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Gold Shore Resources Junior Mining Precious Metals

Goldshore Extends Mineralization Along the Moss Deposit and Kawa Trends

Vancouver, British Columbia–(Newsfile Corp. – September 23, 2024) – Goldshore Resources Inc. (TSXV: GSHR) (OTCQB: GSHRF) (FSE: 8X00) (“Goldshore” or the “Company“) is pleased to announce assay results from the 2024 field programs that concentrated on extending mineralization along the Moss trend, and evaluating the exploration potential along the Kawa trend through rock chip and channel sampling and through assaying unsampled historical drill core (Figures 1 & 2). The Company plans to conduct systematic top of bedrock sampling and ground based induced polarization geophysical surveys over these prospective shear zones in the future to develop robust drill targets.

Sampling has focused on largely undercover areas, yielding favorable results including the following:

  • Discovery of additional high grade mineralized areas north of the Moss Deposit at the Superion and West Span prospects including grab assays of 15.4 g/t Au and 10.5 g/t Au.
  • Discovery of a new mineralized shear outside of the drilling envelope close to the Southwest Zone of the Moss Deposit returning a surface assay of 12.3 g/t Au.
  • Expanded mineralized intercepts at the Moss Nose and Kawa prospects through assaying of unsampled historical drill core returning individual values as high as 7.88 g/t Au over 0.65m in ML-02-001.
  • Additional mineralized outcrops discovered at the Moss Nose prospects with grab samples returning up to 3.39 g/t Au.
  • Identified mineralization at surface over 4.5km along the Kawa trend with channel samples at the Deaty prospect returning 0.92 g/t over 2.85m.

Michael Henrichsen, CEO of Goldshore commented, “The results from the rock chip and channel sampling programs in conjunction with assaying unsampled historical drill core has demonstrated the potential within the Moss Deposit area. These results re-enforce not only our belief of the ability to extend the Moss Deposit but also the discovery potential in the area. The Company’s technical team is currently designing a program to efficiently evaluate the 23 km of prospective structural corridors in the Moss Deposit area where we believe there is excellent potential for a new discovery.”

Review of regional historical drill core:

Goldshore’s Moss Nose and Kawa trend targets were initially drilled in the early 2000s by then project holder Moss Lake Gold Mines (“MLGM”). Goldshore has relogged the MLGM core and noted strong similarities between the diorite complex which hosts the Moss Deposit and the diorites present at both the Moss Nose and Kawa targets. Goldshore assayed 477 samples to fill in significant gaps in the original MLGM sampling to better define the widths and grade of the historical drilling. Assay results returned elevated Au values which expand the known mineralized zones at both targets with values as high as 7.88 g/t Au over 0.65m in ML-02-001 underscoring the difficulty of visually identifying mineralization (Figure 1). Trace element values within the diorites of the Moss Nose and Kawa trends are very similar to those of the Moss Deposit demonstrating the prospectivity of the host rocks at these target areas. Updated significant intercepts resulting from the assaying of unsampled historical drill core are presented in Table 1 and demonstrate intervals that could be on the margins of higher-grade zones as observed at the margins of the Moss Deposit.

Figure 1: Select assays from infill sampling of historical core

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Table 1: Updated significant intercepts from the assaying of unsampled historical drill core

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Results of 2023 field program:

Goldshore’s 2023 field program focused on advancing targets within the Moss Deposit area. Gold mineralization styles discovered during this program included sulphidised iron formations as well as “Moss-like” shear-controlled sulphides. Assay results received from the 2024 grab and channel samples have revealed expanded surface gold mineralization at several targets including West Span, Southwest Kawa, Deaty, Moss Nose and a new near-deposit mineralized shear near the Moss Southwest Zone (Figure 2). Collectively these results demonstrate the potential within the Moss Deposit area. In particular, the high-grade grab samples of 15.4g/t Au and 10.5g/t Au from the West Span target demonstrate the potential of extending mineralization to the northeast of the Moss Deposit. In addition, the results from the Deaty prospect along the Kawa trend has demonstrated gold mineralization over a 4.5 km length and show the need for systematic exploration along the approximately 10km long trend to develop robust drill targets as the Company aims to realize the full potential of this structural corridor. Select results of the surface grabs and mineralized channel widths are included in Table 2 and Table 3 respectively.

Figure 2: Select assays from grab and channel sampling during the 2023 field activities.

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Table 2: Selected surface grab sample results from the 2023 field program.

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Table 3: Significant channel widths from the 2023 field program.

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Update of ongoing field activities

In 2024 Goldshore has embarked on a systematic geochemical sampling program across the core of the project surrounding the Moss Deposit in order to identify the broader signature of the gold mineralization system and identify further targets. This work is split between an ongoing summer/fall outcrop sampling program and a top-of-bedrock drilling campaign that is in planning stages for 2025 to infill unexposed areas. Sampling from prior field work is contributing to this project where able.

A stripping program is also scheduled in the fall to expose more of the SW Kawa prospect discovered in 2022 (2.5km southeast of the Moss Deposit). Additional detailed geological mapping and channel sampling will assist in determining correlations between the broad mineralization seen across the Kawa trend and that of the Moss Deposit.

Mineral resources that are not mineral reserves have no demonstrated economic viability. There is no guarantee that any part of the mineral resources discussed herein will be converted to a mineral reserve in the future. The estimate of mineral resources may also be materially affected by geology, environment, permitting, legal, title, taxation, soci-political, marketing, or other relevant issues.

Digital marketing services

Machai Capital Inc. (“Machai”) has been engaged to provide branding and content and data optimization to assist the Company in creating in-depth marketing campaigns. Machai will also offer search engine optimization, search engine marketing, lead generation, digital marketing, social media marketing, email marketing, and brand marketing services to the Company.

Machai has been engaged by the Company for an initial 3-month period. In consideration for the services provided, the Company will pay Machai a total of $110,000 in cash based on the completion of service milestones.

Machai has a business address at 505 – 5033 Cambie Street, Vancouver, BC, V5Z 0H6. The services to be provided by Machai will be overseen by Suneal Sandhu, President. The Company and Machai act at arm’s length, and neither Machai Capital nor Suneal Sandhu has a present interest, directly or indirectly, in the Company or its securities, or any right or present intent to acquire such an interest.

Machai has agreed to comply with all applicable securities laws and the policies of the TSX Venture Exchange in providing the services to the Company.

Qualified Person

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

About Goldshore

Goldshore is a growth-oriented gold company focused on delivering long-term shareholder and stakeholder value through the acquisition and advancement of primary gold assets in tier-one jurisdictions. It is led by the ex-global head of structural geology for the world’s largest gold company and backed by one of Canada’s pre-eminent private equity firms. The Company’s current focus is the advanced stage 100% owned Moss Gold Project which is positioned in Ontario, Canada, with direct access from the Trans-Canada Highway, hydroelectric power near site, supportive local communities and skilled workforce. The Company has invested over $60 million of new capital and completed approximately 80,000 meters of drilling on the Moss Gold Project, which, in aggregate, has had over 235,000 meters of drilling. The 2024 updated NI 43-101 mineral resource estimate (“MRE”) has expanded to 1.54 million ounces of Indicated gold resources at 1.23 g/t Au and 5.20 million ounces of Inferred gold resources at 1.11 g/t Au. The MRE only encompasses 3.6 kilometers of the 35+ kilometer mineralized trend, remains open at depth and along strike and is one of the few remaining major Canadian gold deposits positioned for fast track through this development cycle. For more information, please visit SEDAR+ (www.sedarplus.ca) and the Company’s website (www.goldshoreresources.com).

For More Information – Please Contact:

Michael Henrichsen
President, Chief Executive Officer and Director
Goldshore Resources Inc.

E: mhenrichsen@goldshoreresources.com
W: www.goldshoreresources.com

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.

Cautionary Note Regarding Forward-Looking Statements

This news release contains statements that constitute “forward-looking statements.” Such forward looking statements involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, performance or achievements, or developments to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects,” “plans,” “anticipates,” “believes,” “intends,” “estimates,” “projects,” “potential” and similar expressions, or that events or conditions “will,” “would,” “may,” “could” or “should” occur.

Forward-looking statements in this news release include, among others, statements relating to expectations regarding the exploration and development of the Moss Gold Project, the Company’s plans to conduct systematic top of bedrock sampling and ground based induced polarization geophysical surveys over prospective shear zones to develop robust drill targets, the proposed program to efficiently evaluate the 23 km of prospective structural corridors in the Moss Deposit area, the top-of-bedrock drilling campaign planned in winter 2025, the stripping program scheduled for the fall, and other statements that are not historical facts. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors and risks include, among others: the Company’s plans to conduct systematic top of bedrock sampling and ground based induced polarization geophysical surveys over prospective shear zones to develop robust drill targets, the proposed program to efficiently evaluate the 23 km of prospective structural corridors in the Moss Deposit area, the top-of-bedrock drilling campaign planned in winter 2025, and the stripping program scheduled for the fall may not be carried on the timing anticipated or at all; the Company may require additional financing from time to time in order to continue its operations which may not be available when needed or on acceptable terms and conditions acceptable; compliance with extensive government regulation; domestic and foreign laws and regulations could adversely affect the Company’s business and results of operations; and the stock markets have experienced volatility that often has been unrelated to the performance of companies and these fluctuations may adversely affect the price of the Company’s securities, regardless of its operating performance. The forward-looking information in this news release is based on management’s reasonable expectations and assumptions, including that the Company’s business and financial position and general economic conditions will not be adversely affected and that the Company’s planned exploration and development programs will be completed and on the timetable expected.

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

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/224186

Categories
Base Metals Emx Royalty Energy Junior Mining Precious Metals Project Generators

EMX Royalty Announces Appointment of Stefan Wenger as CFO

Vancouver, British Columbia–(Newsfile Corp. – September 18, 2024) –  EMX Royalty Corporation (NYSE American: EMX) (TSXV: EMX) (FSE: 6E9) (the “Company” or “EMX“) is pleased to announce the appointment of Mr. Stefan L. Wenger as Chief Financial Officer effective October 1, 2024. Mr. Wenger was previously the Chief Financial Officer and Treasurer of Royal Gold, Inc., one of the mining industry’s leading royalty companies, from 2006 to 2018. Prior to becoming Royal Gold’s CFO, Mr. Wenger was the Chief Accounting Officer from 2003 to 2006. During his tenure, Royal Gold grew its portfolio from 14 to 188 royalties, while annual revenues increased from US$15 million to US$459 million. Before Royal Gold, Mr. Wenger had begun his career as an auditor with Arthur Andersen. Mr. Wenger holds a Bachelor of Science degree in Business Administration from Colorado State University, has completed the General Management Program at the Harvard Business School, and is a Certified Public Accountant.

In addition to Mr. Wenger’s new role as CFO, and as part of the Company’s optimization of corporate responsibilities, Mr. Douglas Reed has transitioned from CFO to become EMX’s Chief Accounting Officer and Mr. Ryan Hindmarch, currently Corporate Controller, has been appointed as the Director of Finance. The Company is excited to have Mr. Wenger onboard, as well as for the appointment of Mr. Reed and Mr. Hindmarch to their new positions, and looks forward to their collective contributions fostering EMX’s growth and shareholder value creation.

On the effective date, as part of his appointment Mr. Wenger will receive 50,000 incentive stock options and 50,000 restricted shares units (RSUs) as part of his CFO compensation package. The options vest on the date of grant, will have a term of 5 years to expiry, and will have an exercise price equal to the closing price of the Company’s common shares on the TSX-Venture Exchange as of the day prior October 1, 2024; and the RSUs will vest after 12 months from the grant date.

About EMX – EMX is a precious and base 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”. Please see www.EMXroyalty.com for more information.

For further information contact:

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

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

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

Forward-Looking Statements

This news release may contain “forward looking statements” that reflect the Company’s current expectations and projections about its future results, but which are not statements of fact. When used in this news release, words such as “estimate,” “intend,” “expect,” “anticipate,” “will”, “believe”, “potential” and similar expressions are intended to identify forward-looking statements, which, by their very nature, are not guarantees of the Company’s future operational or financial performance, and are subject to risks and uncertainties and other factors that could cause the Company’s actual results, performance, prospects or opportunities to differ materially from those expressed in, or implied by, these forward-looking statements. These risks, uncertainties and factors may include, but are not limited to the Company being unable to comply with the covenants under the Credit Agreement, including the repayment of any amounts owing under the Loan, and other factors.

Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this news release or as of the date otherwise specifically indicated herein. Due to risks and uncertainties, including the risks and uncertainties identified in this news release, and other risk factors and forward-looking statements listed in the Company’s MD&A for the quarter ended June 30, 2024 (the “MD&A”), and the most recently filed Annual Information Form (“AIF”) for the year ended December 31, 2023, 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.sedarplus.ca and on the SEC’s EDGAR website at www.sec.gov.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/223686

Categories
Energy Junior Mining Metallic Group Metallic Minerals Precious Metals

Newmont Exercises Top-Up Rights to Purchase Additional Shares of Metallic Minerals

VANCOUVER, BC / ACCESSWIRE / September 17, 2024 / Metallic Minerals Corp. (TSX.V:MMG)(OTCQB:MMNGF)(“Metallic Minerals” or the “Company”) announces that Newmont Corporation (“Newmont”) has elected to exercise its ‘top-up right’ to purchase additional common shares in Metallic Minerals in order to maintain its 9.5% interest pursuant to its Investor Rights Agreement (the “IRA”) dated May 18, 2023. Under the terms of the IRA, Newmont will purchase an aggregate of 577,776 common shares at a price of $0.36 per share (the “Top-Up Financing”) reflecting the Company’s July financing and certain other transactions completed over the past six months.

The Top-Up Financing remains subject to customary closing conditions, including final approval by the TSX Venture Exchange. All securities issued will be subject to a statutory hold period of four months and one day from their date of issuance.

Newmont funded a 4,500-meter drill program at Metallic Minerals’ La Plata copper-silver-gold-platinum group element (“Cu-Ag-Au-PGE”) project in southwestern Colorado via a $6.3 million strategic equity investment announced May 2023. Results from that program announced in May 2024 demonstrate the potential of the La Plata project to be a district-scale, precious-metal-rich porphyry system with multiple holes returning from 500 to 900 meters of continuous mineralization starting from surface and including some of the highest grade-times-thickness values for copper drill holes in the U.S. over the last year1. Resource modelling is currently underway to integrate the recent drilling results into an updated resource estimate at the Allard deposit for the project.

Newmont has provided technical support and expertise to the La Plata project team through the joint technical committee, which has included multiple site visits and assistance with geologic and geophysical interpretations and hyperspectral data acquisition. These contributions are ongoing, with Newmont providing experienced personnel to the project for enhancing surface data acquisition, geologic mapping, and geophysics.

Metallic Minerals CEO and Chairman, Greg Johnson, stated,”We are very pleased to continue the advancement of our excellent working relationship with the Newmont team. Metallic has worked closely with Newmont via our technical committee and appreciates the collaboration with their technical team at the site. The main Allard deposit remains open to expansion at depth and along trend, with more than 20 new surface targets identified which may represent additional porphyry centers. Work is currently underway on the Allard resource which will include adding gold, platinum and palladium to the existing copper and silver resource. The resource update is targeted to be complete in Q4 2024. Metallic has also been collaborating with Newmont personnel on follow up surface sampling at the newly identified targets to advance the highest priority targets to the first drill testing stage outside of the Allard resource area in 2025.”

In addition, Mr. Johnson, continued, “Based on our attendance last week at the Precious Metals Summit in Beaver Creek, Colorado, one of the keystone annual events for mining exploration companies and investors, we were pleased to see the interest in Metallic’s projects and the recognition of incredible value opportunity represented by the junior explorer / developer market with gold moving to new all-time highs and the recent breakouts of the mid-cap and large-cap miners. Sentiment at the event was positive, with expectations that the current deep value level of the junior market would lead to outsized future returns reflecting the scarcity of world-class discoveries and assets in copper, silver and gold currently under development in a period of such strong demand fundamentals.”

Precious Metals Summit Presentation

Metallic Minerals provided an overview and update on the Company and projects, including upcoming catalysts. To view the presentation, click here or the image.

About Metallic Minerals

Metallic Minerals Corp. is a resource-stage mineral exploration company, focused on copper, silver, gold, and platinum group elements in top North American mining jurisdictions. Our objective is to create shareholder value through a systematic, entrepreneurial approach to making exploration discoveries, growing resources, and advancing projects toward development.

At the Company’s La Plata project in southwestern Colorado, the expanded 2023 NI 43-101 mineral resource estimate highlights a significant porphyry copper-silver resource containing 1.2 Blbs copper and 17.6 Moz of silver1, with numerous additional targets showing potential for a district-scale porphyry system. The Company announced a 9.5% strategic investment by Newmont Corporation in May 2023. The U.S. Geological Survey has identified the La Plata mining district as a critical minerals resource area under the Earth Mapping Resources Initiative program and has completed significant geologic and geophysical studies to enhance understanding of the critical mineral occurrence in the district. The La Plata project is located between the communities of Mancos and Durango, Colorado, north of Highway 160.

In Canada’s Yukon Territory, Metallic Minerals has the second-largest land position in the historic high-grade Keno Hill silver district, directly adjacent to Hecla’s operations, with more than 300 Moz of high-grade silver in past production and current M&I resources. The new 2024 Resource Estimate at the Company’s Keno Silver project adds 18.2 Moz silver equivalent2 to the Company’s total resources. Hecla is the largest primary silver producer in the USA and soon to be Canada’s largest with full production at its Keno Hill operations in 2024.

The Company is also one of the largest holders of alluvial gold claims in the Yukon and is building a production royalty business by partnering with experienced mining operators.

Metallic Minerals is led by a team with a track record of discovery and exploration success on several major precious and base metal deposits in North America, as well as having large-scale development, permitting and project financing expertise. The Metallic Minerals team is committed to responsible and sustainable resource development and has worked closely with Canadian First Nation groups, US Tribal/Native Corporations, and local communities to support successful project development.

FOR FURTHER INFORMATION, PLEASE CONTACT:

Phone: 604-629-7800
Toll Free: 1-888-570-4420
Website: www.mmgsilver.com
Email: cackerman@mmgsilver.com

Footnotes

1.) As documented by www.juniormininghub.com; 2.) see news release dated July 23, 2023; 3.) see news release dated February 26, 2024

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, statements about expected results of operations, royalties, cash flows, financial position and future dividends as well as financial position, prospects, 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, unsuccessful operations, 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 Company with securities regulators. Readers are cautioned that mineral resources that are not mineral reserves do not have demonstrated economic viability. Mineral exploration, development of mines and mining operations 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.

SOURCE: Metallic Minerals Corp.



View the original press release on accesswire.com

Categories
Base Metals Energy Gold Shore Resources Junior Mining Precious Metals

Goldshore Delineates Moss Deposit Resource Expansion Targets

Resource expansion targets identified at the Moss Deposit offer potential to increase the ounce profile above the current resource (1.54 million ounces of Indicated gold resources at 1.23 g/t Au and 5.20 million ounces of Inferred gold resources at 1.11 g/t Au), and reduce the overall strip ratio, potentially enhancing project economics.

Vancouver, British Columbia–(Newsfile Corp. – September 17, 2024) – Goldshore Resources Inc. (TSXV: GSHR) (OTCQB: GSHRF) (FSE: 8X00) (“Goldshore” or the “Company“) is pleased to provide an update on resource expansion targets at the Moss Deposit. The identified targets are located within the top 200m from surface and are within, or directly adjacent to, the conceptual open pit shell defined in the Company’s current mineral resource estimate (“MRE“) (Figure 1). Collectively, there are five targets that have been defined that represent three avenues for potential mineral resource expansion (collectively, the “Expansion Targets“):

  • Strategic infill to increase drill density in locations where mineralized drill intercepts are currently too widely spaced to be included in the inferred mineral resource category;
  • Extending known mineralized shear zones laterally along strike; and
  • Extending mineralized shear zones intersected at depth at the Moss Deposit towards surface where no shallow drilling has occurred (Figure 2).

Michael Henrichsen, CEO of Goldshore commented, “We are very pleased with the mineral resource Expansion Targets that have been delineated which represent an opportunity to not only increase the ounce profile of the Moss Deposit, but to also reduce the overall strip ratio in a potential mining scenario. We view the drilling of these targets as a critical step to potentially improving the economic performance of the deposit on the back of the PEA, currently in progress with G Mining Services, being released as we continue to look to add ounces in the top 200m from surface.“

The Company is finalizing a conceptual program of approximately 15,000 meters that would test the Expansion Targets outlined with the combined goals of expanding the MRE within the top 200m through increasing drill density, extending known mineralization, and reducing the strip ratio within the conceptual open pit. A summary of the targets is presented below:

  • The Superion and QES Up targets represent an opportunity to add ounces by extending mineralization toward surface in the top 200 m over a roughly 1.5 km and 1 km strike length respectively within and immediately adjacent to the conceptual open pit.
  • The Southern Main target is similar to the QES Up target where drilling in the top 50 – 200 m from surface will aim to extend mineralization over an area of 400 m by 100 m
  • The Southwest Infill and QES extension targets focus on areas spanning 800 meters and 400 meters, respectively, where drill density was insufficient for inclusion in the current mineral resource estimate.

Figure 1. Proposed winter drill holes within Moss pit.

To view an enhanced version of this graphic, please visit:
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Figure 2. Section through Superion target and QES Up target highlighting waste in pit that may convert to mineralized shears

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8051/223573_e1a2da06145279e5_003full.jpg

Mineral resources that are not mineral reserves have no demonstrated economic viability. There is no guarantee that any part of the mineral resources discussed herein will be converted to a mineral reserve in the future. The estimate of mineral resources may also be materially affected by geology, environment, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues.

Qualified Person

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

About Goldshore

Goldshore is a growth-oriented gold company focused on delivering long-term shareholder and stakeholder value through the acquisition and advancement of primary gold assets in tier-one jurisdictions. It is led by the ex-global head of structural geology for the world’s largest gold company and backed by one of Canada’s pre-eminent private equity firms. The Company’s current focus is the advanced stage 100% owned Moss Gold Project which is positioned in Ontario, Canada, with direct access from the Trans-Canada Highway, hydroelectric power near site, supportive local communities and skilled workforce. The Company has invested over $60 million of new capital and completed approximately 80,000 meters of drilling on the Moss Gold Project, which, in aggregate, has had over 235,000 meters of drilling. The 2024 updated NI 43-101 mineral resource estimate (“MRE”) has expanded to 1.54 million ounces of Indicated gold resources at 1.23 g/t Au and 5.20 million ounces of Inferred gold resources at 1.11 g/t Au. The MRE only encompasses 3.6 kilometers of the 35+ kilometer mineralized trend, remains open at depth and along strike and is one of the few remaining major Canadian gold deposits positioned for fast track through this development cycle.

For more information, please visit the Company’s SEDAR+ profile at (www.sedarplus.ca) and the Company’s website (www.goldshoreresources.com).

For More Information – Please Contact:

Michael Henrichsen
President, Chief Executive Officer and Director
Goldshore Resources Inc.

E: mhenrichsen@goldshoreresources.com
W: www.goldshoreresources.com

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.

Cautionary Note Regarding Forward-Looking Statements

This news release contains statements that constitute “forward-looking statements”. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, performance or achievements, or developments to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects,” “plans,” “anticipates,” “believes,” “intends,” “estimates,” “projects,” “potential” and similar expressions, or that events or conditions “will,” “would,” “may,” “could” or “should” occur.

Forward-looking statements in this news release include, among others, statements relating to expectations regarding the exploration and development of the Moss Gold Project, potential mineral resource expansion drill targets, timing and completion of a mineral resource expansion drill program, the impact of an expansion drill program on reducing the strip ratio, the targeted expansion of the deposit along the Superion target, the targeted increase in the ounce profile of the Moss Deposit, and the release of an updated preliminary economic assessment and other statements that are not historical facts. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors and risks include, among others: the foregoing exploration and development goals of the Company may not occur on the timetable anticipated or at all; the preliminary economic assessment may not be completed on the timetable expected or at all; the Company may require additional financing from time to time in order to continue its operations which may not be available when needed or on acceptable terms and conditions acceptable; risks related to compliance with extensive government regulation; domestic and foreign laws and regulations could adversely affect the Company’s business and results of operations; and the stock markets have experienced volatility that often has been unrelated to the performance of companies and these fluctuations may adversely affect the price of the Company’s securities, regardless of its operating performance. The forward-looking information in this news release is based on management’s reasonable expectations and assumptions, including that the Company’s business and financial position and general economic conditions will not be adversely affected; that the expansion drill program will be completed and on the timetable expected; and that the preliminary economic assessment will be completed on the timetable anticipated.

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

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/223573

Categories
Base Metals Energy Junior Mining Precious Metals

Why is Palladium Going Down?

Sibanye Stillwater plans major restructuring, layoffs at Montana operations

By: Q2 News

Posted 12:47 PM, Sep 12, 2024

and last updated 6:56 PM, Sep 12, 2024

COLUMBUS – Citing the continuing plunge in the palladium market, Sibanye Stillwater announced Thursday in a letter to employees that it will undergo restructuring and layoffs at its Montana operations.

Executive Vice President Kevin Robertson said in the letter that operations at Stillwater West would be placed “on care and maintenance for now,” while the number of employees at its other Montana operations would also be reduced.

“We estimate that this restructure will reduce our total number of employees at our Montana operations from approximately 1,680 on July 31 to just under 1,000 after the layoffs,” Robertson states in the letter.

The mines in Montana are owned and operated by a company based in South Africa. Sibanye Stillwater CEO Neal Froneman spoke about the fragile future of the Stillwater operations at an investor conference in London in June.

“The future of Stillwater remains in the balance,” Froneman said, according to a report in Bloomberg News. “If there’s no correction in the price soon, as strategic as it is, we’ll have to put it on care and maintenance.”

Robertson said in the letter sent to employees Thursday that they would begin receiving layoff notices, and those employees will remain employed for 60 days until the layoffs take effect starting on Nov. 12.

Robertson stated the company recognizes the move will be “incredibly stressful” for employees and their families, and asked for “very vigilant focus on safety” during the restructuring.

RELATED: Sibanye Stillwater reaches tentative agreement with union, but mine’s future is cloudy

Montana Gov. Greg Gianforte called the announcement a “significant blow” to the mining communities.

“Today’s decision by Stillwater Mining is a significant blow to hardworking Montana miners, their families, and our communities,” Gianforte said in a statement. “The State of Montana will bring to bear every available resource to help these workers and their families.”

“This is a challenging time for the mining sector. The ongoing regulatory assault on mining and natural resources has burdened this critical sector of our economy. The fact is the United States cannot and should not have to rely on our foreign adversaries for energy, critical metals, or other resources. The United States must support these industries, and their workers, with a policy dedicated to making our nation energy and resource dominant and independent.”

In a statement, U.S. Sen. Steve Daines, R-Mont., called for banning Russian mineral imports, and he blamed the Democratic administration for the Montana layoffs. He added that he’s introducing a bill Thursday aimed at banning Russian platinum, palladium and copper imports.

“Joe Biden and Kamala Harris failed to protect Montana jobs. Rather than relying on our own Montana mines to provide palladium, the Biden-Harris administration is allowing critical mineral imports from Russia, which is costing Montana jobs and funding Russia’s unjust war against Ukraine,” said Daines. “There is no reason the United States should be importing critical minerals that we can find right here at home. Montana is rich in minerals, and we need to be supporting American mines and American jobs, not Russia’s,” Daines said.

U.S. Sen. Jon Tester, D-Mont., also demanded greater control over Russian imports.

“It is totally unacceptable that the Sibanye-Stillwater mine is being forced to lay off hardworking Montana miners, and make no mistake: this is happening because Russia is dumping critical minerals into the American market to drive down our prices. But the Biden Administration also needs to step up and support these American workers. I personally spoke with the leaders of the Treasury Department about ways to support the local workforce, and I will hold them accountable to get the job done. I stand with these Montanans who power our economy and are the lifeblood of many of our communities, and we won’t take this sitting down,” Tester said.

The mining operations are the largest employer in Stillwater County and produce palladium and platinum. The market value for the metals have decreased significantly in recent years, with palladium falling from $2,305 an ounce two years ago to below $1,000 an ounce in recent months, Robertson stated in the letter.

Here’s the full letter:

Dear Team,

I write this message with a heavy heart. Today at our corporate results call, after many months of debates, discussions, reviewing and revising plans to address the challenges a depressed palladium market has created, our CEO Neal Froneman announced that we intend to restructure our Montana operations.

We produce about 78% palladium and 22% platinum from our Montana mining operations, with sufficient volumes between our production and the other American recyclers’ production to meet America’s palladium demand. Two years ago, palladium was trading at $2,305 per ounce. In late summer 2023, it was down to $1,280 per ounce. In the last three months, palladium has traded consistently below $1,000 per ounce. We believe Russian dumping is a cause of this sharp price dislocation. Russia produces over 40% of the global palladium supply, and rising imports of palladium have inundated the U.S. market over the last several years. Imported palladium prices have fallen by nearly 40% this year alone.

Our production costs in the second half of 2023 were $1,992 per ounce. We have all been working very hard for the last year to reduce our costs in line with last November’s restructuring. All of you have done a great job meeting that plan. In the results just presented in our market release, we increased production by 8% in the first half of 2024 as compared to the second half of 2023 and have also decreased our costs from the above-mentioned $1,992 per ounce down to $1,343 per ounce. Unfortunately, those costs are much higher than the $977 sales price for each ounce produced in the first half of 2024, resulting in significant cash losses. We have not had profitable operations since the third quarter of 2022. In 2023, our Montana operations lost over $265 million. We have lost an additional $87 million in the first half of 2024, for a total of over $350 million in losses since the beginning of 2023.

In addition to the savings from last November’s restructure, we were optimistic that the critical minerals production tax credit authorized in Section 45X of the Inflation Reduction Act would offer us much-needed relief both from the depressed palladium market and from our increased costs, which were due in part to higher inflation impacting everything from procurement of goods to contracted services. Unfortunately, the draft Section 45X rule was written to exclude mining and recycling costs from the tax credit. We’ve undertaken significant efforts to lobby for a change to the rule to include those costs.

We are one of just a few U.S. critical minerals producers. We are proud to pay prevailing wages and follow robust environmental and other regulations. That is why our communities thrive adjacent to our operations. But, this responsible and sustainable mining and metals processing is much, much more expensive than that of our competitors in Russia and other areas. To compete with those low-cost operations, we need to solidify government and other stakeholder support in the long-term. In the short-term, we have no choice but to reduce our losses as we continue to lobby for additional forms of financial support.

To reduce costs to a level that will support long-term viability of our reserves, we must address the especially high cost of our Stillwater West operations. The only way to do this is to place those operations on care and maintenance for now. We will then use the Stillwater East and East Boulder operations to improve efficiencies that could get Stillwater West back to production as prices permit. We also plan to reduce operations at East Boulder from six ramps to four ramps, which will reduce costs and ensure sustainable production. Consequently, we will reduce the Metallurgical Complex operations based on this lower mine production while continuing to run our recycling business.

With the pause of operations at Stillwater West, we plan to consolidate our mining leadership teams, with one central team responsible for both mines. Matt O’Reilly will head up this team. Each workgroup will undergo a process to determine how it will be configured to support this single mine operational structure.

Our vision is to manage our smaller operations centrally, with more employees having responsibilities at both mines. This morning, we plan to meet with the United Steelworkers leadership to discuss our path forward with the hope of working together to ensure the long-term sustainability of our operations and our employment opportunities.

With that in mind, later today we will provide notice of a layoff under the federal Worker Adjustment and Retraining Notification (WARN) Act, which requires employers to provide a 60-day notice of layoffs of 50 or more people at a worksite where the layoff will include at least one-third of that site’s workforce. We plan to give this notice for all of our sites, with central and Metallurgical Complex employees included in the Columbus location. Salaried employees whose positions will be eliminated, combined with another position, or who are in a role where the number of positions is being reduced will receive this notice via email by the end of today. Those salaried employees who are not sent this notice will retain their positions. Hourly employees will receive notice through the union, and bumping rights under our labor contracts will apply.

Each site and department is completing its restructure plan, and we will finalize those up until November 12, when the layoffs will first happen. Affected employees may be eligible for severance and will be eligible for benefits through November 30, if currently enrolled in benefits and if employed until the layoff. Affected employees currently enrolled in benefits will be eligible to enroll in COBRA for continuation of medical, dental, vision, and Employee Assistance Program (EAP) benefits.

We estimate that this restructure will reduce our total number of employees at our Montana operations from approximately 1,680 on July 31 to just under 1,000 after the layoffs. We know this will be a very difficult time for everyone and want to ensure employees receive the support they need. Lyra, our EAP provider, is available to all employees and their immediate family members. Lyra is accessible by calling 877-932-2101 or by visiting www.sibanyestillwater.lyrahealth.com, using the code SSMC. We are planning to invite other employers with available jobs to our area between now and early November to help place as many laid-off employees as possible into other jobs.

We know this time will be incredibly stressful for all of you and your families, and we ask for a very vigilant focus on safety. Working safely during this time is our first priority. This is also a critical time for completing work that will recalibrate our operations and bring Stillwater West back sooner if done right. The more that we can do to get our operations in the best shape possible, the greater the chance that we can return Stillwater West to operation sooner.

Our platinum and palladium mines are the highest grade in the world by at least three times. We are the example of responsible domestic critical minerals production because of the good work you have done throughout the history of these operations. We are committed to the vitality of our local communities. The decision to pause operations at Stillwater West and to curtail production at East Boulder was one we put considerable thought, time, and effort into and delayed as long as we could. But to continue to operate at these losses would jeopardize our ability to operate at all. We are therefore now undertaking this significant restructuring that we believe will ultimately result in a sustainable business.

We are optimistic we will get the government support we need to continue being the example of responsible mining and metals recycling in the United States. We also believe the palladium market will recover with the right adjustments. We are very concerned about all of you, your families and loved ones, and our communities. We want to be writing a positive update to our employees in the future, and we are going to work hard over the next year to get our business to a place where we can do that.

We will be updating you frequently as we navigate this difficult time.

Copyright 2024 Scripps Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Original Source: https://www.ktvq.com/news/local-news/sibanye-stillwater-plans-major-restructuring-layoffs-at-montana-operations

Categories
Junior Mining Precious Metals

Gold79 Announces Private Placement Financing of $4,000,000 in Connection with Bullet Merger and Amendment to Amalgamation Agreement

Ottawa, Ontario–(Newsfile Corp. – September 11, 2024) – Gold79 Mines Ltd. (TSXV: AUU) (OTCQB: AUSVF) (“Gold79” or the “Company”) is pleased to announce the initiation of a non-brokered private placement to raise gross proceeds of $4,000,000 (the “Offering”).

Gold79 is pursuing the Offering in connection with its previously announced proposed amalgamation agreement with its wholly-owned subsidiary and Bullet Exploration Inc. (“Bullet”) to acquire all of the issued and outstanding shares of Bullet (the “Transaction”). The Transaction and the Offering are expected to create a well-funded gold exploration company focused on the southwest United States. Pursuant to an amendment to the amalgamation agreement executed in connection with the Transaction, the Offering may be closed in tranches, at any time from now until immediately following the closing of the Transaction. The closing of one or more tranches of the Offering are not contingent upon the closing of the Transaction. There can be no assurances that the Transaction will be completed and the proceeds from the Offering may be used entirely by Gold79 whether or not the Transaction is completed.

Gold79 will undertake a non-brokered private placement to raise gross proceeds of $4,000,000, comprising 16,000,000 units (each a “Unit”) at a price of $0.25 per Unit. Each Unit will consist of one Gold79 common share and one-half of one common share purchase warrant. Each whole warrant (a “Warrant”) will entitle the holder to purchase one Gold79 common share at a price of $0.40 per share for a period of 24 months following the date of issuance; provided, however, that if, following the date of issuance, the 20 day volume-weighted average trading price of the ‎Gold79 common shares on the TSX Venture Exchange (“TSX-V”) or an Alternative Trading System is equal to or greater than $0.60 for any 10 consecutive trading day period, ‎the Company may, upon providing written notice to the holders of the Warrants, accelerate the ‎expiry date of the Warrants to the date that is 30 days following the date of such ‎notice.

The Offering is subject to approval of the TSX-V and any securities issued under the Offering will be subject to a statutory hold period of four months and one day from the date of issuance. The closing date of the first tranche of the Offering is expected to be on or about September 30, 2024.

Derek Macpherson, President and CEO of Gold79 stated, “This financing is expected to provide the capital necessary to deliver a maiden resource at Gold Chain. Assuming the successful closing of the Transaction, the proceeds of the Offering will also be used to advance the Company’s other projects post-merger.” Mr. Macpherson continued, “We plan to engage the drillers and mobilize the drill rig to the Gold Chain project as soon as possible once the financing closes.”

The Offering will be conducted by the Company utilizing the Existing Security Holder Prospectus Exemption under OSC Rule 45-501 Ontario Prospectus and Registration Exemptions and other equivalent provisions of applicable securities laws in other jurisdictions in Canada (collectively, the “Existing Security Holder Exemptions”) as well as the “accredited investor” exemption under National Instrument 45-106 Prospectus and Registration Exemptions and also other exemptions available to the Company.

The Company will make the Offering available to all existing shareholders of the Company as of September 10, 2024 (the “Record Date”) who are eligible to participate under the Existing Security Holder Exemptions and who have notified the Company by no later than September 27, 2024 at 5:00 pm (Eastern) of their intention to participate in the Offering. The Existing Security Holder Exemptions limit a shareholder to a maximum investment of $15,000 unless the shareholder certifies in the subscription agreement that he or she has obtained advice regarding the suitability of the investment from a registered investment dealer or otherwise qualifies to rely on another private placement exemption.

In the subscription agreement, shareholders will be required to certify the number of Gold79 common shares held as of the record date and the total number of Units they wish to subscribe for. Each existing shareholder on the record date will be entitled to purchase that number of Units equal to at least their pro rata share based on the Gold79 common shares owned on the record date, subject to a $10,000 minimum subscription. Any additional available Units will be allocated by the Company based on subscriptions received and Units available. Orders will be processed by the Company on a first come, first served basis such that it is possible that a subscription received from a shareholder may not be accepted by the Company if the Offering is over subscribed. Any person who becomes a shareholder of the Company after the Record Date shall not be entitled to participate in the Offering under the Existing Security Holders Exemptions.

Proceeds raised under the Offering will be used for exploration expenditures related to the Gold Chain, Arizona project; property claim costs and contractual property payments and for working capital and general corporate purposes. Assuming the closing of the Transaction, proceeds would be also be used for exploration expenditures related to Bullet’s Jefferson North project.

It is anticipated that certain officers and directors of Gold79 and Bullet may participate in the Offering. Gold79 may pay commissions to qualified finders in Canada in connection with the Offering. Any finder fees paid would be in accordance with TSX-V policies.

None of the securities to be issued in the Offering or the Transaction have been or will be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) and may not be offered or sold within the United States or to or for the account or benefit of U.S. persons, except in certain transactions exempt from the registration requirements of the U.S. Securities Act. This press release does not constitute an offer to sell, or the solicitation of an offer to buy, securities of the Company in the United States.

Transaction Summary

Pursuant to the Transaction, Bullet shareholders will receive one (1) Gold79 common share for every three (3) Bullet common shares held. Existing shareholders of Gold79 and Bullet will hold approximately 54% and 46%, respectively, of the outstanding Gold79 shares on closing of the Transaction on a fully diluted, in-the-money basis (but prior to the completion of the Offering).

Additional details relating to the Transaction can be found in Gold79’s September 4, 2024 press release. Full details of the Transaction will be provided in the management information circular of Bullet to be prepared and filed in respect of the annual and special meeting of the Bullet shareholders to be held in Q4 2024.

The closing of one or more tranches of the Offering are not contingent upon the closing of the Transaction. There can be no assurances that the Transaction will be completed and the proceeds from the Offering may be used entirely by Gold79 whether or not the Transaction is completed.

About Gold79 Mines Ltd.

Gold79 Mines Ltd. is a TSX Venture listed company focused on building ounces in the Southwest USA. Gold79 holds 100% earn-in option to purchase agreements on three gold projects: the Jefferson Canyon Gold Project and the Tip Top Gold Project both located in Nevada, USA, and, the Gold Chain Project located in Arizona, USA. In addition, Gold79 holds a 32.3% interest in the Greyhound Project, Nunavut, Canada under JV by Agnico Eagle Mines Limited.

For further information regarding this press release contact:

Derek Macpherson, President & CEO, Gold79
Phone: 416-294-6713
Email: dm@gold79mines.com
Website: www.gold79mines.com.

Book a 30-minute meeting with Derek Macpherson here.

Stay Connected with Us:
Twitter: @Gold79Mines
Facebook: https://www.facebook.com/Gold79Mines
LinkedIn: https://www.linkedin.com/company/gold79-mines-ltd/

FORWARD-LOOKING STATEMENTS:

This press release may contain forward looking statements that are made as of the date hereof and are based on current expectations, forecasts and assumptions which involve risks and uncertainties associated with our business including the proposed Transaction and proposed private placement or any future private placements, the uncertainty as to whether further exploration will result in the target(s) being delineated as a mineral resource, capital expenditures, operating costs, mineral resources, recovery rates, grades and prices, estimated goals, expansion and growth of the business and operations, plans and references to the Company’s future successes with its business and the economic environment in which the business operates. All such statements are made pursuant to the ‘safe harbour’ provisions of, and are intended to be forward-looking statements under, applicable Canadian securities legislation. Any statements contained herein that are statements of historical facts may be deemed to be forward-looking statements. By their nature, forward-looking statements require us to make assumptions and are subject to inherent risks and uncertainties. We caution readers of this news release not to place undue reliance on our forward-looking statements as a number of factors could cause actual results or conditions to differ materially from current expectations. Please refer to the risks set forth in the Company’s most recent annual MD&A and the Company’s continuous disclosure documents that can be found on SEDAR at www.sedar.com. Gold79 does not intend, and disclaims any obligation, except as required by law, to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.

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.

NOT FOR RELEASE OR DISTRIBUTION IN THE UNITED STATES OR
FOR DISSEMINATION TO U.S NEWS WIRE SERVICES

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/222943

Categories
Energy Gold Shore Resources Junior Mining Precious Metals

Goldshore Reports Drill Results from Summer Program and Provides Corporate Update

  • Mineral resource model has been reviewed and confirmed by G Mining Services for use in the PEA study.
  • The Company share price has outperformed the GDXJ by 155% since the updated MRE was published on February 6, 2024.
  • Summer drill programs lead to identification of fault along the western edge of the Moss Gold Deposit that will allow the Company to focus its exploration efforts to expand the deposit to the west around the Moss Nose target.

Vancouver, British Columbia–(Newsfile Corp. – September 10, 2024) – Goldshore Resources Inc. (TSXV: GSHR) (OTCQB: GSHRF) (FSE: 8X00) (“Goldshore” or the “Company“) is pleased to announce drill results from the summer drill program and provides an update on progress of its Preliminary Economic Assessment (“PEA”).

  • Scout Drilling Results Overview:
    • At the Boundary Zone a 6 – 8 meter (true width) shear zone was encountered with nuggety gold mineralization. A best intercept of 13.30m at 1.27g/t gold was encountered.
    • The Boundary zone is interpreted as a mineralized splay at 30 degrees to the Moss Gold Deposit trend and represents an exploration target as the Company looks to identify additional shear zones with similar orientations as potential drill targets adjacent to the 3.6km long Moss Gold Deposit.
    • Southwest Extension drilling has identified the location of a significant sinistral NNE-striking fault that is interpreted to offset the Moss Gold Deposit to the southwest. This provides a focus area to develop additional drill targets in the Moss Nose area that has to date been defined by selective rock grab samples and soil samples by the Company.
    • Intersected mineralization in the Southwest Extension was interpreted to be smaller scale peripheral shears to the main Moss trend.
  • PEA Progress Overview:
    • G Mining Services Inc. (“G Mining”) completed a Site visit on July 23, 2024 to evaluate potential infrastructure sites.
    • Mineral resource model has been reviewed and confirmed by G Mining Services for use in the PEA study.
    • Currently reviewing high level economics of several mining and milling scenarios to identify the optimal project for PEA study.
  • Market Overview:
    • From publishing of the updated MRE on February 6, 2024 until August 31, 2024, the Company share price has outperformed the VanEck Junior Gold Miners ETF (the “GDXJ“) by 155% with the Goldshore share price rising 191% during the period.
    • The Company has observed strong insider support with roughly 6 million shares acquired in the open market from May 1, 2024 until July 31, 2024, approximately 10% of the total volume during the period.
    • As of August 31, 2024, 6.4% of the Company stock is held by board and management with an additional 35.0% held by strategic shareholders which includes Brian Paes-Braga, Lutry Investments, members of the SAF group and close associates.

Michael Henrichsen, CEO of Goldshore commented, “The Company is pleased to provide an update as we continue to execute on our strategic plan. From a growth perspective we tested two important targets and gained valuable information to continue to explore in and around the Moss Gold Deposit. Of note to the technical team is the identification of a fault along the western edge of Moss that offsets the deposit to the south-southwest and will allow the Company to focus its exploration efforts to expand the deposit to the west along the Moss Nose target. In addition, solid progress has been made on the PEA study, the Company’s largest catalyst in the next 6 – 7 months with G Mining Services. A site visit and a validation of the mineral resource model have been completed and the study is currently focusing on identifying the optimal mining and milling scenario for a phased production approach that will form the basis of the PEA study moving forward. We are encouraged by the strong performance of our share price, underpinned by the steadfast support of our strategic shareholders, who have consistently demonstrated their commitment through substantial open market purchases. This support has enabled us to continue transitioning shares into the hands of long-term shareholders, aligning our ownership structure with our long-term growth strategy.”

Figure 1: Moss geology maps with location of recent drilling

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8051/222758_7b7ba65b043f6955_002full.jpg

Scout Drilling Results

The Boundary Zone program was designed to evaluate, and expand upon, historical drilling results to define the full extent of the high-grade shear zone. Drilling intersected broad zones of intense, strongly sericitized and sheared intermediate volcanics containing disseminated pyrite and pyrite-chalcopyrite stringers with narrow moderately sheared diorite dykes similar to what was recorded by Tamavack Resources Inc. in the historical core logs. The main mineralized shear is approximately 6 – 8 meters wide and strikes 030°, approximately 30 degrees away from the 060° regional foliation and dominant trend of shearing at Moss. Assay results confirmed the width of the mineralization reported in the historical drilling but failed to replicate the individual high-grade samples, suggesting a strong nugget effect in the zone, amplified by the historical drilling using BQ core which provides a smaller sample size.

Hole MBD-24-123, which intersected 13.30m at 1.27 g/t Au from 131.5m depth, was a near twin of the historical hole TML-87-04 which intersected 21.49m at 2.26 g/t Au (cut) from 148.5m. The latter was biased by a single 59 g/t gold sample, highlighting the impact of sample size on reported grades. The Company does not treat the historical estimates disclosed in this news release as current mineral resources.

Further regional exploration is being conducted along similar oblique structures to identify additional zones of mineralization. Significant results of the Boundary Zone scout drill program are summarized below in Table 1.

Table 1: Significant results of the 2024 Boundary zone drill program

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8051/222758_table1.jpg

Drilling at the Southwest Extension targeted 300m and 600m step outs to the two mineralized zones associated with the Southwest Zone of the Moss Gold Deposit. Drilling intersected a foliated diorite intrusion complex containing the signature interchanging Moss alteration suite of sericite, silica, chlorite, hematite, albite, epidote, and carbonate. Minor (2-3%) sulphide mineralization, as is typical of the Moss deposit, was characterized by disseminated pyrite, with pyrite-chalcopyrite-molybdenite mineralization hosted in occasional quartz-carbonate veins.

Assay results showed wide intersections of anomalous gold mineralization containing sporadic multi-gram assays, but these assays do not cluster together to develop significant mineralized intercepts. A review of the trace element geochemistry noted an abrupt change in the chemistry of the host diorites at the Moss Gold Deposit suggesting a fault offset along the NNE trending Till Groove Fault shown to offset the nearby Moss stock by ~ 1km (Figure 1). A similar offset would align the extension of the Moss Gold Deposit with the Moss Nose prospect, which is being actively explored as part of the 2024 summer field program. Significant results of the Southwest Extension scout drillholes are outlined below in Table 2.

Table 2: Significant results of the 2024 Southwest Extension drill program

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8051/222758_table2.jpg

Mineral resources that are not mineral reserves have no demonstrated economic viability. There is no guarantee that any part of the mineral resources discussed herein will be converted to a mineral reserve in the future. The estimate of mineral resources may also be materially affected by geology, environment, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues.

PEA Update

G Mining continues to advance the PEA for the Moss Gold Project. G Mining has completed its review of the MRE, finding it acceptable for use in the PEA, while providing several recommendations on opportunities for further enhancement and improvement which are actively being incorporated into Goldshore’s ongoing site programs. The G Mining team conducted a site visit on July 23, 2024 along with select Goldshore and CSL Environmental & Geotechnical Ltd. personnel, to evaluate opportunities for the placement of potential key site infrastructure. G Mining is currently reviewing a series of high level scenarios involving a variety of mining and milling options to identify the optimal project for PEA study. Importantly, Goldshore has elected to exclude the small gold resource at East Coldstream to focus on the larger part of the mineral resource at Moss and a smaller project footprint.

Qualified Person

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

About Goldshore

Goldshore is a growth-oriented gold company focused on delivering long-term shareholder and stakeholder value through the acquisition and advancement of primary gold assets in tier-one jurisdictions. It is led by the ex-global head of structural geology for the world’s largest gold company and backed by one of Canada’s pre-eminent private equity firms. The Company’s current focus is the advanced stage 100% owned Moss Gold Project which is positioned in Ontario, Canada, with direct access from the Trans-Canada Highway, hydroelectric power near site, supportive local communities and skilled workforce. The Company has invested over $60 million of new capital and completed approximately 80,000 meters of drilling on the Moss Gold Project, which, in aggregate, has had over 235,000 meters of drilling. The 2024 updated NI 43-101 mineral resource estimate (“MRE”) has expanded to 1.54 million ounces of Indicated gold resources at 1.23 g/t Au and 5.20 million ounces of Inferred gold resources at 1.11 g/t Au. The MRE only encompasses 3.6 kilometers of the 35+ kilometer mineralized trend, remains open at depth and along strike and is one of the few remaining major Canadian gold deposits positioned for fast track through this development cycle. For more information, please visit the Company’s profile at SEDAR+ (www.sedarplus.ca) and the Company’s website (www.goldshoreresources.com).

For More Information – Please Contact:

Michael Henrichsen
President, Chief Executive Officer and Director
Goldshore Resources Inc.

E: mhenrichsen@goldshoreresources.com
W: www.goldshoreresources.com

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.

Cautionary Note Regarding Forward-Looking Statements

This news release contains statements that constitute “forward-looking statements.” Such forward looking statements involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, performance or achievements, or developments to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects,” “plans,” “anticipates,” “believes,” “intends,” “estimates,” “projects,” “potential” and similar expressions, or that events or conditions “will,” “would,” “may,” “could” or “should” occur.

Forward-looking statements in this news release include, among others, statements relating to expectations regarding the exploration and development of the Moss Gold Project, including identifying additional shear zones as potential drill targets, the evaluation of potential infrastructure sites, the review of high level economics of mining and milling scenarios, and the targeted expansion of the deposit to the west along the Moss Nose target; the release of an updated preliminary economic assessment and the expected timing thereof; and other statements that are not historical facts. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors and risks include, among others: the foregoing exploration and development goals of the Company may not occur on the timetable anticipated or at all; the preliminary economic assessment may not be completed on the timetable expected or at all; the Company may require additional financing from time to time in order to continue its operations which may not be available when needed or on acceptable terms and conditions acceptable; risks related to compliance with extensive government regulation; domestic and foreign laws and regulations could adversely affect the Company’s business and results of operations; and the stock markets have experienced volatility that often has been unrelated to the performance of companies and these fluctuations may adversely affect the price of the Company’s securities, regardless of its operating performance. The forward-looking information in this news release is based on management’s reasonable expectations and assumptions, including that the Company’s business and financial position and general economic conditions will not be adversely affected; that the Company’s exploration and development goals will be met and on the timetable expected; and that the preliminary economic assessment will be completed on the timetable anticipated.

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

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/222758

Categories
Base Metals Energy Junior Mining Precious Metals Project Generators

Riverside Resources Commences Drilling at Cecilia Project with Partner Fortuna Mining

Vancouver, British Columbia–(Newsfile Corp. – September 10, 2024) – Riverside Resources Inc. (TSXV: RRI) (OTCQB: RVSDF) (FSE: 5YY) (“Riverside” or the “Company”), is pleased to announce the core drilling company and related equipment has arrived at the Cecilia Project (“Project”) in Sonora, Mexico. Drilling will commence for the planned 2,500m, 8 drill hole program and will initially test 3 target areas at the Project. All funding with partner Fortuna Mining is in place and permits are in hand to carry forward this next phase of gold – silver exploration.

Drill Program Highlights

  • 2,500m planned drill program for a total of 8 holes
  • Drilling Cerro Magallanes breccia and dome margin with the potential to drill through the dome if warranted
  • Drilling East target where former small scale mine workings and adits move along 4 sub-parallel vein structures of quartz containing silver grades up to over 250 g/t Ag (June 6, 2017 press release)
  • Myra vein targets will be the first of several Mesa targets to be drilled and tested beneath an area that returned surface channel vein samples of up to 3 g/t Au (October 2, 2018 press release)
  • If meters allow, to drill the Mesa Fault target along the southeast portion of the Cecilia district tenure where past chip sampling has returned gold values up to 4 g/t Au (September 21, 2020 press release)
  • Budget of USD$800,000 for this phase of drilling

“We are excited to begin the drill program at the Cecilia project with our partner Fortuna Mining,” stated John-Mark Stude, CEO of Riverside Resources. “We announced the agreement with Fortuna Mining in March and have spent the past six months incorporating the results from a recent airborne magnetic survey and extensive geochemistry and mapping into our past project databases and have designed an initial drill program to test three of the highly prospective targets for the project. Concurrent to the commencement of this drill campaign, our teams will collaborate on a plan to define at least four other targets in anticipation of a follow-on drill campaign as well as potential follow up drilling on these initial three. The team at Riverside has spent several years methodically advancing exploration programs at the Cecilia Project and working with a strong partner like Fortuna Mining helps take this project through the next stage of exploration and hopefully towards a major discovery.”

During the recent summer field season the exploration targets were advanced with the results from a broader property-wide airborne magnetic survey which covered the complete property being integrated with an earlier detailed magnetic survey of the central Cerro Magallanes putting it into context with the full 80 km² project area. The drill program will begin with core drill testing of the Agua Prieta Breccia target on the east side of the Magallanes Dome along the contact zone of the rhyodacite dome and volcanic tuffs. The plan is to drill an angle hole up to 800m to cross the breccia features where surface gold mineralization has returned up to > 1 ounce / ton gold (September 21, 2020 press release) and shallow drill holes of 24.2m @ 1.51 g/t Au (April 15, 2021 press release) (Riverside, CED-21-005, 2021) have been intersected.

Figure 1: Geologic map with targets for Cecilia Project

Figure 2: Assay samples from this current summer 2024 field program with purple >1g up to 13 g/t Au. Labeled samples selected higher grade assays clustering in target areas shown on geologic map Figure 1.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6101/222749_dc60da2a64dfeb82_0001full.jpg

About the Cecilia Project:

Riverside Resources has undertaken comprehensive exploration efforts at the property, including drilling activities that have yielded significant gold intercepts. Notably, drill results have intersected near surface promising intercepts such as 24.2m @ 1.51 g/t Au (April 15, 2021 press release) within the rhyodacite dome, showcasing the property’s gold at shallow depths which also has been mined in over a dozen locations including some substantial small scale underground prospect mining. Further drill planning will look to explore for potential larger high grade targets at depths along these intercepts.

One distinguishing aspect of this project is the potential to preserve a fertile dome system. The Magallanes Target, situated at the central part of the project, exhibits interaction within extensive NE and NW structures, presenting a compelling opportunity for the discovery of epithermal gold-silver style mineralization and breccias at the margin of the dome and potentially inside feeder structures as breccia pipes in the dome. This geological scheme of the Cecilia Project resembles the Tertiary-age rhyolite systems, like the La Pitarrilla Ag-Pb-Zn project (~800M oz AgEq*) and Fresnillo’s San Julian Ag-Au Mine (~350M oz AgEq**), both situated in Durango, Mexico in the similar Sierra Madre Volcanic Province to Cecilia.

*Mineral Resource estimate for the Pitarrilla Ag Pb Zn Project, Durango, Mexico, SSR Mining, March, 2023.
**Obtained from Fresnillo public presentation, Hermosillo, October, 2016.

Qualified Person & QA/QC:

The scientific and technical data contained in this news release pertaining to the Cecilia Project was reviewed and approved by Freeman Smith, P.Geo, a non-independent qualified person to Riverside Resources focusing on the work in Sonora, Mexico, who is responsible for ensuring that the information provided in this news release is accurate and who acts as a “qualified person” under National Instrument 43-101 Standards of Disclosure for Mineral Projects. The resource information for SSR Mining and Fresnillo is from their corporate public disclosure and has not been reviewed by Riverside Qualified Person.

Samples from the exploration program discussed above at the Cecilia Project were taken to the Bureau Veritas Laboratories in Hermosillo, Mexico for fire assaying for gold. The rejects remained with Bureau Veritas in Mexico while the pulps were transported to Bureau Veritas laboratory in Vancouver, BC, Canada for 45 element ICP/ES-MS analysis using 4-acid digestion methods. A QA/QC program was implemented as part of the sampling procedures for the exploration program. Standard samples were randomly inserted into the sample stream prior to being sent to the laboratory.

About Riverside Resources Inc.:

Riverside is a well-funded exploration company driven by value generation and discovery. The Company has over $5M in cash, no debt and less than 75M shares outstanding with a strong portfolio of gold-silver and copper assets and royalties in North America. Riverside has extensive experience and knowledge operating in Mexico and Canada and leverages its large database to generate a portfolio of prospective mineral properties. In addition to Riverside’s own exploration spending, the Company also strives to diversify risk by securing joint-venture and spin-out partnerships to advance multiple assets simultaneously and create more chances for discovery. Riverside has properties available for option, with information available on the Company’s website at www.rivres.com.

ON BEHALF OF RIVERSIDE RESOURCES INC.

“John-Mark Staude”

Dr. John-Mark Staude, President & CEO

For additional information contact:

John-Mark Staude
President, CEO
Riverside Resources Inc.
info@rivres.com
Phone: (778) 327-6671
Fax: (778) 327-6675
Web: www.rivres.com		Eric Negraeff
Investor Relations
Riverside Resources Inc.
Phone: (778) 327-6671
TF: (877) RIV-RES1
Web: www.rivres.com

Certain statements in this press release may be considered forward-looking information. These statements can be identified by the use of forward-looking terminology (e.g., “expect”,” estimates”, “intends”, “anticipates”, “believes”, “plans”). Such information involves known and unknown risks — including the availability of funds, the results of financing and exploration activities, the interpretation of exploration results and other geological data, or unanticipated costs and expenses and other risks identified by Riverside in its public securities filings that may cause actual events to differ materially from current expectations. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release.

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

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/222749

Categories
Base Metals Energy Junior Mining Project Generators

F3 Hits 4.35m Off-Scale Mineralization (>65,535 cps) at JR Zone

Kelowna, British Columbia–(Newsfile Corp. – September 10, 2024) – F3 Uranium Corp (TSV: FUU) (OTCQB: FUUFF) (“F3” or “the Company“) is pleased to announce scintillometer results from the current summer drill program, including PLN24-176 which was cored in the JR Zone and which returned mineralization over 11.0m, including 5.40m of high grade (>10,000 cps) containing 4.35m of composite off-scale mineralization (>65,535 cps).

Sam Hartmann, Vice President Exploration, commented:

“PLN24-176 was planned to increase confidence and high-grade continuity in the heart of the JR Zone, approximately 15m in the up-dip direction of PLN24-137 (see NR April 1, 2024 and July 20, 2024). Based on total radioactivity and the intercepted width of high grade, we expect this hole to rank near the top of all drillholes at JR. Exploration remains the focus of the program; previously (see NR August 13, 2024) we announced PLN24-168, which stepped out 700m along strike and encountered the altered and strongly graphitic B1 shear well below the Athabasca Unconformity. PLN24-175 was a follow up, testing the same structure 110m up-dip targeting its intersection with the unconformity. This hole intersected strong alteration in the basement; coupled with intense silicification and brecciation observed in the lower Athabasca Sandstone and the lack of graphitic structure in the basement, indications are that the structure dips steeper than presumed. This reveals a new target down-dip from PLN24-175 and an additional hole is planned to test the structure in this area with these prospective signs for nearby mineralization.”

Summer 2024 JR Zone Handheld Spectrometer Highlights:

PLN24-176 (line 035S):

  • 11.0m interval with mineralization between 186.0 and 206.5m, including
    • 4.35m composite off-scale radioactivity (> 65,535 cps) between 197.40m and 202.15m

PLN24-177 (line 070S):

  • 13.0 interval with mineralization between 199.0 and 214.5m, including
    • 0.20m high-grade radioactivity (> 10,000 cps) between 211.0 and 211.2m

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8110/222573_7ebc035d04f7a8f9_002full.jpg

Table 1. Drill Hole Summary and Handheld Spectrometer Results

Collar Information* Hand-held Spectrometer Results On Mineralized Drillcore (>300 cps / >0.5m minimum)Athabasca Unconformity Depth (m)Total Drillhole Depth (m)
Hole IDSection LineEastingNorthingElevationAzDipFrom
(m)		To
(m)		Interval
(m)		Max CPS
PLN24-1692820S589486.46408554.4529.6113.3-70.5B1 MSZ Exploration; no radioactivity >300 cps170.4, 256.3, 324.2404
PLN24-170150S587940.06410725.8546.358.4-84.6A1 Exploration; no radioactivity >300 cps172.3263
PLN24-1713345S589633.16408012.6535.454.7-65.6B1 MSZ Exploration; no radioactivity >300 cps353.0674
PLN24-1723780S590006.36407749.4539.255.8-65.1B1 MSZ Exploration; no radioactivity >300 cps361.8524
PLN24-1732850S589230.36408338.0536.954.5-67.1A1 Exploration; no radioactivity >300 cps173.4587
PLN24-1743075S589596.16408116.4532.714.6-57.8B1 MSZ Exploration; no radioactivity >300 cps376.4398
PLN24-1754245S590242.56407347.5542.855.8-66.7B1 MSZ Exploration; no radioactivity >300 cps351.2497
PLN24-176035S587813.46410772.8545.955.8-80.8186.00186.500.50300181.8296
       193.50194.000.50300  
       194.00195.501.50<300  
       195.50196.000.50320  
       196.00196.500.501100  
       196.50197.000.501200  
       197.00197.400.4055500  
       197.40197.500.10>65535  
       197.50198.000.50>65535 
       198.00198.500.50>65535  
       198.50199.000.50>65535 
       199.00199.500.50>65535  
199.50200.000.50>65535 
       200.00200.500.50>65535  
200.50200.700.20>65535  
       200.70201.000.3045500  
201.00201.100.1063600  
       201.10201.500.40>65535  
       201.50202.000.50>65535  
       202.00202.150.15>65535  
       202.15202.400.2550200  
       202.40202.500.108700  
       202.50203.000.501600  
       203.00203.500.501900  
       206.00206.500.50320  
PLN24-17770S587813.46410742.8547.355.9-81.3199.00199.500.50340179.4269
       199.50200.000.50480  
       200.00200.500.50400  
       200.50201.000.50460  
       201.00201.500.50670  
       201.50202.000.50800  
       202.00202.500.501900  
       202.50203.000.501900  
       203.00203.500.501600  
       203.50204.000.50900  
       204.00204.500.50<300  
       204.50205.000.502000  
       205.00205.500.50410  
       208.00208.500.501300  
       208.50209.000.50610  
       209.00209.500.50<300  
       209.50210.000.50360  
       210.00210.500.50780  
       210.50211.000.503800  
       211.00211.200.2012500  
       211.20211.500.305100  
       211.50212.000.501600  
       212.00212.500.50300  
       212.50214.001.50<300  
       214.00214.500.50300  

Handheld spectrometer composite parameters:
1: Minimum Thickness of 0.5m
2: CPS Cut-Off of 300 counts per second
3: Maximum Internal Dilution of 2.0m

Natural gamma radiation in the drill core that is reported in this news release was measured in counts per second (cps) using a handheld Radiation Solutions RS-125 scintillometer. The Company considers greater than 300 cps on the handheld spectrometer as anomalous, >10,000 cps as high grade and greater than 65,535 cps as off-scale. The reader is cautioned that scintillometer readings are not directly or uniformly related to uranium grades of the rock sample measured and should be used only as a preliminary indication of the presence of radioactive materials. Samples from the drill core are split in half on site and are standardized at 0.5m lengths. One half of the split sample will be submitted to SRC Geoanalytical Laboratories (an SCC ISO/IEC 17025: 2005 Accredited Facility) in Saskatoon, SK. for lithogeochemical analysis using their “Uranium Package”.

All depth measurements reported are down-hole and true thickness are yet to be determined.

About Patterson Lake North:

The Company’s 4,078-hectare 100% owned Patterson Lake North property (PLN) is located just within the south-western edge of the Athabasca Basin in proximity to Fission Uranium’s Triple R and NexGen Energy’s Arrow high-grade world class uranium deposits which is poised to become the next major area of development for new uranium operations in northern Saskatchewan. PLN is accessed by Provincial Highway 955, which transects the property, and the new JR Zone uranium discovery is located 23km northwest of Fission Uranium’s Triple R deposit.

Qualified Person:

The technical information in this news release has been prepare in accordance with the Canadian regulatory requirements set out in National Instrument 43-101 and approved on behalf of the company by Raymond Ashley, P.Geo., President & COO of F3 Uranium Corp, a Qualified Person. Mr. Ashley has verified the data disclosed.

About F3 Uranium Corp.:

F3 Uranium is a uranium exploration company advancing its newly discovered high-grade JR Zone and exploring for additional mineralized zones on its 100%-owned Patterson Lake North (PLN) Project in the southwest Athabasca Basin. PLN is accessed by Provincial Highway 955, which transects the property, and the new JR Zone discovery is located ~25km northwest of Fission Uranium’s Triple R and NexGen Energy’s Arrow high-grade uranium deposits. This area is poised to become the next major area of development for new uranium operations in northern Saskatchewan. The PLN project is comprised of the PLN, Minto and Broach properties. The Broach property incorporates the former PW property which was obtained from CanAlaska as a result of a property swap.

Forward Looking Statements

This news release contains certain forward-looking statements within the meaning of applicable securities laws. All statements that are not historical facts, including without limitation, statements regarding future estimates, plans, programs, forecasts, projections, objectives, assumptions, expectations or beliefs of future performance, including statements regarding the suitability of the Properties for mining exploration, future payments, issuance of shares and work commitment funds, entry into of a definitive option agreement respecting the Properties, are “forward-looking statements.” These forward-looking statements reflect the expectations or beliefs of management of the Company based on information currently available to it. Forward-looking statements are subject to a number of risks and uncertainties, including those detailed from time to time in filings made by the Company with securities regulatory authorities, which may cause actual outcomes to differ materially from those discussed in the forward-looking statements. These factors should be considered carefully and readers are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements and information contained in this news release are made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

The TSX Venture Exchange and the Canadian Securities Exchange have not reviewed, approved or disapproved the contents of this press release, and do not accept responsibility for the adequacy or accuracy of this release.

F3 Uranium Corp.
750-1620 Dickson Avenue
Kelowna, BC V1Y9Y2
Contact Information
Investor Relations
Telephone: 778 484 8030
Email: ir@f3uranium.com

ON BEHALF OF THE BOARD
“Dev Randhawa”
Dev Randhawa, CEO

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/222573