WHENTue, Apr 19, 2022 at 3:00 PM Eastern Time (US & Canada)Add to calendar
ABOUTJoin Silver Hammer Mining, Blackrock Silver, and Summa Silver for a panel discussion where they discuss the benefits of being a silver investor during turbulent economic and political times.
About Blackrock Silver Blackrock’s flagship Tonopah West project consolidates the western half of the famed Tonopah Silver District within the Walker Lane trend of Nevada. Known as the Queen of the Silver Camps, the Tonopah Silver District produced over 174.0 million ounces of silver and 1.8 million ounces of gold from approximately 7.5 million tonnes of high-grade silver-gold, making it one of the most significant silver-gold districts in North America. As the first group to target the historic workings on the property since production shut down nearly 100 years ago, Blackrock has completed in excess of 110,000 metres of exploration drilling since 2020, including a 50,000-metre infill program. Blackrock is quickly and methodically moving to advance the project, with a maiden resource estimate expected during Q1 2022, and has a 9,000-metre blue-sky exploration drill program underway to test new district-scale targets.
About Silver Hammer Mining Silver Hammer is a junior resource company advancing the past-producing Silver Strand Mine in the Coeur d’Alene Mining District in Idaho, U.S. and both the Eliza Silver Project and the Silverton Silver Mine in one of the world’s most prolific mining jurisdictions in Nevada. Silver Hammer strives to become a multi-mine silver producer focusing on near-term exploration and drilling plans at its Idaho and Nevada silver-gold assets.
About Summa Silver Summa Silver is a Canadian junior mineral exploration company. It has options to earn 100% interest in the Hughes property, located in central Nevada, and the Mogollon property, located in southwestern New Mexico. The Hughes property is host to the high-grade past-producing Belmont Mine, one of the most prolific silver producers in the U.S. between 1903 and 1929. The mine has remained inactive since commercial production ceased in 1929 because of heavily depressed metal prices; little to no modern exploration work has been completed prior to Summa Silver acquiring an interest in the property.
Andrew PollardPresident & CEO, Director of Blackrock SilverPrior to joining Blackrock as President & CEO in 2019, Andrew Pollard had established himself as a sought-after management consultant within the mining industry.
Mr. Pollard founded the Mining Recruitment Group Ltd (MRG) in 2006 and has amassed a “Who’s Who” network in the mining & finance world, leveraging his personal relationships to help shape what has become some of the most prominent and successful resource companies.
In a sector where management is crucial, he has served as a trusted advisor to exploration companies and producers ranging in size from seed round through to over $100 billion in market capitalization.
Galen McNamaraCEO & Director of Summa SilverCo-founder and geologist with over 15 years of discovery and capital markets experience, former Senior Project Manager at NexGen Energy, Co-founder and Chairman of Goldshore Resources and Angold Resources.
Jeff ClarkSenior Precious Metals Analyst at GoldSilver.comJeff Clark is the Senior Precious Metals Analyst at GoldSilver.com. He is the son of an award-winning gold panner, with family-owned mining claims in California, Arizona, and Nevada, and has deep roots in the industry. An active investor, with a love of writing, Jeff eventually became a mining industry analyst, including spending 10 years as senior editor for the world-renowned publication BIG GOLD. Jeff has been a regular conference speaker, including at Cambridge House and Sprott Resources events, the Silver Summit, and many others. He currently serves on the board at Strategic Wealth Preservation, a bullion storage facility in Grand Cayman.
Morgan LekstromPresident & CEO of Silver Hammer MiningMr. Lekstrom has 14 years mining experience in progressively senior roles in project, operations, and engineering management and has a strong leadership background with experience overseeing 100+ person teams onsite. In a recent role, Mr. Lekstrom served as Engineering Manager responsible for the budgeting, scheduling and the first phases of execution at Sabina Gold and Silver’s Back River Marine Laydown Project. Prior to that, Mr. Lekstrom spent two years in Ghana, West Africa where he played an integral role in the development and revival of Golden Star Resources’ Prestea underground mine. He led project, engineering, and maintenance teams and worked with members of the executive team on the implementation of various strategic initiatives. A graduate of Thompson Rivers University, Mr. Lekstrom has an established track record delivering successes across numerous projects worldwide.
DISCLAIMER6ix.com/disclaimerDisclaimer of Liability
6ix Inc. (“6ix”) licenses software to publicly traded issuers of securities (“Issuers” and each an “Issuer”) which can be used by Issuers to communicate with current and prospective investors (“Investors” and each an “Investor”) on the online platform maintained by 6ix Inc. at [www.6ix.com] (the “Platform”). Each Issuer is solely responsible for all content relating to the Issuer on the 6ix Platform, including without limitation all investor summits presented by the Issuer and all summary information about the Issuer on the 6ix Platform.
All content provided on the 6ix Platform is for informational and educational purposes only and should not be construed as investment advice or an offer or solicitation in respect to any products or services. The content presented on the 6ix Platform should not be used as the basis for any investment decision, and does not purport to provide any legal, tax or accounting advice. There are inherent risks involved with investing in Issuers, as set out in the public disclosure record of each Issuer. Issuers are not responsible for revising or updating any information that they present on the 6ix Platform.
Investors should refer to the continuous disclosure documents filed by each Issuer under applicable securities laws, including risk factors and warnings regarding “forward looking information”. Issuers are solely responsible for compliance with applicable securities laws, and 6ix makes no representations and provides no assurances to Investors regarding the accuracy or truthfulness of information presented by Issuers on the 6ix Platform or in their public disclosure records.
6ix is not licensed to trade, deal or advise in securities in any jurisdiction. 6ix does not recommend or endorse any Issuer on the 6ix Platform, nor does 6ix verify the accuracy of any information presented by Issuers to Investors on the 6ix Platform or in their public disclosure records. 6ix’s sole responsibility as the operator of the 6ix Platform is to provide software to Issuers and Investors through which Issuers and Investors communicate directly with each other without any intermediation or intervention by 6ix other than in respect of technical, logistical or advertising and marketing support. Issuers pay 6ix a licensing fee for use of the 6ix Platform, and may also receive payment to pay for advertising on third-party websites. 6ix and its principals may make and hold investments in securities of Issuers on the 6ix Platform and 6ix may offer reduced rates for its software services to Issuers in which 6ix and/or its principals are invested.
ALL CONTENT ON THE PLATFORM IS PROVIDED BY THE ISSUERS “AS IS” AND “AS AVAILABLE”. 6IX DOES NOT GUARANTEE THE ACCURACY OF ITS CONTENT. BY USING THE PLATFORM, EACH INVESTOR AGREES TO ACCEPT ANY RISKS ASSOCIATED WITH THE USE OF THE PLATFORM AND ACKNOWLEDGES THAT 6IX IS NOT RESPONSIBLE FOR ANY CONTENT PRESENTED BY OR RELATING TO ISSUERS ON THE PLATFORM.
6IX DOES NOT WARRANT THAT THE PROVISION OF INFORMATION BY ISSUERS ON THE PLATFORM WILL BE ERROR-FREE, TIMELY, COMPLETE OR ACCURATE. USE OF THE PLATFORM AND RELIANCE THEREON IS AT INVESTOR’S SOLE RISK. 6IX WILL NOT BE IN ANY WAY BE LIABLE TO ANY INVESTOR OR ISSUER OR ANY OTHER ENTITY OR PERSON FOR ANY INACCURACIES, ERRORS, OMISSIONS, DELAYS, DAMAGES, CLAIMS, LIABILITIES OR LOSSES, REGARDLESS OF CAUSE, IN OR ARISING FROM THE USE OF THE PLATFORM.
IN NO EVENT WILL 6IX BE LIABLE FOR ANY DAMAGES, INCLUDING WITHOUT LIMITATION DIRECT OR INDIRECT, SPECIAL, INCIDENTAL, OR CONSEQUENTIAL DAMAGES, LOSSES OR EXPENSES ARISING IN CONNECTION WITH THE USE OF THE PLATFORM BY INVESTORS AND/OR ISSUERS EVEN IF 6IX IS ADVISED OF THE POSSIBILITY OF SUCH DAMAGES, LOSSES OR EXPENSES. FURTHER, 6IX SHALL NOT BE LIABLE IN ANY MANNER FOR THE PRODUCT OR SERVICES OF ANYONE WHO REDISTRIBUTES THE INFORMATION PROVIDED ON THE PLATFORM, AND SUCH REDISTRIBUTION IS EXPRESSLY PROHIBITED.
TORONTO and NEW YORK, April 14, 2022 /CNW/ – Mountain Province Diamonds Inc. (“Mountain Province”, the “Company”) (TSX: MPVD) (OTCQX: MPVD) today announces production and sales results for the first quarter ended March 31, 2022 (“the Quarter” or “Q1 2022”) from the Gahcho Kué Diamond Mine (“GK Mine”). All figures are expressed in Canadian dollars unless otherwise noted.
Q1 Production Takeaways
(all figures reported on a 100% basis unless otherwise stated)
1,018,722 ore tonnes mined, a 98% increase relative to last year’s comparable quarter (Q1 2021: 515,002 ore tonnes mined)1
1,185,156 carats recovered, 15% lower than last year’s comparable quarter (Q1 2021: 1,392,128 carats)
Average grade of 1.68 carats per tonne, a 25% decrease relative to Q1 2021 (2.23 carats per tonne)
Q1 2022 Production Figures
2022 Q1
2021 Q11
YoY Variance
Total tonnes mined (ore and waste)
8,167,801
5,604,562
46%
Ore tonnes mined
1,018,722
515,002
98%
Ore tonnes treated
707,553
625,582
13%
Carats recovered
1,185,156
1,392,128
-15%
Carats recovered (49% share)
580,726
682,143
-15%
Recovered grade (carats per tonne)
1.68
2.23
-25%
Note 1: Q1 2021 Production impacted by 22-day unplanned operational stand-down in February due to measures taken to limit spread of Covid-19 at Gahcho Kué
As previously disclosed along with the Company’s year-end filings, during the first quarter of 2022 additional unmodeled resource was encountered, carrying a lower grade than planned mining areas. The incremental, previously unmodeled Kimberlite will be incorporated into the stockpile strategy throughout 2022, with the net effect of increasing Life-of-Mine ore tonnes and cash-flow while also decreasing processed grade. It is seen as a positive by Mountain Province that more diamond bearing ore is being mined than was previously included in the mine plan. Additionally, recovered grade in the quarter was impacted by higher-than-planned mining dilution. Initiatives are underway to correct this going forward.
Q1 Sales Results
As previously disclosed, during the quarter, 506,567 carats were sold for total proceeds of $84.7 million (US$66.7 million) resulting in an average value of $167 per carat (US$132 per carat). This is a 52% increase relative to the average value per carat in Q4 2021 of $110 per carat (US$86 per carat). The increase in average values in Q1 reflected the increase in demand across the rough diamond market, and the fact that upstream stock levels are now believed to reflect operating inventories only.
Mark Wall, the Company’s President and Chief Executive Officer, commented:
“The discovery of incremental, previously unmodeled Kimberlite ore is a positive for the operation and reflects the significant opportunities for additional diamonds to be discovered at the Gahcho Kué mine. Additionally, I’m pleased to say that the operational effects of the late-2021/early 2022 Omicron outbreak at site are now largely behind us and the unplanned failure at the primary crusher is repaired, with additional crusher optimization opportunities identified. After a slower than expected Q1 we are working with our joint venture partner to make the necessary improvements.”
****
About Mountain Province Diamonds Inc.
Mountain Province Diamonds is a 49% participant with De Beers Canada in the Gahcho Kué diamond mine located in Canada’s Northwest Territories. The Gahcho Kué Joint Venture property consists of several kimberlites that are actively being mined, developed, and explored for future development. The Company also controls 107,373 hectares of highly prospective mineral claims and leases surrounding the Gahcho Kué Mine that include an Indicated mineral resource for the Kelvin kimberlite and Inferred mineral resources for the Faraday kimberlites. Kelvin is estimated to contain 13.62 million carats (Mct) in 8.50 million tonnes (Mt) at a grade of 1.60 carats/tonne and value of US$63/carat. Faraday 2 is estimated to contain 5.45Mct in 2.07Mt at a grade of 2.63 carats/tonne and value of US$140/ct. Faraday 1-3 is estimated to contain 1.90Mct in 1.87Mt at a grade of 1.04 carats/tonne and value of US$75/carat. All resource estimations are based on a 1mm diamond size bottom cut-off.
For further information on Mountain Province Diamonds and to receive news releases by email, visit the Company’s website at www.mountainprovince.com.
Qualified Person
The disclosure in this news release of scientific and technical information regarding Mountain Province’s mineral properties has been reviewed and approved by Tom E. McCandless, Ph.D., P.Geo., and Matthew MacPhail, P.Eng, MBA, both employees of Mountain Province Diamonds Inc. and Qualified Persons as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects.
Caution Regarding Forward Looking Information This news release contains certain “forward-looking statements” and “forward-looking information” under applicable Canadian and United States securities laws concerning the business, operations and financial performance and condition of Mountain Province Diamonds Inc. Forward-looking statements and forward-looking information include, but are not limited to, statements with respect to operational hazards, including possible disruption due to pandemic such as COVID-19, its impact on travel, self-isolation protocols and business and operations, estimated production and mine life of the project of Mountain Province; the realization of mineral reserve estimates; the timing and amount of estimated future production; costs of production; the future price of diamonds; the estimation of mineral reserves and resources; the ability to manage debt; capital expenditures; the ability to obtain permits for operations; liquidity; tax rates; and currency exchange rate fluctuations. Except for statements of historical fact relating to Mountain Province, certain information contained herein constitutes forward-looking statements. Forward-looking statements are frequently characterized by words such as “anticipates,” “may,” “can,” “plans,” “believes,” “estimates,” “expects,” “projects,” “targets,” “intends,” “likely,” “will,” “should,” “to be”, “potential” and other similar words, or statements that certain events or conditions “may”, “should” or “will” occur. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made, and are based on a number of assumptions and subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. Many of these assumptions are based on factors and events that are not within the control of Mountain Province and there is no assurance they will prove to be correct.
Factors that could cause actual results to vary materially from results anticipated by such forward-looking statements include the development of operation hazards which could arise in relation to COVID-19, including, but not limited to protocols which may be adopted to reduce the spread of COVID-19 and any impact of such protocols on Mountain Province’s business and operations, variations in ore grade or recovery rates, changes in market conditions, changes in project parameters, mine sequencing; production rates; cash flow; risks relating to the availability and timeliness of permitting and governmental approvals; supply of, and demand for, diamonds; fluctuating commodity prices and currency exchange rates, the possibility of project cost overruns or unanticipated costs and expenses, labour disputes and other risks of the mining industry, failure of plant, equipment or processes to operate as anticipated.
These factors are discussed in greater detail in Mountain Province’s most recent Annual Information Form and in the most recent MD&A filed on SEDAR, which also provide additional general assumptions in connection with these statements. Mountain Province cautions that the foregoing list of important factors is not exhaustive. Investors and others who base themselves on forward-looking statements should carefully consider the above factors as well as the uncertainties they represent and the risk they entail. Mountain Province believes that the expectations reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this news release should not be unduly relied upon. These statements speak only as of the date of this news release.
Although Mountain Province has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Mountain Province undertakes no obligation to update forward-looking statements if circumstances or management’s estimates or opinions should change except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking statements. Statements concerning mineral reserve and resource estimates may also be deemed to constitute forward-looking statements to the extent they involve estimates of the mineralization that will be encountered as the property is developed. Mineral resources are not mineral reserves and do not have demonstrated economic viability.
Further, Mountain Province may make changes to its business plans that could affect its results. The principal assets of Mountain Province are administered pursuant to a joint venture under which Mountain Province is not the operator. Mountain Province is exposed to actions taken or omissions made by the operator within its prerogative and/or determinations made by the joint venture under its terms. Such actions or omissions may impact the future performance of Mountain Province. Under its current note and revolving credit facilities Mountain Province is subject to certain limitations on its ability to pay dividends on common stock. The declaration of dividends is at the discretion of Mountain Province’s Board of Directors, subject to the limitations under the Company’s debt facilities, and will depend on Mountain Province’s financial results, cash requirements, future prospects, and other factors deemed relevant by the Board.
Vancouver, British Columbia–(Newsfile Corp. – April 14, 2022) – EMX Royalty Corporation (NYSE American: EMX) (TSXV: EMX) (FSE: 6E9) (“EMX” or the “Company”) is pleased to announce that it has acquired an additional (effective) 0.3155% Net Smelter Return (“NSR“) royalty on the Caserones Copper-Molybdenum Mine located in northern Chile for US$25.74 million. When combined with EMX’s 0.418% NSR interest acquired in August 2021 (see EMX news release dated August 17, 2021), EMX now holds an effective 0.7335% NSR royalty. Franco-Nevada Corporation (“Franco-Nevada”) has concurrently acquired a 0.4582% (effective) NSR royalty on similar terms.
Since acquisition, Caserones has generated pre-tax cash flow to EMX in Q2, Q3 and Q4 of fiscal 2021 totalling $3.6 million from EMX’s effective 0.418% interest. As part of the royalty purchase, EMX will receive royalty distributions covering Q1 of fiscal 2022 for the additional interest acquired.
To finance its purchase of the additional NSR royalty, EMX has agreed to complete a private placement with Franco-Nevada for C$12.58 million (US$10 million). On completion, Franco-Nevada will own approximately 3.5% of the issued and outstanding shares of EMX on an undiluted basis. EMX is delighted to have Franco-Nevada as a shareholder.
Caserones Overview. The Caserones open pit mine is developed upon a significant porphyry copper-molybdenum deposit in the Atacama Region of the northern Chilean Andean Cordillera, 162 kilometres southeast of the city of Copiapó. The mine is operated by SCM Minera Lumina Copper Chile SpA (“Minera Lumina”), which is owned by JX Nippon Mining & Metals Corporation.
Caserones produces copper and molybdenum concentrates from a conventional crusher, mill and flotation plant, as well as copper cathodes from a dump leach, solvent extraction and electrowinning plant. In 2020, the mine produced 104,917 tonnes of fine copper in concentrate, 2,453 tonnes of fine molybdenum in concentrate, and 22,056 tonnes of fine copper in cathodes (results for 2021 have not yet been released by Minera Lumina). The Caserones open pit has operated with an average waste to ore strip ratio of 0.47, has an estimated 17 years remaining in its current mine plan (as at year-end 2020), along with excellent exploration potential.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%2522Franco-Nevada%253BRoyalty_payment%253BShares_outstanding%253BCalifornia%253BCompany%253BPrivate_placement%2522%252C%2522lmsid%2522%253A%2522a0V0W00000HOPDcUAP%2522%252C%2522revsp%2522%253A%2522newsfile_64%2522%252C%2522lpstaid%2522%253A%2522238b4c30-4b4b-3615-902e-17d479fd2222%2522%252C%2522pageContentType%2522%253A%2522story%2522%257D
Acquisition Details. The Caserones mine is subject to a 2.88% NSR royalty created in a 2009 agreement between SCM Minera Lumina Copper Chile S.A., as purchaser, and Compañía Minera Caserones (“CMC“) and Sociedad Legal Minera California Una de la Sierra Peña Negra (“SLM California“), as vendors. CMC and SLM California originally acquired the mineral concessions that overlie the Caserones deposit. Ownership of the 2.88% NSR royalty is currently divided between CMC (32.5%) and SLM California (67.5%). SLM California’s sole purpose is to distribute its royalty income to its shareholders as dividends and pay Chilean taxes on its income.
EMX has purchased today a further 16.23% of the shares of SLM California for US$25.74 million pursuant to share purchase agreements with existing shareholders of SLM California.
Private Placement. Franco-Nevada will purchase 3,812,121 units at C$3.30 per unit for total proceeds of C$12,580,000. Each unit will consist of one common share of the Company and one warrant to purchase one common share of the Company for five years at an exercise price of C$4.45. The shares issued upon closing and issuable upon the exercise of the warrants are and will be subject to a four-month restricted resale (hold) period. Proceeds from the placement totalling C$12,580,000 will be used towards the acquisition of the additional Caserones (effective) royalty interest.
Qualified Person. Eric P. Jensen, CPG, a Qualified Person as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects of the Canadian Securities Administrators and an employee of the Company, has reviewed, verified, and approved the disclosure of the technical information contained in this news release.
About EMX. EMX is a precious, base and battery metals royalty company. EMX’s investors are provided with discovery, development, and commodity price optionality, while limiting exposure to risks inherent to operating companies. The Company’s common shares are listed on the NYSE American Exchange and TSX Venture Exchange under the symbol EMX, and also trade on the Frankfurt exchange under the symbol “6E9”. Please see www.EMXroyalty.com for more information.
For further information contact:
David M. Cole President and Chief Executive Officer Phone: (303) 973-8585 Dave@EMXroyalty.com
Scott Close Director of Investor Relations Phone: (303) 973-8585 SClose@EMXroyalty.com
Neither the TSX-V nor its Regulation Services Provider (as that term is defined in policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
This news release may contain “forward looking statements” that reflect the Company’s current expectations and projections about its future results. These forward-looking statements may include statements regarding completion of the transactions, perceived merits of properties, exploration results, budgets and potential, estimated mine life, mineral reserves and resource estimates, timelines, strategic plans, or other statements that are not statements of fact. When used in this news release, words such as “estimate,” “intend,” “expect,” “anticipate,” “will”, “believe”, “potential”, “upside” and similar expressions are intended to identify forward-looking statements, which, by their very nature, are not guarantees of the Company’s future operational or financial performance, and are subject to risks and uncertainties and other factors that could cause the Company’s actual results, performance, prospects or opportunities to differ materially from those expressed in, or implied by, these forward-looking statements. These risks, uncertainties and factors may include, but are not limited to: unavailability of financing, failure to identify commercially viable mineral reserves, fluctuations in the market valuation for commodities, difficulties in obtaining required approvals for the development of a mineral project, increased regulatory compliance costs, expectations of project funding by joint venture partners and other factors. It is possible EMX may not complete the transaction, as a result of failure to fulfill conditions of closing, unavailability of financing or for other reasons EMX cannot anticipate at this time.
Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this news release or as of the date otherwise specifically indicated herein. Due to risks and uncertainties, including the risks and uncertainties identified in this news release, and other risk factors and forward-looking statements listed in the Company’s MD&A for the year ended December 31, 2021 (the “MD&A”), and the most recently filed Annual Information Form (the “AIF”) for the year ended December 31, 2021, actual events may differ materially from current expectations. More information about the Company, including the MD&A, the AIF and financial statements of the Company, is available on SEDAR at www.sedar.com and on the SEC’s EDGAR website at www.sec.gov.
VANCOUVER, BC / ACCESSWIRE / April 14, 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-70 and release of the final assay results. The Company completed core hole CVZ-70 at a depth of 463 feet (141.1 m). An interval thickness of 443 ft (135.0 m) was intersected from 20 ft (6.1 m) to 463 ft (141.1 m) which encompasses the entire core hole. The weighted average lithium values present were as follows:
Depth of Interval Intersection
Total thickness
Weighted Average Lithium (ppm)
20 ft to 462 ft (6.1 m to 141.1 m)
443.0 ft (135.0 m)
968.0 ppm
110 ft to 330 ft (33.5 m to 100.6 m)
220.0 ft (67.1 m)
1267.3 ppm
110 ft to 463 ft (33.5 m to 141.1 m)
363.0 ft (110.6 m)
1067.9 ppm
“CVZ-70 is the first hole in Noram’s 12-hole Phase VI drilling program. The hole clearly shows the consistently high lithium grades across this blanket-like mineral deposit.” comments Brad Peek, VP of Exploration and geologist on all six phases of Noram’s Clayton Valley exploration drilling.
Hole ID
From (ft)
To (ft)
From (m)
To (m)
Li (ppm)
CVZ-70
20
30
6.1
9.1
710
CVZ-70
30
40
9.1
12.2
910
CVZ-70
40
50
12.2
15.2
580
CVZ-70
50
60
15.2
18.3
710
CVZ-70
60
70
18.3
21.3
690
CVZ-70
70
80
21.3
24.4
940
CVZ-70
80
90
24.4
27.4
810
CVZ-70
90
100
27.4
30.5
940
CVZ-70
100
110
30.5
33.5
830
CVZ-70
110
120
33.5
36.6
1930
CVZ-70
120
130
36.6
39.6
1240
CVZ-70
130
140
39.6
42.7
1050
CVZ-70
140
150
42.7
45.7
1430
CVZ-70
150
160
45.7
48.8
1270
CVZ-70
160
170
48.8
51.8
1450
CVZ-70
170
180
51.8
54.9
1410
CVZ-70
180
190
54.9
57.9
1400
CVZ-70
190
200
57.9
61.0
1240
CVZ-70
200
210
61.0
64.0
1530
CVZ-70
210
220
64.0
67.1
1560
CVZ-70
220
230
67.1
70.1
1500
CVZ-70
230
240
70.1
73.2
1230
CVZ-70
240
250
73.2
76.2
1120
CVZ-70
250
260
76.2
79.2
1150
CVZ-70
260
270
79.2
82.3
990
CVZ-70
270
280
82.3
85.3
1010
CVZ-70
280
290
85.3
88.4
1120
CVZ-70
290
300
88.4
91.4
1110
CVZ-70
300
310
91.4
94.5
1000
CVZ-70
310
320
94.5
97.5
1070
CVZ-70
320
330
97.5
100.6
1070
CVZ-70
330
340
100.6
103.6
880
CVZ-70
340
350
103.6
106.7
690
CVZ-70
350
360
106.7
109.7
660
CVZ-70
360
370
109.7
112.8
730
CVZ-70
370
380
112.8
115.8
760
CVZ-70
380
390
115.8
118.9
880
CVZ-70
390
400
118.9
121.9
750
CVZ-70
400
410
121.9
125.0
770
CVZ-70
410
420
125.0
128.0
570
CVZ-70
420
430
128.0
131.1
470
CVZ-70
430
440
131.1
134.1
510
CVZ-70
440
450
134.1
137.2
560
CVZ-70
450
457
137.2
139.3
1410
CVZ-70
457
463
139.3
141.1
1000
Table 1 – Summary of sample results from CVZ-70 from surface to depth of 463 ft.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%2522Nor-Am_Cup%2522%252C%2522lmsid%2522%253A%2522a077000000LnOyOAAV%2522%252C%2522revsp%2522%253A%2522accesswire.ca%2522%252C%2522lpstaid%2522%253A%2522a70ef882-2737-36d5-9ba1-519a55c382a5%2522%252C%2522pageContentType%2522%253A%2522story%2522%257D
“We are very happy with Noram’s progress to date. This phase of drilling will upgrade a substantial amount of the Inferred Resource to the Indicated category. While we move aggressively forward towards the completion of our PFS in 2022, we remain focused on our green mandate by exploring new ingenuitive solutions. Noram will stay aligned with its values and be a leader in this field while bringing immense value to the shareholders as it takes the Zeus Project to the next level”, commented Sandy MacDougall, CEO and Director.
The 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$14,250/tonne LCE.
Sandy MacDougall Chief Executive Officer 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 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).
KELOWNA, BC / ACCESSWIRE / April 12, 2022 / Diamcor Mining Inc. (TSX.V:DMI), (OTCQB:DMIFF), (FRA:DC3A), (“Diamcor” or, the “Company”) announced today that the Company’s gross revenues from tenders and sales held in its fourth quarter, ending March 31, 2022, increased to (USD) $1,301,978, a 21% increase over the previous quarter. Total carats sold during the fourth quarter decreased by 12% to 4,787.89 when compared to the 5,441.88 sold in the previous quarter. This, however, was largely due to the timing of tenders during the fourth quarter, and the decision by the Company in March 2022 to retain and instead offer approximately 2,000 additional carats at upcoming tenders during the current quarter. Despite the lower volume sold during the fourth quarter ended March 31, 2022, the average dollar per carat of (USD) $271.93 achieved during the period increased by 38% over the previous quarter. The increase in the average price per carat achieved during the period was primarily due to significant price increases experienced early in the quarter which appear to be due to rough diamond shortages in various categories.
Progress of Accelerated Upgrades
The Company also announces that its efforts to increase current processing volumes and efficiencies during the last quarter continued, and further results of these efforts are expected to be realised during the current quarter. The reconfiguration and installation of the Project’s X-Ray diamond sorting units and final recovery systems remained a priority during the quarter, and these efforts, along with the installation of additional screening systems now nearing completion, remain on schedule to advance the Company’s continued increases in processing volumes. These accelerated upgrades position the Company to take advantage of any potential rough diamond shortages associated with on-going international sanctions, which may impact a significant portion of the world’s rough diamonds supply originating in Russia.
Acceleration Highlights
Processing Volume Increases – The installation of additional screening equipment to compliment the previously completed phase one upgrades and specifically increase efficiencies in the removal of soil and clay fines at the Project’s Main Treatment Plant are now nearing completion. These refinements are expected to be operational prior to the end of April 2022 and to increase current hourly feed-rates and processing volumes by approximately 60%.
Water Recovery Improvements – Initial revisions to the Project’s water recovery systems aimed at supporting additional tonnages have also been completed. The construction and delivery of a larger purpose-built water recovery system continues to progress on schedule, with delivery targeted prior to the end of the current quarter. All water recovery system additions are designed to ultimately lower water consumption on a per ton basis through improvements in the recovery of wastewater, and provide the potential for further increases to processing volumes moving forward.
Reductions in Operating Costs on a Per Ton Basis – In addition to providing the potential to increase processing volumes, the screening upgrades are expected to provide the added benefit of lowering the Project’s operating costs on a per-ton basis by reducing consumables due to added screening efficiencies. Material handling and equipment cycle times are also expected to improve.
Continued Support of Further Growth – The collective upgrades completed to date have retained much of their original design and scope to ensure they continue to support the Company’s ongoing larger growth plans.
No Disruptions to Current Operations – The installation of the upgrades to date have been completed in conjunction with ongoing processing as envisioned, and have not caused any material disruptions to operations.
“The progress made during the quarter has strategically positioned our Company with the potential to supply quality buyers with increased volumes of rough diamonds at a time when potential shortages are anticipated moving forward,” stated Mr. Dean Taylor, Diamcor CEO.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%253B1480989%2522%252C%2522hashtag%2522%253A%25221542500%253B1577000%253B1480989%2522%252C%2522wiki_topics%2522%253A%2522Company%253BTSX_Venture_Exchange%253BTiffany_%2526_Co.%253BProject%253BStargate_SG-1_(season_4)%253BDiamond%2522%252C%2522lmsid%2522%253A%2522a077000000LnOyOAAV%2522%252C%2522revsp%2522%253A%2522accesswire.ca%2522%252C%2522lpstaid%2522%253A%252202b7c941-b464-37df-ad39-2fbcb91eeeb9%2522%252C%2522pageContentType%2522%253A%2522story%2522%257D
About Diamcor Mining Inc.
Diamcor Mining Inc. is a fully reporting publicly traded junior diamond mining company which is listed on the TSX Venture Exchange under the symbol V.DMI, and on the OTC QB International under the symbol DMIFF. The Company has a well-established operational and production history in South Africa and extensive prior experience supplying rough diamonds to the world market.
About the Tiffany & Co. Alliance
The Company has established a long-term strategic alliance and first right of refusal with Tiffany & Co. Canada, a subsidiary of world famous New York based Tiffany & Co., to purchase up to 100% of the future production of rough diamonds from the Krone-Endora at Venetia Project at then current prices to be determined by the parties on an ongoing basis. In conjunction with this first right of refusal, Tiffany & Co. Canada also provided the Company with financing to advance the Project. Tiffany & Co. is owned by Moet Hennessy Louis Vuitton SE (LVMH), a publicly traded company which is listed on the Paris Stock Exchange (Euronext) under the symbol LVMH and on the OTC under the symbol LVMHF. For additional information on Tiffany & Co., please visit their website at www.tiffany.com.
About Krone-Endora at Venetia
In February 2011, Diamcor acquired the Krone-Endora at Venetia Project from De Beers Consolidated Mines Limited, consisting of the prospecting rights over the farms Krone 104 and Endora 66, which represent a combined surface area of approximately 5,888 hectares directly adjacent to De Beers’ flagship Venetia Diamond Mine in South Africa. On September 11, 2014, the Company announced that the South African Department of Mineral Resources had granted a Mining Right for the Krone-Endora at Venetia Project encompassing 657.71 hectares of the Project’s total area of 5,888 hectares. The Company has also submitted an application for a mining right over the remaining areas of the Project. The deposits which occur on the properties of Krone and Endora have been identified as a higher-grade “Alluvial” basal deposit which is covered by a lower-grade upper “Eluvial” deposit. The deposits are proposed to be the result of the direct-shift (in respect to the “Eluvial” deposit) and erosion (in respect to the “Alluvial” deposit) of material from the higher grounds of the adjacent Venetia Kimberlite areas. The deposits on Krone-Endora occur in two layers with a maximum total depth of approximately 15.0 metres from surface to bedrock, allowing for a very low-cost mining operation to be employed with the potential for near-term diamond production from a known high-quality source. Krone-Endora also benefits from the significant development of infrastructure and services already in place due to its location directly adjacent to the Venetia Mine.
Qualified Person Statement:
Mr. James P. Hawkins (B.Sc., P.Geo.), is Manager of Exploration & Special Projects for Diamcor Mining Inc., and the Qualified Person in accordance with National Instrument 43-101 responsible for overseeing the execution of Diamcor’s exploration programmes and a Member of the Association of Professional Engineers and Geoscientists of Alberta (“APEGA”). Mr. Hawkins has reviewed this press release and approved of its contents.
This press release contains certain forward-looking statements. While these forward-looking statements represent our best current judgement, they are subject to a variety of risks and uncertainties that are beyond the Company’s ability to control or predict and which could cause actual events or results to differ materially from those anticipated in such forward-looking statements. Further, the Company expressly disclaims any obligation to update any forward looking statements. Accordingly, readers should not place undue reliance on forward-looking statements.
WE SEEK SAFE HARBOUR
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.
Vancouver, British Columbia–(Newsfile Corp. – April 12, 2022) – StrikePoint Gold Inc. (TSXV: SKP) (OTCQB: STKXF) (“StrikePoint” or the “Company”) is pleased to announce results from surface channel sampling as well as reconnaissance grab samples collected during the 2021 exploration program at the 100%-owned Willoughby gold-silver property, located east of the community of Stewart in British Columbia’s prolific Golden Triangle. The purpose of the channel sampling is to provide quality surface assay data over the surface expression of mineralized zones that could potentially be used for a NI43-101 Mineral Resource Estimate for the property and to refine diamond drill targeting for 2022 field season.
Highlights of the remainder of 2021 surface sampling at Willoughby Include:
4.74 g/t AuEq over 7.0 metres, including 8.60 g/t AuEq over 3.0 metres in channel at Edge Zone
11 grabs from NN Zone average 4.28 g/t Au, 159.1 g/t Ag including 17.45 g/t Au, 576 g/t Ag
6 grabs from Willow Zone average 9.91 g/t Au, 151.4 g/t Ag including 49.00 g/t Au and 777 g/t Ag
StrikePoint’s CEO, Shawn Khunkhun, states, “In addition to providing increased definition at the known gold-silver Zones at Willoughby, surface sampling during 2021 at the NN area along strike from the North Zone underground workings has extended total strike of the series of mineralized Zones an additional 113 metres to the north on the Willoughby nunataq. As well, the high-grade gold and silver values and multiple high-grade structures 100 meters south of our Willow Zone drilling are priority drilling targets for our 2022 drilling season. Of particular interest are the high silver assays from these areas.”
2021 Willoughby Channel Sampling
These results include seven continuous series of channel samples from steep terrain at the Edge Zone, collected by experienced climbing geologists and technicians using a hydraulic chisel, from well-exposed bedrock hosting disseminated to massive mineralization. The samples cover approximately 40 metres of strike and 20 metres of vertical relief on steep exposure. This sampling suggests that the Edge Zone true thickness ranges from 3 to 8 metres. Coupled with drilling, this sampling suggests dimension of 16 by 48 metres starting at surface.
The Edge Zone samples, along with channel sampling results from the Icefall zones on the property (News release December 15, 2021, 3.38 g/t AuEq over 15.0 metres including 12.53 g/t AuEq over 2.0 metres in channel W21-CH-004), provide representative assay data from surface expressions projected up-dip and along strike to the north of previous and 2021 drilling (News Release March 2, 2022, 2.76 g/t AuEq over 6.50 metres and 10.16 g/t AuEq over 1.5 metres in hole W21-117).
The Edge zone is one of the least tested of the seven significant mineralized areas on the Willoughby nunataq. The channel sampling at the Edge Zones confirmed continuous gold and silver mineralization along all seven channel lines in 74 samples with values of up to 18.50 g/t gold and 31.1 g/t silver. Five channel sampling lines intersected the mineralized horizon perpendicular to the strike of the Edge Zone (W21-CH-008, W21-CH-009, W21-CH-011 to W21-CH-013), and two are along strike (W21-CH-010, W21-CH-014).
Figure 1. Edge zone 2021 Channel Sampling Line location in relation with the 2021 drilling on the Willoughby nunataq.
The gold-silver mineralization consists of replacement-style sulphides within permeable lapilli tuff strata of the Early Jurassic lower Hazelton group. Mineralization is concordant with bedding and ranges from semi-massive to massive pyrite with accessory sphalerite-chalcopyrite. Both W21-CH-008 and W21-CH-013 intersected the mineralized horizon perpendicularly. W21-CH-008 returned 4.74 g/t AuEq over 7.0 metres, including 8.60 g/t AuEq over 3.0 metres. W21-CH-013 is the northernmost channel sampling line, stepped out 48 metres from the previously released 2021 drilling at the Edge zone and returned 3.26 g/t AuEq over 9.0 metres. Both W21-CH-010 and W21-CH-014 are parallel to the mineralization testing continuity along strike. W21-CH-010 returned 3.01 g/t AuEq over 11.0 metres, and W21-CH-014 returned 3.48 g/t AuEq over 18.0 metres, extending the outlined Edge zone mineralization in the 2021 drilling twenty-seven metres further to the north.
Hole-ID
Zone
From (metres)
To (metres)
Length (metres)
Gold (g/t)
Silver (g/t)
AuEq (g/t)
W21-CH-008
Edge
1.00
8.00
7.00
4.65
6.13
4.74
incl.
1.00
4.00
3.00
8.45
10.37
8.60
W21-CH-009
Edge
0.00
1.00
1.00
1.83
3.40
1.88
W21-CH-010
Edge
0.00
11.00
11.00
2.94
4.55
3.01
W21-CH-011
Edge
1.00
3.00
2.00
1.90
3.55
1.95
W21-CH-012
Edge
0.00
13.00
13.00
1.41
2.22
1.44
incl.
0.00
4.00
4.00
2.88
2.80
2.92
W21-CH-013
Edge
1.00
10.00
9.00
3.21
3.17
3.26
W21-CH-014
Edge
0.00
18.00
18.00
3.38
7.48
3.48
Table 1: Highlight channel sampling intercepts at the Edge zone – Willoughby project. Gold equivalent grade calculated using a 70:1 Ag: Au ratio. **True widths are estimated to be 70% at this time. All widths reported are channel widths.
Channel-ID
Easting
Northing
Azimuth
Length (metres)
W21-CH-008
463488.0
6203177.0
75
9.00
W21-CH-009
463502.0
6203170.0
78
5.00
W21-CH-010
463488.4
6203168.2
129
11.00
W21-CH-011
463476.0
6203162.0
68
6.00
W21-CH-012
463490.0
6203157.0
98
13.00
W21-CH-013
463485.0
6203196.0
90
12.00
W21-CH-014
463487.0
6203172.0
160
18.00
Table 2: Willoughby property – Edge Zone Channel Sampling locations and orientations (NAD83 Zone 9).
2021 Willoughby Grab Samples
The remainder of the 2021 select grab samples results were also received from the North-North and Willow zones. The Willow zone is the northern most zone on the property located 800 metres due northeast of the Willoughby nunataq. Surface sampling returned high grade values ranging from 0.07 to 49.0 g/t Au, averaging 9.91 g/t Au and 3.3 to 777 g/t Ag, averaging 151.4 g/t Ag in a quartz-carbonate veins with massive pyrite-sphalerite within a Jurassic tuff breccia. This mineralization is analogue to that intersected in the 2021 drilling and is located 100 metres south of any drilling completed in the area.
Figure 2. Willow zone surface grab sample location with the gold values displayed in g/t. Annotated texts highlight select anomalous gold assays.
The NN Zone is located at the northernmost end of the Willoughby nunataq, 150 metres north of the North zone. Surface reconnaissance outlined an extension of a wide mineralized north-northwest striking structure comparable to the North fault. These steeply dipping structures are linked to bonanza grade mineralization at the North zone to the south. A total of 11 grab samples were collected, ranging from 0.38 to 17.45 g/t Au, averaging 4.28 g/t Au, and 2.1 to 598.0 g/t Ag, averaging 159.1 g/t Ag. Highlights include 17.45 g/t Au and 576 g/t Ag in sample B0016021 and 13.60 g/t Au and 598 g/t Ag in sample B0016022.
Figure 3. Massive pyrite mineralization within north northwest fault at the NN zone.
These encouraging results strengthen the mineralization continuity along the outlined 1,300 metres Willoughby mineralized trend and provide a cost-effective way to test and extend exploration targets on the property. Future work in 2022 is planned to follow up on the mineralization extension at both the Willow, Edge and the North-North zones.
Willoughby Project
The project occurs along the eastern margin of the Cambria Icefield, approximately seven kilometres east of the advanced-stage Red Mountain Deposit owned by Ascot Resources. Upper Triassic Stuhini rocks and Lower Jurassic Hazelton volcano-sedimentary rocks underlay the property, subsequently intruded by an early Jurassic-aged hornblende-feldspar porphyry, potentially comagmatic with the Goldslide Intrusive suite at the nearby Red Mountain deposit. Intrusive-related mineralized zones consist of primary pyrite with lesser pyrrhotite, sphalerite, galena, chalcopyrite and native gold. Eight gold and silver mineralized zones have been identified to date over a one-kilometre strike-length mineralized trend.
QA/QC
Using a hydraulic chisel, an approximate 2 by 2-centimetre channel was sampled continuously along 1 metre sample stations. If the hydraulic chisel was incapable of retrieving a chip from a specific location, a hand chisel was used to assist with the chipping within the limits of the 1 metre station. Chip data observation data were recorded and digitized in the field using MX Deposit, directly sampled into a polyurethane bag, and transported from the field to secure storage in Stewart.
Surface samples for the 2021 exploration program were labelled and shipped to the laboratory using industry standard chain of custody controls. In addition, the company implements a rigorous Quality Control/Quality Assurance program, including the insertion of Standards, Blanks, and Duplicates at regular intervals in the sample stream to monitor laboratory performance.
Samples were submitted to the ALS Laboratory facility located in North Vancouver, British Columbia, for preparation and analysis. The ALS facility is accredited to the ISO/IEC 17025 standard for gold assays, and all analytical methods include quality control materials at set frequencies with established data acceptance criteria. The entire sample is crushed, split into representative sub-samples using a riffle splitter, and subsequently, 250g is pulverized. Analysis for gold is by 30g fire assay fusion with atomic absorption (AAS) finish with a lower limit of 0.005 ppm and an upper limit of 10 ppm. Samples with gold assays greater than 10ppm are re-analyzed using a 30g fire assay fusion with a gravimetric finish. Analysis for silver is by 30g fire assay fusion with gravimetric finish with a lower limit of 2ppm and upper limit of 100ppm. Samples with silver assays higher than 100ppm are re-analyzed using a gravimetric silver concentrate method. All samples are also analyzed using a 33 multi-elemental geochemical package by 4-acid digestion (ICP-AES).
Qualified Person
The Qualified Person for this news release for National Instrument 43-101 is Andrew Hamilton, P. Geo, technical advisor to StrikePoint. He has read and approved the scientific and technical information that forms the basis for the disclosure contained in this news release.
About StrikePoint
StrikePoint Gold is a gold exploration company focused on building high-grade precious metals resources in Canada. The company controls two advanced-stage exploration assets in BC’s Golden Triangle. The past-producing high-grade silver Porter Project and the high-grade gold property Willoughby, adjacent to Red Mountain. The company also owns a portfolio of gold properties in the Yukon.
ON BEHALF OF THE BOARD OF DIRECTORS OF STRIKEPOINT GOLD INC.
“Shawn Khunkhun”
Shawn Khunkhun Chief Executive Officer and Director
Statements in this release that are forward-looking statements are subject to various risks and uncertainties concerning the specific factors disclosed under the heading “Risk Factors” and elsewhere in the company’s filings with Canadian securities regulators. Such information contained herein represents management’s best judgment as of the date hereof based on information currently available. The company does not assume any obligation to update any forward-looking statements, save and except as may be required by applicable securities laws.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
VANCOUVER, BC / ACCESSWIRE / April 12, 2022 / Metallic Minerals (TSXV:MMG)(OTCQB:MMNGF) (“Metallic Minerals“, or the “Company“) is pleased to announce further results from the 2021 field program at the Company’s flagship Keno Silver project located in the productive and historic high-grade Keno Hill Silver District of Yukon, Canada.
The 2021 East Keno program focused on drilling, mapping, soil sampling and geophysical surveying with the objective of expanding upon pivotal discoveries made by the Company in 2020 at the East Keno target area where the first drill campaign ever conducted in the area identified high-grade, Keno-style silver veins within broad continuous zones of bulk-tonnage silver mineralization (Figure 1).
Results from the 2021 program have successfully expanded the footprint of known mineralization at East Keno down dip and along trend. Additionally, new mapping has demonstrated the importance of stacked regional scale thrust faulting in the district and identified associated epithermal mineralization, potentially coincident with bulk tonnage type mineralization, providing a new model for the occurrence of silver deposits in a district with over a century of exploration and production.
2021 East Keno Exploration Highlights:
Silver mineralization was encountered in 10 of 12 holes drilled at East Keno in 2021, including 24 separate high-grade intervals exceeding 100 g/t silver equivalent (“Ag Eq”) with individual sample grades up to 1,049 g/t Ag Eq.
Seven of the 12 holes at East Keno highlighted broad zones over 15 m widths of continuous mineralization.
Very wide, near-surface, bulk-tonnage style intersects continue to be prevalent in the area (Hole KS21-71 intersected 112.8 m of 36.5 g/t Ag Eq and Hole KS21-72 intersected 88.4 of 28 g/t Ag Eq).
At the UKHM target, Hole KS21-73 intersected 1.53 m of 1,049 g/t Ag Eq of high-grade Keno-style vein mineralization (788 g/t Ag, 3.5% Pb, 2.3% Zn). This hole represents a 30 m step-out from 2020 Reverse Circulation (“RC”) Hole KE20-12, which returned 0.76 m of 809 Ag Eq (462 g/t Ag, 2.2% Pb, 5.2% Zn) extending the known length of the high-grade structure.
At the Fox showing, 10 mineralized holes (of 11) have been drilled in the past two seasons defining the mineralized zone over 300 m meters of strike length with 26 intersects over 100 g/t Ag Eq.
Drilling expanded known mineralized zones in all areas that were drilled in 2021 (Fox, UKHM and Zone 2), and mineralization remains open for expansion at depth and on strike at all East Keno target areas.
Five lines totalling 20.3-line-kilometers of Simcoe Geosciences Alpha IPTM system returning Induced Polarization (“IP”) and resistivity anomalies identified 35 new conductive features of interest associated with soil and magnetic targets.
Scott Petsel, President, stated: “We are very encouraged with the results from the new RC drilling, and first ever diamond core drilling, at East Keno that is expanding the scope of the target areas and continuing to validate these discoveries as potential future resource areas worthy of continued investigation. What’s really exciting for the 2022 field season is our ability to now incorporate the new mapping into an updated geologic understanding of the interplay of the regional-scale structures and the newly recognized broader and lower grade style of epithermal mineralization broader and lower grade with what we already know about the Keno style high-grade veins. This should significantly increase our ability to make new discoveries.”
“During the 2022 field season, the Company intends to use core drilling at the Fox, UKHM and Zone 2 discovers with the aim of extending these areas and evaluating resource potential. The potential we see at East Keno cannot be overstated and, with our targeting methodology honed, we expect to make major strides in continuing to advance these top priority targets towards resource definition. We look forward to providing further news including final results from West Keno, as well as an update with respect to our NI 43-101 resource definition at the La Plata silver-gold-copper project in Colorado and our exploration plans for both Keno and La Plata in 2022.”
Figure 1. Keno Silver District Geology and Deposits
2021 East Keno Exploration Program
The East Keno Area is represented by 12 multi-kilometer-scale anomalies which indicate potential for large scale mineralization in the least explored part of the district. The largest of the target areas extends up to five kilometers in length and two kilometers in width with values in soil exceeding 100 g/t Ag Eq. The initial drill campaign in the target area was completed in 2020 and returned several significant high-grade Ag-Pb-Zn massive sulphide vein intervals (KE20-01, 0.77 m @ 1,416.9 Ag Eq) and numerous broad potential bulk tonnage scale intervals (KE20-01, 28.2 m @ 70.1 g/t Ag Eq and KE20-02, 22.1 m @ 52.3 g/t Ag Eq).
The 2021 field program at East Keno was designed to conduct follow-up drilling at the new discovery areas identified in 2020 to define the scale of the subsurface mineralization along trend and at depth within these multi-kilometer-scale soil and geophysical targets. Exploration in 2021 consisted of geophysics, soil sampling, mapping and a total of 2,824 m of drilling comprising 1,507 m in four diamond core holes and 1,317 m in eight RC holes. Drilling at the East Keno target area, since the initial drill discovery in 2020, now totals 4,702 m in 31 holes.
Drilling returned new intervals of higher-grade Keno Style Ag-Pb-Zn mineralization within broad intervals of lower grade, bulk-tonnage style mineralization. The highest grades encountered in 2021 were found at the UKHM showing at the southern end of the five-kilometer-long soil anomaly where hole KS21-73 returned 1.53m of 1,049 g/t Ag Eq (778 g/t Ag, 3.54% Pb and 2.3% Zn) (Table 1). Zones of combined higher-grade zinc and lower-grade silver seen in the 2021 drill results are a result of metal zonation in the vein structures and provide information that can be used to direct future exploration efforts towards more silver-rich areas.
At the Fox showing, the most advanced of the East Keno target areas, broad intervals of bulk-tonnage-style mineralization have been returned in 10 of 11 holes drilled to date with 26 intersections greater than 100 g/t Ag Eq. Six holes (1 core, 5 RC) were drilled at Fox in 2021, expanding the total defined strike length to over 300 m. The best intervals, representing both high-grade Keno Style Ag-Pb-Zn veins and broader bulk tonnage mineralization, found at Fox are KE20-01: 0.77 m @ 1,417 g/t Ag Eq (1,145 g/t Ag, 2.2% Pb and 3.7% Zn) and KS21-71: 112.8 m @ 36.5 g/t Ag Eq (9.5 g/t Ag, 0.04% Pb and 0.5% Zn) (Table 1). The Fox target will be a focus of further off-set and expansion drill testing in 2022 as the target area advances towards resource definition.
Zone 2 and the UKHM target also returned similar broad envelopes of mineralization. The intervals are at shallow depths and may represent epithermal mineralization associated with stacked thrust faults as defined by mapping during the 2021 season. A focus on core drilling for 2022, which provides enhanced structural information, should help further characterize these styles of mineralization and their structural setting and associations.
Soil sampling at East Keno extended the existing +3 km silver in soil anomalies at the Fox target and defined a new zone, Fox Northeast, which appears to connect the previously identified Zone 2 and Fox targets. The Fox Northeast zone expands the known extent of anomalous soils 500 m east and 1,100 m to the north. This strong northerly anomaly coincides with observable lineaments from satellite imagery. A second new zone, Fox North, was also delineated as a 600 m by 350 m north-south trending silver in soil anomaly. Additional surface sampling will be a priority during the 2022 season to see if the Fox North anomaly can be linked with the broader 3 km anomaly to the south which encompasses the Fox, Zone 2 and UKHM target zones.
Table 1 – Highlight 2021 and 2020 Drill Results from the East Keno Target Areas
Hole
From (m)
To (m)
Width (m)
Ag Eq (g/t)
Ag (g/t)
Au (g/t)
Pb (%)
Zn (%)
KS21-68
143.26
210.31
67.05
15.2
7.4
0
0.02
0.13
incl
146.3
147.83
1.53
156.1
106
0
0.24
0.83
incl
207.26
208.79
1.53
122.8
36
0.01
0.26
1.6
KS21-69
16.76
38.1
21.34
17
9.2
0
0.05
0.08
KS21-69
83.82
85.34
1.52
233.3
117
0.01
0.94
1.69
KS21-70
19.81
27.43
7.62
25.3
16.2
0
0.1
0.06
KS21-70
57.91
73.15
15.24
21
4.3
0.05
0.02
0.23
KS21-71
12.19
124.97
112.78
36.5
9.5
0.01
0.04
0.5
incl
22.86
24.38
1.52
198.5
123
0.01
0.99
0.74
incl
60.96
64.01
3.05
215
48.9
0.05
0.16
3.24
incl
60.96
70.1
9.14
108.7
22.2
0.02
0.07
1.7
incl
80.77
91.44
10.67
105.3
22.2
0.02
0.04
1.66
incl
86.87
88.39
1.52
448.4
68
0.05
0.04
7.77
incl
100.58
102.11
1.53
218
32
0.18
0.02
3.53
incl
115.82
117.35
1.53
155.6
36
0.01
0.03
2.47
KS21-72
60.96
149.35
88.39
28
10
0.01
0.05
0.31
incl
60.96
62.48
1.52
314.9
162
0.02
0.89
2.44
incl
89.92
91.44
1.52
130.9
84.2
0.01
0.46
0.59
incl
99.06
102.11
3.05
119.7
31.2
0.04
0.05
1.74
incl
117.35
118.87
1.52
97.1
49
0
0.4
0.68
incl
138.68
140.21
1.53
242.9
33
0
0.07
4.34
KS21-73
111.25
115.82
4.57
424.9
305.2
0.12
1.39
1.11
incl
111.25
112.78
1.53
1049.1
788
0.11
3.54
2.3
KS21-73
146.3
147.83
1.53
85.4
64.1
0.03
0.23
0.18
KS21-74
19.81
44.2
24.39
18.4
14.3
0.01
0.07
0.02
incl
38.1
39.62
1.52
103.4
91
0.02
0.25
0.01
KS21-74
108.2
147.83
39.63
18.4
11.9
0.01
0.05
0.07
incl
115.82
117.35
1.53
105.3
69.1
0.07
0.19
0.42
incl
138.68
144.78
6.1
41.2
30.6
0.01
0.12
0.11
KS21-75
39.62
44.2
4.58
54.5
39.6
0.01
0.2
0.1
KS21-75
117.35
131.06
13.71
49.7
40.8
0.01
0.02
0.16
incl
121.92
123.44
1.52
326.8
281
0.03
0.03
0.86
FX21-01
19.8
20.8
1
111.2
71.1
0
0.44
0.49
FX21-01
115.6
116.1
0.5
114.4
9
0.2
0.02
1.78
FX21-01
326.3
326.8
0.5
177.7
15
0
0.02
3.37
Z221-02
137.5
138.4
0.9
135
59.4
0.04
0.68
0.93
KE20-01
41.15
69.34
28.19
70.1
44
0.01
0.14
0.39
incl
67.81
68.58
0.77
1416.9
1145
0.03
2.19
3.72
KE20-02
48
70.1
22.10
52.3
18
0.01
0.05
0.63
incl
62.24
64
0.76
683.5
301
0.13
0.68
7.14
KE20-08
41.91
42.67
0.76
387.2
293
0.01
0.03
1.89
KE20-11
22.86
41.15
18.29
63
54
0.02
0.19
0.01
incl
38.86
39.62
0.76
571.3
493
0.07
1.82
0.02
KE20-12
85.34
89.91
4.57
254.7
139
0.02
0.89
1.63
incl
89/15
89.91
0.76
809
462
0.09
2.18
5.15
KE20-16
64.77
68.58
3.81
594.3
28
0.00
0.52
11.41
1Silver equivalent (Ag Eq) values assume Ag $19/oz, Pb $1.05/lb, Zn $1.30/lb, Au $1,800/oz and 100% metallurgical recovery. Sample intervals are based on measured drill intersect lengths
Figure 2 – East Keno Area Plan Map with 2021 and 2020 Drill Hole Locations
2021 Geophysical Survey
Simcoe Geosciences completed five lines (20.3-line km) of its Alpha IPTM system measuring IP and resistivity on both the Central and East Keno target areas. The survey identified areas of high IP response and 35 conductive features of interest associated with elevated silver in soil and coincident magnetic anomalies. Drilling at Fox North, a new soil anomaly identified in 2021, has provided insight into the potential for a buried intrusive body 500 to 1000 meters below East Keno that may be a driver of mineralizing fluids in the district. The drill hole returned sulphide mineralization and hornfels in association with the edge of the chargeability anomaly, potentially representing alteration by a significant nearby intrusion. The stacked thrusts mapped in 2021 may represent pathways for the epithermal mineralization from these buried intrusive bodies that could be responsible for the wider zones of 20-100 g/t Ag Eq bulk tonnage mineralization seen at East Keno. Further drilling and field work will be required to ground truth the anomalies in 2022.
About Metallic Minerals
Metallic Minerals Corp. is a growth-stage exploration company, focused on high-grade silver and gold projects in underexplored, brownfields mining districts of North America. Our objective is to create shareholder value through a systematic, entrepreneurial approach to exploration in the Keno Hill silver district, La Plata silver-gold-copper district, and Klondike gold district through new discoveries and advancing resources to development. Metallic Minerals has consolidated the second-largest land position in the historic Keno Hill silver district of Canada’s Yukon Territory, directly adjacent to Alexco Resource Corp’s operations, with nearly 300 million ounces of high-grade silver in past production and current M&I resources. In addition, exploration at the recently acquired La Plata silver-gold-copper project in southwestern Colorado is targeting a silver and gold-enriched copper porphyry and adjacent high-grade silver and gold epithermal systems. The Company also continues to add new production royalty leases on its holdings in the Klondike gold district in the Yukon. All three districts have seen significant mineral production and have existing infrastructure, including power and road access. Metallic Minerals is led by a team with a track record of discovery and exploration success on several major precious and base metal deposits, as well as having large-scale development, permitting and project financing expertise.
About the Metallic Group of Companies
The Metallic Group is a collaboration of leading precious and base metals exploration companies, with a portfolio of large, brownfields assets in established mining districts adjacent to some of the industry’s highest-grade producers of silver and gold, platinum and palladium, and copper. Member companies include Metallic Minerals in the Yukon’s high-grade Keno Hill silver district and La Plata silver-gold-copper district of Colorado, Group Ten Metals in the Stillwater PGM-nickel-copper district of Montana, and Granite Creek Copper in the Yukon’s Minto copper district. The founders and team members of the Metallic Group include highly successful explorationists formerly with some of the industry’s leading explorer/developers and major producers. With this expertise, the companies are undertaking a systematic approach to exploration using new models and technologies to facilitate discoveries in these proven, but under-explored, mining districts. The Metallic Group is headquartered in Vancouver, BC, Canada, and its member companies are listed on the Toronto Venture, US OTC, and Frankfurt stock exchanges.
The disclosure in this news release of scientific and technical information regarding exploration projects on Metallic Minerals’ mineral properties has been reviewed and approved by Scott Petsel, P.Geo., President, who is a Qualified Person as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”).
Quality Assurance / Quality Control
All samples were assayed by 36 Element Aqua Regia Digestion ICP-MS methods at Bureau Veritas labs in Vancouver. with sample preparation in Whitehorse, Yukon and geochemical analysis in Vancouver, British Columbia. Samples with over limit silver and gold were re-analyzed using a 30-gram fire assay fusion with a gravimetric finish. Over-limit lead and zinc samples were analyzed by multi-acid digestion and atomic absorption spectrometry. All results have passed the QAQC screening by the lab and the company utilized a quality control and quality assurance protocol for the project, including blank, duplicate, and standard reference samples.
Forward-Looking Statements
Forward Looking Statements: This news release includes certain statements that may be deemed “forward-looking statements”. All statements in this release, other than statements of historical facts including, without limitation, statements regarding potential mineralization, historic production, estimation of mineral resources, the realization of mineral resource estimates, interpretation of prior exploration and potential exploration results, the timing and success of exploration activities generally, the timing and results of future resource estimates, permitting time lines, metal prices and currency exchange rates, availability of capital, government regulation of exploration operations, environmental risks, reclamation, title, and future plans and objectives of the company are forward-looking statements that involve various risks and uncertainties. Although Metallic Minerals believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Forward-looking statements are based on a number of material factors and assumptions. Factors that could cause actual results to differ materially from those in forward-looking statements include failure to obtain necessary approvals, unsuccessful exploration results, changes in project parameters as plans continue to be refined, results of future resource estimates, future metal prices, availability of capital and financing on acceptable terms, general economic, market or business conditions, risks associated with regulatory changes, defects in title, availability of personnel, materials and equipment on a timely basis, accidents or equipment breakdowns, uninsured risks, delays in receiving government approvals, unanticipated environmental impacts on operations and costs to remedy same, and other exploration or other risks detailed herein and from time to time in the filings made by the companies with securities regulators. Readers are cautioned that mineral resources that are not mineral reserves do not have demonstrated economic viability. Mineral exploration and development of mines is an inherently risky business. Accordingly, the actual events may differ materially from those projected in the forward-looking statements. For more information on Metallic Minerals and the risks and challenges of their businesses, investors should review their annual filings that are available at www.sedar.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Burlington, Ontario–(Newsfile Corp. – April 11, 2022) – Silver Bullet Mines Corp. (TSXV: SBMI) (“SBMI” or “the Company”) is pleased to announce that on April 11, 2022 its common shares will commence trading on the OTCQB under the symbol SBMCF. The Company’s common shares will continue to trade on the TSX Venture Exchange under the symbol SBMI.
“We listed on the TSX Venture Exchange on December 6, 2021,” said A. John Carter, SBMI’s CEO. “Since we have been repeatedly contacted by U.S-based investors seeking to participate in our story. The only real option to accommodate them was to expand onto the OTCQB.”
The OTCQB is a US trading platform operated by the OTC Markets Group and is the premier marketplace for entrepreneurial and development stage U.S. and international companies committed to providing a high-quality trading and information experience for their US investors. To be eligible, companies must be current in their financial reporting, pass a minimum bid price test, and undergo an annual company verification and management certification process. The OTCQB quality standards provide a strong baseline of transparency, as well as the technology and regulation to improve the information and trading experience for investors.
The OTCQB listing has the potential to further enhance trading volumes through an expansion of investment advisers’ ability to recommend investments to their U.S. clients. Investors can find current financial disclosure and Real-Time Level 2 quotes for the Company on www.otcmarkets.com.
Please check the Company’s website www.silverbulletmines.com, or follow on Twitter @bulletmines or at YouTube “Silver Bullet Mines”.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%2522TSX_Venture_Exchange%253BSilver_bullet%253BCompany%253BOTC_Markets_Group%253BInvestor%2522%252C%2522lmsid%2522%253A%2522a0V0W00000HOPDcUAP%2522%252C%2522revsp%2522%253A%2522newsfile_64%2522%252C%2522lpstaid%2522%253A%2522aeca4172-e98f-39cc-88e6-0c11bf3923bc%2522%252C%2522pageContentType%2522%253A%2522story%2522%257D
For further information, please contact:
John Carter Silver Bullet Mines Corp., CEO cartera@sympatico.ca +1 (905) 302-3843
Peter M. Clausi Silver Bullet Mines Corp., VP Capital Markets pclausi@brantcapital.ca +1 (416) 890-1232
Cautionary and Forward-Looking Statements
Silver Bullet Mines Corp. trades on the TSX Venture Exchange under the symbol SBMI and on the OTCQB Venture Market under the symbol SBMCF. The OTCQB Venture Market is for early stage and developing U.S. and international companies. Companies listed there are current in their reporting and undergo an annual verification and management certification process. Investors can find current financial disclosure for the Company on www.otcmarkets.com and at https://money.tmx.com/en/quote/SBMI .
This news release contains certain statements that constitute forward-looking statements as they relate to SBMI and its subsidiaries. Forward-looking statements are not historical facts but represent management’s current expectation of future events, and can be identified by words such as “believe”, “expects”, “will”, “intends”, “plans”, “projects”, “anticipates”, “estimates”, “continues” and similar expressions. Although management believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that they will prove to be correct.
By their nature, forward-looking statements include assumptions, and are subject to inherent risks and uncertainties that could cause actual future results, conditions, actions or events to differ materially from those in the forward-looking statements. If and when forward-looking statements are set out in this new release, SBMI will also set out the material risk factors or assumptions used to develop the forward-looking statements. Except as expressly required by applicable securities laws, SBMI assumes no obligation to update or revise any forward-looking statements. The future outcomes that relate to forward-looking statements may be influenced by many factors, including but not limited to: the impact of SARS CoV-2 or any other global virus; reliance on key personnel; the thoroughness of its QA/QA procedures; the continuity of the global supply chain for materials for SBMI to use in the production and processing of ore; shareholder and regulatory approvals; activities and attitudes of communities local to the location of SBMI’s properties; risks of future legal proceedings; income tax matters; fires, floods and other natural phenomena; the rate of inflation; availability and terms of financing; distribution of securities; commodities pricing; currency movements, especially as between the USD and CDN; effect of market interest rates on price of securities; and, potential dilution. SARS CoV-2 and other potential global viruses create risks that at this time are immeasurable and impossible to define.
Metallic Minerals Corp. (TSX-V: MMG / US OTC: MMNGF) is a growth stage exploration company focused on the acquisition and development of high-grade silver and gold projects within underexplored districts proven to produce top-tier assets. Our objective is to create value through a disciplined, systematic approach to exploration, reducing investment risk and maximizing probability of long-term success. Our core Keno Silver Project is located in the historic Keno Hill Silver District of Canada’s Yukon Territory, a region which has produced over 200 million ounces of silver and currently hosts one of the world’s highest-grade silver resources. The Company’s La Plata silver-gold-copper project is located in the high-grade La Plata district of the prolific Colorado Mineral Belt and our McKay Hill project northeast of Keno Hill is a high-grade historic silver-gold producer. Metallic Minerals is also building a portfolio of gold royalties in the historic Klondike Gold District. Metallic Minerals is led by a team with a track record of discovery and exploration success, including large scale development, permitting and project financing.
Russia causes a dramatic change in the global diamond market
Mountain Province Diamonds- a top-tier company with significant scale
Diamcor Mining- A junior diamond miner with potential
A potential bottom in DMI/DMIFF shares
A diamond is a pure solid form of the element carbon with its atoms arranged in a crystal structure, a diamond cubic. At room temperature and pressure, another solid form of carbon is graphite, a chemically stable form of the element. Diamonds form under high temperatures and pressure that cause the carbon atoms to bond and form crystals.
It takes carbon up to 650 million years to become fossil fuels. Transforming carbon into a diamond takes one to 3.3 billion years, approximately 25% to 75% of the earth’s age.
Diamonds occur in greater number and quality in the ocean, but the extraction process is expensive and challenging. Ocean miners dredge the ocean floor, bring the material onto mining ships, and sift it for diamonds. Mining diamonds from the earth’s crust involves releasing igneous emplace rocks with explosives as the encased diamonds are carried up with intrusive rocks from the earth’s mantle. Most diamond mines are around one hundred miles below the earth’s surface.
Rough diamonds look like shiny pebbles. Experts cut and polish the rocks that become the centerpiece of jewelry cherished worldwide. Only 20-30% of mined diamonds have a suitable quality for jewelry; the remainder goes to industrial applications. The industrial diamonds are too badly flawed, irregularly shaped, poorly colored, or too small for gems. However, they are critical for cutting, grinding, drilling, and polishing procedures because of a diamond’s hardness and heat conductivity.
The first Soviet leader, Vladimir Lenin, once said, “There are decades where nothing happens, and there are weeks where decades happen.”
The international diamond business is experiencing that phenomenon in early 2022, courtesy of his successor.
Russia is the leading producer- Canada is third Like many commodities, diamond production occurs in regions where the earth contains minable reserves.
The chart highlights that Russia has the largest diamond reserves with approximately 650 million carats, over double the country with the second-most reserves, Botswana. While diamonds are synonymous with South Africa, the nation is home to the fourth leading reserves behind Russia, Botswana, and the Democratic Republic of Congo. While the DR Congo has the third most reserves, Canada is the third-leading diamond-producing country.
As the chart illustrates, in 2020, Canada produced 17.2% of the worlds’ diamonds.
Russia causes a dramatic change in the global diamond market
On February 24, 2022, the world changed as the Russian military invaded Ukraine. President Vladimir Putin does not consider Ukraine a country but a part of Western Europe. Meanwhile, the watershed event occurred on February 4, 2022, when President Putin and Chinese President Xi signed a $117 billion trade agreement and shook hands on “no-limits” support. The Chinese-Russian alliance paved the way for Russia’s invasion of the country that the US, Europe, Canada, Australia, Japan, and allies worldwide consider a sovereign country in Eastern Europe. Russian success in Ukraine could pave the way for China’s reunification with Taiwan.
Sanctions on Russia leading to retaliatory measures are likely to choke off commodity supplies to the west. Russia is a leading producer and exporter of diamonds, oil, nickel, wheat, fertilizer, and a host of other raw materials.
The geopolitical landscape has deteriorated to the most dangerous level since World War II. War, sanctions, and trade embargos distort market prices, impacting the global supply chain and creating fundamental supply and demand imbalances. The dark cloud of war and tensions between Russia-China and the West may have a diamond lining for companies producing commodities to fill the gaps created by supply shortages and rising prices.
On February 24, the diamond market underwent a substantial change.
Mountain Province Diamonds- a top-tier company with significant scale
The DeBeers Group controls companies in the diamond mining, diamond processing, and diamond trading sectors. Still, it is the second-leading diamond company behind Alrosa, the Russian mining giant that distributed 38.5 million carats in 2021. De Beers distributed 30.78 million carats.
When most people think of diamonds, De Beers is the brand name that glistens like the stones. De Beers has been around since 1888 with South African roots. Today, the company calls London home, with the mining giant Anglo American (NGLOY)owning 85%. While price transparency in the diamond market can be opaque, prices have appreciated.
The price index rose from 204.20 in July 2020 to 230.30 in March 2022, a 12.8% increase.
Mountain Province Diamonds is a Canadian diamond producer that operates a joint venture with De Beers, owning the world’s fifth-largest diamond mine, Gahcho Kue, in Canada’s Northwest Territories. Mountain Province Diamonds also owns 100% of the Kennady North Project and explores for diamonds in the Northwest Territories through targeted drill programs with 13.6 million carat reserves and inferred resources of 7.35 million carats ten kilometers from the Gahcho Kue mine. A summary of some of the company’s other highlights includes:
The highest-grade diamonds in the De Beers portfolio at 1.55 carats per ton of reserves.
The second most favorable mining jurisdiction in Canada.
A commitment to sustainability through environmental stewardship.
Exploration territory of 107,000 hectares of 100% owned claims/leases surrounding Gahcho Kue.
Mountain Province Diamonds traded on the TSX in Canadian dollars under MPVD.TO. The company trades in the over-the-counter market in the US under the symbol MPVDF.
Source: Barchart
As the chart highlights, MPVDF shares fell to a low of 17.41 cents in March 2020 as the global pandemic gripped markets across all asset classes. The stock has moved higher with diamond prices and production success, making higher lows and higher highs with the price at 62.83 cents on March 16, over 3.6 times higher than the March 2020 low.
Diamcor Mining- A junior diamond miner with potential
Diamcor Mining Inc. is a junior diamond mining company that identifies, acquires, and operates unique projects with “near-term production potential.”
While many people think of De Beers synonymously with diamonds, the other name that comes to mind is Tiffany & Company. Diamcor established a long-term strategic alliance and the first right of refusal with Tiffany & Co, Canada, a subsidiary of Tiffany & Co in the US, for the purchase of up to 100% of the future production of rough diamonds from the Krone-Endora at Venetia Project at current market prices. Tiffany & Co. provides financing for the project. Diamcor acquired the Krone-Endora at Venetia project from DeBeers. The mine is co-located directly adjacent to the De Beers Venetia Diamond Mine in the Limpopo province of the Republic of South Africa. The project is a rare eluvial deposit, a direct shift of material from the higher grounds of the Venetia Kimberlite clusters onto the lower surrounding areas of Krone-Endora. The property is approximately 500 kilometers north-northeast of Johannesburg. The Venetia mine is the world’s third-largest diamond mine and South Africa’s leading mining, accounting for over 50% of annual production.
Some of Diamcor’s highlights include:
Accelerated phase two of a three-phase processing upgrade to increase volumes as the demand for rough diamonds has continued to be robust.
Diamcor’s most recent rough diamond sale yielded an average price of over $300 per carat, a 60% increase from the December 2021 price.
The project has revenue flows with demonstrated profitability.
The project has $70 million in development to date with significant infrastructure in place and a 30-year mining right.
A high percentage of the project’s diamonds are gem quality and can be found just 50 feet below surface.
Diamond reserves are likely on 95% of the project area that has not been defined, leading to significant growth potential.
US and European sanctions will limit the number of industrial and gem-quality diamond flows from Russia, pushing prices higher and availability lower. The world will be looking for new sources, and Diamcor’s project is far enough along and positioned to meet the increasing demand.
A potential bottom in DMI/DMIFF shares Diamcor Mining Inc trades on the TSX under the symbol DMI.VN. On the Us over-the-counter market, the symbol is DMIFF. The shares have moved appreciably higher since the late 2020 low.
Source: Barchart
As the chart highlights, DMIFF shares rose from a low of $0.046 in late December 2020 to $0.2425 on March 16, over five times higher. In October 2021, the shares peaked at 43.0 cents, over nine times higher than the late 2020 low. DMIFF returned a higher percentage gain than Mountain Province Diamonds (MPVDF) since its 2020 low.
It takes over a billion years for a diamond to form, making the stones a forever asset. Meanwhile, sanctions on Russia will limit the precious stones supplies, which could create an exciting opportunity for Diamcor, a mining company with lots of upside potential.
Written By: Andrew Hecht, on behalf of Maurice Jackson of Proven and Probable.
Any investment involves substantial risks, including, but not limited to, pricing volatility, inadequate liquidity, and the potential complete loss of principal. This document does not in any way constitute an offer or solicitation of an offer to buy or sell any investment, security, or commodity discussed herein, or any security in any jurisdiction in which such an offer would be unlawful under the securities laws of such jurisdiction.
Andrew PollardPresident & CEO, Director of Blackrock SilverPrior to joining Blackrock as President & CEO in 2019, Andrew Pollard had established himself as a sought-after management consultant within the mining industry.
Galen McNamaraCEO & Director of Summa SilverCo-founder and geologist with over 15 years of discovery and capital markets experience, former Senior Project Manager at NexGen Energy, Co-founder and Chairman of Goldshore Resources and Angold Resources.
Jeff ClarkSenior Precious Metals Analyst at GoldSilver.comJeff Clark is the Senior Precious Metals Analyst at GoldSilver.com. He is the son of an award-winning gold panner, with family-owned mining claims in California, Arizona, and Nevada, and has deep roots in the industry. An active investor, with a love of writing, Jeff eventually became a mining industry analyst, including spending 10 years as senior editor for the world-renowned publication BIG GOLD. Jeff has been a regular conference speaker, including at Cambridge House and Sprott Resources events, the Silver Summit, and many others. He currently serves on the board at Strategic Wealth Preservation, a bullion storage facility in Grand Cayman.
Morgan LekstromPresident & CEO of Silver Hammer MiningMr. Lekstrom has 14 years mining experience in progressively senior roles in project, operations, and engineering management and has a strong leadership background with experience overseeing 100+ person teams onsite. In a recent role, Mr. Lekstrom served as Engineering Manager responsible for the budgeting, scheduling and the first phases of execution at Sabina Gold and Silver’s Back River Marine Laydown Project. Prior to that, Mr. Lekstrom spent two years in Ghana, West Africa where he played an integral role in the development and revival of Golden Star Resources’ Prestea underground mine. He led project, engineering, and maintenance teams and worked with members of the executive team on the implementation of various strategic initiatives. A graduate of Thompson Rivers University, Mr. Lekstrom has an established track record delivering successes across numerous projects worldwide.
DISCLAIMER6ix.com/disclaimerDisclaimer of Liability
