actlabs Ancaster Ontario facility. Both Actlabs facilities are ISO/IEC 17025 accredited. As part of a comprehensive Quality Assurance/Quality Control (“QAQC”) program, Amarc control samples were inserted in each soil sample analytical batch at the following rates: standards and/or blanks one in 80 regular samples. The control sample results were then checked to ensure proper QAQC.

    For further details on Amarc Resources Ltd., please visit the Company’s website at www.amarcresources.com or contact Dr. Diane Nicolson, President and CEO, at (604) 684-6365 or within North America at 1-800-667-2114, or Kin Communications, at (604) 684-6730, Email: This email address is being protected from spambots. You need JavaScript enabled to view it..

    ON BEHALF OF THE BOARD OF DIRECTORS OF AMARC RESOURCES LTD.

    Dr. Diane Nicolson
    President and CEO

    Neither the TSX Venture Exchange nor any other regulatory authority accepts responsibility for the adequacy or accuracy of this release.

    Forward Looking and other Cautionary Information

    This news release includes certain statements that may be deemed “forward-looking statements”. All such statements, other than statements of historical facts that address exploration plans and plans for enhanced relationships are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Assumptions used by the Company to develop forward-looking statements include the following: Amarc’s projects will obtain all required environmental and other permits and all land use and other licenses, studies and exploration of Amarc’s projects will continue to be positive, and no geological or technical problems will occur. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, potential environmental issues or liabilities associated with exploration, development and mining activities, exploitation and exploration successes, continuity of mineralization, uncertainties related to the ability to obtain necessary permits, licenses and tenure and delays due to third party opposition, changes in and the effect of government policies regarding mining and natural resource exploration and exploitation, exploration and development of properties located within Aboriginal groups asserted territories may affect or be perceived to affect asserted aboriginal rights and title, which may cause permitting delays or opposition by Aboriginal groups, continued availability of capital and financing, and general economic, market or business conditions, as well as risks relating to the uncertainties with respect to the effects of COVID-19. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. For more information on Amarc Resources Ltd., investors should review Amarc’s annual Form 20-F filing with the United States Securities and Exchange Commission at www.sec.gov and its home jurisdiction filings that are available at www.sedar.com.

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  • Gold Terra Resource Starts Winter Drilling Program on Con Mine Option Property to Expand Current Mineral Resources

    Gold Terra Resource Starts Winter Drilling Program on Con Mine Option Property to Expand Current Mineral Resources

    2023-01-18 06:08:11

    VANCOUVER, BC / ACCESSWIRE / January 18, 2023 / Gold Terra Resource Corp. (TSXV:YGT) (Frankfurt:TX0) (OTCQX:YGTFF) (“Gold Terra” or the “Company”) is pleased to announce the start of an 8,000-metre winter drilling program on the Con Mine Option (“CMO”) Property in Yellowknife, NWT. The CMO property is under option from subsidiaries of Newmont Corporation and is acquirable by the Company upon fulfillment of certain conditions set out in the CMO agreement, as reported in the Company’s news release dated November 22, 2021.

    The initial drilling program will consist of 20 holes drilled from surface to a depth of -600 metres over a 2-kilometre stretch with the objective of expanding the September 2022 initial Mineral Resource Estimate (“MRE”) (see September 7, 2022 press release) along the Campbell Shear south of the Con Mine. In addition, preparations are underway to move in a second drill which is capable of drilling 2,500 metre holes to test the depth extension of mineralization below the former Con Mine.

    Chairman and CEO, Gerald Panneton, commented, “This winter drilling program will continue to focus on expanding the current near surface mineral resources on the CMO on where the initial MRE was based on. At the same time, we are planning, to drill the down plunge extension of the Con Mine deposit below -1,900 metres as we strongly believe there is significant additional high-grade potential. The current MRE remains open in all directions along the prolific 6-kilometre-long Campbell Shear structure from which the Con Mine produced more than 5 million ounces of high-grade gold (16 g/t Au) on 2 kilometres of strike length alone. Our goal is to advance the project towards an economic study and bring further value to our shareholders.”

    Drilling Program on the Yellorex North, Yellorex and Kam Point deposits

    The focus of the winter drilling program is to expand the current mineral resource estimate with targets being shown in Figure 1 below.

    All these targets are located along the Campbell Shear structure between surface and -500 meters depth with the exception of one hole which will test the depth of the Yellorex Main deposit where most of the initial MRE is located.

    The drilling program will start on the Yellorex North target this week, with the first seven (7) holes drilled near surface representing the best underexplored target of the area. The target area is very close to existing underground mining infrastructure and tested only by one hole in 2022 (GTCM22-039).

    Junior Mining NetworkFigure 1 – Drilling areas

    Deep Drilling Program below the Con Mine

    The objective is to drill two holes targeting high-grade gold shoots beneath the Con Mine workings as shown in Figure 2:

    Junior Mining NetworkFigure 2 – Deep drilling target on Con Mine

    2022 Key Achievements

    • The Company announced an initial MRE of an underground Indicated 0.82 million tonnes averaging 7.55 g/t for 109,000 ounces of contained gold and an underground Inferred of 2.0 million tonnes averaging 6.74 g/t for 432,000 ounces of contained gold (See Sept 7, 2022 press release for full details). The October 21, 2022 technical report, titled “Initial Mineral Resource Estimate for the CMO Property, Yellowknife City Gold Project, Yellowknife, Northwest Territories, Canada” with an effective date of September 2, 2022 can be found on the Company’s website at https://www.goldterracorp.com and on SEDAR at www.sedar.com.

    • The initial CMO mineral resources was delineated at a discovery cost of $12 per oumce.

    • On November 21, 2022, the Company completed a non-brokered private placement for gross proceeds of $3.8 million. This financing is allowing the Company to have a substantial winter drilling program on the CMO Property.

    Qualified Persons

    Joe Campbell, P. Geo., Senior Geological Advisorfor Gold Terra is a Qualified Person within the meaning of NI 43-101 and has reviewed and approved the technical information contained in this news release.

    About Gold Terra

    The YCG project encompasses 800 sq. km of contiguous land immediately north, south and east of the City of Yellowknife in the Northwest Territories. Through a series of acquisitions, Gold Terra controls one of the six major high-grade gold camps in Canada. Being within 10 kilometers of the City of Yellowknife, the YCG is close to vital infrastructure, including all-season roads, air transportation, service providers, hydro-electric power, and skilled tradespeople. Gold Terra is currently focusing its drilling on the prolific Campbell Shear, where 14 Moz of gold has been produced, and most recently on the Con Mine Option claims immediately south of the past producing Con Mine (1938-2003).

    The YCG and CMO property lie on the prolific Yellowknife greenstone belt, covering nearly 70 kilometers of strike length along the main mineralized shear system that host the former-producing high-grade Con and Giant gold mines. The Company’s exploration programs have successfully identified significant zones of gold mineralization and multiple targets that remain to be tested which reinforces the Company’s objective of re-establishing Yellowknife as one of the premier gold mining districts in Canada.

    Visit our website at www.goldterracorp.com.
    For more information, please contact:

    Gerald Panneton, Chairman & CEO
    This email address is being protected from spambots. You need JavaScript enabled to view it.

    Mara Strazdins, Manager of Investor Relations
    Phone: 1-778-897-1590 | 604-689-1749 ext 102
    This email address is being protected from spambots. You need JavaScript enabled to view it.

    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.

    Information Concerning Estimates of Mineral Resources

    Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. Therefore, investors are cautioned not to assume that all or any part of an Inferred Mineral Resource could ever be mined economically. It cannot be assumed that all or any part of “Measured Mineral Resources,” “Indicated Mineral Resources,” or “Inferred Mineral Resources” will ever be upgraded to a higher category. The Mineral Resource estimates contained herein may be subject to legal, political, environmental or other risks that could materially affect the potential development of such mineral resources. Refer to the Technical Report, once filed, for more information with respect to the key assumptions, parameters, methods and risks of determination associated with the foregoing.

    Cautionary Note to United States Investors

    The Company prepares its disclosure in accordance with the requirements of securities laws in effect in Canada, which differ from the requirements of U.S. securities laws. Terms relating to Mineral Resources in this news release are defined in accordance with NI 43-101 under the guidelines set out in CIM Definition Standards on Mineral Resources and Mineral Reserves, adopted by the Canadian Institute of Mining, Metallurgy and Petroleum Council on May 19, 2014, as amended (“CIM Standards”). The U.S. Securities and Exchange Commission (the “SEC”) has adopted amendments effective February 25, 2019 (the “SEC Modernization Rules”) to its disclosure rules to modernize the mineral property disclosure requirements for issuers whose securities are registered with the SEC under the U.S. Securities Exchange Act of 1934. As a result of the adoption of the SEC Modernization Rules, the SEC will now recognize estimates of “Measured Mineral Resources”, “Indicated Mineral Resources” and “Inferred Mineral Resources”, which are defined in substantially similar terms to the corresponding CIM Standards. In addition, the SEC has amended its definitions of “Proven Mineral Reserves” and “Probable Mineral Reserves” to be substantially similar to the corresponding CIM Standards.

    U.S. investors are cautioned that while the foregoing terms are “substantially similar” to corresponding definitions under the CIM Standards, there are differences in the definitions under the SEC Modernization Rules and the CIM Standards. Accordingly, there is no assurance any Mineral Resources that the Company may report as “Measured Mineral Resources”, “Indicated Mineral Resources” and “Inferred Mineral Resources” under NI 43-101 would be the same had the Company prepared the Mineral Resource estimates under the standards adopted under the SEC Modernization Rules. In accordance with Canadian securities laws, estimates of “Inferred Mineral Resources” cannot form the basis of feasibility or other economic studies, except in limited circumstances where permitted under NI 43-101.

    Cautionary Note Regarding Forward-Looking Information

    Certain statements made and information contained in this news release constitute “forward-looking information” within the meaning of applicable securities legislation (“forward-looking information“). Generally, this forward-looking information can, but not always, be identified by use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or statements that certain actions, events, conditions or results “will”, “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved” or the negative connotations thereof.

    All statements other than statements of historical fact may be forward-looking information. Forward-looking information is necessarily based on estimates and assumptions that are inherently subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information. In particular, this news release contains forward-looking information regarding the current drilling on the Campbell Shear, potentially adding ounces to the Company’s current YCG mineral resource, and the Company’s objective of re-establishing Yellowknife as one of the premier gold mining districts in Canada.

    There can be no assurance that such statements will prove to be accurate, as the Company’s actual results and future events could differ materially from those anticipated in this forward-looking information as a result of the factors discussed in the “Risk Factors” section in the Company’s most recent MD&A and annual information form available under the Company’s profile at www.sedar.com.

    Although the Company has attempted to identify important factors that would cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. The forward-looking information contained in this news release is based on information available to the Company as of the date of this news release. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. All of the forward-looking information contained in this news release is qualified by these cautionary statements. Readers are cautioned not to place undue reliance on forward-looking information due to the inherent uncertainty thereof. Except as required under applicable securities legislation and regulations applicable to the Company, the Company does not intend, and does not assume any obligation, to update this forward-looking information.

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  • Hanna to Expand Exploration Activities in Africa

    Hanna to Expand Exploration Activities in Africa

    2022-12-09 09:27:28

    TORONTO, Dec. 09, 2022 (GLOBE NEWSWIRE) — Hanna Capital Corp. (the “Corporation”) (TSX Venture Exchange: HCC) (Frankfurt: 04U1), a publicly traded company focused on base metals is pleased to announce that it plans to increase its exploration activities in Africa. The Corporation will focus its attention to properties that show potential for gems, diamonds, gold, copper, cobalt, and lithium. The geological environments for these sorts of properties include paleo-alluvial, syn-sedimentary and pegmatoidal intrusives. Specific attention will be directed towards the extraction of the mineral wealth by applying fundamental geo-scientific principles.

    The mineral discovery process to be embarked on by the Corporation will be achieved by providing the means to simultaneously assess the geological, mining, processing and economical potential of immature mining and exploration projects. This process is further enhanced by understanding the mode of emplacement and the reconstruction of the geological history. The skills deployed will include the coordination of legal, ESG, GIS, remote sensing, mining, process engineering, mine economics and the financing of under-developed small to medium scale mines (S to MSM).

    The Corporation intends to initiate its strategy in December 2022, which will be closely followed by the start-up phase in Q1 of 2023. The program will be run by veteran geological teams assisted by experience African-based business developers and ESG experts. The target countries include Zambia, DRC, Namibia, South Africa, Mozambique, and Zimbabwe.

    Initially, the Corporation intends to achieve a presence in the Southern African region in terms of mineral development and intends to achieve a relationship between the owner and funder in the development of the mineral and mining process.

    The Corporation will invite participation into the project discovery process with the intention of:

    1. Providing the capacity to gain and understand the supporting market and thereby obtain seed funding for the preliminary investments.
    2. Providing an understanding of the target market and the ability to de-risk the projects.
    3. Implementing the building of the local and international capacity to assist in the maturation of the S to MSM in terms of the geo-scientific understanding the properties, and the funding of the projects.

    In addition, the Corporation announces that, further to its press release of September 28, 2022, the Corporation has received the approval of the TSX Venture Control for the amendment of the 10,000,000 common share purchase warrants (the “Warrants“) that were issued to subscribers as part of the Corporation’s private placement which closed on November 4, 2020.

    The exercise period of the Warrants was extended by two (2) years from October 23, 2022, to October 23, 2024. All other terms and conditions of the Warrants will remain unchanged.

    Corporation contact:

    John Gould
    Chief Executive Officer
    Tel: 416.945.6630
    This email address is being protected from spambots. You need JavaScript enabled to view it.

    Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.


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  • Green River Gold Continues to Expand Its Critical Minerals Discovery at the Quesnel Nickel Project Hitting 79 Meters of 20.1% Magnesium, 0.177% Nickel, 0.138% Chromium and 0.01% Cobalt

    Green River Gold Continues to Expand Its Critical Minerals Discovery at the Quesnel Nickel Project Hitting 79 Meters of 20.1% Magnesium, 0.177% Nickel, 0.138% Chromium and 0.01% Cobalt

    2022-12-08 05:35:57

    Edmonton, Alberta–(Newsfile Corp. – December 8, 2022) – Green River Gold Corp. (CSE: CCR) (OTC Pink: CCRRF) (the “Company” or “Green River“) is pleased to provide the following assay results and updated drilling results on Zone 2 of the Quesnel Nickel Project.

    The Company has received assay results for 9 of 17 shallow backpack drill holes drilled on Zone 2 of the Deep Purple magnetic anomaly. Green River has also received assay results for the first 2 of 4 deeper holes drilled with a Winkie drill on Zone 2 to date. Drilling continues and another 6 holes are planned to be drilled this Winter. The assay results received are presented in Table 1 below. XRF scan results for the two most recent drill holes are presented in Table 2. Assay results for those two most recently drilled deeper holes are pending.

    Table 1. Assaying Results from Lab
















    Hole Number Meters Drilled Nickel Average % Chromium Average % Cobalt Average % Magnesium Average %
    FCD-22-01 From 0 to 5.9 0.174 0.174 0.011 20.5
    FCD-22-02 From 0 to 2.0 0.191 0.252 0.011 21.8
    FCD-22-03 From 0 to 3.0 0.177 0.196 0.010 21.4
    FCD-22-04 From 0 to 5.3 0.174 0.190 0.010 19.3
    FCD-22-07 From 0 to 5.9 0.190 0.171 0.011 22.1
    FCD-22-12 From 0 to 3.9 0.180 0.215 0.010 21.0
    FCD-22-14 From 0 to 4.4 0.174 0.168 0.011 21.2
    FCD-22-16 From 0 to 7.0 0.188 0.195 0.011 21.5
    FCD-22-17 From 0 to 4.5 0.194 0.162 0.011 21.4
    WK-22-01 From 0 to 50,0 0.179 0.130 0.009 19.6
    WK-22-02 From 0 to 79.0 0.177 0.138 0.009 20.1
    Weighted
    Average    		 170.9 Total
    Meters    		 0.179 0.148 0.010 20.2

    Perry Little, President and CEO of Green River Gold Corp. comments “We are very pleased to see the continuation and consistency of the results in the deepest holes we have drilled so far on the Deep Purple magnetic anomaly. Every hole we have drilled on Zone 1 and now on Zone 2 has encountered nickel, chromium, cobalt and magnesium from surface. With the size of the Deep Purple target estimated at over 6 square kilometers, if the mineralized zone continues at depth, it could add up to significant tonnage. We are excited to continue with the exploration program.”

    XRF results for the two most recent drill holes are presented in Table 2. Assay results for the two most recently drilled deeper holes are pending. The drill core was delivered to the Company’s facility in Quesnel and was scanned with an XRF analyzer. Drill hole WK-22-03 was tested to a depth of 75.0 meters. The average nickel content from surface to the end of the hole is 0.2439%. Drill hole WK-22-06 was tested to a depth of 129.2 meters. From surface to 8.2 meters the Company drilled through glacial till until encountering bedrock. From 8.2 meters to the hole bottom, the average nickel content was 0.2093%. (Table 2)

    Table 2. Winkie Drill Hole XRF Results






    Hole Number Meters Drilled and Tested with XRF Scanner Nickel Average
    %    		 Chromium Average
    %
    WK-22-03 From 0 to 75.0 0.2439 0.1435
    WK-22-06 From 0 to 129.2 0.2093 0.1386

    Note: The XRF data is taken as point values and will not represent the true grade of the samples assayed. The elemental data is highly dependent on the location of which the beam intersects the rock. The device used to take the data points is an Olympus Vanta C Series handheld X-ray fluorescence (XRF) and produces a beam spot diameter of up to 3mm. It is designed to achieve laboratory-quality results in the field and provides rapid and accurate elemental analysis and testing.

    Zone 2 is located approximately 8 kilometers southeast of Zone 1 which was drilled by Green River in the Winter of 2021 and Spring of 2022. Both zones are large outcrops that are located within the Deep Purple magnetic anomaly consisting of nickel, chromium, cobalt, magnesium, and talc mineralization. The entire Deep Purple magnetic anomaly has a linear length of 14 kilometers with an approximate area of 6.63 square kilometers (Figure 1).

    Junior Mining NetworkFigure 1. Zone 1 and Zone 2 on The Deep Purple Target

    Hole WK-22-03 was drilled vertically from the same drill collar as hole WK-22-02. The drill core from WK-22-03 has been sent to Base Metallurgical Laboratory in Kamloops for a scoping level metallurgical analysis involving hardness and grindability and to assess the metallurgical performance of samples using conventional flotation processes. The data will be used to help guide the selection of metallurgical testing to develop a viable recovery process.

    Nickel on the property is hosted in ultramafic rocks, mainly black phaneritic peridotite, belonging to the Slide Mountain Terrane (Crooked Amphibolite). The peridotite exhibits intense serpentine alteration and strong brecciation. Sulfides in the core are made up of disseminated pyrite, pyrrhotite, and pentlandite. The Slide Mountain Terrane overlies metasediments (limestone and sandstone) belonging to the Ramos Succession of the Barkerville Terrane. The Ramos Succession of the Barkerville Terrane was intersected at 75.0 meters in hole WK-22-03. Hole WK-22-06 was drilled on the east side of the drilling pattern, with a -60 degree dip for 129.2 meters. Hole WK-22-06 did not intersect the Ramos Succession.

    Junior Mining NetworkFigure 2. Zone 2 Drill Hole Locations

    Quality Assurance, Quality Control

    An AQTK or 35.5 mm (1 3/8 in) diameter core barrel was used for the 2022 Winkie diamond drill program at the Quesnel Nickel and Talc Property. The drill stem dip and azimuth were orientated at each collar location by a qualified geologist prior to drilling. Core samples were generally selected between 0.5 and 1.5-meter intervals, depending on identified lithology and mineralization style. The core was cut in half with a diamond core saw, with half of the core placed in sample bags and the remaining half securely retained in core boxes at the Green River’s office in Quesnel. Standard samples and blanks (CDN-BL-10) were systematically inserted into each batch of samples at regular intervals. The standard samples include high-grade (CDN-ME-2001) and low-grade (CDN-PGMS-29) nickel samples purchased from CDN Resource Laboratories in Langley, British Columbia. The core samples placed in sealed bags were shipped directly to Activation Laboratories Ltd. (Actlabs) in Kamloops, British Columbia. The Actlabs preparation procedure included crushing the entire sample to 80% passing 2 millimeters, riffle splitting 250 grams, and pulverizing the split to 95% passing 105 micrometers. Base metal analyses are determined using the four-acid digestion method with an ICP-OES finish. Analytical results are verified with the application of industry-standard Quality Assurance and Quality Control (QA/QC) Procedures. Activation Laboratories Ltd. has an ISO 17025 certificate.

    Qualified Person

    Stephen P. Kocsis is the qualified person as defined by National Instrument 43-101 and he has reviewed and approved the technical information in this news release.

    About Green River Gold Corp.

    Green River Gold Corp. is a Canadian mineral exploration company focused on its wholly owned Fontaine Gold Project, Quesnel Nickel/Magnesium/Talc Project, and Kymar Silver Project which are located in renowned mining districts in British Columbia.

    The Fontaine and Quesnel properties straddle an 18 km length of the Barkerville and Quesnel Terranes and are contiguous to Osisko Development Corp.’s mineral claim group containing a proposed mine location at its Cariboo Gold Project.

    The Kymar Silver Project is located in southeast BC, approximately 28 kilometers west of the town of Invermere in the Golden Mining Division. The property is made up of two mineral tenures, totaling 1,625 hectares, along the southeast flank of Mount Catherine.

    For more information contact:

    Green River Gold Corp.
    Mr. Perry Little – President and Chief Executive Officer
    This email address is being protected from spambots. You need JavaScript enabled to view it.
    780-993-2193

    Additional information about Green River Gold Corp. can be found by reviewing its profile on SEDAR at www.sedar.com

    Forward Looking Information

    This release contains forward-looking information within the meaning of applicable Canadian securities legislation. Expressions such as “anticipates”, “expects”, “believes”, “estimates”, “could”, “intends”, “may”, “plans”, “predicts”, “projects”, “will”, “would” and other similar expressions, or the negative of these terms, are generally indicative of forward-looking information. Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those expressed or implied by such forward-looking information.

    In addition, the forward- looking information contained in this release is based upon what management believes to be reasonable assumptions. Readers are cautioned not to place undue reliance on forward-looking information as it is inherently uncertain, and no assurance can be given that the expectations reflected in such information will prove to be correct. The forward-looking information in this release is made as of the date hereof and, except as required under applicable securities legislation, the Company assumes no obligation to update or revise such information to reflect new events or circumstances.

    The securities of the Company have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This release is issued for informational purposes only and does not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of any securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

    The Canadian Securities Exchange (operated by CNSX Markets Inc.) has neither approved nor disapproved of the contents of this press release.

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  • Solaris Resources Reports 108m of 1.20% CuEq From Near Surface, Continues to Expand ‘Indicative Starter Pit’ at Warintza Central

    Solaris Resources Reports 108m of 1.20% CuEq From Near Surface, Continues to Expand ‘Indicative Starter Pit’ at Warintza Central

    2022-12-05 05:07:28

    VANCOUVER, British Columbia, Dec. 05, 2022 (GLOBE NEWSWIRE) — Solaris Resources Inc. (TSX: SLS; OTCQB: SLSSF) (“Solaris” or “the Company”) is pleased to report assay results from a series of holes aimed at growing the Northeast Extension of the ‘Indicative Starter Pit’ at its Warintza Project (“Warintza” or “the Project”) in southeastern Ecuador. Highlights are listed below, with a corresponding image in Figure 1 and detailed results in Tables 1-2.

    Highlights

    Resource expansion drilling continues to build on the Northeast Extension of the ‘Indicative Starter Pit’ which was estimated at 180 Mt at 0.82% CuEq¹ (Indicated) and 107 Mt at 0.73% CuEq¹ (Inferred) within the Warintza Mineral Resource Estimate² (“MRE”) based on drilling to the end of 2021. Follow-up drilling this year has significantly expanded the dimensions of the zone as a priority for high-impact growth with further drilling ongoing.

    • SLS-67 was collared at the north-central limit of Warintza Central and drilled southwest into a partially open volume, returning 108m of 1.20% CuEq¹ within a broader interval of 604m of 0.51% CuEq¹ from near surface

    • This hole expands on the area of high-grade near surface mineralization in combination with SLS-48 which was collared from the same platform but drilled south, returning 100m of 1.64% CuEq³ within a broader interval of 852m of 0.56% CuEq³ from near surface (refer to press release dated Feb 28, 2022)

    • SLS-68 was collared from the same platform as SLS-67 and drilled steeply to the northwest into an open volume, returning 72m of 1.00% CuEq¹ within a broader interval of 616m of 0.44% CuEq¹ from near surface, expanding this area of higher-grade mineralization from near surface

    • SLS-65 was collared from a recently constructed 250m step-out platform at the northeast limit of the Warintza Central grid and drilled northwest into a partially open volume, returning 286m of 0.55% CuEq¹ from near surface

    • Assays are pending from a series of holes from this new drill platform aimed at further expanding resource growth in the Northeast Extension zone, with additional extension and step-out drilling underway 

    Mr. Jorge Fierro, Vice President, Exploration, commented: “The Northeast Extension remains open to the north with assays pending from recently completed holes. Further extensional drilling is planned with a 200m step-out platform on the northeastern margin of the drill grid aimed at expanding the zone in this direction. We’re also expecting assays from the remaining holes drilled from the discovery platform at Warintza West outlining a mineralized porphyry with minimum dimensions of 900m x 600m and open outside the MRE for future resource drilling, and the next series of holes targeting the expansion of Warintza East.”

    Figure 1 – Plan View of Warintza Central Drilling Released to DateFigure 1 – Plan View of Warintza Central Drilling Released to Date

    Table 1 – Assay Results










    Hole ID Date Reported From (m) To (m) Interval (m) Cu (%) Mo (%) Au (g/t) CuEq¹ (%)
    SLS-68 Dec 5, 2022
    		 44 660 616 0.34 0.02 0.04 0.44
    Including 68 140 72 0.88 0.02 0.06 1.00
    SLS-67 42 646 604 0.40 0.02 0.05 0.51
    Including 42 150 108 1.06 0.03 0.09 1.20
    SLS-65 88 374 286 0.38 0.04 0.06 0.55
    Notes to table: True widths of the mineralized zone are not known at this time.

    Table 2 – Collar Location








    Hole ID Easting Northing Elevation (m) Depth (m) Azimuth (degrees) Dip (degrees)
    SLS-68 800178 9648285 1439 662 332 -85
    SLS-67 800178 9648285 1439 673 230 -76
    SLS-65 800347 9648415 1346 401 290 -70
    Notes to table: The coordinates are in WGS84 17S Datum.

    Endnotes

    1. Copper-equivalence for the Warintza Mineral Resource Estimate (“MRE”) and drill holes SLS-65, SLS-67 and SLS-68 calculated as: CuEq (%) = Cu (%) + 4.0476 × Mo (%) + 0.487 × Au (g/t), utilizing metal prices of US$3.50/lb Cu, US$15.00/lb Mo, and US$1,500/oz Au, and assumes recoveries of 90% Cu, 85% Mo, and 70% Au based on preliminary metallurgical test work. The ‘Indicative Starter Pit’ is based on the same assumptions as the MRE except utilized metal prices of US$1.00/lb Cu, US$7.50/lb Mo, and US$750/oz Au. No economic analysis has been completed by the Company and there is no guarantee an ‘Indicative Starter Pit’ will be realized or prove to be economic.

    2. Refer to Solaris’ technical report titled, “NI 43-101 Technical Report for the Warintza Project, Ecuador” with an effective date of April 1, 2022, prepared by Mario E. Rossi and filed on the Company’s SEDAR profile at www.sedar.com.

    3. Copper-equivalence calculated as: CuEq (%) = Cu (%) + 3.33 × Mo (%) + 0.73 × Au (g/t), utilizing metal prices of US$3.00/lb Cu, US$10.00/lb Mo, and US$1,500/oz Au. No adjustments were made for recovery prior to the updated MRE, as the metallurgical data to allow for estimation of recoveries was not yet available. Solaris defined CuEq for reporting purposes only.

    Technical Information and Quality Control & Quality Assurance

    Sample assay results have been independently monitored through a quality control/quality assurance (“QA/QC”) program that includes the insertion of blind certified reference materials (standards), blanks and field duplicate samples. Logging and sampling are completed at a secured Company facility located in Quito, Ecuador. Drill core is cut in half on site and samples are securely transported to ALS Labs in Quito. Sample pulps are sent to ALS Labs in Lima, Peru and Vancouver, Canada for analysis. Total copper and molybdenum contents are determined by four-acid digestion with AAS finish. Gold is determined by fire assay of a 30-gram charge. In addition, selected pulp check samples are sent to Bureau Veritas lab in Lima, Peru. Both ALS Labs and Bureau Veritas lab are independent of Solaris. Solaris is not aware of any drilling, sampling, recovery or other factors that could materially affect the accuracy or reliability of the data referred to herein. The drillhole data has been verified by Jorge Fierro, M.Sc., DIC, PG, using data validation and quality assurance procedures under high industry standards.

    Qualified Person

    The scientific and technical content of this press release has been reviewed and approved by Jorge Fierro, M.Sc., DIC, PG, Vice President Exploration of Solaris who is a “Qualified Person” as defined in National Instrument 43-101 Standards of Disclosure for Mineral Projects.  Jorge Fierro is a Registered Professional Geologist through the SME (registered member #4279075).

    On behalf of the Board of Solaris Resources Inc.

    “Daniel Earle”
    President & CEO, Director

    For Further Information

    Jacqueline Wagenaar, VP Investor Relations
    Direct: 416-366-5678 Ext. 203
    Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

    About Solaris Resources Inc.

    Solaris is a multi-asset exploration company, advancing a portfolio of copper and gold assets in the Americas, which includes: its primary focus, a world class large-scale resource with expansion and discovery potential at the Warintza Project in Ecuador; discovery potential at its Ricardo Project and optioned and owned grass-roots Tamarugo Project in Chile; discovery potential at its Capricho and Paco Orco projects in Peru; and significant leverage to increasing copper prices through its 60% interest in the La Verde joint-venture project with a subsidiary of Teck Resources in Mexico.

    Cautionary Notes and Forward-looking Statements

    This document contains certain forward-looking information and forward-looking statements within the meaning of applicable securities legislation (collectively “forward-looking statements”). The use of the words “will” and “expected” and similar expressions are intended to identify forward-looking statements. These statements include statements that resource expansion drilling continues to build on the Northeast Extension of the ‘Indicative Starter Pit’ which was estimated at 180 Mt at 0.82% CuEq¹ (Indicated) and 107 Mt at 0.73% CuEq¹ (Inferred) within the Warintza Mineral Resource Estimate² (“MRE”) based on drilling to the end of 2021, follow-up drilling this year has significantly expanded the dimensions of the zone as a priority for high-impact growth with further drilling ongoing, assays are pending from a series of holes from this new drill platform aimed at further expanding resource growth in the Northeast Extension zone, with additional extension and step-out drilling underway, the Northeast Extension remains open to the north with assays pending from recently completed holes and that further extensional drilling is planned with a 200m step-out platform on the northeastern margin of the drill grid aimed at expanding the zone in this direction, and that assays are expected from the remaining holes drilled from the discovery platform at Warintza West outlining a mineralized porphyry with minimum dimensions of 900m x 600m and open outside the MRE for future resource drilling, and the next series of holes targeting the expansion of Warintza East. Although Solaris believes that the expectations reflected in such forward-looking statements and/or information are reasonable, readers are cautioned that actual results may vary from the forward-looking statements. These statements are based on a variety of assumptions including assumptions made about the Company’s ability to advance exploration efforts at the Warintza Project; the results of such exploration efforts; and the Company’s ability to achieve its growth objectives. These statements also involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements, including the risks, uncertainties and other factors identified in the Solaris Management’s Discussion and Analysis for the year ended December 31, 2021 available at www.sedar.com. Furthermore, the forward-looking statements contained in this news release are made as at the date of this news release and Solaris does not undertake any obligation to publicly update or revise any of these forward-looking statements except as may be required by applicable securities laws.

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  • Luminex Resources Continues to Expand Cuyes West High-Grade Underground Mineralization; 7.0 Metres of 12.2 g/t Au Eq

    Luminex Resources Continues to Expand Cuyes West High-Grade Underground Mineralization; 7.0 Metres of 12.2 g/t Au Eq

    2022-12-05 04:33:34

    Cuyes West Drilling Highlights:

    • CU22-06 – 7.0 metres of 12.18 g/t Au Eq

    • CU22-09 – 3.0 metres of 11.80 g/t Au Eq

    • CU22-12– 50 metre down dip step-out below CU22-05 (5.0 metres of 30.47 g/t Au Eq): 7.0 metre interval with visually similar characteristics

    VANCOUVER, BC, Dec. 5, 2022 /CNW/ – Luminex Resources Corp. (TSXV: LR) (OTCQX: LUMIF) (the “Company” or “Luminex”) is pleased to announce drill results from four holes at the Cuyes West structure and from three holes at the Ruiz structure. At Cuyes West, the current drilling has confirmed the strike length of the structure is in excess of 300 metres, and it has been mapped at surface for more than 500 metres. The drill intersection in hole CU22-12, the deepest so far, indicates that it has a vertical extent of at least 250 metres. The western edge of the Cuyes West structure is approximately 300 metres from the Camp deposit.

    Marshall Koval, CEO and Director commented: “We are extremely pleased with the results coming in from our step-out drilling at Cuyes West. The mineralized structure is taking shape after the positive results from the first nine holes. The six additional pending holes, including the visual core logging on hole CU22-12 has the geological team optimistic about future success at Cuyes West. Outside of Cuyes West, we also have five holes pending at Camp. The team has planned a 2023 drill program to continue expanding Cuyes West and Camp. Given that the 2021 PEA did not include the Cuyes West discovery, the team looks forward to seeing its impact.”

    Hole CU22-06 intersected 7.0 metres from 225 metres down hole grading 11.88 g/t gold and 25.4 g/t silver (12.18 g/t Au Eq). This hole stepped out approximately 60 metres below hole CU22-01, which intersected 8.6 metres grading 5.10 g/t gold and 24.85 g/t silver (5.39 g/t Au Eq) within a wider interval of 17.6 metres grading 2.91 g/t gold and 15.23 g/t silver (3.09 g/t Au Eq). Combined with hole CU22-01, these holes may indicate the emergence of a high-grade vertical zone or “shoot”.

    Hole CU22-09 stepped out approximately 60 metres to depth on hole CU22-04 and intersected 12 metres grading 3.71 g/t gold, 21.2 g/t silver (3.97 g/t Au Eq.), including an intercept of 3.0 metres grading 11.51 g/t gold, 23.7 g/t silver (11.80 g/t Au Eq). Hole CU22-04 contained 4.0 metres grading 6.38 g/t gold and 108.1 g/t silver (7.68 g/t Au Eq.).

    Holes CU22-08 and CU22-09 may represent an area between higher grade and thicker “shoots”, but nonetheless demonstrate the continuity of the mineralized structure. Results are detailed in Table 1.

    The emerging Cuyes West structure is similar to the Camp deposit and contains multiple structures into which rhyolite dikes have been emplaced. Mineralization typically occurs in and along the contacts of these structures. Both deposits are interpreted to be hosted in large scale “ring-fractures” centred around the Los Cuyes Diatreme (See Figure 1).  

    Figure 1. Plan map showing location of the Camp, Cuyes, Cuyes West deposits and the Ruiz structure.Figure 1. Plan map showing location of the Camp, Cuyes, Cuyes West deposits and the Ruiz structure. (CNW Group/Luminex Resources Corp.)

    At Cuyes West and Camp, the gold-bearing mineralization style is quite recognizable, with pyrite and sphalerite breccias, veins and disseminations, often with marcasite and rhodochrosite, and rarely other sulphides. Drilling has been ongoing at Cuyes West with step-outs based on logged mineralization. Holes that have been drilled, for which results are pending, are shown in Figure 2. Geological logging of hole CU22-12, a 50 metre, near-vertical step-out on hole CU22-05 is of particular note, as it contains a seven-metre intercept resembling the five-metre intercept cut in hole CU22-05 from 277m: five metres grading 29.43 g/t gold and 86.5 g/t silver (30.47 g/t Au Eq). Intervals shown in Figure 2 represent the primary interval for the zone. Other intervals are present in parallel structures that are not presented as pierce points in Figure 2.

    Figure 2. Vertical long section showing pierce points of the primary intercept in the Cuyes West structure, coloured by gold grade x thickness, where results are available.Figure 2. Vertical long section showing pierce points of the primary intercept in the Cuyes West structure, coloured by gold grade x thickness, where results are available. (CNW Group/Luminex Resources Corp.)

    At the Ruiz structure, the results of a fan of three shallow holes drilled from the southwest to test the upper part of Ruiz intersected a consistent gold bearing structure, as shown in Figure 3, with results listed in Table 1.  Hole RZ22-01 also contained a 22-metre intercept grading 0.36 g/t gold and 26.8 g/t silver (0.68g/t Au Eq) as disseminated pyrite and sphalerite mineralization in a diatreme host rock, resembling the Los Cuyes deposit. This area will be the focus of future surface mapping to better define the diatreme body. The interpretation of the intersection of the Cuyes West and Ruiz structures is developing as drilling in this area continues. 

    Figure 3. Three-Dimensional view of the Cuyes West and Ruiz structuresFigure 3. Three-Dimensional view of the Cuyes West and Ruiz structures (CNW Group/Luminex Resources Corp.)

    Table 1. Drill intercepts for Cuyes West and Ruiz drill holes. Asterisked intervals are shallower and belong to the diatreme at Los Cuyes and at Ruiz (see note below).

















































    Hole

    Azimuth /
    Dip /
    Length

    From

    (m)

    To

    (m)

    Interval
    (m)

    Au

    (g/t)

    Ag

    (g/t)

    Au Eq

    (g/t)

    CU22-06

    346° /

    -33° / 381.7m

    2

    212

    210*

    0.41

    2.6

    0.44

    Incl

    64

    72

    8

    1.07

    1.5

    1.09

    And

    225

    232

    7

    11.88

    25.4

    12.18

    Incl

    225

    228

    3

    27.02

    55.9

    27.69

    And

    240

    247

    7

    2.41

    9.9

    2.53

    And

    265

    267

    2

    3.94

    36.7

    4.38

    And

    289

    297

    8

    2.00

    17.6

    2.21

    Incl

    293

    295

    2

    4.24

    18.5

    4.46

    And

    331

    332

    1

    5.08

    30.2

    5.44

    And

    367

    369

    2

    1.13

    10.2

    1.25
                   

    CU22-07

    235° /

    -34° / 364.4m

    8

    46

    38*

    0.51

    0.7

    0.52

    And

    74

    114

    70*

    0.61

    3.8

    0.66

    And

    156

    180

    24*

    0.22

    3.5

    0.26

    And

    192

    238

    46*

    0.57

    5.56

    0.64

    Incl

    222

    232

    10

    1.25

    11.4

    1.39

    (CW)

    272

    274

    2

    2.72

    13.6

    2.88

    And

    290

    292

    2

    2.03

    12.9

    2.18
                   

    CU22-08

    337° /

    -35° / 300.0m

    56

    174

    118*

    0.58

    5.6

    0.65

    Incl

    154

    159

    5

    2.94

    27.0

    3.27

    And

    207

    209

    2

    1.24

    7.8

    1.33

    And

    223

    224

    1

    4.85

    43.7

    5.37

    And

    251

    252

    1

    3.57

    29.2

    3.92

    And

    277

    278

    1

    1.29

    30.5

    1.65
                   

    CU22-09

    325° /

    -36° / 279.7m

    8

    10

    2*

    0.82

    2.0

    0.84

    And

    18

    20

    2*

    2.38

    7.6

    2.47

    And

    92

    128

    36*

    0.22

    2.4

    0.25

    And

    144

    152

    8*

    0.80

    6.7

    0.88

    And

    164

    188

    24*

    0.31

    5.4

    0.38

    And

    228

    240

    12

    3.71

    21.2

    3.97

    Incl

    228

    229

    1

    6.29

    87.4

    7.34

    Incl

    237

    240

    3

    11.51

    23.7

    11.80
                   

    RZ22-01

    070° /

    -60° / 220.7m

    67

    68

    1

    1.36

    7.6

    1.45

    And

    134

    156

    22*

    0.36

    26.8

    0.68

    Incl

    155

    156

    1

    2.95

    137.0

    4.60
                   

    RZ22-02

    108°/ -57° / 233.4m

    12

    22

    10*

    0.25

    7.8

    0.34

    And

    38

    41

    3*

    0.79

    7.9

    0.89
                   

    RZ22-03

    015° /

    -62° / 276.5m

    97

    103

    6*

    0.30

    80.7

    1.26

    Incl

    97

    98

    1

    0.80

    451.0

    6.21

    And

    158

    162

    4

    0.28

    1.1

    0.29




    Asterisked (*) intervals are “Shallower” intervals calculated using a lower limit of 0.20 g/t Au with a maximum inclusion of ten continuous metres below cut-off occurring within the stated intercept and the highest gold value used in the reported weighted averages is 33.4 g/t Au. Remaining intervals not marked with an asterisk are for “Deeper” intervals calculated using a lower limit of 1.0 g/t Au with a maximum inclusion of up to six continuous metres below cut-off and the highest gold value used in the reported weighted averages is 56.0 g/t Au. Au Eq values assume $1,500 gold and $18.00 silver (Au Eq= Au g/t + (Ag g/t *0.012)).

    Quality Assurance

    All Luminex sample assay results have been independently monitored through a quality control / quality assurance (“QA/QC”) protocol which includes the insertion of blind standards, blanks as well as pulp and reject duplicate samples. Logging and sampling are completed at Luminex’s core handling facility located at the Condor property. Drill core is diamond sawn on site and half drill-core samples are securely transported to ALS Laboratories’ (“ALS”) sample preparation facility in Quito, Ecuador. Sample pulps are sent to ALS’s lab in Lima, Peru for analysis where gold content is determined by fire assay of a 50-gram charge with ICP finish. 
    Silver and other elements are also determined by ICP methods. Over-limit samples assaying greater than 10 g/t gold and 100 g/t silver are re-analyzed by ALS using fire assay with a gravimetric finish. Luminex is not aware of any drilling, sampling, recovery or other factors that could materially affect the accuracy or reliability of the data referred to herein. ALS Laboratories is independent of Luminex.

    Qualified Persons

    Leo Hathaway, P. Geo, Senior Vice President Exploration of Luminex and the Qualified Person as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects, has reviewed, verified and approved the scientific and technical information concerning the Condor Project in this news release and has verified the data underlying that scientific and technical information.

    About Luminex Resources

    Luminex Resources Corp. (TSXV:LR, OTCQX:LUMIF) is a Vancouver, Canada based precious and base metals exploration and development company focused on gold and copper projects in Ecuador. Luminex’s inferred and indicated mineral resources are located at the Condor Gold-Copper project in Zamora-Chinchipe Province, southeast Ecuador. Luminex also holds a large and highly prospective land package in Ecuador, including the Pegasus and Orquideas projects, which are being co-developed with Anglo American and JOGMEC respectively.

    Further details are available on the Company’s website at https://luminexresources.com/.

    To receive news releases please sign up here.

    Follow us on: Twitter, Linkedin or Facebook.

    LUMINEX RESOURCES CORP.

    Signed: “Marshall Koval”

    Marshall Koval, CEO and Director

    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 news release.

    Cautionary Note Regarding Forward-Looking Information

    Certain statements and information herein, including all statements that are not historical facts, contain forward-looking statements and forward-looking information within the meaning of applicable securities laws. Such forward-looking statements or information include, but are not limited to, statements regarding future drilling and work programs at Condor. Often, but not always, forward-looking statements or information can be identified by the use of phrases or statements that certain actions, events or results “will” occur or be achieved.

    With respect to forward-looking statements and information contained herein, the Company has made numerous assumptions including among other things, assumptions about general business and economic conditions, the prices of gold and copper, and anticipated costs and expenditures. The foregoing list of assumptions is not exhaustive.

    Although management of the Company believes that the assumptions made and the expectations represented by such statements or information are reasonable, there can be no assurance that a forward-looking statement or information herein will prove to be accurate. Forward-looking statements and information by their nature are based on assumptions and involve known and unknown risks, uncertainties and other factors which may cause the Company’s actual results, performance or achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information. These factors include, but are not limited to: risks associated with the business of the Company; business and economic conditions in the mining industry generally; the supply and demand for labour and other project inputs; changes in commodity prices; changes in interest and currency exchange rates; risks relating to inaccurate geological and engineering assumptions (including with respect to the tonnage, grade and recoverability of reserves and resources); risks relating to unanticipated operational difficulties (including failure of equipment or processes to operate in accordance with specifications or expectations, cost escalation, unavailability of materials and equipment, government action or delays in the receipt of government approvals, industrial disturbances or other job action, and unanticipated events related to health, safety and environmental matters); risks relating to adverse weather conditions; political risk and social unrest; changes in general economic conditions or conditions in the financial markets; changes in laws (including regulations respecting mining concessions); and other risk factors as detailed from time to time in the Company’s continuous disclosure documents filed with Canadian securities administrators. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.



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  • Provenance Conducts New Exploration at Its Eldorado Property as It Seeks to Expand Target Areas

    Provenance Conducts New Exploration at Its Eldorado Property as It Seeks to Expand Target Areas

    2022-11-30 03:14:21

    Vancouver, British Columbia–(Newsfile Corp. – November 30, 2022) – Provenance Gold Corp. (CSE: PAU) (OTCQB: PVGDF) (the “Company” or “Provenance“) is pleased to announce it has recently completed rock chip sampling and other field work at its Eldorado property in Eastern Oregon. Sampling focused on areas that had exposures of available rock for sampling in areas of significant soil cover. In addition, the Company is also in the process of reviewing, compiling and evaluating all previous historic sampling programs at Eldorado including soil sampling, rock chip sampling, trench sampling and drill hole sampling.

    The Eldorado area has been the focus of considerable historic placer mining and modern era exploration by at least five mining companies. All this activity is extensive, and evidence of both placer mining and drilling / trenching remains in every corner of the property. The attached Figure below shows a seamed 1998 aerial photograph over recent satellite imagery which validates the considerable work that has been done to date on the property.

    Junior Mining Network

    Figure 1 – Shows a Seamed 1998 Aerial Photograph Over Recent Satellite Imagery

    The Company’s current field work has focused on collecting 38 rock outcrop samples to assess gold and silver values over a broad area to both confirm anomalies previously identified by past operators and to give the Company its own data base of surface sampling results. The new sampling along with integration of historic rock chip assays, trenching assays and soil auger assays should help define the full potential of the project. This work should better define the project’s footprint and will provide valuable guidance in planning future drill programs once fully permitted.

    The Company has in its possession, a large amount of historic assay information that was obtained from several of the past operators, which includes rock chip samples, 43 trenches and 1,081 auger soil samples. These samples, along with results from our current sampling and “top of bedrock” assay samples from the drill holes, will provide a significant gold anomaly map to be used for future drilling.

    Cross-section studies of the historic drill holes have identified areas within the historically identified gold system that were missed by the historic drilling. Confirmation drilling of these areas could add mineralized tonnage to the overall gold inventory. Some of the outcrop sampling is focusing on these untested areas.

    Additionally, rock outcrops are not abundant on the property, which is mostly covered by soil. The outcrops that have been sampled are all strongly altered. Provenance believes these exposures may represent extensions of the mineral system and sampling these outcrops should verify that interpretation.

    The Company expects assay results from this program in the coming weeks and completion of the full assay compilation will be released to the public as it becomes available.

    Rauno Perttu, Provenance Chairman said, “I look forward to drilling to confirm the historic work, and also to begin to expand the size and likely the grade of the system. With in-fill drilling and deeper drilling, I believe we can significantly increase the magnitude of the system.”

    “Eldorado already holds a significant historical inventory of gold as calculated by a reputable engineering firm in 1990,” stated Steve Craig, project manager. “We believe we will be ready to drill with target confidence in 2023 following our extensive compilation and evaluation of all of the historic data that the Company has in its possession.”

    Qualified Person

    Steven Craig, CPG, an independent consultant and qualified person as defined under National Instrument 43-101, has reviewed and approved the technical contents of this news release.

    About Provenance Gold Corp.

    Provenance Gold Corp. is a precious metals exploration company with a focus on gold and silver mineralization within North America. The Company currently holds interests in three properties, two in Nevada, and one in eastern Oregon, USA. For further information please visit the Company’s website at https://provenancegold.com or contact Rob Clark at This email address is being protected from spambots. You need JavaScript enabled to view it..

    On behalf of the Board,
    Provenance Gold Corp.
    Rauno Perttu, Chief Executive Officer

    Neither the Canadian Securities Exchange, nor its regulation services provider, accepts responsibility for the adequacy or accuracy of this press release. This news release may contain certain “Forward-Looking Statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. When or if used in this news release, the words “anticipate”, “believe”, “estimate”, “expect”, “target, “plan”, “forecast”, “may”, “schedule” and similar words or expressions identify forward-looking statements or information. Such statements represent the Company’s current views with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political and social risks, contingencies and uncertainties. Many factors, both known and unknown, could cause results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements. The Company does not intend, and does not assume any obligation, to update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other events affecting such statements and information other than as required by applicable laws, rules and regulations.

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  • Power Nickel Closes Financing Adding Over $4 Million Dollars; Looks to Expand the Drill Program at Nisk, its High Grade Nickel Sulfide Project, From 5000 Metres to 12,500-15,000 Metres

    Power Nickel Closes Financing Adding Over $4 Million Dollars; Looks to Expand the Drill Program at Nisk, its High Grade Nickel Sulfide Project, From 5000 Metres to 12,500-15,000 Metres

    2022-11-22 13:14:58

    TORONTO, ON / ACCESSWIRE / November 22, 2022 / Power Nickel Inc. (the “Company” or “Power Nickel”) (TSX-V:PNPN)(OTCBB:CMETF)(Frankfurt:IVVI) is pleased to announce it has completed its over-subscribed non-brokered private placement of 13,750,000 flow-through units (each, an “FT Unit”) at a price of $0.20 per FT Unit and 14,425,000 non-flow-through units (each an “NFT Unit”) at a price of $0.10 per NFT Unit, for aggregate gross proceeds of CAD$4,192,500. (the “Private Placement”). The Company has received conditional TSX Venture Exchange (“TSXV”) approval for the Private Placement.

    Each FT Unit consists of one common share of the Company that qualifies as a “flow-through share” (each, an “FT Share”), for purposes of the Income Tax Act (Canada) (the “ITA”), and one non-flow-through common share purchase warrant (each, a “Warrant”). Each Warrant is exercisable into one non-flow-through common share (each, a “Common Share”) at an exercise price of $0.20 per Warrant for a period of five years from the date of issuance. Each NFT Unit consists of one Common Share and one Warrant. All securities issued under the Private Placement will be subject to a four-month and one-day statutory hold period.

    In connection with the closing of the Private Placement, the Company paid finder’s fees of $109,375 and issued 708,750 non-transferable finder’s Warrants to certain finders in accordance with applicable securities laws and the policies of the TSXV. Each finder’s warrant has the same terms as the Warrants but are non-transferable.

    The Warrants are subject to an acceleration clause that entitles the Company to provide notice (the “Acceleration Notice”) to holders that the Warrants will expire 30 days from the date the Company provides the Acceleration Notice. The Company can only provide the Acceleration Notice if the closing price of the Company’s Common Shares on the TSXV is equal to or greater than $0.40 for 10 consecutive trading days. The Acceleration Notice can be provided at any time after the statutory hold period and before the expiry date of the Warrants.

    The Company intends to use the gross proceeds from the sale of the FT Shares to incur eligible “Canadian exploration expenses”, within the meaning of the ITA, that will qualify for the federal 30% Critical Mineral Exploration Tax Credit pursuant to the draft legislation released on August 9, 2022. The Company intends to use approximately $800,000 of the proceeds from the sale of the NFT Units to settle an outstanding debenture. The Company intends to use the remainder of the proceeds from the sale of the NFT Units for general administrative and working capital purposes.

    Two insiders of the Company invested aggregate funds of $540,000 into the Private Placement in NFT Units, which is considered a “related party transaction” within the meaning of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”). The Company intends to rely on the exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101 as the Company is not listed on a specified market (as set out in Section 5.5(b) of MI 61-101) and the aggregate fair market value of the NFT Units being subscribed to by the insiders does not exceed CAD $2,500,000 (as set out in Section 5.7(1)(b) of MI 61-101).

    “With the new financing we have expanded our drill program and now plan to keep drilling through mid-December and start up again in Mid January. We had planned to drill 5000 meters and will now add an additional 7500 to 10,000 meters as we continue to like what we see with our drilling program.” Commented Power Nickel CEO Terry Lynch. “Sections like these from hole PN 22-009 certainly were exciting to see.

    Junior Mining Network

    Junior Mining Network

    We have made good progress drilling at Nisk. The Green holes have been completed and are in for assay. We would expect to get results out starting next week and every two weeks or so after that until the end of February”. Lynch added.

    Junior Mining Network

    The illustration below details the previous drill holes we completed on our last campaign which was reported in March of this year.

    Junior Mining Network

    The existing resource estimates at the Nisk project are of historic nature and the Company’s geology team has not completed sufficient work to confirm a NI 43-101 compliant mineral resource. Therefore, caution is appropriate since these historic estimates cannot, and should not be relied on. For merely informational purposes see Table 1.

    Table ‑1: Historical Resource Estimate figures for respective confidence categories at the NISK-1 deposit, After RSW Inc 2009: Resource Estimate for the NISK-1 Deposit, Lac Levac Property, Nemiscau, Québec.

    Junior Mining Network

    The information regarding the NISK-1 deposit was derived from the technical report titled “Resource Estimate for the NISK-1 Deposit, Lac Levac Property, Nemiscau, Québec” dated December 2009. The key assumptions, parameters and methods used to prepare the mineral resource estimates described above are set out in the technical report.

    Power Nickel expects to take the results from the historic drilling programs, its initial program in late 2021, the current drill program, and a new metallurgical study and prepare a new 43-101 which we would expect to deliver in Q2 2023.

    The 3D geological model developed by 3DGeo Solution Inc. (“3DGS”) identified a prospective set of targets that the Company feels will give the best potential to expand the Nisk historical deposit. The image below is a view of the mineralization projected from the surface at the area we refer to as Nisk Main.

    Junior Mining Network

    “Nisk has four distinct target areas covering over 7 Kilometres of strike length. Our focus in our 2022 drill program was on the Nisk Main target. Historically, we know globally these types of deposits typically have multiple pods. We are encouraged by what we see on Nisk Main and feel we can continue to build commercial tonnage there but we are also looking forward to exploring Nisk West and the two wildcat targets in subsequent drilling in Q1/Q2 2023”, commented Power Nickel’s CEO Terry Lynch.

    Junior Mining Network

    ABOUT NISK

    Nisk is located south of James Bay as illustrated in the area map below. This region is the site of a number of mining projects and improving infrastructure.

    Junior Mining Network

    Nisk has historically had some very high-grade Nickel intercepts as shown below. The Grade-Thickness iso-contours are representative of the nickel distribution only.

    Junior Mining Network

    Analysis and QAQC Procedures

    All samples were submitted to and analyzed at ALS Global (“ALS”), an independent commercial laboratory located in Val-d’Or, Québec for both the sample preparation and assaying. ALS is a commercial laboratory independent of Power Nickel with no interest in the Project. ALS is an ISO 9001 and 17025 certified and accredited laboratory. Samples submitted through ALS are run through standard preparation methods and analyzed using ME-ICP61a (33 element Suite; 0.4g sample; Intermediate Level Four Acid Digestion) and PGM-ICP27 (Pt, Pd, and Au; 30g fire assay and ICP-AES Finish) methods. ALS also undertake its own internal coarse and pulp duplicate analysis to ensure proper sample preparation and equipment calibration.

    Power Nickel’s QA/QC program includes the regular insertion of CRM standards, duplicates, and blanks into the sample stream with a stringent review of all results. Historic holes were assayed by various accredited laboratories.

    Qualified Person

    Kenneth Williamson, Géo (OGQ #1490), M.Sc., Senior Consulting Geologist is the independent qualified person pursuant to the requirements of NI 43-101, and has reviewed and approved the technical content of this press release.

    About Power Nickel Inc.

    Power Nickel is a Canadian junior exploration company focusing on high-potential copper, gold, and battery metal prospects in Canada and Chile.

    On February 1, 2021, Power Nickel (then called Chilean Metals) completed the acquisition of its option to acquire up to 80% of the Nisk project from Critical Elements Lithium Corp. (CRE:TSXV)

    The NISK property comprises a large land position (20 kilometers of strike length) with numerous high-grade intercepts. Power Nickel, formerly Chilean Metals is focused on confirming and expanding its current high-grade nickel-copper PGE mineralization historical resource by preparing a new Mineral Resource Estimate in accordance with NI 43-101, identifying additional high-grade mineralization, and developing a process to potentially produce nickel sulfates responsibly for batteries to be used in the electric vehicles industry.

    Power Nickel (then called Chilean Metals) announced on June 8th, 2021 that an agreement has been made to complete the 100% acquisition of its Golden Ivan project in the heart of the Golden Triangle. The Golden Triangle has reported mineral resources (past production and current resources) in a total of 67 million ounces of gold, 569 million ounces of silver, and 27 billion pounds of copper. This property hosts two known mineral showings (gold ore and magee), and a portion of the past-producing Silverado mine, which was reportedly exploited between 1921 and 1939. These mineral showings are described to be Polymetallic veins that contain quantities of silver, lead, zinc, plus/minus gold, and plus/minus copper.

    Power Nickel is 100 percent owner of five properties comprising over 50,000 acres strategically located in the prolific iron-oxide-copper-gold belt of northern Chile. It also owns a 3-per-cent NSR royalty interest on any future production from the Copaquire copper-molybdenum deposit, recently sold to a subsidiary of Teck Resources Inc. Under the terms of the sale agreement, Teck has the right to acquire one-third of the 3-per-cent NSR for $ 3 million at any time. The Copaquire property borders Teck’s producing Quebrada Blanca copper mine in Chile’s first region.

    For further information on Power Nickel Inc., please contact:

    Mr. Terry Lynch, CEO
    647-448-8044
    This email address is being protected from spambots. You need JavaScript enabled to view it.

    For further information, readers are encouraged to contact:

    Power Nickel Inc.
    The Canadian Venture Building
    82 Richmond St East, Suite 202
    Toronto, ON

    ON BEHALF OF THE BOARD OF DIRECTORS

    Terry Lynch & CEO This email address is being protected from spambots. You need JavaScript enabled to view it.

    Cautionary Note Regarding Forward-Looking Statement

    This news release may contain certain statements that may be deemed “forward-looking statements”. All statements in this release, other than statements of historical fact, that address events or developments that PNPN expects to occur, including details related to the proposed spin out transactions, are forward looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential” and similar expressions, or that events or conditions “will”, “would”, “may”, “could” or “should” occur. Forward-looking statements in this document include statements regarding current and future exploration programs, activities and results. Although PNPN believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration success, continued availability of capital and financing, inability to obtain required regulatory or governmental approvals and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. 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.

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  • Gold Springs Resource Continues to Expand Gold Mineralization at the Charlie Ross Resource

    Gold Springs Resource Continues to Expand Gold Mineralization at the Charlie Ross Resource

    2022-09-28 19:39:07

    VANCOUVER, BC / ACCESSWIRE / September 28, 2022 / Gold Springs Resource Corp. (TSX:GRC – OTCQB:GRCAF) (the “Company” or “GRC”) reports the first assays results from the 2022 drill program around the Charlie Ross Resource of its Gold Springs project located in USA, on the border of Nevada and Utah.

    Highlights include:

    • 1.20 g/t gold equivalent over 10.7 meters and
      0.70 g/t gold equivalent over 13.7 meters in hole CR-22-001

    • 0.77 g/t gold equivalent over 4.6 meters and
      0.78 g/t gold equivalent over 3.0 meters in hole CR-22-002

    • 2.09 g/t gold equivalent over 3.0 meters and
      0.96 g/t gold equivalent over 9.2 meters in hole CR-22-003

    Gold equivalent based on US$1,800/oz gold, US$25/oz silver and 50% for silver recovery.

    Randall Moore, Executive Vice President of Exploration, stated: “With these first 2022 holes around the Charlie Ross resource, we have successfully extended the gold mineralization into the western zone of the system. We have already drilled 12 additional holes to continue to test this western zone and to look for extensions on the central and eastern zones of this 2022 discovery. We expect assay results in October.

    Junior Mining Network

    These results continue to demonstrate our ability to expand gold mineralization from our existing resources at Charlie Ross, South Jumbo and North Jumbo, as well as to discover new gold mineralization in undrilled targets, such as Snow in 2022 and Charlie Ross and White Point in 2021.

    We are currently drilling on the undrilled Horseshoe Extension target and following the southern extension discovered at North Jumbo, where hole J-22-005 returned 1.87 g/t gold equivalent over 29.0 meters including 3.73 g/t over 9.2 meters (please see GRC’s press release dated September 19, 2022). We are also constructing additional drill pads on our new discovery at the Snow target and will be moving a drill early next month to follow up hole SN-22-002 which returned 1.98 g/t gold equivalent over 3.0 meters and 0.70 g/t over 27.4 meters (please see GRC’s press release dated September 22, 2022).”

    2022 Drilling Program

    The Company has now completed 69 holes totaling 14,942 meters of the planned 21,000-meter program. Drilling has targeted the North and South Jumbo resources, the Charlie Ross resource, as well as the Red Light, Snow, and the Horseshoe Extension targets.

    GRC is currently drilling on the southern extension of the North Jumbo resource and on the undrilled Horseshoe Extension target. Starting early next month, one of the drills will move back to the Snow target to follow up on this new 2022 discovery.

    Charlie Ross

    The discovery hole at Charlie Ross was drilled in 2021 and after 22 holes successfully completed, GRC was able to identify a new resource that was reported in the new Mineral Resource Estimate NI 43-101 Technical Report dated July 11, 2022.

    This target is highlighted by a significant CSAMT geophysical anomaly that extends over an area 1100×600 meters and is located just west of the North Jennie target on the edge of the Gold Springs caldera complex. Gold is controlled by north-south trending structural corridors with three possible parallel zones.

    The Charlie Ross resource is part of a structural zone of the historical Charlie Ross mine that was a producer at the beginning of the 20th century, with one shaft and 400 meters of drifts and stopes. Visible gold was found in rocks from the dump of this historic mine. Historical reports describe a 53 meters inclined shaft with a 12 meters talc zone containing very high grade gold telluride and sylvanite streaks with bonanza gold grades.

    Summary of drill intercepts :















    Hole
    Number

    Target

    From
    Meters

    To
    Meters

    Thickness
    Meters

    Gold
    g/t

    Silver
    g/t

    AuEq
    g/t

    CR-22-001

    Charlie Ross

    132.6

    143.3

    10.7

    1.05

    20.9

    1.20

    and

    		  

    190.5

    204.2

    13.7

    0.68

    2.8

    0.70

    CR-22-002

    Charlie Ross

    47.2

    51.8

    4.6

    0.47

    27.5

    0.66

    and

    		  

    59.4

    64.0

    4.6

    0.70

    10.6

    0.77

    and

    		  

    100.6

    103.6

    3.0

    0.53

    35.5

    0.78

    and

    		  

    170.7

    173.7

    3.0

    0.63

    1.65

    0.64

    CR-22-003

    Charlie Ross

    42.7

    45.7

    3.0

    1.20

    128.45

    2.09

    and

    		  

    61.0

    67.1

    6.1

    0.48

    11.08

    0.56

    and

    		  

    83.8

    93.0

    9.2

    0.88

    12.02

    0.96

    and

    		  

    118.9

    126.5

    7.6

    0.38

    15.88

    0.49

    CR-22-006

    Charlie Ross

    56.4

    64.0

    7.6

    0.55

    1.94

    0.56

    True thickness is estimated to be 60-100% of reported length. Gold equivalent based on US$1,800/oz gold, US$25/oz silver and 50% for silver recovery.

    Drill Hole Table











    Hole ID

    Target

    Easting
    UTM NAD 27

    Northing

    Elevation Meters

    Azimuth

    Inclination

    TD (m)

    CR-22-001

    Charlie Ross

    758628

    4199326

    2117

    270

    -70

    231.6

    CR-22-002

    Charlie Ross

    758609

    4199318

    2119

    270

    -50

    173.7

    CR-22-003

    Charlie Ross

    758596

    4199348

    2107

    270

    -70

    213.4

    CR-22-004

    Charlie Ross

    758549

    4199696

    2176

    270

    -70

    231.6

    CR-22-005

    Charlie Ross

    758603

    4199776

    2092

    270

    -70

    292.6

    CR-22-006

    Charlie Ross

    758730

    4199695

    2188

    340

    -45

    274.3

    CR-22-007

    Charlie Ross

    758672

    4199698

    2169

    270

    -65

    268.2

    Qualified Person

    Randall Moore, Executive Vice-President Exploration, Gold Springs Resource Corp., is the Company’s designated Qualified Person for this news release within the meaning of National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”). He has approved the scientific or technical information in this release and has verified the data disclosed in this release for its geological reasonableness, checked all the inputs and verified the analytical data through an analysis of the blanks and standards submitted with the drill-chip samples.

    Quality Assurance and Quality Control

    Approximately 7 kg of RC chips were sent to the laboratory for each 1.52 meters drill interval. Standards and blanks are submitted into the sample stream at the rate of 15% for QA/QC purposes. In addition, the laboratory also includes duplicates of samples, standards and blanks. The results of these check assays are reviewed prior to the release of data. All RC sample assays are also reviewed for their geological context and checked against the drill logs.

    Assay Method

    Assays were performed in Reno, Nevada by ALS Geochemical, an ISO 9001:2000 certified and independent laboratory. Gold was analyzed by fire assay of a 30-gram sample with an AAS finish with samples assaying greater than 5 g/t re-assayed using a 30-gram sample and a gravity finish. Silver is analyzed by a four-acid leach ICP method.

    About Gold Springs Resource Corp.

    Gold Springs Resource Corp. (TSX:GRC and OTCQB:GRCAF) is focused on the exploration and expansion of the gold and silver resources of its Gold Springs project located on the border of Nevada and Utah, USA. The project is situated in the prolific Great Basin of Western USA, one of the best mining jurisdictions in the world.

    Gold Springs Resource Corp. Contact:
    Antonio Canton, President and CEO
    This email address is being protected from spambots. You need JavaScript enabled to view it.

    Forward-Looking Statements

    Certain statements contained herein constitute “forward-looking information” under applicable Canadian securities laws (“forward-looking statements”). Forward-looking statements look into the future and provide an opinion as to the effect of certain events and trends on the business. Forward-looking statements herein may include words such as “creating”, “believe”, “would”, “continue”, “will”, “promising”, “should”, and similar expressions. These forward-looking statements are based on current expectations and entail various risks and uncertainties. Actual results may materially differ from expectations if known and unknown risks or uncertainties affect our business or if our estimates or assumptions prove inaccurate. Factors that could cause results or events to differ materially from current expectations expressed or implied by the forward-looking statements, include, but are not limited to, risks of the mineral exploration industry which may affect the advancement of the Gold Springs project, including possible variations in mineral resources, grade, recovery rates, metal prices, capital and operating costs, and the application of taxes; availability of sufficient financing to fund planned or further required work in a timely manner and on acceptable terms; availability of equipment and qualified personnel, failure of equipment or processes to operate as anticipated, changes in project parameters, including water requirements for operations, as plans continue to be refined; regulatory, environmental and other risks of the mining industry more fully described in the Company’s Annual Information Form and continuous disclosure documents, which are available on SEDAR at www.sedar.com. The assumptions made in developing the forward-looking statements include: the accuracy of current resource estimates and the interpretation of drill, metallurgical testing and other exploration results; the continuing support for mining by local governments in Nevada and Utah; the availability of equipment and qualified personnel to advance the Gold Springs project; execution of the Company’s existing plans and further exploration and development programs for Gold Springs, which may change due to changes in the views of the Company or if new information arises which makes it prudent to change such plans or programs. Readers are cautioned not to place undue reliance on the forward-looking statements contained in this press release. Except as required by law, the Company assumes no obligation to update or revise any forward-looking statement, whether as a result of new information, future events or any other reason. Unless otherwise indicated, forward-looking statements in this press release describe the Company’s expectations as of the date hereof.

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  • Capella Minerals Applies for New Lithium Reservation in Southern Finland to Expand Battery Metal Portfolio

    Capella Minerals Applies for New Lithium Reservation in Southern Finland to Expand Battery Metal Portfolio

    2022-09-12 06:10:22

    VANCOUVER, BC, Sept. 12, 2022 /CNW/ – Capella Minerals Ltd. (TSXV: CMIL) (OTCQB: CMILF) (FRA: N7D2) (“Capella” or the “Company”) is pleased to announce that it has applied for an Exploration Reservation (“Perho”) covering an area of 50 sq km over the Eräjärvi Lithium-Cesium-Tantalum (“LCT”) pegmatite field in southern Finland. The Perho Reservation (VA2022:0056 and shown in green in Figure 1) covers the former Seppälä lithium mine and lies adjacent to the former Viitaniemi and Juurakko feldspar-quartz(-lithium) mines, which are reported by the Finnish geological survey (“GTK”) to have ceased production in 1965 and 1935, respectively. Significantly, more than 70 pegmatite dykes, enriched in B, Be, Li, Nb, Sn and Ta, are reported from the area (Eilu 2012, Lahti 1981, Aviola 2004). Little modern systematic exploration for lithium deposits has been undertaken in the area.

    The new Perho Reservation has been applied for by local subsidiary Cullen Finland Oy, which is currently owned 70:30 by Capella and ASX-listed Cullen Resources Ltd (ASX: CUL). Cullen Finland Oy is also owner of the Katajavaara-Aaeknus gold-copper project in the highly-prospective Central Lapland Greenstone Belt.

    Figure 1. Perho reservation over the Eräjärvi LCT pegmatite field. (CNW Group/Capella Minerals Limited)Figure 1. Perho reservation over the Eräjärvi LCT pegmatite field.

    Eric Roth, Capella’s President and CEO, commented: “The application for the Perho Reservation over the Eräjärvi lithium pegmatite field has the potential to provide Capella with further exposure to the metals required for Europe’s green energy transition and energy storage. LCT pegmatites are important global sources of lithium, cesium, and tantalum as well as other by-products. In conjunction with our high-grade copper-cobalt assets in Norway, the Company is well placed to participate in the global electrification and decarbonization process. I look forward to keeping the market updated on progress at Perho”.

    Qualified Persons and Disclosure Statement

    The technical information in this news release relating to the Perho lithium project has been prepared in accordance with Canadian regulatory requirements set out in NI 43-101, and approved by Eric Roth, the Company’s President & CEO, a Director, and a Qualified Person under NI 43-101.  Mr. Roth holds a Ph.D. in Economic Geology from the University of Western Australia, is a Fellow of the Australian Institute of Mining and Metallurgy (AusIMM) and is a Fellow of the Society of Economic Geologists (SEG). Mr. Roth has 30 years of experience in international minerals exploration and mining project evaluation.

    On Behalf of the Board of Capella Minerals Ltd.

    “Eric Roth”
    ___________________________
    Eric Roth, Ph.D., FAusIMM
    President & CEO

    About Capella Minerals Ltd

    Capella is engaged in the acquisition, exploration, and development of quality mineral resource properties in favourable jurisdictions with a focus on high-grade copper(-zinc-cobalt) and gold deposits. With respect to base and battery metals projects, the Company’s current focus is on i) advancing its recently-acquired Hessjøgruva project and the adjacent Kongensgruve and Kjøli projects in the northern Røros copper mining district of central Norway, as well as ii) the discovery of further high-grade VMS-type deposits in a district-scale land position around the past-producing Løkken (Løkken Verk District) copper mine. The recent Perho reservation application over the Eräjärvi pegmatite field is ultimately expected to provide the Company with further exposure to battery metals, including lithium, cesium, and tantalum.  

    The Company’s precious metals focus is on the discovery of high-grade gold deposits on the Katajavaara-Aakenus JV in Finland, its active Canadian Joint Ventures with Prospector Metals Corp (TSXV: PPP) at Savant (Ontario) and Yamana Gold Inc. at Domain (Manitoba), and its 100%-owned Southern Gold Line Project in Sweden. The Company also retains a residual interest (subject to an option to purchase agreement with Austral Gold Ltd) in the Sierra Blanca gold-silver divestiture in Santa Cruz, Argentina.

    Cautionary Notes and Forward-looking Statements

    This news release contains forward-looking information within the meaning of applicable securities legislation. Forward-looking information is typically identified by words such as: believe, expect, anticipate, intend, estimate, postulate and similar expressions, or are those, which, by their nature, refer to future events. Such statements include, without limitation, statements regarding the future results of operations, performance and achievements of Capella, including the timing, completion of and results from the exploration and drill programs described in this release.  Although the Company believes that such statements are reasonable, it can give no assurances that such expectations will prove to be correct.  All such forward-looking information is based on certain assumptions and analyses made by Capella in light of their experience and perception of historical trends, current conditions and expected future developments, as well as other factors management believes are appropriate in the circumstances. This information, however, is subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information. Important factors that could cause actual results to differ from this forward-looking information include those described under the heading “Risks and Uncertainties” in Capella’s most recently filed MD&A. Capella does not intend, and expressly disclaims any obligation to, update or revise the forward-looking information contained in this news release, except as required by law. Readers are cautioned not to place undue reliance on forward-looking information.

    Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

    References

    Alviola, R. 2004, Oriveden Seppälä-Vittaniemi alueen pegmatiittitutkimus. Geologcal Survey of Finland, Report M19/2141/2004/1/85. 9p. 60 app. (In Finnish).

    Eilu, P.(ed.) 2012. Geological Survey of Finland, Special Paper 53,224.

    Lahti, S.I. 1981, On the granitic pegmatites of the Eräjärvi area in Orivesi, southern Finland. Geological Survey of Finland, Bulletin 314, 82p.

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  • Integra Resources Announces 11,000 m Drill Program on 60 Million Tonnes of Low-Grade Gold-Silver Mineralized Stockpiles From Previous Operators, Potential to Increase Mine Life and Expand Production

    Integra Resources Announces 11,000 m Drill Program on 60 Million Tonnes of Low-Grade Gold-Silver Mineralized Stockpiles From Previous Operators, Potential to Increase Mine Life and Expand Production

    2022-09-12 03:52:12

    • Integra’s exploration team has identified approximately 60 million tonnes (“Mt”) of low-grade gold-silver mineralized material that was stockpiled and/or used as backfill by previous mine operators at DeLamar from the 1970s to the late 1990s.

    • Based on historic mining, milling and drill data, Integra is confident that the bulk of this material is oxidized or partially oxidized and that the grade of most of this material should be sufficient to warrant processing as part of the heap leach operation.

    • Previous operators at the DeLamar Project processed material through a mill with an average grade of 1.2 g/t gold (“Au”) and 75 g/t silver (“Ag”) (2.2 g/t gold equivalent (“AuEq)), with an estimated average mill cut-off grade of 0.80 g/t AuEq to 0.90 g/t AuEq.

    • In the DeLamar Pre-feasibility Study (“PFS”), the average grade of the heap leach gold-silver material was 0.61 g/t AuEq, using a cut-off of 0.2 g/t AuEq, suggesting a significant amount of the 60 Mt of stockpiled material could be amenable to heap leaching with an average grade range of 0.3 to 0.6 g/t AuEq.

    • Core and reverse circulation (“RC”) drilling through the stockpile and back fill material by Integra and previous mine operators, while not being as reliable as the planned dual rotary and sonic drill program about to commence, does add strong support to the assumption that this material is likely to be of sufficient grade to include in the heap leach operation:

      • IDM-22-206: 0.28 g/t Au and 50.98 g/t Ag (0.93 g/t AuEq over 102.41 meters (“m”)

        • Including 0.10 g/t Au and 833.0 g/t Ag (10.82 g/t AuEq) over 2.90 m

      • IDM-22-211: 0.42 g/t Au and 82.20 g/t Ag (1.48 g/t AuEq) over 59.74 m

      • IDM-18-042C: 0.49 g/t Au and 17.74 g/t Ag (0.72 g/t AuEq) over 34.14 m

        • Including 3.62 g/t Au and 66.90 g/t Ag (4.48 g/t AuEq) over 2.13 m

    • Integra will commence a 11,000 m drill program on these at surface, low-grade stockpiles at DeLamar and Florida Mountain in mid-to-late-September. The stockpiles average 36 m in thickness with a maximum thickness of 126 m. Drill holes will be drilled through the entirety of the stockpiles.

    • Integra aims to complete drilling, sampling, and metallurgical testing on this stockpiled material, aiming at a resource estimate update and incorporation of this material into a Mine Plan of Operations (“MPO”) plan in 2023.

    VANCOUVER, British Columbia, Sept. 12, 2022 (GLOBE NEWSWIRE) — Integra Resources Corp. (“Integra” or the “Company”) (TSX-V: ITR; NYSE American: ITRG) is pleased to announce the commencement of drilling on an estimated 60 Mt of low-grade, stockpiled gold-silver mineralized material at the DeLamar and Florida Mountain deposits. This material was stockpiled at surface by previous operators and has the potential, pending further drilling, to significantly increase the heap leach mine life and production rates at the Project. This drill program is designed to estimate grade and grade variability within the stockpiles as well as to obtain material for metallurgical testwork to further understand the potential inclusion of this material in future mine plans and heap leach processing. The total drill program will include 11,000 m of shallow, dual rotary reverse circulation drilling and sonic drilling.

    “We are excited to commence drilling on the stockpiled material at DeLamar and Florida Mountain as it has the potential to significantly increase the mine life and economics of the proposed future heap leach project at DeLamar. If even a portion of this material meets expectations in regards to grade and recoverability, it has the potential to meaningfully enhance the project. Our studies indicate that a substantial amount of material stockpiled and/or used as backfill, estimated to be as much as 60 Mt, resides in a potential grade range of 0.3 g/t to 0.6 g/t AuEq and could provide a large source of low-cost, low-strip Oxide and Mixed material that could be included in future heap leach mine plans. Based on historic mining records from the 1970s to 1990s, the Company expects the gold-silver grades in these stockpiles to be well above the heap leach cut-off grade used in the 2022 PFS,” stated George Salamis, President and CEO of Integra Resources. “The Company has initiated a fully-financed, 11,000 m dual rotary RC and sonic drill program designed to test these stockpiles with fences of shallow drill holes. The drilling is expected to take approximately 3 months and will be conducted in various locations where 60 Mt of stockpiled and backfilled material is located. The opportunity here is very clear: In the PFS, the cost of moving much of these stockpiles to access mineralized material below was included in the pre-stripping costs. As such, subject to success in terms of grade definition and potential Oxide and Mixed recoverability in these stockpiles, the Company plans to turn this material from a cost into a significant benefit to the Project through increased life of mine and value accretion.”

    The Proof of Concept: Evidence of Grade in Stockpiles and Backfill:

    The Company has drilled through backfill and low-grade stockpiles on a number of occasions through normal course drilling on the Project since 2018. This drilling, in addition to historic drilling from previous operators, provides a strong case to substantiate the potential mineralization in these stockpiles and backfill.

    Below are select drill highlights that encountered Oxide and Mixed mineralization in stockpiles and/or backfill:





















    Integra Resources Drill Results1,2,3
    Drill Hole From
    (m)    		 To
    (m)    		 Interval (m) g/t Au g/t Ag g/t AuEq Location
    FME-20-086 10.67 47.40 36.73 0.37 16.47 0.58 Florida Mtn
    IFM-18-003 0.00 57.30 57.30 0.35 9.89 0.48 Florida Mtn
    IDM-22-206 0.00 102.41 102.41 0.28 50.98 0.93 DeLamar
    including 35.51 38.41 2.90 0.10 833.00 10.82 DeLamar
    IDM-18-026 1.52 128.02 126.50 0.22 20.16 0.48 DeLamar
    IDM-18-022 0.00 35.05 35.05 0.36 12.67 0.52 DeLamar
    IDM-18-042C 0.00 34.14 34.14 0.49 17.74 0.72 DeLamar
    Including 18.90 21.03 2.13 3.62 66.90 4.48 DeLamar
    IDM-22-211 0.00 59.74 59.74 0.42 82.20 1.48 DeLamar
    Historic Drill Results22,4,5
    R251 0.00 15.24 15.24 0.78 20.50 1.05 DeLamar
    F0935 10.67 44.20 33.53 0.50 16.63 0.71 Florida Mtn
    SP45 0.00 33.53 33.53 0.40 28.62 0.77 Stockpile 1
    Including 24.38 27.43 3.05 1.03 82.05 2.09 Stockpile 1
    SP55 0.00 21.34 21.34 0.43 45.06 1.01 Stockpile 1
    SP48 0.00 30.48 30.48 0.29 15.05 0.48 Stockpile 1








      (1) Downhole thickness: true width varies depending on drill hole dip; most drill holes are aimed at intersecting the vein structures close to perpendicular therefore true widths are close to downhole widths (approximately 70% conversion ratio)
      (2) Gold equivalent = g Au/t + (g Ag/t ÷ 77.70)
      (3) Intervals reported are uncapped
      (4) Historical drill results from previous operators that are provided for context.
      (5) Historical drill holes are true thickness

    Execution of Drill Program: Methodology and Timeline

    The stockpile drilling program will be executed at 60 m collar spacing with select 30 m infill test holes. All drilling will be vertical through the entirety of the stockpiles. This drilling will be conducted by a combination of dual rotary RC and sonic drilling methods. Both these drilling methods will serve to maintain high sample quality through the drilling process. Additionally, the two sampling methods will provide a basis for comparison for continuity. Sampling will be conducted at 1.5 m intervals for the whole of the drilling with all samples sent to a third-party lab for analysis. These drilling methods provide the opportunity for various metallurgical tests, as well. Bottle rolls will be collected on crushed material and column testing is planned for select material obtained with the sonic drill. Once begun the drilling will take approximately three months to complete at 60 m spacings.

    To view the stockpiles and backfill at DeLamar, click here.

    To view the stockpiles and backfill at Florida Mountain, click here.

    Description of the PFS Mine Plan and Heap Leach Focus

    The Company’s 2022 PFS study demonstrated a robust, economic project with significant optionality and upside potential. The Company has commenced permitting and plans to commence development and operation of the project with a low-cost, high-margin 35,000 tonne per day (“mtpd”) heap leach facility. The simple, low-cost, low-risk strategy to focus on the financial engine of the project, the heap leach, does not negate the strong optionality of the project in multiple areas. Based on internal models generated by the Company, adding Oxide and Mixed material to the heap leach significantly increases the mine life and is very accretive to the Project’s value, at a very low-cost.

    Advancing the DeLamar gold-silver project towards permitting and development of the heap leach stage as a stand-alone mining operation, is a far lower cost, lower risk option for the Company and its shareholders, creating strong economic returns and rapid payback. In these inflationary times, with increased scrutiny on permitting of all resource projects, this is the optimal strategy for the Company and its shareholders, as it vastly reduces execution risk. Adding stockpiled and backfill material residing at surface, with little or no stripping required, subject to successful delineation and inclusion in future mine plans, has phenomenal value-add potential at a very low-cost.

    Sampling and QA/QC Procedure

    Thorough QA/QC protocols are followed on the Project, including insertion of duplicate, blank and standard samples in the assay stream for all drill holes. The samples are submitted directly to American Assay Labs in Reno, Nevada for preparation and analysis. Analysis of gold is performed using fire assay method with atomic absorption (AA) finish on a 1 assay ton aliquot. Gold results over 5 g/t are re-run using a gravimetric finish. Silver analysis is performed using ICP for results up to 100 g/t on a 5-acid digestion, with a fire assay, gravimetric finish for results over 100 g/t silver.

    Qualified Person

    The scientific and technical information contained in this news release has been reviewed and approved by E. Max Baker Ph.D. (F.AusIMM), Integra’s Vice President Exploration of Post Falls, Idaho, a “Qualified Person” (“QP”) as defined in National Instrument 43- 101 – Standards of Disclosure for Mineral Projects.

    About Integra Resources

    Integra is a development-stage mining company focused on the exploration and de-risking of the past producing DeLamar gold-silver project in Idaho, USA. Integra is led by the management team from Integra Gold Corp. which successfully grew, developed and sold the Lamaque Project, in Quebec, for C$600m in 2017. Since acquiring the DeLamar Project, which includes the adjacent DeLamar and Florida Mountain gold and silver deposits, in late 2017, the Company has demonstrated significant resource growth and conversion while providing robust economic studies in its maiden preliminary economic assessment and now pre-feasibility study. An independent technical report for the PFS on the DeLamar Project has been prepared in accordance with the requirements of NI 43-101 and is available under the Company’s profile at www.sedar.com and on the Company’s website at www.integraresources.com.

    ON BEHALF OF THE BOARD OF DIRECTORS

    George Salamis
    President, CEO and Director

    CONTACT INFORMATION

    Corporate Inquiries: This email address is being protected from spambots. You need JavaScript enabled to view it. 
    Company website: www.integraresources.com 
    Office phone: 1 (604) 416-0576

    Forward looking and other cautionary statements

    This news release contains “forward-looking information” and “forward-looking statements” (collectively, “forward-looking statements”) within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussion with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often, but not always using phrases such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or variations (including negative variations) of such words and phrases, or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved) are not statements of historical fact and may be forward-looking statements. In this news release, forward-looking statements relate, among other things, to: statements about the scope, timing and completion of the Pre-feasibility study; estimates of metallurgical recovery rates and the contribution of silver production to mining operations; anticipated advancement of DeLamar and future exploration prospects.These forward-looking statements, and any assumptions upon which they are based, are made in good faith and reflect our current judgment regarding the direction of our business. Management believes that these assumptions are reasonable. Forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include, among others: risks related to the speculative nature of the Company’s business; the Company’s formative stage of development; the Company’s financial position; possible variations in mineralization, grade or recovery rates; actual results of current exploration activities; actual results of reclamation activities; conclusions of future economic evaluations; business integration risks; fluctuations in general macroeconomic conditions; fluctuations in securities markets; fluctuations in spot and forward prices of gold, silver, base metals or certain other commodities; fluctuations in currency markets (such as the Canadian dollar to United States dollar exchange rate); change in national and local government, legislation, taxation, controls regulations and political or economic developments; risks and hazards associated with the business of mineral exploration, development and mining (including environmental hazards, industrial accidents, unusual or unexpected formation pressures, cave-ins and flooding); inability to obtain adequate insurance to cover risks and hazards; the presence of laws and regulations that may impose restrictions on mining; employee relations; relationships with and claims by local communities and indigenous populations; availability of increasing costs associated with mining inputs and labour; the speculative nature of mineral exploration and development (including the risks of obtaining necessary licenses, permits and approvals from government authorities); and title to properties. Although the forward-looking statements contained in this news release are based upon what management of Integra believes, or believed at the time, to be reasonable assumptions, Integra cannot assure its shareholders that actual results will be consistent with such forward-looking statements, as there may be other factors that cause results not to be anticipated, estimated, or intended.

    Forward-looking statements contained herein are made as of the date of this news release and the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results, except as may be required by applicable securities laws. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information.

    Cautionary Note for U.S. Investors Concerning Mineral Resources and Reserves

    National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101“) is a rule of the Canadian Securities Administrators which establishes standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. Technical disclosure contained in this news release has been prepared in accordance with NI 43-101 and the Canadian Institute of Mining, Metallurgy and Petroleum Classification System.  These standards differ from the requirements of the U.S. Securities and Exchange Commission (“SEC”) and resource information contained in this press release may not be comparable to similar information disclosed by domestic United States companies subject to the SEC’s reporting and disclosure requirements.

    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.

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  • Wallbridge Mining: New Assay Results Expand Martiniere Gold Zones

    Wallbridge Mining: New Assay Results Expand Martiniere Gold Zones

    2022-08-30 03:36:57

    TORONTO, Aug. 30, 2022 (GLOBE NEWSWIRE) — Wallbridge Mining Company Limited (TSX:WM, OTCQX:WLBMF) (“Wallbridge” or the “Company”) is pleased to announce that positive assay results continue to validate the resource growth potential of the Martiniere Gold Property (“Martiniere” or the “Property”). Martiniere is located 30 kilometres and within trucking distance of the Company’s flagship Fenelon Gold Project (“Fenelon”) on the highly prospective Detour-Fenelon Gold Trend in Northern Abitibi, Quebec (Figure 1).

    New results announced today include: 12.27 g/t Au over 5.60 metres in hole MR-22-026, extending the Martiniere West zone along strike by over 400 metres to the southwest; 4.75 g/t Au over 5.50 metres in hole MR-22-020, extending the Martiniere West zone down-plunge by over 300 metres; and 2.50 g/t Au over 17.35 metres, near-surface in hole MR-22-029 in the area between the Martiniere West and Central zones.

    Attila Péntek, Wallbridge’s Vice President, Exploration, commented:

    “Our 2021-2022 exploration program at Martiniere has provided essential geologic information on the orientation of the gold zones and their host rocks and has demonstrated resource expansion potential in multiple directions. We see excellent opportunities to add to the existing resource, including at shallow depths, as in hole MR-22-029, and the deposit remains largely untested below 400 metres from the surface. We will use the remainder of the year to incorporate this new data, along with pending assays from three more exploration holes, into our geology models, in preparation for an updated Mineral Resource Estimate and planning for our 2023 exploration program at the property.”

    About the Martiniere Gold Property

    Martiniere currently contains 544,000 ounces of indicated gold resources and 256,000 ounces of inferred gold resources within a large, mineralized footprint of four-square kilometres. The deposit has only been meaningfully drilled to a vertical depth of 400 metres and mineralized shoots remain open down-plunge.

    The Company’s 2021-2022 drilling program was primarily aimed at establishing connections between the Martiniere West and Bug Lake Trends, where significant gaps in previous drilling existed, in order to establish a continuous deposit.

    Highlight Drill Results

    Highlights of the drilling results released today include the following:




































    Martiniere West Zone
    MR-22-026 12.27 g/t Au over 5.60 metres, including
      42.55 g/t Au over 1.50 metres;
       
    MR-22-020 4.75 g/t Au over 5.50 metres, including
      8.70 g/t Au over 3.00 metres;
       
    MR-22-013 10.46 g/t Au over 1.80 metres;
       
    Martiniere Central Zone
    MR-22-029 2.50 g/t Au over 17.35 metres, including
      8.34 g/t Au over 3.80 metres;
       
    MDE-21-338 0.80 g/t Au over 21.50 metres, including
      7.48 g/t Au over 1.10 metres;
      These intersections are in addition to an interval of 46.75 g/t Au over 2.40 metres announced previously in the Wallbridge press release dated February 2, 2022.
       
    MR-22-033 20.48 g/t Au over 1.50 metres;
       
    MR-22-035 0.92 g/t Au over 25.50 metres, including
      4.95 g/t Au over 3.00 metres; 
      1.12 g/t Au over 13.50 metres;
      1.65 g/t Au over 13.25 metres;
       
    MR-22-012 2.64 g/t Au over 9.05 metres, including
      9.68 g/t Au over 1.70 metres;
       
    Bug Lake North
    MR-22-027 1.19 g/t Au over 15.70 metres;
       
    MR-22-034 15.74 g/t Au over 1.50 metres;
       
    MDE-21-339 5.47 g/t Au over 3.00 metres;

    Assay results from 40 drill holes of the 2021-2022 Martiniere drill program are reported in the Table and Figures below. Further assays results are pending for three drill holes of the 2022 program. All figures and a table with drill hole information of recently completed holes are posted on the Company’s website under “Current Program”.

    The 2021-2022 Drill Program at Martiniere

    Following an initial drill program of 9,380 metres in 2021, the Company has completed 21,400 metres of additional drilling at Martiniere this year. The results from this program, which now includes more than 30,000 metres of drilling, will provide significant new data for an updated resource estimate at Martiniere.

    Highlights of the 2021 drill program, as reported in the Company’s press releases dated October 26, 2021 and February 2, 2022, include 3.68 g/t Au over 22.50 metres in MDE-21-326 (Bug Lake North), 2.21 g/t Au over 36.60 metres in MDE-21-328 (Bug Lake South) and 46.75 g/t Au over 2.40 metres in MDE-21-338 (Martiniere Central).

    The three drill rigs operating at Martiniere were redeployed to Fenelon in June where they are providing additional resources for an updated mineral resource estimate focused on defining an underground bulk mineable resource at Fenelon.

    Figure 1. Detour Fenelon Gold TrendFigure 1

    Figure 2. Martiniere Gold, Plan ViewFigure 2

    Figure 3. Martiniere Gold, Martiniere West Trend Long SectionFigure 3




























































































    Table 1. Regional Gold Property, Recent Drill Assay Highlights (1)
    Drill Hole From To Length Au Au Cut(2) VG(3) Zone/Corridor
      (m) (m) (m) (g/t) (g/t)    
    MDE-21-332 267.50 276.00 8.50 0.68 0.68   Bug Lake North
    MDE-21-332 457.00 464.15 7.15 1.89 1.89   Bug Lake North
    Including… 458.00 459.00 1.00 7.80 7.80   Bug Lake North
    MDW-21-335 89.50 91.00 1.50 3.66 3.66   Martiniere Central
    MDE-21-338 182.00 203.50 21.50 0.80 0.80   Martiniere Central
    Including… 182.00 183.10 1.10 7.48 7.48   Martiniere Central
    MDE-21-338 572.00 583.00 11.00 0.54 0.54   Martiniere Central
    MDE-21-338 863.70 864.55 0.85 7.80 7.80   Martiniere Central
    MDE-21-339 389.00 392.00 3.00 5.47 5.47   Bug Lake North
    Including… 390.00 391.00 1.00 14.54 14.54   Bug Lake North
    MR-22-001 No Significant Mineralization (4)
    MR-22-002 No Significant Mineralization (4)
    MR-22-003 227.50 229.00 1.50 3.67 3.67   Martiniere West
    MR-22-003 260.00 271.00 11.00 1.27 1.27   Martiniere West
    Including… 260.00 264.30 4.30 2.65 2.65   Martiniere West
    MR-22-003 375.70 388.00 12.30 1.02 1.02   Martiniere West
    Including… 380.55 385.65 5.10 1.81 1.81   Martiniere West
    MR-22-003 420.40 426.50 6.10 1.49 1.49   Martiniere West
    Including… 421.00 423.65 2.65 2.92 2.92   Martiniere West
    MR-22-004 43.50 44.70 1.20 4.32 4.32   Martiniere West- Extension
    MR-22-005 158.85 177.70 18.85 0.63 0.63   Martiniere West- Extension
    Including… 172.80 177.70 4.90 1.09 1.09   Martiniere West- Extension
    MR-22-006 403.80 404.80 1.00 13.59 13.59   Martiniere West
    MR-22-006 452.30 454.50 2.20 4.55 4.55 VG Martiniere West
    Including… 453.00 453.50 0.50 15.24 15.24 VG Martiniere West
    MR-22-006 530.00 541.15 11.15 0.72 0.72   Martiniere West
    MR-22-007 No Significant Mineralization (4)
    MR-22-008 575.40 576.30 0.90 5.64 5.64   Martiniere West
    MR-22-009 213.00 229.00 16.00 0.79 0.79   Martiniere West
    Including… 226.00 229.00 3.00 2.74 2.74   Martiniere West
    MR-22-010 203.60 215.75 12.15 0.45 0.45   Bermuda
    MR-22-011 475.00 476.00 1.00 12.10 12.10   Martiniere West- Extension
    MR-22-012 427.70 436.75 9.05 2.64 2.64 VG Martiniere Central
    Including… 432.90 434.60 1.70 9.68 9.68 VG Martiniere Central
    MR-22-013 178.50 180.30 1.80 10.46 10.46   Martiniere West- Extension
    MR-22-014 224.80 229.15 4.35 3.04 3.04   Martiniere West
    Including… 227.50 229.15 1.65 7.24 7.24   Martiniere West
    MR-22-015 112.25 119.75 7.50 1.52 1.52   Martiniere West- Extension
    MR-22-015 295.00 307.00 12.00 0.50 0.50   Martiniere West- Extension
    MR-22-016 35.00 60.25 25.25 0.60 0.60   Bermuda
    MR-22-017 464.00 467.00 3.00 1.72 1.72   Martiniere West- Extension
    MR-22-018 403.90 407.00 3.10 3.67 3.67   Martiniere West- Extension
    Including… 406.00 407.00 1.00 10.39 10.39   Martiniere West- Extension
    MR-22-019 No Significant Mineralization (4)
    MR-22-020 207.50 218.50 11.00 0.74 0.74   Martiniere West
    MR-22-020 413.85 415.15 1.30 6.03 6.03   Martiniere West
    MR-22-020 538.50 544.00 5.50 4.75 4.75   Martiniere West
    Including… 541.00 544.00 3.00 8.70 8.70   Martiniere West
    MR-22-021 233.50 247.00 13.50 0.85 0.85   Martiniere Central
    Including… 233.50 238.00 4.50 1.20 1.20   Martiniere Central
    MR-22-021 513.90 515.30 1.40 7.62 7.62   Martiniere Central
    MR-22-021 529.50 532.70 3.20 2.75 2.75   Martiniere Central
    MR-22-022 156.15 157.20 1.05 6.70 6.70   Martiniere Central
    MR-22-023A No Significant Mineralization (4)
    MR-22-024 458.15 462.00 3.85 1.67 1.67   Martiniere Central
    MR-22-025 250.00 256.00 6.00 1.73 1.73   Martiniere Central
    Including… 253.00 254.00 1.00 7.58 7.58   Martiniere Central
    MR-22-025 274.00 283.00 9.00 1.62 1.62   Martiniere Central
    Including… 274.00 275.05 1.05 9.55 9.55   Martiniere Central
    MR-22-025 392.05 392.70 0.65 22.60 22.60   Martiniere Central
    MR-22-026 357.90 363.50 5.60 12.27 10.25   Martiniere West- Extension
    Including… 360.50 362.00 1.50 42.55 35.00   Martiniere West- Extension
    MR-22-027 473.00 478.90 5.90 1.77 1.77   Bug Lake North
    MR-22-027 504.50 520.20 15.70 1.19 1.19   Bug Lake North
    Including… 519.00 520.20 1.20 8.92 8.92   Bug Lake North
    MR-22-028 No Significant Mineralization (4)
    MR-22-029 62.65 80.00 17.35 2.50 2.50   Martiniere Central
    Including… 68.50 72.30 3.80 8.34 8.34   Martiniere Central
    MR-22-030 428.50 430.00 1.50 9.00 9.00   Bug Lake South
    MR-22-031 No Significant Mineralization (4)
    MR-22-032 No Significant Mineralization (4)
    MR-22-033 173.50 176.50 3.00 1.72 1.72   Martiniere Central
    MR-22-033 464.50 466.00 1.50 20.48 20.48   Martiniere Central
    MR-22-034 124.50 126.00 1.50 15.74 15.74   Bug Lake North
    MR-22-034 199.00 200.00 1.00 5.60 5.60   Bug Lake North
    MR-22-035 151.00 176.50 25.50 0.92 0.92   Martiniere Central
    Including… 173.50 176.50 3.00 4.95 4.95   Martiniere Central
    MR-22-035 209.50 223.00 13.50 1.12 1.12   Martiniere Central
    Including… 221.00 223.00 2.00 3.97 3.97   Martiniere Central
    MR-22-035 294.75 308.00 13.25 1.65 1.65   Martiniere Central
    Including… 294.75 296.00 1.25 6.46 6.46   Martiniere Central
    MR-22-037 No Significant Mineralization (4)
    (1) Table includes only assay results received since the latest press release dated February 02, 2022.
    (2) Au cut at: 0.35 g/t Au.
    (3) Intervals containing visible gold (“VG”).
    (4) Metal factor of at least 5 g/t*m and minimum weighted average composite grade of 0.40 g/t Au within the 2021 MRE open pit shell and 2.4 g/t Au for outside open pit shell.
    Note: True widths are estimated to be 50-80% of the reported core length intervals.

    Assay QA/QC and Qualified Persons

    Drill core samples from the ongoing drill program at Martiniere are cut and bagged either on-site or by contractors and transported to SGS Canada Inc. or Bureau Veritas Commodities Canada Ltd. for analysis. Samples, standards and blanks are included for quality assurance and quality control, were prepared and analyzed at the laboratories. Samples are crushed to 90% less than 2mm. A 1kg riffle split is pulverized to 85% passing 75 microns. 50g samples are analyzed by fire assay and AAS or ICP. At SGS and Bureau Veritas, samples >10g/t Au are automatically analyzed by fire assay with gravimetric finish or screen metallic analysis. To test for coarse free gold and additional quality assurance and quality control, Wallbridge requests screen metallic analysis for samples containing visible gold. These and future assay results may vary from time to time due to re‒analysis for quality assurance and quality control.

    The Qualified Person responsible for the technical content of this press release is Peter Lauder, P.Geo, Exploration Manager of Wallbridge.

    About Wallbridge Mining

    Wallbridge is focused on creating value through the acquisition, exploration, discovery, development, and production of gold from a portfolio of advanced exploration-stage assets located in established mining jurisdictions within Canada. In doing so, Wallbridge aims to be a partner in sustainable development, supporting the prosperity of employees, First Nations, and local communities while protecting the environment.

    Wallbridge’s flagship project, Fenelon, is located on the highly prospective Detour-Fenelon Gold Trend Property in Northern Abitibi. A mineral resource estimate completed in 2021 validated the multi-million-ounce potential of Fenelon and Martiniere, incorporating a combined 2.67 million ounces of indicated gold resources and 1.72 million ounces of inferred gold resources. Fenelon and Martiniere, located within a 910 km2 exploration land package controlled by Wallbridge, have the potential to be developed into mines and are close to existing power and transportation infrastructure.

    Wallbridge also has interests in a portfolio of nickel assets. These include a 100% interest in the Grasset Property in Quebec, and a 20.4% interest in Lonmin Canada Inc., which owns 100% of the Denison nickel, copper and PGM project southwest of Sudbury, Ontario. In keeping with the Company’s focus on gold and in line with its strategy to unlock the value of its nickel assets, on July 13, 2022 Wallbridge announced that it has entered into a definitive agreement with Archer Exploration Corp., pursuant to which, Archer will acquire all of Wallbridge’s property, assets, rights and obligations related to its portfolio of nickel assets to create a focused and well-funded publicly-traded nickel exploration and development company.

    Wallbridge will continue to focus on its core Detour-Fenelon Gold Trend Property while enabling shareholders to participate in the potential economic upside in Archer.This news release has been authorized by the undersigned on behalf of Wallbridge Mining Company Limited.

    Wallbridge Mining Company Limited

    Marz Kord, P. Eng., M. Sc., MBA

    President & CEO

    Tel: (705) 682‒9297 ext. 251

    Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

    Victoria Vargas, B.Sc. (Hon.) Economics, MBA

    Investor Relations Advisor

    Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

    Cautionary Note Regarding Forward-Looking Information

    This press release of Wallbridge Mining Company Limited (“Wallbridge” or the “Company“) contains forward-looking statements or information (collectively, “FLI”) within the meaning of applicable Canadian securities legislation. FLI is based on expectations, estimates, projections and interpretations as at the date of this press release.

    All statements, other than statements of historical fact, included herein are FLI that involve various risks, assumptions, estimates and uncertainties. Generally, FLI can be identified by the use of statements that include words such as “seeks”, “believes”, “anticipates”, “plans”, “continues”, “budget”, “scheduled”, “estimates”, “expects”, “forecasts”, “intends”, “projects”, “predicts”, “proposes”, “potential”, “targets” and variations of such words and phrases, or by statements that certain actions, events or results “may”, “will”, “could”, “would”, “should” or “might”, “be taken”, “occur” or “be achieved.”

    FLI herein includes, but is not limited to: future drill results; the Company’s ability to convert inferred resources into measured and indicated resources; environmental matters; stakeholder engagement and relationships; parameters and methods used to estimate the mineral resource estimates (each an “MRE”) at the Fenelon and Martiniere properties (collectively the “Deposits”); the prospects, if any, of the Deposits; future drilling at the Deposits; and the significance of historic exploration activities and results.

    FLI is designed to help you understand management’s current views of its near- and longer-term prospects, and it may not be appropriate for other purposes. FLI by their nature are based on assumptions and involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such FLI. Although the FLI contained in this press release is based upon what management believes, or believed at the time, to be reasonable assumptions, the Company cannot assure shareholders and prospective purchasers of securities of the Company that actual results will be consistent with such FLI, as there may be other factors that cause results not to be as anticipated, estimated or intended, and neither the Company nor any other person assumes responsibility for the accuracy and completeness of any such FLI. Except as required by law, the Company does not undertake, and assumes no obligation, to update or revise any such FLI contained herein to reflect new events or circumstances, except as may be required by law. Unless otherwise noted, this press release has been prepared based on information available as of the date of this press release. Accordingly, you should not place undue reliance on the FLI or information contained herein.

    Furthermore, should one or more of the risks, uncertainties or other factors materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in FLI.

    Assumptions upon which FLI is based, without limitation, include: the ability of exploration activities to accurately predict mineralization; the accuracy of geological modelling; the ability of the Company to complete further exploration activities; the legitimacy of title and property interests in the Deposits; the accuracy of key assumptions, parameters or methods used to estimate the MREs; the ability of the Company to obtain required approvals; the results of exploration activities; the evolution of the global economic climate; metal prices; environmental expectations; community and non-governmental actions; and any impacts of COVID-19 on the Deposits, the Company’s financial position, the Company’s ability to secure required funding, or operations. Risks and uncertainties about Wallbridge’s business are more fully discussed in the disclosure materials filed with the securities regulatory authorities in Canada, which are available at www.sedar.com.

    Covid‒19 ‒ Given the rapidly evolving nature of the Coronavirus (COVID‒19) pandemic, Wallbridge is actively monitoring the situation in order to continue to maintain as best as possible the activities while striving to protect the health of its personnel. Wallbridge’s activities will continue to align with the guidance provided by local, provincial and federal authorities in Canada. The Company has established measures to continue normal activities while protecting the health of its employees and stakeholders. Depending on the evolution of the virus, measures may affect the regular operations of Wallbridge and the participation of staff members in events inside or outside Canada.

    Information Concerning Estimates of Mineral Resources

    The disclosure in this press release and referred to herein was prepared in accordance with NI 43-101 which differs significantly from the requirements of the U.S. Securities and Exchange Commission (the “SEC“). The terms “measured mineral resource”, “indicated mineral resource” and “inferred mineral resource” used in this press release are in reference to the mining terms defined in the Canadian Institute of Mining, Metallurgy and Petroleum Standards (the “CIM Definition Standards“), which definitions have been adopted by NI 43-101. Accordingly, information contained in this press release providing descriptions of our mineral deposits in accordance with NI 43-101 may not be comparable to similar information made public by other U.S. companies subject to the United States federal securities laws and the rules and regulations thereunder.

    Investors are cautioned not to assume that any part or all of mineral resources will ever be converted into reserves. Pursuant to CIM Definition Standards, “inferred mineral resources” are that part of a mineral resource for which quantity and grade or quality are estimated on the basis of limited geological evidence and sampling. Such geological evidence is sufficient to imply but not verify geological and grade or quality continuity. An inferred mineral resource has a lower level of confidence than that applying to an indicated mineral resource and must not be converted to a mineral reserve. However, it is reasonably expected that the majority of inferred mineral resources could be upgraded to indicated mineral resources with continued exploration. Under Canadian rules, estimates of inferred mineral resources may not form the basis of feasibility or pre-feasibility studies, except in rare cases. Investors are cautioned not to assume that all or any part of an inferred mineral resource is economically or legally mineable. Disclosure of “contained ounces” in a resource is permitted disclosure under Canadian regulations; however, the SEC normally only permits issuers to report mineralization that does not constitute “reserves” by SEC standards as in place tonnage and grade without reference to unit measures.

    Canadian standards, including the CIM Definition Standards and NI 43-101, differ significantly from standards in the SEC Industry Guide 7. Effective February 25, 2019, the SEC adopted new mining disclosure rules under subpart 1300 of Regulation S-K of the United States Securities Act of 1933, as amended (the “SEC Modernization Rules“), with compliance required for the first fiscal year beginning on or after January 1, 2021. The SEC Modernization Rules replace the historical property disclosure requirements included in SEC Industry Guide 7. As a result of the adoption of the SEC Modernization Rules, the SEC now recognizes estimates of “measured mineral resources”, “indicated mineral resources” and “inferred mineral resources”. Information regarding mineral resources contained or referenced in this press release may not be comparable to similar information made public by companies that report according to U.S. standards. While the SEC Modernization Rules are purported to be “substantially similar” to the CIM Definition Standards, readers are cautioned that there are differences between the SEC Modernization Rules and the CIM Definitions Standards. Accordingly, there is no assurance any mineral resources that the Company may report as “measured mineral resources”, “indicated mineral resources” and “inferred mineral resources” under NI 43-101 would be the same had the Company prepared the resource estimates under the standards adopted under the SEC Modernization Rules.

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  • Getchell Gold Continues to Expand North Fork Discovery and Intersects Multiple Extensive Gold Intervals, Fondaway Canyon, NV

    Getchell Gold Continues to Expand North Fork Discovery and Intersects Multiple Extensive Gold Intervals, Fondaway Canyon, NV

    2022-08-17 04:36:04

    Vancouver, British Columbia Getchell Gold Corp. (CSE: GTCH) (OTCQB: GGLDF) (“Getchell” or the “Company”) is pleased to provide the results for drill hole FCG22-18 that targeted the high-grade North Fork zone at the Fondaway Canyon gold project in Nevada.

    Key Highlights

    • Extensive gold mineralized intervals encountered;

    • Continues to expand North Fork zone with further discoveries;

    • Includes 2.5 g/t Au over 43.4 m, 2.0 g/t Au over 29.6 m, 4.8 g/t Au over 12.1 m, 1.4 g/t Au over 27.7 m, and 2.0 g/t Au over 22.1 m;

    • Lower gold interval is outside of previous drilling and is 75 m away from nearest drill hole;

    • Results from FCG22-18 will be incorporated into the forthcoming Resources estimate;

    • North Fork gold zone remains open in most directions;

    • Drilling is underway to step out and delineate the rapidly expanding North Fork zone; and

    • With the completion of the drill program at the Star project, a second drill rig has arrived at Fondaway Canyon and commenced drilling of the Pediment target zone.

    “FCG22-18 marks the easternmost drill hole targeting the North Fork gold zone and encountered one of the broader, cumulative intervals of gold, drilled to date at Fondaway Canyon.” states Mike Sieb, President, Getchell Gold Corp. “As we step out, we continue to intersect significant gold mineralization reflective of the impressive size and potential of the mineralizing system.”

    Drill Hole FCG21-18

    Drill hole FCG22-18, the second drill hole of the 2022 drill program at Fondaway Canyon (the “Project”), was designed to follow up on the high-grade gold discovered by FCG21-16, the last drill hole of the 2021 drill program.

    FCG21-16 encountered a high-grade gold interval grading 6.3 g/t Au over 50.7 m (117.5-168.2 m drill depth) that includes 10.4 g/t Au over 25.0 m (139.9-164.9 m) (Company news release dated February 15, 2022). This latter interval contained 12 samples reporting >10 g/t Au revealing strong internal high-grade gold consistency.

    FCG22-18 was collared on the canyon floor, at the junction of Fondaway Canyon and the North Fork branch, on the same drill pad as hole FCG21-16 (Figures 1 and 2). FCG22-18 targeted the North Fork mineralized zone as a 30m step out to the northeast from the high-grade intercept encountered in FCG21-16.

    FCG22-18 intersected multiple significant intervals of gold mineralization, encountered from 180.6 to 400 metres down hole (Figure 3). The broader intervals graded 2.5 g/t Au over 43.4 m, 2.0 g/t Au over 29.6 m, 4.8 g/t Au over 12.1 m, 1.4 g/t Au over 27.7 m, and 2.0 g/t Au over 22.1 m (detailed in Table 1).

    Junior Mining NetworkFigure 1: Fondaway Canyon plan map highlighting Getchell’s 2020, 2021, and 2022 drilling.

    Junior Mining NetworkFigure 2: Fondaway Canyon plan map showing previous drilling relative to Getchell’s drill holes.

    Junior Mining NetworkFigure 3: Cross-section highlighting gold intervals in drill holes FCG21-16 and FCG22-18.

    The latter gold intervals, extending over a 72.6 m down hole distance, were encountered in an area outside and to the east of previous drilling, and 75 meters distant from the nearest drill hole.

    The gold mineralized intervals encountered in hole FCG22-18 will be incorporated into the forthcoming Mineral Resources estimate scheduled for completion this Fall.

    The North Fork gold zone remains open in most directions and follow up drilling is underway to continue to step out, further delineate, and model the rapidly expanding North Fork zone.

    Table 1: Drill Hole FCG22-18 Notable Gold IntervalsJunior Mining Network

    Fondaway Canyon Drill Program Update

    Six holes have been completed (FCG22-17 to 22) to date, totalling 2,328m, during the 2022 drill program at Fondaway Canyon.

    Holes FCG22-17, 18, 19 and 22, collared on the same pad as FCG21-16, were respectively designed to test the immediate western, northeastern, southwestern, and eastern extent of the mineralization encountered in hole FCG21-16.

    FC22-17 also encountered multiple intervals of gold mineralization spanning 120 metres downhole starting at a near surface down-hole depth of 66.1 m, that included high-grade gold mineralization of 17.7 g/t Au over 9.9 m within a broader zone grading 5.4 g/t Au over 51.9 m (as reported in Company news release dated July 26, 2022). This interval was followed by two intervals grading 2.0 g/t Au over 22.9 m and 1.9 g/t Au over 15.9 m.

    FCG22-20, a vertical drill hole, was designed to test the mineralization directly below the Colorado Pit in an area relatively absent of drilling.

    FCG22-21, stationed midway up the north slope of Fondaway Canyon, was designed to crosscut the Colorado SW zone of mineralization to assist with modelling and to test the extents of the mineralization to the northwest. Additional holes are planned from this setup but due to the need to expand the drill pad and sump to accommodate additional drilling, the drill was moved back to the canyon floor in the interim to continue to expand on the North Fork gold zone discoveries.

    Assays are pending for holes FCG22-19 through FCG22-22.

    FCG22-23, collared on the same pad as FCG22-16 at the junction of Fondaway Canyon and the North Fork branch, is in progress and is designed to follow-up to the northwest on the recent gold intervals discovered in FCG22-18, as reported in this news release.

    Junior Mining NetworkFigure 4: Showing two rigs at Fondaway Canyon – One targeting the North Fork zone (hole FCG22-23) and second drill targeting the Pediment zone (FCG22-24) west of the South Mouth Pit

    Pediment Target Area and Second Drill Rig

    With the completion of the initial drill program at the Star project, a second drill rig has arrived at Fondaway Canyon, and has commenced drilling the Pediment target zone by hole FCG22-24.

    The Pediment Target is the westernmost known gold mineralized occurrence along the 3.5 km long E-W trending Fondaway Canyon gold mineralization corridor. The area is completely blanketed by a broad alluvium cover which is typical of the range and basin geomorphology for the area.

    Two vertical drill holes completed in 2002, 02FC-10 and 02FC-11, were collared 185 metres apart and designed to test potential gold mineralization beneath the sediment cover on trend with the Fondaway Canyon E-W gold corridor. Both holes successfully intersected thick lower grade gold intersections with hole 02FC-10 intersecting 27.4 m grading 0.82 g/t Au and 02FC-11 intersecting 36.6 m grading 0.52 g/t Au.

    One hole drilled by the Company in 2020, FCG20-01, was lost within a fault zone prior to reaching the target depth (Company news release dated January 27, 2021).

    Upon completion of hole FCG22-24, the drill rig is planned to join the first rig in Fondaway Canyon’s Central Area, a nexus for the gold mineralization and host to the Colorado SW and North Fork gold zones, the primary targets for this year’s drill program.

    Star Cu-Au-Ag Project Drill Program Update

    Two drill holes totalling 976 metres were completed to target depth at Star.

    Drill hole SG22-01, the first drill hole at the Star project, targeted a large multi geophysical survey line anomaly underlying the high-grade copper, gold, and silver mineralization at surface at the Star South occurrence. SG22-02, situated four kilometres to the north targeted a large geophysical anomaly underlying the past producing Star Point copper mine.

    Both holes encountered indications of epithermal fluids and alteration associated with a porphyry style system and extensive structural zones marking high fluid transmissivity. Broad zones of graphitic material occurring as bands and fracture fill were encountered and would provide geophysical responses similar to the ones targeted. Copper mineralization was not observed in the drill core.

    Sample results are pending and will be utilized for the interpretation and potential vectoring within the identified system to the source of the mineralization observed at surface, in preparation for future drill programs.

    Scott Frostad, P.Geo., is the Qualified Person (as defined in NI 43-101) who reviewed and approved the content and scientific and technical information in the news release.

    The 2022 drill core is being processed using the same methods as the 2020 and 2021 drill programs. The core is cut at Bureau Veritas Laboratories’ (“BVL”) facilities in Sparks, Nevada, with the samples analyzed for gold and multi-element analysis in BVL’s Sparks, Nevada and Vancouver, BC laboratories respectively. Gold values are produced by fire assay with an Atomic Absorption finish on a 30-gram sample (BV code FA430) with over limits re-analyzed using method FA530 (30g Fire Assay with gravimetric finish). The multi-element analyses are performed by ICP-MS following aqua regia digestion on a 30g sample (BV code AQ250). Quality control measures in the field include the systematic insertion of standards and blanks.

    Highlighted drill intervals are based on a 0.25 g/t Au cut-off, minimum interval lengths of 3.3 metres (10 feet), and a maximum of 3.3 metres of internal dilution, with no top cut applied. All intervals are reported as downhole drill lengths and additional work is required to determine the true width.

    About Getchell Gold Corp.

    The Company is a Nevada focused gold and copper exploration company trading on the CSE: GTCH and OTCQB: GGLDF. Getchell Gold is primarily directing its efforts on its most advanced stage asset, Fondaway Canyon, a past gold producer with a significant in-the-ground historic resource estimate and on the Star project, a past high-grade copper, gold, and silver small-scale producer. Complementing Getchell’s asset portfolio is Dixie Comstock, a past gold producer with a historic resource and one earlier stage exploration project, Hot Springs Peak (Au). Getchell has the option to acquire 100% of the Fondaway Canyon and Dixie Comstock properties, Churchill County, Nevada.

    For further information please visit the Company’s website at www.getchellgold.com or contact the Company by e-mail at This email address is being protected from spambots. You need JavaScript enabled to view it. or by phone at +1 647 249-4798.

    Mr. William Wagener, Chairman & CEO

    Getchell Gold Corp.

    The Canadian Securities Exchange has not reviewed this press release and does not accept responsibility for the adequacy or accuracy of this news release.

    Certain information contained herein constitutes “forward-looking information” under Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with respect to the use of proceeds. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “will” or variations of such words and phrases or statements that certain actions, events or results “will” occur. Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made and they are subject to known and unknown risks, uncertainties and other factors that may cause the actual results to be materially different from those expressed or implied by such forward-looking statements or forward-looking information Although management of Getchell have attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. The Company will not update any forward-looking statements or forward-looking information that are incorporated by reference herein, except as required by applicable securities laws.

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  • Lumina Gold Extends Mineralization at the Cangrejos Deposit and Continues to Expand the Gran Bestia Ridge

    Lumina Gold Extends Mineralization at the Cangrejos Deposit and Continues to Expand the Gran Bestia Ridge

    2022-08-17 04:05:03

    Highlights include:

    Completed the 2021/2022 drill campaign with over 36,000 metres drilling.

    Gran Bestia

    • Long intercepts in seven ridge holes expected to add mineral resources, open in all directions

    • C22-225: 0.76 g/t gold equivalent over 287 metres

    • C22-214: 0.72 g/t gold equivalent over 126 metres

    Cangrejos

    • C22-226: 0.70 g/t gold equivalent over 222 metres – open to southwest and to depth

    • C22-222: 1.23 g/t gold equivalent over 36 metres – open to east

    VANCOUVER, BC, Aug. 17, 2022 /CNW/ – Lumina Gold Corp. (TSXV: LUM) (OTCQX: LMGDF) (the “Company” or “Lumina”) is pleased to announce results from twenty-five drill holes at its Cangrejos Project (the “Project”) in Ecuador. Seventeen of the reported drill holes are from Cangrejos and eight are from Gran Bestia (see Table 1). During the 2021/2022 drill program, 107 drill holes have been completed, totalling 36,027 metres of resource definition and geotechnical drilling. The drill program is now complete, and all drill rigs have been demobilised from site. Results from two holes at Cangrejos and fifteen at Gran Bestia are pending; including geotechnical holes.

    Marshall Koval, CEO, President and Director commented: “I would like to thank our geological team for completing a well executed large-scale program on time. The drilling campaign appears to have delivered exactly what we set out to do, infill the US$1,100 gold constrained pits that formed the basis of the 2020 PEA, while also completing step-out drilling that should enhance the resource size and overall attractiveness of the Project.”

    Work on the Pre-Feasibility Study (“PFS”), expected to be completed in Q2 2023, is continuing. With the drilling now concluded, PFS resource estimation work has been initiated. The supporting geologic and structural models are near completion. Pit slope geotechnical testing and hydrogeologic characterization are also near completion for development of pit slope design recommendations. In addition, metallurgical testing of ~4,700 kgs of drill core is underway at Laboratorio Plenge in Lima. Ongoing field work includes site characterization for project infrastructure and baseline environmental studies.

    Cangrejos Drill Hole Results

    Results from nine drill holes from the southwestern quadrant of Cangrejos are reported (C22-211, C22-213, C22-217, 22-221, C22-223, C22-224, C22-226, C22-230, and C22-231). Results from these holes are highlighted by hole C22-226 that intersected 221.6 metres from surface to the end of the hole grading 0.57 g/t gold and 0.08% copper, for 0.70 g/t Au Eq. This hole is open to the southwest and leaves the deposit open in this direction and to depth. Results from the other eight holes in this quadrant were typical of those returned from the edges of the deposit.

    Results from eight drill holes from the remaining northern, central and southeastern parts of Cangrejos (C22-208, C22-210, C22-215, C22-216, C22-219, C22-222, C22-227 and C22-229), are also typical of the deposit limits. However, hole C22-222 contained 36 metres from 164m grading 1.14 g/t gold and 0.06% copper, for 1.23 g/t Au Eq. This interval is open to the east and corresponds to those higher-grade zones reported from other areas of the Cangrejos periphery.

    Gran Bestia Drill Hole Results

    Seven of the eight holes drilled at Gran Bestia were collared on the ridge crest and drilled down into the ridge to potentially add resources and lower the strip ratio, as this mostly previously uncategorized material formed the high wall of the Gran Bestia PEA pit. All of these holes returned long intervals above the previous mineral resource cut-off grade and are expected to add significantly to the Gran Bestia mineral resource estimate for use in the upcoming PFS. This drilling leaves mineralization in this area open in all directions, including to depth.  Of particular note is hole  C22-225, that intersected 287m grading 0.59 g/t gold with 0.12% copper for a gold equivalent of 0.76 g/t gold from 270 metres and remains open to depth, as well as six other reported intervals (see Table 1); and hole C22-214, that intersected 126m grading 0.62 g/t gold with 0.07% copper for a gold equivalent of 0.72 g/t gold from 144 metres down the hole, as well as two other reported intervals (see Table 1). The eighth hole, C22-207 at Gran Bestia was drilled at the southeastern limit of the pit towards the Cangrejos deposit and contained a 56-metre interval from 28m grading 1.11 g/t gold and 0.04% copper, for 1.18 g/t Au Eq, leaving the deposit open in this direction.

    Figure 1. Plan map of drilling at the Cangrejos project including the surface trace of the two ultimate pits from the PEA. (CNW Group/Lumina Gold Corp.)

    Table 1: Drill Results










































































































    Hole

    Deposit /

    From

    To

    Interval

    Au

    Cu

    Au Eq

    Cu Eq

    Total
    Depth
     

    Azimuth / Dip (°)

    (m)

    (m)

    (m)

    (g/t)

    ( %)

    (g/t)

    ( %)

     (m)

    C22-207

    Gran Bestia

    2

    14

    12

    0.47

    0.05

    0.59

    0.43

    239.8

     And

    150 °/ -62 °

    28

    84

    56

    1.11

    0.04

    1.18

    0.86

    		  

     And

    		  

    184

    194

    10

    0.53

    0.06

    0.62

    0.45

    		  
                       

    C22-208

    Cangrejos

    50

    80

    30

    0.25

    0.03

    0.31

    0.23

    267.6

     And

    330 °/ -55 °

    172

    210

    38

    0.22

    0.04

    0.29

    0.20

    		  
                       

    C22-209

    Gran Bestia

    16

    46

    30

    0.32

    0.05

    0.39

    0.28

    317.8

     And

    150 °/ -69 °

    58

    194

    136

    0.35

    0.08

    0.47

    0.34

    		  

     And

    		  

    216

    286

    70

    0.25

    0.07

    0.37

    0.27

    		  
                       

    C22-210

    Cangrejos

    22

    42

    20

    0.25

    0.09

    0.38

    0.27

    202.5

    And

    330 °/ -51 °

    76

    96

    20

    0.20

    0.07

    0.31

    0.22

    		  
                       

    C22-211

    Cangrejos

    88

    130

    42

    0.41

    0.06

    0.50

    0.36

    327.3

     And

    0 °/ -90 °

    142

    172

    30

    0.27

    0.06

    0.36

    0.26

    		  

     And

    		  

    202

    254

    52

    0.22

    0.07

    0.33

    0.24

    		  
                       

    C22-212

    Gran Bestia

    152

    190

    38

    0.43

    0.10

    0.61

    0.44

    489.8

     And

    330 °/ -55 °

    202

    232

    30

    0.61

    0.08

    0.75

    0.55

    		  

     And

    		  

    248

    282

    34

    0.20

    0.07

    0.30

    0.22

    		  

    And

    		  

    292

    308

    16

    0.22

    0.03

    0.27

    0.19

    		  
                       

    C22-213

    Cangrejos

    0

    175.8

    (TD)

    175.8

    0.27

    0.07

    0.38

    0.28

    175.8
     

    0 °/ -90 °

    		                
                       

    C22-214

    Gran Bestia

    42

    126

    84

    0.39

    0.06

    0.50

    0.36

    316.8

     And

    150 °/ -55 °

    144

    270

    126

    0.62

    0.07

    0.72

    0.52

    		  

     And

    		  

    284

    294

    10

    0.25

    0.06

    0.35

    0.25

    		  
                       

    C22-215

    Cangrejos

    No reportable intersections

    175.7
     

    150 °/ -50 °

    		                
                       

    C22-216

    Cangrejos

    14

    26

    12

    0.23

    0.05

    0.31

    0.22

    291.6

     And

    150 °/ -81 °

    44

    60

    16

    0.28

    0.04

    0.34

    0.25

    		  
                       

    C22-217

    Cangrejos

    4

    16

    12

    0.27

    0.05

    0.39

    0.29

    298.2

    And

    0 °/ -90 °

    36

    66

    30

    0.36

    0.08

    0.48

    0.35

    		  

     And

    		  

    80

    96

    16

    0.30

    0.07

    0.40

    0.29

    		  

     And

    		  

    108

    240

    132

    0.39

    0.06

    0.49

    0.35

    		  

     And

    		  

    252

    290

    38

    0.30

    0.08

    0.42

    0.3

    		  
                       

    C22-218

    Gran Bestia

    14

    46

    32

    0.28

    0.05

    0.36

    0.26

    487.4

     And

    330 °/ -63 °

    66

    84

    18

    0.53

    0.08

    0.66

    0.48

    		  

     And

    		  

    152

    198

    46

    0.39

    0.05

    0.48

    0.35

    		  

    And

    		  

    220

    262

    42

    0.33

    0.09

    0.46

    0.33

    		  

    And

    		  

    274

    458

    184

    0.47

    0.08

    0.59

    0.43

    		  
                       

    C22-219

    Cangrejos

    2

    14

    12

    0.25

    0.07

    0.39

    0.28

    181.5

    And

    150 °/ -47 °

    28

    44

    16

    0.30

    0.11

    0.45

    0.33

    		  
                       

    C22-220

    Gran Bestia

    30

    126

    96

    0.22

    0.05

    0.31

    0.22

    302.3

     And

    150 °/ -75 °

    142

    302.3

    (TD)

    160.3

    0.45

    0.09

    0.59

    0.43

    		  
                       

    C22-221

    Cangrejos

    22

    98

    76

    0.37

    0.07

    0.50

    0.36

    212.7

     And

    0 °/ -90 °

    114

    158

    44

    0.25

    0.05

    0.34

    0.25

    		  

     And

    		  

    178

    212.7

    (TD)

    34.7

    0.43

    0.08

    0.56

    0.41

    		  
                       

    C22-222

    Cangrejos

    26

    36

    10

    0.23

    0.05

    0.31

    0.23

    225.4

     And

    150 °/ -78 °

    164

    200

    36

    1.14

    0.06

    1.23

    0.90

    		  
                       

    C22-223

    Cangrejos

    2

    28

    26

    0.37

    0.07

    0.49

    0.35

    282.4

     And

    0 °/ -90 °

    42

    114

    72

    0.28

    0.06

    0.37

    0.27

    		  

    And

    		  

    126

    224

    98

    0.38

    0.09

    0.51

    0.37

    		  

     And

    		  

    236

    283.4

    (TD)

    47.35

    0.29

    0.07

    0.40

    0.29

    		  
                       

    C22-224

    Cangrejos

    12

    22

    10

    0.24

    0.08

    0.36

    0.26

    220.0

     And

    0 °/ -90 °

    108

    182

    74

    0.23

    0.07

    0.34

    0.24

    		  
                       

    C22-225

    Gran Bestia

    26

    116

    90

    0.28

    0.07

    0.38

    0.28

    556.7

     And

    150°/ -55 °

    150

    196

    46

    0.26

    0.05

    0.34

    0.25

    		  

     And

    		  

    210

    258

    48

    0.70

    0.18

    0.97

    0.70

    		  

     Incl

    		  

    214

    230

    16

    1.32

    0.34

    1.82

    1.33

    		  

     And

    		  

    270

    556.7

    (TD)

    286.7

    0.59

    0.12

    0.76

    0.56

    		  

     Incl

    		  

    452

    476

    24

    1.34

    0.18

    1.60

    1.16

    		  

     Incl

    		  

    496

    508

    12

    2.24

    0.34

    2.72

    1.98

    		  
                       

    C22-226

    Cangrejos

    0

    221.6

    (TD)

    221.6

    0.57

    0.08

    0.70

    0.51

    221.6

     Incl

    0 °/ -90 °

    154

    178

    24

    2.22

    0.07

    2.33

    1.70

    		  
                       

    C22-227

    Cangrejos

    No reportable intersections

    227.2
     

    150 °/ -81 °

    		                
                       

    C22-228

    Gran Bestia

    8

    66

    58

    0.27

    0.05

    0.36

    0.26

    530.3

    And

    150 °/ -70 °

    188

    214

    26

    0.31

    0.04

    0.37

    0.27

    		  

    And

    		  

    232

    414

    182

    0.40

    0.06

    0.50

    0.37

    		  

    And

    		  

    426

    490

    64

    0.30

    0.04

    0.35

    0.25

    		  

    And

    		  

    504

    516

    12

    0.45

    0.06

    0.53

    0.39

    		  
                       

    C22-229

    Cangrejos

    No reportable intersections

    216.8
     

    0 °/ -90 °

    		                
                       

    C22-230

    Cangrejos

    0

    12

    12

    0.28

    0.07

    0.38

    0.28

    279.7

    And

    0 °/ -90 °

    50

    142

    92

    0.27

    0.07

    0.38

    0.27

    		  

    And

    		  

    156

    170

    14

    0.29

    0.05

    0.37

    0.27

    		  

    And

    		  

    194

    206

    12

    0.21

    0.03

    0.26

    0.19

    		  

    And

    		  

    222

    278

    56

    0.35

    0.08

    0.48

    0.35

    		  
                       

    C22-231

    Cangrejos

    0

    86

    86

    0.22

    0.06

    0.32

    0.23

    194.9

    And

    0 °/ -90 °

    98

    112

    14

    1.15

    0.04

    1.22

    0.89

    		  

    And

    		  

    126

    194.9

    (TD)

    68.9

    0.40

    0.07

    0.51

    0.38

    		  




     

    Note: Intervals in the reported holes are calculated using a cut-off of 0.2 g/t Au with maximum internal dilution of ten continuous metres. Sampling is done in consistent, continuous 2-metre intervals. The highest gold value used in the reported weighted averages is 22.9 g/t Au. In addition to the above results there were multiple intercepts of lower-grade material in the drill holes. Equivalent values were calculated using Gold equivalent calculations assume 100% recovery of all quoted metals and the following prices were used: a gold price of US$1,500 per ounce, a copper price of US$3.00 per pound, a molybdenum price of US$7.00 per pound and a silver price of US$18.00 per ounce. TD = total depth.

    Quality Assurance

    All Lumina sample assay results have been independently monitored through a quality control / quality assurance (“QA/QC”) program that includes the insertion of blind standards, blanks and pulp and reject duplicate samples. Logging and sampling are completed at Lumina’s secure facility located at the Cangrejos Project. Drill core is sawn in half on site and half drill-core samples are securely transported to either Bureau Veritas Labs’ (BV) or ALS Labs’ (“ALS”) sample preparation facilities in Quito, Ecuador. Sample pulps are sent to BV’s or ALS’ chemical labs in Lima, Peru for analysis. Gold content is determined by fire assay of a 30 gram charge with total copper content determined by four-acid digestion with ICP finish. Both labs are independent from Lumina.

    Lumina is not aware of any drilling, sampling, recovery or other factors that could materially affect the accuracy or reliability of the data referred to herein.

    Qualified Persons

    Leo Hathaway, P.Geo., Senior Vice President of Lumina and the Qualified Person as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects for the Cangrejos Project has reviewed, verified and approved the contents of this news release and has verified the data underlying the contents of this news release.

    About Lumina Gold

    Lumina Gold Corp. (TSXV: LUM) is a Vancouver, Canada based precious and base metals exploration and development company focused on the Cangrejos Gold-Copper Project located in El Oro Province, southwest Ecuador. Cangrejos is being advanced to a Pre-Feasibility Study and is the largest primary gold deposit in Ecuador. Lumina has an experienced management team with a successful track record of advancing and monetizing exploration projects.

    Follow us on: Twitter, Linkedin or Facebook.

    Further details are available on the Company’s website at https://luminagold.com/. To receive future news releases please sign up at https://luminagold.com/contact.

    LUMINA GOLD CORP.

    Signed: “Marshall Koval”
    Marshall Koval, President & CEO, Director

    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 news release.

    Cautionary Note Regarding Forward-Looking Information

    Certain statements and information herein, including all statements that are not historical facts, contain forward-looking statements and forward-looking information within the meaning of applicable securities laws. Such forward-looking statements or information include but are not limited to statements or information with respect to potentially adding mineral resources and timing of the completion of a PFS study. Often, but not always, forward-looking statements or information can be identified by the use of words such as “will” or “projected” or variations of those words or statements that certain actions, events or results “will”, “could”, “are proposed to”, “are planned to”, “are expected to” or “are anticipated to” be taken, occur or be achieved.

    With respect to forward-looking statements and information contained herein, the Company has made numerous assumptions including among other things, assumptions about general business and economic conditions, the prices of gold and copper, and anticipated costs and expenditures. The foregoing list of assumptions is not exhaustive.

    Although management of the Company believes that the assumptions made and the expectations represented by such statements or information are reasonable, there can be no assurance that a forward-looking statement or information herein will prove to be accurate. Forward-looking statements and information by their nature are based on assumptions and involve known and unknown risks, uncertainties and other factors which may cause the Company’s actual results, performance or achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information. These factors include, but are not limited to: risks associated with the business of the Company; business and economic conditions in the mining industry generally; the supply and demand for labour and other project inputs; changes in commodity prices; changes in interest and currency exchange rates; risks relating to inaccurate geological and engineering assumptions (including with respect to the tonnage, grade and recoverability of reserves and resources); risks relating to unanticipated operational difficulties (including failure of equipment or processes to operate in accordance with specifications or expectations, cost escalation, unavailability of materials and equipment, government action or delays in the receipt of government approvals, industrial disturbances or other job action, and unanticipated events related to health, safety and environmental matters); risks relating to adverse weather conditions; political risk and social unrest; changes in general economic conditions or conditions in the financial markets; and other risk factors as detailed from time to time in the Company’s continuous disclosure documents filed with Canadian securities administrators. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.



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  • Torq Resources Identifies New Targets to Expand on the Discovery at the Margarita Iron-Oxide-Copper-Gold Project

    Torq Resources Identifies New Targets to Expand on the Discovery at the Margarita Iron-Oxide-Copper-Gold Project

    2022-08-02 04:04:18

    VANCOUVER, BC / ACCESSWIRE / August 2, 2022 / Torq Resources Inc. (TSXV:TORQ), (OTCQX:TRBMF) (“Torq” or the “Company”) is pleased to announce the identification of new high priority targets at the Margarita Iron-Oxide-Copper-Gold project located in northern Chile, 65 kilometres (km) north of the city of Copiapo (Figure 1). The Remolino and Cototuda east targets have been defined based on the similar geological, geochemical, and geophysical characteristics as observed at the Falla 13 discovery drill hole 22MAR-013R, which intersected 90 metres (m) of 0.94% copper and 0.84 g/t gold (Figure 2). Collectively, these targets have the potential to define new pods of mineralization beyond the Falla 13 structural corridor, which is currently being drilled to expand upon the mineralization encountered in drill hole 22MAR-013R.

    A Message from Michael Henrichsen, Chief Geological Officer:

    “Following our new discovery made along the Falla 13 corridor, our technical team reviewed all available data sets which led to the refinement of the Remolino and Cototuda targets that have similar geological, geochemical and geophysical signatures to the discovery. We believe that these targets have high potential to host new bodies of copper-gold mineralization and we look forward to testing them in a third phase of drilling.”

    Target Areas:

    The Remolino target area measures 900 m by 250 m and is characterized by magnetic and conductivity highs that are similar to those observed along the Falla 13 structural corridor. This area is characterized by a thin layer of volcanic cover associated with the rhyolitic Remolino dome that obscures the geochemical and geological signature at surface. Drill hole 22MAR-006R from the Company’s phase I drill program is located to the south of the magnetic and conductive anomalies and did not test the target area; however, it intersected a structural zone characterized by a silica-hematite breccia body from 4 m – 52 m depth that encountered lower grade copper and gold mineralization. Copper oxide mineralization over this interval is 0.11% and importantly, there are two separate gold intervals from 4 m – 24 m depth grading 0.27 g/t gold and from 30 m – 52 m depth grading 0.13 g/t gold, respectively. The observed copper and gold mineralization in the intersected breccia body in drill hole 22MAR-006R is considered an important vector toward the margin of the Remolino dome and associated magnetic and conductivity highs that form the untested target area (Figure 3).

    The Cototuda target area is similar in nature to the Remolino target area, it is characterized by magnetic and conductivity highs measuring approximately 400 m by 300 m. Drill hole 22MAR-008R targeted a zone of intersection between north-northwest and west-northwest trending structures that intercepted three separate intervals of 8 m of 0.18 g/t gold, 2 m of 0.25 g/t gold and 14 m of 0.13 g/t gold with minor copper oxide mineralization associated with various silica-hematite breccia bodies. The magnetic anomaly in this target area has not been drill tested; however, anomalous surface rock chip samples over the anomaly range from 0.1 g/t – 3.6g/t gold and strengthen the new targeting combination between geochemistry and geophysics (Figure 4).

    The Company plans to drill test both the Remolino and Cototuda target areas in a phase III drill program.

    Margarita Drilling Update:

    Torq’s 4,000 m phase II drill program focusing on expanding the Falla 13 discovery has drilled a total of three drill holes for approximately 1,200 m. The Company expects to complete the phase II drill program by the end of August with drill results expected in October.

    Corporate Update:

    The Company has granted 50.000 incentive options to its independent lead director, Steve Cook. The options are exercisable for a period of five years from the date of grant with an exercise price of $0.65.

    The Company has engaged Native Ads Inc. (“Native Ads”) of Vancouver, BC a firm of digital media experts, to execute a comprehensive digital media marketing campaign supporting Torq’s ongoing efforts to increase awareness. This comprehensive advertising program is designed to build brand familiarity, general recognition, and raise awareness within online investor content platforms. Native Ads will employ state-of-the-art digital advertising, paid distribution, media buying, and content creation to execute this important initiative. Native Ads was founded in 2014.

    This programmatic digital advertising campaign will run for up to 24 months, or until budget exhaustion, at the cost of approximately $205,000 (CAD). No compensation securities are involved. The Company and Native Ads act at arm’s length, and Native Ads has no present interest, directly or indirectly, in the Company or its securities. The appointment of Native Ads is subject to approval by the TSX Venture Exchange.

    Junior Mining NetworkFigure 1: Illustrates the location of the Margarita project within the Coastal Cordillera belt and its proximity to major deposits in the region.

    Junior Mining NetworkFigure 2: Illustrates the Remolino and Cototuda target areas on a magnetics background. The target areas have similar magnetic signatures as the discovery drill hole along the Falla 13 structural corridor.

    Junior Mining NetworkFigure 3: Illustrates a cross section of the Remolino target area where the main magnetic anomaly remains untested under thin volcanic cover associated with the rhyolitic Remolino dome.

    Junior Mining NetworkFigure 4: Illustrates a cross section of the Cototuda target area where the main magnetic anomaly remains untested along with vertical structures to the east of drill hole 22-MAR-008R.

    Michael Henrichsen (Chief Geological Officer), P.Geo, is the Qualified Person (QP) who assumes responsibility for the technical contents of this press release.

    ON BEHALF OF THE BOARD,

    Shawn Wallace
    CEO & Chair

    For further information on Torq Resources, please visit www.torqresources.com or contact Natasha Frakes, Vice President of Communications, at (778) 729-0500 or This email address is being protected from spambots. You need JavaScript enabled to view it..

    About Torq Resources

    Torq is a Vancouver-based copper and gold exploration company with a portfolio of premium holdings in Chile. The Company is establishing itself as a leader of new exploration in prominent mining belts, guided by responsible, respectful and sustainable practices. The Company was built by a management team with prior success in monetizing exploration assets and its specialized technical team is recognized for their extensive experience working with major mining companies, supported by robust safety standards and technical proficiency. The technical team includes Chile-based geologists with invaluable local expertise and a noteworthy track record for major discovery in the country. Torq is committed to operating at the highest standards of applicable environmental, social and governance practices in the pursuit of a landmark discovery. For more information, visit www.torqresources.com.

    Analytical samples were taken using 1/8 of each 2m interval material (chips) and sent to ALS Lab in Copiapo, Chile for preparation and then to ALS Labs in Santiago, Chile and Lima, Peru for analysis. Preparation included crashing core sample to 70% < 2mm and pulverizing 250g of crushed material to better than 85% < 75 microns. All samples are assayed using 30g nominal weight fire assay with AAS finish (Au-AA23), multi-element four acid digest ICP-AES/ICP-MS method (ME-MS61), and copper sulphuric acid leach with AAS finish (Cu-AA05). Where MS61 results were greater or near 10,000 ppm Cu the assay were repeated with ore grade four acid digest method (Cu-OG62). Where Au-AA23 results were greater than 10 ppm Au the assay were repeated with 30 g nominal weight fire assay with gravimetric finish (Au-GRA21). QA/QC programs for 2022 RC drilling samples using internal standard samples, field and lab duplicates, standards and blanks indicate good accuracy and precision in a large majority of standards assayed.

    True widths of mineralization are unknown based on current geometric understanding of the mineralized intervals.

    Forward-Looking Information

    This release includes certain statements that may be deemed “forward-looking statements”. Forward-looking information is information that includes implied future performance and/or forecast information including information relating to, or associated with, exploration and or development of mineral properties. These statements or graphical information involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements of the Company to be materially different (either positively or negatively) from any future results, performance or achievements expressed or implied by such forward-looking statements. See Torq’s public filings at www.sedar.com for disclosure of the risks and uncertainties faced in this business.

    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.

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  • VR Resources Acquires New Property to Expand Its Hecla-Kilmer Critical Metals Strategy in Northern Ontario

    VR Resources Acquires New Property to Expand Its Hecla-Kilmer Critical Metals Strategy in Northern Ontario

    2022-07-27 06:09:25

    VANCOUVER, British Columbia, July 27, 2022 (GLOBE NEWSWIRE) — VR Resources Ltd. (TSX.V: VRR, FSE: 5VR; OTCQB: VRRCF), the “Company“, or “VR”, provides a brief update on its critical metal exploration strategy in northern Ontario.

    • Ultra – high resolution drone magnetic data received for the recently staked
      Northway property located 15 km to the northeast of Hecla-Kilmer (“H-K”);

    • Application underway for new MNDM drill permit for Northway.

    From VR’s CEO, Dr. Michael Gunning, “Last November, VR announced the discovery of a new niobium-Rare Earth metals mineral system on its wholly-owned Hecla-Kilmer property with the intersection in Hole 13 of 238 metres @ 0.2% Nb205 with 0.5% TREO, including sample intervals of 1.7 % TREO with 18% PMREO over 3 metres. With that intersection, the Company completed a thorough review of its regional database and staked the Northway property located approximately 15 km to the northeast.  

    An ultra – high resolution drone magnetic survey was completed over Northway in March, during the set-up of the recently completed, third drill program at Hecla-Kilmer, which produced the recently announced intersection in Hole 013 of 243 metres @ 1.01% TREO, of which 19% are PMREO. This news release provides the results of the drone magnetic survey at Northway.

    On Figure 1, the location of Northway is shown within the regional-scale Kapuskasing Structural Zone (KSZ) and rift through the Superior craton, together with the locations of VR’s H-K and Ranoke properties.

    On Figure 2, the location of Northway is shown in relation to the northern boundary of the mafic volcanic Wabigoon province of the Superior craton, similar to the location of Hecla-Kilmer on the opposing southern boundary. Both boundaries are tectonic suture zones of regional scale. Note also the reverse magnetic polarity of the regional magnetic anomaly at Northway, forming a prominent magnetic low, akin to the reverse polarity in the northwestern part of the H-K complex where critical metal discoveries have been made in drill holes 5 and Hole 13.

    Figure 3 shows the new drone magnetic data at Northway. The anomaly is high amplitude, sharply defined and approximately 1,300 metres across. Critical metal mineralization intersected to date at Hecla-Kilmer is controlled by structures that disrupt patterns in magnetic and gravity maps. Similarly, note the clear disruption of the concentric magnetic anomaly at Northway by a structure that is parallel to the regional-scale, southwest-trending KSZ.  

    It is also important to note in Figure 3 the location of gold and copper grains in creeks draining from the Northway property into the Mattagami River (OGS regional survey, 2001, 3,106 samples).

    Our hydrothermal breccia exploration strategy on the KSZ started in 2018 at Ranoke, where fluorite and hematite veins confirmed the prospectivity of the model, and seeded the 238 and 243 metre critical metal intersections respectively at Hecla-Kilmer two years later. With the new magnetic data from Northway, we have initiated the permit application process for drilling to further expand the strategy.

    The discovery at Hecla-Kilmer contributes to the rapidly evolving critical metal strategies of governments across North America aimed at growing domestic EV and wind turbine sectors in order to sustain the growth of the green economy. This relevance underscores the potential value of H-K to our shareholders, and we look forward to providing further updates as we receive final drill data from Hecla-Kilmer, and add Northway to an expanded and integrated exploration strategy going forward.”

    Technical Information

    Summary technical and geological information for the Company’s various exploration properties is available at the Company’s website at www.vrr.ca.

    VR submitted all drill core samples for geochemical assay to the ALS Global Ltd. (“ALS”) laboratory facilities in Timmins, Ontario, with final geochemical analytical work done at the ALS laboratory located in North Vancouver, BC., including lithium borate fusion, ICP-MS and ICP-AES analyses for base metals, trace elements and full-suite REE analysis, and gold determination by atomic absorption on fire assay. Analytical results are subject to industry-standard and NI 43-101 compliant QAQC sample procedures externally by the Company and internally at the laboratory as described by ALS.

    Technical information for this news release has been prepared in accordance with the Canadian regulatory requirements set out in National Instrument 43-101. Justin Daley, P.Geo., Exploration Manager and Chief Geologist at VR and a non-independent Qualified Person oversees and/or participates in all aspects of the Company’s mineral exploration projects, and the content of this news release has been reviewed on behalf of the Company by the CEO, Dr. Michael Gunning, P.Geo., a non-independent Qualified Person.

    About the Hecla-Kilmer Property

    The Hecla-Kilmer complex is located 23 km northwest of the Ontario hydro-electric facility at Otter Rapids, the Ontario Northland Railway, and the northern terminus of Highway 634 which links the region to the towns of Cochrane and Kapuskasing to the south, located on the northern Trans-Canada Highway.

    The Northway property consists of 47 mineral claims in one contiguous block approximately 3 x 3 km in size and covering 966 hectares. The property is owned 100% by VR. There are no underlying annual lease payments on the property, nor are there any joint venture or back-in interests. There is no royalty attached to Northway because it was staked by VR directly.

    Northway is located on provincial crown land in northern Ontario, with mineral rights administered by the Ontario Ministry of Northern Development, Mines, Natural Resources and Forestry (“MNDM”). There are no annual payments, but the MNDM requires certain annual exploration expenditures and reporting. The property falls within the traditional territories of the Moose Cree and Taykwa Tagamou First Nations.

    About VR Resources

    VR is an established junior exploration company focused on large footprint, greenfields opportunities in copper, gold and critical metals in the western United States and Canada (TSX.V: VRR; Frankfurt: 5VR; OTCQB: VRRCF). VR is the continuance of 4 years of active exploration in Nevada by a Vancouver-based private company. The diverse experience and proven track record of its Board in early-stage exploration, discovery and M&A is the foundation of VR. VR owns its properties outright and evaluates new opportunities on an ongoing basis, whether by staking or acquisition.

    The Company continues its normal course of business in 2022 within the framework of modified exploration programs in response to the COVID-19 pandemic, with the goal of ensuring the health and safety of staff and project personnel.

    ON BEHALF OF THE BOARD OF DIRECTORS:

    “Michael H. Gunning”
    ____________________________

    Dr. Michael H. Gunning, PhD, PGeo
    President & CEO

    For general information please use the following:

    Forward Looking Statements

    This press release contains forward-looking statements. Forward-looking statements are typically identified by words such as: believe, expect, anticipate, intend, estimate, postulate and similar expressions or those which, by their nature, refer to future events. Forward looking statements in this release include those related to the companies upcoming plans, such as “The discovery at Hecla-Kilmer contributes to the rapidly evolving critical metal strategies of governments across North America”, and “VR evaluates new opportunities on an ongoing basis, whether by staking or acquisition.”

    This news release contains statements and/or information with respect to mineral properties and/or deposits which are adjacent to, and/or potentially similar to the Company’s mineral properties, but which the Company has no interest in nor rights to explore. Readers are cautioned that mineral deposits on similar properties are not necessarily indicative of mineral deposits on the Company’s properties.

    Although the Company believes that the use of such statements is reasonable, there can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. The Company cautions investors that any forward-looking statements by the Company are not guarantees of future performance, and that actual results may differ materially from those in forward-looking statements. Trading in the securities of the Company should be considered highly speculative. All of the Company’s public disclosure filings may be accessed via www.sedar.com and readers are urged to review these materials.

    Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in Policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

    Figure 1

    Figure 2

    Figure 3


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  • Apollo Silver Reports New Assays from Calico: Results Continue to Validate Maiden Silver Resource Estimate and Expand Gold Target

    Apollo Silver Reports New Assays from Calico: Results Continue to Validate Maiden Silver Resource Estimate and Expand Gold Target

    2022-07-26 04:05:41

    VANCOUVER, British Columbia, July 26, 2022 (GLOBE NEWSWIRE) — Apollo Silver Corp. (“Apollo” or the “Company”) (TSX.V:APGO, OTCQB:APGOF, Frankfurt:6ZF0) is pleased to report new assay results from the 2022 Drill Program at the Calico Silver Project’s Waterloo Property (“Calico” or the “Project”) located in San Bernardino County, California. Silver assay results continue to be consistent with the silver grades in the resource block model, illustrating the predictable nature of the silver (“Ag”) mineralization. Additionally, gold assay results continue to expand the gold (“Au”) mineralized horizon.

    Results below are reported for 11 reverse circulation (“RC”) drill holes which were drilled between early May to mid-June 2022 and bring the results released to market for this portion of the drill program to a total of 21 holes (2,281.50 m), of 44 holes completed to date (5,021.0 m). Drilling is part of the multi-component 2022 Calico Technical Program, which aims to upgrade and expand the previously announced maiden Inferred Mineral Resource Estimate (“MRE”) of 166 million ounces (“Moz”) of silver contained in 58.1 million tonnes (“Mt”) at an average grade of 89 grams per tonne (“g/t”) (see news release dated February 9, 2022)1.

    SILVER HIGHLIGHTS

    • Hole W22-RC-011

      • 137 g/t Ag over 76.5 metres (“m”) from 16.0 m depth down hole;

      • including 477 g/t over 1.5 m from 46.0 m depth down hole;

    • Hole W22-RC-013

      • 107 g/t Ag over 73.5 m from 19.0 m depth down hole; and

    • Hole W22-RC-020

      • 86 g/t Ag over 107.5 m from surface; and

    • Hole W22-RC-024

      • 84 g/t Ag over 89.0 m from surface.

    Silver assays are reported at a 50 g/t silver cut-off grade with up to 4.5 m dilution and are uncapped. Lengths are down hole lengths and may not represent true widths.

    GOLD HIGHLIGHTS

    • Hole W22-RC-012

      • 0.354 g/t Au over 27.0 m from 94.0 m depth down hole;

      • including 1.960 g/t Au over 1.5 m from 101.5 m depth down hole;

    • Hole W22-RC-013 

      • 0.417 g/t Au over 19.5 m from 134.5 m depth down hole; and

      • including 1.230 g/t Au over 1.5 m from 142.0 m depth down hole;

    • Hole W22-RC-022

      • 0.219 g/t Au over 27.0 m from 79.0 m depth down hole; and

    • Hole W22-RC-023

      • 0.313 g/t Au over 10.5 m from 49.0 m depth down hole.

    Gold assays are reported at a 0.1 g/t gold cut-off grade with up to 4.5 m dilution and are uncapped. Lengths are down hole lengths and may not represent true widths.

    1The MRE has been prepared by Derek Loveday, P. Geo. of Stantec Consulting Services Ltd., in conformance with Canadian Institute of Mining and Metallurgy’s “Estimation of Mineral Resource and Mineral Reserves Best Practices” guidelines and are reported in accordance with the Canadian Securities Administrators NI 43-101. It is effective January 28, 2022. Mineral resources are not mineral reserves and do not have demonstrated economic viability. There is no certainty that any mineral resource will be converted into a mineral reserve. Mr. Loveday is an independent Qualified Person for Apollo’s MRE. Please refer to the Company’s news release dated February 9, 2022, for more information.

    “The significance of these results cannot be overstated” Apollo CEO Tom Peregoodoff commented. “We have now received assays from a total of 21 holes and these results have clearly demonstrated the very high correlation between the 2022 drilling to date and the resource block model. This gives me great confidence that the upcoming resource calculation will convert a significant percentage of silver ounces currently classified as inferred to a higher resource classification which will provide a very sound foundation for our future engineering and economic studies. The emerging gold story has previously been poorly defined, and these recent results demonstrate that there is the potential for gold to make a meaningful contribution to the upcoming resource calculation and value of the Calico Project. All samples from this first phase of drilling are currently being processed at ALS and shareholders can expect to see the next batch of results shortly.”

    ASSAY RESULTS

    Silver assay results show all 11 holes intersected near-surface zones of silver mineralization over and above the mineral resource silver cut-off grade of 50 g/t, and five holes show intercepts of high-grade silver (greater than 100 g/t Ag). Refer to Figure 1 for drill hole locations, Table 1 for drill hole information and Table 2 for silver assay results.

    Gold assay results continue to show the thick nature (up to 27.0 m in the latest results) of the gold-mineralized horizon hosted at the contact between the Barstow sediments and Pickhandle volcaniclastics. Refer to Figure 1 for drill hole locations, Table 1 for drill hole information and Table 3 for gold assay results.

    Table 1: Drill hole information for results reported July 26, 2022, for the for 2022 Drill Program at the Calico Project.















    Hole Easting (m) Northing (m) Elevation (m) Total Depth (m) Total Depth (ft) Azimuth Dip
    W22-RC-011 511014 3867693 818 169.0 554.5 0 -90
    W22-RC-012 511060 3867699 816 121.0 397.0 35 -60
    W22-RC-013 510950 3867839 841 154.0 505.3 0 -90
    W22-RC-015 510848 3867937 829 88.0 288.7 0 -90
    W22-RC-020 510995 3867856 855 139.0 456.0 0 -90
    W22-RC-021 511026 3867813 857 142.0 465.9 0 -90
    W22-RC-022 511052 3867830 859 106.0 347.8 0 -90
    W22-RC-023 511077 3867891 867 73.0 239.5 0 -90
    W22-RC-024 511039 3867897 882 121.0 397.0 0 -90
    W22-RC-028 510614 3868052 806 34.0 111.6 279 -78
    W22-RC-028B 510607 3868048 804 121.0 397.0 0 -90

    Note: Drill holes results are reported as received from the laboratory. Results are not necessarily received in the order holes were drilled.

    Table 2: Silver assay results reported July 26, 2022, for the for 2022 Drill Program at the Calico Project.


































    Hole   From (m) To (m) Interval (m) Ag (g/t) Ag (opt*)
    W22-RC-011   16.0 92.5 76.5 137 4.0
    including 25.0 26.5 1.5 259 7.6
    including 46.0 55.0 9.0 275 8.0
    and including 46.0 47.5 1.5 477 13.9
    W22-RC-012   25.0 26.5 1.5 92 2.7
    and 41.5 43.0 1.5 64 1.9
    and 53.5 55.0 1.5 63 1.8
    and 58.0 59.5 1.5 95 2.8
    W22-RC-013   19.0 92.5 73.5 107 3.1
    including 73.0 74.5 1.5 255 7.4
    including 85.0 86.5 1.5 252 7.4
    and 98.5 103.0 4.5 98 2.9
    and 112.0 115.0 3.0 55 1.6
    and 134.5 148.0 13.5 126 3.7
    W22-RC-015   2.5 5.5 3.0 94 2.7
    and 29.5 32.5 3.0 82 2.4
    and 44.5 77.5 33.0 84 2.5
    W22-RC-020   0.0 107.5 107.5 86 2.5
    W22-RC-021   73.0 74.5 1.5 59 1.7
    and 109.0 110.5 1.5 65 1.9
    W22-RC-022   1.0 4.0 3.0 52 1.5
    and 8.5 14.5 6.0 58 1.7
    and 74.5 77.5 3.0 73 2.1
    W22-RC-023   5.5 14.5 9.0 103 3.0
    and 38.5 56.5 18.0 71 2.1
    W22-RC-024   0.0 89.0 89.0 84 2.4
    and 91.0 97.0 6.0 58 1.7
    W22-RC-028   1.0 34.0 33.0 87 2.5
    W22-RC-028B   0.0 16.0 16.0 85 2.5
    and 25.0 56.5 31.5 80 2.3

    Silver intercepts calculated using 50 g/t silver cut-off with significantly higher-grade intercepts reported at 250 g/t cut-off with a maximum of 4.5 m internal dilution and are uncapped. Intercepts are down hole lengths and may not represent true widths. W22-RC-024 is a twin of ASARCO rotary hole 77. *Troy ounces per US short ton.

    Table 3: Gold assay results reported July 26, 2022, for the for 2022 Drill Program at the Calico Project.






























    Hole   From (m) To (m) Interval (m) Au (g/t)
    W22-RC-011 and 86.5 88.0 1.5 0.122
    and 122.5 127.0 4.5 0.135
    and 140.5 145.0 4.5 0.611
    including 142.0 143.5 1.5 0.923
    and 152.5 160.0 7.5 0.203
    W22-RC-012   94.0 121.0 27.0 0.354
    including 100.0 104.5 4.5 1.301
    and including 101.5 103.0 1.5 1.960
    W22-RC-015   71.5 73.0 1.5 0.311
    and 85.0 88.0 3.0 0.762
    including 86.5 88.0 1.5 1.105
    W22-RC-013   124.0 125.5 1.5 0.142
    and 134.5 154.0 19.5 0.417
    including 139.0 146.5 7.5 0.786
    and including 142.0 143.5 1.5 1.230
    W22-RC-020   100.0 101.5 1.5 0.100
    and 130.0 133.0 3.0 0.131
    W22-RC-021   113.5 119.5 6.0 0.214
    and 131.5 134.5 3.0 0.161
    W22-RC-022   79.0 106.0 27.0 0.219
    including 103.0 104.5 1.5 0.512
    W22-RC-023   49.0 59.5 10.5 0.313
    including 55.0 56.5 1.5 0.944
    and 68.5 70.0 1.5 0.136
    W22-RC-024   97.0 98.5 1.5 0.287
    and 107.5 109.0 1.5 0.190

    Gold intercepts calculated using 0.1 g/t gold cut-off grade with higher-grade intercepts calculated at 0.5 g/t gold. Intercepts are down hole lengths and may not represent true widths. W22-RC-024 is a twin of ASARCO rotary hole 77.

    2022 DRILL PROGRAM UPDATE

    The 2022 Drill Program at Calico is proceeding as planned, with a total of 44 holes (5,021.0 m out of a planned 10,000 m) completed to date, comprising Phase 1. Phase 2 is scheduled to commence in mid-September following a planned summer hiatus due to the extreme heat. Drill program design for Phase 2 will incorporate the results from Phase 1. Due to the consistency of the results from Phase 1 with the resource block model, Apollo believes it will be able to further optimize Phase 2 drilling which could result in a significant saving of drilling metres.

    QUARTERLY FILINGS

    Apollo filed its Financial Statements and Management Discussion and Analysis for the three and six months ended May 31, 2022 on the Company’s website and SEDAR on July 25, 2022.

    APPOINTMENT OF TARGET IR

    Apollo announces that it has entered into an investor relations agreement (the “IR Agreement”) with Target IR & Communications (“Target IR”), to provide digital marketing and investor relations services to the Company, as defined in accordance with the policies of the TSX Venture exchange (“TSXV”) and applicable securities laws. Target IR will receive consideration of C$10,000/month, payable monthly in arrears, for an initial term of twelve months, with the option for the Company to renew on a quarterly basis thereafter.

    Target IR, a company based in Toronto, Ontario, provides investor communications and marketing strategies for growing and emerging public companies. Salisha Ilyas, the principal of Target IR, is a senior investor relations professional with more than 15 years of experience across a range of industries, such as mining, healthcare and renewable/green energy. She has held senior investor relations and communication roles at Canadian and UK publicly listed companies and has also served as the head of professional development at the Canadian Investor Relations Institute in Toronto. Salisha holds a Bachelor of Commerce from the University of Toronto, a Master in Business Administration from the Schulich School of Business (York University), and has completed the Canadian Securities Course. Neither Target IR, nor any of its principals hold any securities of Apollo.

    The Agreement is subject to the approval of the TSX Venture Exchange.

    SAMPLING AND QUALITY ASSURANCE/QUALITY CONTROL

    Drilling is being undertaken by Cooper Drilling LLC, of Monte Vista, Colorado. RC chip samples were collected in 1.5 m lifts with 15 lb representative samples sent for analysis. Representative chip samples were also collected for logging purposes (lithology, alteration, mineralization), detailed photography and analysis by portable X-Ray Fluorescence. RC samples are catalogued and securely stored in a warehouse facility in Barstow, California until they are ready for secure shipment to ALS Global-Geochemistry in Reno, Nevada (“ALS Reno”) for sample preparation and gold analysis. Splits of prepared pulps are securely shipped from ALS Reno to ALS Vancouver, British Columbia for further analysis.

    Samples were prepared at ALS Reno (Prep-31 package) with each sample crushed to better than 70% passing a 2 mm (Tyler 9 mesh, U.S. Std. No.10) screen. A split of up to 250 g is taken and pulverized to better than 85% passing a 75-micron (Tyler 200 mesh, U.S. Std. No. 200) screen. All samples were analyzed for 48 elements via ICP-MS following a four-acid digestion with reportable ranges for silver of 0.01 to 100 ppm (method ME-MS61). Over-range samples analyzed for silver were re-submitted for analysis using a four-acid digestion and ICP-AES finish with a silver range of 1-1,500 ppm (method Ag-OG62). When results were over 400 ppm silver, they were re-submitted for analysis by fire assay with a gravimetric finish using a 30 g nominal sample weight with reportable silver range of 5-10,000 ppm (method Ag-GRA21). Over-range samples analyzed for copper, lead and zinc were re-submitted for analysis using a four-acid digestion and ICP-AES finish with range of 0.001-50% for copper, 0.001-20% for lead, and 0.001-30% for zinc. Gold was analyzed by fire assay with atomic absorption finish (method Au-AA26) with a reportable range of 0.01-100 ppm Au. All analyses were completed at ALS Vancouver except for gold by fire assay, which was completed at ALS Reno.

    The Company maintains its own comprehensive quality assurance and quality control (“QA/QC”) program to ensure best practices in sample preparation and analysis for samples. The QA/QC program includes the insertion and analysis of certified reference materials, commercial pulp blanks, preparation blanks, and field duplicates to the laboratories. Apollo’s QA/QC program includes ongoing auditing of all laboratory results from the laboratories. The Company’s Qualified Person is of the opinion that the sample preparation, analytical, and security procedures followed are sufficient and reliable. The Company is not aware of any drilling, sampling, recovery, or other factors that could materially affect the accuracy or reliability of the data reported herein.

    ABOUT THE CALICO PROJECT

    Location

    The Project is located in San Bernardino County, California and comprises the adjacent Waterloo and Langtry properties which total 2,950 acres. The Project is 15 km (9 miles) from the city of Barstow and has an extensive private gravel road network spanning the property. There is commercial electric power within 5 km (3 miles) of the Project.

    Geology and Mineralization at Calico

    The Project is situated in the southern Calico Mountains of the Mojave Desert, in the south-western region of the Basin and Range tectonic province. This mountain range is a 15 km (9 mile) long northwest- southeast trending range dominantly composed of Tertiary (Miocene) volcanics, volcaniclastics, sedimentary rocks and dacitic intrusions. Mineralization at Calico comprises high-level low-sulfidation silver-dominant epithermal vein-type and disseminated-style deposits associated with northwest-trending faults and fracture zones and mid-Tertiary volcanic activity. The Project represents a district-scale mineral system endowment with approximately 6,000 m (19,685 ft) in mineralized strike length controlled by Apollo. Oxidized, disseminated and stockwork-style mineralization is primarily hosted in the Barstow sedimentary formation and is the subject of the MRE.

    QUALIFIED PERSONS

    The scientific and technical data contained in this news release was reviewed, and approved by Cathy Fitzgerald, M.Sc., P.Geo., Apollo’s Vice President Exploration and Resource Development, a Qualified Person as defined by NI 43-101 Standards of Disclosure for Minerals Projects. Ms. Fitzgerald is a registered Professional Geoscientist in British Columbia, Canada.

    Please visit www.apollosilver.com for further information.

    ON BEHALF OF THE BOARD OF DIRECTORS

    Tom Peregoodoff
    Chief Executive Officer

    For further information, please contact:

    Tom Peregoodoff
    Chief Executive Officer
    Telephone: +1 (604) 428-6128
    This email address is being protected from spambots. You need JavaScript enabled to view it.

    About Apollo Silver Corp.

    Apollo Silver Corp. has assembled an experienced and technically strong leadership team who have joined to advance world class precious metals projects in tier-one jurisdictions. The Company is focused on advancing its portfolio of two significant silver exploration and resource development projects, the Calico Silver Project, in San Bernardino California and Silver District Project in La Paz County, Arizona.

    Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

    Cautionary Statement Regarding “Forward-Looking” Information

    This news release includes “forward-looking statements” and “forward-looking information” within the meaning of Canadian securities legislation. All statements included in this news release, other than statements of historical fact, are forward-looking statements including, without limitation, statements with respect to the potential of the Calico Project; the potential for identification of gold and barite resources at Calico; the potential to expand the resource estimate and upgrade its confidence level, including prospective mineralization on strike and at depth; timing of drilling and exploration activities. Forward-looking statements include predictions, projections and forecasts and are often, but not always, identified by the use of words such as “anticipate”, “believe”, “plan”, “estimate”, “expect”, “potential”, “target”, “budget” and “intend” and statements that an event or result “may”, “will”, “should”, “could” or “might” occur or be achieved and other similar expressions and includes the negatives thereof.

    Forward-looking statements are based on the reasonable assumptions, estimates, analysis, and opinions of the management of the Company made in light of its experience and its perception of trends, current conditions and expected developments, as well as other factors that management of the Company believes to be relevant and reasonable in the circumstances at the date that such statements are made. Forward-looking information is based on reasonable assumptions that have been made by the Company as at the date of such information and is subject to known and unknown risks, uncertainties and other factors that may have caused actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to: risks associated with mineral exploration and development; metal and mineral prices; availability of capital; accuracy of the Company’s projections and estimates; realization of mineral resource estimates, interest and exchange rates; competition; stock price fluctuations; availability of drilling equipment and access; actual results of current exploration activities; government regulation; political or economic developments; environmental risks; insurance risks; capital expenditures; operating or technical difficulties in connection with development activities; personnel relations; contests over title to properties; changes in project parameters as plans continue to be refined; and impact of the COVID-19 pandemic. The estimate of mineral resources may be materially affected by environmental, permitting, legal, title, taxation, sociopolitical, marketing, or other relevant issues. The quantity and grade of reported inferred mineral resources in this estimation are uncertain in nature and there has been insufficient exploration to define these inferred mineral resources as an indicated or measured mineral resource and it is uncertain if further exploration will result in upgrading them to an indicated or measured mineral resource category. Forward-looking statements are based on assumptions management believes to be reasonable, including but not limited to the price of silver, gold and barite; the demand for silver, gold and barite; the ability to carry on exploration and development activities; the timely receipt of any required approvals; the ability to obtain qualified personnel, equipment and services in a timely and cost-efficient manner; the ability to operate in a safe, efficient and effective matter; and the regulatory framework regarding environmental matters, and such other assumptions and factors as set out herein. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate and actual results, and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward looking information contained herein, except in accordance with applicable securities laws. The forward-looking information contained herein is presented for the purpose of assisting investors in understanding the Company’s expected financial and operational performance and the Company’s plans and objectives and may not be appropriate for other purposes. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

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  • Lumina Gold: Drilling Continues to Expand Gran Bestia Higher-Grade Breccia to the North and Extends Mineralization at Cangrejos to the North and Northeast

    Lumina Gold: Drilling Continues to Expand Gran Bestia Higher-Grade Breccia to the North and Extends Mineralization at Cangrejos to the North and Northeast

    2022-07-13 04:11:31

    Highlights include:

    Hole C22-200 – Gran Bestia

    • 0.70 g/t gold equivalent over 144 metres from 206m – one of six significant intercepts in -45 degree hole

    • Extends higher grade Gran Bestia breccia to the north – mineralization remains open in this direction

    • Extends mineralization 100m below PEA resource estimate constraining pit shell

    • Significantly higher grade than predicted by PEA resource estimate model

    Hole C22-199 – Cangrejos

    • 0.96 g/t gold equivalent over 88 metres from 22m – one of four significant intercepts in -50 degree hole

    • Extends mineralization at Cangrejos to the north and northwest – mineralization remains open in these directions

    • Higher grade than predicted by PEA resource estimate model

    VANCOUVER, BC, July 13, 2022 /CNW/ – Lumina Gold Corp. (TSXV: LUM) (OTCQX: LMGDF) (the “Company” or “Lumina”) is pleased to announce results from ten drill holes at its Cangrejos project (the “Project”) in Ecuador. Six of the reported drill holes are from Cangrejos and four are from Gran Bestia (see Table 1). To date, eighty-eight drill holes have been completed and five drill holes are in progress, totalling 31,000 metres of resource definition drilling. Resource drilling is estimated to be completed by the end of August.

    Cangrejos Drill Hole Results

    Hole C22-199 was drilled on the northeastern margin of the deposit and intercepted 88m from 22m down the hole grading 0.75 g/t gold and 0.14% copper, for 0.96 g/t Au Eq., in sodic-altered breccias with tourmaline and mineralized with chalcopyrite, pyrrhotite and pyrite. Including intervals above and below this, a total of 182 metres exceeding the cut-off grade were drilled in the uppermost 252m from surface in hole C22-199 (see Table 1). This hole extends the north and northeastern margin of the Cangrejos deposit and, in addition, it contains grades that significantly exceed those predicted by the PEA resource estimate.

    Holes C22-197 and C22-205 were drilled along the northwestern margin of the Cangrejos deposit and grades were typical of those encountered in this area, including 54 metres from surface grading 0.40 g/t gold and 0.11% copper, for 0.56 g/t Au Eq. Holes C22-201, C22-204 and C22-206 were drilled in the south and southwestern margin of Cangrejos and all holes contained intercepts reported in Table 1, including hole C22-204, that intersected 208 metres from 88 metres down the hole grading 0.31 g/t gold and 0.06% copper, for 0.39 g/t Au Eq. This intercept exceeded the grades predicted by the PEA resource estimate model.

    Gran Bestia Drill Hole Results

    At Gran Bestia, hole C22-200 intersected 144m grading 0.59 g/t gold with 0.07% copper for a gold equivalent of 0.70 g/t gold from 206 metres down the hole and, furthermore, in its upper part it intersected 10m grading 0.98 g/t gold with 0.03% copper for a gold equivalent of 1.03 g/t gold from 132m down the hole. This -45 degree hole targeted an area below the  northern wall of the PEA resource constraining pit and adds volume and continuity to the higher grade breccia body in this area.

    Also at Gran Bestia, hole C22-202 intersected 94.4 metres grading 0.49 g/t gold with 0.07% copper for a gold equivalent of 0.59 g/t gold from just two metres down the hole. This intercept occurred in the eastern contact area between the mineralizing porphyry and batholith host and the result is expected to extend the Gran Bestia pit in that direction, towards Cangrejos. Also, hole C22-202 contained significantly higher grades than those predicted by the PEA resource estimate. Holes C22-198 and C22-203 were drilled along the south and southeastern margins of the deposit and generally encountered grades typical of this area.

    Figure 1. Plan map of drilling at the Cangrejos project including the surface trace of the two ultimate pits from the PEA. (CNW Group/Lumina Gold Corp.)

    Table 1: Drill Results












































    Hole

    Deposit /

    From

    To

    Interval

    Au

    Cu

    Au Eq

    Cu Eq

    Total
    Depth (m)
     

    Azimuth / Dip (°)

    (m)

    (m)

    (m)

    (g/t)

    ( %)

    (g/t)

    ( %)

    		  

    C22-197

    Cangrejos

    0

    54

    54

    0.4

    0.11

    0.56

    0.41

    277.2
     

    330 °/ -55 °

    114

    144

    30

    0.35

    0.08

    0.47

    0.34

    		  
       

    244

    260

    16

    0.22

    0.04

    0.28

    0.20

    		  
                       

    C22-198

    Gran Bestia

    0

    42

    42

    0.23

    0.09

    0.36

    0.26

    157.6
     

    0 °/ -90 °

    58

    84

    26

    0.27

    0.08

    0.39

    0.28

    		  
       

    96

    110

    14

    0.2

    0.07

    0.31

    0.23

    		  
       

    114

    130

    16

    0.2

    0.07

    0.32

    0.23

    		  
                       

    C22-199

    Cangrejos

    22

    110

    88

    0.75

    0.14

    0.96

    0.70

    		  
     

    330 °/ -50 °

    128

    154

    26

    0.25

    0.07

    0.35

    0.26

    287.3
       

    170

    200

    30

    0.28

    0.05

    0.35

    0.26

    		  
       

    214

    252

    38

    0.56

    0.04

    0.63

    0.46

    		  
                       

    C22-200

    Gran Bestia

    34

    92

    58

    0.22

    0.05

    0.30

    0.22

    510.8
     

    95 °/ -45 °

    132

    142

    10

    0.98

    0.03

    1.03

    0.75

    		  
       

    154

    172

    18

    0.43

    0.03

    0.48

    0.35

    		  
       

    206

    350

    144

    0.59

    0.07

    0.70

    0.51

    		  
       

    366

    428

    62

    0.22

    0.03

    0.27

    0.19

    		  
       

    452

    508

    56

    0.43

    0.05

    0.51

    0.37

    		  
                       

    C22-201

    Cangrejos

    32

    86

    54

    0.28

    0.04

    0.34

    0.25

    165.7

    incl

    0 °/ -90 °

    100

    160

    60

    0.25

    0.03

    0.30

    0.22

    		  
                       

    C22-202

    Gran Bestia

    2

    96.4

    94.4

    0.49

    0.07

    0.59

    0.43

    96.4
     

    150 °/ -72 °

    		                
                       

    C22-203

    Gran Bestia

    36

    50

    14

    0.27

    0.01

    0.29

    0.21

    206.5
     

    0 °/ -90 °

    112

    128

    16

    0.3

    0.03

    0.35

    0.26

    		  
       

    180

    206.5

    26.5

    0.23

    0.03

    0.29

    0.21

    		  
                       

    C22-204

    Cangrejos

    88

    296

    208

    0.31

    0.06

    0.39

    0.29

    343.6
     

    0 °/ -90 °

    		                
                       

    C22-205

    Cangrejos

    80

    104

    24

    0.2

    0.06

    0.30

    0.22

    195.4
     

    330 °/ -63 °

    		                
                       

    C22-206

    Cangrejos 

    0

    44

    44

    0.29

    0.06

    0.41

    0.30

    241.1
     

    0 °/ -90 ° 

    68

    128

    60

    0.32

    0.07

    0.42

    0.31

    		  

    Note: Intervals in the reported holes are calculated using a cut-off of 0.2 g/t Au with maximum internal dilution of ten continuous metres. Sampling is done in consistent, continuous 2-metre intervals. The highest gold value used in the reported weighted averages is 4.67 g/t Au. In addition to the above results there were multiple intercepts of lower-grade material in the drill holes. Equivalent values were calculated using Gold equivalent calculations assume 100% recovery of all quoted metals and the following prices were used: a gold price of US$1,500 per ounce, a copper price of US$3.00 per pound, a molybdenum price of US$7.00 per pound and a silver price of US$18.00 per ounce.

    Quality Assurance

    All Lumina sample assay results have been independently monitored through a quality control / quality assurance (“QA/QC”) program that includes the insertion of blind standards, blanks and pulp and reject duplicate samples. Logging and sampling are completed at Lumina’s secure facility located at the Cangrejos Project. Drill core is sawn in half on site and half drill-core samples are securely transported to either Bureau Veritas Labs’ (BV) or ALS Labs’ (“ALS”) sample preparation facilities in Quito, Ecuador. Sample pulps are sent to BV’s or ALS’ chemical labs in Lima, Peru for analysis. Gold content is determined by fire assay of a 30 gram charge with total copper content determined by four-acid digestion with ICP finish. Both labs are independent from Lumina.

    Lumina is not aware of any drilling, sampling, recovery or other factors that could materially affect the accuracy or reliability of the data referred to herein.

    Qualified Persons

    Leo Hathaway, P.Geo., Senior Vice President of Lumina and the Qualified Person as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects for the Cangrejos Project has reviewed, verified and approved the contents of this news release and has verified the data underlying the contents of this news release.

    About Lumina Gold

    Lumina Gold Corp. (TSXV: LUM) is a Vancouver, Canada based precious and base metals exploration and development company focused on the Cangrejos Gold-Copper Project located in El Oro Province, southwest Ecuador. Cangrejos is being advanced to a Pre-Feasibility Study and is the largest primary gold deposit in Ecuador. Lumina has an experienced management team with a successful track record of advancing and monetizing exploration projects.

    Follow us on: Twitter, Linkedin or Facebook.

    Further details are available on the Company’s website at https://luminagold.com/. To receive future news releases please sign up at https://luminagold.com/contact.

    LUMINA GOLD CORP.
    Signed: “Marshall Koval”
    Marshall Koval, President & CEO, Director

    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 news release.

    Cautionary Note Regarding Forward-Looking Information

    Certain statements and information herein, including all statements that are not historical facts, contain forward-looking statements and forward-looking information within the meaning of applicable securities laws. Such forward-looking statements or information include but are not limited to statements or information with respect to the completion of the drill program by August. Often, but not always, forward-looking statements or information can be identified by the use of words such as “will” or “projected” or variations of those words or statements that certain actions, events or results “will”, “could”, “are proposed to”, “are planned to”, “are expected to” or “are anticipated to” be taken, occur or be achieved.

    With respect to forward-looking statements and information contained herein, the Company has made numerous assumptions including among other things, assumptions about general business and economic conditions, the prices of gold and copper, and anticipated costs and expenditures. The foregoing list of assumptions is not exhaustive.

    Although management of the Company believes that the assumptions made and the expectations represented by such statements or information are reasonable, there can be no assurance that a forward-looking statement or information herein will prove to be accurate. Forward-looking statements and information by their nature are based on assumptions and involve known and unknown risks, uncertainties and other factors which may cause the Company’s actual results, performance or achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information. These factors include, but are not limited to: risks associated with the business of the Company; business and economic conditions in the mining industry generally; the supply and demand for labour and other project inputs; changes in commodity prices; changes in interest and currency exchange rates; risks relating to inaccurate geological and engineering assumptions (including with respect to the tonnage, grade and recoverability of reserves and resources); risks relating to unanticipated operational difficulties (including failure of equipment or processes to operate in accordance with specifications or expectations, cost escalation, unavailability of materials and equipment, government action or delays in the receipt of government approvals, industrial disturbances or other job action, and unanticipated events related to health, safety and environmental matters); risks relating to adverse weather conditions; political risk and social unrest; changes in general economic conditions or conditions in the financial markets; and other risk factors as detailed from time to time in the Company’s continuous disclosure documents filed with Canadian securities administrators. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.



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  • Probe Metals Continues to Expand Gold Zones at Monique Trend, Val-d’Or East Project

    Probe Metals Continues to Expand Gold Zones at Monique Trend, Val-d’Or East Project

    2022-06-28 03:41:50

    Highlights:

    • New results from the 2022 drilling program return impressive gold grades and thickness

    • Expansion drilling returned significant new intersections grading up to: 10.1g/t Au over 4.0 metres, 1.8 g/t Au over 22.5 metres and 1.0 g/t Au over 35.5 metres between surface and 300 metres depth

    • Infill drilling continues to strengthen resource, returning: 2.1 g/t Au over 28.8 metres including 10.2 g/t Au over 4.7 metres, 1.1 g/t Au over 26.6 metres and 1.6 g/t Au over 15.8 metres near surface inside Monique Gold Trend’s open-pit deposits

    • Over 90,000 metres of drilling completed year-to-date at Val-d’Or East – additional 60,000 metres to be completed by the end of the year

    • 6 drills active at the Val-d’Or East project

    TORONTO, June 28, 2022 (GLOBE NEWSWIRE) — Probe Metals Inc. (TSX-V: PRB) (OTCQB: PROBF) (“Probe” or the “Company”) is pleased to provide the second set of results from the 2022 drill program on its 100%-owned Val-d’Or East Monique property (the “Property”) located near Val-d’Or, Quebec. Results from forty-nine (49) holes from the extensive 2022 drilling program, which is designed to convert, expand and discover new gold resources, returned significant gold intercepts within and surrounding the conceptual pits from the 2021 Preliminary Economic Assessment (PEA) report (see figure 1). The Company is also pleased to report that the 2022 resource drilling program is progressing very well with sixty percent of the 150,000-metre program completed in the first half of the year. Results from over 155 holes drilled since the beginning of 2022 at Monique are still pending and will be released as they are received. Selected highlights from the current results are presented below.

    David Palmer, President and CEO of Probe, states: “We are in the very enviable position of being able to continue advancing our gold projects with large-scale drilling and regional exploration programs. With six drills turning at Val-d’Or East and two at Detour we will be able to make considerable progress with our development, expansion, and discovery-stage programs in 2022. These recent drill results from Monique demonstrate the high quality of the Val-d’Or assets and the continued improvement in the gold resources. Our goal this year is to advance the Company on all fronts by solidifying Val-d’Or East as one of the preeminent development projects in Canada, demonstrating the considerable growth potential of its resources and identifying potential new catalysts in discovery targets on both the Val-d’Or East and Detour Quebec projects. In the current market conditions with a strong balance sheet, we will continue to position the Company and Val-d’Or East as one of the top undeveloped multi-million ounces project in Canada.”

    Infill drilling – Twenty-nine (29) of the forty-nine (49) holes released today are from the resource conversion drilling program designed to test the continuity of A, G, J, P and S zones inside the conceptual pits between surface to approximately 300-metres depth and the A zone to approximately 500-metres depth. These holes intersected gold mineralization where predicted by our 3D model and confirmed the current block model with respect to grades and thicknesses.

    Expansion drilling – Twenty (20) holes from the expansion drilling program were designed to test the extension of the A, G, J, K, P and S zones laterally and at depth. Fourteen (14) of these expansion drilling holes intersected gold structures with grade times thickness above 15.0 g/t Au * metre.

    Forty-four (44) holes, listed in today’s news release, returned significant drill intercepts that will be included in an updated resource for the Val-d’Or East project, which will form the basis of the prefeasibility study (PFS) expected to be completed in 2023. The Monique Gold Trend deposits are all open along strike and at depth. In addition to drilling activities, the corporation is advancing, rock mechanics, ground geotechnical, metallurgical and environmental baseline studies on the project, and has started community and social engagement activities.

    Selected drill results from holes MO-22-278 to 326 at the Monique Area drilling program are, as follows:



































    Hole Number From (m) To (m) Length (m) Gold (g/t) Zone / Resource
    MO-22-279 180.8 200.0 19.2 0.8 P / Expansion
    MO-22-280 52.2 71.0 18.8 0.8 J / Infill
    MO-22-288 160.2 186.8 26.6 1.1 J / Infill
    MO-22-289 711.8 717.7 5.9 3.7 J / Expansion
    MO-22-291 94.6 102.1 7.5 3.2 J / Expansion
    MO-22-292 229.5 249.0 19.5 1.0 S/ Expansion
    MO-22-297 90.4 95.4 5.0 2.8 J / Expansion
    MO-22-298 57.1 79.5 22.4 0.6 P / Infill
    MO-22-300 79.5 114.0 34.5 0.5 S / Infill
    MO-22-301 201.0 213.5 12.5 1.8 J / Expansion
    MO-22-302 140.0 161.5 21.5 0.7 J / Expansion
    MO-22-305 248.5 252.5 4.0 10.1 P / Expansion
    MO-22-305 473.1 483.3 10.2 2.4 J / Expansion
    MO-22-311 312.0 332.6 20.6 1.5 P / Expansion
    MO-22-311 328.5 332.6 4.1 5.6 P / Expansion
    MO-22-312 104.5 127.0 22.5 1.8 P / Expansion
    MO-22-314 70.2 86.0 15.8 1.6 J / Infill
    MO-22-315 224.5 243.0 18.5 1.0 J / Infill
    MO-22-318 470.9 477.3 6.4 2.8 G / Expansion
    MO-22-319 251.0 276.5 25.5 0.7 J / Infill
    MO-22-320 64.5 95.8 31.3 0.9 J / Infill
    Including 86.6 91.8 5.2 3.2 J / Infill
    MO-22-321 120.2 125.7 5.5 4.8 New / Expansion
    MO-22-321 308.0 321.7 13.7 1.1  J / Expansion
    MO-22-321 601.6 607.3 5.7 5.4 A / Infill
    MO-22-322 33.0 65.2 32.2 0.7 J / Infill
    MO-22-323 344.0 348.0 4.0 4.3 K / Expansion
    MO-22-323 799.7 803.7 4.0 6.8 New / Expansion
    MO-22-324 184.0 219.5 35.5 1.0 J / Expansion
    MO-22-326 360.7 389.5 28.8 2.1 J / Infill
    Including 362.5 367.2 4.7 10.2 J / Infill

    (1) All the new analytical results reported in this release and in this table, are presented in core length and cut to 100 g/t Au when needed. True width is estimated between 65 to 95 % of core length. Only grade times thickness above 15.0 g/t Au * m is reported

    Figure 1

    About the Monique Property:

    The Monique property is located 25 km east of Val-d’Or, in Quebec, and consists of 21 claims and one mining lease covering a total area of 5.5 square kilometres in Louvicourt township. The property hosts a current measured and indicated mineral resource of 13,619,000 tonnes at a grade of 1.54 g/t for 672,800 ounces of gold and inferred mineral resource of 11,733,000 tonnes at a grade of 1.78 g/t for 671,400 ounces of gold (source: Probe Metals NI 43-101 Technical Report Val-d’Or East Project – June 2021). The Property is part of the Company’s Val-d’Or East Project, and the consolidated land package stands at 436 square kilometres. Val-d’Or East is situated in a politically stable and low-cost mining environment that hosts numerous active producers and mills.

    Geology

    Gold mineralization on the Monique property is mainly associated with three deformation zones that cross the property with an orientation of 280° and a 75°- 80° dip to the north. Gold mineralization is defined by a network of quartz/tourmaline/carbonate veins and veinlets with disseminated sulphides in the altered wall rocks. A total of 16 parallel gold zones have been discovered on the property, to-date. Some mineralized zones have been defined from surface to a depth of 600 metres and vary in width from 1 metre to up to 100 metres. Mineralized structures extend laterally up to 900 metres.

    Past Production

    The Monique open pit mine began commercial production in 2013 and ceased production at the end of January 2015. A total of 0.58 Mt of mineralized material was extracted at a grade of 2.53 g/t Au, from the surface to 100 metres depth for a total of 45,694 ounces of gold.

    Qualified Person:

    The scientific and technical content of this press release has been reviewed, prepared and approved by Mr. Marco Gagnon, P.Geo, who is a “Qualified Person” within the meaning of NI 43-101, and Executive Vice-President and a director of Probe.

    Quality Control:

    During the last drilling program, assay samples were taken from the NQ core by sawing the drill core in half, with one-half sent to a certified commercial laboratory and the other half retained for future reference. A strict QA/QC program was applied to all samples, which includes insertion of mineralized standards and blank samples for each batch of 20 samples. The gold analyses were completed by fire-assays with an atomic absorption finish on 50 grams of materials. Repeats were carried out by fire-assay followed by gravimetric testing on each sample containing 3.0 g/t gold or more. Total gold analyses (Metallic Sieve) were carried out on the samples which presented a great variation of their gold contents or the presence of visible gold.

    About Probe Metals:

    Probe Metals Inc. is a leading Canadian gold exploration company focused on the acquisition, exploration and development of highly prospective gold properties. The Company is committed to discovering and developing high-quality gold projects, including its key asset the multimillion-ounce Val-d’Or East Gold Project, Québec. The Company is well-funded and controls a strategic land package of approximately 1,500-square-kilometres of exploration ground within some of the most prolific gold belts in Québec. The Company was formed as a result of the $526M sale of Probe Mines Limited to Goldcorp. Eldorado Gold Corporation currently owns approximately 10% of the Company.

    On behalf of Probe Metals Inc.,

    Dr. David Palmer,
    President & Chief Executive Officer

    For further information:

    Please visit our website at www.probemetals.com or contact:

    Seema Sindwani
    Director of Investor Relations
    This email address is being protected from spambots. You need JavaScript enabled to view it.
    +1.416.777.9467

    Forward-Looking Statements

    Neither 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. This News Release includes certain “forward-looking statements” which are not comprised of historical facts. Forward-looking statements include estimates and statements that describe the Company’s future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as “believes”, “anticipates”, “expects”, “estimates”, “may”, “could”, “would”, “will”, or “plan”. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to the Company, the Company provides no assurance that actual results will meet management’s expectations. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release includes, but is not limited to, the Company’s objectives, goals or future plans, statements, exploration results, potential mineralization, the estimation of mineral resources, exploration and mine development plans, timing of the commencement of operations and estimates of market conditions. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to: failure to identify mineral resources; failure to convert estimated mineral resources to reserves; the inability to complete a feasibility study which recommends a production decision; the preliminary nature of metallurgical test results; delays in obtaining or failures to obtain required governmental, environmental or other project approvals; political risks; inability to fulfill the duty to accommodate First Nations and other indigenous peoples; uncertainties relating to the availability and costs of financing needed in the future; changes in equity markets, inflation, changes in exchange rates; fluctuations in commodity prices; delays in the development of projects; capital and operating costs varying significantly from estimates and the other risks involved in the mineral exploration and development industry; the results of the PEA being as announced, including future operating and capital costs, closure costs, AISC, the projected NPV, IRR, timelines, permit timelines and future Project opportunities; the ability to obtain the requisite permits, economics and associated returns of the Project as determined by the PEA, and all assumptions in the PEA regarding the technical viability of the Project, the market and future price of and demand for gold, the environmental impact of the Project, and the ongoing ability to work cooperatively with stakeholders, including the local levels of government; an inability to predict and counteract the effects of COVID-19 on the business of the Company, including but not limited to the effects of COVID-19 on the price of commodities, capital market conditions, restriction on labour and international travel and supply chains, and those risks set out in the Company’s public documents filed on SEDAR. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.

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  • Calibre Mining intersects Bonanza-Grade Gold at The Limon Complex; Reinforcing the Strong Potential to Add Resources and Expand the Panteon Mine

    Calibre Mining intersects Bonanza-Grade Gold at The Limon Complex; Reinforcing the Strong Potential to Add Resources and Expand the Panteon Mine

    2022-06-27 03:05:17

    VANCOUVER, British Columbia, June 27, 2022 (GLOBE NEWSWIRE) — Calibre Mining Corp. (TSX: CXB; OTCQX: CXBMF) (the “Company” or “Calibre”) is pleased to report additional high-grade drill results from its Panteon North zone within the Limon Mine Complex, part of the Company’s 85,000 metre resource expansion and discovery drilling program.

    Additional High Grade Drill Results from Panteon North

    • 66.03 g/t Au over 5.6 metres Estimated True Width (“ETW”), including 167.27 g/t Au over 2.3 metres and 14.95 g/t Au over 1.9 metres ETW in Hole LIM-22-4630;

    • 30.33 g/t Au over 5.0 metres ETW, including 40.62 g/t Au over 3.8 metres in Hole LIM-22-4628;

    • 22.55 g/t Au over 4.9 metres ETW, including 68.51 g/t Au over 1.7 metres in Hole LIM-22-4632;

    • 17.58 g/t Au over 2.4 metres ETW, including 28.67 g/t Au over 1.9 metres in Hole LIM-22-4627; and

    • 4.66 g/t Au over 1.7 metres ETW, including 8.20 g/t Au over 0.8 metres in Hole LIM-22-4637.

    Darren Hall, President and Chief Executive Officer of Calibre, stated: “I am excited by these exceptionally high-grade drill results from the Panteon North zone, located one kilometre northwest of the high-grade producing Panteon underground mine, as they continue to present significant opportunities for discovery and resource growth within the Limon Mine Complex. Panteon North is open down plunge and along strike to the northwest for further expansion. These results are considerably higher grade than we expected, especially considering the underground reserve grade at Panteon of 7.17 g/t Au. This drilling reinforces our grade driven production growth strategy, though important to note that the high-grade Panteon North discovery was not considered in our recent multi-year production outlook (see news release here).

    “Calibre recently completed a VTEM geophysical survey within the Limon Mine Complex which, after review of the data, clearly demonstrates a significant opportunity for additional discovery and resource expansion along both the Panteon and Santa Pancha vein trends. The Santa Pancha vein system historically produced over 1.3 million ounces over a strike length of 2.5 km, where the majority of that gold was discovered along the VTEM resistivity low/high contact, which can be viewed here or in the figures linked below. The VTEM resistivity low/high contact has been traced for over 6.0 km from current drilling on both the Santa Pancha and Panteon vein systems and represents a high-priority exploration and resource building opportunity for the Company. Calibre has five active rigs at Limon and will continue to follow both trends with the new exploration data.”

    Link 1 – Figures
    Link 2 – Drilling Tables

    CalibreMining62720222El Limon Property – Plan Map

    CalibreMining62720223Panteon North – Longitudinal Section

     CalibreMining62720224El Limon Property – Electromagnetic (VTEM resistivity) Geophysical Survey Map

    Quality Assurance/Quality Control

    Calibre maintains a Quality Assurance/Quality Control (“QA/QC”) program for all its exploration projects using industry best practices. Key elements of the QA/QC program include verifiable chain of custody for samples, regular insertion of certified reference standards and blanks, and duplicate check assays. Drill core is halved and shipped in sealed bags to Bureau Veritas in Managua, Nicaragua, an independent analytical services provider with global certifications for Quality Management Systems ISO 9001:2008, Environmental Management: ISO14001 and Safety Management OH SAS 18001 and AS4801. Prior to analysis, samples are prepared at Veritas’ Managua facility and then shipped to its analytical facility in Vancouver, Canada. Gold analyses are routinely performed via fire assay/AA finish methods. For greater precision of high-grade material, samples assaying 10 g/t Au or higher are re-assayed by fire assay with gravimetric finish. Analyses for silver and other elements of interest are performed via Induction Coupled Plasmaspectrometry (“ICP”).

    Estimated True Widths for reported vein intercepts are based on 3D models of the individual veins. Estimates are determined in cross-section by measuring the modelled vein thickness perpendicular to the vein margins and through the midpoint of the drill hole intercept. Percentage based differences between individual ETW’s and down-hole interval lengths will vary between drill holes depending on drill hole inclination, variations in vein strike and dip, and overall geometries of the different vein systems.

    Qualified Person

    The scientific and technical information contained in this news release was approved by David Schonfeldt P.GEO, Calibre Mining’s Corporate Chief Geologist and a “Qualified Person” under National Instrument 43-101.

    ON BEHALF OF THE BOARD

    “Darren Hall”

    Darren Hall, President and Chief Executive Officer

    For further information, please contact:

    Ryan King
    Senior Vice President, Corporate Development & IR
    T: (604) 628-1012
    E: This email address is being protected from spambots. You need JavaScript enabled to view it.
    W: www.calibremining.com

    About Calibre Mining Corp.

    Calibre Mining is a Canadian-listed, Americas focused, growing mid-tier gold producer with a strong pipeline of development and exploration opportunities across Nevada and Washington in the USA, and Nicaragua. Calibre is focused on delivering sustainable value for shareholders, local communities and all stakeholders through responsible operations and a disciplined approach to growth. With a strong balance sheet, no debt, a proven management team, strong operating cash flow, accretive development projects and district-scale exploration opportunities Calibre will unlock significant value.

    Cautionary Note Regarding Forward Looking Information

    This news release includes certain “forward-looking information” and “forward-looking statements” (collectively “forward-looking statements”) within the meaning of applicable Canadian securities legislation. All statements in this news release that address events or developments that we expect to occur in the future are forward-looking statements. Forward-looking statements are statements that are not historical facts and are identified by words such as “expect”, “plan”, “anticipate”, “project”, “target”, “potential”, “schedule”, “forecast”, “budget”, “estimate”, “intend” or “believe” and similar expressions or their negative connotations, or that events or conditions “will”, “would”, “may”, “could”, “should” or “might” occur. Forward-looking statements in this news release include, but are not limited to: the ‘Company’s expectations toward higher grades mined and processed going forward; statements relating to the ‘Company’s 2022 priority resource expansion opportunities; the ‘Company’s metal price and cut-off grade assumptions; the ‘Company’s plans for the Pan Mine for 2022, including production and exploration and its contribution to production growth. Forward-looking statements necessarily involve assumptions, risks and uncertainties, certain of which are beyond Calibre’s control. For a listing of risk factors applicable to the Company, please refer to Calibre’s annual information form (“AIF”) for the year ended December 31, 2021, and its management discussion and analysis (“MD&A”) for the year ended December 31, 2021, all available on the ‘Company’s SEDAR profile at www.sedar.com. This list is not exhaustive of the factors that may affect Calibre’s forward-looking statements.

    Calibre’s forward-looking statements are based on the applicable assumptions and factors management considers reasonable as of the date hereof, based on the information available to management at such time. Such assumptions include but are not limited to: the Company being able to mine and process higher grades and keep production costs relatively flat going forward; there not being an increase in production costs as a result of any supply chain issues or ongoing COVID-19 restrictions; there being no adverse drop in metal price or cut-off grade at the ‘Company’s Nevada properties. Calibre does not assume any obligation to update forward-looking statements if circumstances or management’s beliefs, expectations or opinions should change other than as required by applicable securities laws. There can be no assurance that forward-looking statements will prove to be accurate, and actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements. Accordingly, undue reliance should not be placed on forward-looking statements.


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  • Global Battery Metals Granted Four New Mineral Leases to Expand its Michigan Nickel-Copper Project

    Global Battery Metals Granted Four New Mineral Leases to Expand its Michigan Nickel-Copper Project

    2022-05-24 01:42:39

    Plans Underway for Electromagnetic Surveying

    Vancouver, British Columbia–(Newsfile Corp. – May 24, 2022) – Global Battery Metals Ltd. (TSXV: GBML) (OTCQB: REZZF) (FSE: REZ) (the “Company” or “GBML“), is pleased to announce it has been granted four Surface and Mineral leases, covering 1,609 acres (6.5 square km) in the State of Michigan. The area covered by these state leases is in addition to the Company’s land package associated with the Sawyer Camp (which is a combination of state and private leases). GBML’s total property interest in Michigan is now approximately 3,800 acres (15.4 square km).

    The state leases applied for in October of 2021 (see the Company’s news release dated October 8, 2021) cover two primary airborne magnetic targets (one normally polarized and one reversely polarized), as identified from a 2021 United States Geological Survey over parts of the Upper Peninsula of Michigan. The magnetic features may be related to mafic and ultramafic intrusions associated with the Mid-Continent Rifting (MCR) event, similar to the characteristics associated with GBML’s Sawyer Camp Nickel-Copper Project and the Eagle Mine Nickel-Copper-PGE mine operated by Lundin Mining.

    “Our research of the opportunities in the area has resulted in some promising targets and the granting of the four state leases to GBML is consistent with our plans for further exploration work at Sawyer Camp,” stated Michael Murphy, President and CEO of GBML. “Theses leases have discovery potential for nickel, copper and platinum group mineralization and, while the geology is obscured by glacial till and Paleozoic cover rocks, historic drilling has encountered mafic-ultramafic rocks sequences similar to those hosting the Eagle Mine.”

    The Company is currently developing plans to engage a geophysical contractor to conduct an electromagnetic survey over these new targets that will be utilized to guide initial drill targeting. The contractor has already been engaged to conduct similar work on the Sawyer Camp.

    An updated version of the Company’s Investor Presentation is now available for download from GBML’s website.

    Scientific and Technical Information

    The scientific and technical information disclosed in this news release was reviewed and approved by Cameron Bell, MSc., P. Geo., a director of the Company and a “Qualified Person” as defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects.

    About Global Battery Metals Ltd.

    GBML is an international mineral exploration and development company with a focus on metals that comprise and support the rapid evolution to battery power. GBML currently maintains economic interests in five battery metal projects: (1) an option to lease agreement to facilitate exploration of the Sawyer Camp Ni/Cu Property in the Upper Peninsula region of the State of Michigan, (2) an option to acquire up to a 90% in the North-West Leinster lithium property in Ireland, (3) a 100% interest in the Lithium King property in Utah, (4) an option to acquire up to a 100% interest in the Lapoile lithium project in Newfoundland, and (5) a 55% stake in Peru-based Lara copper property, which has over 10,000 metres of drilling. As previously disclosed, Minsur S.A., a Peruvian mining company, entered into an option agreement with GBML and Lara Exploration Ltd. to acquire the Lara copper property for staged payments of USD$5.75 million. GBML will retain a 0.75% net smelter royalty. GBML’s common shares are listed on the TSX Venture Exchange (TSXV: GBML); Frankfurt Stock Exchange (FSE: REZ); and are quoted on the OTC (OTCQB: REZZF).

    Global Battery Metals Ltd.
    Michael Murphy BA, MBA, MSc., ICD
    President & CEO
    T: 604-649-2350
    E: This email address is being protected from spambots. You need JavaScript enabled to view it.

    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.

    Cautionary Statement Regarding “Forward-Looking” Information

    This press release contains certain “forward-looking information” and “forward-looking statements” (collectively “forward-looking statements”) within the meaning of Canadian securities legislation. All statements, other than statements of historical fact, included herein, without limitation, statements relating the future operations and activities of GBML, are forward-looking statements. Forward-looking statements are frequently, but not always, identified by words such as “expects”, “anticipates”, “believes”, “intends”, “estimates”, “potential”, “possible”, and similar expressions, or statements that events, conditions, or results “will”, “may”, “could”, or” should” occur or be achieved. Forward-looking statements in this news release relate to, among other things, the Company’s exploration plans, including, but not limited to, conducting electromagnetic surveys. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements reflect the beliefs, opinions, and projections on the date the statements are made and are based upon a number of assumptions and estimates that, while considered reasonable by GBML are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors, both known and unknown, could cause actual results, performance, or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements and the parties have made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation, the ability to complete proposed exploration work, the possibility of accidents and other risks associated with mineral exploration operations such as encountering unanticipated geological factors or the inability to secure permitting and other governmental clearances necessary to carry out the Company’s exploration plans, the results of exploration, continued availability of capital, and changes in general economic, market and business conditions. Readers should not place undue reliance on the forward-looking statements and information contained in this news release concerning these items. Readers are urged to refer to the Company’s reports, publicly available through the Canadian Securities Administrators’ System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com for a more complete discussion of such risk factors and their potential effects. GBML does not assume any obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by applicable securities laws.

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  • i-80 Gold to Expand Granite Creek Property with Key Land Acquisition

    i-80 Gold to Expand Granite Creek Property with Key Land Acquisition

    2022-05-09 03:03:35

    Extends exposure along primary mine structure by more than 3 km

    RENO, Nev., May 9, 2022 /CNW/ – i-80 GOLD CORP. (TSX: IAU) (OTCQX: IAUCF) (“i-80”, or the “Company”) is pleased to announce that it has entered into an agreement to acquire strategic land sections adjoining the Company’s Granite Creek Property (“Granite Creek” or “the Property”) located in Humboldt County, Nevada from Nevada Gold Mines LLC (“NGM”). The new property includes unpatented claims in Section 6, T. 37 N., R. 42 E. and surface and mineral rights for Section 21, T. 38 N., R. 42 E. The new property sections provide i-80 with approximately 3.2 kilometres of additional exposure along the Getchell/Range Front fault structure that is intimately associated with the Granite Creek and Turquoise Ridge gold deposits (See Figure 1). Importantly, the property section to the north of Granite Creek is immediately on-strike with the recently discovered South Pacific Zone where high-grade mineralization is being defined along strike to the north of the Company’s Granite Creek Mine (see press releases dated November 16, 2021, and February 2, April 20 and May 3, 2022). Highlights of this property purchase include:

    • Increases the size of i-80’s Granite Creek Property package by approximately 1,280 acres (518 Ha)

    • Extends exposure approximately 1.6 km north towards NGM’s Turquoise Ridge Mine, and 1.6 km south of Granite Creek along the favourable Getchell/Range Front fault structure

    • Provides a 100% interest in the potential northern extension of the South Pacific Zone where recent drilling has identified significant high-grade mineralization including:

      • 16.3 g/t Au over 7.1 m in hole iGS21-03

      • 14.7 g/t Au over 10.2 m in hole iGS21-04

      • 17.2 g/t Au over 3.8 m and 22.0 g/t Au over 3.4 m in hole iGS21-07

      • 25.5 g/t Au over 5.5 m in hole iGS21-11

      • 11.0 g/t Au over 9.1 m in hole iGS21-12

      • 16.3 g/t Au over 15.7 m in hole iGS21-18

      • 15.3 g/t Au over 10.5 m in hole iGS21-19

    The properties include surface and mining rights. Total consideration for the purchase of the property sections consists of a cash payment of $4 million and the inclusion of the acquired sections into the existing 10% Net Profits Royalty (“NPI”) that NGM currently holds on the existing Property.  Barrick Gold Corporation will also retain a 0.5% NSR on the new property sections.

    i-80 is currently completing a surface and underground drill program with multiple drills at Granite Creek that is expected to consist of approximately 30,000 metres of drilling. The program has been very successful in confirming the significant upside opportunity at Granite Creek both proximal to the underground mine workings including the expansion of mineralization along strike and at depth where the deposit remains open. The South Pacific Zone is one of the primary targets of the 2022 program and future drilling will continue to step-out to the north towards the newly acquired property.

    “Granite Creek is the first of four properties that i-80 is advancing towards production over the next several years, and where mining has recently commenced”, stated Matt Gollat, Executive Vice-President of i-80 Gold. “Given the substantial success of our ongoing drill program in expanding mineralization, increasing our property holdings is extremely important in providing significant exposure to potential upside both to the north and south of our current property.”

    Figure 1 – Surface Plan of the Granite Creek Property (new Properties in white) (CNW Group/i-80 Gold Corp)

    High-grade mineralization at Granite Creek occurs in a near-identical geological setting to that of Nevada Gold Mines’ (“NGM”), multi-million-ounce Turquoise Ridge Mine that is located immediately to the north (see Figure 1); proximal to a major regional fault (the Getchell or Range Front fault) on the eastern edge of the large Osgood Mountains intrusive complex. The Granite Creek deposit remains open at depth and along strike from the existing underground workings.

    Investor Day Webcast & Conference Call – May 10, 2022

    The Company will host an Investor Day presentation in person at the Toronto Board of Trade on May 10, 2022, commencing at 4:30 pm EDT, providing the opportunity for analysts and investors to ask questions of i-80 Gold’s executive team. A live conference call and webcast will also be available to those that are unable to attend in person. Details of the conference call and webcast can be found below.

    Conference Call

    North American Toll-free: 1-888-204-4368
    Confirmation #: 3896886

    Webcast Link    

    Click HERE to access the webcast or visit our website at www.i80gold.com.

    Conference Call Replay

    A recording of the call can be accessed until May 17, 2022.

    North American Toll-free Replay: 1-888-203-1112
    Replay Code: 3896886

    Qualified Person

    The scientific and technical information contained in this press release was reviewed by Tim George, PE, Mine Operations Manager of i-80 Gold and a Qualified Person within the meaning of National Instrument 43-101.

    About i-80 Gold Corp.

    i-80 Gold Corp. is a well-financed, Nevada-focused, mining company with a goal of achieving mid-tier gold producer status through the development of multiple deposits within the Company’s advanced-stage property portfolio.

    Certain statements in this release constitute “forward-looking statements” or “forward-looking information” within the meaning of applicable securities laws, including but not limited to, the completion of the acquisition of the property sections,  the expansion or mineral resources at Granite Creek and the potential of the Granite Creek project, . Such statements and information involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the company, its projects, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information. Such statements can be identified by the use of words such as “may”, “would”, “could”, “will”, “intend”, “expect”, “believe”, “plan”, “anticipate”, “estimate”, “scheduled”, “forecast”, “predict” and other similar terminology, or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. These statements reflect the Company’s current expectations regarding future events, performance and results and speak only as of the date of this release.

    Forward-looking statements and information involve significant risks and uncertainties, should not be read as guarantees of future performance or results and will not necessarily be accurate indicators of whether or not such results will be achieved. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements or information, including, but not limited to: material adverse changes, unexpected changes in laws, rules or regulations, or their enforcement by applicable authorities; the failure of parties to contracts with the company to perform as agreed; social or labour unrest; changes in commodity prices; and the failure of exploration programs or studies to deliver anticipated results or results that would justify and support continued exploration, studies, development or operations.

    i-80 Gold Corp. logo (CNW Group/i-80 Gold Corp)

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  • Miners continue to expand use of battery-powered vehicles underground

    Miners continue to expand use of battery-powered vehicles underground

    2022-04-22

    As miners strive to reduce greenhouse gas emissions, many, particularly those with underground mines, are beginning to invest in battery-powered and electric-powered mining fleets. As of March 2022, GlobalData was tracking 157 electric loaders (LHDs) and 45 electric trucks operating in underground mines across the globe, with the largest combined population of electric LHDs and trucks in Canada (76), followed by Russia (52), Sweden (35) and Australia (14). This total of 202 compares with a total of 182 in June 2021.

    By company, Agnico Eagle Mines Limited – the new company formed from the merger of Kirkland Lake Gold and Agnico Eagle – has the largest combined number of LHDs and trucks in operation with 49, including 27 battery or electric-powered LHDs and 17 battery-powered underground mining trucks at its Macassa mine in Canada. It is followed by Luossavaara-Kiirunavaara AB with 34, ARMZ Uranium Holding Co and Vale with 20 each. The main suppliers are Sandvik (including Artisan) and Epiroc, with a combined share of over 70% of the machines in use.

    Not only does the use of battery power and electric power reduce greenhouse gases, but it also significantly reduces ventilation costs, with 40-50% less ventilation required with battery/electric-powered machines compared to those running on diesel. There are also lower cooling requirements, less noise pollution and lower maintenance costs, with battery vehicles having 25% or so fewer parts compared with diesel propulsion systems.

    Number of electric LHDs & trucks operated by miner, 2020 – 2022

    Source: Development of Electric Mining Vehicles in Surface and Underground Mining, 2022

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  • Great Atlantic Resources Plans Diamond Drilling to Expand Jaclyn Main Zone Gold Resources at Its 100% Owned Golden Promise Gold Property – Central Newfoundland

    Great Atlantic Resources Plans Diamond Drilling to Expand Jaclyn Main Zone Gold Resources at Its 100% Owned Golden Promise Gold Property – Central Newfoundland

    2022-03-30 06:03:49

    VANCOUVER, BC / ACCESSWIRE / March 30, 2022 / GREAT ATLANTIC RESOURCES CORP. (TSXV.GR) (the “Company” or “Great Atlantic”), is pleased to announce 2022 diamond drilling plans at its flagship Golden Promise Gold Property located in the central Newfoundland gold belt. The Company is planning diamond drilling at the gold – bearing Jaclyn Main Zone with the objective of expanding the inferred gold resources.

    Junior Mining Network

    Seventeen drill holes are planned during 2022 at the Jaclyn Main Zone (JMZ) for a total meterage of approximately 4700 meters. The objective of this drilling is to expand the JMZ’s inferred resources by means of definition drilling along structurally important zones to the east and west of the JMZ. The intersection of multiple structural features determined using a combination of information garnered from recent drill intersections, historic airborne geophysics (magnetics and electromagnetics), historic drilling intersections, as well as historic structural geology indicate that these are prime drilling targets. Based upon these factors, the Company’s technical team is confident that the planned drilling will expand the JMZ and increase the inferred gold resources. Following completion of the 2022 drilling program Great Atlantic plans to generate an updated NI 43-101 technical report and resource estimate. The Company reported a National Instrument 43-101 compliant inferred resource estimate during late 2018 for the Jaclyn Main Zone of 357,500 tonnes at 10.4 g/t gold (119,900 ounces of gold – uncapped).

    The Company plans to drill a minimum of four holes in the areas around the western extension of the JMZ where favourable structural trends strongly suggest a westward continuity of this system of gold veins. In addition, a minimum of eight drill holes are planned to assess the continuity of the JMZ gold-bearing veins to the east and down dip. The number of drill holes within these targets will be expanded if the results warrant it.

    A northeast striking structural zone was delineated using aeromagnetic data that connects with the JMZ suggesting the potential to host sub-parallel quartz veins. Great Atlantic plans to test this high priority target with five drill holes, and if gold mineralization is intersected, further drilling will be warranted.

    Junior Mining Network

    During drilling conducted in 2019 and 2021, Great Atlantic confirmed high-grade gold at the JMZ, including near surface intercepts (core length) of 113.07 grams / tonne (g/t) gold over 0.55 meters, 61.35 g/t gold over 2.04 meters and 238.4 g/t gold over 0.40 meters (please see previous news releases on the Company’s website).

    A secondary objective of the 2022 drilling program is to determine if any of the adjacent gold-bearing vein systems in the area surrounding the Jaclyn North Zone (JNZ) can yield results significant enough to warrant more extensive drilling programs in the future. Drilling within the JNZ or any adjacent zones where gold has been identified will be conducted only following a very low frequency electromagnetic (VLF-EM) and magnetics ground geophysical survey, the reasoning being to ensure the highest probability of success for drilling in these areas. Three drill holes completed by the Company during 2020 in this area intersected gold bearing quartz veins approximately 260 meters east of the previously known extent of the Jaclyn North Zone (based on historic drilling). Gold assays are still pending for drill core samples from three holes completed during 2021 in this area. Samples collected during 2017 and 2020 in this same area from multiple gold-bearing quartz boulders yielded high grade gold values including samples returning 157, 162, 208, and 332 g/t gold (please see previous news releases in the Company’s website). These samples are located within a 300-meter long zone of gold-bearing quartz vein boulders.

    Great Atlantic currently has a drilling permit for 33 holes at the JMZ and JNZ which expires on August 16th, 2022. The 33 holes covered under this permit include 15 holes within the JMZ and 18 holes within the JNZ Zone. The Company is currently drafting a supplementary diamond drilling permit application for the 2022 exploration program for planned holes not covered under the existing permit.

    During the last quarter of 2018, Great Atlantic released a National Instruments 43-101 (NI 43-101) Technical Report with a summary of the exploration undertaken by the Company coupled with a mineral resource estimate of the JMZ (refer to Company’s News Release of December 6th, 2018; and Sedar-filed National Instrument 43-101 Technical Report on the Golden Promise Property, Central Newfoundland (revised), dated December 4, 2018 by Mr. Greg Z. Mosher, M.Sc. App., P.Geo., and Mr. Larry Pilgrim, B.Sc., P.Geo.). The following is an excerpt from that report stating the reported inferred mineral resource estimate for the JMZ.







    Resource

    Cutoff Au g/t

    Au Cap g/t

    Au Uncap g/t

    Tonnes

    Au Ounces Capped

    Au Ounces Uncapped
    Total

    1.1

    9.3

    10.4

    357,500

    106,400

    119,900
    Pit-Constrained

    0.6

    11.4

    14.1

    157,300

    57,800

    71,200
    Underground

    1.5

    7.5

    7.6

    200,200

    48,600

    48,700

    Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability.
    There is no certainty that all or any part of the Mineral Resources estimated will be converted into Mineral Reserves.
    Mineral resource tonnage and contained metal have been rounded to reflect the accuracy of the estimate, and numbers may not add due to rounding.
    Mineral resource tonnage and grades are reported as undiluted.
    Contained Au ounces are in-situ and do not include recovery losses

    Junior Mining Network

    As reported in the National Instrument 43-101 Technical Report on the Golden Promise Property, Central Newfoundland (revised), dated December 4, 2018 by Mr. Greg Z. Mosher, M.Sc. App., P.Geo., and Mr. Larry Pilgrim, B.Sc., P.Geo., the JMZ was modelled as a single quartz vein that strikes east-west and dips steeply to the south. Modeled vein thickness was based on true thickness derived from quartz vein intercepts. The estimate is based on 220 assays that were composited to 135 one-meter long composites. A bulk density of 2.7 g/cm3 was used. Blocks in the model measured 15 meters east-west, 1-meter north-south and 10 meters vertically. The block model was not rotated. Grades were interpolated using inverse-distance squared (ID2) weighting and a search ellipse that measured 100 meters along strike, two meters across strike and 50 meters vertically. A range between two and ten composites with a maximum of one composite per hole were used to interpolate the grades. This means that the grade between each block is based on a minimum of two drillholes, thus demonstrating the continuity of mineralization. A value of 65 g/t gold was used as the cap for the mineral resource estimate, meaning any assays greater than 65 g/t gold were capped at 65 g/t gold. Due to the wide spacing of the drill holes, the entire resource was classified as inferred.

    Because much of the vein occurs near surface, the resource estimate was constrained by a conceptual open pit to demonstrate reasonable prospects of eventual economic extraction. Generic mining costs of US$2.50/tonne and processing costs of US$25.00/tonne were used together with a gold price of US$1,300/ounce. A conceptual pit slope of 45° was assumed with no allowance for mining loss or dilution. Based on the combined hypothetical mining and processing costs and the assumed price of gold, a pit-constrained cutoff grade of 0.6 g/t was adopted. For the underground portion of the resource a cutoff of 1.5 g/t was assumed. The cutoff grade for the total resource is the weighted average of the pit-constrained and underground cutoff grades.

    The Golden Promise Property is located within a region of recent significant gold discoveries. The property is located within the Exploits Subzone of the Newfoundland Dunnage Zone. Within the Exploits Subzone, the property lies along the north-northwestern fringe of the Victoria Lake Supergroup (VLSG), a volcano-sedimentary terrane. The northwestern margin of the Golden Promise Property occurs proximal to, and, in part, contiguous with a major (Appalachian-scale) collisional boundary, and suture zone, known as the RIL. The RIL forms the western boundary of the Exploits Subzone. Recent significant gold discoveries within the Exploits Subzone include those of Marathon Gold Corp. (TSX.MOZ) at the Valentine Gold Project, Sokoman Minerals Corp. (TSXV.SIC) at the Moosehead Gold Project and New Found Gold Corp. (TSXV.NFG) at the Queensway Project. Readers are warned that mineralization at the Valentine Gold Project, Moosehead Gold Project, and Queensway Project is not necessarily indicative of mineralization on the Golden Promise Property.

    Junior Mining Network

    David Martin, P.Geo. (New Brunswick and Newfoundland and Labrador), a Qualified Person as defined by NI 43-101 and VP Exploration for Great Atlantic, is responsible for the technical information contained in this news release.

    On Behalf of the board of directors
    “Christopher R Anderson”

    Mr. Christopher R. Anderson
    President CEO Director
    604-488-3900 – Office

    Investor Relations:

    Andrew Job
    1-416-628-1560
    This email address is being protected from spambots. You need JavaScript enabled to view it.

    Junior Mining Network

    About Great Atlantic Resources Corp.: Great Atlantic Resources Corp. is a Canadian exploration company focused on the discovery and development of mineral assets in the resource-rich and sovereign risk-free realm of Atlantic Canada, one of the number one mining regions of the world. Great Atlantic is currently surging forward building the company utilizing a Project Generation model, with a special focus on the most critical elements on the planet that are prominent in Atlantic Canada, Antimony, Tungsten and Gold.

    Junior Mining Network

    This press release includes certain statements that may be deemed “forward-looking statements”. All statements in this release, other than statements of historical facts, that address future exploration drilling, exploration activities and events or developments that the Company expects, are forward looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include exploitation and exploration successes, continued availability of financing, and general economic, market or business conditions.

    Neither 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.

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  • Roscan Gold Continues to Expand the Gold Mineralization at Kabaya and Intersects 2.09 gpt Gold over 21m and 1.49 gpt Gold over 28m

    Roscan Gold Continues to Expand the Gold Mineralization at Kabaya and Intersects 2.09 gpt Gold over 21m and 1.49 gpt Gold over 28m

    2022-03-23 03:02:04

    TORONTO, ON / ACCESSWIRE / March 23, 2022 / Roscan Gold Corporation (“Roscan” or the “Company”) (TSX-V:ROS) (FSE:2OJ) (OTCQB:RCGCF) is pleased to announce positive Reverse Circulation (“RC”) drilling results at Kabaya (Figure 1) from an additional 53 holes totaling 5,969 meters (m) at Kabaya.

    In order to both discover new gold zones outside our existing resource area and to expand the potential gold resources in our existing resource at Kabaya, Roscan designed an aggressive RC drilling program. This drilling was comprised of 60% step-out holes to test for new gold zones along the North South strike from KB1 to cover the underexplored zone between KB1 and KB3. The remaining 40% of the RC drill holes were focused on an infill drilling program in KB1 and KB2. The excellent gold recovery of 95.65% in saprolite from the metallurgical test work (News release of October 25, 2021) with near surface mineralization points to the economic potential of these targets.

    The current drilling results at KB3 outlines an estimated strike length of 200m, a width of 80m and a 100m vertical depth. This zone is open at depth and laterally. There is an 850m gap between KB3 and KB1-2, the main gold mineralization that is yet to be fully tested.

    The infill holes at KB1 and KB2 enlarge the different grade envelopes and has infilled some areas to expand the continuity of the gold mineralization. KB1 and KB2 have a combined strike length of 985m, a horizontal width of 180m wide and still open to 225m vertical depth at KB1.

    Drilling Highlights:

    Kabaya – Step-out Reverse Circulation Drill Holes

    • 1.98 gpt gold over 11m from drill hole RCDBS22-0078 from 57m (KB3)

      • Including 5.67 gpt gold over 2m from 64m

    And

    • 2.09 gpt gold over 21m from 109m

    • Including 4.13 gpt gold over 3m from 121m

    • 4.79 gpt gold over 7m from drill hole RCDBS21-035 from 133m (North of KB1)

      • Including 18 gpt gold over 1m from 137m

    • 1.19 gpt gold over 15m from drill hole RCDBS22-0080 from 33m (KB3)

      • Including 8.99 gpt gold over 1m from 34m

    • 2.40 gpt gold over 4m from drill hole RCDBS21-026 from 50m

      • Including 7.72 gpt gold over 1m from 50m (KB3)

    • 1.56 gpt gold over 6m from drill hole RCDBS21-027 from 19m (KB3)

    Drilling Highlights: – In fill Kb1-KB2 Reverse Circulation Drill Holes

    • 7.43 gpt gold over 5m from drill hole RCDBS22-0062 from 76m

      • Including 17.2 gpt gold over 2m from 76m

    • 1.46 gpt gold over 31m from drill hole RCDBS22-0061 from 117m

      • Including 3.29 gpt gold over 2m from 124m

      • Including 5.57gpt gold over 2m from 137m

    • 1.49 gpt gold over 28m from drill hole RCDBS22-0082 from 49m

      • Including 4.20 gpt gold over 1m from 54m

      • Including 4.47 gpt gold over 1m from 67m

    And

    • 1.36 gpt gold over 8m from 108m

    • Including 3.91 gpt gold over 1m from 111m

    • 1.52 gpt gold over 11 m from drill hole RCDBS21-047 from 22m

      • Including 5.31 gpt gold over 1m from 30m

    • 1.16 gpt gold over 13m from drill hole RCDBS22-0054 from 0m

      • Including 3.72 gpt gold over 1m from 6m

    • 1.05 gpt gold over 5m from drill hole RCDBS22-0083 from 35m

      • Including 3.51 gpt gold over 1m from 37m

    Notes: 1: True width yet to be determined; 2: Table 1 – Assay Highlights, 3: 0.5gpt used as cut-off with 2m internal dilution, 4: No top-cut.

    Nana Sangmuah, President and CEO, stated, “ Drilling at Kabaya continues to expand the footprint of the gold mineralization which bodes well for the pending maiden resource in Q2. We are excited by the fresh rock intercepts at KB3 that points to a larger mineralized system within the 850-meter gap zone between KB1-2 and KB3, which is yet to be fully tested.

    We are currently drilling additional RC and Diamond holes at our Mankouke, Disse and Kandiole targets and look forward to reporting additional assay results as they become available.”

    Junior Mining NetworkFigure 1: Kabaya gold deposit, drilling plan view, gold contouring envelopes projected to the surface and drill holes locations

    The gold mineralization at Kabaya (Figure 2-3) is disseminated and associated with a strong kaolinization after the saprolite process going deep between the fresh foot and hanging walls. From the few fresh rock observations, this powdery zone corresponds with the albite-dolomite-pyrite-arsenopyrite alteration in a volcano-sedimentary sequence. The gold host rock is an alternate between tuffaceous and greywacke facies. As in the Mankouke gold deposit, the carbonaceous bedded mudstone constitutes the folded footwall. The gold zone is also limited by an NNE-SSW weakness, fractured, and sheared zones in hanging and foot walls contacts

    Junior Mining NetworkFigure 2: Kabaya gold deposit, KB3 satellite North, section A 1390600N

    Junior Mining NetworkFigure 3: Kabaya gold deposit, KB1 and KB2, Section 1389500N

    The Kabaya Deposit is part of a prolific regional Siribaya-Mankouke-Seko structural corridor (Figure 4). The Kabaya gold orebody is likely on an NNE-SSW splay structure contouring the Disse quartz diorite intrusion from the VTEM (Versatile Time Domain Electromagnetic) airborne survey interpretation. The Roscan large land package covers well this major auriferous structure over 25km, including the splays around Disse intrusive, occurring new gold discoveries.

    Junior Mining NetworkFigure 4: Roscan permits on the Airborne Magnetic geophysics background with the Roscan resources zones, the targets in development, the gold deposits around

    Drilling and Analytical Protocol

    Roscan uses Geodrill Reverse Circulation (RC) to drill until maximum 170m to reach the target. In 2021, (holes RCDBS21-026 to RCDBS21-048), the samples have sent for preparation and 50g fire assays to Bureau Veritas Bamako laboratory and since January 2022, the samples are sent to the ALS Laboratories in Bamako, Mali and assayed at their analytical facilities to Ouagadougou for 2 kg Bottle Roll with atomic absorption finish including tail analysis for results more than 0.05ppm. Roscan applied industry-standard QA/QC procedures to the program using reference materials, blanks, standards, and duplicates.

    Table 1: Drillhole Highlights at Kabaya (Dabia South)Junior Mining Network

    Junior Mining Network

    Junior Mining Network

    Table 2: Drillhole ID of Kabaya (Dabia South)Junior Mining Network

    Qualified Person (QP) and NI 43-101 Disclosure

    Greg Isenor, P. Geo., Director for the Company, is the designated Qualified Person for this news release within the meaning of National Instrument 43-101 (“NI 43-101”) and has reviewed and verified that the technical information contained herein is accurate and approves of the written disclosure of same.

    About Roscan

    Roscan Gold Corporation is a Canadian gold exploration company focused on the exploration and acquisition of gold properties in West Africa. The Company has assembled a significant land position of 100%-owned permits in an area of producing gold mines (including B2 Gold’s Fekola Mine which lies in a contiguous property to the west of Kandiole), and major gold deposits, located both north and south of its Kandiole Project in West Mali.

    For further information, please contact:

    Nana Sangmuah
    President & CEO
    Tel: (902) 832-5555
    Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

    Forward Looking Statements

    This news release contains forward-looking information which is not comprised of historical facts. Forward-looking information is characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate” and other similar words, or statements that certain events or conditions “may” or “will” occur. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, and opportunities to differ materially from those expressed or implied by such forward-looking information. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, changes in the state of equity and debt markets, fluctuations in commodity prices, delays in obtaining required regulatory or governmental approvals, and other risks involved in the mineral exploration and development industry, including those risks set out in the Company’s management’s discussion and analysis as filed under the Company’s profile at www.sedar.com. Forward-looking information in this news release is based on the opinions and assumptions of management considered reasonable as of the date hereof, including that all necessary governmental and regulatory approvals will be received as and when expected. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information. The Company disclaims any intention or obligation to update or revise any forward-looking information, other than as required by applicable securities laws.

    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.

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  • Max Resource and Endeavour Silver Finalize the Cooperation and Financing Agreement to Expand Colombian Copper Silver Assets

    Max Resource and Endeavour Silver Finalize the Cooperation and Financing Agreement to Expand Colombian Copper Silver Assets

    2022-03-21 01:04:37

    Vancouver, British Columbia–(Newsfile Corp. – March 21, 2022) – MAX RESOURCE CORP. (TSXV: MAX) (OTC Pink: MXROF) (FSE: M1D2) (“Max”) and Endeavour Silver Corp. (“Endeavour”) (TSX: EDR) (NYSE: EXK) have now executed a definitive Cooperation Agreement (“Agreement”) with the objective of assisting Max to significantly expand its landholdings (“Mineral Tenures”) of its wholly-owned Cesar copper-silver project, located in Northeastern Colombia (refer to Max NR, February 28, 2022).

    Max and Endeavour have agreed to collaborate exclusively with one another whereby Endeavour will provide certain financial capabilities required of Max by the National Mining Agency (“ANM”) of Colombia for the benefit of securing mineral tenures within the entire Cesar copper-silver basin. Max will own such new mineral tenures, with Endeavour holding an underlying 0.5% net smelter returns royalty. Endeavour’s royalty will not cover Max’s current mineral tenures.

    In connection with the Agreement, Endeavour has subscribed for 6,600,000 units of Max’s currently oversubscribed private placement which shall result in Endeavour owning approximately 5% of Max’s issued and outstanding shares post-private placement closing. Endeavour has agreed to maintain its 5% ownership and shall have the right to participate in future equity placements to maintain this position. Endeavour has also agreed not to dispose of any shares acquired in the private placement for a period of two years following closing and enter into a voting trust agreement whereby it will vote all shares of Max held by Endeavour at any shareholders’ meeting in favour of management’s recommendations.

    Max is in the final stages of closing its non-brokered private placement (the “Placement”) for 29,500,000 units (each, a “Unit”) for gross proceeds of $7.76 million. Each Unit has been offered at CDN$0.26 per Unit whereby each Unit consists of one common share of Max (a “Share”) and one-half of one transferable share purchase warrant. Each whole Warrant (a “Warrant”) will be exercisable to acquire one additional Share at an exercise price of CDN$0.36 per Share for a period of 24 months from the date of issuance. The Shares and Warrants comprising the Units will be subject to a hold period of four months and one day following the date of issuance. The Placement is subject to approval of the TSX Venture Exchange.

    “Max is thrilled to have the strategic support of enduring miner Endeavour Silver, both their financial and technical expertise. This partnership will significantly enhance Max’s goal of delivering long-term value to Max shareholders,” commented Max CEO, Brett Matich.

    “As a major shareholder of Max Resource, Endeavour Silver looks forward to this endeavouring partnership with the objective of unlocking the true value of the Cesar project, which we believe may be the world’s largest undeveloped copper-silver district,” commented Endeavour Silver CEO, Dan Dickson.

    About Endeavour Silver Corp.

    Endeavour Silver Corp. is a mid-tier precious metals mining company that operates two high-grade underground silver-gold mines in Mexico. Endeavour is currently advancing the Terronera mine project towards a development decision, pending financing and final permits and exploring its portfolio of exploration and development projects in Mexico, Chile and the United States to facilitate its goal to become a premier senior silver producer. Our philosophy of corporate social integrity creates value for all stakeholders.

    About Max Resource Corp.

    Max Resource Corp. (TSXV: MXR) is a mineral exploration company advancing the newly discovered district-scale Cesar copper-silver project. The Cesar project sits along the Colombian portion of the world’s largest producing copper belt (Andean belt), with world class infrastructure and the presence of global majors (Glencore and Chevron).

    In addition, Max controls the RT Gold project (100% earn-in) in Peru, encompassing a bulk tonnage primary gold porphyry zone, and 3-km to the NW, a gold bearing massive sulphide zone. Historic drilling in 2001, returned values ranging 3.1 to 118.1 g/t gold over core lengths ranging from 2.2 to 36.0-metres.

    Source: NI 43:101 Geological Report Rio Tabaconas Gold Project for Golden Alliance Resources Corp. by George Sivertz, Oct.3, 2011

    For more information visit: https://www.maxresource.com/

    For additional information contact:

    Max Resource Corp.
    Rahim Lakha
    E. This email address is being protected from spambots. You need JavaScript enabled to view it.
    T. (+1) 416 414 9954

    Tim McNulty
    E: This email address is being protected from spambots. You need JavaScript enabled to view it.
    T: (+1) 604 290-8100

    Neither 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

    Except for statements of historic fact, this news release contains certain “forward-looking information” within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate” and other similar words, or statements that certain events or conditions “may” or “will” occur. Forward-looking statements are based on the opinions and estimates at the date the statements are made and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking statements including, but not limited to delays or uncertainties with regulatory approvals, including that of the TSXV. There are uncertainties inherent in forward-looking information, including factors beyond the Company’s control. There are no assurances that the commercialization plans for Max Resources Corp. described in this news release will come into effect on the terms or time frame described herein. The Company undertakes no obligation to update forward-looking information if circumstances or management’s estimates or opinions should change except as required by law. The reader is cautioned not to place undue reliance on forward-looking statements. Additional information identifying risks and uncertainties that could affect financial results is contained in the Company’s filings with Canadian securities regulators, which filings are available at www.sedar.com

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  • Gold Springs Resource Corp. Looks in 2022 to Expand the South Jumbo Resource Area

    Gold Springs Resource Corp. Looks in 2022 to Expand the South Jumbo Resource Area

    2022-03-11 15:40:57

    VANCOUVER, BC / ACCESSWIRE / March 11, 2022 / Gold Springs Resource Corp. (TSX:GRC)(OTCQB:GRCAF) (the “Company” or “GRC”) is pleased to present the 2022 drilling plans for the “South Jumbo” resource located on the Utah portion of the large 8000 ha Gold Springs Project located in the western Great Basin, USA.

    Antonio Canton, President, and CEO stated, “After updating the model of the South Jumbo resource with the 2021 drill results, our team has identified new areas for our 2022 drilling program. We are excited to drill in April at “South Jumbo”, on the southern end of the 8 kilometer long Jumbo Trend, as it is an important target for our Company’s 2022 objective to expand our gold resource to a level where we think our company will be attractive to major gold mining companies.”

    In 2021, GRC completed 16 holes at “South Jumbo” which focused on filling in a 400 meter gap in drilling between two resource bodies and expanding the gold mineralization to the south and at depth. Results of this drilling include:

    • 7.6 meters @ 1.70 g/t gold equivalent
      13.6 meters @ 1.01 g/t gold equivalent in hole E-21-004

    • 4.6 meters @ 0.57 g/t gold equivalent and
      7.6 meters @ 0.73 g/t gold equivalent in hole E-21-005

    • 9.1 meters @ 0.67 g/t gold equivalent in hole E-21-007

    • 20.9 meters @ 0.73 g/t gold equivalent in hole E-21-011

    • 56.4 meters @ 0.75 g/t gold equivalent and
      19.8 meters @ 5.37 g/t gold equivalent in hole E-21-012

    • 16.8 meters @ 0.56 g/t gold equivalent in hole E-21-016

    Gold equivalent based on US$1,800/oz gold and US$25/oz silver. For further information about these results, please refer to the Company’s news releases dated July 5, 2021 and September 7, 2021.

    The 2021 drilling was able to demonstrate the extension of gold mineralization to the south, at depth, and within the gap zone between the two resource pods. The system remains open to the south, where it extends into a large area of post-mineral cover. The southernmost hole E-21-009 intercepted 0.57 g/t Au and 8.0 g/t Ag over 13.7 meters.

    Due to poor drilling conditions, many of the holes designed to extend the system to depth were lost before they reached the target. Nevertheless, the hole E-21-012 did enter the target but was lost in a zone that ran 5.2 g/t Au and 12.4 g/t Ag over 19.8 meters at the bottom of the hole.

    GRC was successful in demonstrating the presence of good gold values within the gap zone of the two lobes of the South Jumbo resource. This area was not drilled in the past as it awaited cultural clearance which was obtained in 2020. Hole E-21-004 targeted this gap area returning 1.58 g/t Au and 8.3 g/t Agover 7.6 meters and @ 0.97 g/t Au and 2.6 g/t Ag over 13.6 meters. Additional holes will be drilled in 2022 to finish connecting the two lobes of the South Jumbo resource, which could have a significant impact on the resource update.

    A total of 12-15 holes are planned for a first phase of the resource expansion effort at South Jumbo. Once these holes are completed and assays are received, a second phase of drilling will be designed to further expand the resource. During the first two months of the drilling season, GRC will be focused on “South Jumbo” and the new discovery at “Charlie Ross”, where an additional 15-20 holes are planned for phase one of that program.

    Junior Mining Network

    Plan Map of South Jumbo Drilling with 2022 Target Areas

    Junior Mining Network

    2021 drilling in the Gap Zone

    Junior Mining Network

    2021 drilling extended the South Jumbo resource at depth

    Junior Mining Network

    Qualified Person

    The Qualified Person on the Gold Springs Project is Randall Moore, Executive Vice President of Exploration for Gold Springs Resource Corp. and he has reviewed and approved the content of this press release.

    About Gold Springs Resource Corp.

    Gold Springs Resource Corp. (TSX:GRC and OTCQB:GRCAF) is focused on the exploration and expansion of the gold and silver resources of its PEA-stage Gold Springs project located on the border of Nevada and Utah, USA. The project is situated in the prolific Great Basin of Western USA, one of the best mining jurisdictions in the world.

    Gold Springs Resource Corp. Contact:

    Antonio Canton, President and CEO
    This email address is being protected from spambots. You need JavaScript enabled to view it.

    Forward Looking Statements

    Certain statements contained herein constitute “forward-looking information” under applicable Canadian securities laws (“forward-looking statements”). Forward-looking statements look into the future and provide an opinion as to the effect of certain events and trends on the business. Forward-looking statements may include words such as “creating”, “believe”, “would”, “continue”, “will”, “promising”, “should”, and similar expressions. These forward-looking statements are based on current expectations and entail various risks and uncertainties. Actual results may materially differ from expectations if known and unknown risks or uncertainties affect our business or if our estimates or assumptions prove inaccurate. Factors that could cause results or events to differ materially from current expectations expressed or implied by the forward-looking statements, include, but are not limited to, risks of the mineral exploration industry which may affect the advancement of the Gold Springs project, including possible variations in mineral resources, grade, recovery rates, metal prices, capital and operating costs, and the application of taxes; availability of sufficient financing to fund planned or further required work in a timely manner and on acceptable terms; availability of equipment and qualified personnel, failure of equipment or processes to operate as anticipated, changes in project parameters, including water requirements for operations, as plans continue to be refined; regulatory, environmental and other risks of the mining industry more fully described in the Company’s Annual Information Form and continuous disclosure documents, which are available on SEDAR at www.sedar.com. The assumptions made in developing the forward-looking statements include: the accuracy of current resource estimates and the interpretation of drill, metallurgical testing and other exploration results; the continuing support for mining by local governments in Nevada and Utah; the availability of equipment and qualified personnel to advance the Gold Springs project; execution of the Company’s existing plans and further exploration and development programs for Gold Springs, which may change due to changes in the views of the Company or if new information arises which makes it prudent to change such plans or programs.

    Readers are cautioned not to place undue reliance on the forward-looking statements contained in this press release. Except as required by law, the Company assumes no obligation to update or revise any forward-looking statement, whether as a result of new information, future events or any other reason. Unless otherwise indicated, forward-looking statements in this press release describe the Company’s expectations as of the date hereof.

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  • A Strong Finish to 2021 as Calibre Mining Exceeds the High-End of Gold Production Guidance With 182,755 Ounces and Closes Fiore Deal to Expand into Nevada

    A Strong Finish to 2021 as Calibre Mining Exceeds the High-End of Gold Production Guidance With 182,755 Ounces and Closes Fiore Deal to Expand into Nevada

    2022-02-23 15:02:37

    VANCOUVER, British Columbia, Feb. 23, 2022 (GLOBE NEWSWIRE) — Calibre Mining Corp. (TSX: CXB; OTCQX: CXBMF) (“Calibre” or the “Company”) announces financial and operating results for the three months and year ended December 31, 2021. Annual Consolidated Financial Statements and the corresponding Management Discussion & Analysis for the year ended December 31, 2021 can be found at www.sedar.com and the Company’s website, www.calibremining.com. All figures are expressed in U.S. dollars.

    2021 HIGHLIGHTS

    • Gold production of 182,755 ounces:

      • Limon produced 67,352 ounces from 495,668 tonnes of ore at an average grade of 4.69 g/t Au and average recoveries of 89.7%

      • Libertad produced 115,403 ounces from 1,462,912 tonnes of ore at an average grade of 2.68 g/t Au and average recoveries of 92.8%;

    • Gold sales of 183,242 ounces (2020 – 135,357 ounces) grossing $328.1 million in revenue (2020 – $242.7 million), resulting in an average realized gold price1 of $1,791/oz (2020 – $1,793/oz);

    • Announced the acquisition of Fiore Gold in Nevada, which closed in January 2022, creating a diversified, Americas focused, growing, mid-tier gold producer;

    • Cash of $78.5 million as at December 31, 2021 (pre-transaction); a 47% increase from December 31, 2020;

    • Generated $105.6 million in cash from operating activities (2020 – $81.3 million);

    • Net income of $58.2 million, with basic net income per share of $0.17 (2020 – $63.4 million, basic net income per share of $0.19);

    • Consolidated Total Cash Costs1 and AISC1 of $1,013 and $1,136 per ounce respectively ($878 and $1,043 for 2020 respectively);

    • Released the Company’s inaugural Sustainability report, available on the Company’s website;

    • Completed the Pavon Pre-Feasibility study, demonstrating strong exploration potential, and an after-tax NPV of $106 million (at $1,700 Au and a discount of 5%) (full technical report is available on the Company’s website and on www.sedar.com);

    • Commenced open pit mining at Pavon Norte, and increased daily ore haulage rates to the Libertad mill during the year;

    • Advanced technical drilling, land purchases, social and environmental activities at the initial resource zones at the Eastern Borosi Project (“EBP”) with permitting commencing in Q1 2022 for open pit and underground operations, leading to expected production growth in the second half of 2023;

    • Significant exploration results have been announced throughout 2021 resulting from the multi-rig exploration drill programs active across the mine sites and satellite opportunities – most notably the high-grade EBP property, and the high-grade Volcan zone located 5 kilometres from the Libertad mill.

    Q4 2021 HIGHLIGHTS

    • Gold production of 49,218 ounces:

      • Limon produced 19,599 ounces from 123,330 tonnes of ore at an average grade of 5.59 g/t Au and average recoveries of 89.8%

      • Libertad produced 29,619 ounces from 456,561 tonnes of ore at an average grade of 2.29 g/t Au and average recoveries of 90.3%;

    • Gold sales of 49,207 ounces (Q4 2020 – 42,335 ounces) grossing $88.1 million in revenue (Q4 2020 – $79.7 million) which resulted in an average realized gold price1 of $1,791/oz (Q4 2020 – $1,882/oz);

    • Net income of $14.6 million (Q4 2020: $23.3 million); basic net income per share of $0.04 (Q4 2020: $0.07);

    • Consolidated Total Cash Costs1 and AISC1 of $1,026 and $1,139 per ounce, respectively ($940 and $1,051 for Q4 2020, respectively);

    Darren Hall, President and Chief Executive Officer of Calibre, stated: “The Calibre team delivered another strong quarter to beat the high end of our 2021 production guidance. A solid contribution was delivered from our Pavon open pit deposit, which we permitted, developed, and ramped up production to 1,000 tonnes per day of ore to Libertad mill all within 22 months. Calibre has a compelling value proposition in that we have 2.7 million tonnes of installed processing capacity of which approximately 70% is being utilized. I am very pleased with the significant progress during the year at EBP which I expect to be our next high-grade satellite deposit to feed into our existing infrastructure resulting in 2023 and 2024 production growth.  

    As the year progressed, our commitment to growing the Company was enhanced with the announcement of the acquisition of Fiore Gold which closed on January 12, 2022. This transaction builds on our focus to continuously create value for shareholders by bringing a diversified asset base, immediate production and robust growth and exploration upside in Nevada.

    With multi-rig exploration drill programs active across all Calibre sites, and development opportunities advancing, we remain committed to reinvesting into mine development and exploration to increase resource confidence, expand resources, make new discoveries, and grow production organically. With $78.5 million in cash pre-transaction, and no debt, we have commenced 2022 well positioned to enable Calibre to continue self-funding growth, exploration, and mine development across all our assets.”

    CONSOLIDATED RESULTS SUMMARY: Q4 2021 AND FY 2021

    Consolidated Financial Results

















    $’000 (except per share and per ounce amounts, as noted)   Q4 2021     Q4 2020     2021     2020  
    Revenue $ 88,109   $ 79,677   $ 328,132   $ 242,748  
    Cost of sales, including depreciation and amortization $ (64,850 ) $ (45,086 ) $ (223,883 )   (133,135 )
    Mine operating income $ 23,259   $ 34,591   $ 104,249   $ 109,613  
    Net income $ 14,649   $ 23,255   $ 58,199   $ 63,413  
    Net income per share (basic) $ 0.04   $ 0.07   $ 0.17   $ 0.19  
    Net income per share (fully diluted) $ 0.04   $ 0.06   $ 0.16   $ 0.18  
    Cash provided by operating activities $ 22,389   $ 28,736   $ 105,600   $ 81,261  
    Capital investment in mine development and PPE $ 11,520   $ 12,352   $ 63,029   $ 35,576  
    Capital investment in exploration $ 6,710   $ 5,886   $ 21,357   $ 15,472  
    Capital investment on acquisition of EBP $ –   $ –   $ –   $ 4,000  
    Average realized gold price ($/oz)1 $ 1,791   $ 1,882   $ 1,791   $ 1,793  
    Total Cash Costs ($/oz)1 $ 1,026   $ 940   $ 1,013   $ 878  
    AISC ($/oz)1 $ 1,139   $ 1,051   $ 1,136   $ 1,043  

    Consolidated Operating Results










        Q4 2021   Q4 2020   FY 2021   FY 2020  
    Ore Mined (tonnes)   559,953   528,213   2,092,598   1,773,971  
    Ore Milled (tonnes)   579,891   501,228   1,958,580   1,729,157  
    Ore Milled Grade (g/t Au)   2.99   2.81   3.19   2.71  
    Au Recovery (%)   90.1 % 90.9 % 91.7 % 91.4 %
    Gold Production (ounces)   49,218   42,573   182,755   136,009  
    Gold Sales (ounces)   49,207   42,335   183,242   135,357  

    MINING OPERATING RESULTS

    Open Pit Mining Operations

    During Q4 2021, most of the open pit production came from Limon Central totaling 193,077 tonnes at an average grade of 4.46 g/t, with material from Pavon Norte contributing 70,440 tonnes at a grade of 2.52 g/t, 174,461 tonnes at 0.96 g/t of previously processed “spent ore”, and 4,582 tonnes at 11.85 g/t from artisanal small miners (“ASM”). By comparison, during Q4 2020, open pit mining consisted of 173,651 tonnes at an average grade of 4.51 g/t from Limon Central, 100,434 tonnes at 3.31 g/t from the Jabali open pit (currently not being mined), 172,159 tonnes grading 0.68 g/t from previously processed “spent ore”, and 10,939 tonnes at 16.97 g/t from ASM and other sources.

    For the full year 2021, open pit mine production from Limon Central totaled 787,096 ore tonnes at an average grade of 3.46 g/t, Pavon Norte totaled 304,911 tonnes at a grade of 3.34 g/t, 573,040 tonnes at a grade of 0.96 g/t of previously processed “spent ore”, and 18,619 tonnes at 15.86 g/t from ASM. For comparison, 2020 open pit production from Limon Central totaled 522,962 tonnes at a grade of 4.63 g/t, 367,543 tonnes from the Jabali open pit grading 3.27 g/t, 697,169 tonnes grading 0.75 g/t from previously processed “spent ore”, and 36,867 tonnes from ASM and other sources grading 15.85 g/t.

    Underground Mining Operations

    Underground mine production increased year over year as the Veta Nueva underground mine reached commercial production in January 2021, Panteon South underground mine reached commercial production in July 2021, while the Jabalí West underground mine was suspended until August 2020 which resulted in higher comparative Jabalí production year over year.

    Q4 2021 ore production was 56,406 tonnes at a grade of 3.31 g/t from Jabalí West, 11,132 tonnes at a grade of 5.13 g/t from Santa Pancha, 33,049 tonnes at a grade of 8.66 g/t from Panteon South, and 16,806 tonnes grading 3.95 g/t from Veta Nueva. During Q4 2020, the Company mined 29,641 tonnes at a grade of 3.11 g/t from Santa Pancha, 16,136 tonnes grading 3.59 g/t from Veta Nueva, and 25,252 tonnes grading 3.85 g/t from Jabalí West.

    Full year ore production was 200,271 tonnes at a grade of 3.42 g/t from Jabalí West, 60,176 tonnes at a grade of 3.73 g/t from Santa Pancha, 82,957 tonnes at a grade of 7.60 g/t from Panteon South, and 65,528 tonnes grading 4.08 g/t from Veta Nueva. In comparison during 2020 the Company mined 90,572 tonnes at a grade of 3.59 g/t from Santa Pancha, 30,958 tonnes grading 4.08 g/t from Veta Nueva, and 27,900 tonnes grading 3.75 g/t from Jabalí West.












    Mining Operating Results Q4 2021   Q4 2020   FY 2021   FY 2020  
    Operating Information                
    Ore Mined – open pit (t) 442,560   457,183   1,683,666   1,624,541  
    Ore Mined – open pit (t) – average grade (g/t Au) 2.85   3.09   2.73   2.91  
    Waste Mined – open pit (t) 2,591,783   3,767,127   14,854,381   15,672,471  
    Ore Mined – underground (t) 117,393   71,029   408,932   149,430  
    Ore Mined – underground – average grade (g/t Au) 5.08   3.57   4.42   3.73  
    Total Ore Mined (t) 559,953   528,213   2,092,598   1,773,971  
    Total Ore Mined – average grade (g/t Au) 3.32   3.16   3.06   2.98  

    PROCESSING OPERATING RESULTS

    Processing at Limon

    In Q4 2021, the Company benefited from higher mined grades at Limon Central and Panteon South underground compared to Q4 2020. Of note, the favourable mining sequence at Limon Central and the mining of higher-grade ore at Santa Pancha, Panteon South, and Veta Nueva in Q4 2021 were significant factors in driving Limon’s mill grade during the quarter.

    Tonnes milled for full year 2021 was 67,587 tonnes higher than 2020 due to the temporary pandemic suspension in Q2 of 2020, while the lower grade year over year was due to mine sequencing at the Limon Central ore body, which is the primary source of ore milled at Limon.









    Processing Operating Results at Limon Q4 2021   Q4 2020   FY 2021   FY 2020  
    Ore Milled (t) 123,330   120,109   495,668   428,081  
    Grade (g/t Au) 5.59   5.48   4.69   5.25  
    Recovery (%) 89.8   89.5   89.7   89.8  
    Gold Produced 19,599   19,006   67,352   64,558  
    Gold Sold 19,578   18,872   67,620   64,255  

    Processing at Libertad

    During Q4 2021, the Libertad mill produced 29,619 ounces of gold from 456,561 tonnes at an average grade of 2.29 g/t. Tonnes milled increased 75,443 versus Q4 2020 due to the success of the Company’s hub and spoke strategy to transport ore from Limon and Pavon to the Libertad mill, and due to the consumption of spent ore. Processed grade increased due to higher-grade ores delivered from Limon and from 123% more tonnes from Jabalí West.

    Libertad mill produced 115,403 ounces during 2021, which was 43,952 ounces higher than 2020, due to significantly higher ore deliveries from Limon, with 372,898 tonnes of ore delivered in 2021 at an average grade of 3.09 g/t compared to 220,623 tonnes at an average grade of 2.80 g/t in 2020. Ore delivery from Pavon Norte to Libertad totalled 245,594 tonnes in 2021.









    Processing Operating Results at Libertad Q4 2021   Q4 2020   FY 2021   FY 2020  
    Ore Milled (t) 456,561   381,118   1,462,912   1,301,076  
    Grade (g/t Au) 2.29   1.97   2.68   1.88  
    Recovery (%) 90.3   92.2   92.8   92.9  
    Gold Produced 29,619   23,567   115,403   71,451  
    Gold Sold 29,629   23,462   115,622   71,102  

    CONSOLIDATED Q4 2021 AND FY 2021 FINANCIAL REVIEW

    Mining Operations

    During Q4 2021, the Company generated $88.1 million of revenue on sales of 49,207 gold ounces, at an average realized price1 of $1,791/oz, compared to Q4 2020 revenue of $79.7 million from the sale of 42,335 ounces at an average realized price1 of $1,882/oz. The increased sales volume generated an extra $12.9 million over Q4 2020, which was partially offset by a $4.5 million decrease due to a $91/oz lower price.

    For the full year 2021, the Company generated $328.1 million on 183,242 gold ounces, at an average realized price1 of $1,791/oz, compared to 2020 revenue of $242.7 million from 135,357 gold ounces at an average realized price1 of $1,793/oz. Significantly higher revenue in 2021 over 2020 was a result of the pandemic-related suspension of operations in Q2 2020 that was previously noted.

    Total Cash Costs1 for Q4 2021 were $1,026/oz, and AISC1 of $1,139/oz compared to $940/oz and $1,051/oz respectively for Q4 2020. The $86/oz increase in Cash Costs1 was primarily a result of price escalations for diesel, grinding media, and chemicals, followed by additional tonnes transported from Limon and Pavon to Libertad (Q4/21 – 176,000 tonnes vs. Q4/20 – 101,000 tonnes). The $88/oz increase in AISC1 is a result of the $86/oz higher Cash Costs1 noted above, and slightly higher expenditures in Q4 2021 for sustaining capital, reclamation, and corporate administration.

    Total cost of sales for Q4 2021 was $64.9 million which included production costs of $47.0 million, royalties and production taxes of $3.5 million, and depreciation of $14.3 million. Q4 2020 total cost of sales was $45.1 million was comprised of $36.0 million in production costs, royalties, and production taxes of $3.8 million, and depreciation of $5.3 million. Production costs rose by $11.0 million due to price escalations for diesel, grinding media, and chemicals, a 74% increase in tonnes transported to Libertad from Pavon and Limon under the hub and spoke strategy (176,000 tonnes vs. 101,000 tonnes), and processing 20% more ore at Libertad (456,561 tonnes vs. 381,118 tonnes). Depreciation costs rose $9.0 million due to amortization of underground development costs at each of Panteon and Veta Nueva and amortizing deferred/capitalized stripping at Limon during 2020 and 2021.

    Total Cash Costs1 for 2021 were $1,013/oz and AISC1 were $1,136/oz compared to $878/oz and $1,043/oz respectively for 2020. The $135/oz increase in Cash Costs1 was result of a suspension of operations in Q2 2020, transporting an additional 398,000 tonnes from Limon and Pavon to Libertad under the hub and spoke strategy (619,000 tonnes in 2021 vs. 221,000 tonnes in 2020), commodity price inflation for diesel, grinding media, and chemicals, and processing an extra 161,836 tonnes of material at Libertad. AISC1 increased by $93/oz, despite the $135/oz increase in Cash Costs1, as total expenditures for sustaining capital, sustaining exploration, and corporate administration were similar year over year, while 2021 had substantially higher gold sales as a denominator.

    Total cost of sales for 2021 were $223.9 million which included production costs of $172.0 million, royalties and production taxes of $13.6 million, and depreciation of $38.3 million. In comparison, 2020 cost of sales were $133.1 million, driven by production costs of $107.9 million, royalty and production taxes of $10.9 million, and depreciation of $14.3 million. The $64.1 million increase in production costs was a result of the suspension of operations due to Covid in Q2 2020, transporting 619,000 tonnes of material from Limon and Pavon to Libertad in 2021 (221,000 tonnes in 2020), processing an additional 161,836 tonnes at Libertad mill, and commodity price inflation. Depreciation and amortization in 2021 of $38.3 million was $24.0 million higher than that of 2020 related to suspension of operations for the majority of Q2 2020, higher mine production and associated depletion and depreciation rates, production as it relates to the updated reserve and resource estimate as of December 31, 2020, amortizing deferred stripping at Limon, and the commencement of production achieved at Panteon South and Veta Nueva in 2021.

    Expenses and Net Income

    For Q4 2021 and the year 2021, corporate G&A was $2.1 million and $7.6 million compared to $1.6 million and $7.7 million for the same periods in 2020. Corporate administration for 2021 was slightly lower as reduced costs associated with lower administrative staff levels, reduced salaries, and a reduction of costs due to the COVID-19 pandemic, including reduced travel and marketing, were partially offset by higher costs associated with management departures and related severances.

    2022 GUIDANCE









      CONSOLIDATED
    2022 GUIDANCE    		 NICARAGUA
    2022 GUIDANCE    		 NEVADA
    2022 GUIDANCE
    Gold Production/Sales (ounces) 220,000 – 235,000 180,000 – 190,000 40,000 – 45,000
    Total Cash Costs ($/ounce)1 $1,075 – $1,150 $1,000 – $1,100 $1,400 – $1,500
    AISC ($/ounce)1 $1,200 – $1,275 $1,100 – $1,200 $1,450 – $1,550
    Growth Capital ($ million) $55 – $60 $45 – $50 $5 – $10
    Exploration Capital ($ million) $40 – $42 $20 – $22 $18 – $20

    Calibre will continue its significant exploration activities across all its assets as we continue to realize the prospective and under-explored potential its portfolio has to offer and will continue to re-invest in the business as exploration and resource delineation programs continue in Nicaragua, and now, Nevada. Calibre’s goal of becoming a growth-oriented, Americas-focused, mid-tier gold producer continues to advance with the recent agreement to acquire Fiore, which provides a logical step to building a robust and jurisdictionally diverse gold producer with three established operations, significant exploration potential and a path to future growth.

    Nevada production is forecasted to be relatively flat with consistent growth and exploration spend quarter over quarter. Growth capital is largely spent on advancing state permitting and technical studies to better understand the production growth opportunity at Gold Rock. Calibre continues to see strong exploration potential at Gold Rock but in 2022 the Company will significantly increase drilling activities at the Pan heap leach operation. The Company currently has 2 rigs operating at Gold Rock and 3 at Pan.

    Nicaraguan 2022 gold production is forecasted to increase quarter over quarter with a significant increase in Q4 2022. Production in the second half of 2022 is expected to be approximately 20% higher than that of the first half due to change in deposit grade profiles and mine sequencing. As a result, the Company expects lower Total Cash Costs1 and AISC1 during the second half of the year.

    In 2022, Total Cash Costs1 are forecasted to be slightly higher than 2021 as a result of incorporating the Nevada assets into the Calibre portfolio, and due to inflation impacts on fuel, consumables, and labour costs. Growth capital is anticipated to be relatively consistent throughout the year to unlock value at new deposits including the high-grade Pavon Central and EBP – both expected to increase production and reduce costs commencing in 2023.

    Nicaragua growth capital outside AISC1 includes underground development at Panteon Norte and Atravesada to advance additional mill feed sources, new open pit mine development at Pavon Central, Limon Norte and La Tigra waste stripping, land acquisition, and early construction activity at the EBP, which is expected to be the next “spoke” for the Libertad complex.

    Fourth Quarter and Full Year 2021 Financial Results and Conference Call Details

    The fourth quarter and full-year 2021 financial results will be released after market close on Wednesday, February 23, 2022 and management will be hosting a conference call to discuss the results and outlook in more detail.

    The live webcast can be accessed here or at www.calibremining.com under the Events and Media section under the Investors tab. The live audio webcast will be archived and made available for replay at www.calibremining.com. Presentation slides which will accompany the conference call will be made available in the Investors section of the Calibre website under Presentations, prior to the conference call.

    Qualified Person

    Darren Hall, MAusIMM, President & Chief Executive Officer, of Calibre Mining Corp. is a “qualified person” as set out under NI 43-101 has reviewed and approved the scientific and technical information in this news release. 

    ON BEHALF OF THE BOARD

    “Darren Hall”

    Darren Hall, President & Chief Executive Officer

    For further information, please contact:

    Ryan King
    Vice President, Corporate Development & IR
    T: 604.628.1010
    E: This email address is being protected from spambots. You need JavaScript enabled to view it.
    W: www.calibremining.com

    About Calibre Mining Corp.

    Calibre is a Canadian-listed, Americas focused, growing mid-tier gold producer with a strong pipeline of development and exploration opportunities across Nevada and Washington in the USA, and Nicaragua. Calibre is focused on delivering sustainable value for shareholders, local communities and all stakeholders through responsible operations and a disciplined approach to growth. With a strong balance sheet, no debt, a proven management team, strong operating cash flow, accretive development projects and district-scale exploration opportunities Calibre will unlock significant value.

    Notes:

    (1)   NON-IFRS FINANCIAL MEASURES

    The Company believes that investors use certain non-IFRS measures as indicators to assess gold mining companies, specifically Total Cash Costs per Ounce and All-In Sustaining Costs per Ounce. In the gold mining industry, these are common performance measures but do not have any standardized meaning. The Company believes that, in addition to conventional measures prepared in accordance with IFRS, certain investors use this information to evaluate the Company’s performance and ability to generate cash flow. Accordingly, it is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS.

    Total Cash Costs per Ounce of Gold: Total cash costs include mine site operating costs such as mining, processing, and local administrative costs (including stock-based compensation related to mine operations), royalties, production taxes, mine standby costs and current inventory write downs, if any.  Production costs are exclusive of depreciation and depletion, reclamation, capital, and exploration costs.  Total cash costs per gold ounce are net of by-product silver sales and are divided by gold ounces sold to arrive at a per ounce figure.

    All-In Sustaining Costs per Ounce of Gold: A performance measure that reflects all of the expenditures that are required to produce an ounce of gold from current operations. While there is no standardized meaning of the measure across the industry, the Company’s definition is derived from the AISC definition as set out by the World Gold Council in its guidance dated June 27, 2013 and November 16, 2018. The World Gold Council is a non-regulatory, non-profit organization established in 1987 whose members include global senior mining companies. The Company believes that this measure will be useful to external users in assessing operating performance and the ability to generate free cash flow from current operations. The Company defines AISC as the sum of total cash costs (per above), sustaining capital (capital required to maintain current operations at existing levels), capital lease repayments, corporate general and administrative expenses, exploration expenditures designed to increase resource confidence at producing mines, amortization of asset retirement costs and rehabilitation accretion related to current operations. AISC excludes capital expenditures for significant improvements at existing operations deemed to be expansionary in nature, exploration and evaluation related to resource growth, rehabilitation accretion and amortization not related to current operations, financing costs, debt repayments, and taxes. Total all-in sustaining costs are divided by gold ounces sold to arrive at a per ounce figure.

    Average Realized Price per Ounce Sold
    Average realized price per ounce sold is a common performance measure that does not have any standardized meaning. The most directly comparable measure prepared in accordance with IFRS is revenue from gold sales.

    Cautionary Note Regarding Forward Looking Information

    This news release includes certain “forward-looking information” and “forward-looking statements” (collectively “forward-looking statements”) within the meaning of applicable Canadian securities legislation. All statements in this news release that address events or developments that we expect to occur in the future are forward-looking statements. Forward-looking statements are statements that are not historical facts and are identified by words such as “expect”, “plan”, “anticipate”, “project”, “target”, “potential”, “schedule”, “forecast”, “budget”, “estimate”, “intend” or “believe” and similar expressions or their negative connotations, or that events or conditions “will”, “would”, “may”, “could”, “should” or “might” occur. Forward-looking statements necessarily involve assumptions, risks, and uncertainties, certain of which are beyond Calibre’s control. For a listing of risk factors applicable to the Company, please refer to Calibre’s annual information form for the year ended December 31, 2021, available on www.sedar.com. This list is not exhaustive of the factors that may affect Calibre’s forward-looking statements.

    Calibre’s forward-looking statements are based on the applicable assumptions and factors management considers reasonable as of the date hereof, based on the information available to management at such time. Calibre does not assume any obligation to update forward-looking statements if circumstances or management’s beliefs, expectations or opinions should change other than as required by applicable securities laws. There can be no assurance that forward-looking statements will prove to be accurate, and actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements. Accordingly, undue reliance should not be placed on forward-looking statements.

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  • Pan Global Resources Drilling Continues to Expand Near Surface Copper-Tin Mineralization at La Romana and Drilling Commences at Nearby La Jarosa, Escacena Project, Southern Spain

    Pan Global Resources Drilling Continues to Expand Near Surface Copper-Tin Mineralization at La Romana and Drilling Commences at Nearby La Jarosa, Escacena Project, Southern Spain

    2022-02-03 14:09:54

    • 10.1m at 2.5% CuEq, including 5.35m at 4.2% CuEq

    • Assays up to 2.96% Sn associated with cassiterite

    • La Romana mineralization expanded further to the West

    • Drilling commences at the La Jarosa target within the recently granted Al Andaluz permit

    Vancouver, British Columbia–(Newsfile Corp. – February 3, 2022) – Pan Global Resources Inc. (TSXV: PGZ) (OTC Pink: PGNRF) (“Pan Global” or the “Company”) is pleased to announce new drill results and the expansion of the La Romana mineralized target area at the Escacena Project in the Iberian Pyrite Belt, southern Spain. Exploration is also in progress on the adjoining Al Andaluz permit area within the Escacena Project where drilling has commenced at the La Jarosa target.

    Tim Moody, Pan Global President and CEO states: “The latest results further confirm that high-grade copper mineralization continues near to surface at La Romana, with recent drilling returning more than 2% Cu over 10.1m from less than 10m below surface. The new drill results also extend the copper and tin mineralization to the west and show that the mineralization is wide open in several directions. It should also be noted that further results are also awaited for more than 20 drill holes.”

    Mr. Moody added: “These latest results are very encouraging and continue to expand the near surface high-grade copper/tin target at La Romana, the first of several gravity targets on the Escacena Project. Following the recent grant of the Al Andaluz permit we have rapidly mobilized a drill rig and are excited to have commenced drilling the first hole at the La Jarosa copper target, some 4 km from La Romana. An extensive exploration program is also now in progress, including gravity and surface geochemistry surveys, and a high-resolution airborne electromagnetic survey due to begin within the next two-weeks. Once data is available from this work the Company plans to commence a substantial follow up drill program throughout 2022.”

    Highlights include:

    • 10m at 2.5% CuEq (2.02% Cu, 0.09% Sn, 9.2g/t Ag) from 10.9m in LRD90, including

      • 5.35m at 4.2% CuEq (3.49% Cu, 0.14% Sn, 15.2g/t Ag)

    • 30.2m at 0.8% CuEq (0.42% Cu, 0.09% Sn, 3g/t Ag) from 122.3m in LRD83, including

      • 9m at 1.01% CuEq (0.51% Cu, 0.12% Sn, 3.7g/t Ag)

      • 1.05m at 1.9% Cu, 0.3% Sn, 23.9g/t Ag, 0.16g/t Au, 1% Pb, 1.5% Zn

    • 17m at 0.8% CuEq (0.74% Cu, 0.011% Sn, 1.9g/t Ag) from 107m in LRD98, including

      • 6m at 1.8% CuEq (1.62% Cu, 0.023% Sn, 4.2g/t Ag)

    • 11m at 0.7% CuEq (0.61% Cu, 0.01% Sn, 1.6g/t Ag) from 107m in LRD99, including

      • 4m at 1.3% CuEq (1.17% Cu, 0.02% Sn, 2.8g/t Ag)

    • 0.3m at 12% CuEq (0.48% Cu, 2.96% Sn, 2.5g/t Ag) from 43.8m and
      16m at 0.7% CuEq (0.57% Cu, 0.04% Sn, 1.9g/t Ag) from 80m in LRD104, including

    • 5m at 1.5% CuEq (1.2% Cu, 0.07% Sn, 4g/t Ag)

    Junior Mining NetworkFigure 1 – La Romana geophysics targets and drill hole locations with selected highlights. Newly reported drill hole results are highlighted in yellow.

    Junior Mining NetworkFigure 2 – Summary drill hole cross sections with new drill holes LRD83 (Section 736285 E) and LRD90 (Section 736435 E) highlighted in yellow. Previous drill hole results are provided in the Company’s news releases on 23-October-2019, 22-April-2020, 28-May-2020, 2-November-2020, 6-July-2021and 7-October-2021.

    Drill results

    The latest drill results are from nine holes completed in 2021 in the Phase 4 drill program at the La Romana discovery. Drill holes LRD90 and 92 tested near-surface extension up-dip from previous drill holes LRD05 and LRD31, respectively. Drill holes LRD98, 99 and 104 were aimed at extending the mineralization to the west. LRD 82, 83 and 88 tested down-dip extensions and hole LRD87 tested for mineralized extensions in the far east of the target area.

    Drill hole locations are shown in Figure 1 and summary cross sections with holes LRD83 to LRD90 are provided in Figure 2 above.

    Drill hole collar information is provided in Table 1 below. Assay results are summarized in Table 2. The drill holes were all inclined towards the south or southwest and all reported drill intervals are approx. true thickness.

    Table 1 Escacena Project, La Romana drill hole collar information (Total 1659.7m)













    Hole ID Easting1 Northing1 Azimuth (º) Dip (º) Depth (m)
    LRD82 736844 4152695 180 -55 194.15
    LRD83 736287 4152799 180 -55 209.3
    LRD87 737133 4152660 180 -55 161.15
    LRD88 736585 4152791 180 -60 251.3
    LRD90 736436 4152628 180 -55 92.2
    LRD92 736835 4152595 180 -50 137.3
    LRD98 736039 4152806 180 -55 221.1
    LRD99 736039 4152808 220 -55 199.1
    LRD104 736055 4152761 190 -60 194.1

    1 Coordinates are in ERTS89 datum UTM29N

    Table 2 – Escacena Project, La Romana drill results summary

















































    Hole Fr To Int CuEq1 Cu Sn Ag   Co Au Pb Zn
          m % % ppm g/t   ppm g/t ppm ppm
    LRD82 67.00 68.30 1.30 1.27 1.22 51 3.6   124 0.03 40 370
      106.40 114.80 8.40 0.54 0.46 151 2.8   63 0.01 135 474
    incl. 106.40 107.50 1.10 1.17 1.04 179 6.7   77 0.01 377 1063
                             
    LRD83 122.30 152.50 30.20 0.78 0.42 859 3.0   61 0.01 431 823
    incl. 126.00 135.00 9.00 1.01 0.51 1203 3.7   67 0.01 160 535
    incl. 146.50 152.50 6.00 0.99 0.63 797 5.5   62 0.03 1787 2811
    incl. 151.45 152.50 1.05 3.28 1.91 2980 23.9   69 0.16 9980 15050
                             
    LRD87 94.00 121.40 27.40 0.04 0.01 34 1.4   17 0.02 1759 3653
                             
    LRD88 16.00 28.40 12.40 0.19 0.17 41 1.0   32 0.02 24 153
      89.80 90.05 0.25 0.14 0.03 19 10.8   177 0.06 8020 2180
      143.30 151.00 7.70 0.37 0.29 166 1.9   63 0.00 177 389
      164.50 170.00 5.50 0.37 0.12 625 1.2   64 0.00 155 668
      218.60 224.00 5.40 0.48 0.36 263 2.1   59 0.01 107 308
      230.70 230.95 0.25 0.80 0.38 475 25.1   274 0.24 7000 6690
                             
    LRD90 10.90 53.00 42.10 0.75 0.59 351 2.8   66 0.01 93 381
    incl. 10.90 21.00 10.10 2.47 2.02 919 9.3   131 0.02 151 846
    incl. 14.75 20.10 5.35 4.19 3.49 1444 15.2   184 0.04 234 1363
    incl. 39.00 45.70 6.70 0.39 0.25 346 1.2   52 0.00 79 236
                             
    LRD92 26.95 38.20 11.25 0.38 0.27 251 1.7   66 0.02 37 177
    incl. 33.25 38.20 4.95 0.56 0.40 377 2.0   90 0.03 47 203
      61.00 61.55 0.55 1.10 0.86 454 7.0   123 0.04 318 439
      129.95 131.40 1.45 0.86 0.75 114 6.5   64 0.17 288 495
                             
    LRD98 98.00 101.05 3.05 0.44 0.41 38 1.1   60 0.01 10 68
      107.00 124.00 17.00 0.80 0.74 112 2.0   71 0.01 68 130
    incl. 116.80 122.80 6.00 1.75 1.62 239 4.2   108 0.02 174 235
    incl. 121.45 122.80 1.35 5.66 5.38 375 14.1   261 0.05 391 657
      202.95 203.25 0.30 1.28 1.25 36 2.0   64 0.01 4 91
                             
    LRD99 107.00 118.00 11.00 0.66 0.61 94 1.6   73 0.01 51 195
    incl. 111.00 115.00 4.00 1.26 1.17 155 2.8   96 0.01 42 197
      146.75 154.70 7.95 0.40 0.26 356 0.9   48 0.01 6 49
      146.75 151.10 4.35 0.57 0.38 470 1.3   59 0.01 6 49
      178.50 178.80 0.30 2.62 1.92 1770 1.5   173 0.05 18 79
                             
    LRD104 43.80 44.10 0.30 11.97 0.48 29600 2.5   45 0.03 20 51
      80.00 96.00 16.00 0.74 0.57 383 1.9   91 0.01 38 135
    incl. 91.00 96.00 5.00 1.49 1.20 654 4.0   113 0.02 98 263
      119.75 121.00 1.25 2.32 1.97 825 2.7   232 0.06 40 80

    1 No adjustments were made for metal recovery as the project is an early-stage exploration project and metallurgical data to allow for estimation of recoveries is not yet available. Pan Global Resources defines Copper Equivalent (CuEq) calculation for exploration reporting and comparative purposes only. Copper-equivalence calculated as: CuEq (%) = Cu (ppm) + (Sn (ppm) × 3.875) + (Ag (ppm) x 94.63) / 10000, utilizing metal prices of Cu – USD$7,441 per tonne, Sn – USD$30,000 per tonne and Ag – USD$22.8 per oz. Metal prices used: Copper USD$7,741 per tonne, Silver USD$22.66 per Troy oz and Tin USD$30,000 per tonne. The metal values are approx. based on LME 2020-2021 average Copper and Silver settlement prices and LME 2021 average tin settlement prices (rounded down).

    The results add near-surface copper and tin mineralization in the west and extends the mineralization to more than 1.2km strike. The latest drill results continue to show that the mineralization remains wide open in the west, up-dip and down-dip in some sections. The copper mineralization appears to plunge to the northeast where it remains open.

    The primary mineralization includes mainly stockwork, semi-massive sulphides and bands of massive sulphide, with chalcopyrite as the primary copper mineral and cassiterite as the only observed tin mineral. The copper mineralization is also associated with elevated levels of silver, cobalt and gold. A metal zonation is also apparent, progressing from copper and tin in the west to copper and zinc in the east.

    Drill hole LRD82 is located approx. 50m down-dip from hole LRD31 with the copper mineralization thinning in this area with negligible tin content. Results include:

    • 1.3m at 1.3% CuEq (1.22% Cu, 51ppm Sn, 3.6g/t Ag) from 67m (downhole)

    • 8.4m at 0.5% CuEq (0.46% Cu, 0.015% Sn, 2.8g/t Ag) from 106.4m, including

      • 1.1m at 1.17% CuEq (1.04% Cu, 0.02% Sn, 6.7g/t Ag)

    Drill hole LRD83 confirms a 30m wide zone of copper and tin mineralization remains wide open approx. 50m down-dip in the west of the drill area. Results include:

    • 30.2m at 0.8% CuEq (0.42% Cu, 0.09% Sn, 3g/t Ag) from 122.3m, including

      • 9m at 1.0% CuEq (0.51% Cu, 0.12% Sn, 3.7g/t Ag) and

      • 6m at 1.0% CuEq (0.63% Cu, 0.08% Sn, 5.5g/t Ag), including

        • 1.05m at 3.3% CuEq (1.91% Cu, 0.3% Sn, 23.9g/t Ag) plus 0.16g/t Au, 1.0% Pb, 1.5% Zn

    Drill hole LRD87 was a shallow test in the east and intersected a 27.4m thick mineralized zone grading approx. 0.5% Pb+Zn (0.18% Pb, 1.51% Zn) from 94m.

    Drill hole LRD88 tested approx. 50m down dip from hole LRD53 showing a shallow low grade oxide copper zone and several narrow intervals with anomalous copper, tin, cobalt, lead, zinc and silver. Results include:

    • 12.4m at 0.2% Cu (oxide) from 16m

    Drill hole LRD90 intersected near-surface high grade copper mineralization immediately beneath post-mineral cover sediments, extending the mineralization approx. 20m up-dip from hole LRD05. Results include:

    • 10.1m at 2.5% CuEq (2.02% Cu, 0.09% Sn, 9.3g/t Ag) from 10.9m, including

      • 5.35m at 4.2% CuEq (3.5% Cu, 0.14% Sn, 15.2g/t Ag)

    Drill hole LRD92 tested the near-surface copper mineralization up-dip from LRD31 in the east of the drill area. The hole intersected a shallow zone of low-grade oxide copper mineralization and several deeper thin semi-massive sulphide layers. Results include:

    • 11.25m at 0.4% CuEq (oxide; 0.27% Cu, 0.03% Sn, 1.7g/t Ag) from 26.95m, including

      • 4.95m at 0.6% CuEq (oxide + chalcocite; 0.4% Cu, 0.04% Sn, 2g/t Ag)

    • 0.55m at 1.1% CuEq (0.86% Cu, 0.05% Sn, 7g/t Ag) from 61m

    Drill hole LRD98 confirmed that the copper mineralization continues in the far west of the drill area and remains wide open. Results include:

    • 17m at 0.8% CuEq (0.74% Cu, 0.011% Sn, 2g/t Ag) from 107m, including

      • 6m at 1.8% CuEq (1.62% Cu, 0.02% Sn, 4.2g/t Ag), which includes

        • 1.35m at 5.7% CuEq (5.38% Cu, 0.04% Sn, 14.1g/t Ag)

    • 0.3m at 1.3% CuEq (1.25% Cu, 2g/t Ag) from 202.95m

    Drill hole LRD99 extended the copper mineralization along-strike approx. 50m west of hole LRD98 and remains wide open in the direction of the historic La Romana mine workings. Results include:

    • 11m at 0.7% CuEq (0.61% Cu, 0.01% Sn, 1.6g/t Ag) from 107m, including

      • 4m at 1.3% CuEq (1.17% Cu, 0.01% Sn, 2.8g/t Ag)

    • 0.3m at 2.6% CuEq (1.92% Cu, 0.18% Sn, 1.5g/t Ag) from 178.5m

    Drill hole LRD104 was drilled approx. 50m up-dip from hole LRD98 and shows the mineralization remains open up-dip and along-strike to the west. Results include:

    • 0.3m at 12% CuEq (0.5% Cu, 2.96% Sn, 2.5g/t Ag) from 44.1m

    • 16m at 0.7% CuEq (0.57% Cu, 0.04% Sn, 1.9g/t Ag) from 80m, including

      • 5m at 1.5% CuEq (1.2% Cu, 0.07% Sn, 4g/t Ag)

    • 1.25m at 2.3% CuEq (1.97% Cu, 0.08% Sn, 2.7g/t Ag)

    Assay results are pending for an additional 23 completed drill holes including several drill holes with strong copper mineralization evident in drill core. A total of 117 drill holes have now been completed at the La Romana discovery.

    Al Andaluz Exploration Program

    A major exploration program is planned for the recently granted Al Andaluz permit area, including:

    • a high resolution airborne electromagnetic (AEM) survey due to commence in the next two weeks;

    • regional ground gravity surveys over the entire area;

    • soil and rock geochemical sampling survey over selected targets;

    • ground geophysics over targets selected from the AEM;

    • detailed gravity and geochemical surveys over selected targets; and

    • drilling.

    The 2022 plan includes up to 20,000m of drilling at the Escacena Project (approx. 40 to 60 holes), most of which will test targets generated from the regional surveys. A significant follow-up drill program (meterage to be determined) is also expected in the second half of 2022.

    Drilling has commenced on the La Jarosa target in Al Andaluz designed to follow-up the historic Exxon drill hole PJ2 1985 which intersected 9.5m at 1.42% Cu. A second drill hole is also planned to test dip extensions to the mineralization. The Exxon drill hole was never followed up and the drill core is no longer available to verify the results. The Company makes no representation as to the reliability or accuracy of the historical Exxon drill results.

    QA/QC

    Core size was HQ (63mm) and all samples were ½ core. Nominal sample size was 1m core length and ranged from 0.4 to 2m. Sample intervals were defined using geological contacts with the start and end of each sample physically marked on the core. Diamond blade core cutting and sampling was supervised at all times by Company staff. Duplicate samples of ¼ core were taken approximately every 30 samples and Certified Reference materials inserted every 25 samples in each batch.

    Samples were delivered to ALS laboratory in Seville, Spain and assayed at the ALS laboratory in Ireland. All samples were crushed and split (method CRU-31, SPL22Y), and pulverized using (method PUL-31). Gold analysis was by 50gm Fire assay with ICP finish (method Au-ICP22) and multi element analysis was undertaken using a 4-acid digest with ICP AES finish (method ME-ICP61). Tin was analysed in selected intervals using Lithium borate fusion and ICP MS finish (method ME-MS81). Over grade base metal results were assayed using a 4-acid digest ICP AES (method OG-62). Over grade tin was determined using peroxide fusion with ICP finish (method Sn-ICP81x).

    Qualified Person

    James Royall, P Geo, VP Exploration for Pan Global Resources and a qualified person as defined by National Instrument 43-101, has reviewed the scientific and technical information that forms the basis for this news release. Mr. Royall is not independent of the Company.

    About Pan Global Resources

    Pan Global Resources Inc. is actively engaged in base and precious metal exploration in southern Spain and is pursuing opportunities from exploration through to mine development. The Company is committed to operating safely and with respect to the communities and environment where we operate.

    On behalf of the Board of Directors
    www.panglobalresources.com

    FOR FURTHER INFORMATION PLEASE CONTACT:
    This email address is being protected from spambots. You need JavaScript enabled to view it.
    +44 7766 253145

    Statements which are not purely historical are forward-looking statements, including any statements regarding beliefs, plans, expectations or intentions regarding the future. It is important to note that actual outcomes and the Company’s actual results could differ materially from those in such forward-looking statements. The Company believes that the expectations reflected in the forward-looking information included in this news release are reasonable but no assurance can be given that these expectations will prove to be correct and such forward-looking information should not be unduly relied upon. Risks and uncertainties include, but are not limited to, economic, competitive, governmental, environmental and technological factors that may affect the Company’s operations, markets, products and prices. Readers should refer to the risk disclosures outlined in the Company’s Management Discussion and Analysis of its audited financial statements filed with the British Columbia Securities Commission.

    The forward-looking information contained in this news release is based on information available to the Company as of the date of this news release. Except as required under applicable securities legislation, the Company does not intend, and does not assume any obligation, to update this forward-looking information.

    NEITHER 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.

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  • Denison Mines Announces 22.5% Owned McClean Lake Operation Granted Approval to Expand Tailings Management Facility

    Denison Mines Announces 22.5% Owned McClean Lake Operation Granted Approval to Expand Tailings Management Facility

    2022-01-19 14:36:03

    Denison Mines Logo (CNW Group/Denison Mines Corp.)

    TORONTO, Jan. 19, 2022 /CNW/ – Denison Mines Corp. (“Denison” or the “Company”) (TSX: DML) (NYSE American: DNN) is pleased to report that the Canadian Nuclear Safety Commission (“CNSC”) has approved an amendment to the uranium mine and mill licence for the McClean Lake Operation to allow for the expansion of the JEB Tailings Management Facility (“TMF”).

    David Cates, Denison’s President & CEO, commented “The McClean Lake mill remains a strategically significant asset in the Athabasca Basin region – representing the only uranium milling facility currently operating in Canada.  The amendment to the operating licence for the McClean Lake Operation allows for the expansion of the TMF, such that the facility will be well positioned to serve as a regional milling centre for current and future uranium mining projects in the eastern portion of the Athabasca Basin for many years to come.

    Denison congratulates Orano, as our partner and the operator of the McClean Lake Operation, on obtaining approval for the environmentally responsible approach put forward to expand the capacity of the TMF without resulting in a significant impact to the operation’s overall footprint.”

    The public hearing regarding the application for amendment was held on October 4, 2021 and included submissions from Orano Canada Inc. (“Orano”), as operator of the McClean Lake Joint Venture (“MLJV”), as well as input from Denison, CNSC staff, Cameco Corporation, the English River First Nation, the Metis Nation of Saskatchewan, and the Athabasca Joint Engagement and Environmental Subcommittee, among others.

    The Commission considered the adequacy of the proposed measures for protecting the environment, the health and safety of persons, national security, and other international obligations. The operation’s past operating performance, environmental protection, radiation protection, Indigenous consultation and engagement, decommissioning plans, and other safety and control areas were also examined. The TMF is designed in line with the Global Industry Standard on Tailings Management developed by the International Council of Mining and Metals (ICMM).

    The amended licence remains valid until June 30, 2027. To see the full record of decision, please see the CNSC website at: http://nuclearsafety.gc.ca.

    The McClean Lake Mill

    The McClean Lake property is located on the eastern edge of the Athabasca Basin in northern Saskatchewan, approximately 750 kilometres north of Saskatoon, and is home to the McClean Lake uranium mill, one of the world’s largest uranium processing facilities. The mill has licensed annual production capacity of 24.0 million pounds U3O8 and is currently operating under a 10-year license expiring in 2027. The mill is contracted to process the ore from the Cigar Lake mine under a toll milling agreement (up to 18.0 million pounds U3O8 per year). The MLJV is an unincorporated contractual arrangement between Orano with a 77.5% interest and Denison with a 22.5% interest. Orano is the operator of the project.

    Denison has assessed the potential economic benefit of using the McClean Lake mill as a regional milling centre for the future processing of uranium resources extracted from the Gryphon uranium deposit, on Denison’s 95% owned Wheeler River property, and the Tthe Heldeth Túé (“THT,” formerly J Zone) uranium deposit, on Denison’s 66.90% owned Waterbury Lake property. 

    For more information about these projects, please refer to the technical reports titled “Prefeasibility Study for the Wheeler River Uranium Project, Saskatchewan, Canada” (September 24, 2018), and “Preliminary Economic Assessment for the Tthe Heldeth Túé (J Zone) Deposit, Waterbury Lake Property, Northern Saskatchewan, Canada” (October 30, 2020).

    About Denison

    Denison is a uranium exploration and development company with interests focused in the Athabasca Basin region of northern Saskatchewan, Canada. The Company has an effective 95% interest in its flagship Wheeler River Uranium Project, which is the largest undeveloped uranium project in the infrastructure rich eastern portion of the Athabasca Basin region of northern Saskatchewan. In addition to Denison’s interests in Wheeler River and McClean Lake, Denison’s interests in Saskatchewan include a 25.17% interest in the Midwest Main and Midwest A deposits, and a 66.90% interest in the THT and Huskie deposits on the Waterbury Lake property. Each of Midwest Main, Midwest A, THT and Huskie are located within 20 kilometres of the McClean Lake mill. 

    Through its 50% ownership of JCU (Canada) Exploration Company, Limited (“JCU”), Denison also holds interests in various uranium project joint ventures in Canada, including the Millennium project (JCU 30.099%), the Kiggavik project (JCU 33.8123%) and Christie Lake (JCU 34.4508%).

    Denison is also engaged in mine decommissioning and environmental services through its Closed Mines group (formerly Denison Environmental Services), which manages Denison’s Elliot Lake reclamation projects and provides third-party post-closure mine care and maintenance services.

    Cautionary Statement Regarding Forward-Looking Statements

    Certain information contained in this news release constitutes ‘forward-looking information’, within the meaning of the applicable United States and Canadian legislation concerning the business, operations and financial performance and condition of Denison.

    Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as ‘plans’, ‘expects’, ‘budget’, ‘scheduled’, ‘estimates’, ‘forecasts’, ‘intends’, ‘anticipates’, or ‘believes’, or the negatives and/or variations of such words and phrases, or state that certain actions, events or results ‘may’, ‘could’, ‘would’, ‘might’ or ‘will be taken’, ‘occur’, ‘be achieved’ or ‘has the potential to’.  In particular, this news release contains forward-looking information pertaining to: the permitting of the MLJV’s operations, including the JEB TMF expansion, underlying assumptions and the MLJV’s intentions with respect thereto; assumptions and projections with respect to processing uranium resources from Denison projects; and expectations regarding its joint venture ownership interests and the continuity of its agreements with its partners.

    Forward looking statements are based on the opinions and estimates of management as of the date such statements are made, and they are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Denison to be materially different from those expressed or implied by such forward-looking statements. For example, Denison is relying on the information provided, and the procedures undertaken, by the operator of the MLJV.  Denison believes that the expectations reflected in this forward-looking information are reasonable but no assurance can be given that these expectations will prove to be accurate and results may differ materially from those anticipated in this forward-looking information. For a discussion in respect of risks and other factors that could influence forward-looking events, please refer to the factors discussed in Denison’s Annual Information Form dated March 26, 2021 under the heading ‘Risk Factors’. These factors are not, and should not be construed as being exhaustive.

    Accordingly, readers should not place undue reliance on forward-looking statements. The forward-looking information contained in this news release is expressly qualified by this cautionary statement. Any forward-looking information and the assumptions made with respect thereto speaks only as of the date of this news release. Denison does not undertake any obligation to publicly update or revise any forward-looking information after the date of this news release to conform such information to actual results or to changes in Denison’s expectations except as otherwise required by applicable legislation.

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  • St-Georges Eco-Mining to Expand Work on Julie & Manicougan Projects in 2022

    St-Georges Eco-Mining to Expand Work on Julie & Manicougan Projects in 2022

    2021-11-29 04:27:52

    Montréal – TheNewswire – November 29, 2021 – St-Georges Eco-Mining Corp. (CNSX:SX.CN) (OTC:SXOOF) (FSE:85G1) is pleased to provide a recap of the exploration work conducted on its Québec North Shore Project in 2021.

    At the time of this press release, exploration work has been suspended on the Julie and Manicouagan projects.  Results from the early phase of surface work on Julie are slowly coming back from the independent laboratories, some of which are disclosed below.  

    A total of 4,200 meters over 11 holes was drilled on Julie, the bulk of which consisted of holes positioned to conduct a borehole geophysical review of the project and identify targets for the second phase of exploration drilling that was initiated in October.   Additional material was collected in the initial surface exploration phase by surface sampling and channel cutting. Results from this effort should be communicated in a separate press release in early December.

    2021 Exploration Summary on the Manicouagan Project

    On Manicouagan, the driller added 2639 meters of fresh drill core out of 19 holes to the already 4367 meters of drill core available from past drilling campaigns.  Most of the cores from past campaigns have been recovered and brought to St-Georges’ contracted facilities (Magnor Exploration) in the town of La Baie in order to be cut, logged and sampled or re-sampled.  Two bulk samples were conducted on the Manicouagan project using material from the vicinity of the Bob Showing. One of these bulk consisting of 1,070 kg is targeting material known to carry rhodium.

    Junior Mining NetworkPicture 1. Polished sample from the current bulk sample from the Bob Showing.

    The core shack and work areas on Manicouagan’s Helen camp gave St-Georges’ contracted geologists work conditions that allowed them to do initial cut and logging of the cores almost as they were received.

    A portable XRF Analyser was on site for the duration of the 2021 campaign.  XRF results are qualitative in nature, and the Company won’t be reporting them as their accuracy does not meet the Company’s quality standards. Nonetheless, the equipment is being used as one of the decision-support tools available to the geological team in the field.  The decision to accelerate the work on Manicouagan and raise additional money that was not in the initial planned budget is based on the initial review of a section of hole SX–MN21-18 and its visual consistency with mineralized intervals in other historic drill holes nearby.

    Hole SX-MN21-18

    A section of hole 18 has grabbed the attention of the Company’s geological team. A series of samples for independent analysis is to be prepared and will be sent to be processed by the lab via rush services.  Results from the assays should be available in the new year.

    A description of the hole mineral intersections is provided below with a comparison to the previous hole MCH-07-17 located 179 meters to the West alongside the same conductors.

    Junior Mining NetworkPicture 2. Field Picture of Hole SX-MN21-018 with sections of massive to semi-massive sulphides from 47.5m to 52m.

    MCH-07-17 has been drilled to a length of 101 meters at an angle of -45° and is located 179 meters west-south-west of SX-MN21-18 (See below Figure 1).

    The mineralization occurs preferentially along the structurally contact (brecciated) and is composed of pyrrhotite, chalcopyrite and pentlandite. Pyrrhotite and pentlandite seem to be co-genetic, but the chalcopyrite appears to occur at least in part as a later phase has cross-cutting veinlets.

    The intersection high in sulphurs between 51.40 and 54.44 meters returned 1.78% Ni, 0.49% Cu, 914 ppm Co, 8.57 g/t Pd+Pt (2.11 g/t Pt + 6.47 g/t Pd), over 2.04 meters, including 3.82% Ni, 1.47% Cu, 0.21% Co, 23.40 g/t Pd+Pt (5.11 g/t Pt + 18.29 g/t Pd).  

    The holes MCH-07-17 and SX-MN21-18 seem to indicate that the Bob Showing extensions, East and West, are both opened along trend.The drill holes MCH-07-03 and 07-04 between MCH-07-17 and SX-MN21-18 didn’t reach or encounter the mineralized unit.

    Junior Mining NetworkFig 1. Localization of Hole 18 and other holes from previous campaigns

    Below you will find a Lithology and mineralization comparison between the current hole 18 and the historical hole MCH-07-17:

    Junior Mining Network

     

    Junior Mining Network

    The technical information contained in this press release has been reviewed by Daniel Turcotte, P. Geo, OGQ #357. an independent qualified person as per NI 43-101

    Junior Mining Network

    ON BEHALF OF THE BOARD OF DIRECTORS

    “Frank Dumas”

    FRANK DUMAS       

    COO & Director.

    About St-Georges Eco-Mining Corp.

    St-Georges develops new technologies to solve some of the most common environmental problems in the mining sector, including maximizing metal recovery and full circle EV battery recycling. The Company explores for nickel & PGEs on the Julie Nickel Project and the Manicougan Palladium Project on Quebec’s North Shore and has multiple exploration projects in Iceland, including the Thor Gold Project. Headquartered in Montreal, St-Georges’ stock is listed on the CSE under the symbol SX and trades on the Frankfurt Stock Exchange under the symbol 85G1 and on the OTCQB Venture Market for early stage and developing U.S. and international companies. Companies are current in their reporting and undergo an annual verification and management certification process. Investors can find Real-Time quotes and market information for the company on www.otcmarkets.com.

    The Canadian Securities Exchange (CSE) has not reviewed and does not accept responsibility for the adequacy or the accuracy of the contents of this release.


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  • CMC’s Geochemical Survey Results Validate and Expand Airborne Geophysical Targets at Silver Hart, Yukon

    CMC’s Geochemical Survey Results Validate and Expand Airborne Geophysical Targets at Silver Hart, Yukon

    2021-11-02 06:33:35

    VANCOUVER. BC / ACCESSWIRE / November 2, 2021 / CMC Metals Ltd. (TSXV:CMB) (Frankfurt:ZM5N) (OTC PINK:CMCZF); (the “Company“) announces that an additional round of spectacular soil geochemical results continue to validate and expand airborne geophysical targets at its flagship Silver Hart project in Yukon.

    During the 2021 exploration season, CMC significantly extended previous soil geochemical surveys at Silver Hart as a part of validating targets identified by its property wide airborne SkyTEM geophysical survey completed earlier this year. We initially announced the initial round of soil geochemistry results (see Press releases of August 25 and August 31, 2021) and have just received a third round of results that continue to expand and validate the airborne geophysical targets identified earlier this year.

    The current results are from 274 soils taken from grids on the T1, T4, north of T5, T6, T7 and T8 targets. For the first time the results have been plotted on magnetic data. This was done as the magnetic data distinguishes the intrusive Cassiar Batholith rocks from the overlying metasedimentary and carbonate sequences and it has been postulated that the contact of these strata is a key loci for mineralization within the Rancheria Silver District. The higher magnetic rocks (in yellow, pink and red) are indicative of granodiorites and granites of the Cassiar Batholith. The blue rocks are indicative of the overlying schists, carbonates and skarns and the green is at or near the actual contact between the strata.

    The results indicate that:

    • All areas of exploration interest are at or proximal to the batholith-sediment contact;

    • There are significant areas of exploration interest outside of those currently investigated along the contact areas that merit further examination;

    • The areas of exploration interest demonstrate north-easterly trends suggesting the presence of north-easterly structures possibly similar to the north-easterly trending mineralized veins in the Main Zone;

    • The areas of exploration interest in zones T1 and T4 continues to expand significantly;

    • T6 was sampled at 100-meter spaced lines but is showing significant promise as an emerging large target area; and

    • T7 and 8, and north-northeast of T5 are valid targets that need further work to be fully validated.

    Junior Mining Network

    Mr. John Bossio, Chairman notes, “These results clearly demonstrate the significant exploration upside at Silver Hart particularly in the prominent targets at T1 and T4 and the subsurface targets such as the “hockey stick” southeast of T5. We are planning an extensive trenching program in these areas prior to drilling and in the interim our plan is to initiate further infill drilling in the Main Zone in untested possible extensions of the existing veins. From the quality of geochemical and geophysical results in these new target areas, we now know that we have a huge amount of exploration work to do at Silver Hart to fully understand and identify the potential of the area. There is clearly significant potential for the discovery of additional high-grade polymetallic veins, and possible carbonate replacement/skarn deposits.”

    Junior Mining Network

    Kevin Brewer, President and CEO notes, “The coincident nature of the geochemical (soil and rock) and geophysical data is very encouraging to our technical team. Our efforts will now be focused on better defining specific drill targets for 2022 and beyond. To fully drill investigate most of the existing targets we estimate in excess of 10,000 meters of drilling will be required in a preliminary examination of the best targets (T1, T3, T4 and T5 – with the “hockey stick anomaly”). We are very confident that this will result in the identification of specific areas that will significantly expand resources at Silver Hart and ultimately lead us to a preliminary economic assessment study. Silver Hart is now showing us that it has the potential to be a significant high grade polymetallic resource of possible economic proportions. We are very excited with the challenges ahead and will apply our current geological model and knowledge acquired from Silver Hart to our other prospects (i.e., Silverknife, Amy and Rancheria South) in the Rancheria Silver district in 2022 and beyond.”

    Junior Mining Network

    Comments on the Targets

    Some specific comments on the target areas are as follows:

    Target T1

    This target is one of the most promising targets for future exploration at Silver Hart. It is characterized by a large magnetic low with moderate to high conductivity which would be characteristic of silver-lead-zinc mineralization. The anomalous area defined by soil chemistry is now over a kilometer in strike length and approximately 800 meters wide and remains open towards the batholith-sediment contact to the west and the low magnetic area and contact area to the northeast. The anomaly is north-easterly trending. The highest anomalous silver in soil results within the Silver Hart area have been identified within this target possibly indicating near surface vein/skarn mineralization. The widespread nature of the anomaly in a magnetic low suggests the possibility for a carbonate replacement deposit. And lastly, limited outcrop exposures, resultant from trail building to areas where drill platforms will be constructed, have shown the presence of mineralization in skarn and limestone units.

    Target T4

    This target is like the most promising future target at Silver Hart as it is thought to have much thicker overlying sediments, is in close proximity and a likely extension of the known mineralization in the Main Zone and is north-easterly trending. The recent sampling has extended the anomaly towards the K and KL areas of mineralization in the Main Zone and it remains open to the northeast where it potentially could have a much larger area of interest continuing in rocks with a low magnetic signature and trending towards the batholith-sediment contact in the east. The current anomaly is now over approximately 800 meters in strike length and 400 meters in width. There are limited to no outcrop exposures in the area and the Company has not pursued trail building or trenching in the area at present. However mineralized trenches in T3 area may have lateral extent towards the soil anomalies as there is a possible north-easterly alignment. There are pending results aimed at identifying a possible geochemical linkage between T4 as the geophysical data shows a possible subsurface anomaly between T4 and T5 and further extending westwards to the T1 area and this could be resultant from nearby intrusive units in both west and east of T4.

    North of Target T5 and T5

    Unfortunately, due to personnel shortages the Company was unable to complete a detailed soil survey over all of the T5 target area. The southeasterly corner of T5, which has a prominent subsurface geophysical target internally labelled as the “hockey stick” target given its shape, has pending results but are close to existing mineralized showings resultant from trail building to access future drill platforms. The “hickey stick” target shown through subsurface geophysical data depicts a possible extension of the northermost known mineralized area (commonly referred to as “KL”) in the Main zone that extends like a hockey stick handle to a depth of 150-200 meters and then broadens into an area shaped like a hockey stick blade. As previously noted in the T4 description, this geophysical anomaly has some possible lateral extent and may be associated with the east-west carbonate and skarn bedding in that portion of the property area. The anomalous samples north of T5 are present within a magnetic low and proximal to the batholith-sediment contact. The “hockey stick” structure is yet to be drill investigated but plans are to conduct drill step-outs from the KL area to the eastern side of the T5 structure to test these subsurface anomalies.

    Target T6

    The coincident zinc and silver soil anomalies in this area are a pleasant surprise to the Company as they show possible structures emanating from the intrusive rocks to the east of the center of the geophysical target. These anomalies may also represent an extension of the T1 anomaly and if so could be indicating an anomalous area with a strike length in excess of 2.0 kilometers. The area is currently only accessible by foot and has limited to no rock exposures so little more is known about this target. However, these results indicate the need for extensive further investigation of the T6 area, its possible further extensions to the north and east and its possible south-westerly extension that could establish a link to T1 making it easily the largest area of exploration interest at Silver Hart. This target also is within a magnetic low and is characterized by moderate to strong conductivity.

    Target T7

    This small grid was established to test the possible south-westerly extension of the KW zone and to determine if there would be any anomalous results at or in close proximity to the batholith-sediment contacts in this narrow band of sediments. The anomaly suggest there are soils anomalous primarily in silver with weaker coincident lead and zinc in this area. It further outlines the need to expand the current soil survey in this area to cover the gap of sampling to the KW zone and towards the contact zone in the west, northwest, and southwest. The results in this target continue to demonstrate that geochemical anomalies in silver, lead and zinc are ubiquitous throughout the Silver Hart area at the edges of the intrusives (i.e the “Cassiar Batholith”) and extending into the overlying metasediments and carbonate units.

    Target T8

    A small soil anomaly of silver has been identified in this area. The soil grids were an attempt by the Company to determine if there was a possible extension of T1 along the contact area to the weaker geophysical anomaly at T8. This area continues to deserve more examination through soil geochemistry to determine if the newly named “Ridge Zone” has any further potential as it is an area close to outcrops of heavily oxidized and rusty schists. Even though this is a lower priority target the Company will endeavour to fully investigate the Ridge Zone in the future.

    Soil geochemistry results are still pending for:

    • 2 small grids testing the further extent of the strong anomaly in the South Zone;

    • Infill grids in the T3 Target; and,

    • Two small grids southeast and northeast of T5.

    Summary of the Statistical Analysis of Recent Soil Results

    Key highlights from recent soil sampling are as follows:

    • From a total of 274 samples, 95 were anomalous in silver with 17 samples in excess of 3,000 ppb ranging from 3,000-11,500 ppb, 34 samples in excess of 1,000 ppb ranging from 1000- 2999 ppb and 44 samples in excess of 500 ppb;

    • All anomalous silver samples were also anomalous in zinc, lead, iron and manganese;

    • 43 samples were anomalous in Pb with values greater than 50 ppm and a highest value of 2,654 ppm; and

    • 76 samples were anomalous in zinc with values greater than 200 ppm and a highest value of 4,049 ppm.

    Qualified Person

    Kevin Brewer, a registered professional geoscientist in BC, Yukon and Newfoundland, is the

    Company’s President and CEO, and Qualified Person (as defined by National Instrument 43101). He has approved the technical information reported herein. The Company is committed to meeting the highest standards of integrity, transparency and consistency in reporting technical content, including geological reporting, geophysical investigations, environmental and baseline studies, engineering studies, metallurgical testing, assaying and all other technical data.

    About CMC Metals Ltd.

    CMC Metals Ltd. is a growth stage exploration company focused on opportunities high graded polymetallic deposits in Yukon, British Columbia and Newfoundland and Labrador. Our silver-lead-zinc prospects in the Rancheria Silver District include the Silver Hart Deposit and Blue Heaven claims (the “Silver Hart Project”) in Yukon, and Rancheria South, Amy and Silverknife claims (the “Rancheria South Project”) in British Columbia. Our polymetallic projects with potential for copper-silver-gold and other metals include Logjam (Yukon), Bridal Veil and Terra Nova (both in Newfoundland).

    On behalf of the Board:

    “John Bossio”
    John Bossio, Chairman CMC METALS LTD.

    For Further Information and Investor Inquiries:

    Kevin Brewer, P. Geo., MBA, B.Sc.(Hons), Dip. Mine Eng.
    President, CEO and Director Tel: (604) 670 0019
    This email address is being protected from spambots. You need JavaScript enabled to view it.
    Suite 615-800 Pender St.
    Vancouver, BC
    V6C 2V6

    To be added to CMC’s news distribution list, please send an email to This email address is being protected from spambots. You need JavaScript enabled to view it. or contact Mr. Kevin Brewer.

    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.

    “This news release may contain certain statements that constitute “forward-looking information” within the meaning of applicable securities law, including without limitation, statements that address the timing and content of upcoming work programs, geological interpretations, receipt of property titles and exploitation activities and developments. In this release disclosure regarding the potential to undertake future exploration work comprise forward looking statements. Forward-looking statements address future events and conditions and are necessarily based upon a number of estimates and assumptions. While such estimates and assumptions are considered reasonable by the management of the Company, they are inherently subject to significant business, economic, competitive and regulatory uncertainties and risks, including the ability of the Company to raise the funds necessary to fund its projects, to carry out the work and, accordingly, may not occur as described herein or at all. Actual results may differ materially from those currently anticipated in such statements. Factors that could cause actual results to differ materially from those in forward looking statements include market prices, exploitation and exploration successes, the timing and receipt of government and regulatory approvals, the impact of the constantly evolving COVID-19 pandemic crisis and continued availability of capital and financing and general economic, market or business conditions. Readers are referred to the Company’s filings with the Canadian securities regulators for information on these and other risk factors, available at www.sedar.com. Investors are cautioned that forward-looking statements are not guarantees of future performance or events and, accordingly are cautioned not to put undue reliance on forward-looking statements due to the inherent uncertainty of such statements. The forward-looking statements included in this news release are made as of the date hereof and the Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation.”

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  • Lion One Metals Reports New High-Grade Intercepts to Expand Deep Feeder Zone 500 at Tuvatu, Fiji

    Lion One Metals Reports New High-Grade Intercepts to Expand Deep Feeder Zone 500 at Tuvatu, Fiji

    2021-11-02 00:04:19

    North Vancouver, British Columbia–(Newsfile Corp. – November 2, 2021) – Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) (ASX: LLO) (“Lion One” or the “Company”) is pleased to announce further high-grade intercepts from two recently completed drillholes as part of ongoing deep extensional step-out drilling from the Company’s 100% owned Tuvatu gold project in Fiji.

    1. – DEEP FEEDER ZONE 500 NOW EXTENDS OVER 300M VERTICALLY AND 150M LATERALLY

    2. – WEIGHTED AVERAGE GRADE OF 23 G/T Au FROM ZONE 500 MINERALIZED INTERCEPTS 2.6 X HIGHER THAN AVERAGE GRADE OF RESOURCE

    3. – ZONE 500 CONNECTS WITH BASE OF EXISTING RESOURCE AT APPROX. 470M DEPTH

    4. – DRILLED EXTENT OF TUVATU SYSTEM INCREASED BY 53% TO APPROX. DEPTH OF 720M

    Drill highlights include:

    • 33.40 g/t Au over 3.90m from downhole depth of 629.30m from TUDDH544-W2
      – including 105.0 g/t Au over 0.30m from 629.6m,

    • 65.0 g/t Au over 0.30m from 630.2m, and

    • 112.0 g/tAu over 0.30m from 631.1m

    • 48.74 g/t Au over 0.6m from downhole depth of 651.50m, and

    • 33.06 g/t Au over 0.6m from downhole depth of 658.2m, from hole TUDDH544-W1

    Sergio Cattalani, Lion One’s Senior Vice President Exploration, commented, “High grade mineralization in Deep Feeder Zone 500 has now been demonstrated to extend over an area approximately 150m along strike and 300m vertically with an overall calculated weighted average grade of >23 g/t Au; Zone 500 mineralisation will add significantly to the overall Au inventory of the Tuvatu orebody. Furthermore, an improved understanding of the orientation of the 500 Zone now allows us to connect this high-grade feeder to the base of the existing resource. We continue to plan additional drilling to test the lateral and vertical extents of this zone which remains open in all directions.”

    Deep Feeder Zone 500

    These most recent intercepts reported above are believed to be the continuation of the interpreted deep feeder structure that encountered 55.43 g/t Au over 12.70m in TUDDH500 (see July 24, 2020 News Release), 55.44 g/t Au over 2.30m in TUDDH533 (see July 26, 2021 News Release), and 24.92 g/t Au over 3.70m in TUG-135 (see September 7, 2021 News Release), among many others.

    Deeper Feeder Zone 500, cont.

    This important gold-bearing structure has now been intersected by multiple holes, including TUDDH500, 500W1, 500W2, TUDDH533, 533W1, TUDDH528, TUDDH517, 517W1, TUDDH514, 514W1, TUDDH544W1, TUDDH544W2, TUG135, and TUG136 (results pending; see Figures 1, 2). At 33.40 g/t Au over 3.90m, the intercept reported here from TUDDH544W2 represents one of the best overall downhole intercepts to date, for holes drilled at a high angle to the 500 Zone structure. Figure 3 shows a photo of visible gold from a portion of this intercept.

    The growing number of intercepts has allowed for a remodeling of the 500 Zone structure such that the current best-fit orientation of the 500 Zone is now modelled with an azimuth of N060° and a dip of -88°, with all of the high-grade intercepts from the boreholes listed above captured by an approximately 25m wide envelope. This revised model for the 500 Zone structure connects the 500 Zone to the Tuvatu orebody at a depth of approximately -150m RSL by way of two historic drillholes (TUDDH212, previously interpreted as the base of UR2 lode; and TUG110, previously interpreted as part of the URW3 lode) which occur in the lowermost portion of the existing resource model. This portion of the orebody remains significantly under-drilled.

    Based on only the few, currently reported number of intercepts, the 500 Zone as defined above has a calculated weighted average thickness of approximately 2.75m and a calculated weighted average grade of 23.31 g/t Au, or approximately 2.6X the average grade of the current Tuvatu resource it underlays. At present, it represents an approximate increase in contained Au ounces of >25% (uncategorized) over the existing resource. It is increasingly clear that the current Tuvatu resource represents only a fraction of a much larger and considerably more extensive, high-grade Au deposit for which additional drilling is warranted to further define its full extent.

    Resignation of Company Director

    The Company also announces the resignation of Stephen Mann from the Board of Directors. The Company thanks Mr. Mann for his service to the Company as board member since 2012 and wishes him well in his future endeavors.

    Junior Mining Network
    Figure 1: Longitudinal section oriented at N060°, -88°E of the 500 Zone high-grade feeder structure showing block model and selected drill Intercepts. The grid is 300m, the darker yellow is current indicated resource and the lighter yellow is current inferred resource. Dots indicate modelled pierce points for existing drill intercepts defining the 500 Zone (green=recently completed; orange=previously reported; open=within current resource).

    Junior Mining Network
    Figure 2: Detail of Figure 1. The grid is 100m; intercepts are expressed as g/t Au over downhole width in meters. Dots indicate modelled pierce points for existing drill intercepts defining the 500 Zone (green=recently completed; orange=previously reported; white=within current resource).

    Table 1: Drilling Intervals Reported (intervals greater than 3.0 g/t Au cutoff are bolded)






























    Drill Hole From (m) To (m) Interval (m) Au (g/t)
    TUDDH544W1 (incomplete) 643.7 644.6 0.9 2.17
    incl. 643.7 644.0 0.3 4.05
      651.5 652.1 0.6 46.79
    incl. 651.5 651.8 0.3 56.74
    and 651.8 652.1 0.3 36.83
      658.2 658.8 0.6 33.06
    incl. 658.2 658.5 0.3 5.11
    and 658.5 658.8 0.3 61.0
             
    TUDDH544W2 573.2 575.3 2.1 6.69
    incl. 574.1 575.0 0.9 14.67
    and 574.4 574.7 0.3 32.83
      577.1 578.3 1.2 7.45
    incl. 577.1 577.4 0.3 12.69
    and 577.4 577.7 0.3 5.99
    and 577.7 578.0 0.3 8.57
    and 578.0 578.3 0.3 2.23
      579.5 579.8 0.3 25.56
      629.3 633.2 3.90 33.40
    incl. 629.3 629.6 0.3 25.0
    and 629.6 629.9 0.3 105.0
    and 630.2 630.5 0.3 65.0
    and 630.5 630.8 0.3 19.0
    and 630.8 631.1 0.3 5.67
    and 631.1 631.4 0.3 112.0
    and 631.4 631.7 0.3 45.0
    and 632.3 632.9 0.6 3.47
    and 632.9 633.2 0.3 50.0

    Table 2: Survey details of diamond drill holes referenced in this release (Fiji Map Grid)





    Hole No coordinates RL final depth dip azimuth
      N E   m   (TN)
    TUDDH544W1 3920795.6 1876350.7 209.7 758.50 -65.04° 132.06°
    TUDDH544W2 3920795.6 1876350.7 209.7 926.8 -65.04° 132.06°

    Junior Mining NetworkFigure 3: Photo of a portion of uncut drill core from TUDDH544W2, showing coarse visible gold and pyrite. This 30cm sample returned 112 g/t Au from 631.1-631.4m.

    Drilling and Assay Processes and Procedures

    The Company is utilizing its own diamond drill rig, using PQ, HQ and ultimately NQ sized drill core rods. Drill core is logged by Company geologists and then is sawn in half and sampled by Lion One staff.

    Samples are analyzed at the Company’s own geochemical laboratory in Fiji, whilst pulp duplicates of all samples with results >0.5g/t Au are re-assayed, as well as sent to ALS Global Laboratories in Australia for check assay determinations. All samples for all high-grade intercepts reported here will be sent to ALS Global Laboratories for check assays shortly. All samples are pulverized to 80% passing through 75 microns. Gold analysis is carried out using fire assay with an AA finish. Samples that have returned grades greater than 10g/t Au are then re-analyzed by gravimetric method. Lion One’s laboratory can also assay for a range of 71 other elements through Inductively Coupled Plasma Optical Emission Spectrometry (ICP-OES), but currently focuses on a suite of 9 important pathfinder elements. All duplicate anomalous samples sent to ALS Townsville, Queensland, Australia are analyzed by the same methods (Au-AA26, and also Au-GRA22 where applicable). ALS also analyze for 33 pathfinder elements by HF-HNO3-HClO4 acid digestion, HCl leach and ICP-AES. (method ME-ICP61).

    Qualified Person

    The scientific and technical content of this news release has been reviewed, prepared, and approved by Mr. Sergio Cattalani, P. Geo, who is a qualified person pursuant to National Instrument 43-101 – Standards of disclosure for Mineral Projects (“NI-43-101).

    About Tuvatu

    The Tuvatu gold deposit is located on the island of Viti Levu in the South Pacific island nation of Fiji. The mineral resource for Tuvatu as disclosed in the technical report “Tuvatu Gold Project PEA”, dated June 1, 2015, and prepared by Mining Associates Pty Ltd of Brisbane Qld, comprises 1,120,000 tonnes indicated at 8.17 g/t Au (294,000 oz. Au) and 1,300,000 tonnes inferred at 10.60 g/t Au (445,000 oz. Au) at a cut-off grade of 3 g/t Au. The technical report is available on the Lion One website at www.liononemetals.com and on the SEDAR website at www.sedar.com.

    About Lion One Metals Limited

    Lion One’s flagship asset is 100% owned, fully permitted high grade Tuvatu Alkaline Gold Project, located on the island of Viti Levu in Fiji. Lion One envisions a low-cost high-grade underground gold mining operation at Tuvatu coupled with exciting exploration upside inside its tenements covering the entire Navilawa Caldera, an underexplored yet highly prospective 7km diameter alkaline gold system. Lion One’s CEO Walter Berukoff leads an experienced team of explorers and mine builders and has owned or operated over 20 mines in 7 countries. As the founder and former CEO of Miramar Mines, Northern Orion, and La Mancha Resources, Walter is credited with building over $3 billion of value for shareholders.

    On behalf of the Board of Directors of
    Lion One Metals Limited
    “Walter Berukoff“
    Chairman and CEO

    For further information
    Contact Investor Relations
    Toll Free (North America) Tel: 1-855-805-1250
    Email: This email address is being protected from spambots. You need JavaScript enabled to view it.
    Website: www.liononemetals.com

    Neither the TSX Venture Exchange nor its Regulation Service Provider accepts responsibility for the adequacy or accuracy of this release.

    This press release may contain statements that may be deemed to be “forward-looking statements” within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein are forward looking information. Generally, forward-looking information may be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “proposed”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases, or by the use of words or phrases which state that certain actions, events or results may, could, would, or might occur or be achieved. This forward-looking information reflects Lion One Metals Limited’s current beliefs and is based on information currently available to Lion One Metals Limited and on assumptions Lion One Metals Limited believes are reasonable. These assumptions include, but are not limited to, the actual results of exploration projects being equivalent to or better than estimated results in technical reports, assessment reports, and other geological reports or prior exploration results. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Lion One Metals Limited or its subsidiaries to be materially different from those expressed or implied by such forward-looking information. Such risks and other factors may include, but are not limited to: the stage development of Lion One Metals Limited, general business, economic, competitive, political and social uncertainties; the actual results of current research and development or operational activities; competition; uncertainty as to patent applications and intellectual property rights; product liability and lack of insurance; delay or failure to receive board or regulatory approvals; changes in legislation, including environmental legislation, affecting mining, timing and availability of external financing on acceptable terms; not realizing on the potential benefits of technology; conclusions of economic evaluations; and lack of qualified, skilled labour or loss of key individuals. Although Lion One Metals Limited has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information. Lion One Metals Limited does not undertake to update any forward-looking information, except in accordance with applicable securities laws.



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  • Solaris Resources Commences Maiden Drilling at Warintza South; Updated Geophysics and Geochemistry Expand Warintza Porphyry Cluster

    Solaris Resources Commences Maiden Drilling at Warintza South; Updated Geophysics and Geochemistry Expand Warintza Porphyry Cluster

    2021-11-01 04:31:18

    VANCOUVER, BC, Nov. 1, 2021 /CNW/ – Solaris Resources Inc. (TSX: SLS) (OTCQB: SLSSF) (“Solaris” or the “Company”) is pleased to announce the commencement of maiden drilling at Warintza South. In addition, updated results from detailed geophysical interpretation and geochemical sampling have refined and expanded the dimensions of key targets at its Warintza Project (“Warintza” or “the Project”) in southeastern Ecuador.

    Highlights and corresponding Figures 1-3 are provided below. A dynamic 3D model featuring the updated geophysical and geochemical anomalies is available on the Company’s website.

    Highlights

    • Commenced maiden drilling at the Warintza South target, with the first hole collared ~3km south of Warintza Central (refer to Figures 1-3)

    • The Warintza South high conductivity anomaly has dimensions more than twice the size of Warintza Central, and a similar geochemical signature where exposed at surface

    • Updated interpretation has expanded the dimensions of the Warintza South high conductivity anomaly to ~2.5km x 2.0km x 0.7km and those of Warintza East and Yawi

    • Additional geochemical sampling has also expanded the Warintza East anomaly further to the east and northeast where it now overlaps with Yawi

    • Sampling continues to extend geochemical coverage over the sparsely sampled areas to the west and south of Warintza Central, and to targets beyond the Warintza porphyry cluster

    Mr. Daniel Earle, President and CEO, commented: “We are very excited to commence the first-ever drilling program at our voluminous Warintza South target, with the goal of making the fourth major discovery within our Warintza Project as we redirect our 12-rig drilling fleet toward aggressive step-out growth and discovery-oriented drilling over the balance of the year and into 2022.”

    Geophysical Reinterpretation

    The Company retained Condor Consulting, Inc. (“Condor”), recognized experts in the field of airborne electromagnetics (EM), to perform detailed modelling and interpretation of the previously completed advanced airborne ZTEM survey (refer to press release dated February 16, 2021 for survey results) covering the entire 268km² Warintza and surrounding area land package.

    Condor carried out a full 3D inversion of the EM and magnetic results using commercial and proprietary software producing enhanced images based on a greatly expanded dataset, including a considerable amount of additional drilling since the prior interpretation, and detailed geology, weathering and density models for the Project.

    In general, the refined high conductivity volumes capture mineralization closer to surface and correlate more closely to networked sulfide mineralization in stockwork veining, with the anomalies now starting at surface and better reflecting the vertical zonation of the Warintza porphyries from higher density stockwork veining to lower density veining and disseminated mineralization.

    Warintza South

    Warintza South is defined by a voluminous high-conductivity anomaly located ~3km to the south of Warintza Central. The anomaly starts at surface and measures ~2.5km x 2.0km x 0.7km deep, with overlapping copper and molybdenum geochemical anomalies covering the exposed portion at surface.

    Figure 1 - Plan View of 7km x 5km Warintza Porphyry Cluster (CNW Group/Solaris Resources Inc.)

    Figure 2 – Long Section of Warintza South 3D Geophysics Looking Northeast (CNW Group/Solaris Resources Inc.)

    Figure 3 – Long Section of Warintza Porphyry Cluster 3D Geophysics Looking Southwest (CNW Group/Solaris Resources Inc.)

    Technical Information and Quality Control & Quality Assurance

    Sample assay results have been independently monitored through a quality control/quality assurance (“QA/QC”) program that includes the insertion of blind certified reference materials (standards), blanks and field duplicate samples. Logging and sampling are completed at a secured Company facility located in Quito, Ecuador. Drill core is cut in half on site and samples are securely transported to ALS Labs in Quito Sample pulps are sent to ALS Labs in Lima, Peru and Vancouver, Canada for analysis. Total copper and molybdenum contents are determined by four-acid digestion with AAS finish. Gold is determined by fire assay of a 30-gram charge. In addition, selected pulp check samples are sent to Bureau Veritas lab in Lima, Peru. Both ALS Labs and Bureau Veritas lab are independent of Solaris. Solaris is not aware of any drilling, sampling, recovery or other factors that could materially affect the accuracy or reliability of the data referred to herein. ZTEM data quality was validated by a qualified external professional using data validation procedures under high industry standards, and the Company therefore did not deem it necessary to have such ZTEM data verified by a Qualified Person. Analytical data for the surface samples collected are from recent interpretations derived from ZTEM data and from previous operators as detailed in the technical report entitled, “Resource Estimate of the Warintza Central Cu-Mo Porphyry Deposit” prepared by Equity Exploration Consultants Inc. with an effective date of December 13, 2019, and available on the Company’s SEDAR profile and website. The drillhole data has been verified by Jorge Fierro, M.Sc., DIC, PG, using data validation and quality assurance procedures under high industry standards.

    Qualified Person

    The scientific and technical content of this press release has been reviewed and approved by Jorge Fierro, M.Sc., DIC, PG, Vice President Exploration of Solaris who is a “Qualified Person” as defined in National Instrument 43-101 Standards of Disclosure for Mineral Projects.  Jorge Fierro is a Registered Professional Geologist through the SME (registered member #4279075).

    On behalf of the Board of Solaris Resources Inc.

    “Daniel Earle“
    President & CEO, Director

    About Solaris Resources Inc.

    Solaris is advancing a portfolio of copper and gold assets in the Americas, which includes: a high-grade resource with expansion and additional discovery potential at the Warintza copper and gold project in Ecuador; discovery potential on the grass-roots Tamarugo project in Chile and Capricho and Paco Orco projects in Peru; exposure to US$130M spending / 5-yrs through a farm-out agreement with Freeport-McMoRan on the Ricardo Project in Chile; and significant leverage to increasing copper prices through its 60%-interest in the La Verde joint-venture project with Teck Resources in Mexico.

    Cautionary Notes and Forward-looking Statements

    This document contains certain forward-looking information and forward-looking statements within the meaning of applicable securities legislation (collectively “forward-looking statements”). The use of the words “will” and “expected” and similar expressions are intended to identify forward-looking statements. These statements include statements regarding our intent, or the beliefs or current expectations of our officers and directors, including statements that the Company has a goal of making the fourth major discovery within the Warintza Project as Solaris redirects its 12-rig drilling fleet toward aggressive step-out growth and discovery-oriented drilling over the balance of the year and into 2022. Although Solaris believes that the expectations reflected in such forward-looking statements and/or information are reasonable, readers are cautioned that actual results may vary from the forward-looking statements. These statements are based on a variety of assumptions including assumptions made about the Company’s ability to advance exploration efforts at the Warintza Project; the results of such exploration efforts; and the Company’s ability to achieve its growth objectives. These statements also involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements, including the risks, uncertainties and other factors identified in the Solaris Management‘s Discussion and Analysis for the year ended December 31, 2020 available at www.sedar.com. Furthermore, the forward-looking statements contained in this news release are made as at the date of this news release and Solaris does not undertake any obligation to publicly update or revise any of these forward-looking statements except as may be required by applicable securities laws.

    Solaris Resources Inc. Logo (CNW Group/Solaris Resources Inc.)

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  • QC Copper & Gold Acquires Land Package to Expand Opemiska Copper Project

    QC Copper & Gold Acquires Land Package to Expand Opemiska Copper Project

    2021-10-26 03:03:26

    TORONTO, Oct. 26, 2021 /CNW/ – QC Copper and Gold Inc. (“QC Copper” or the “Company“) (TSXV: QCCU) is pleased to announce that it has entered into an agreement with an arm’s length private company, 9219-8845 Quebec Inc. (operating as Canadian Mining House) (the “Vendor“), to acquire 100% ownership of 38 claims over 2,112 hectares of highly prospective ground that connects two land parcels of the Opemiska Copper Project (the “Opemiska Expansion“). The Opemiska Copper Project will now be collectively 15,518 hectares comprising the Springer, Perry, Robitaille and Cooke mines and 13 kilometres of the Gwillim Fault.

    The western section of the Opemiska contains the resource deposits and is where Falconbirge mined for 40 years. The eastern section of the Opemiska is prospective for new discoveries and is known to host VMS mineralization.

    Map of New Opemiska Property ExpansionQCCopperGold10262021

    Geology of Eastern Opemiska & New Opemiska Property Expansion

    The purchased claims form a continuous block that bridges the gap between the Company’s Cooke-Robitaille and Scott properties and the area is primarily underlain by felsic and mafic volcanic rocks of the Waconichi Formation.  The Waconichi Formation is host to VMS deposits elsewhere in the Chibougamau District and exhalative-style mineralization is known on surface on claims of the Cooke-Robitaille Property located nearby.   Moreover the northeast trending Scott Lake Fault, which parallels and is thought to be related to the Gwillim Fault, crosses the center of the purchased claims highlighting potential for copper-gold mineralization similar to the historical mines in Chibougamau and Chapais. 

    Terms of Acquisition

    QC Copper is acquiring 100% ownership of the Opemiska Expansion and, upon closing, will issue 150,000 common shares of the Company and pay $10,000 in cash to the Vendor. The vendor will retain a 2% Net Smelter Royalty, of which 50% can be repurchased by the Company at any time for $500,000.

    No finder’s fee is payable in connection with the acquisition, and the closing of the acquisition is subject to the approval of the TSX Venture Exchange.

    QP Statement

    The technical information contained in this news release (including information information contained in links) has been reviewed and approved by Charles Beaudry, P.Geo and géo., Director and Vice President Exploration for QC Copper and Gold Inc., who is a Qualified Person as defined in “National Instrument 43-101, Standards of Disclosure for Mineral Projects”.

    For information and updates on QC Copper and Gold, please visit: www.qccopper.com 
    And please follow us on Twitter @qccoppergold

    Forward Looking Statements

    Neither 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. Certain information in this press release may contain forward-looking statements. This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict. Actual results might differ materially from results suggested in any forward-looking statements. QC Copper and Gold Inc. assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward looking-statements unless and until required by securities laws applicable to QC Copper and Gold Inc. Additional information identifying risks and uncertainties is contained in filings by QC Copper and Gold Inc. with Canadian securities regulators, which filings are available under QC Copper and Gold Inc. profile at www.sedar.com.



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  • Erdene Resource Development Continues to Expand New Ulaan Gold Discovery

    Erdene Resource Development Continues to Expand New Ulaan Gold Discovery

    2021-10-20 05:01:02

    HALIFAX, Nova Scotia, Oct. 20, 2021 (GLOBE NEWSWIRE) — Erdene Resource Development Corporation (TSX: ERD | MSE: ERDN) (“Erdene” or the “Company”) is pleased to announce assay results from four (4) holes in the South Ulaan gold discovery expansion drill program. Today’s results confirm thick sequences of high-grade gold mineralization continue west of the initial discovery.

    Highlights

    • Drilling expands mineralization at South Ulaan to the west, with multiple thick gold mineralized zones with high-grade intersections:
      • UDH-21: 77 metres of 3.2 g/t gold and 71 metres of 0.8 g/t gold
        • Includes 27 metres of 8.7 g/t gold, including one metre of 156.5 g/t gold

      • UDH-22: 65 metres of 3.1 g/t gold within 152 metres of 1.7 g/t gold
        • Includes 7 metres of 18.5 g/t gold, including one metre of 119.8 g/t gold

      • UDH-19: 190 metres of 0.7 g/t gold
        • Includes 5 metres of 12.5 g/t gold, including one metre of 60.6 g/t gold

    • Together with the Bayan Khundii deposit, Dark Horse and Altan Arrow Prospects, these results demonstrate the potential scale of mineralization within the Khundii-Ulaan Hydrothermal system
      • Results from drilling at the Dark Horse Zone, consisting of 36 holes totaling 2,286 metres, will be reported by mid-Q4

      • Developing exploration plans to test high-priority geochemical and geophysical targets throughout the large Khundii-Ulaan system

    Quotes from the Company:

    “Today’s results confirm the significance of the Ulaan gold discovery and are a testament to the potential for discovery across the wider area,” said Peter Akerley, Erdene’s President and CEO. “This new discovery is producing the thickest intervals of gold mineralization intercepted in the District to date, including exceptionally high-grade zones, and remains open at depth and to the west.”

    “Ulaan is part of a very large gold-bearing hydrothermal alteration system underlying our Khundii and Ulaan licenses that shows the potential to host a multimillion-ounce gold deposit,” continued Mr. Akerley. “Exploration continues across this system with results from additional drilling at our Dark Horse prospect anticipated by mid-Q4.”

    Summary of Drill Results

    The recently completed Ulaan drill program was designed to test the extent of mineralization around the discovery drill holes reported on August 11, 2021 (see press release). The program consisted of nine (9) holes totaling 3,204 metres. Drill holes were spaced 25 to 50 metres apart and to a maximum depth of 461 metres, testing targets over an area of approximately 1.2 square kilometres.

    Assay results from five (5) drill holes (UDH-14 to UDH-18) were reported on September 23, 2021 (see press release). Results for the final four (4) holes (UDH-19 to UDH-22), with an aggregate meterage of 1,401.1 metres, are reported herein. Highlights are provided below in Table 1, and a drill hole plan map and section are attached to this release.

    Table 1: Ulaan Q4 2021 Drilling Highlights (Intervals averaging over 0.30 g/t gold)





















    Hole From To Interval (1) g/t Au
    UDH-19 82 272 190 0.73
    Incl 87 92 5 12.52
    Incl 87 88 1 60.55
    UDH-20 98 100 2 1.10
    And 288 298 10 0.59
    UDH-21 115 192 77 3.19
    Incl 131 158 27 8.74
    Incl 139 140 1 156.54
    Incl 155 156 1 20.98
    And 209 280 71 0.81
    Incl 222 230 8 1.92
    Incl 257 271 14 2.79
    And 304 318 14 0.34
    And 346 350.3(2) 4.3 0.38
    UDH-22 85 236.7 151.7 1.71
    Incl 85 150 65 3.11
    Incl 87 94 7 18.50
    Incl 93 94 1 119.80
    And 332 338 6 0.33
    1. Reported intervals in this release are downhole apparent widths. Continued exploration is required to confirm anisotropy of mineralization and true thicknesses

    2. End of hole

    Gold mineralization intersected at South Ulaan begins approximately 80 metres from surface and is hosted within the same white mica altered lapilli tuff sequence which hosts Erdene’s Bayan Khundii epithermal gold deposit, located just east on the Khundii mining license. Gold grades up to 156.5 g/t are related to intense quartz ± hematite veins and stockwork zones potentially related to a bounding structure and/or feeder conduit. Gold mineralization at South Ulaan also appears to be partially controlled by lithology with low permeability silicified ash tuffs focusing fluid flow and coarser lapilli tuffs acting as a preferred host to mineralization relative to the finer grained lithologies.

    In general, the highest-grade gold mineralization occurs within intervals of pervasive silicification combined with adularia and white mica alteration cut by epithermal style, irregular quartz-hematite, quartz-adularia, quartz-white mica veins and quartz-chlorite-magnetite veins. In many instances visible gold has been observed finely disseminated within these veins.

    Khundii-Ulaan Mineralized System

    The Ulaan exploration license and adjoining Khundii mining license cover nearly 4,000 hectares of the Khundii-Ulaan hydrothermal alteration zone, which extends from Ulaan over 10 kilometres to the northeast. This alteration trend has a central zone of intense secondary silica with a peripheral halo of sericite alteration, and an outer zone of white mica and sericite, which hosts the Bayan Khundii gold deposit. This northeast trending alteration area, which incorporates the Ulaan, Bayan Khundii, Dark Horse and other mineralized targets in the area, is associated with a regional structural dilational jog and associated major volcano-plutonic centre, along a northeast trending transform fault. The various styles of alteration and mineralization within the Khundii-Ulaan target area are consistent with a fertile magmatic island arc, with evidence for possible arc migration, and overlapping or telescoped mineralization along major structures.

    Exploration results to date suggest the greater Khundii-Ulaan alteration zone and known gold occurrences are part of the same, large, gold-bearing hydrothermal system which remains largely under-explored. Gold mineralization identified to date is hosted within an expansive, white mica and silica altered tuffaceous sequence exposed around the periphery of the Khundii-Ulaan hydrothermal alteration system. Quartz vein textures and clay alteration compositions indicate a large-scale epithermal type gold mineralizing environment existed within the Khundii-Ulaan system with the tuffaceous lithologies acting as preferred hosts for gold mineralization. Exploration planning is currently underway to test multiple high-priority geological, geochemical and geophysical targets across the Khundii-Ulaan target area.

    Khundii Gold District

    Erdene’s deposits are in the Edren Terrane, within the Central Asian Orogenic Belt, host to some of the world’s largest gold and copper-gold deposits. The Company has been the leader in exploration in southwest Mongolia over the past decade and is responsible for the discovery of the Khundii Gold District comprised of multiple high-grade gold and gold/base metal prospects, one of which is currently being developed, the 100%-owned Bayan Khundii Gold Project, and another which is being considered for development, the 100%-owned Altan Nar Project. Together, these deposits comprise the Khundii Gold Project.

    The Bayan Khundii Gold Resource1 includes 585,100 ounces of 2.19 g/t gold Measured and Indicated (“M&I”)2 and 35,900 ounces of Inferred resources at 2.18 g/t gold. Within the M&I resource, a Proven and Probable open-pit reserve totals 409,000 ounces at 3.7 g/t gold3 (press release here), providing significant potential for reserves growth with the development of the remaining M&I and Inferred resources1.

    In July 2020, Erdene announced the results of an independent Feasibility Study for the Bayan Khundii Gold Project (press release here). The Feasibility Study results include an after-tax Net Present Value at a 5% discount rate and a US$1,400/oz gold price of US$100 million and Internal Rate of Return (“IRR”) of 42%. The Feasibility Study envisions an open-pit mine at Bayan Khundii, producing an average of 63,500 oz gold per year, for seven years, at a head grade of 3.71 g/t gold, utilizing a conventional carbon in pulp processing plant. Production is expected to commence in 2023 based on the current project schedule.

    Erdene Resource Development Corp. is a Canada-based resource company focused on the acquisition, exploration, and development of precious and base metals in underexplored and highly prospective Mongolia. The Company has interests in three mining licenses and two exploration licenses in Southwest Mongolia, where exploration success has led to the discovery and definition of the Khundii Gold District. Erdene Resource Development Corp. is listed on the Toronto and the Mongolian stock exchanges. Further information is available at www.erdene.com. Important information may be disseminated exclusively via the website; investors should consult the site to access this information.

    1 For details of the Mineral Resources see Erdene’s Q2/2021 results press release, dated August 16, 2021, and the Company’s Q2 2021 MD&A, available on the Company’s website or SEDAR.
    2 M&I: 232,700 ounces of 2.39 g/t gold Measured and 352,400 ounces of 2.08 g/t gold Indicated
    3 P&P: 165,000 ounces of 4.4 g/t gold Proven and 256,000 ounces of 3.4 g/t gold Probable; For details of the Mineral Reserves see Khundii Gold Project NI 43-101 Technical Report, Tetra Tech December 4, 2019 available on the Company’s website or SEDAR

    Qualified Person and Sample Protocol

    Peter Dalton, P.Geo. (Nova Scotia), Senior Geologist for Erdene, is the Qualified Person as that term is defined in National Instrument 43-101 and has reviewed and approved the technical information contained in this news release. All samples have been assayed at SGS Laboratory in Ulaanbaatar, Mongolia. In addition to internal checks by SGS Laboratory, the Company incorporates a QA/QC sample protocol utilizing prepared standards and blanks. All samples undergo standard fire assay analysis for gold and ICP-OES (Inductively Coupled Plasma Optical Emission Spectroscopy) analysis for 33 additional elements. For samples that initially return a grade greater than 5 g/t gold, additional screen-metallic gold analysis is carried out which provides a weighted average gold grade from fire assay analysis of the entire +75 micron fraction and three 30-gram samples of the -75 micron fraction from a 500 gram sample.

    Erdene’s drill core sampling protocol consisted of collection of samples over 1 or 2 metre intervals (depending on the lithology and style of mineralization) over the entire length of the drill hole, excluding minor post-mineral lithologies and un-mineralized granitoids. Sample intervals were based on meterage, not geological controls, or mineralization. All drill core was cut in half with a diamond saw, with half of the core placed in sample bags and the remaining half securely retained in core boxes at Erdene’s Bayan Khundii exploration camp. All samples were organized into batches of 30 including a commercially prepared standard, blank and either a field duplicate, consisting of two quarter-core intervals, or a laboratory duplicate. Sample batches were periodically shipped directly to SGS in Ulaanbaatar via Erdene’s logistical contractor, Monrud Co. Ltd.

    Reported intervals are apparent thicknesses, i.e. downhole widths. The current Ulaan drill holes are all dipping at 85 degrees and oriented to intersect SW dipping WNW trending gold bearing veins. Additional study is required to confirm true widths. Reported grades for intervals are weighted averages based on length of sampling intervals. No top cut has been applied; however, all intervals greater than 10 g/t gold are reported individually for clarity

    Forward-Looking Statements

    Certain information regarding Erdene contained herein may constitute forward-looking statements within the meaning of applicable securities laws. Forward-looking statements may include estimates, plans, expectations, opinions, forecasts, projections, guidance, or other statements that are not statements of fact. Although Erdene believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. Erdene cautions that actual performance will be affected by a number of factors, most of which are beyond its control, and that future events and results may vary substantially from what Erdene currently foresees. Factors that could cause actual results to differ materially from those in forward-looking statements include the ability to obtain required third party approvals, market prices, exploitation, and exploration results, continued availability of capital and financing and general economic, market or business conditions. The forward-looking statements are expressly qualified in their entirety by this cautionary statement. The information contained herein is stated as of the current date and is subject to change after that date. The Company does not assume the obligation to revise or update these forward-looking statements, except as may be required under applicable securities laws.

    NO REGULATORY AUTHORITY HAS APPROVED OR DISAPPROVED THE CONTENTS OF THIS RELEASE

    Erdene Contact Information

    Peter C. Akerley, President and CEO, or
    Robert Jenkins, CFO

     

    Appendix of Significant Previously Reported Ulaan Drill Results
    (All intervals averaging greater than 0.30 g/t gold)







































    Hole From To Interval (1) g/t Au
    UDH-07 85 185 100 0.63
    And 250 254 4 1.39
    And 340 350(2) 10 0.34
    UDH-08 20 22 2 0.44
    UDH-10 69 70 1 0.57
    And 92 350.2(2) 258.2 0.98
    Incl 99 139 40 3.77
    Incl 103 104 1 39.57
    Incl 123 124 1 58.40
    UDH-13 96 112 16 0.79
    And 134 154 20 0.38
    UDH-14 106 117 11 3.68
    Incl 110 111 1 36.58
    And 188 404.6(2) 216.6 1.07
    Incl 192 245 53 3.55
    Incl 202 207 5 19.58(3)
    Incl 208 209 1 16.75
    UDH-15 60 63 3 0.41
    And 97 461.3(2) 364.3 0.79
    Incl 124 215 91 1.98
    Incl 130 140 10 7.29
    Incl 130 131 1 15.13
    Incl 138 139 1 49.36
    Incl 214 215 1 10.47
    UDH-16 65 184 119 0.59
    Incl 117 120 3 4.52
    Incl 119 120 1 11.91
    And 212 226 14 0.44
    UDH-17 287 289 2 1.71
    And 314 350.3(2) 36.3 2.18
    Incl 344 350.3 6.3 8.59
    Incl 348 350.3 2.3 21.57
    UDH-18 4 6 2 0.51
    And 142 146 4 0.45
    And 263 279 16 0.32
    And 300 308 8 0.65
    And 346 350.3(2) 4.3 0.49
    1. Reported intervals in this release are downhole apparent widths. Continued exploration is required to confirm anisotropy of mineralization and true thicknesses.

    2. End of hole.

    3. Each of the five one-metres samples in this interval returned gold values greater than 10 g/t gold: range was 15.53 to 21.76 g/t gold.

    The Bayan Khundii (

    Ulaan Gold Discovery - 300 metres West of Bayan Khundii Deposit

    SE Ulaan Project Area Plan Map

    SE Ulaan Sections

    Ulaan Drill Core Photos

    Khundii-Ulaan Hydrothermal Alteration Complex


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  • Cabral Gold Continues to Expand the Gold-in-Oxide Blanket at the MG Target, Cuiú Cuiú District, Brazil

    Cabral Gold Continues to Expand the Gold-in-Oxide Blanket at the MG Target, Cuiú Cuiú District, Brazil

    2021-10-14 03:34:10

    Vancouver, British Columbia–(Newsfile Corp. – October 14, 2021) – Cabral Gold Inc. (TSXV: CBR) (OTC Pink: CBGZF) (“Cabral” or the “Company”) is pleased to provide assay results from an additional 17 RC holes at the MG gold-in-oxide blanket at the Cuiú Cuiú gold district in northern Brazil.

    Highlights are as follows:

    • Results have been received from 17 additional RC drill holes which were designed to test the extent and continuity of the MG gold-in-oxide blanket which overlies the primary MG gold deposit. Based on these results, the surface area of the blanket has been expanded by at least 20%, to a total of 24 hectares

    • Significant results on several sections through the blanket include 66m @ 0.7 g/t gold, 24m @ 0.8 g/t gold, 23m @ 0.6 g/t gold, and 12m @ 0.8 g/t gold. The most easterly hole drilled to date (RC160) returned 23m @ 0.6 g/t gold and the gold-in-oxide blanket mineralization remains open in almost every direction

    • RC161 also returned 17m @ 1.0 g/t gold including 1m @ 7.5 g/t gold in the underlying primary MG gold deposit. As a result of these encouraging results the drill program at the MG gold-in-oxide blanket has been expanded from the initial 74-hole program to a total of 86 planned holes of which eight will be diamond drill holes

    Alan Carter, Cabral’s President and CEO commented, “Our RC drilling program at the MG gold-in-oxide blanket continues to surprise us by delivering results which suggest the gold-in-oxide blanket in unconsolidated material above the MG gold deposit at Cuiú Cuiú, is larger than we previously anticipated. The recent drilling has expanded the surface footprint of the gold mineralization in this blanket by 20% to 24 hectares and it is still open in almost every direction. These results continue to suggest the presence of a significant deposit in unconsolidated material which has resulted from the partial erosion of the underlying hard-rock MG gold deposit. With five drill rigs currently turning on site and an aggressive 30,000 meter drill program planned at Cuiú Cuiú for the coming months, we look forward to additional drill results from both the MG and Central gold deposits and a number of the other 43 mainly high-grade targets that occur outside the two known gold deposits.”

    MG Gold-in-Oxide Blanket RC Drilling

    Following the discovery of an extensive gold-in-oxide blanket in near surface unconsolidated material directly above the MG gold deposit in April of this year (see press release dated April 15, 2021 and Figure 1), Cabral has moved swiftly to define the limits to the gold-in-oxide mineralization.

    Junior Mining NetworkFigure 1: Map showing the location of the MG deposit and overlying MG gold-in-oxide target, as well as the Central gold deposit, the Pau de Merenda (PDM) gold-in-oxide blanket and other key targets within the Cuiú Cuiú district

    Initially, a 74-hole RC program was planned to define this blanket but the program has now been expanded to a total of 86 holes including eight diamond drill holes. This is the result of recent encouraging drill results which suggest that the initial blanket is significantly more extensive than previously envisaged. Results have been reported so far on a total of 32 RC holes including 17 holes which are reported here.

    Assay results have been returned on holes RC137 to RC139, RC150 to RC161 and RC195 and RC196 all of which were drilled in the central and eastern parts of the gold-in-oxide blanket (Figure 2). These holes returned intervals of gold-in oxide mineralization within the overlying unconsolidated soils and sediments.

    Junior Mining NetworkFigure 2: Map showing the outline on surface of the MG gold-in-oxide blanket and recent RC drill hole results

    The most significant intercepts from these holes are as follows:

    On section 553745 (Figure 3), RC157 returned 66m @ 0.7 g/t gold from 1m depth including 6m @ 2.5 g/t gold from 51m depth. This result represents the second-best drill intercept returned to date within the blanket, and is close to the eastern limit of the blanket as it is currently known.

    Approximately 55m further east, on section 553800, hole RC160 returned 23m @ 0.6 g/t gold from surface. This represents the most easterly hole drilled in the blanket to date and suggests that the blanket extends further east than previously anticipated whilst maintaining good grade and thickness.

    In addition, RC161, also drilled on the same section as RC160, returned 24m @ 0.8 g/t gold from 57m depth including 3m @ 3.2 g/t gold in oxidized material and a further 17m @ 1.0 g/t gold from 81m depth including 1m @ 7.5 g/t gold in fresh rock (Figure 4).

    Other significant intercepts include RC154 which is the most southerly hole on section 553700 and returned 23m @ 0.4 g/t gold from surface including 2m @ 1.8 g/t gold. Approximately 90m to the west on section 553610, RC151 which is the most southerly hole on that section, similarly returned 15m @ 0.3 g/t gold from surface, also in oxide material. Both of these holes indicate that the blanket extends further to the south than previously anticipated.

    Results are currently pending on 42 additional RC holes.

    Junior Mining NetworkFigure 3: Cross section (section 553745) through the MG deposit and overlying MG gold-in-oxide target, showing assay results from RC156, RC157 and RC158

    Junior Mining NetworkFigure 4: Cross section (section 553800) through the MG deposit and overlying MG gold-in-oxide target, showing assay results from RC159, RC160 and RC161






















































    Drill Hole Weathering Mineralized Zone From to Width Grade
    #       m m m g/t gold
    RC137 Oxide/Saprolite Blanket   0.0 5.0 5.0 0.2
          EOH   52.0    
    RC138 Oxide/Saprolite Blanket   0.0 35.0 35.0 0.3
            61.0 73.0 12.0 0.8
          incl. 61.0 62.0 1.0 5.7
          EOH 90.0      
    RC139 Oxide/Saprolite Blanket   0.0 23.0 23.0 0.3
          EOH 97.0      
    RC150 Oxide/Saprolite Blanket   0 24.0 24.0 0.2
          EOH 64      
    RC151 Oxide/Saprolite Blanket   0.0 15.0 15.0 0.3
            31.0 32.0 1.0 1.4
          EOH 60.0      
    RC152 Oxide/Saprolite Blanket   4.0 7.0 3.0 0.3
          EOH 75.0      
    RC153 Oxide/Saprolite Blanket   0.0 28.0 28.0 0.3
            94.0 96.0 2.0 0.4
            113.0 114.0 1.0 0.4
          EOH 118.0      
    RC154 Oxide/Saprolite Blanket   0.0 23.0 23.0 0.4
          incl. 11.0 13.0 2.0 1.8
          EOH 94.0      
    RC155 Oxide/Saprolite Blanket   0.0 19.0 19.0 0.2
            84.0 85.0 1.0 0.9
          EOH 88.0      
    RC156 Oxide/Saprolite Blanket   0.0 20.0 20.0 0.3
            76.0 78.0 2.0 0.5
          EOH 90.0      
    RC157 Oxide/Saprolite Blanket   1.0 67.0 66.0 0.7
          incl. 51.0 57.0 6.0 2.5
          EOH 60.0      
    RC158 Oxide/Saprolite Blanket   1.0 6.0 5.0 0.1
          EOH 58.0      
    RC159 Oxide/Saprolite Blanket   0.0 36.0 36.0 0.2
          EOH 80.0      
    RC160 Oxide/Saprolite Blanket   0.0 23.0 23.0 0.6
          EOH 70.0      
    RC161 Oxide/Saprolite Blanket   0.0 13.0 13.0 0.1
            17.0 30.0 13.0 0.2
            57.0 81.0 24.0 0.8
          incl. 67.0 70.0 3.0 3.2
      Fresh Rock     81.0 98.0 17.0 1.0
          incl. 91.0 92.0 1.0 7.5
          EOH 100.0      
    RC195 Oxide/Saprolite Blanket   0.0 19.0 19.0 0.4
          EOH 60.0      
    RC196 Oxide/Saprolite Blanket   0.0 2.0 2.0 0.1
            8.0 39.0 31.0 0.3
      Fresh Rock     39.0 70.0 31.0 0.2
            75.0 80.0 5.0 0.2
          EOH 80.0      

    Table 1: Table of drill assay results for reconnaissance RC drill holes at the MG gold-in-oxide target, RC137 to RC139, RC150 to RC161 and RC195 and RC196

    Drilling Update

    MG Diamond Drilling

    Diamond drilling designed to define the high-grade zones within the primary basement MG gold deposit continues. Assay results are pending on five holes.

    Pau de Merenda RC and Diamond Drilling

    Results are pending on ten RC holes drilled to define the limits of the gold-in-oxide blanket at Pau de Merenda (PDM) where recent drilling returned 40m @ 2.2 g/t gold (see press releases dated August 10 and August 26, 2021). Results to date indicate the presence of a near surface blanket at least 300 x 800m in lateral size.

    Results are also pending on three diamond-drill holes from a planned six holes at Pau de Merenda which are designed to test for the presence of a primary gold deposit in the basement intrusive rock underlying the gold-in-oxide blanket. Several historic drill holes suggest the presence of an underlying mineralized zone in the intrusive rocks with historic holes returning values of 30m @ 1.1 g/t gold, 47m @ 1.8 g/t gold and 9m @ 5.1 g/t gold.

    Alonso Reconnaissance Diamond Drilling

    Results are currently pending on five diamond drill holes and drilling is also in progress at the Alonso target which is located 3km SE of the MG gold deposit. Twenty-three samples of this boulder float material previously returned gold values of 11.6 to 200.3 g/t gold (see press release dated February 11, 2020).

    Upcoming Conferences

    Dr. Alan Carter will be attending the Swiss Mining Institute Conference taking place from the 2nd to the 4th of November, 2021. The invitation only virtual conference presents selected mining companies to over 400 selected Asset Managers, Fund Managers and other professional investors from all over the world.

    Alan Carter will also be hosting private meetings at the 121 Mining Investment Conference in London in person on the 17th and 18th of November. Over 500 qualified investors from across Europe will be attending the event.

    We will also be connecting with European investors at the Mines and Money Conference, one of Europe’s largest mining investment and capital raising events. The event is taking place in London on the 1st and 2nd of December.

    Please contact us if you are interested in a meeting.

    About Cabral Gold Inc.

    The Company is a junior resource company engaged in the identification, exploration and development of mineral properties, with a primary focus on gold properties located in Brazil. The Company has a 100% interest in the Cuiú Cuiú gold district located in the Tapajós Region, within the state of Pará in northern Brazil. Two gold deposits have so far been defined at Cuiú Cuiú and contain 43-101 compliant Indicated resources of 5.9Mt @ 0.90g/t (200,000 oz) and Inferred resources of 19.5Mt @ 1.24g/t (800,000 oz).

    The Tapajós Gold Province is the site of the largest gold rush in Brazil’s history producing an estimated 30 to 50 million ounces of placer gold between 1978 and 1995. Cuiú Cuiú was the largest area of placer workings in the Tapajós and produced an estimated 2Moz of placer gold historically.

    FOR FURTHER INFORMATION PLEASE CONTACT:

    “Alan Carter”
    President and Chief Executive Officer
    Cabral Gold Inc.

    Tel: 604.676.5660

    Guillermo Hughes, MAusIMM and FAIG., a consultant to the Company as well as a Qualified Person as defined by National Instrument 43-101, supervised the preparation of the technical information in this news release.

    Neither the TSX Venture Exchange nor its Regulation Services Provider (as such term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

    Forward-looking Statements

    This news release contains certain forward-looking information and forward-looking statements within the meaning of applicable securities legislation (collectively “forward-looking statements”). The use of the words “will”, “expected” and similar expressions are intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Such forward-looking statements should not be unduly relied upon. This news release contains forward-looking statements and assumptions pertaining to the following: strategic plans and future operations, and results of exploration. Actual results achieved may vary from the information provided herein as a result of numerous known and unknown risks and uncertainties and other factors. The Company believes the expectations reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct.

    Notes

    Gold analysis has been conducted by SGS method FAA505 (fire assay of 50g charge), with higher grade samples checked by FAA525. Analytical quality is monitored by certified references and blanks. Until dispatch, samples are stored under the supervision the Company’s exploration office. The samples are couriered to the assay laboratory using a commercial contractor. Pulps are returned to the Company and archived. Drill holes results are quoted as down-hole length weighted intersections.

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  • Silver X Mining Commences Environmental and Social Impact Assessment Update at Nueva Recuperada to Expand Operations and Quadruple Processing Plant Capacity to 2,500 tpd

    Silver X Mining Commences Environmental and Social Impact Assessment Update at Nueva Recuperada to Expand Operations and Quadruple Processing Plant Capacity to 2,500 tpd

    2021-10-06 06:33:03

    • Updated ESIA will allow for increasing Nueva Recuperada processing plant capacity to 2,500 tpd and a new 8,000,000 m3 tailings storage facility

    • ESIA is a key component of maintaining and strengthening the company’s social license to operate

    VANCOUVER, BC / ACCESSWIRE / October 6, 2021 / SILVER X MINING CORP. (TSXV:AGX)(OTC Pink:WRPSF) (“Silver X” or the “Company“) is pleased to announce it has begun updating the Environmental and Social Impact Assessment (ESIA) for its Nueva Recuperada Project (the “Project“) to expand operations. Nueva Recuperada currently operates within the medium size mining regime (350 tpd to 5,000 tpd) and is seeking to expand its permitted capacity to 2,500 tpd. The ESIA is a key component of a comprehensive environmental and social permitting process and will cover both wholly owned Tangana and Esperanza silver-polymetallic Mining Units. The assessment also covers the associated mining infrastructure and existing tailings facility for a total study area of 4,900 ha. Key components of the updated ESIA include an expansion of production capacity at the Company’s mineral processing plant to 2,500 tpd from the current 600 tpd and a new 8,000,000 m3 capacity tailings storage facility. Silver X is focusing on aggressively expanding silver production at Nueva Recuperada and is targeting 5 Moz Ag annual production by 2024.

    Pilar Garcia, head of permitting and environmental compliance at Silver X commented “Responsible development is a guiding principle of Silver X”. She continued, “the environmental studies and community consultations for the ESIA allow for collaborative discussions with stakeholders while providing the Company a clear path to expanding operations. We are very proud to have a strong social license to operate at Nueva Recuperada and we will continue reducing and mitigating our environmental impact while sharing the economic benefits of resource development with our stakeholders. We are on track to submit the updated ESIA application in May 2022 and anticipate approval in the following year.”

    Junior Mining NetworkFigure 1: Map of EISA study area; showing proposed new project infrastructure.

    The ESIA is a systematic process for evaluating the impacts the Project may have on the physical, biological, social/socio-economic, and cultural environments. It identifies measures that the Project should enact to avoid, reduce, mitigate, or compensate for adverse impacts, and those that can enhance positive impacts, where practicable. The updated ESIA of the Nueva Recuperada Project will include the following components:

    • Baseline Assessment: Initial survey to assess the environmental and social situation within the project area; commenced September 2021.

    • Project Description: Detailed summary of all project components, facilities, and associated organizations; commenced September 2021.

    • Impact Identification and Prediction: Comprehensive review of impacts and benefits from proposed expansion.

    • Environmental and Social Management Plan (ESMP): Incorporates measures and procedures for the short and long-term environmental and social management of the project.

    • Stakeholder Engagement: An ongoing process that continues throughout the ESIA. This focuses on a broad range of activities, including information sharing, consultation, negotiation, and partnership building. The initial community workshop was held in September 2021.

    Qualified Person

    Mr. A. David Heyl who is a qualified person under NI 43-101, has reviewed and approved the technical content of this news release for Silver X. Mr. Heyl, B.Sc., C.P.G., QP is a Certified Professional Geologist and Qualified Person under NI 43-101. With over 25 years of field and upper management experience, Mr. Heyl has a solid geological background in generating and conducting exploration and mining programs for gold, rare earth metals, and base metals, resulting in several discoveries. Mr. Heyl has 20 years of experience in Peru. He worked for Barrick Gold, was the exploration manager for Southern Peru Copper, and spent over twelve years working in and supervising underground and open pit mining operations in the Americas. Mr. A. David Heyl is a consultant for Silver X.

    About Silver X Mining

    Silver X Mining is a Canadian silver mining company with assets in Peru and Ecuador. The Company’s flagship asset is the Nueva Recuperada silver lead zinc project located in Huancavelica, Peru. Founders and management have a successful track record of increasing shareholder value. For more information visit our website at www.silverx-mining.com.

    This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities described in this news release in the United States. Such securities have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any state securities laws, and, accordingly, may not be offered or sold within the United States, or to or for the account or benefit of persons in the United States or “U.S. Persons”, as such term is defined in Regulation S promulgated under the U.S. Securities Act, unless registered under the U.S. Securities Act and applicable state securities laws or pursuant to an exemption from such registration requirements.

    ON BEHALF OF THE BOARD

    José M García
    CEO and Director

    For further information, please contact:

    Silver X Mining Corp.
    + 1 604 358 1382 | This email address is being protected from spambots. You need JavaScript enabled to view it.

    Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

    Cautionary Statement Regarding “Forward-Looking” Information

    Some of the statements contained in this news release are forward-looking statements and information within the meaning of applicable securities laws. Forward-looking statements and information can be identified by the use of words such as “expects”, “intends”, “is expected”, “potential”, “suggests” or variations of such words or phrases, or statements that certain actions, events or results “may”, “could”, “should”, “would”, “might” or “will” be taken, occur or be achieved. Forward-looking statements in this news release include statements in respect of the Company’s exploration plans and development potential for the Company’s properties. Forward-looking statements and information are not historical facts and are subject to a number of risks and uncertainties beyond the Company’s control. Actual results and developments are likely to differ, and may differ materially, from those expressed or implied by the forward-looking statements contained in this news release. Accordingly, readers should not place undue reliance on forward-looking statements. The Company undertakes no obligation to update publicly or otherwise revise any forward-looking statements, except as may be required by law.

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  • Trench Metals Looks to Expand Uranium Project Portfolio Athabasca, Saskatchewan, Canada

    Trench Metals Looks to Expand Uranium Project Portfolio Athabasca, Saskatchewan, Canada

    2021-10-04 03:18:16

    Vancouver, Canada – TheNewswire – October 3rd, 2021 – Trench Metals Corp. (the “Company”) (TSXV:TMC) (FWB:33H2) announces that its board of directors has commenced a strategic review of several uranium projects near the Company’s Gorilla Lake Uranium Project with the plan to expand the Company’s portfolio.

    Simon Cheng, Chief Executive Officer of the Company commented; “based on the encouraging initial results from our summer 2021 work program on our Gorilla Lake Uranium Project, the Company is excited to assess other highly prospective uranium projects in Athabasca, Saskatchewan that the board feels would enhance the Company’s project portfolio.  The board of directors feels the timing is ideal for expansion as the price of uranium is rising and projections are for significant growth in demand for the coming decade.  It seems the world is waking up to the idea that nuclear power is the best solution to meet the world’s green energy needs”

    About Trench Metals Corp

    Trench Metals Corp. is a mineral exploration company. We create value for our shareholders by engaging in promising mineral exploration opportunities. Our main goal is the advancement of various projects from discovery all the way to production. This vertically integrated strategy allows Trench Metals to achieve exceptional shareholder value through the entire life-cycle of the mining process.

    Trench Metals Corp. has the right to earn a 100% interest in the Gorilla Lake Uranium Project. Gorilla Lake is located in the Cluff Lake area of Saskatchewan’s Athabasca Uranium district. The Athabasca District is home to the highest grade of uranium deposits in the world. It accounts for 18% of global uranium production. The Gorilla Lake Project comprises nearly 7000ha in the Northern Mining District of Saskatchewan near the Shea Creek uranium deposit.

    For further information, contact the Company at This email address is being protected from spambots. You need JavaScript enabled to view it., or visit the Company’s website at www.trenchmetals.com.

    On behalf of the Board,

    Trench Metals Corp.

    Simon Cheng, Chief Executive Officer

    Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

    This news release may contain certain “Forward-Looking Statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws.  When or if used in this news release, the words “anticipate”, “believe”, “estimate”, “expect”, “target, “plan”, “forecast”, “may”, “schedule” and similar words or expressions identify forward-looking statements or information.  These forward-looking statements or information may relate to the acquisition of additional projects in the Athabasca region of Saskatchewan and other factors or information.  Such statements represent the Company’s current views with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political and social risks, contingencies and uncertainties. Many factors, both known and unknown, could cause results, performance, or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements. The Company does not intend, and does not assume any obligation, to update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other events affecting such statements and information other than as required by applicable laws, rules and regulations.


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