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EMX Royalty Announces Second Quarter 2022 Results

Post author By admin
Post date August 15, 2022

Vancouver, British Columbia–(Newsfile Corp. – August 15, 2022) – EMX Royalty Corporation (NYSE American: EMX) (TSXV: EMX) (FSE: 6E9) (the “Company” or “EMX”) is pleased to report results for the quarter ended June 30, 2022 (“Q2 2022”). The Company’s filings for the quarter are available on SEDAR at www.sedar.com, on the U.S. Securities and Exchange Commission’s website at www.sec.gov, and on EMX’s website at www.EMXroyalty.com. Financial results were prepared in accordance with International Financial Reporting Standards, as issued by the International Accounting Standards Board.

HIGHLIGHTS FOR Q2-2022

Financial Update

All dollar amounts in this news release are Canadian dollars (CDN) unless otherwise noted.

Revenue and other income for the three months ended June 30, 2022 was $8,952,000 including income of $921,000 from the Leeville royalty, which was an increase as production has moved into Four Corners and corridor from Carlin East to Rita K. Adjusted revenue and other income¹ was $12,055,000 including $3,103,000 for the Company’s share of royalty revenue from the effective Caserones copper royalty interest in Chile.

https://embed.fireplace.yahoo.com/embed?ctrl=Monalixa&m_id=monalixa&m_mode=document&site=sports&os=android&pageContext=%257B%2522ctopid%2522%253A%25221542500%253B1577000%2522%252C%2522hashtag%2522%253A%25221542500%253B1577000%2522%252C%2522wiki_topics%2522%253A%2522Company%2522%252C%2522lmsid%2522%253A%2522a0V0W00000HOPDcUAP%2522%252C%2522revsp%2522%253A%2522newsfile_64%2522%252C%2522lpstaid%2522%253A%2522276b03d4-e4ee-3765-9cf1-48e7c3f91c8d%2522%252C%2522pageContentType%2522%253A%2522story%2522%257D

After recovering $2,570,000 from partners, the Company’s net royalty generation costs totaled $3,944,000.
General and administrative costs totaled $1,166,000. Impacting general and administrative costs, were higher investor relations costs for increased marketing and communications activities, including the attendance of trade shows, offset by a decrease in professional fees as no further costs were incurred relating to the Barrick settlement of the Bullion Monarch litigation in the US.
Share-based payments totaled $2,714,000 for the period compared to $2,845,000 in Q2-2021. The aggregate share-based payments relate mainly to the fair value of stock options and restricted share units (“RSUs”) granted and vested during the period.
Finance expenses of $1,756,000 associated with the Sprott Credit Facility and the SSR VTB note. As at June 30, 2022, the Company had repaid in full the SSR VTB note (including interest) totaling $10,774,000.
For the quarter, the Company had income from operations of $1,285,000 and a net loss of $4,125,000.
Other significant items affecting income for the three months ended June 30, 2022 included, unrealized fair value losses on investments of $4,390,000, and foreign exchange adjustments of $1,983,000.
As at June 30, 2022, the Company had unrestricted cash and cash equivalents of $9,862,000, investments, long-term investments and loans receivable valued at $27,452,000, and a loan payable of $51,039,000.

Corporate Updates

Acquisition of Additional Royalty Interest on Caserones
In Q2-2022, EMX acquired an additional (effective) 0.3155% Net Smelter Return (“NSR”) royalty on the Caserones Copper-Molybdenum Mine located in northern Chile for US$25.74 million. When combined with EMX’s (effective) 0.418% NSR interest acquired in August 2021 (see EMX news release dated August 17, 2021), EMX now holds an effective 0.7335% NSR royalty.

Appointment of Independent Director
Subsequent to Q2-2022, EMX announced that Mr. Geoff Smith was appointed to the Board of Directors of the Company effective July 5, 2022. Mr. Smith brings to the board the benefit of 17 years of M&A and corporate finance experience having advised on or financed many of the largest, most complex and innovative streaming transactions in the past 10 years.

Commencement of Commercial Production at Gediktepe
Subsequent to Q2-2022, EMX announced the achievement of commercial production for oxide gold mineralization at its flagship Gediktepe royalty property in western Turkey. The Company holds a 10% NSR royalty on oxide gold production at Gediktepe, and operator Polimetal Madencilik Sanayi ve Ticaret A.S. (“Polimetal”), a private Turkish company, has informed EMX that it has produced over 10,000 gold equivalent ounces², the trigger for commencement of production royalty payments to EMX.

Impact of Covid 19
EMX continues to monitor developments regarding the ongoing coronavirus pandemic (“COVID-19”), with a focus on the jurisdictions in which the Company operates. EMX has implemented COVID-19 prevention, monitoring and response plans following the guidelines of international agencies and the governments and regulatory agencies of each country in which it operates. EMX’s priority is to safeguard the health and safety of its personnel and host communities, support government actions to slow the spread of COVID-19 and assess and mitigate the risks to business continuity.

Royalty Generation Updates

EMX’s royalty and mineral property portfolio consists of 266 properties in North America, Europe, Turkey, Latin America and Australia (See Figure 1). The Company’s portfolio is comprised of the following:

Producing Royalties	5
Advanced Royalties	9
Exploration Royalties	155
Royalty Generation Properties	97

Figure 1. EMX’s royalty and mineral property portfolio.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1508/133730_figure2.jpg

During Q2-2022, the Company’s royalty generation business was active in North America, South America, Europe, Turkey, and Australia. The Company spent $6,514,000 and recovered $2,570,000 from partners. During the quarter the Company also completed one partnership in the US and continued to grow the portfolio with new mineral property acquisitions.

Highlights from Q2 2022 include the following:

In the US the Company added to its growing royalty portfolio with the completion of one new royalty agreement, the advancement of twelve partner-funded work programs, including four drill projects, and new generative work leading to the acquisition of a district-wide land position at Tonopah, Nevada as well as expanded royalty footprints in Idaho. Subsequent to Q2 2022, three agreements with Hochschild were terminated and the projects are available for partnership.
EMX released drill results from its Hardshell royalty property in southern Arizona where operator South32 Limited is advancing a new copper-rich target named Peake, as well as potential extensions of Taylor CRD styles of mineralization.
In Canada, EMX conducted work programs to advance and delineate targets on recently acquired properties as partners continued to advance the portfolio with multiple field programs, including drill programs, while EMX received $206,000 in cash payments and $45,000 in share equity payments.
EMX’s South American royalty portfolio advanced through drill programs conducted by AbraSilver Resource Corp., Aftermath Silver Ltd, and GR Silver Mining Ltd. Q2 drill programs at both Diablillos and Berenguela continue to produce significant results that extend mineralization away from known zones as well as confirming historical drill results. Pampa Metals announced the discovery of a new porphyry target for drill testing later this year at EMX’s Block 4 royalty property.
EMX continued to expand its portfolio of projects in northern Europe in Q2 by adding several additional “battery metals” projects. EMX continues to seek new acquisition and staking opportunities around the world, and recently established a corporate presence in Morocco and the Balkans region.
In Sweden, a 750 meter drill program was completed by partner District Metals Corp. at the Tomtebo project in Q2, with analytical results pending.
Drill programs also commenced at partner Playfair Mining’s RKV project in Norway and on the Norden Crown Metals and Boliden AB joint venture property in Norway. Initial results are anticipated to be received in Q3.
Work continued to expand the known footprint of cobalt mineralization at EMX’s Yarrol property in Queensland, Australia. Surface sampling of cobalt enriched manganiferous mineralization developed on the north side of the Yarrol project shows cobalt enrichments over broad areas where lenses of manganese-rich conglomerate have been found in the field.

Financing Updates

Private Placement with Franco-Nevada
EMX completed a $12,580,000 (US$10,000,000) private placement with Franco-Nevada Corporation (“Franco-Nevada”). The proceeds were used to acquire the additional (effective) NSR on the Caserones open pit mine in northern Chile (see EMX’s news release dated April 14, 2022).

Franco-Nevada purchased 3,812,121 units of the Company at a price of $3.30 per unit. Each unit consisted of one common share of EMX and one warrant, with each warrant entitling the holder thereof to purchase one common share of EMX for $4.45 for a period of five years. The shares issued upon closing and the shares issuable upon the exercise of the warrants will be subject to a four-month restricted resale (hold) period expiring August 15, 2022. Franco-Nevada now owns approximately 3.5% of the issued and outstanding shares of EMX on an undiluted basis.

Repayment of Vendor Take Back Note
During Q2-2022, EMX repaid in full the vendor take back note issued to SSR Mining Inc. on October 21, 2021, totaling $10,774,000 including interest owed.

Investment Updates

As at June 30, 2022, the Company had investments totaling $26,082,000 which included $20,583,000 in various public and private entities, and $5,499,000 in non-current investments. The Company will continue to generate cash flow by selling certain of its investments when appropriate.

Strategic Investment in Premium Nickel Resources
In Q1-2022, EMX completed a strategic investment in Premium Nickel Resources Corporation (“PNR”), a private Canadian company advancing nickel-copper-cobalt and platinum group element (“PGE”) projects in Botswana. EMX now owns 5,412,702 shares or 6.3% of the issued and outstanding shares of PNR having purchased an additional one million shares in April 2022. This purchase was part of a recent financing completed by PNR at US$2.00 per share.

On April 26, 2022, PNR announced the execution of a definitive agreement for a reverse takeover transaction (“RTO”) with North American Nickel Inc. (TSX:”NAN”). This transaction will effectively take PNR public, offering liquidity for shareholders such as EMX. Trading of NAN shares was halted after the announcement, with approval for the transaction and resumption of trading for the resultant issuer expected in Q3. Securityholders of PNR will receive 5.27 shares of the resultant issuer for each share of PNR held (see NAN news release dated April 26, 2022).

PNR subsequently informed EMX that it had commenced an exploration drill program in the Selebi Mine area and will likely continue drilling through the remainder of 2022. Subsequent to period end, NAN and PNR announced that the TSX Venture Exchange has provided conditional approval for the RTO transaction (see NAN news release dated July 21, 2022).

OUTLOOK

This year will see an increase in revenue and other income coming from our cash flowing royalties, including Caserones in Chile, Leeville in Nevada, and potentially Timok in Serbia (pending conclusion of the royalty rate discussions with Zijin). Likewise, Gediktepe and Balya in Turkey have commenced commercial production, and EMX anticipates receipt of production royalty payments from both projects in Q3. As in previous years, production royalties will continue to be complemented by option, advance royalty, and other pre-production payments from partnered projects across the global portfolio. The Company plans to give production guidance for 2022 later this year.

So far in 2022, EMX has acquired an additional (effective) 0.3155% royalty interest on Caserones and completed a $12,580,000 (US $10,000,000) private placement with Franco-Nevada and a strategic investment in PNR.

The Company will continue to strengthen its balance sheet over the course of the year by looking to retire portions of its long-term debt, continuing to evaluate equity markets (including the filing of a shelf prospectus), and the ongoing monetization of the Company’s marketable securities.

EMX is well funded to identify and pursue new royalty and investment opportunities, while further filling a pipeline of royalty generation properties that provide opportunities for additional cash flow, as well as exploration, development, and production success.

QUALIFIED PERSONS

Michael P. Sheehan, CPG, a Qualified Person as defined by NI 43-101 and employee of the Company, has reviewed, verified and approved the above technical disclosure on North America, Latin America, and Strategic Investments. Eric P. Jensen, CPG, a Qualified Person as defined by NI 43-101 and employee of the Company, has reviewed, verified and approved the above technical disclosure on Europe, Turkey, and Australia.

About EMX. EMX is a precious, base and battery metals royalty company. EMX’s investors are provided with discovery, development, and commodity price optionality, while limiting exposure to risks inherent to operating companies. The Company’s common shares are listed on the NYSE American Exchange and TSX Venture Exchange under the symbol “EMX”, and also trade on the Frankfurt exchange under the symbol “6E9”. Please see www.EMXroyalty.com for more information.

For further information contact:

David M. Cole
President and CEO
Phone: (303) 973-8585
Dave@EMXroyalty.com

Scott Close
Director of Investor Relations
Phone: (303) 973-8585
SClose@EMXroyalty.com

Isabel Belger
Investor Relations (Europe)
Phone: +49 178 4909039
IBelger@EMXroyalty.com

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

Forward-Looking Statements

This news release may contain “forward looking statements” that reflect the Company’s current expectations and projections about its future results. These forward-looking statements may include statements regarding perceived merit of properties, exploration results and budgets, mineral reserves and resource estimates, work programs, capital expenditures, timelines, strategic plans, market prices for precious and base metal, or other statements that are not statements of fact. When used in this news release, words such as “estimate,” “intend,” “expect,” “anticipate,” “will”, “believe”, “potential” and similar expressions are intended to identify forward-looking statements, which, by their very nature, are not guarantees of the Company’s future operational or financial performance, and are subject to risks and uncertainties and other factors that could cause the Company’s actual results, performance, prospects or opportunities to differ materially from those expressed in, or implied by, these forward-looking statements. These risks, uncertainties and factors may include, but are not limited to unavailability of financing, failure to identify commercially viable mineral reserves, fluctuations in the market valuation for commodities, difficulties in obtaining required approvals for the development of a mineral project, increased regulatory compliance costs, expectations of project funding by joint venture partners and other factors.

Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this news release or as of the date otherwise specifically indicated herein. Due to risks and uncertainties, including the risks and uncertainties identified in this news release, and other risk factors and forward-looking statements listed in the Company’s MD&A for the quarter ended June 30, 2022 (the “MD&A”), and the most recently filed Annual Information Form (“AIF”) for the year ended December 31, 2021, actual events may differ materially from current expectations. More information about the Company, including the MD&A, the AIF and financial statements of the Company, is available on SEDAR at www.sedar.com and on the SEC’s EDGAR website at www.sec.gov.

¹ Adjusted revenue and other income, and adjusted cash provided by (used in) operating activities are non-IFRS financial measures with no standardized meaning under IFRS and might not be comparable to similar financial measures disclosed by other issuers. Refer to the “Non-IFRS financial measures” section on page 22 of the Company’s MD&A for the six months ended June 30, 2022 for more information on each non-IFRS financial measure.

² Gold equivalent ounces as referred to in the definition of “Oxide Commercial Production” in the 2019 Gediktepe share purchase agreement between Alacer Gold Madencilik A.S. and Lidya Madencilik.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/133730

Silver Bullet Mines Corp. Operational Update

Post author By admin
Post date August 11, 2022

Burlington, Ontario–(Newsfile Corp. – August 11, 2022) – Silver Bullet Mines Corp. (TSXV: SBMI) (OTCQB: SBMCF) (‘SBMI’ or ‘the Company’) provides an operational update on the ramp-up of its 125 metric ton per day pilot plant in Arizona, on progress at its Buckeye Silver Mine in Arizona, and on progress at the Washington Mine in Idaho.

While processing the lower-grade material from the Buckeye, all components of the Arizona mill continue to perform within parameters. Adjustments continue to be made within those parameters to fine-tune production. As a result the mill is producing silver concentrate and is pouring silver dore bars from this material, while the ramp-up continues. The Company intends to introduce higher-grade material from the Buckeye once the mill is operating optimally, to avoid wastage in the tailings.

Dore bars poured at the end of July, 2022

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8464/133505_bf8d84c94488a8fc_001full.jpg

The silver concentrate and dore bars have been and continue to be shipped to potential purchasers for analysis. All purchases will likely be FOB the mill site.https://embed.fireplace.yahoo.com/embed?ctrl=Monalixa&m_id=monalixa&m_mode=document&site=sports&os=android&pageContext=%257B%2522ctopid%2522%253A%25221542500%253B1577000%2522%252C%2522hashtag%2522%253A%25221542500%253B1577000%2522%252C%2522wiki_topics%2522%253A%2522Arizona%253BCompany%253BSilver_mining%253BBall_mill%2522%252C%2522lmsid%2522%253A%2522a0V0W00000HOPDcUAP%2522%252C%2522revsp%2522%253A%2522newsfile_64%2522%252C%2522lpstaid%2522%253A%252266ea4121-4374-3b7f-bdd1-1217a3651081%2522%252C%2522pageContentType%2522%253A%2522story%2522%257D

Occasional challenges are being encountered with the motor and starter for the ball mill. The field team reasonably believes these challenges can be overcome in the near future.

At the Buckeye Mine, mineralized material is being extracted from the vein above the decline near the Treasure Room. SBMI is also bolting, screening and adding timber to the adit as part of its ESG commitment.

In Idaho at the Washington Mine, SBMI has begun the process to have the adit timbered and brought to current safety standards. The next step there would be for the contract miner to begin the process of extracting a bulk sample of between 1,500 and 3,000 tons, to be processed at a local mill. Management expects SBMI’s capital investment for this process to be relatively minor.

Largely due to Covid the ramp-up of the mill in Arizona has taken longer than anticipated which has had an effect upon the Company’s anticipated cashflow. With a view to protecting its treasury SBMI is in advanced negotiations to enter into an agreement (the “Agreement”) with its largest institutional shareholder (the “Lender”) whereby SBMI would borrow CDN$650,000 (six hundred and fifty thousand dollars) for an 18-month term. The Agreement would provide for an 8 % interest rate and a conversion feature, whereby upon conversion the loan may convert into 2,166,667 units (each, a “Unit”) at an effective price of $0.30 per Unit. This is at a premium to the current market price. Each Unit would be comprised of one common share and one common share purchase warrant exercisable at $0.35 for a four-year term.

Closing on the Agreement is conditional upon regulatory approval.

For further information, please contact:

John Carter
Silver Bullet Mines Corp., CEO
cartera@sympatico.ca
+1 (905) 302-3843

Peter M. Clausi
Silver Bullet Mines Corp., VP Capital Markets
pclausi@brantcapital.ca
+1 (416) 890-1232

Cautionary and Forward-Looking Statements

This news release contains certain statements that constitute forward-looking statements as they relate to SBMI and its subsidiaries. Forward-looking statements are not historical facts but represent management’s current expectation of future events, and can be identified by words such as “believe”, “expects”, “will”, “intends”, “plans”, “projects”, “anticipates”, “estimates”, “continues” and similar expressions. Although management believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that they will prove to be correct.

By their nature, forward-looking statements include assumptions, and are subject to inherent risks and uncertainties that could cause actual future results, conditions, actions or events to differ materially from those in the forward-looking statements. If and when forward-looking statements are set out in this new release, SBMI will also set out the material risk factors or assumptions used to develop the forward-looking statements. Except as expressly required by applicable securities laws, SBMI assumes no obligation to update or revise any forward-looking statements. The future outcomes that relate to forward-looking statements may be influenced by many factors, including but not limited to: the impact of SARS CoV-2 or any other global virus; reliance on key personnel; the thoroughness of its QA/QA procedures; the continuity of the global supply chain for materials for SBMI to use in the production and processing of ore; shareholder and regulatory approvals; activities and attitudes of communities local to the location of the SBMI’s properties; risks of future legal proceedings; income tax matters; fires, floods and other natural phenomena; the rate of inflation; availability and terms of financing; distribution of securities; commodities pricing; currency movements, especially as between the USD and CDN; effect of market interest rates on price of securities; and, potential dilution. SARS CoV-2 and other potential global viruses create risks that at this time are immeasurable and impossible to define.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/133505

Tags #BuckeyeMine, #JuniorMining, #MauriceJackson, #ProvenAndProbable, #SBMI, #WashingtonMine, John Carter, Silver, Silver Bullet Mines

Exclusive Interviews Junior Mining Uncategorized

(VIDEO) Dolly Varden Silver – Intersects 414 G/T Silver over 50.2 Meters

Post author By admin
Post date August 11, 2022

Dolly Varden Silver Corp: (TSX.V: DV | OTCQX: DOLLF)
Website: https://www.dollyvardensilver.com/
Corporate Presentation: https://bit.ly/3atGLuq
Email: info@dollyvardensilver.com
Phone: 604-602-1440

Tags #JuniorMining, #KitsaultValleyProject, #MauriceJackson, #ProvenAndProbable, #ShawnKhunkhun, DollyVardenSilver, DV

Energy Junior Mining Project Generators

Dolly Varden Intersects 50.2 Meters of 414 g/t Silver in Step-Out Drilling at Kitsol Vein

Post author By admin
Post date August 10, 2022

Vancouver, British Columbia–(Newsfile Corp. – August 10, 2022) – Vancouver, BC: Dolly Varden Silver Corporation (TSXV: DV) (OTCQX: DOLLF) (the “Company” or “Dolly Varden“) is pleased to announce significant results from drilling at the Kitsol Vein located near the historic Torbrit Mine on the Company’s Property in northwest BC.

Highlights from drill hole DV22-283 include:

50.18m (~30.0m true width) averaging 414 g/t Ag
Including 7.15m (4.29m true width) averaging 646 g/t Ag
Including 11.74m (7.04m true width) averaging 658 g/t Ag
Including 5.34m (3.20m true width) averaging 801 g/t Ag

Drill hole DV22-283 is a 25m step-out along strike and down dip of high grade silver mineralization zone within the Kitsol Vein and suggests that thickness and grade of the Kitsol Vein is increasing at depth. Within the mineralized interval, three 0.50m long samples assayed 2,910 g/t Ag, 2,390 g/t Ag and 2,500 g/t respectively. The Kitsol Structure is a vein-hosted, high-grade silver system located immediately west of the Torbrit Mineral Resource and historic mine. Mineralization consists of multiple, overlapping epithermal vein and brecciation events along a northeast striking, steep westerly dipping zone. Silver mineralization includes native silver, pyrargyrite, tennantite, argentite and argentiferous galena hosted in highly siliceous breccias and veins.

“As one of the widest and highest grade drill holes on the Dolly Varden Property, we will be prioritizing additional step out drilling at the Kitsol Vein area. We are targeting potentially underground bulk-mineable mineralization and this certainly meets our criteria. In addition to the ongoing drilling at priority exploration targets including the Wolf Mine and at Homestake Ridge, we are thrilled with these results and look forward to receiving additional assays soon,” said Shawn Khunkhun, President and CEO of Dolly Varden Silver.

Complete results from drill hole DV22-283 are as follows:

Target	Hole ID	From (m)	To (m)	Core Length (m)	True width (m)	Ag (g/t)	Pb (%)	Zn (%)	Au (g/t)

Kitsol Vein	DV22-283	181.32	231.50	50.18	30.11	414	0.18	0.19	0.07
Includes:
Zone 1	DV22-283	189.11	196.26	7.15	4.29	634	0.47	0.31	0.11
including	DV22-283	191.00	193.75	2.75	1.65	1121	0.66	0.37	0.21
including	DV22-283	191.00	191.50	0.50	0.30	2910	2.81	1.32	0.54
including	DV22-283	193.25	193.75	0.50	0.30	2390	0.12	0.14	0.42

Zone 2	DV22-283	207.00	218.74	11.74	7.04	658	0.21	0.14	0.07
including	DV22-283	211.00	217.90	6.90	4.14	849	0.20	0.16	0.10
including	DV22-283	212.70	215.04	2.34	1.40	1245	0.22	0.11	0.23
including	DV22-283	212.70	213.20	0.50	0.30	2500	0.03	0.08	0.23

Zone 3	DV22-283	223.02	228.36	5.34	3.20	801	0.07	0.22	0.02

Photo showing Native Silver mineralization from Kitsol drill hole DV22-283

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1728/133309_322e3c0e04b46878_002full.jpg

Photo showing siliceous breccia and epithermal vein mineralization from Kitsol drill hole DV22-283

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1728/133309_322e3c0e04b46878_003full.jpg

Long Section of the Kitsol Vein showing the location of DV22-283 relative to the 2019 Mineral Resource block model

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1728/133309_322e3c0e04b46878_004full.jpg

Isometric view of drill hole DV22-283 relative to the Kitsol 2019 Mineral Resource estimate solid

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1728/133309_322e3c0e04b46878_005full.jpg

2022 Kitsault Valley Drill Program

The Company is currently utilizing three diamond drill rigs with 99 drill holes planned in the Phase I program. To-date, over 18,000m of drilling has been completed. Resource upgrade and expansion drilling is underway at the Homestake Ridge Main Gold zone with two drills, with one drill continuing exploration and resource expansion drilling at the silver-rich Torbrit area and at the Wolf Deposit.

Concurrent with the diamond drilling, geological and geophysical work along the Kitsault Valley trend is ongoing to help refine targets for exploration drilling in the latter part of the summer.

The Kitsault Valley Project combined current mineral resource contains 34.7 million ounces of silver and 166 thousand ounces of gold in the Indicated category and 29.3 million ounces of silver and 817 thousand ounces of gold in the Inferred category within a 163 square km consolidated land package.

Quality Assurance and Quality Control

The Company adheres to CIM Best Practices Guidelines for exploration related activities conducted on its property. Quality Assurance and Quality Control (QA/QC) procedures are overseen by the Qualified Person.

Dolly Varden QA/QC protocols are maintained through the insertion of certified reference material (standards), blanks and field duplicates within the sample stream. Drill core is cut in-half with a diamond saw, with one-half placed in sealed bags and shipped to the laboratory and the other half retained on site. Third party laboratory checks on 5% of the samples are carried out as well. Chain of custody is maintained from the drill to the submittal into the laboratory preparation facility.

Analytical testing was performed by ALS Canada Ltd. in North Vancouver, British Columbia. The entire sample is crushed and a 500 gram split is pulverized to minus 200mesh. Multi-element analyses were determined by Inductively-Coupled Plasma Mass Spectrometry (ICP-MS) for 48 elements following a 4-acid digestion process. High grade silver testing was determined by Fire Assay with either an atomic absorption, or a gravimetric finish, depending on grade range. Au is determined by Fire Assay on a 30g split.

Qualified Person

Rob van Egmond, P.Geo Vice President Exploration for Dolly Varden Silver, the “Qualified Person” as defined by NI43-101 has reviewed, validated and approved the scientific and technical information contained in this news release and supervises the ongoing exploration program at the Dolly Varden Project.

About Dolly Varden Silver Corporation

Dolly Varden Silver Corporation is a mineral exploration company focused on advancing its 100% held Kitsault Valley Project (which combines the Dolly Varden Project and the Homestake Ridge Project) located in the Golden Triangle of British Columbia, Canada, 25kms by road to tide water. The 163 sq. km. project hosts the high-grade silver and gold resources of Dolly Varden and Homestake Ridge along with the past producing Dolly Varden and Torbrit silver mines. It is considered to be prospective for hosting further precious metal deposits, being on the same structural and stratigraphic belts that host numerous other, on-trend, high-grade deposits, such as Eskay Creek and Brucejack. The Kitsault Valley Project also contains the Big Bulk property which is prospective for porphyry and skarn style copper and gold mineralization, similar to other such deposits in the region (Red Mountain, KSM, Red Chris).

Forward-Looking Statements

This release may contain forward-looking statements or forward-looking information under applicable Canadian securities legislation that may not be based on historical fact, including, without limitation, statements containing the words “believe”, “may”, “plan”, “will”, “estimate”, “continue”, “anticipate”, “intend”, “expect”, “potential”, and similar expressions. Forward-looking statements involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of Dolly Varden to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements. Forward looking statements or information in this release relates to, among other things, completion of the Offering, TSX Venture Exchange approval of the Offering, the use of proceeds with respect to the Offerings, the results of previous field work and programs and the continued operations of the current exploration program, interpretation of the nature of the mineralization at the project and that that the mineralization on the project is similar to Eskay and Brucejack, results of the mineral resource estimate on the project, the potential to grow the project, the potential to expand the mineralization and our beliefs about the unexplored portion of the property.

These forward-looking statements are based on management’s current expectations and beliefs and assume, among other things, the ability of the Company to successfully pursue its current development plans, that future sources of funding will be available to the company, that relevant commodity prices will remain at levels that are economically viable for the Company and that the Company will receive relevant permits in a timely manner in order to enable its operations, but given the uncertainties, assumptions and risks, readers are cautioned not to place undue reliance on such forward-looking statements or information. The Company disclaims any obligation to update, or to publicly announce, any such statements, events or developments except as required by law.

For additional information on risks and uncertainties, see the Company’s most recently filed annual management discussion & analysis (“MD&A“) and management information circular dated January 21, 2022 (the “Circular“), both of which are available on SEDAR at www.sedar.com. The risk factors identified in the MD&A and the Circular are not intended to represent a complete list of factors that could affect the Company.

Neither the TSX Venture Exchange 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 news release.

For further information: Shawn Khunkhun, CEO & Director, 1-604-609-5137, www.dollyvardensilver.com;

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/133309

Tags #DV, #JuniorMining, #KitsaultValleyProject, #MauriceJackson, #ProvenAndProbable

Base Metals Energy Exclusive Interviews Junior Mining Precious Metals

Collective Mining – Discovers Long Gold Intersection of 2.68 G/T AuEq over 207.15 Meters

Post author By admin
Post date August 10, 2022

PRESS RELEASE:

Collective Mining Drills 207.15 Metres @ 2.68 AuEq at its Newly Discovered Apollo Target

Figure 1

Plan View of the Guayabales Project Highlighting the Apollo Target

Figure 2

Plan View of the Apollo Target Area Outlining the Porphyry and Breccia Targets, their Related Soil Anomalies and Drill Holes Completed or Currently Underway

Figure 3

Plan View With Drill Hole Traces of the Main Breccia Discovery Made at Apollo

Figure 4

Apollo Target Cross Section N-S with Core Photo Highlights for APC-2

APC-2 intersected a broad zone of high-grade breccia mineralization with overprinting carbonate base metal veins beginning at 100 metres below surface returning:
- 207.15 metres @ 2.68 g/t gold equivalent
APC-1W also intersected the main breccia structure with overprinting veining but was stopped short of the final target depth in a post mineral dyke due to rig capacity limits yet still yielded:
- 89.40 metres @ 2.46 g/t gold equivalent
Drilled dimensions of the Apollo target now measure 300 metres along strike by up to 100 metres across by 400 metres vertical and remains open in all directions

Assay results for drill holes APC-3 and APC-5 are expected in the near term. Both holes cut more than 200 metres of continuous mineralization in the main breccia body

TORONTO, Aug. 10, 2022 (GLOBE NEWSWIRE) — Collective Mining Ltd. (TSXV: CNL) (OTCQX: CNLMF) (“Collective” or the “Company”) is pleased to announce assay results from two additional holes completed at the Apollo target (“Apollo”) at the Company’s Guayabales project located in Caldas, Colombia. Apollo is a newly discovered high-grade copper-gold-silver porphyry-related breccia and is one of eight porphyry-related targets situated within a three-by-four-kilometre cluster area generated by the Company through grassroots exploration at the project. As part of its fully funded 20,000+ metre drill program for 2022, there are currently three diamond drill rigs operating at the Apollo target with an additional rig being mobilized to site to begin the Phase II program at the Olympus target in August 2022.

“With assay results in hand for three drill holes and visual observations from additional holes either recently completed or underway, it is becoming abundantly clear that we are dealing with a large mineralized system. Importantly, Apollo appears to be blessed with multiple pulses of fluids depositing metal into the system resulting in high-grade bulk drilling intervals. Our reconnaissance work in and around Apollo suggests we may only be on the tip of the iceberg in terms of understanding this system as our technical team believes that the main breccia discovery at Apollo may be the first in a series of porphyry and breccia discoveries in this area,” commented Ari Sussman, Executive Chairman.

A short video presented by Richard Tosdal and David Reading discussing the assay results and related drill core can be seen by clicking here.

Details (See Table 1 and Figures 1 – 4)

Three diamond drill holes with accompanying assay results confirm that the Apollo target has the potential to evolve into a significant high-grade, bulk tonnage mineralized system. New assay results for holes APC-2 and APC-1W are reported herein as follows:

APC-2:
207.15 metres @ 2.68 g/t AuEq from 154.5 metres down hole (100m vertical) including
17.40 metres @ 7.33 g/t AuEq from 192.5 metres down hole and
20.95 metres @ 5.21 g/t AuEq from 270.6 metres down hole.

APC-2 is the first hole drilled from a newly constructed pad located approximately 200 metres to the southeast of the initial pad from which drill holes APC-1 and APC-1W were drilled. APC-2 was drilled orthogonal to APC-1 and APC-1W and intersected bulk mineralization hosted within porphyry related breccia with overprinting carbonate base metal veins (“CBM”).

APC-1W:
89.40 metres @ 2.46 g/t AuEq from 293 metres down hole (175m vertical) including
19.35 metres @ 3.87 g/t AuEq from 93.8 metres down hole and
15.30 metres @ 2.31 g/t AuEq from 164.36 metres down hole.

APC-1W was drilled as a wedge hole from discovery hole APC-1 to the east and at a steeper inclination. The hole was stopped short of the target depth in a post-mineral dyke due to rig capacity issues. The hole was expected to re-enter the main mineralized breccia after clearing the dyke and extend the zone further to the south. Future drilling will test the area south of APC-1W to determine if mineralization extends beyond the post-mineral dyke in this location.

Mineralization is remarkably continuous along the axis of both intercepts and is hosted within an angular breccia with a sulphide matrix consisting of chalcopyrite (Cu), pyrite and pyrrhotite. Additionally, overprinting carbonate base metal porphyry veins flood the breccia matrix in various locations along the mineralized interval yielding the higher-grade intercepts in both holes. The breccia clasts are all quartz diorite and diorite in composition and this hydrothermal system is clearly linked to a porphyry system.
APC-2 was drilled perpendicular to APC-1W and has extended the mineralized breccia at least 200 metres to the northeast and 100 metres to the southwest. Two further holes, APC-3 and APC-5 have been completed with more than 200 metres of favorable mineralization intersected in both holes. Assay results for APC-3 and APC-5 are anticipated the near term.
Assay results and visual observation from all holes completed to date confirm that the main mineralized breccia has a minimum strike length of 300 metres in a northeast-southwest direction, is up to 100 metres thick and extends to at least 400 metres vertically below surface. The target remains open in all directions for expansion.
The Apollo target area, as defined to date by surface mapping, rock sampling and copper and molybdenum soil geochemistry, covers an 800 metre X 700 metre area. The Apollo target area hosts the Company’s new grassroots main breccia discovery plus additional yet untested breccia, porphyry and vein targets. The Apollo target area also remains open for further expansion.

Table 1: Assays Results

HoleI D	From (m)	To (m)	Intercept (m)**	Au (g/t)	Ag (g/t)	Cu %	Zn %	Pb %	Mo %	AuEq (g/t)*
APC1-W	293	382.4	89.40	0.89	58	0.39	0.07	0.06	0.001	2.46
Incl	296.6	315.9	19.35	1.04	128	0.53	0.13	0.12	0.001	3.87
	367.1	382.4	15.30	1.90	16	0.14	0.01	0.00	0.001	2.31
APC-2	154.7	361.9	207.15	1.46	45	0.31	0.075	0.05	0.002	2.68
Incl	192.5	209.9	17.40	6.57	44	0.08	0.285	0.23	0.003	7.33
	270.6	291.6	20.95	3.67	68	0.41	0.034	0.03	0.002	5.21

*AuEq (g/t) is calculated as follows: (Au (g/t) x 0.95) + (Ag g/t x 0.014 x 0.95) + (Cu (%) x 1.96 x 0.95) + (Mo (%) x 7.35 x 0.95)+(Zn(%)x 0.86 x 0.95)+ (Pb(%)x 0.44 x 0.95) utilizing metal prices of Cu – US$4.00/lb, Mo – US$15.00/lb, Zn – US$1.75/lb, Pb – US$0.9/lb, Ag – $20/oz and Au – US$1,400/oz and recovery rates of 95% for Au, Ag, Cu, Mo, Zn and Mo. Recovery rate assumptions are speculative as no metallurgical work has been completed to date.
** A 0.4 g/t AuEq cut-off grade was employed with no more than 10% internal dilution. True widths are unknown, and grades are uncut.

Figure 1: Plan View of the Guayabales Project Highlighting the Apollo Target
https://www.globenewswire.com/NewsRoom/AttachmentNg/748c2e74-07e0-4a35-bb4e-a498f2c48301

Figure 2: Plan View of the Apollo Target Area Outlining the Porphyry and Breccia Targets, their Related Soil Anomalies and Drill Holes Completed or Currently Underway
https://www.globenewswire.com/NewsRoom/AttachmentNg/69495b4e-a5c4-43bf-b978-9832ff92fa42

Figure 3: Plan View With Drill Hole Traces of the Main Breccia Discovery Made at Apollo
https://www.globenewswire.com/NewsRoom/AttachmentNg/8997b6cb-6594-48cd-8b7d-aa60fdeec92a

Figure 4: Apollo Target Cross Section N-S with Core Photo Highlights for APC-2
https://www.globenewswire.com/NewsRoom/AttachmentNg/b5bd44e2-8754-4913-a727-ab5e97711d93

About Collective Mining Ltd.

Twitter: @CollectiveMini1
Instagram: CollectiveMining
LinkedIn: Collective Mining
Facebook: Collective Mining Colombia

To see our latest corporate presentation, please visit www.collectivemining.com

Collective Mining is an exploration and development company focused on identifying and exploring prospective mineral projects in South America. Founded by the team that developed and sold Continental Gold Inc. to Zijin Mining for approximately $2 billion in enterprise value, the mission of the Company is to repeat its past success in Colombia by making significant new mineral discoveries and advance the projects to production. Management, insiders and close family and friends own nearly 45% of the outstanding shares of the Company and as a result, are fully aligned with shareholders.

The Company currently holds an option to earn up to a 100% interest in two projects located in Colombia. As a result of an aggressive exploration program on both the Guayabales and San Antonio projects, a total of eight major targets have been defined. The Company has made significant grassroot discoveries at both projects with near-surface discovery holes at the Guayabales project yielding 302 metres at 1.11 g/t AuEq at the Olympus target, 163 metres at 1.3 g/t AuEq at the Donut target and recently, at the Apollo target, 207.15 metres at 2.68 g/t AuEq, 89.4 metres at 2.46 g/t AuEg and 87.8 metres at 2.49 g/t AuEg. At the San Antonio project, the Company intersected, from surface, 710 metres at 0.53 AuEq. (See related press releases on our website for AuEq calculations)

Qualified Person (QP) and NI43-101 Disclosure

David J Reading 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. Mr. Reading has an MSc in Economic Geology and is a Fellow of the Institute of Materials, Minerals and Mining and of the Society of Economic Geology (SEG).

Technical Information

Rock and core samples have been prepared and analyzed at SGS laboratory facilities in Medellin, Colombia and Lima, Peru. Blanks, duplicates, and certified reference standards are inserted into the sample stream to monitor laboratory performance. Crush rejects and pulps are kept and stored in a secured storage facility for future assay verification. No capping has been applied to sample composites. The Company utilizes a rigorous, industry-standard QA/QC program.

Contact Information

Collective Mining Ltd.
Steven Gold, Vice President, Corporate Development and Investor Relations
Tel. (416) 648-4065

FORWARD-LOOKING STATEMENTS

This news release contains certain forward-looking statements, including, but not limited to, statements about the drill programs, including timing of results, and Collective’s future and intentions. Wherever possible, words such as “may”, “will”, “should”, “could”, “expect”, “plan”, “intend”, “anticipate”, “believe”, “estimate”, “predict” or “potential” or the negative or other variations of these words, or similar words or phrases, have been used to identify these forward-looking statements. These statements reflect management’s current beliefs and are based on information currently available to management as at the date hereof.

Forward-looking statements involve significant risk, uncertainties, and assumptions. Many factors could cause actual results, performance, or achievements to differ materially from the results discussed or implied in the forward-looking statements. These factors should be considered carefully, and readers should not place undue reliance on the forward-looking statements. Although the forward-looking statements contained in this news release are based upon what management believes to be reasonable assumptions, Collective cannot assure readers that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this news release, and Collective assumes no obligation to update or revise them to reflect new events or circumstances, except as required by law.

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 news release.

Tags #AriSussman, #CanadianMining, #CanadianMiningStocks, #CollectiveMining, #Guayabales, #JuniorMining, #MauriceJackson, #ProvenAndProbable

Junior Mining Precious Metals

Goldshore Intercepts 2.65 g/t Au over 14.6m in 200 m Step-Out Hole at Moss Lake

Post author By admin
Post date August 10, 2022

Vancouver, British Columbia–(Newsfile Corp. – August 10, 2022) – Goldshore Resources Inc. (TSXV: GSHR) (OTCQB: GSHRF) (FSE: 8X00) (“Goldshore” or the “Company“), is pleased to announce assay results from its ongoing 100,000-meter drill program at the Moss Lake Project in Northwest Ontario, Canada (the “Moss Lake Gold Project“).

Highlights:

Four holes drilled to evaluate the eastern extension of the Southwest Zone have confirmed gold mineralization within anastomosing shears in altered diorite with intercepts of:
- 39.75m @ 1.18 g/t Au from 44.25m depth in MMD-22-023, including
  - 14.60m @ 2.65 g/t Au from 462.2m
- 11.65m @ 1.05 g/t Au from 37.35m depth, and
- 18.70m @ 1.37 g/t Au from 151.1m in MMD-22-031
- 10.00m @ 1.05 g/t Au from 290.0m in MMD-22-035

President and CEO Brett Richards stated: “We are excited to continue to deliver consistent drilling results. I am encouraged about the high-grade sections we are seeing and have shared previously with the market, as this will provide optionality when we model the resource later in the year and start to look at economic pit shells. With this step out hole from historically drilled areas at Moss Lake, it will further increase the optionality.”

Technical Overviewhttps://embed.fireplace.yahoo.com/embed?ctrl=Monalixa&m_id=monalixa&m_mode=document&site=sports&os=android&pageContext=%257B%2522ctopid%2522%253A%25221542500%253B1577000%253B1580500%2522%252C%2522hashtag%2522%253A%25221542500%253B1577000%253B1580500%2522%252C%2522lmsid%2522%253A%2522a0V0W00000HOPDcUAP%2522%252C%2522revsp%2522%253A%2522newsfile_64%2522%252C%2522lpstaid%2522%253A%252252ed9616-6bdd-3e2e-8c5d-430b03b8b1a6%2522%252C%2522pageContentType%2522%253A%2522story%2522%257D

Table 1 shows the significant intercepts. Table 2 and Figure 1 show the drill hole locations.

Table 1: Significant downhole gold intercept

HOLE ID	FROM	TO	LENGTH (m)	TRUE WIDTH (m)	CUT GRADE (g/t Au)	UNCUT GRADE (g/t Au)
MMD-22-023	375.95	379.30	3.35	2.5	0.37	0.37
	440.25	502.10	61.85	49.4	0.84	0.88
Including	440.25	480.00	39.75	31.7	1.18	1.24
Including	462.20	476.80	14.60	11.7	2.65	2.83
and	490.35	502.10	11.75	9.6	0.32	0.32
	527.00	529.00	2.00	1.7	0.36	0.36
	565.40	584.35	18.95	16.2	0.32	0.32

MMD-22-027	22.80	28.00	5.20	3.3	0.76	0.76
	42.00	48.00	6.00	3.9	0.54	0.54
	58.60	82.00	23.40	15.7	0.37	0.37
	95.10	220.00	124.90	91.3	0.48	0.48
including	171.50	175.45	3.95	2.9	2.60	2.60
and	207.00	210.65	3.65	2.8	3.26	3.26
	260.00	262.70	2.70	2.2	0.46	0.46
	305.65	314.00	8.35	6.9	0.42	0.42
	336.10	351.20	15.10	12.9	0.47	0.47
	375.15	379.55	4.40	3.9	0.32	0.32
	386.00	394.00	8.00	7.1	0.56	0.56

MMD-22-031	15.50	64.30	48.80	33.3	0.61	0.61
including	25.00	29.00	4.00	2.7	1.43	1.43
and	37.35	49.00	11.65	7.9	1.05	1.05
	74.45	80.00	5.55	3.9	1.76	1.76
	91.95	174.45	82.50	60.3	0.66	0.66
including	106.80	112.80	6.00	4.3	1.30	1.30
and	151.10	169.80	18.70	13.9	1.37	1.37
	193.00	200.00	7.00	5.4	0.38	0.38
	212.00	231.60	19.60	15.4	0.37	0.37
including	214.00	216.00	2.00	1.6	1.91	1.91
	273.00	275.10	2.10	1.7	0.49	0.49

MMD-22-035	83.30	87.00	3.70	2.5	0.38	0.38
	92.00	111.00	19.00	13.0	0.49	0.49
	135.80	138.00	2.20	1.5	0.61	0.61
	156.00	166.00	10.00	7.3	0.56	0.56
	184.75	322.40	137.65	109.9	0.37	0.37
including	196.00	201.00	5.00	3.8	1.30	1.30
and	290.00	300.00	10.00	8.3	1.05	1.05
	332.85	355.55	22.70	19.7	0.47	0.47
including	332.85	338.00	5.15	4.4	1.37	1.37
	366.00	375.55	9.55	8.4	0.35	0.35
	415.00	435.00	20.00	18.1	0.46	0.46
	470.00	476.10	6.10	5.7	1.03	1.03
	498.25	514.95	16.70	15.8	0.40	0.40
	538.00	542.00	4.00	3.8	0.83	0.83
including	540.00	542.00	2.00	1.9	1.23	1.23
Intersections calculated above a 0.3 g/t Au cut off with a top cut of 30 g/t Au and a maximum internal waste interval of 10 metres. Shaded intervals are intersections calculated above a 1.0 g/t Au cut off. Intervals in bold are those with a grade thickness factor exceeding 20 gram x metres / tonne gold. True widths are approximate and assume a subvertical body. The fact that cut and uncut assays are the same, shows that all samples assayed less than the 30 g/t Au top cut.

Figure 1: Drill plan showing the drill holes relative to the 2013 resource model and the new parallel zones

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8051/133310_7659ee27e47ab9b1_002full.jpg

Table 2: Location of drill holes in this press release

HOLE	EAST	NORTH	RL	AZIMUTH	DIP	EOH
MMD-22-023	668300	5378663	433	135°	-50°	643.8m
MMD-22-027	668475	5378300	438	150°	-50°	494.0m
MMD-22-031	668500	5378300	439	120°	-50°	521.0m
MMD-22-035	668400	5378387	479	150°	-50°	623.05m
Approximate collar coordinates in NAD 83, Zone 15N

Results have been received for four holes that have tested the previously undrilled eastern extension of the Southwest Zone. They show that mineralization is continuous in several structurally-controlled zones. The Southwest Zone remains open in both the east and west directions.

These holes intersected several broad zones of low-grade mineralization within the altered diorite intrusion host. Examples include 61.85m @ 0.84 g/t Au from 440.25m in MMD-22-023; 124.9m @ 0.48 g/t Au from 95.1m in MMD-22-027; 64.3m @ 0.61 g/t Au from 15.5m and 82.5m @ 0.66 g/t Au from 91.95m in MMD-22-031; and 137.65m @ 0.37 g/t Au from 184.75m in MMD-22-035 among several 10-20 meter wide zones of low-grade gold mineralization throughout all holes.

All of these low-grade zones occur as envelopes to higher-grade structures. An analysis of oriented core by structural geologist, Dr. Brett Davis, confirmed that these form a three-dimensional, anastomosing shear network that has developed in response to strain on the altered diorite intrusion. Results include the broad zones of +1 g/t Au mineralization shown in the highlights (e.g., 39.75m @ 1.18 g/t Au from 440.25m in MMD-22-023) and several narrow high-grade intervals, including 0.8m @ 33.3 g/t Au from 462.2m in MMD-22-023; 0.3m @ 14.3 g/t Au from 172.3m in MMD-22-027; and 0.65m @ 15.5 g/t Au from 167.35m in MMD-22-031.

Pete Flindell, VP Exploration for Goldshore, said, “These drill results confirm the potential of the Moss Lake Gold Project. Drilling to test potential expansions to these parallel zones of mineralization will continue into the end of the year.”

Analytical and QA/QC Procedures

All samples were sent to ALS Geochemistry in Thunder Bay for preparation and analysis was performed in the ALS Vancouver analytical facility. ALS is accredited by the Standards Council of Canada (SCC) for the Accreditation of Mineral Analysis Testing Laboratories and CAN-P-4E ISO/IEC 17025. Samples were analyzed for gold via fire assay with an AA finish (“Au-AA23”) and 48 pathfinder elements via ICP-MS after four-acid digestion (“ME-MS61”). Samples that assayed over 10 ppm Au were re-run via fire assay with a gravimetric finish (“Au-GRA21”).

In addition to ALS quality assurance / quality control (“QA/QC”) protocols, Goldshore has implemented a quality control program for all samples collected through the drilling program. The quality control program was designed by a qualified and independent third party, with a focus on the quality of analytical results for gold. Analytical results are received, imported to our secure on-line database and evaluated to meet our established guidelines to ensure that all sample batches pass industry best practice for analytical quality control. Certified reference materials are considered acceptable if values returned are within three standard deviations of the certified value reported by the manufacture of the material. In addition to the certified reference material, certified blank material is included in the sample stream to monitor contamination during sample preparation. Blank material results are assessed based on the returned gold result being less than ten times the quoted lower detection limit of the analytical method. The results of the on-going analytical quality control program are evaluated and reported to Goldshore by Orix Geoscience Inc.

About Goldshore

Goldshore is an emerging junior gold development company, and owns the Moss Lake Gold Project located in Ontario. Wesdome is currently a large shareholder of Goldshore with an approximate 27% equity position in the Company. Well-financed and supported by an industry-leading management group, board of directors and advisory board, Goldshore is positioned to advance the Moss Lake Gold Project through the next stages of exploration and development.

About the Moss Lake Gold Project

The Moss Lake Gold Project is located approximately 100 km west of the city of Thunder Bay, Ontario. It is accessed via Highway 11 which passes within 1 km of the property boundary to the north. The Moss Lake Gold Project covers 14,292 hectares and consists of 282 unpatented and patented mining claims.

The Moss Lake Gold Project hosts a number of gold and base metal rich deposits including the Moss Lake Deposit, the East Coldstream Deposit (Table 3), the historically producing North Coldstream Mine (Table 4), and the Hamlin Zone, all of which occur over a mineralized trend exceeding 20 km in length. A historical preliminary economic assessment (the “Moss Lake Historical Estimate“) was completed on the Moss Lake Gold Project in 2013 and published by Moss Lake Gold Mines Ltd. (“Moss Lake Gold Mines“)¹^,³. A historical mineral resource estimate (the “East Coldstream Historical Estimate“) was completed on the East Coldstream Deposit in 2011 by Foundation Resources Inc.^2,3 In addition to these zones, the Moss Lake Gold Project also hosts a number of under-explored mineral occurrences which are reported to exist both at surface and in historically drilled holes. The Moss Lake Deposit is a shear-hosted disseminated-style gold deposit which outcrops at surface. It has been drilled over a 2.5 km length and to depths of 300 m with 376 holes completed between 1983 and 2017. The last drilling program conducted in 2016 and 2017 by Wesdome Gold Mines Ltd. (“Wesdome“), which consisted of widely spaced holes along the strike extension of the deposit was successful in expanding the mineralized footprint and hydrothermal system 1.6 km to the northeast. Additionally, the deposit remains largely open to depth. In 2017, Wesdome completed an induced polarization survey which traced the potential extensions of pyrite mineralization associated with the Moss Lake Deposit over a total strike length of 8 km and spanning the entire extent of the survey grids.

The East Coldstream Deposit is a shear-hosted disseminated-style gold deposit which locally outcrops at surface. It has been drilled over a 1.3 km length and to depths of 200 m with 138 holes completed between 1988 and 2017. The deposit remains largely open at depth and may have the potential for expansion along strike. Historic drill hole highlights from the East Coldstream Deposit include 4.86 g/t Au over 27.3 m in C-10-15.

The historically producing North Coldstream Mine is reported to have produced significant amounts of copper, gold and silver⁴ from mineralization with potential iron-oxide-copper-gold deposit style affinity. The exploration potential immediately surrounding the historic mining area is not currently well understood and historic data compilation is required.

The Hamlin Zone is a significant occurrence of copper and gold mineralization, and also of potential iron-oxide-copper-gold deposit style affinity. Between 2008 and 2011, Glencore tested Hamlin with 24 drill holes which successfully outlined a broad and intermittently mineralized zone over a strike length of 900 m. Historic drill hole highlights from the Hamlin Zone include 0.9 g/t Au and 0.35% Cu over 150.7 m in HAM-11-75.

The Moss Lake, East Coldstream and North Coldstream deposits sit on a mineral trend marked by a regionally significant deformation zone locally referred to as the Wawiag Fault Zone in the area of the Moss Lake Deposit. This deformation zone occurs over a length of approximately 20 km on the Moss Lake Gold Project and there is an area spanning approximately 7 km between the Moss Lake and East Coldstream deposits that is significantly underexplored.

Table 3: Historical Mineral Resources^1,2,3

	INDICATED	INFERRED
Deposit	Tonnes	Au g/t	Au oz	Tonnes	Au g/t	Au oz
Moss Lake Historical Estimate
Open Pit Potential	39,795,000	1.1	1,377,300	48,904,000	1.0	1,616,300
Underground Potential	–	–	–	1,461,100	2.9	135,400
Moss Lake Total	39,795,000	1.1	1,377,300	50,364,000	1.1	1,751,600

East Coldstream Historical Estimate
East Coldstream Total	3,516,700	0.85	96,400	30,533,000	0.78	763,276

Combined Total

43,311,700

1.08

1,473,700

80,897,000

0.98

2,514,876

Notes:

(1) Source: Poirier, S., Patrick, G.A., Richard, P.L., and Palich, J. “Technical Report and Preliminary Economic Assessment for the Moss Lake Project”, prepared for Moss Lake Gold Mines Ltd. The qualified persons for the Moss Lake Historical Estimate are Pierre-Luc Richard, MSc, PGeo (InnovExplo Inc), and Carl Pelletier, BSc, PGeo (InnovExplo Inc), and the effective date of the Moss Lake Historical Estimate is February 8, 2013. In-Pit results are presented undiluted and in situ, within Whittle-optimized pit shells. Underground results are presented undiluted and in situ, outside Whittle-optimized pit shells. The Moss Lake Historical Estimate includes 18 gold-bearing zones and 1 envelope containing isolated gold intercepts. Whittle parameters: mining cost = C$2.28; pit slope angle = 50.0 degrees; production cost = C$9.55; mining Dilution = 5%; mining recovery = 95%; processing recovery = 80% to 85%; gold price = C$1,500. In-Pit and Underground resources were compiled at cut-off grades from 0.3 to 5.0 g/t Au (for sensitivity characterization). A cut-off grade of 0.5 g/t Au was selected as the official in-pit cut-off grade and a cut-off grade of 2.0 g/t Au was selected as the official underground cut-off grade. The Moss Lake Historical Estimate is based on 352 diamond drill holes (90,978 m) drilled from 1983 and 2008. A fixed density of 2.78 g/cm3 was used. A minimum true thickness of 5.0 m was applied, using the grade of the adjacent material when assayed or a value of zero when not assayed. Capping was established at 35 g/t Au, supported by statistical analysis and the high grade distribution within the deposit. Compositing was done on drill hole sections falling within the mineralized zone solids (composite = 1 m). Resources were evaluated from drill hole samples using the ID2 interpolation method in a multi-folder percent block model using Gems version 6.4. Based on geostatistics, the ellipse range for interpolation was 75m x 67.5m x 40m. The Indicated category is defined by combining the blocks within the two main zones and various statistical criteria, such as average distance to composites, distance to closest composite, quantity of drill holes within the search area. Ounce (troy) = metric tons x grade / 31.10348. Calculations used metric units (metres, tonnes and g/t). The number of metric tonnes was rounded to the nearest thousand. Any discrepancies in the totals are due to rounding effects; rounding followed the recommendations in NI 43-101.

(2) Source: McCracken, T. “Technical Report and Resource Estimate on the Osmani Gold Deposit, Coldstream Property, Northwestern Ontario”, prepared for Foundation Resources Inc. and Alto Ventures Ltd. The East Coldstream Historical Estimate is based on a 0.4 g/t Au cut-off grade. The qualified persons for the East Coldstream Historical Estimate are Todd McCracken, P.Geo. (Tetratech Wardrop), and Jeff Wilson, Ph.D., P.Geo. (Tetratech Wardrop), and the effective date of the East Coldstream Historical Estimate is December 12, 2011. Resources are presented unconstrained, undiluted and in situ. The East Coldstream Historical Estimate includes 2 gold-bearing zones. A cut-off grade of 0.4 g/t Au was selected as the official resource cut-off grade. The East Coldstream Historical Estimate is based on 116 diamond drill holes drilled from 1986 to 2011. A fixed density of 2.78 g/cm3 was used. Capping was established at 5.89 g/t Au and 5.70 g/t Au for domains EC-1 and EC-2, respectively. This is supported by statistical analysis and the high grade distribution within the deposit. Compositing was done on drill hole sections falling within the mineralized zone solids (composite = 1 m). Resources were evaluated from drill hole samples using the ID2 interpolation method in a multi-folder percent block model using Datamine Studio 3 version 3.20.5321.0. Recource categorization is based on spatial continuity based from the variography of the assays within the drillholes. Ounce (troy) = metric tons x grade / 31.10348. Calculations used metric units (metres, tonnes and g/t). The number of metric tonnes was rounded to the nearest thousand. Any discrepancies in the totals are due to rounding effects; rounding followed the recommendations in NI 43-101.

(3) The reader is cautioned that the Moss Lake Historical Estimate East and the East Coldstream Historical Estimate (the “Historical Estimates“) are considered historical in nature and as such is based on prior data and reports prepared by previous property owners. The reader is cautioned not to treat them, or any part of them, as current mineral resources or reserves. The Company has determined these historical resources are reliable, and relevant to be included here in that they demonstrate simply the mineral potential of the Moss Lake Gold Project. A qualified person has not done sufficient work to classify the Historical Estimates as current resources and Goldshore is not treating the Historical Estimates as current resources. Significant data compilation, re-drilling, re-sampling and data verification may be required by a qualified person before the Historical Estimates can be classified as a current resource. There can be no assurance that any of the historical mineral resources, in whole or in part, will ever become economically viable. In addition, mineral resources are not mineral reserves and do not have demonstrated economic viability. Even if classified as a current resource, there is no certainty as to whether further exploration will result in any inferred mineral resources being upgraded to an indicated or measured mineral resource category. The Historical Estimates relating to inferred mineral resources were calculated using prior mining industry standard definitions and practices for estimating mineral resource and mineral reserves. Such prior definitions and practices were utilized prior to the implementation of the current standards of the Canadian Institute of Mining for mineral resource estimation, and have a lower level of confidence.

Table 4: Reported Historical Production from the North Coldstream Deposit⁴

Deposit	Tonnes	Cu %	Au g/t	Ag	Cu lbs	Au oz	Ag oz
Historical Production	2,700,0000	1.89	0.56	5.59	102,000,000	44,000	440,000

Note:

(4) Source: Schlanka, R., 1969. Copper, Nickel, Lead and Zinc Deposits of Ontario, Mineral Resources Circular No. 12, Ontario Geological Survey, pp. 314-316.

Peter Flindell, P.Geo., MAusIMM, MAIG, Vice President – Exploration of the Company, a qualified person under NI 43-101 has approved the scientific and technical information contained in this news release.

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.

For More Information – Please Contact:

Brett A. Richards
President, Chief Executive Officer and Director
Goldshore Resources Inc.

P. +1 604 288 4416
M. +1 905 449 1500
E. brichards@goldshoreresources.com
W. www.goldshoreresources.com

Facebook: GoldShoreRes | Twitter: GoldShoreRes | LinkedIn: goldshoreres

Cautionary Note Regarding Forward-Looking Statements

This news release contains statements that constitute “forward-looking statements.” Such forward looking statements involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, performance or achievements, or developments to differ materially from the anticipated results, performance or achievements expressed or implied by such 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 news release include, among others, statements relating to expectations regarding the exploration and development of the Moss Lake Gold Project, and other statements that are not historical facts. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors and risks include, among others: the Company may require additional financing from time to time in order to continue its operations which may not be available when needed or on acceptable terms and conditions acceptable; compliance with extensive government regulation; domestic and foreign laws and regulations could adversely affect the Company’s business and results of operations; the stock markets have experienced volatility that often has been unrelated to the performance of companies and these fluctuations may adversely affect the price of the Company’s securities, regardless of its operating performance; and the impact of COVID-19.

The forward-looking information contained in this news release represents the expectations of the Company as of the date of this news release and, accordingly, is subject to change after such date. Readers should not place undue importance on forward-looking information and should not rely upon this information as of any other date. The Company undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.

This news release does not constitute an offer to sell, or a solicitation of an offer to buy, any securities in the United States. The 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 may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/133310

Tags #BrettRichards, #CanadianMiningStocks, #GoldShoreResources, #GSHR, #JuniorMining, #MauriceJackson, #MossLakeProject, #ProvenAndProbable, best canadian gold stocks

Uncategorized

Mountain Province Diamonds Announces Second Quarter and Half Year 2022 Results

Post author By admin
Post date August 9, 2022

TORONTO and NEW YORK, Aug. 9, 2022 /PRNewswire/ – Mountain Province Diamonds Inc. (“Mountain Province”, the “Company”) (TSX: MPVD) (OTC: MPVDF) today its financial and operating results for the second quarter (“Q2 2022”) and first half 2021 (“H1 2022”) ended June 30, 2022. All figures are expressed in Canadian dollars unless otherwise noted.

Second Quarter 2022 Key Takeaways

Record Quarterly Adjusted EBITDA of C$55.1M
Revenue of $97.8M representing the second highest quarterly revenue in the Company’s history and a 16% increase relative to that achieved in Q1 2022
Strong average value per carat of US$130 follows closely to the unprecedented price growth during the Q1/22. The rough diamond market continues to experience strong demand supported by solid US retail results. Further support to the market is anticipated from jewellery retail in China as Covid restrictions ease in that country.
Repurchase for cancellation of approximately US$26.4 million aggregate principal amount of the 8.000% Senior Secured Second Lien Notes following the close of the fiscal quarter
A successful winter exploration program included further drilling of the Hearne Northwest Extension at the Gahcho Kué mine. Results included Kimberlite intersected in 60% of drill holes with mineralization ranging between 24.3 to 114.5 meters (see press release, July 18, 2022).

Mark Wall, the Company’s President and Chief Executive Officer, commented:

“The Company continues its’ strong financial performance through the first half and into Q3 of 2022. We are pleased with these financial results. At the same time there remains work to do on the operations side. There are plans in place to correct the dilution issues seen early in the year, and these are working. Significant work has recently been completed on the primary crusher and I expect these upgrades to have a positive impact. There remain other areas of the operational performance that do not meet our expectations and we continue to actively engage with De Beers as the operator around the plan to deliver these improvements.

Together with our increased revenues, our recent repurchasing of Senior Secured Second Lien Notes has strengthened our balance sheet as we move closer to achieving our strategic and financial goals planned for the second half of this year.”

Operational Highlights for Second Quarter 2022 (“Q2 2022”)

749,000 ore tonnes treated, a 6% increase relative to Q1 2022, and an 8% decrease relative to Q2 2021 (Q1 2022, 707,553 ore tonnes treated; Q2 2021: 811,171 ore tonnes treated).
1,043,000 ore tonnes mined, a 2% increase relative to 1,019,000 tonnes mined in Q1 2022 and a 5% increase relative to the 993,000 tonnes mined in Q2 2021
1,261,000 carats recovered at an average grade of 1.68 carats per tonne, a 6% increase relative to Q1 2022 and a 29% decrease compared to the 1,764,000 carats recovered at 2.18 carats per tonne in Q2 2021 (Q2 2021: 1,763,556 carats recovered, Q1 2022: 1,185,156 carats recovered).
7,881,000 total tonnes mined, a 6% increase relative to Q1 2022 and a 10% decrease from 8,749,000 total tonnes mined in Q2 2021.

Financial Highlights for Second Quarter 2022 (“Q2 2022”)

Revenue from 587,000 carats sold at $97.8 million (US$76.0 million) at an average realised value of $167 per carat (US$130) compared to $64.7 million from 719,000 carats sold in Q2 2021 (US$52.6 million) at an average realized value of $90 per carat (US$73).
Adjusted EBITDA¹ of a record $55.1 million compared to $37.9 million in Q2 2021.
Earnings from mine operations $51.4 million compared to $32.8 million in Q2 2021.
Cash costs of production, including capitalized stripping costs¹ of $126 per tonne treated (2021: $97 per tonne) and $75 per carat recovered (2021: $45 per carat).
Net income at June 30, 2022 was $22.6 million or $0.11 earnings per share (2021: $22.5 million or $0.11 earnings per share). Included in the determination of the net income at June 30, 2022 are unrealized foreign exchange losses of $11.7 million, on the translation of the Company’s USD-denominated long-term debt. The unrealized foreign exchange losses are a result of the weakening of the Canadian dollar versus US dollar.

¹Cash costs of production, including capitalized stripping costs, and Adjusted EBITDA are non-IFRS measures with no standardized meaning prescribed under IFRS. See the Non-IFRS Measures section of the Company’s June 30, 2022 MD&A for explanation and reconciliation.

Operational Highlights for H1 2022

16.0 million total tonnes mined in H1 2022, a 12% increase from the 14.3 million total tonnes mined in H1 2021.
1,457,000 tonnes of ore treated in H1 2022; a 1% increase compared to the 1,437,000 tonnes treated in H1 2021.
2,446,000 carats recovered at an average grade of 1.68 carats per tonne, 22% lower than the 3,156,000 carats, 2.20 carats per tonne, recovered in H1 2021.

Financial Highlights for H1 2022

Total sales revenue of $182.4 million (US$142.7 million) at an average realised value of $167 per carat (US$130) compared to $119 million in 2021 (US$95.3 million) at an average realized value of $90 per carat (US$72).
Half year Adjusted EBITDA² of $99.7 million compared to $57.1 million in H1 2021.
Earnings from mine operations of $94.2 million (2021: $46.5 million).
Cash costs of production, including capitalized stripping costs², of $136 per tonne treated (2021: $115 per tonne) and $81 per carat recovered (2021: $53 per carat).
Net income for half year 2022 at June 30, 2022 was $47 million or $0.22 earnings per share (2021: net income $29.8 million or $0.14 earnings per share). Included in the determination of the net income for the half year at June 30, 2022 are unrealized foreign exchange losses of $7.4 million, on the translation of the Company’s USD-denominated long-term debt. The unrealized foreign exchange losses are a result of the weakening of the Canadian dollar versus US dollar.
Capital expenditures in H1 2022 were $24.2 million, $18.5 million of which were deferred stripping costs, with the remaining $5.7 million accounting for sustaining capital expenditures related to mine operations.

²Cash costs of production, including capitalized stripping costs, and Adjusted EBITDA are non-IFRS measures with no standardized meaning prescribed under IFRS. See the Non-IFRS Measures section of the Company’s June 30, 2022 MD&A for explanation and reconciliation.

Market Highlights for Q2 & H1 2022

In Q2 2022, 587,000 carats were sold at an average value of $167 per carat (US$130 per carat) for total proceeds of $97.8 million (US$76.0 million) in comparison to 719,00 carats sold at an average value of $90 per carat (US$73 per carat) for total proceeds of $64.7 million (US$52.6 million) in Q2 2021.

During H1 2022, 1,094,000 carats were sold at an average value of $167 per carat (US$130 per carat) for total proceeds of $182.4 million (US$142.7 million) in comparison to 1,322,000 carats sold at an average value of $90 per carat (US$72 per carat) for total proceeds of $119.0 million (US$74.2 million) in H1 2021.

Gahcho Kué Mine Operations

The following table summarizes key operating statistics for the Gahcho Kué Mine in the three and six months ended June 30, 2022 and 2021.

		Three months ended	Three months ended	Six months ended	Six months ended
		June 30, 2022	June 30, 2021	June 30, 2022	June 30, 2021

GK operating data
Mining
*Ore tonnes mined	kilo tonnes	1,043	993	2,062	1,508
*Waste tonnes mined	kilo tonnes	6,838	7,756	13,987	12,846
*Total tonnes mined	kilo tonnes	7,881	8,749	16,049	14,354
*Ore in stockpile	kilo tonnes	1,353	340	1,353	340

Processing
*Ore tonnes processed	kilo tonnes	749	811	1,457	1,437
*Average plant throughput	tonnes per day	8,231	9,011	8,050	7,852
*Average diamond recovery	carats per tonne	1.68	2.18	1.68	2.20
*Diamonds recovered	000’s carats	1,261	1,764	2,446	3,156
Approximate diamonds recovered – Mountain Province	000’s carats	618	864	1,199	1,546
Cash costs of production per tonne of ore, net of capitalized stripping **	$	103	85	110	100
Cash costs of production per tonne of ore, including capitalized stripping**	$	126	97	136	115
Cash costs of production per carat recovered, net of capitalized stripping**	$	61	39	65	45
Cash costs of production per carat recovered, including capitalized stripping**	$	75	45	81	53

Sales
Approximate diamonds sold – Mountain Province***	000’s carats	587	719	1,094	1,322
Average diamond sales price per carat	US	$ 130	$ 73	$ 130	$ 72

* at 100% interest in the Gahcho Kué Mine

**See Non-IFRS Measures section of the Company’s June 30, 2022 MD&A for explanation and reconciliation

***Includes the sales directly to De Beers for fancies and specials acquired by De Beers through the production split bidding process

Financial Performance

		Three months ended	Three months ended	Six months ended	Six months ended
(in thousands of Canadian dollars, except where otherwise noted)		June 30, 2022	June 30, 2021	June 30, 2022	June 30, 2021

Sales	$	97,761	75,147	182,414	129,371
Carats sold	000’s carats	587	719	1,094	1,322
Average price per carat sold	$/carat	167	105	167	98
Cost of sales per carat*	$/carat	79	59	81	63
Earnings from mine operations per carat	$	88	46	86	35
Earnings from mine operations	%	53 %	44 %	51 %	36 %
Selling, general and administrative expenses	$	3,803	2,676	7,797	5,285
Operating income	$	43,047	28,756	78,065	39,288
Net income for the period	$	22,634	22,472	46,961	29,784
Basic an diluted earnings per share	$	0.11	0.11	0.22	0.14

* This cost of sales per carat includes the cost of acquiring 51% of the fancies and specials which have been sold, after having been won in a tendering process with De Beers Canada.

Conference Call

The Company will host its quarterly conference call on Wednesday, August 10^th, 2022 at 11:00am ET.

Title: Mountain Province Diamonds Inc Q2 2022 Earnings Conference Call

Conference ID: 56265156
Date of call: August 10, 2022
Time of call: 11:00 Eastern Time
Expected Duration: 60 minutes

Webcast Link:
https://app.webinar.net/EjQrB08Bd0K

Participant Toll-Free Dial-In Number: (+1) 888-390-0546
Participant International Dial-In Number: (+1) 416-764-8688

A replay of the webcast and audio call will be available on the Company’s website.

About the Company

Mountain Province Diamonds is a 49% participant with De Beers Canada in the Gahcho Kué diamond mine located in Canada’s Northwest Territories. The Gahcho Kué Joint Venture property consists of several kimberlites that are actively being mined, developed, and explored for future development. The Company also controls 106,202 hectares of highly prospective mineral claims and leases that surround the Gahcho Kué Joint Venture property that include an indicated mineral resource for the Kelvin kimberlite and inferred mineral resources for the Faraday kimberlites.

For further information on Mountain Province Diamonds and to receive news releases by email, visit the Company’s website at www.mountainprovince.com.

Qualified Person

The disclosure in this news release of scientific and technical information regarding Mountain Province’s mineral properties has been reviewed and approved by Matthew MacPhail, P.Eng., MBA, and Tom E. McCandless, Ph.D., P.Geo., both employees of Mountain Province Diamonds and Qualified Persons as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects.

Caution Regarding Forward Looking Information

This news release contains certain “forward-looking statements” and “forward-looking information” under applicable Canadian and United States securities laws concerning the business, operations and financial performance and condition of Mountain Province Diamonds Inc. Forward-looking statements and forward-looking information include, but are not limited to, statements with respect to operational hazards, including possible disruption due to pandemic such as COVID-19, its impact on travel, self-isolation protocols and business and operations, estimated production and mine life of the project of Mountain Province; the realization of mineral reserve estimates; the timing and amount of estimated future production; costs of production; the future price of diamonds; the estimation of mineral reserves and resources; the ability to manage debt; capital expenditures; the ability to obtain permits for operations; liquidity; tax rates; and currency exchange rate fluctuations. Except for statements of historical fact relating to Mountain Province, certain information contained herein constitutes forward-looking statements. Forward-looking statements are frequently characterized by words such as “anticipates,” “may,” “can,” “plans,” “believes,” “estimates,” “expects,” “projects,” “targets,” “intends,” “likely,” “will,” “should,” “to be”, “potential” and other similar words, or statements that certain events or conditions “may”, “should” or “will” occur. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made, and are based on a number of assumptions and 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 statements. Many of these assumptions are based on factors and events that are not within the control of Mountain Province and there is no assurance they will prove to be correct.

Factors that could cause actual results to vary materially from results anticipated by such forward-looking statements include the development of operation hazards which could arise in relation to COVID-19, including, but not limited to protocols which may be adopted to reduce the spread of COVID-19 and any impact of such protocols on Mountain Province’s business and operations, variations in ore grade or recovery rates, changes in market conditions, changes in project parameters, mine sequencing; production rates; cash flow; risks relating to the availability and timeliness of permitting and governmental approvals; supply of, and demand for, diamonds; fluctuating commodity prices and currency exchange rates, the possibility of project cost overruns or unanticipated costs and expenses, labour disputes and other risks of the mining industry, failure of plant, equipment or processes to operate as anticipated.

These factors are discussed in greater detail in Mountain Province’s most recent Annual Information Form and in the most recent MD&A filed on SEDAR, which also provide additional general assumptions in connection with these statements. Mountain Province cautions that the foregoing list of important factors is not exhaustive. Investors and others who base themselves on forward-looking statements should carefully consider the above factors as well as the uncertainties they represent and the risk they entail. Mountain Province believes that the expectations reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this news release should not be unduly relied upon. These statements speak only as of the date of this news release.

Although Mountain Province has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be anticipated, estimated or intended. 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. Mountain Province undertakes no obligation to update forward-looking statements if circumstances or management’s estimates or opinions should change except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking statements. Statements concerning mineral reserve and resource estimates may also be deemed to constitute forward-looking statements to the extent they involve estimates of the mineralization that will be encountered as the property is developed.

Further, Mountain Province may make changes to its business plans that could affect its results. The principal assets of Mountain Province are administered pursuant to a joint venture under which Mountain Province is not the operator. Mountain Province is exposed to actions taken or omissions made by the operator within its prerogative and/or determinations made by the joint venture under its terms. Such actions or omissions may impact the future performance of Mountain Province. Under its current note and revolving credit facilities Mountain Province is subject to certain limitations on its ability to pay dividends on common stock. The declaration of dividends is at the discretion of Mountain Province’s Board of Directors, subject to the limitations under the Company’s debt facilities, and will depend on Mountain Province’s financial results, cash requirements, future prospects, and other factors deemed relevant by the Board

View original content:https://www.prnewswire.com/news-releases/mountain-province-diamonds-announces-second-quarter-and-half-year-2022-results-301602918.html

SOURCE Mountain Province Diamonds Inc.

Base Metals Junior Mining Precious Metals

Stuhini Exploration LTD. Closes First Tranche of Private Placement

Post author By admin
Post date August 8, 2022

Vancouver, British Columbia – August 4, 2022 ‑ Stuhini Exploration Ltd. (the “Company” or “Stuhini”) (TSX-V: STU and OTCPK: STXPF) is pleased to announce that it has closed the first tranche of its non-brokered private placement (the “Private Placement”) previously announced on August 2, 2022 for aggregate gross proceeds to the Company of $1,026,125.

Under the first tranche of the Private Placement, the Company has issued a total of 2,142,500 flow-through units of the Company (“FT Units”) at a price of $0.45 per FT Unit (the “FT Unit Offering”) for total gross proceeds to the Company of $964,125. Each FT Unit consists of one (1) flow-through common share of the Company and one half (1/2) of one common share purchase warrant (each whole warrant, an “FT Warrant”). The FT Units will qualify as “flow-through shares” for the purposes of the Income Tax Act (Canada) (the “Tax Act”). Each FT Warrant will entitle the holder thereof to acquire one common share in the capital of the Company (each, a “Common Share”) at a price of $0.60 per Common Share for a period of two years from the date of issuance.

The aggregate gross proceeds from the FT Unit Offering will be used to incur “Canadian exploration expenses” which qualify as “flow-through mining expenditures” (within the meaning of the Tax Act) (“Qualifying Expenditures”) in order to fund exploration programs on Stuhini’s Ruby Creek Project and Big Ledge Project which are located in British Columbia. The Company will renounce these expenses to the purchasers with an effective date of not later than December 31, 2022.

The Company also issued a total of 155,000 non-flow through units of the Company (“NFT Units”) at a price of $0.40 per NFT Unit (the “NFT Unit Offering”) for total gross proceeds to the Company of $62,000. Each NFT Unit consists of one Common Share and one-half of one common share purchase warrant (each whole warrant, an “NFT Warrant”). Each NFT Warrant will entitle the holder thereof to acquire one Common Share at a price of $0.60 per Common Share for a period of two years from the date of issuance.

The aggregate gross proceeds from the NFT Unit Offering will be used to fund exploration programs on the Company’s other mineral properties, including the Que Project in the Yukon Territory, the South Thompson Nickel project in Manitoba, and any additional exploration projects acquired or staked in the United States through the Company’s wholly owned subsidiary, Arizada Metals Corp, as well as general and administrative expenses.

In connection with the closing of the first tranche of the Private Placement, the Company paid finders’ fees of $43,200 to Mine Equities Ltd. (“Mine Equities”) representing 6% of the proceeds raised from the sale of FT Units placed by Mine Equities.

A certain insider of the Company purchased a total of 60,000 NFT Units under the first tranche of the Private Placement. The issuance of securities to such person is considered to be a “related party transaction” within the meaning of TSX Venture Exchange (“TSXV”) Policy 5.9 and Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61‑101”) adopted in the Policy. The Company intends to rely on the exemptions from the formal valuation and minority shareholder approval requirements of MI 61‑101 contained in sections 5.5(a) and 5.7(1)(a) of MI 61‑101 in respect of related party participation in the Private Placement as neither the fair market value (as determined under MI 61‑101) of the subject matter of, nor the fair market value of the consideration for, the transaction, insofar as it involves interested parties, is expected to exceed 25% of the Company’s market capitalization (as determined under MI 61‑101).

Closing of the second tranche of the Private Placement is expected to occur on or before August 19th, 2022, and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the approval of the TSXV. All securities issued pursuant to the first tranche of the Private Placement are subject to a hold period of four months and one day expiring on December 5, 2022.

About Stuhini Exploration Ltd.
Stuhini is a mineral exploration company focused on the exploration and development of it’s base and precious metal properties. The Company’s portfolio of exploration properties includes: its flagship, the Ruby Creek Property, located approximately 20 km east of Atlin, BC; the Que Project located approximately 70 km north of Johnson’s Crossing in the Yukon; the South Thompson Project located approximately 35 km northwest of Grand Rapids, Manitoba; and the Big Ledge Property located approximately 57 km south of Revelstoke, BC.

Forward-Looking Statements
This news release contains “forward-looking statements” within the meaning of Canadian securities legislation. Such forward-looking statements concern, without limitation, the intended use of proceeds of the Private Placement and the renunciation of Qualifying Expenditures. Such forward‑looking statements or information are based on a number of assumptions which may prove to be incorrect. Assumptions have been made regarding, among other things: conditions in general economic and financial markets; timing and amount of capital expenditures; timing and amount of Qualifying Expenditures incurred; and effects of regulation by governmental agencies. The actual results could differ materially from those anticipated in these forward‑looking statements as a result of risk factors including, but not limited to: the availability of funds; the timing and content of work programs; results of exploration activities of mineral properties; the interpretation of drilling results and other geological data; general market and industry conditions; and failure to incur Qualifying Expenditures. Forward‑looking statements are based on the expectations and opinions of the Company’s management on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date the statements were made. The Company undertakes no obligation to update or revise any forward-looking statements included in this news release if these beliefs, estimates and opinions or other circumstances should change, except as otherwise required by applicable law.

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:
David O’Brien
President & Chief Executive Officer
Stuhini Exploration Ltd.
Email: dobrien@stuhini.com
Phone: (604) 835-4019
Web: www.stuhini.com

Tags #InvestingInCopper, #JuniorMining, #MauriceJackson, #ProvenAndProbable

Junior Mining Lion One Metals Precious Metals

Lion One Announces Extension of Tuvatu Mine Lease to 2035

Post author By admin
Post date August 8, 2022

This image has an empty alt attribute; its file name is 2d26afd49c61f845bada429872591f65

North Vancouver, British Columbia–(Newsfile Corp. – August 8, 2022) – Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) (ASX: LLO) (“Lion One” or the “Company”) announces that the Government of Fiji has granted an extension of the Tuvatu Mining Lease (SML 62) for an additional 10 year term renewable on Feb. 28, 2035.

SML 62 is the Company’s cornerstone permit enabling Lion One to build mining and milling operations at Tuvatu, forming part of its 100% owned, high-grade Tuvatu Alkaline Gold Project, located 24km from Fiji’s International Airport in Nadi.

In an official ceremony attended by over 300 dignitaries at Tuvatu yesterday, Lion One CEO Walter Berukoff thanked Fiji’s Attorney General Aiyaz Sayed-Khaiyum, the Mineral Resource Department, and Lion One’s Chief Operating Patrick Hickey, commenting, “I am proud to say that it is with great elation that the Government of Fiji has renewed our special mining lease for the Tuvatu Alkaline Gold Project for another ten years. This lease extension sends a clear message to the world that Fiji continues to be open to public markets which can access critical capital to enable responsible mining projects to be built. Responsible mining will enhance the local socio-economic conditions for all Fijians. To date, we have invested over $140 million into the local economy.”

The development of Tuvatu is guided by Lion One Chief Operating Officer Patrick Hickey, an accomplished engineer with extensive executive-level experience in mine building roles for companies such as Newmont Mining Corporation and Kinross Gold Corp. across Africa, Asia, and North America. Mr. Hickey leads a management team of nine and staff that includes some of the most skilled and experienced exploration and underground mining experts in the South Pacific. Under Mr. Hickey’s leadership, the Company has ramped up its mining development activities at Tuvatu. There are six active drill rigs, an Exploration decline measuring over one kilometre in length, and a fully operational on-site analytical sampling laboratory at production levels threefold from earlier this year.

Mr. Hickey commented, “We very pleased to have been granted this extension after the rigorous assessment process that factored not only the geological and economic potential of Tuvatu, but our environmental risk management strategy, and local landowners and community relationships. This milestone demonstrates the tremendous support the Fiji Government has for both Lion One and its mining industry as we continue our commitment to the communities that we operate in to provide direct employment opportunities and peripheral economic stimulus.”

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.

Photo 1: Patrick Hickey and Walter Berukoff at Tuvatu ceremony

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2178/133123_ff09dd2ab45fc990_001full.jpg

Figure 1: Tuvatu Project area

To view an enhanced version of this graphic, please visit:
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Qualified Person

In accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”), Patrick Hickey, P. Eng., Lion One’s Chief Operating Officer, is the Qualified Person for the Company and has reviewed and is responsible for the content of this news release.

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: info@liononemetals.com
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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/133123

Tags #JuniorMining, #LionOneMetals, #MauriceJackson, #ProvenAndProbable, #QuintonHennigh, #WalterBerukoff, LIO

Base Metals Breaking Energy Junior Mining

Copper worth nearly half a billion dollars goes missing in China

Post author By admin
Post date August 5, 2022

A group of Chinese companies are investigating why a commodities storage site in northern China is holding only one third of the copper concentrate they were financing, according to people familiar with the situation.

Traders from more than a dozen mostly state-owned firms gathered in Qinhuangdao city this week after becoming aware of the missing material following concerns into the borrower’s finances, said the people, who asked not to be identified as they aren’t authorized to speak publicly.

The group has a total claim on 300,000 tons of concentrate worth about 5 billion yuan ($740 million), but there’s only 100,000 tons at the depot, the people said. That puts the dollar value of the missing material at about $490 million.

The copper discrepancy in Hebei province comes just months after a separate dispute, spanning several locations in southern China, over missing aluminum tied to $1 billion of lending. Scrutiny of commodities financing and warehouse operations in China is growing, especially as volatile global markets expose some of the more opaque funding arrangements to greater risk.

At the center of this latest case is Huludao Risun Trading Co., a medium-sized merchant that purchases between 800,000 and 1 million tons of imported copper concentrate a year for distribution to domestic Chinese smelters, said the people. The company typically relies on larger counterparties to finance the materials, and then repays the loans with interest and fees after finalizing the trade.

Nobody picked up several calls to the company’s main number, and there was no immediate reply to an email seeking comment.

Risky business

Commodities traders have faced a tougher environment this year as banks turn cautious in the wake of high-profile losses — especially in the nickel market — and huge price volatility exacerbated by Russia’s invasion of Ukraine. That’s encouraged alternative financing, in which smaller, privately-owned firms pledge their goods to large state-run traders to get funding for operations.

But that route is also exposed to risk as the growth model that’s sustained China’s economy for decades shows signs of strain. Some state-owned enterprises, including the country’s top steel mills, have asked units to cut back on operations — including third-party trading — to preserve cash and avoid liquidity crunches.

The impact on the spot concentrate market of the Qinhuangdao copper dispute could be limited, consultancy Mysteel said in a note on Wednesday. Chinese smelters who take material from this merchant should be able to use their existing inventory, while traders could re-route cargoes due to arrive at the Qinhuangdao site to other destinations, it said.

source: mining.com

Tags #InvestingInBatteryMetals, #JuniorMining, #MauriceJackson, #ProvenAndProbable

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Author: admin

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