TORONTO, June 06, 2022 (GLOBE NEWSWIRE) — Eloro Resources Ltd. (TSX-V: ELO; OTCQX: ELRRF; FSE: P2QM) (“Eloro” or the “Corporation”) is pleased to announce that Mr. Peter Marrone, a shareholder of Eloro, has agreed to serve as an independent advisor to provide support and strategic advice to management on matters of project advancement and business development in relation to its Iska Iska project.
Peter Marrone is Executive Chairman of Yamana Gold Inc., which he founded in 2003 and which recently announced that it is to be acquired by Gold Fields Limited, a combination that creates a world-class, globally diversified company with regional relevance across premier, rules-based mining jurisdictions that is underpinned by low cost, long life mines. Mr. Marrone has a long track record of successful mining start-ups and investments with more than 35 years of mining, business and capital markets experience. Mr. Marrone also currently sits on the board of directors, and is one of the founders, of Aris Gold Corporation which holds one of the best portfolios of producing and development stage assets in Colombia. Mr. Marrone has also been the head of investment banking at a major Canadian investment bank and before that practised law in Toronto with a strong focus on corporate law, securities law and international transactions.
“I am extremely pleased to welcome Mr. Peter Marrone as a Senior Corporate Advisor”, said Eloro Chairman and C.E.O. Mr. Tom Larsen. “Peter brings valued knowledge and experience that will be helpful to our management in relation to all aspects of Eloro’s operations, capital markets efforts and strategic avenues for development and realization of significant value from our highly prospective Iska Iska tin-silver polymetallic project in Bolivia. With his proven success as the founder of companies and his outstanding track record in developing and advancing exploration projects, and realizing value from strategic efforts, it is clearly a benefit for Eloro and its shareholders and I very much look forward to working with him.”
Peter Marrone commented: “I am impressed with the size and scale of Iska Iska which should be developed in time as a world class tin-silver deposit with large scale production, all of which coincides with a time when tin in particular is in high demand and silver is a necessary component for decarbonization. The tin market is intriguing to me. It is poised for what appears to be a clear upward path for demand and price. Eloro has built a very strong management team that is continuing to rapidly advance Iska Iska with major milestones, including the inaugural National Instrument 43-101 mineral resource expected in Q3 2022. As a shareholder, I have become impressed with the project and management. Informally, I have been consulted from time to time by management and I look forward to continuing to provide strategic advice to management and to CEO Tom Larsen and Executive VP Exploration Dr. Bill Pearson, P.Geo., in particular. Interestingly, Bill has known me for many years and has an impressive resume of quality geological discoveries that now includes Iska Iska which is likely the crowning glory of an illustrious career. Simply put, Iska Iska is a world-class project and I look forward to helping management to increase value for Eloro shareholders.”
About Eloro Resources Ltd.
Eloro is an exploration and mine development company with a portfolio of gold and base-metal properties in Bolivia, Peru and Quebec. Eloro has an option to acquire a 99% interest in the highly prospective Iska Iska Property, which can be classified as a polymetallic epithermal-porphyry complex, a significant mineral deposit type in the Potosi Department, in southern Bolivia. A NI 43-101 Technical Report on Iska Iska, which was completed by Micon International Limited, is available on Eloro’s website and under its filings on SEDAR. Iska Iska is a road-accessible, royalty-free property. Eloro also owns an 82% interest in the La Victoria Gold/Silver Project, located in the North-Central Mineral Belt of Peru some 50 km south of Barrick’s Lagunas Norte Gold Mine and Pan American Silver’s La Arena Gold Mine. La Victoria consists of eight mining concessions and eight mining claims encompassing approximately 89 square kilometres. La Victoria has good infrastructure with access to road, water and electricity and is located at an altitude that ranges from 3,150 m to 4,400 m above sea level.
For further information please contact either Thomas G. Larsen, Chairman and CEO or Jorge Estepa, Vice-President at (416) 868-9168.
Information in this news release may contain forward-looking information. Statements containing forward-looking information express, as at the date of this news release, the Corporation’s plans, estimates, forecasts, projections, expectations, or beliefs as to future events or results and are believed to be reasonable based on information currently available to the Corporation. There can be no assurance that forward-looking statements will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. Readers should not place undue reliance on forward-looking information.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
VANCOUVER, British Columbia, June 02, 2022 (GLOBE NEWSWIRE) — (CSE: HAMR/OTCQB: HAMRF) Silver Hammer Mining Corp. (the “Company” or “Silver Hammer”) is pleased to announce that it has closed its previously announced brokered and a concurrent non-brokered private placement (collectively, the “Offering”) for gross proceeds of $3,007,048.68. The brokered portion of the Offering (the “Brokered Offering”) was led by Echelon Wealth Partners Inc. (the “Agent”) and consisted of the sale of 7,325,286 units (the “Units”) for aggregate gross proceeds of $2,783,608.68 at a price of $0.38 per Unit (the “Offering Price”). Each Unit consisted of one Common Share (each, a “Common Share”, and collectively the “Common Shares”) and one-half of one Common Share purchase warrant, (each whole warrant, a “Warrant” and collectively, the “Warrants”). Each Warrant entitles the holder thereof to acquire one Common Share at a price of $0.50 per Common Share for a period of 24 months from the closing date of the Offering.
Under the non-brokered portion of the Offering the Company raised gross proceeds of $223,440.00, through the sale of 588,000 Units at the Offering Price. The Offering was announced on May 16, 2022.
The Warrants were issued pursuant to a warrant indenture dated June 2, 2022 entered into between the Company and Endeavor Trust Corporation, as warrant agent.
As consideration for Agent’s services in connection with the Brokered Offering, the Agent received a cash commission of $182,145.95, a cash advisory fee of $8,900.00, and 502,831 broker warrants, each exercisable to acquire one Common Share at the Offering Price for a period of 24 months from the closing date of the Offering.
All securities issued pursuant to the Offering, including any underlying securities, are subject to a four-month-and-one-day hold period in accordance with applicable Canadian securities laws.
The net proceeds of the Offering will be used for the exploration of the Silver Strand Project in Idaho, the Eliza Silver Project in Nevada, the Silverton Silver-Gold Project in Nevada, and for general and working capital purposes.
Directors and officers of the Company purchased an aggregate of 77,600 Units in the Offering. The participation by such insiders in the Offering constituted a “related party transaction” as defined under Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions.
The securities offered pursuant to the Offering have not been, and will not be, registered under the U.S. Securities Act, or any state securities laws, and, accordingly, may not be offered or sold within the United States, or to or for the account or benefit of persons in the United States or “U.S. Persons”, as such term is defined in Regulation S promulgated under the U.S. Securities Act, unless registered under the U.S. Securities Act and applicable state securities laws or pursuant to an exemption from such registration requirements.
About Silver Hammer Mining Corp.
Silver Hammer Mining Corp. is a junior resource company advancing the flagship past-producing Silver Strand Mine in the Coeur d’Alene Mining District in Idaho, USA, as well both the Eliza Silver Project and the Silverton Silver Mine in one of the world’s most prolific mining jurisdictions in Nevada and the Lacy Gold Project in British Columbia, Canada. Silver Hammer’s primary focus is defining and developing silver deposits near past-producing mines that have not been adequately tested. The Company’s portfolio also provides exposure to copper and gold discoveries.
Forward-Looking Information
This release may contain 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 may include, without limitation, statements relating to the Offering and the use of proceeds therefrom. The forward-looking statements contained in this press release are expressly qualified in their entirety by this cautionary statement. All forward-looking statements in this press release are made as of the date of this press release. The forward-looking statements contained herein are also subject generally to assumptions and risks and uncertainties that are described from time to time in the Company’s public securities filings with the Canadian securities commissions. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward looking statements. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.
On Behalf of the Board of Silver Hammer Mining Corp.
Morgan Lekstrom, President and CEO Corporate Office: 551 Howe Street, Vancouver, British Columbia V6C 2C2, Canada
For further information contact: Kristina Pillon, President, High Tide Consulting Corp. T: 604.908.1695 E: investors@silverhammermining.com
For media inquiries, contact: Adam Bello, Primoris Group Inc. T: 416.489.0092 E: media@primorisgroup.com
The CSE does not accept responsibility for the adequacy or accuracy of this release. The Canadian Securities Exchange has neither approved nor disapproved the contents of this press release.
VANCOUVER, BC / ACCESSWIRE / June 2, 2022 / Sandy MacDougall, CEO of Noram Lithium Corp. (“Noram” or the “Company“) (TSXV:NRM)(OTCQB:NRVTF)(Frankfurt:N7R) is pleased to announce the successful completion of CVZ-75 (PH-01) and CVZ-76 (PH-02) and release of the final assay results. The Company completed core hole CVZ-75 at a depth of 326 feet (99.4 m). Sampling for assays began at 46 ft (14.0 m) and continued to the bottom of the hole, an interval thickness of 150 ft (45.7 m) was intersected from 46 ft (14.0 m) to 196 ft (59.7 m). The hole ended in mineralization and the weighted average lithium values present are summarized below. The Company completed core hole CVZ-76 at a depth of 338 feet (103.0 m). Sampling for assays began at 26 ft (7.9 m) and continued to the bottom of the hole, an interval thickness of 100 ft (30.5 m) was intersected from 26 ft (7.9 m) to 126 ft (38.4 m). The hole ended in mineralization and the weighted average lithium values present are summarized below.
Noram Ventures Inc., Thursday, June 2, 2022, Press release pictureNoram Ventures Inc., Thursday, June 2, 2022, Press release picture
Figure 1 – Location of all past drill holes (Phase I to Phase V) previously completed in addition to the 12 proposed holes for Phase V1. Phase VI holes are indicated in purple.
Noram Ventures Inc., Thursday, June 2, 2022, Press release picture
Figure 2 – Comparative stratigraphy and assay results for drill holes CVZ-76 and CVZ-75 as compared to CVZ-63 which was drilled as part of a prior program. The histogram on the sides of the holes are the composited lithium grades in ppm Li. The cross section has a 4X vertical exaggeration.
“Holes CVZ-75 and CVZ-76 were located near the northeast end of the Phase V and Phase VI drilling. This is an area where the sediments are thinner since we are getting close to the basin margin. However, the lithium grades continue to be high. These holes are expected to continue to upgrade portions of the Zeus resource from inferred to indicated in Noram’s upcoming PFS.” comments Brad Peek, VP of Exploration and geologist on all six phases of Noram’s Clayton Valley exploration drilling.
Hole ID
Sample No.
From (ft)
To (ft)
From (m)
To (m)
Li (ppm)
CVZ-75
1748394
46
56
14.0
17.1
1690
CVZ-75
1748395
56
66
17.1
20.1
890
CVZ-75
1748396
66
76
20.1
23.2
840
CVZ-75
1748397
76
86
23.2
26.2
910
CVZ-75
1748398
86
96
26.2
29.3
1420
CVZ-75
1748399
96
106
29.3
32.3
1160
CVZ-75
1748400
106
116
32.3
35.4
1010
CVZ-75
1748401
116
126
35.4
38.4
900
CVZ-75
1748402
126
136
38.4
41.5
870
CVZ-75
1748404
136
146
41.5
44.5
850
CVZ-75
1748405
146
156
44.5
47.5
820
CVZ-75
1748406
156
166
47.5
50.6
810
CVZ-75
1748407
166
176
50.6
53.6
620
CVZ-75
1748408
176
186
53.6
56.7
510
CVZ-75
1748409
186
196
56.7
59.7
1130
CVZ-75
1748410
196
206
59.7
62.8
800
CVZ-75
1748411
206
216
62.8
65.8
560
CVZ-75
1748412
216
226
65.8
68.9
650
CVZ-75
1748413
226
236
68.9
71.9
680
CVZ-75
1748414
236
246
71.9
75.0
510
CVZ-75
1748415
246
256
75.0
78.0
650
CVZ-75
1748416
256
266
78.0
81.1
570
CVZ-75
1748417
266
276
81.1
84.1
770
CVZ-75
1748418
276
286
84.1
87.2
570
CVZ-75
1748419
286
296
87.2
90.2
510
CVZ-75
1748420
296
306
90.2
93.3
770
CVZ-75
1748421
306
316
93.3
96.3
470
CVZ-75
1748422
316
326
96.3
99.4
600
Table 1 – Sample results from CVZ-75 from 46 ft (14.0 m) to depth of 326 ft (99.4 m).
Hole ID
Sample No.
From (ft)
To (ft)
From (m)
To (m)
Li (ppm)
CVZ-76
1748426
26
36
7.9
11.0
1320
CVZ-76
1748427
36
46
11.0
14.0
1620
CVZ-76
1748428
46
56
14.0
17.1
1620
CVZ-76
1748429
56
66
17.1
20.1
970
CVZ-76
1748430
66
76
20.1
23.2
830
CVZ-76
1748431
76
86
23.2
26.2
910
CVZ-76
1748432
86
96
26.2
29.3
1460
CVZ-76
1748433
96
106
29.3
32.3
1070
CVZ-76
1748434
106
116
32.3
35.4
930
CVZ-76
1748435
116
126
35.4
38.4
900
CVZ-76
1748436
126
136
38.4
41.5
780
CVZ-76
1748437
136
146
41.5
44.5
710
CVZ-76
1748438
146
156
44.5
47.5
670
CVZ-76
1748439
156
168
47.5
51.2
720
CVZ-76
No Sample
168
178
51.2
54.3
CVZ-76
1748440
178
188
54.3
57.3
460
CVZ-76
1748441
188
198
57.3
60.4
840
CVZ-76
1748442
198
208
60.4
63.4
700
CVZ-76
1748443
208
218
63.4
66.4
740
CVZ-76
1748444
218
228
66.4
69.5
720
CVZ-76
1748445
228
238
69.5
72.5
710
CVZ-76
1748446
238
248
72.5
75.6
520
CVZ-76
1748447
248
258
75.6
78.6
680
CVZ-76
1748448
258
268
78.6
81.7
640
CVZ-76
1748449
268
278
81.7
84.7
640
CVZ-76
1748450
278
288
84.7
87.8
590
CVZ-76
1748451
288
298
87.8
90.8
590
CVZ-76
1748452
298
308
90.8
93.9
449
CVZ-76
1748453
308
318
93.9
96.9
610
CVZ-76
1748454
318
328
96.9
100.0
560
CVZ-76
1748455
328
338
100.0
103.0
470
Table 2 – Sample results from CVZ-76 from 26 ft (7.9 m) to depth of 338 ft (103.0 m).
All samples were analyzed by the ALS laboratory in Reno, Nevada. QA/QC samples were included in the sample batch and returned values that were within their expected ranges.
The technical information contained in this news release has been reviewed and approved by Brad Peek., M.Sc., CPG, who is a Qualified Person with respect to Noram’s Clayton Valley Lithium Project as defined under National Instrument 43-101.
About Noram Lithium Corp.
Noram Lithium Corp. (TSXV:NRM | OTCQB:NRVTF | Frankfurt:N7R) is a well-financed Canadian based advanced Lithium development stage company with less than 90 million shares issued and a fully funded treasury. Noram is aggressively advancing its Zeus Lithium Project in Nevada from the development-stage level through the completion of a Pre-Feasibility Study in 2022.
The Company’s flagship asset is the Zeus Lithium Project (“Zeus”), located in Clayton Valley, Nevada. The Zeus Project contains a current 43-101 measured and indicated resource estimate* of 363 million tonnes grading 923 ppm lithium, and an inferred resource of 827 million tonnes grading 884 ppm lithium utilizing a 400 ppm Li cut-off. In December 2021, a robust PEA** indicated an After-Tax NPV(8) of US$1.3 Billion and IRR of 31% using US$9,500/tonne Lithium Carbonate Equivalent (LCE). Using the LCE long term forecast of US$14,000/tonne, the PEA indicates an NPV (8%) of approximately US$2.6 Billion and an IRR of 52% at US$14,000/tonne LCE.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release may contain forward-looking information which is not comprised of historical facts. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward-looking information in this news release includes statements regarding, among other things, the completion transactions completed in the Agreement. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, regulatory approval processes. Although Noram believes that the assumptions used in preparing the forward-looking information in this news release are reasonable, including that all necessary regulatory approvals will be obtained in a timely manner, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Noram disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by applicable securities laws. *Updated Lithium Mineral Resource Estimate, Zeus Project, Clayton Valley, Esmeralda County, Nevada, USA (August 2021) **Preliminary Economic Assessment Zeus Project, ABH Engineering (December 2021).
Plan View of the Guayabales Project Highlighting the Olympus Target
Figure 2
Olympus Target, Measuring 1.4 Kilometres x 0.9 Kilometres and Open
Figure 3: Photos of High-Grade Polymetallic Grab Samples Taken at Olympus
Veins of massive sulfides with pyrite, sphalerite, galena and chalcopyrite.
TORONTO, June 01, 2022 (GLOBE NEWSWIRE) — Collective Mining Ltd. (TSXV: CNL) (“Collective” or the “Company”) is pleased to announce high-grade gold and silver channel sample assay results from its grassroots generated Olympus target (“Olympus”) located within the Guayabales project (“Guayabales”), Colombia. Olympus is centrally situated within the four-by-four kilometre porphyry cluster where to date, the Company has generated eight drill targets through grassroots prospecting. Four of these targets have been drill tested yielding three significant discoveries including the Olympus target where the Company recently announced near surface discovery holes of 302 metres @ 1.11 g/t gold equivalent and 216.7 metres @ 1.08 g/t gold equivalent (refer to press release dated March 15, 2022 and May 9, 2022, respectively). As part of its fully funded 20,000+ metre program for 2022, Collective presently has three diamond drill rigs operating at Guayabales with drills turning at the Trap and Apollo targets and a fourth rig expected to kick off a phase II drilling program at Olympus at the beginning of Q3, 2022. 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%2522Olympus_Generation%253BColombia%253BMetre%253BTarget_Corporation%253BVein%253BKilometre%253BPorphyry_(geology)%253BTSX_Venture_Exchange%2522%252C%2522lmsid%2522%253A%2522a0770000002m0AbAAI%2522%252C%2522revsp%2522%253A%2522globenewswire.com%2522%252C%2522lpstaid%2522%253A%2522a06abe0d-75d8-37f6-9ef1-cc990de073da%2522%252C%2522pageContentType%2522%253A%2522story%2522%257D
Highlights (Table 1 and Figures 1, 2 and 3)
Assay results of chip channel samples taken from veins located within historical, shallow underground workings from Olympus continue to confirm the presence of a high-grade carbonate base metal (“CBM”) sheeted vein system into the southwest portion of the target area with results as follows:
Table 1: Chip Channel Sample Assay Results from Olympus
Sample ID
Au (g/t)
Ag (g/t)
R5451
137.76
476
R5429
102.19
427
R5431
85.41
563
R5447
69.06
439
R5418
50.98
353
R5213
37.18
349
R5415
26.29
124
R5466
16.23
238
R5210
11.42
41
R5218
10.64
287
R5444
9.09
24
R5222
7.15
19
R5416
6.68
64
R5463
5.62
428
R5215
4.84
52
R5445
4.26
8
R5225
3.99
10
R5421
3.93
152
R5234
2.98
11
R5212
2.81
54
R5454
1.89
154
R5432
1.34
178
*Channel chip samples reported above are over true horizontal sampling widths of between 0.1 and 1metre. Sample grades are uncapped. Channel samples are representative of 2–dimensional space and as a result should not be relied upon as being representative of average grades anticipated in any future resource estimate or mining scenario.Assay results for base metals are still pending for all samples listed.
Multiple CBM veins were sampled at Olympus, over an area measuring 250 metres x 250 metres from limited and partial exposures of rock in old tunnels. The CBM veins are sulphide rich and associated with intense sericite alteration superimposed on porphyry diorite and mineralized, hydrothermal breccia. Porphyry-related CBM veins can demonstrate robust continuity over significant vertical and lateral dimensions and the Company will assess through drilling whether those characteristics apply to the Olympus vein system.
Drilling, underground sampling and surface mapping to date have expanded Olympus to a target area measuring more than 1,400 metres by 900 metres, which hosts over 50 artisanal mines with over 25 veins mapped from available exposures. The Company believes that the probability is high that additional veins will be discovered as exploration ramps up. The Olympus target is open to the east, west, northwest, south and at depth.
Olympus now includes two mineralized zones. Both zones contain multiple porphyry and overprinting CBM veins associated with intense pyrite-sericite-carbonate alteration and hosted in a porphyry diorite (Eastern zone) and within schist country rocks intruded by porphyritic diorite (Western zone).
The highest-grade samples collected to date at Olympus come from areas that have yet to be drill tested by the Company. Diamond drilling completed to date has only focused on a small northern portion of the Eastern and Western zones while recent surface and underground mapping has expanded the Western zone to the west and southwest.
The Company reconfirms that it is on track with construction of underground drill chambers with the first rig anticipated to commence drilling in July 2022 followed by a second rig shortly thereafter.
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 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.
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 a significant new mineral discovery and advancing the projection to production. Management, insiders and close family and friends own approximately 40% of the outstanding shares of the Company and as a result, are fully aligned with shareholders. Collective 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 at both the Guayabales and San Antonio projects a total of eleven major targets have been defined. The Company is fortuitous to have made significant grassroots discoveries on both projects with discovery holes of 302 metres @ 1.1 g/t AuEq and 163 metres @ 1.3 g/t AuEq at the Guayabales project and 710 metres @ 0.53 AuEq at the San Antonio project. (See press releases dated October 18th and 27th, 2021 and March 15, 2022, for AuEq calculations.)
Contact Information
Collective Mining Ltd. Steve Gold, Vice President, Corporate Development and Investor Relations Tel. (416) 648-4065
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.
VANCOUVER, British Columbia, May 31, 2022 (GLOBE NEWSWIRE) — Rover Metals Corp. (TSXV: ROVR) (OTCQB: ROVMF) (FSE:4XO) (“Rover” or the “Company”) is pleased to provide an infrastructure update for its Cabin Gold Project and its Up Town Gold Project, located at the 60th parallel of the Northwest Territories of Canada.
NWT Infrastructure Initiatives The Government of Canada has moved one step closer to funding the expansion of the Taltson Hydro dam into the city of Yellowknife, NWT. In a recent interview with the CBC, the federal infrastructure minister provides an update on the project. One of the many benefits of bringing additional green power into the city of Yellowknife includes a more cost-effective source of power for the future mines being developed near the city. Green energy is also amongst the ESG initiatives that major gold producers are looking for when it comes to taking an interest in development-stage gold projects.
The expansion of the Taltson Hydro dam into the city of Yellowknife also has the potential to free up hydro at both the Strutt and Snare hydro facilities which are located close to Rover’s Cabin Gold, Slemon Gold, and Camp Gold Projects.
Mineral resource exploration, and the development of mines in the Northwest Territories, remains a priority of all levels of government (not just at the federal level). In 2021, Rover received two exploration grants from the territorial government to assist with advancing exploration at its Cabin Gold Project. Also in 2021, the federally funded Tlicho All Season Road (“TASR”) opened to the public. TASR connects the cities of Yellowknife and Hay River, via Highway NT3, to Rover’s Cabin Gold Project, Fortune Minerals’ NICO Project, and Nighthawk Gold’s Indin Lake Gold Project.
Collaboration between the government and the mining industry will continue to grow economic prospects for Northern Canada and will work towards the reinforcement of Canada’s northern sovereignty. As much of the world begins to look for more ethically sourced natural resources, companies like Rover Metals are investing heavily into exploration to build the mines of the future.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%2522Canada%253BProvinces_and_territories_of_Canada%253BGovernment_of_Canada%253BNorthwest_Territories%253BGold%253BYellowknife%253BCompany%253BVancouver%253BExploration%2522%252C%2522lmsid%2522%253A%2522a0770000002m0AbAAI%2522%252C%2522revsp%2522%253A%2522globenewswire.com%2522%252C%2522lpstaid%2522%253A%25225be403c1-59e4-385c-9bc8-6c6aa5f27790%2522%252C%2522pageContentType%2522%253A%2522story%2522%257D
Q1-2022 Financial Package Rover is pleased to report that it has SEDAR filed its March 31, 2022 Financial Statements and Management Discussion and Analysis (“MD&A”). The MD&A includes management’s milestone for the first three months of the year.
Grant of Stock Options The Company has granted 500,000 incentive stock options to a new consultant of the Company. The options have a five-year life, and an exercise price of $0.06 per share. The options have been granted from the Company’s 10% rolling stock option plan, approved by its shareholders at its August 2021 Annual General Meeting.
About Rover Metals Rover is a precious metals exploration company specialized in North American (Canada and U.S.) precious metal resources, which is currently advancing the gold potential of its existing projects in the Northwest Territories of Canada (60th parallel), and north-central Nevada, USA. The Company owns five gold projects. Phase 3 Exploration at its Cabin Gold Project, 60th Parallel, NT, Canada, commenced in March 2022 and continues through to the date of this release. Phase 1 Exploration at its Tobin Gold Project commenced in May 2022 and continues through to the date of this release. Lastly, the Company, is also awaiting news from the Phase 2 Exploration Program at its Up Town Gold Project, in the Northwest Territories of Canada (60th parallel).
ON BEHALF OF THE BOARD OF DIRECTORS “Judson Culter” Chief Executive Officer and Director
For further information, please contact: Email: info@rovermetals.com Phone: +1 (778) 754-2617
Statement Regarding Forward-Looking Information 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 Rover’s actual results, performance or achievements, or developments in the industry 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. There can be no assurance that such statements prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements, and readers are cautioned not to place undue reliance on these forward-looking statements. Any factor could cause actual results to differ materially from Rover’s expectations. Rover undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.
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. WHILE THE COMPANY MAY ELECT TO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME EXCEPT AS REQUIRED IN ACCORDANCE WITH APPLICABLE LAWS.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OF THIS RELEASE.
North Vancouver, British Columbia–(Newsfile Corp. – May 31, 2022) – Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) (ASX: LLO) (“Lion One” or the “Company”) is pleased to announce results from ongoing infill drilling at its Tuvatu Alkaline Gold Project in Fiji.
Results for the first 11 holes of Lion One’s Phase 2 infill program on Zone 5 of their fully permitted Tuvatu alkaline gold deposit are here reported. The results to date indicate significant new intercepts of high- to bonanza-grade Au mineralization that was not known to occur as part of the existing resource model. The Phase 2 infill drill program was designed to confirm the location, size, and continuity of the known mineralized lodes, in a portion of the orebody slated for early production (Figure 1A).
Top Intercepts include:
18.47 g/t Au over 1.20m from 104.7-105.9m, and 584.07 g/t Au over 0.30m from 122.4-122.7m from TUDDH-586 (new)
24.72 g/t Au over 0.60m from 187.4-188.0m, incl. 43.34 g/t Au over 0.30m from 187.7-188.0m from TUDDH-580 (new)
25.23 g/t Au over 1.20m from 70.9-72.1m, incl. 78.02 g/t Au over 0.30m from TUG-139
18.77 g/t Au over 2.10m from 118.8-120.9m, incl. 26.07 g/t Au over 1.50m from TUDDH-577
11.95 g/t Au over 2.70m from 55.9-58.6m, incl. 35.91 g/t Au over 0.60m from TUDDH-578
11.18 g/t Au over 1.20m from 153.5-154.7m, incl. 40.05 g/t Au over 0.30m from TUDDH-580
The mineralization reported here is considered to be a highly significant development, representing a substantive addition of Au mineralization at grades well in excess of the average resource grade, intersected at relatively shallow levels in the orebody. As a result, the new high-grade mineralization defined by the ongoing infill drill program can be expected to substantially enhance the early part the production stream and hence the immediate economic viability of Tuvatu.https://embed.fireplace.yahoo.com/embed?ctrl=Monalixa&m_id=monalixa&m_mode=document&site=sports&os=android&pageContext=%257B%2522ctopid%2522%253A%25221542500%253B1480989%253B1481489%2522%252C%2522hashtag%2522%253A%25221542500%253B1480989%253B1481489%2522%252C%2522wiki_topics%2522%253A%2522Lion%253BExploration_diamond_drilling%2522%252C%2522lmsid%2522%253A%2522a0V0W00000HOPDcUAP%2522%252C%2522revsp%2522%253A%2522newsfile_64%2522%252C%2522lpstaid%2522%253A%252290214f74-cd87-30c8-9d72-a6dbadcf0260%2522%252C%2522pageContentType%2522%253A%2522story%2522%257D
Results of the ongoing infill drill program to date are summarized below in Table 1. Highlighted in blue on Table 1 are specific drill intercepts that are outside of the mineralized lodes that make up the existing resource model. Each of these additional intercepts has the potential to add width, grade, and continuity to the resource in this portion of the Tuvatu orebody.
Lion One CEO Walter Berukoff, stated “We are confident that the high-grade intercepts indicated by our infill programs and the increased drilling density will lead to a more robust resource model overall with higher localized grades earlier in the production schedule at Tuvatu. Furthermore, when considering the substantially higher grade near-surface infill results reported here, along with the continuing success of the deep drilling program, this underscores the significance of Tuvatu as a potentially multi-million ounce, world-class high-grade Au producer. As we expand our drilling fleet to eight rigs and our laboratory capacity to 12,000 samples per month, we are well positioned to continue securing impressive results from all three tiers of our exploration strategy: from ongoing near-surface infill drilling; from extensions of deep high-grade feeder targets at Tuvatu; and from our pipeline of regional targets in the surrounding Navilawa caldera”.
Since the start of Phase 2 infill drill program in February 2022, Lion One has to date completed approximately 3,700m out of a planned 8,000m of infill drilling. This news release reports the results from approximately 2,375m of drilling, equivalent to approximately 30% of the planned program.
Infill Drilling Program
Two phases of infill drilling have been planned at Tuvatu with the aim of infilling areas within the current resource and thus augmenting the data density, to further improve the resolution of the geological model in portions of the deposit scheduled for earliest production. Phase 1 infill drilling was completed over Zone 2 (Figure 1A) in mid-February 2022, adding over 8,400m of new drill data, including 7,475m of new drilling and 955m of sampling of previously unsampled historic drill core (see Feb. 23, 2022 News Release).
This release presents final assay data from the initial 11 drill holes completed as part of the Phase 2 infill program, which is planned for approximately 8000m of diamond drilling from surface and underground, and is aimed at upgrading the resource database in Zone 5 of the Tuvatu orebody (Figure 1). The program as planned includes 30 holes totalling 5,400m carried out from 4 separate drill stations at surface, and 34 holes totalling 2,600m carried out from 6 underground drill stations. Phase 2 infill drill program began February 17, 2022 with drill hole TUDDH-577, and is expected to require 5-6 months of drilling using three rigs (two from surface and one from underground) to complete.
The results from the initial approximately 2,375m of drilling in Zone 5 (Figure 2), representing approximately 30% of the planned program total, indicate consistent high-grade to locally bonanza-grade Au mineralization for known mineralized lodes in this portion of the current resource (Table 1). Additionally, the results from the initial 30% of the Phase 2 infill program indicates significant new high-grade mineralization not previously known to occur prior to this program, and therefore not included in the current resource statement.
Overall, results to date suggest higher-than-expected continuity and widths of mineralization, locally at grades above the calculated average grade of the deposit. Indeed, the Phase 2 infill program is confirming, and in certain instances, extending previously modelled lodes in this part of the resource. Intercepts of exceptionally high-grades (e.g. 584.07 g/t Au in TUDDH-586) are in line with bonanza results documented from several intercepts from the previously completed Phase 1 infill drill program, providing further support to the expectation of an overall increase in average grades of the lodes scheduled for earliest phases of mining.
Numerous mineralized intervals, including the 584.07 g/t Au bonanza-grade intercept in hole TUDDH-586 as well as 43.34 g/t Au over 0.30m from 187.7-188.0m in hole TUDDH-580, occur fully outside of existing modelled lodes (Table 1, highlighted), adding to our understanding of the lode geometry, as well as to the overall inventory of high-grade mineralization slated for early production at Tuvatu.
As per the Phase 1 infill program, numerous strategically located historic holes have also been identified for resampling, the results of which will be reported in future news releases.
Figure 1: A) Oblique view looking N060° and down 17° showing the current conceptual mine plan ore panels (gold) highlighting the location of Zone 2 and Zone 5, the exploration decline (yellow) and the planned Zone 5 infill drilling program (blue). The planned drilling consists of 4 surface and 6 underground drill stations. B) Oblique view looking N060° and down 40° showing the UR1 to UR5, URW1A, URW1C, and URW3 lodes (transparent gray), exploration decline (yellow) and the planned Zone 5 infill drilling program (blue).
Figure 2: Composite vertical section looking N through Zone 5 at Tuvatu, showing the UR1 to UR5, URW1A, URW2A, and URW3 lodes (blue labels) and the trace of the infill drilling reported in this release (yellow traces). Solid lines are in the section, dotted lines are projected to this section.
Table 1: Drilling intervals returning >0.5 g/t Au (intervals > 3.0 g/t Au cutoff are shown in red, and intervals >9.0 g/t Au or longer than 1.2m are bolded). Intercepts that are outside of the current geological model are highlighted in light blue.
Hole ID
From (m)
To (m)
Interval (m)
Grade (g/t Au)
TUDDH-577
7.2
8.1
0.9
1.25
59.1
60.3
1.2
1.13
100.8
101.4
0.6
0.86
118.8
120.9
2.1
18.77
including
118.8
120.3
1.5
26.07
127.5
127.8
0.3
16.30
135.6
136.2
0.6
1.09
138.6
138.9
0.3
24.66
182.2
182.8
0.6
0.65
TUDDH-578
45.4
45.7
0.3
0.72
55.9
58.6
2.7
11.95
including
55.9
56.5
0.6
35.91
and
58.0
58.3
0.3
22.39
64.3
65.2
0.9
0.58
82.3
82.9
0.6
0.77
100.6
101.5
0.9
1.39
TUDDH-579
22.0
22.3
0.3
0.73
126.1
126.4
0.3
2.43
129.7
131.8
2.1
0.94
135.1
135.4
0.3
13.56
140.5
142.3
1.8
2.88
including
140.5
140.8
0.3
11.62
and
142.0
142.3
0.3
5.2
161.2
163.6
2.4
1.78
TUDDH-580
8.0
9.2
1.2
4.53
46.7
47.3
0.6
1.67
81.8
82.4
0.6
0.78
83.6
85.1
1.5
1.48
153.5
154.7
1.2
11.18
including
153.5
153.8
0.3
40.05
157.7
158.6
0.9
0.66
159.5
159.8
0.3
0.66
165.2
167.0
1.8
1.11
including
166.7
167.0
0.3
5.01
173.6
173.9
0.3
0.76
187.4
188.0
0.6
24.72
including
187.4
187.7
0.3
6.12
including
187.7
188.0
0.3
43.34
192.8
196.4
3.6
1.88
including
193.1
193.4
0.3
11.17
including
194.6
194.9
0.3
4.11
TUDDH-581
20.9
21.2
0.3
4.12
81.8
82.4
0.6
0.76
100.4
101.0
0.6
1.56
106.4
107.0
0.6
0.82
168.5
170.0
1.5
4.41
including
168.5
168.8
0.3
8.27
and
168.8
170.0
1.2
3.25
179.3
182.0
2.7
1.32
186.8
187.1
0.3
0.54
206.6
206.9
0.3
3.07
208.4
209.9
1.5
1.91
212.3
213.2
0.9
0.69
226.1
227.9
1.8
2.39
including
227.0
227.3
0.3
7.48
249.8
250.7
0.9
1.38
251.9
252.2
0.3
2.38
307.4
308.9
1.5
1.55
TUDDH-582
47.6
48.5
0.9
3.21
91.8
93.6
1.8
3.81
including
92.4
93.6
1.2
5.22
99.3
102.0
2.7
3.33
including
99.3
100.2
0.9
5.77
TUDDH-583
7.5
8.1
0.6
2.26
46.5
47.1
0.6
1.02
72.0
72.3
0.3
1.48
87.3
88.5
1.2
0.69
96.3
96.9
0.6
2.68
114.0
114.3
0.3
1.62
121.5
122.7
1.2
1.48
126.9
128.7
1.8
1.93
including
128.4
128.7
0.3
4.39
132.0
132.3
0.3
25.32
137.4
137.7
0.3
0.66
138.9
140.1
1.2
3.11
including
138.9
139.2
0.3
7.12
241.2
241.5
0.3
1.48
TUDDH-586
9.3
11.1
1.8
4.28
including
10.2
11.1
0.9
7.91
63.6
64.2
0.6
0.53
67.8
68.4
0.6
1.8
84.6
84.9
0.3
5.95
98.1
98.4
0.3
2.95
104.7
105.9
1.2
18.47
116.7
117.3
0.6
0.55
122.1
122.7
0.6
292.69
including
122.4
122.7
0.3
584.07
127.5
127.8
0.3
1.68
129.3
129.9
0.6
10.74
133.2
133.8
0.6
3.41
141.6
143.7
2.1
1.75
including
142.5
142.8
0.3
7.33
238.5
241.2
2.7
0.95
TUDDH-587
17.2
17.5
0.3
0.69
62.8
63.4
0.6
1.11
76.6
76.9
0.3
1.57
89.5
89.8
0.3
0.59
103.6
103.9
0.3
2.34
146.2
146.5
0.3
4.43
159.1
160.9
1.8
1.66
232.9
233.5
0.6
6.43
including
232.9
233.2
0.3
11.40
234.7
235.9
1.2
4.27
including
235
235.6
0.6
5.42
237.4
238.6
1.2
8.89
TUG-139
17.8
18.1
0.3
1.42
22.0
22.3
0.3
0.82
26.5
26.8
0.3
1.47
28.9
29.2
0.3
1.42
31.0
31.3
0.3
0.75
48.7
49.6
0.9
1.49
54.4
59.2
4.8
4.20
including
54.7
55.0
0.3
5.91
and
55.0
55.3
0.3
12.60
and
55.6
55.9
0.3
7.27
and
55.9
56.2
0.3
5.70
and
57.1
57.4
0.3
15.09
70.9
72.1
1.2
25.23
including
70.9
71.2
0.3
8.96
and
71.2
71.5
0.3
8.32
and
71.5
71.8
0.3
5.00
and
71.8
72.1
0.3
78.02
82.3
82.6
0.3
2.78
91.6
91.9
0.3
1.66
95.5
95.8
0.3
1.84
TUG-142
20.4
20.7
0.3
1.15
29.4
29.7
0.3
1.49
31.2
36.3
5.1
0.65
41.4
42
0.6
1.88
45.3
45.6
0.3
0.69
61.3
63.7
2.4
3.55
including
62.5
63.1
0.6
8.14
additional results pending
Table 2: Survey details of diamond drill holes referenced in this release
Hole No
Coordinates (Fiji map grid)
RL
final depth
dip
azimuth
N
E
m
(TN)
TUDDH-577
3920435
1876442
314.0
197.9
-39
268
TUDDH-578
3920520
1876513
348.6
150.3
-59
267
TUDDH-579
3920435
1876513
348.6
239.0
-49
269
TUDDH-580
3920435
1876513
348.6
284.9
-60
265
TUDDH-581
3920435
1876513
348.6
311.6
-70
265
TUDDH-582
3920435
1876442
314.0
120.2
-49
267
TUDDH-583
3920435
1876513
348.6
303.2
-44
289
TUDDH-586
3920435
1876513
348.6
302.3
-55
289
TUDDH-587
3920435
1876513
348.6
256.8
-63
289
TUG-139
3920480
1876411
103.1
123.3
+13
091
TUG-142
3920480
1876411
103.1
85.8
-30
090
Qualified Person
In accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”), Sergio Cattalani, P.Geo, Senior Vice President Exploration, is the Qualified Person for the Company and has reviewed and is responsible for the technical and scientific content of this news release.
QAQC Procedures
Lion One adheres to rigorous QAQC procedures above and beyond basic regulatory guidelines in conducting its sampling, drilling, testing, and analyses. The Company utilizes its own fleet of diamond drill rigs, using PQ, HQ and NQ sized drill core rods. Drill core is logged and split by Lion One personnel on site. Samples are delivered to and analysed at the Company’s geochemical and metallurgical laboratory in Fiji. Duplicates of all samples with grades above 0.5 g/t Au are both re-assayed at Lion One’s lab and delivered to ALS Global Laboratories in Australia (ALS) for check assay determinations. All samples for all high-grade intercepts are sent to ALS for check assays. All samples are pulverized to 80% passing through 75 microns. Gold analysis is carried out using fire assay with an AA finish. Samples that have returned grades greater than 10.00 g/t Au are then re-analysed by gravimetric method. For samples that return greater than 0.50 g/t Au, repeat fire assay runs are carried out and repeated until a result is obtained that is within 10% of the original fire assay run. For samples with multiple fire assay runs, the average of duplicate runs is presented. Lion One’s laboratory can also assay for a range of 71 other elements through Inductively Coupled Plasma Optical Emission Spectrometry (ICP-OES), but currently focuses on a suite of 9 important pathfinder elements. All duplicate anomalous samples are sent to ALS labs in Townsville QLD and are analysed by the same methods (Au-AA26, and Au-GRA22 where applicable). ALS also analyses for 33 pathfinder elements by HF-HNO3-HClO4 acid digestion, HCl leach and ICP-AES (method ME-ICP61).
About Lion One Metals Limited
Lion One’s flagship asset is 100% owned, fully permitted high grade Tuvatu Alkaline Gold Project, located on the island of Viti Levu in Fiji. Lion One envisions a low-cost high-grade underground gold mining operation at Tuvatu coupled with exciting exploration upside inside its tenements covering the entire Navilawa Caldera, an underexplored yet highly prospective 7km diameter alkaline gold system. Lion One’s CEO Walter Berukoff leads an experienced team of explorers and mine builders and has owned or operated over 20 mines in 7 countries. As the founder and former CEO of Miramar Mines, Northern Orion, and La Mancha Resources, Walter is credited with building over $3 billion of value for shareholders.
On behalf of the Board of Directors of Lion One Metals Limited “Walter Berukoff“ Chairman and CEO
Neither the TSX Venture Exchange nor its Regulation Service Provider accepts responsibility for the adequacy or accuracy of this release.
This press release may contain statements that may be deemed to be “forward-looking statements” within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein are forward looking information. Generally, forward-looking information may be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “proposed”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases, or by the use of words or phrases which state that certain actions, events or results may, could, would, or might occur or be achieved. This forward-looking information reflects Lion One Metals Limited’s current beliefs and is based on information currently available to Lion One Metals Limited and on assumptions Lion One Metals Limited believes are reasonable. These assumptions include, but are not limited to, the actual results of exploration projects being equivalent to or better than estimated results in technical reports, assessment reports, and other geological reports or prior exploration results. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Lion One Metals Limited or its subsidiaries to be materially different from those expressed or implied by such forward-looking information. Such risks and other factors may include, but are not limited to: the stage development of Lion One Metals Limited, general business, economic, competitive, political and social uncertainties; the actual results of current research and development or operational activities; competition; uncertainty as to patent applications and intellectual property rights; product liability and lack of insurance; delay or failure to receive board or regulatory approvals; changes in legislation, including environmental legislation, affecting mining, timing and availability of external financing on acceptable terms; not realizing on the potential benefits of technology; conclusions of economic evaluations; and lack of qualified, skilled labour or loss of key individuals. Although Lion One Metals Limited has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information. Lion One Metals Limited does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
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As a result, exhaust systems will continue to be a critical tool in reducing harmful air pollution.
The Power of Palladium
Today’s infographic comes to us from North American Palladium, and it demonstrates the unique properties of the precious metal, and how it’s used in catalytic converters around the world.
In fact, palladium enables car manufacturers to meet stricter emission standards, making it a secret weapon for fighting pollution going forward.
The world is in critical need of palladium today.
It’s the crucial metal in reducing harmful emissions from gas powered vehicles—as environmental standards tighten, cars are using more and more palladium, straining global supplies.
What is Palladium?
Palladium is one of six platinum group metals which share similar chemical, physical, and structural features. Palladium has many uses, but the majority of global consumption comes from the autocatalyst industry.
In 2018, total gross demand for the metal was 10,121 million ounces (Moz), of which 8,655 Moz went to autocatalysts. These were the leading regions by demand:
North America: 2,041 Moz
Europe: 1,883 Moz
China: 2,117 Moz
Japan: 859 Moz
Rest of the World: 1,755 Moz
Catalytic Converters: Palladium vs. Platinum
The combustion of gasoline creates three primary pollutants: hydrocarbons, nitrogen oxides, and carbon monoxide. Catalytic converters work to alter these poisonous and often dangerous chemicals into safer compounds.
In order to control emissions, countries around the world have come up with strict emissions standards that auto manufacturers must meet, but these are far from the reality of how much pollutants are emitted by drivers every day.
Since no one drives in a straight line or in perfect conditions, stricter emissions testing is coming into effect. Known as Real Driving Emissions (RDE), these tests reveal that palladium performs much better than platinum in a typical driving situation.
In addition, the revelation of the Volkswagen emission scandal (known as Dieselgate) further undermines platinum use in vehicles. As a result, diesel engines are being phased out in favor of gas-powered vehicles that use palladium.
Where does Palladium Come From?
If the world is using all this palladium, where is it coming from?
Approximately, 90% of the world’s palladium production comes as a byproduct of mining other metals, with the remaining 10% coming from primary production.
In 2018, there was a total of 6.88 million ounces of mine supply primarily coming from Russia and South Africa. Conflicts in these jurisdictions present significant risks to the global supply chain. There are few North American jurisdictions, such as Ontario and Montana, which present an opportunity for more stable primary production of palladium.
Long Road to Extinction
The current price of palladium is driven by fundamental supply and demand issues, not investor speculation. Between 2012 and 2018, an accumulated deficit of five million ounces has placed pressures on readily available supplies of above-ground palladium.
Vehicles with internal combustion engines (ICE) will continue to dominate the roads well into the future. According to Bloomberg New Energy Finance, it will not be until 2040 that ICE vehicles will dip below 50% of new car sales market, in favor of plug-in and hybrid vehicles. Stricter emissions standards will further bolster palladium demand.
The world needs stable and steady supplies of palladium today, and well into the future.
My colleague Paul Wong wrote about silver’s recent flat performance in his recent monthly, April Pressures Risk Assets. Wong aptly explained silver’s interesting role: “Silver has a distinct duality pricing function that, at times, may be contradictory due to its industrial component and its monetary role.”
In this report, we provide our current outlook for silver. Ultimately, we believe recent market dynamics are creating short-term headwinds for precious metals from a monetary standpoint, but those trends could reverse – and silver supply constraints are likely to become more relevant in the face of sustained demand, with notable momentum in silver’s industrial uses related to the green energy transition.The strength of silver’s fundamentals has been fueled by strong gains across all demand components.
Silver’s Behavior Since COVID
Silver bullion1 posted a 47% gain in 2020 (see red oval in Figure 1) and has recently been in a holding pattern. Despite this, silver traded in the range of $22-$28 in 2021, and its average price for the year reached a nine-year high of $25.14.
Since silver’s outperformance in 2020, the global macroeconomic environment has changed dramatically and become increasingly volatile. Markets continue to grapple with the impacts of the COVID pandemic, geopolitical concerns have increased substantially, and the recent sell-off of stocks has not yet found a stopping point. Rising interest rates have created a headwind for precious metals assets, particularly gold and silver.
Silver is More Volatile than Gold
Silver’s response to current macroeconomic challenges has been to follow its traditional pattern of reacting with more volatility than gold. Silver is down modestly YTD; priced at $23.35 per ounce on December 31, 2021, it was $21.72 as of May 23, 2022, a decline of 7.02%. Gold, by contrast, gained 1.38% YTD2 through May 23. Both are strong showings, given the S&P 5003 declined 16.65% in the same period.
Figure 1. Silver Price vs. Gold Price (2000-2022)
Source: Bloomberg. Data as of 4/30/2022. Included for illustrative purposes only. Past performance is no guarantee of future results.
But to fully understand our current positive outlook for silver, we should revisit the supply-demand dynamics of the silver market — the fundamental relationship that directs long-term pricing trends. To assess these dynamics, we looked to the annual silver outlook published by the Silver Institute and Metals Focus in April, the World Silver Survey 2022.
Although the risk-off tenor of the moment may be a headwind for short-term silver pricing trends, over the longer term, we believe silver supply constraints will become more relevant in the face of sustained, growing demand.
Silver Supply Headwinds in the Post-COVID Era
As expected on the back of silver’s price rise in 2020, silver mining rebounded in 2021 — but to a lesser degree than forecasted. Mine production was up about 5% in 2021 from 2020 levels. Recycling volumes grew by 7% as higher pricing attracted more scrap to the market. Still, Metals Focus analysts had predicted growth for mining supply to be higher, in the range of 8%. As shown in Figure 2, silver supplies have dropped into a deficit since last year, and Metals Focus analysts predict another sizeable deficit of 72 million ounces in 2022.
Figure 2. Silver Supply Dives into Deficit in 2021
Source: Metals Focus, April 2022. Included for illustrative purposes only. Past performance is no guarantee of future results.
In addition to tighter silver supply, silver grades have been declining for several years. Ore grades depend on several things, including rising silver prices (which make it profitable to accept lower grades) and how the silver is mined. Going forward, mining companies will likely have to invest more in exploration and development in order to increase or even maintain supply.
Figure 3. Grades of Mined Silver Ore have Declined ~55% Since 2005
Byproduct prices are also a big input for total silver mining activity. More than 70% of silver mining supply is a result of byproduct mining. Higher prices for byproduct metals — lead, zinc and copper, for instance — drive higher mining activity for those metals, essentially subsidizing silver mining in the process. That impact has contributed to supply in recent quarters. But, it’s a tailwind to supply that is potentially at risk. If macroeconomic conditions soften in the medium-term and price support eases for those byproduct metals, silver mining supply is also vulnerable. Without the subsidy effect of higher byproduct prices, the outlook for silver supply could be even weaker than expected.
Figure 4. Higher Prices for Byproduct Metals have Helped Silver Mining Output
Source: Bloomberg, as of 5/13/2022. Orange = Copper Futures. Green = Zinc Futures (3 month contracts). Blue = Silver Spot. Gold = Gold Spot. Included for illustrative purposes only. Past performance is no guarantee of future results.
Miners must also contend with inflation, which directly impacts their fuel costs in production and exploration. If costs are expected to increase and silver miners aren’t sufficiently confident in higher silver prices, it’s difficult to envision a scenario where they are likely to ramp up mining activity substantially. There are also continued reports of worker shortages in silver mining as the tight labor market and waves of COVID outbreaks hamper operations in some locations.
These supply trends have already resulted in a drop in global silver reserves. In 2021, 122 million ounces (Moz) of silver were added to reserves, but 270 Moz were taken in production, as shown in Figure 5. Reserves dropped by about 4% to 3,412 Moz at yearend. Exploration and discoveries were also underwhelming in 2021. Globally, total identified silver resources (excluding reserves) only grew 1% last year. At the same time, there was subdued merger and acquisition activity in 2021 in the primary silver sector, with only eight deals totaling just US$11 million.
Figure 5. Global Silver Mine Reserves Drop in 2021
Primary silver reserves declined as mining depletion exceeded additions.
Source: Metals Focus, April 2022. Included for illustrative purposes only. Past performance is no guarantee of future results.
Silver Demand: Green Technologies Support Sustained Growth
While silver supply faces some constricting trends, the rebound in demand could prove sustainable, thanks to silver’s critical role in growing green energy initiatives.
Photovoltaic demand — silver inputs for solar panel production — is a prime example, growing 13% as a category in 2021 and contributing to a new record high for global silver demand in 2021. This rebound, even in the face of the supply-chain constraints that have plagued global manufacturing since COVID began, reflects the substantial green-energy investment that is underway.
We believe this trend could drive continued demand growth even if other manufacturing activity softens incrementally. Industrial demand overall accounts for about half of annual silver demand, and photovoltaic demand is about a fifth of all industrial offtake (and growing in share, since photovoltaic is growing faster than overall industrial use at large).
Source: Metals Focus, April 2022. Included for illustrative purposes only. Past performance is no guarantee of future results.
The outlook for green energy investment has only strengthened in the face of the Russia-Ukraine conflict, which is pushing global sentiment towards energy security and renewables. Vehicle electrification and renewable energy demand could have more staying power in an environment where developed economies are turning a corner toward weaker growth or even recession. Industry forecasts project that silver demand for electric vehicles is likely to eventually surpass the volume of silver used in photovoltaics. As Paul Wong discussed last month, silver prices have demonstrated a growing correlation to energy transition equities. According to Wong, “Silver pricing has become highly correlated (R-square4 of 0.82) with energy transition equities, as illustrated in Figure 7. This Energy Transition Index is comprised of 12 large ETFs in the energy transition space (solar, renewables, wind, carbon, infrastructure, uranium, etc.).”
Figure 7. Silver Correlates with Energy Transition Equities
Source: Bloomberg and Sprott Asset Management LP. Data as of 4/30/2022. Included for illustrative purposes only. You cannot invest directly in an index. Past performance is no guarantee of future results.
The Energy Transition Story is a Large Force for Silver
The current environment may be dominated by risk-off behavior, but that’s not the primary factor for longer-term silver demand, particularly given its dual nature as a precious metal and an industrial metal.
We see the energy transition story as a large force for silver demand — this year and in future years. The geopolitical issues dominating the current environment only strengthen that trend, even as they weaken other components of silver demand. The pandemic and the war in Ukraine have both served to reinforce investment in energy-transition initiatives.
Silver is a critical component of electric vehicles (EVs), which are experiencing strong demand growth globally. EV sales are slated to represent >30% of total light-vehicle sales by 2030, mainly stemming from China, Europe and the U.S. EVs are going to require a new set of manufacturing materials versus traditional ICE (internal combustion vehicles) vehicles. Silver’s high conductivity and ductility make EVs more efficient by establishing lightweight but strong electrical connections between batteries and other car components. Battery electric vehicles use between ~25-50 grams of silver per vehicle.
At present, EV inventories remain backlogged. Ford announced in January that it would double production of its electric F-150 pickup truck to work through a three-year backlog. Tesla reported that some models were backlogged until 2023, even after price increases. Solar panels have also been backlogged in recent months, according to some reports.
Figure 8. A Surge in EVs
Source: BMO Capital Markets, HIS, CAAM, InsideEVs, Industry Reports as of 2/07/2022.
Positive Non-Industrial Demand Trends
Looking at non-industrial demand for silver, trends have been milder but positive. In photography — which represents a small and declining share of silver demand — there was a small post-COVID rebound related to the catch-up trend of X-rays in healthcare after lockdowns subsided. Jewelry and silverware are more closely tied to economic growth, and both rebounded substantially in 2021. The return of weddings and social events in India supported higher jewelry production. Italy and China also accounted for healthy rebounding demand for jewelry amid economic recoveries. Silverware also reflected these trends. However, jewelry and silverware purchases both remained below pre-COVID levels.
Physical demand for silver coins and bars is the most volatile category of demand (and hard to get real-time data for mid-year). Physical demand grew 36% in 2021 over the year prior, driving the category up to represent a full quarter of global demand for the year. Bar and coin investments have not retreated since 2016/17.
Figure 9. Silver Bar and Coin Investment Surged by 36% in 2021
Source: Metals Focus, April 2022. Included for illustrative purposes only. Past performance is no guarantee of future results.
Why We Remain Bullish on Silver
From a pricing standpoint, silver is historically undervalued relative to gold right now, and offers an attractive investment opportunity. We see a picture of silver fundamentals where supply trends cannot keep up with longer-term demand. Overall, the silver market has been in a physical deficit since 2019, and silver mine supply has been in decline since 2016. There has been a lack of funds going into silver mine development and the timelines from discovery to production have gotten longer. On the demand side, all segments of silver demand are rebounding, led by industrial, jewelry and physical investment. We continue to believe that silver is likely to benefit from supply constraints in the face of growing demand. We expect green technology and de-carbonization trends to continue and increase, even if economic growth slows globally.
1
Silver bullion is measured by Bloomberg Silver (XAG Curncy) U.S. dollar spot rate.
2
Gold bullion is measured by the Bloomberg GOLDS Comdty Spot Price.
3
The S&P 500 or Standard & Poor’s 500 Index is a market-capitalization-weighted index of the 500 largest U.S. publicly traded companies.
4
R-squared values range from 0 to 1 and are commonly stated as percentages from 0% to 100%. An R-squared of 100% means that all movements of a security (or another dependent variable) are completely explained by movements in the index (or the independent variable(s) you are interested in). Source: Investopedia.
Maria Smirnova, MBA, CFA Managing Director, Sprott Inc.; Senior Portfolio Manager & Chief Investment Officer, Sprott Asset Management
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Advancing one of the largest high-grade, undeveloped precious metal assets in BC’s Golden Triangle
Dolly Varden is a silver and gold exploration company focused on advancing it’s 100% held Kitsault Valley Project located in the southern tip of BC’s Golden Triangle. The project was formed by combining the Dolly Varden and Homestake Ridge projects on February 25, 2022.
Dolly Varden Resource:
The Dolly Varden comprises the 88 sq. km southern half of the Company’s 163 sq. km. Kitsault Valley project located in the Golden Triangle of Northwest British Columbia. It features a high-grade 100% silver resource. It includes four known precious metal deposits: Wolf, North Star, Dolly Varden and Torbrit.
Homestake Ridge Resources:
Homestake Ridge comprises the 75 sq. km. northern half of the Company’s 163 sq. km. Kitsault Valley project located in the Golden Triangle of Northwest British Columbia and features a high-grade gold and silver resource. It includes three known precious metal deposits: Homestake Main, Homestake Silver and South Reef. More than 90,000 metres in 275 holes have been drilled at Homestake Ridge forming a resource of high-grade gold and silver (along with copper and lead).
For more information on Dolly Varden Silver Corp. (TSX.V: DV, OTCQX: DOLLF) please click the request investor info button.
MONTREAL, QC / ACCESSWIRE / May 26, 2022 / Quebec Precious Metals Corporation (“QPM” or the “Company”) (TSXV:QPM)(OTCQB:CJCFF)(FSE:YXEP) is pleased to announce drill hole assay results from drill hole 189 and the six (6) drill holes from the 2022 winter program (7 holes, totalling 2,982 m). The results demonstrate the depth and strike extension of higher gold mineralization for an additional 200 m at the La Pointe Extension gold deposit, on the Company’s 100% owned Sakami project in the Eeyou Istchee James Bay territory of Quebec.
Highlights (Table 1, Figures 1, 2 and 3)
All seven (7) holes have intersected extensive mineralization over wide intervals.
The three most significant drill intersections are:
Hole PT-21-190: 1.61 g/t Au over 19.5 m including 4.91 g/t Au over 1.5 m
Hole PT-21-191: 0.84 g/t Au over 63.0 m including 1.25 g/t Au over 18.0 m
Hole PT-21-194: 0.94 g/t Au over 26.9 m including 1.77 g/t Au over 9.0 m
These holes confirm the continuity of the sub-vertically dipping higher-grade core of the deposit (500 m strike length, a depth of 600 m with an estimated average true thickness of 40 m, up to 75 m in the central part of the deposit, and plunging about 45 degrees to the northeast) which could be amenable to open pit mining.
Normand Champigny, QPM’s Chief Executive Officer, stated: “These results show that the La Pointe Extension deposit keeps expanding at depth and remains open in all directions. The drill results will add an important mineralized volume. In addition, we have numerous undrilled targets in interpreted large intrusive bodies near the deposit and over a strike length of 2.5 km to the south of the deposit. Additional drilling will be required to better define the mineralized zones and to optimize open pit geometries.“
The 2021 fall and 2022 winter drilling aimed to expand the La Pointe Extension deposit that could be amenable to open pit mining. To date, a total of 47 holes (14,535 m) have intersected the La Pointe Extension deposit.
The La Pointe Extension deposit and the La Pointe deposit are part of the Sakami project located along a 23-kilometre-long favourable geological contact that hosts gold mineralization. Both deposits are of similar geological character and a sub-vertically dipping higher-grade portion. They show a generally good spatial correlation between the gold mineralization and the abundance of disseminated arsenopyrite, pyrite and pyrrhotite hosted in a silicified paragneiss that is observed in drill holes. At the La Pointe deposit, the mineralized zone has a strike length 950 m, a depth of 450 m with an estimated average true thickness of 35 m, up to 63 m in the central part of the deposit.
Complete assay results and calculated composite grades released to date are available on QPM’s website (https://www.qpmcorp.ca/en/projects/sakami-technical-information/). For previously disclosed results in connection with the La Pointe and La Pointe Extension deposits, see press releases of June 9, 2021, November 2, 2021, February 24, 2022 and March 10, 2022.
Quality Assurance/Quality Control
The drilling contract was awarded to Orbit Garant Drilling Inc., based in Val-d’Or, Quebec. The hole diameter is NQ. Quality assurance and quality control procedures have been implemented to ensure best practices in sampling and analysis of the core samples. The drill core was logged and then split, with one-half sent for assay and the other retained in the core box as a witness sample. Duplicates, standards and blanks were regularly inserted into the sample stream. The samples were delivered, in secure tagged bags, directly to the ALS Minerals laboratory facility in Val-d’Or, Quebec. The samples are weighed and identified prior to sample preparation. All samples are analyzed by fire assay with AA finish on a 30 g sample (0.005-10 ppm Au), with a gravimetric finish for assays over 10 ppm Au.
The Sakami Project
The Sakami Project provides the Company with a controlling position over a 23-km long segment of a favourable geological contact and comprises 281 claims (142 km2). It is located 570 km north of Val d’Or, Quebec, 120 km east of the municipality of Wemindji, 90 km from the Éléonore gold mine and 47 km northeast of the paved James Bay Road. Good infrastructure, including major access roads, a hydro-powered electric grid and airports, are present in the region. Drilling can be carried out throughout the year.
Qualified Persons
Normand Champigny, Eng., Chief Executive Officer of the Company, and Qualified Person under NI 43-101 on standards of disclosure for mineral projects, has prepared and reviewed the content of this press release. François Gagnon, P. Geo., Senior Exploration Geologist with Consul-Teck Exploration Minière Inc. has also reviewed the content of this release.
About Quebec Precious Metals Corporation
QPM is a gold explorer with a large land position in the highly prospective Eeyou Istchee James Bay territory, Quebec, near Newmont Corporation’s Éléonore gold mine. QPM’s flagship project is the Sakami project with significant grades and well-defined drill-ready targets. QPM’s goal is to rapidly explore the Sakami project and advance to the mineral resource estimate stage.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
This release includes forward looking statements. Often, but not always, forward-looking statements can generally be identified by the use of forward-looking words such as “may”, “will”, “expect”, “intend”, “plan”, “estimate”, “anticipate”, “continue”, and “guidance”, or other similar words and may include, without limitation statements regarding plans, strategies and objectives of management, anticipated production or construction commencement dates and expected costs or production output.
Forward-looking statements inherently involve known and unknown risks, uncertainties and other factors that may cause actual results, performance and achievements to differ materially from any future results, performance or achievements. Relevant factors may include, but are not limited to, changes in commodity prices, foreign exchange fluctuations and general economic conditions, increased costs and demand for production inputs, the speculative nature of exploration and project development, including the risks of obtaining necessary licences and permits and diminishing quantities or grades of resources or reserves, political and social risks, changes to the regulatory framework within which the entity operates or may in the future operate, environmental conditions including extreme weather conditions, recruitment and retention of personnel, industrial relations issues and litigation.
Forward-looking statements are based on the entity and its management’s good faith assumptions relating to the financial, market, regulatory and other relevant environments that will exist and affect business and operations in the future. There are no assurances that the assumptions on which forward-looking statements are based will prove to be correct, or that the business or operations will not be affected in any material manner by these or other factors not foreseen or foreseeable by the entity or management or beyond the entity’s control.
Although there have been attempts to identify factors that would cause actual actions, events or results to differ materially from those disclosed in forward-looking statements, there may be other factors that could cause actual results, performance, achievements or events not to be anticipated, estimated or intended, and many events are beyond the reasonable control of the entity. Accordingly, readers are cautioned not to place undue reliance on forward-looking statements.
Forward-looking statements in this release are given as at the date of issue only. Subject to any continuing obligations under applicable law or any relevant stock exchange listing rules, in providing this information the entity does not undertake any obligation to publicly update or revise any of the forward-looking statements or to advise of any change in events, conditions or circumstances on which any such statement is based.
Table 1: Summary of significant drill hole assay results from the winter 2022 program, Sakami project – Press release of May 26, 2022
Notes:
All widths are drill-indicated core length.
Drill holes are generally planned to intersect mineralization as close to perpendicular to strike as possible.
Source: Bloomberg. Data as of 4/30/2022. Included for illustrative purposes only. Past performance is no guarantee of future results.
