TORONTO, May 13, 2022 /CNW/ – Eloro Resources Ltd. (the “Company” or “Eloro“) (TSXV: ELO) (OTCQX: ELRRF) (FSE: P2QM) is pleased to announce that in connection with its previously announced bought deal financing, the Company and Cormark Securities Inc., (the “Underwriter“) have agreed to increase the size of the previously announced financing. The Underwriter has agreed to purchase, on a bought deal basis, 2,615,400 units of the Company (the “Units“) at a price of C$3.25 per Unit for gross proceeds to the Company of approximately C$8.5 million (the “Offering“). Each Unit will consist of one common share in the capital of the Company (each a “Common Share“) and one-half of one common share purchase warrant (each whole warrant, a “Warrant“) of the Company. Each Warrant shall entitle the holder to acquire an additional Common Share at a price of C$4.75 for a period of 24 months following the closing of the Offering.
The Company has agreed to grant the Underwriter an option (the “Over-Allotment Option“) to sell an additional 392,310 Units, such option being exercisable in whole or in part at any time prior to the date that is 30 days after the closing of the Offering, to cover over-allotments, if any, and for market stabilization purposes. In the event that the Over-Allotment Option is exercised in full, the aggregate gross proceeds of the Offering to the Company will be approximately C$9.775 million.
The net proceeds from the Offering will be used for exploration and development at the Company’s projects in Bolivia and Peru, and for general working capital and corporate purposes as set out in the Prospectus Supplement (defined below).
The Units will be offered by way of a prospectus supplement (the “Prospectus Supplement“) to the Company’s existing base shelf prospectus in all of the provinces of Canada (other than the Province of Quebec). The Prospectus Supplement (together with the related base shelf prospectus) will be available on SEDAR at www.sedar.com.
The Offering is scheduled to close on or about May 19, 2022 and is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory and other approvals including the approval of the TSXV.
The securities offered in the Offering have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”) or any U.S. state securities laws, and may not be offered or sold in the United States or to, or for the account or benefit of, United States persons absent registration or any applicable exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. This press release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
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.
Information in this news release may contain forward-looking information. Statements containing forward looking information such as the closing of the Offering, use of proceeds, and TSXV approval, express, as at the date of this news release, the Company’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 Company. 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, BC / ACCESSWIRE / May 12, 2022 / Sandy MacDougall, CEO of Noram Lithium Corp. (“Noram” or the “Company“) (TSXV:NRM)(OTCQB:NRVTF)(Frankfurt:N7R) is pleased to announce” that the Company has successfully completed the Phase VI infill drill program on the Zeus Lithium Project in Clayton Valley, Nevada. The Zeus Project contains a current NI 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.
All 12 of the Phase VI proposed holes were completed to, or beyond, their anticipated depths for a total of 5246 ft (1599 m) of drilling. Most of the holes were drilled with HQ-size core with a diameter of 2.5 inches (63.5 mm). However, 4 of the holes were drilled with PQ-size (3.35 inches, 85 mm diameter) to be used for the ongoing metallurgical test work. The samples from the core have been hand-delivered to ALS Laboratory in Reno, Nevada for processing. QA/QC samples have been inserted into the sample stream to confirm sample results.
Noram Lithium Corp., Thursday, May 12, 2022, Press release picture
Figure 1 – The last batch of Phase VI drilling samples as they were delivered to ALS in Reno, Nevada.
“This is a significant milestone for Noram” stated CEO and Director, Sandy MacDougall “with the completion of this drilling, the inferred resource calculation will be confidently upgraded to the indicated category. This marks one of the final steps required to complete the Prefeasibility Study (“PFS”) in the near term. While we have only received results from 2 of the 12 holes, the results supersede our expectations, and we can confidently say that a PFS superior to the PEA would not be surprising. All assays are being processed on a rush basis and we expect to receive the balance of the results shortly. Noram is on track to complete the PFS in the fall of 2022 while simultaneously working on new and innovative solutions to become a leader in the green technology space.”
Noram Lithium Corp., Thursday, May 12, 2022, Press release picture
Figure 2 – Location of all past drill holes (Phase I to Phase V) previously completed in addition to the 12 holes completed under the Phase VI Program. Phase VI holes are shown as purple squares.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%2522Lithium_carbonate%253BNor-Am_Cup%253BClayton_Valley_Charter_High_School%253BMineral_resource_classification%253BNevada%253BCompany%253BPea%2522%252C%2522lmsid%2522%253A%2522a077000000LnOyOAAV%2522%252C%2522revsp%2522%253A%2522accesswire.ca%2522%252C%2522lpstaid%2522%253A%2522ca745aaf-aa7e-3d2b-b9ed-9909e7380b49%2522%252C%2522pageContentType%2522%253A%2522story%2522%257D
The Company has also begun initial preparation for the completion of a Plan of Operations (PoO) with the Tonopah, Nevada field office of the Bureau of Land Management. Results from the Phase VI drilling will be needed to determine whether additional drilling, bulk sampling, etc. will be required to carry the project through the PFS and DFS stages. These elements are essential to determine what goes into the PoO. The DFS is expected to follow closely on the heels of this fall’s PFS.
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. 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$1.299 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.
ON BEHALF OF THE BOARD OF DIRECTORS Sandy MacDougall CEO and Director C: 778.999.2159
For additional information please contact: Peter A. Ball President and Chief Operating Officer peter@noramlithiumcorp.com C: 778.344.4653
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 of the engagement of Bridgeview and the approval of the TSX Venture Exchange. 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).
Provenance Gold Corp. is a precious metals exploration company with a focus on gold and silver resources within North America. The Company currently holds interests in three properties in Nevada, and one in eastern Oregon, USA. These properties include the 5,160 acre White Rock property situated in Elko County within the Delano Mining District, the 540 acre Mineral Hill property situated in Eureka County and the 2,024 acre Silver Bow property situated in Nye County in addition to the Eldorado property located in eastern Oregon.
WHITE ROCK The White Rock project spans 5,160 acres and covers an extensive gold system, the core of which hosts gold mineralization that extends across an area at least 3.2 Km by 1.6Km. Provenance believes the geology of the White Rock mineral system is similar to the geology of the nearby Black Pine mineral system in southern Idaho. At Black Pine, the gold system is hosted in a complex of thrust faults. Provenance believes a similar thrust complex underlies the White Rock mineralization, and the postulated thrust complex will be a future exploration target.
ELDORADO The Eldorado property will receive early focus in 2022 as historic data suggests it could hold up-to-a multimillion-ounce gold resource. The company is currently in an early stage of data acquisition, verification and compliance that will result in the completion of a National Instrument 43-101 resource technical report.
Corporate Office Provenance Gold Corp. 2200 – 885 W Georgia St. Vancouver, BC, V6C 3E8 +1-250-516-2455 email@provenancegold.com
Proven and Probable Where we deliver Mining Insights & Bullion Sales. I’m a licensed broker for Miles Franklin Precious Metals Investments (https://www.milesfranklin.com/contact/) Where we provide unlimited options to expand your precious metals portfolio, from physical delivery, offshore depositories, and precious metals IRA’s. Call me directly at (855) 505-1900 or you may email maurice@milesfranklin.com.
Proven and Probable provides insights on mining companies, junior miners, gold mining stocks, uranium, silver, platinum, zinc & copper mining stocks, silver and gold bullion in Canada, the US, Australia, and beyond.
10 HIGH-VALUE GOLD PROJECTS: Ten properties cover a total of 1091 km² and 106 historic gold mines and prospects within the highly mineralized but relatively under explored New England Orogenic Terrane and prolifically mineralized Lachlan Orogenic Belt. Mineralizaton is mostly of an orogenic type associated with large scale structures making for large attractive targets and lesser intrusion related types. Potential for listwanite hosted gold mineralization of the Bralorne and Motherlode type along the Peel-Manning suture zone.
4 HIGH-VALUE SILVER PROJECTS: Four properties cover a total of 289 km² and 31 historic gold-silver mines and prospects within the prolifically mineralized but relatively under explored New England Orogenic Terrane. All properties remain largely under explored since their discovery in the early 1900’s. Little to no historic drilling and almost no exploration Several styles of mineralization present including intrusion related vein stock work targets and low sulphidation epithermal types.
Proven and Probable Where we deliver Mining Insights & Bullion Sales. I’m a licensed broker for Miles Franklin Precious Metals Investments (https://www.milesfranklin.com/contact/) Where we provide unlimited options to expand your precious metals portfolio, from physical delivery, offshore depositories, and precious metals IRA’s. Call me directly at (855) 505-1900 or you may email maurice@milesfranklin.com. Proven and Probable provides insights on mining companies, junior miners, gold mining stocks, uranium, silver, platinum, zinc & copper mining stocks, silver and gold bullion in Canada, the US, Australia, and beyond.
Eloro Resources Also Announces Filing of Final Base Shelf Prospectus
TORONTO, May 11, 2022 (GLOBE NEWSWIRE) — Eloro Resources Ltd. (the “Company” or “Eloro”) (TSX-V: ELO; OTCQX: ELRRF; FSE: P2QM) is pleased to announce that it has filed on SEDAR an updated technical report (“Technical Report”) on the Company’s Iska Iska silver-tin polymetallic project, prepared by Micon International Limited (“Micon”) and in accordance with National Instrument 43-101.
Eloro also announces that it has filed a final short form base shelf prospectus with the securities regulatory authorities in each of the provinces of Canada except Québec.
Updated NI 43-101 Technical Report
The Technical Report supports the interpretation of the drilling and other exploration results thus far, and details Eloro’s next exploration phase leading to the estimation of mineral resources. Micon’s conclusions in the Technical Report include the following: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%2522Technical_report%253BNational_Instrument_43-101%253BCanadian_Securities_Administrators%253BHelorus%253BInternational_Sport_Karate_Association%253BCompany%2522%252C%2522lmsid%2522%253A%2522a0770000002m0AbAAI%2522%252C%2522revsp%2522%253A%2522globenewswire.com%2522%252C%2522lpstaid%2522%253A%2522bfb4f0a9-3ea8-34cb-a445-59cd20f5f3d0%2522%252C%2522pageContentType%2522%253A%2522story%2522%257D
The potential of the Iska Iska Project is unquestionable in terms of its regional geological setting. It is in the midst of a proven metallogenic district with well-established world-class mines such as Cerro Rico de Potosi, Chorolque, and San Vicente.The fact that nearby mines of the Bolivian polymetallic type are operating profitably, is positive for the current drill definition and metallurgical investigations at Iska Iska.
Proximity of the deposit to surface offers an opportunity/potential for both open pit and underground exploitation, especially in the Santa Barbara – Huayra Kasa area.
Geological mapping, geophysical surveys, and diamond drilling have revealed a potentially large deposit of significance but yet to be converted into a resource. So far, the mineralization/deposit is isotropic, lacking any preferred alignment; this is corroborated by variography and downhole IP surveys.
All holes drilled across the project to date display intervals of alteration and significant mineralization, and the limits of the system have not yet been delineated. The deposit is wide open for expansion in all directions.
The “epicentre” of mineralization appears to be in the Santa Barbara adit area, where the highest grades and widest widths have been encountered to date. Therefore, resource development and expansion should radiate outwards from here.
In making recommendations in the Technical Report, Micon states: Eloro’s nearer term objective is a maiden mineral resource estimate within this large target area. This work is advancing well with the initial mineral resource targeted to be completed in Q3 2022. Exploration drilling is also planned on other major targets in the Iska Iska Caldera Complex including the Porco and Mina 2 areas. Accordingly, Micon recommends a two-pronged approach for Eloro to achieve its objectives, namely an initial phase of geophysics and additional delineation drilling followed by a second phase of resource expansion and preliminary economic assessment.
Final Base Shelf Prospectus
The base shelf prospectus filed by Eloro will allow Eloro to qualify the distribution by way of prospectus of up to C$100 million, in aggregate, of common shares, warrants and units, or any combination thereof, from time to time during the 25-month period during which the base shelf prospectus is effective. The specific terms of any future offering will be established in a prospectus supplement to the base shelf prospectus, which supplement will be filed with the applicable Canadian securities regulatory authorities in connection with any such offering.
Eloro has filed the base shelf prospectus to provide the Company with greater financial flexibility going forward but has not entered into any agreements or arrangements to authorize or offer any securities of the Company at this time.
A copy of the final short form base shelf prospectus is available under Eloro’s profile on SEDAR at www.sedar.com.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of, any securities of the Company in any jurisdiction in which such offer, solicitation or sale would be unlawful.
Qualified Person
Dr. Bill Pearson, P.Geo., Eloro’s Executive Vice President Exploration and a Qualified Person as such term is defined in National Instrument 43-101, has reviewed and approved the technical content of this news release.
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 Company’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 Company (forward-looking statements in this news release include, without limitation, statements regarding an initial mineral resource estimate for the Iska Iska project and regarding future financings, if any, pursuant to the short form base shelf prospectus referred to in this news release). 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 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.
Investors want to see the market and their investments go up day after day and never go down. Alas, markets go up and markets go down. We are in one of those periods where all markets are going to go down.
Including resource stocks.
You can lie down and go to sleep for six months or so and you will probably be ok when you wake. The market will recover just as fast as it crashes. But watching your shares drop by big numbers can be terrifying. Cash is king right now and that is not a recommendation from me to sell everything you have. Just figure out for yourself what YOU should do. It is your money. I am not a GURU any more than anyone else is. I just get it right a lot.
In February of 2008 I spoke at the Vancouver gold show. It was President’s day as I recall. Joe Martin insisted that everyone speaking title what they were going to talk about. I called mine “The Crash of 2008” even though I never make a canned speech on any subject. I am far more interested in what my viewers want to discuss.
I started and explained that I didn’t do canned speeches. If everyone else doing them was boring, why would I be any different? And I explained that if I needed a title for speaking, that would be as good as any and if they didn’t believe I was right, they could go home and turn on their idiot box and watch the crash start. And it crashed that day. And continued for many months.
Then in Chicago on March 17th of 2008 I was on a panel at another conference talking about where we all saw silver. The best-known silver guru at the time bragged about how he was buying silver with both hands. I predicted silver would decline with the general market. It did. From about $21 or so an ounce to a low of about $9 in October. The silver guru blew up. I survived.
Here is one of the best charts I have seen lately. I think we are going to see an instant replay in resources this year.
(Click on image to enlarge)
Many other forecasters including a few a lot smarter than I am are calling for a market crash for a variety of reasons. Since 95% of brokers today have never seen a real market crash, it will go on longer and lower than most people believe.
You have two choices as I see things. Sit on your hands and ignore share prices.
While the market declined 89% from September of 1929 until July of 1932, it also climbed 150% from July of 1932 to June of 1933. I see something similar happening again. And remember I spent much of last year predicting a major crash beginning in October of 2021. It wasn’t obvious in the Nifty Fifty and the DOW/S&P but the internals of the market began crashing in October and most investors missed it.
Alternatively, get cashed up and sit on your hands until a hundred resource stocks are selling for less than the cash they have on hand and no one ever wants to own resource stocks or gold ever again. The DSI for gold will be 7 or 8 and the DSI for silver will be 5 or 6. That does not mean sell everything. It means keep a good solid cash position. Be prepared to put in absurdly cheap low-ball offers for great stocks and be surprised when they get filled.
While it’s perfectly true that markets do go down, eventually they will go up and the next big up move in resources will make fortunes for those wise enough to heed good advice.
A Fall 2021 photograph showing the Tourmaline Ridge prospect area in the foreground with an excavator digging trenches through shallow overburden to expose bedrock. Northern Star’s Pogo mine and the Goodpaster deposit is visible in the distance five to six kilometers to the east.
VANCOUVER, British Columbia, May 11, 2022 (GLOBE NEWSWIRE) — Millrock Resources Inc. (TSX-V: MRO, OTCQB: MLRKF) (“Millrock” or the “Company”) reports on advancements at the 64North gold exploration project, including an imminent drilling program. The project is the subject of an earn-in agreement whereby Resolution Minerals Limited (ASX: RML) (“Resolution”) is earning a joint venture interest from Millrock.
Drilling Program: The Resolution–Millrock technical team has developed a strong drill target area at the Tourmaline Ridge prospect, located on the West Pogo block. The target area was developed through analysis of all historic data, in addition to work that has been funded by Resolution over the past thirty months. Resolution plans to execute a drilling program of approximately 2,200 meters in five boreholes that will commence in late June 2022.
Figure 1. A Fall 2021 photograph showing the Tourmaline Ridge prospect area in the foreground with an excavator digging trenches through shallow overburden to expose bedrock. Northern Star’s Pogo mine and the Goodpaster deposit is visible in the distance five to six kilometers to the east. https://www.globenewswire.com/NewsRoom/AttachmentNg/f90d17bf-5651-489c-905c-27163607e3d5https://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%2522Gold_mining%253BThe_Glass_Passenger%253BBritish_Columbia%253BTourmaline%253BExploration%2522%252C%2522lmsid%2522%253A%2522a0770000002m0AbAAI%2522%252C%2522revsp%2522%253A%2522globenewswire.com%2522%252C%2522lpstaid%2522%253A%2522ba632f00-730c-3234-ae82-c09cc166c809%2522%252C%2522pageContentType%2522%253A%2522story%2522%257D
Earned Interest: Resolution has earned a 42% interest in the project by making cash payments (US$150,000), share payments (30,000,000 shares), and expending at least US$7.0 million on exploration (US$7.87 million spent as at January 31, 2022). Additionally, Resolution has elected to continue sole-funding exploration to earn a 51% interest by making further expenditures in 2022 and making further share and cash payments to Millrock.
Millrock President & CEO Gregory Beischer commented: “There is an abundance of geologic evidence pointing to a possible gold deposit at Tourmaline Ridge. We wish Resolution the best of luck as they move the project forward, and we are hopeful for a new gold discovery.”
A large soil geochemical anomaly measuring 1,800 by 750 meters occurs on the Tourmaline Ridge prospect. Recently Resolution reported that it had received rock sample assay results from trenches excavated at Tourmaline Ridge in fall of 2021. Numerous narrow, gold-bearing veins were detected. These steep-dipping veins are interpreted to be “antithetic veins”, which commonly occur in the hanging wall above gold ore bodies at the nearby Pogo mine. Prior historical drilling intersected these veins along with characteristic rock alteration and pathfinder minerals. From geophysical surveys, a moderately northwest dipping structure is interpreted to lie beneath the soil anomaly and historic drill holes. Resolution and Millrock interpret this structure to be the “Pogo Trend”, which appears to be traced from the Goodpaster deposit on the adjacent Pogo Mine property operated by Northern Star Mines Ltd. (“Northern Star”).
Northern Star recently announced a maiden inferred resource estimate of 1.1 million ounces of gold in 3.2 million tonnes of rock, averaging 10.3 grams per ton gold for the Goodpaster deposit.
As of March 31, Pogo is reported by Northern Star to host 6.59 million metric tonnes of proven and probable reserves, averaging 8.5 grams per metric tonne (1.8 million ounces) gold. (Northern Star ANNUAL MINERAL RESOURCE AND ORE RESERVE STATEMENT, May 5, 2022). More than 4 million ounces of gold has been mined at Pogo.
Note: Millrock has not independently verified the information reported by Northern Star. Also, Millrock cannot assure that the structures that host gold ore bodies at Pogo continue onto ground controlled by Millrock and that gold deposits of similar magnitude and concentration will be discovered.
Qualified Person The scientific and technical information disclosed within this document has been prepared, reviewed, and approved by Gregory A. Beischer, President, CEO, and a director of Millrock Resources. Mr. Beischer is a qualified person as defined in NI 43-101.
About Millrock Resources Inc. Millrock Resources Inc. is a premier project generator to the mining industry. Millrock identifies, packages, and operates large-scale projects for joint venture, thereby exposing its shareholders to the benefits of mineral discovery without the usual financial risk taken on by most exploration companies. The company is recognized as the premier generative explorer in Alaska, holds royalty interests in British Columbia, Canada, and Sonora State, Mexico, is a significant shareholder of junior explorer ArcWest Exploration Inc., and owns a large shareholding in each of Resolution Minerals Limited and Felix Gold Limited. Funding for drilling at Millrock’s exploration projects is primarily provided by its joint venture partners. Business partners of Millrock have included some of the leading names in the mining industry: EMX Royalty, Coeur Explorations, Centerra Gold, First Quantum, Teck, Kinross, Vale, Inmet, and Altius, as well as junior explorers Resolution, Riverside, PolarX, Felix Gold and Tocvan.
ON BEHALF OF THE BOARD “Gregory Beischer” Gregory Beischer, President & CEO
FOR FURTHER INFORMATION, PLEASE CONTACT: Melanee Henderson, Investor Relations Toll-Free: 877-217-8978 | Local: 604-638-3164 Twitter | Facebook | LinkedIn
Some statements in this news release may contain forward-looking information (within the meaning of Canadian securities legislation) including without limitation the intention to perform further exploration on the 64North project. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements.
Eliza Property Map, Including Newly Acquired California Patent Claim
Table 1
Notable Results from the Spring Sampling Program at Eliza
VANCOUVER, British Columbia, May 11, 2022 (GLOBE NEWSWIRE) — Silver Hammer Mining Corp. (CSE: HAMR/OTCQB:HAMRF) (“Silver Hammer” or the “Company”) is pleased to report high-grade silver assay results obtained during an early phase of exploration at the Company’s Eliza Project (“Eliza” or the “Project”) in Nevada, plus the acquisition of the California Patent (“the Patent”), a strategic claim within the Project area. 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%2522British_Columbia%253BPatent_claim%253BQualified_person_(European_Union)%253BCalifornia%253BLead%2522%252C%2522lmsid%2522%253A%2522a0770000002m0AbAAI%2522%252C%2522revsp%2522%253A%2522globenewswire.com%2522%252C%2522lpstaid%2522%253A%2522e15ee30c-2af4-334d-a8a9-262c0ee2bf34%2522%252C%2522pageContentType%2522%253A%2522story%2522%257D
Silver Hammer recently completed the purchase of the strategic California Mine Patent claim, which is located entirely within the Eliza Project claim block. The Patent covers an area of 4.6 acres and includes the past-producing California Mine (Figure 1).
Figure 1. Eliza Property Map, Including Newly Acquired California Patent Claim
A spring sampling program collected a total of 25 rock chip and grab samples from sites in the northern sector of Eliza, which includes the newly acquired California Mine area. Analytical results derived from these samples confirm the existence of high-grade silver (“Ag”) mineralization, and the presence of significant concentrations of copper (“Cu”), lead (“Pb”) and zinc (“Zn”) associated with the silver.
“Although we are in the early days of exploring Eliza, these high-grade samples provide further evidence that the Project, including the newly acquired California Patent, is an exciting and high potential area,” stated President & CEO Morgan Lekstrom. “Our exploration work continues to demonstrate the existence of high-grade silver mineralization in a historic mining district that has seen limited modern exploration work. An especially interesting aspect of the results from this recent round of sampling is the presence of high-grade copper, lead and zinc, in addition to the silver. This particular suite of metals is characteristic of vein and replacement-style mineral deposits commonly found peripheral to porphyry copper deposits. Given the recent sampling results, the potential for porphyry-related mineralization will be assessed by our geologists as we further investigate the known silver prospects and potential.”
Table 1: Notable Results from the Spring Sampling Program at Eliza
Ongoing field work at Eliza includes soil sampling and geological mapping. A program of geophysical surveying is planned to commence in Q2-Q3, 2022. Results of the geochemical and geophysical surveys will be used to define priority drill targets ahead of an initial phase of drilling at the Project.
Technical Observations at Eliza
The geological setting at Eliza is similar to that of other mines in the area. District-scale folding of Middle Paleozoic limestone and shale formations appears to have formed open-space fault and fracture zones which channeled mineralizing fluids through chemically receptive host rocks, specifically the Devonian Guillmette and Joana Limestone formations.
The spring sampling program done at and around the historic mines found on the Eliza Project has shown that the replacement-style mineralized zones in limestone exist along axial planar faults and fracture zones and commonly weather into resistant ridges.
The assay results from the sampling program confirm observations made in the field: limestone and dolomite micro-breccia replacement zones show strong to very strong enrichments in Ag, arsenic (“As”), barium (“Ba”), Cu, manganese (“Mn”), Pb and Zn. Notable results are shown in Table 1 and Figure 1.
Qualified Person
Technical aspects of this press release have been reviewed and approved by Philip Mulholland, a Certified Professional Geologist (CPG) with the American Institute of Professional Geologists, a contractor of the Company and the designated Qualified Person (QP) under National Instrument 43-101.
Quality Assurance, Quality Control Sample Security
The following measures were taken to ensure sample security: samples were submitted to AAS American Analytical Services; only authorized personnel attended the samples; samples were collected and recorded by Silver Hammer geologists and then shipped to the AAS lab in Osburn, Idaho.
Analysis Suite
All samples were analyzed by AAS using conventional assay methods involving fire assaying of 50-gram charges of pulverized sample material for gold and silver, with Fire Assay ICP Finish (FA-ICP); AND ICP-35 Element Scan (M-ICP-35).
Audits or reviews
Internal review of sampling techniques, data, and results by the Company’s geologist’s and management was routinely done through the course of the project.
Blanks and Duplicates
For quality assurance/quality control purposes, the batches of samples sent to AAS for assaying and ICP analyses were regularly infused with ‘duplicate’, and ‘blank’ samples. The ‘duplicates’ were created during sample preparation at AAS. The laboratory also provided analytical results for their own reference samples for further QA/QC check.
Disclaimer note: Mineralization hosted on adjacent and/or nearby properties is not necessarily indicative of mineralization hosted on the Company’s projects.
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.
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 investor relations inquiries, contact: Kristina Pillon, 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.
Labrador Gold Intersects 54.17 G/T Au Over 0.95m at the Big Vein Target
TORONTO, May 05, 2022 (GLOBE NEWSWIRE) — Labrador Gold Corp. (TSX.V:LAB | OTCQX:NKOSF | FNR: 2N6) (“LabGold” or the “Company”) is pleased to announce the continued extension of the Big Vein Zone to the southwest with an intersection of 54.17 g/t Au over 0.95m as well as the intersection of near surface gold mineralization from initial diamond drilling of the Pristine target at its 100% controlled Kingsway project near Gander, Newfoundland. These holes were drilled as part of the Company’s ongoing 100,000 metre drill program at Kingsway.
At Big Vein, the intercept of 54.17g/t Au over 0.95m in hole K-22-122 contains visible gold and is the furthest intersection of the Big Vein Zone to the southwest drilled to date. This extends the strike length of the zone to 320m and it remains open in this direction. Hole K-22-116 targeted the HTC zone and intersected 14.67 g/t over a 1m interval that also contained visible gold.
At the Pristine target the first six holes all intersected significant near surface gold mineralization, including hole K-21-109 that assayed 3.55 g/t Au over 2.33m from 17.15m that contained visible gold and hole K-21-100 that intersected 3.89 g/t Au over 3m from 53m downhole.
The initial assays from the Pristine target, located approximately 800m northeast of Big Vein along the Appleton Fault Zone, are very similar to the first reported holes from Big Vein that assayed 1.11 g/t Au over 5.50m, 5.0 g/t Au over 0.9m and 2.26 g/t Au over 7.0m in Hole K-21-01 and 1.72 g/t Au over 3.0min Hole K-21-02 (see news release dated May 10, 2021).
The stratigraphy encountered is also very similar to Big Vein, with the mineralized Doyle Zone defined by a network of shear veining that is associated with a highly fractured sandstone in fault contact with a deformed black graphitic shale.
“We are very pleased with the initial results from the Pristine target which proves our interpretation of the existence of a gold occurrence not too far up ice from the pristine gold grains found in till. Pristine is the third of three targets tested to date to show significant near surface gold assays, a result of our systematic exploration strategy at Kingsway and the prospectivity of the Appleton Fault Zone,” said Roger Moss, President and CEO of the LabGold. “We have named the mineralized zone at Pristine the Doyle Zone after our friend and strong supporter James Doyle, who passed away suddenly, and much too early, in late 2020. James helped and advised us in every financing since the start of Labrador Gold in 2017, and gave us support in the market, often when no-one else was interested. James would have loved witnessing all the exploration activity in central Newfoundland over the last two years and would have been working the telephones daily. We will endeavour to ensure that the Doyle Zone lives up to the big personality of its namesake.”
Pristine Target and Appleton Fault Zone
The visible gold found in hole K-21-109 drilled into the Doyle Zone is the third occurrence of visible gold found, after Big Vein and Golden Glove, along the Appleton Fault Zone. The Doyle Zone is the furthest northeast, approximately 4.5km from Golden Glove which lies close to the southern property boundary. The Doyle Zone lies to the east of a fault with a major damage zone approximately 30m wide which may represent the expression of the Appleton Fault Zone in this area. Further work is necessary to determine if this is, in fact, the the case or if it is a major splay of the Appleton Fault Zone. In either case it is a significant structure associated with gold mineralization in the Doyle Zone.
The most detailed exploration along the Appleton Fault Zone to date has been over an approximately 2km section from just southwest of Big Vein to the Pristine target, leaving the remaining 10km length of the fault zone relatively underexplored. This will be a major focus of LabGold’s upcoming field program.
Hole ID
from (m)
to (m)
width (m)
Au (g/t)
Target
K-22-142
96
100
4
3.44
Big Vein
including
97
99
2
5.37
K-22-125
70
77
7
1.72
HTC
K-22-124
264
266
2
2.03
Big Vein
283
284
1
7.68
K-22-122
99
114
15
1.46
Big Vein
123.33
124.28
0.95
54.17*
K-22-116
178
179
1
14.67*
HTC
194
196
2
4.18
207
208
1
3.25
K-22-143
75
82
7
1.53
Pristine
K-22-123
23
24
1
1.98
Pristine
43
44
1
2.3
K-22-119
31
33
2
1.92
Pristine
K-21-109
17.15
18.3
2.3
3.55*
Pristine
47.45
50.45
3
1.31
54.45
59.45
5
1.48
K-21-107
48
52
4
1.16
Pristine
86
89
3
1.58
96
103
7
1.81
K-21-100
53
56
3
3.89
Pristine
Table 1. Summary of Assay Results * Interval contains visible gold. All intersections are downhole length as there is insufficient Information to calculate true width.
True widths of the reported intersections have yet to be calculated. Assays are uncut. Samples of HQ split core are securely stored prior to shipping to Eastern Analytical Laboratory in Springdale, Newfoundland for assay. Eastern Analytical is an ISO/IEC17025 accredited laboratory. Samples are routinely analyzed for gold by standard 30g fire assay with atomic absorption finish as well as by ICP-OES for an additional 34 elements. Samples containing visible gold are assayed by metallic screen/fire assay, as are any samples with fire assay results greater than 1g/t Au. The company submits blanks and certified reference standards at a rate of approximately 5% of the total samples in each batch.
Qualified Person
Roger Moss, PhD., P.Geo., President and CEO of LabGold, a Qualified Person in accordance with Canadian regulatory requirements as set out in NI 43-101, has read and approved the scientific and technical information that forms the basis for the disclosure contained in this release.
The Company gratefully acknowledges the Newfoundland and Labrador Ministry of Natural Resources’ Junior Exploration Assistance (JEA) Program for its financial support for exploration of the Kingsway property.
About Labrador Gold Labrador Gold is a Canadian based mineral exploration company focused on the acquisition and exploration of prospective gold projects in Eastern Canada.
In early 2020, Labrador Gold acquired the option to earn a 100% interest in the Kingsway project in the Gander area of Newfoundland. The three licenses comprising the Kingsway project cover approximately 12km of the Appleton Fault Zone which is associated with gold occurrences in the region, including those of New Found Gold immediately to the south of Kingsway. Infrastructure in the area is excellent located just 18km from the town of Gander with road access to the project, nearby electricity and abundant local water. LabGold is drilling a projected 50,000 metres targeting high-grade epizonal gold mineralization along the Appleton Fault Zone following encouraging early results. The Company has approximately $28 million in working capital and is well funded to carry out the planned program.
The Hopedale property covers much of the Florence Lake greenstone belts that stretches over 60 km. The belt is typical of greenstone belts around the world but has been underexplored by comparison. Work to date by Labrador Gold show gold anomalies in rocks, soils and lake sediments over a 3 kilometre section of the northern portion of the Florence Lake greenstone belt in the vicinity of the known Thurber Dog gold showing where grab samples assayed up to 7.8g/t gold. In addition, anomalous gold in soil and lake sediment samples occur over approximately 40 km along the southern section of the greenstone belt (see news release dated January 25 th 2018 for more details). Labrador Gold now controls approximately 40km strike length of the Florence Lake Greenstone Belt.
The Company has 156,439,526 common shares issued and outstanding and trades on the TSX Venture Exchange under the symbol LAB.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release .
Forward-Looking Statements: This news release contains forward-looking statements that involve risks and uncertainties, which may cause actual results to differ materially from the statements made. When used in this document, the words “may”, “would”, “could”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” and similar expressions are intended to identify forward-looking statements. Such statements reflect our current views with respect to future events and are subject to risks and uncertainties. Many factors could cause our actual results to differ materially from the statements made, including those factors discussed in filings made by us with the Canadian securities regulatory authorities. Should one or more of these risks and uncertainties, such as actual results of current exploration programs, the general risks associated with the mining industry, the price of gold and other metals, currency and interest rate fluctuations, increased competition and general economic and market factors, occur or should assumptions underlying the forward looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, or expected. We do not intend and do not assume any obligation to update these forward-looking statements, except as required by law. Shareholders are cautioned not to put undue reliance on such forward-looking statements .
