Vancouver, British Columbia–(Newsfile Corp. – May 7, 2025) – Riverside Resources Inc.(TSXV: RRI) (OTCQB: RVSDF) (FSE: 5YY) (“Riverside” or the “Company“), is pleased to announce that, it’s subsidiary, Blue Jay Gold Corp. (“Blue Jay“) issued 2,305,000 common shares (the “Blue Jay Shares“) at an issue price of $0.40 per share for total gross proceeds of $922,000 as part of a previously announced non-brokered private placement of the Blue Jay Shares. Riverside now holds 74.80% of the issued and outstanding Blue Jay Shares.
“We’re very pleased with the strong investor interest that led to the upsizing and successful close of the Blue Jay Gold seed round,” stated John-Mark Staude, CEO of Riverside Resources. “This outcome reinforces the value we’ve built in the Ontario portfolio and reflects confidence in Blue Jay’s leadership and exploration potential. As Riverside shareholders, we continue to benefit through our retained equity and royalty exposure, while Blue Jay moves forward as a focused, well-capitalized company.”
“The successful closing of our seed round provides Blue Jay Gold with a solid foundation to advance exploration across our Ontario portfolio,” said Geordie Mark, CEO of Blue Jay Gold. “We’re grateful for the strong support from our shareholders and look forward to executing a disciplined, data-driven exploration program to unlock the potential of our assets.”
Certain directors and officers of Riverside and Blue Jay participated in the private placement, subscribing for 268,750 Blue Jay Shares in the aggregate; each such director or officer is a “related party” and each such subscription is a “related party transaction” within the meaning of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101“). The Company is relying on exemptions from the formal valuation and minority shareholder approval requirements under section 5.5(a) and 5.7(1)(a) of MI 61-101, respectively, in respect of such insider participation, in each case, as the fair market value of the private placement, insofar as it involves related parties does not exceed 25% of the Company’s market capitalization.
The balance of the Blue Jay Shares held by Riverside will be distributed to Riverside’s shareholders in connection with Riverside’s previously announced plan of arrangement under section 288 of the Business Corporation Act (British Columbia) (the “Arrangement“), which will be effected pursuant to the arrangement agreement dated January 27, 2025 between Blue Jay and Riverside (the “Arrangement Agreement“). The Arrangement received Riverside shareholder approval on March 31, 2025 and the final approval of the Supreme Court of British Columbia on April 3, 2025.
The Arrangement Agreement and additional details about the Arrangement are included in the Company’s management information circular dated February 18, 2025 which are each available on Riverside’s SEDAR+ profile at www.sedarplus.ca and on the Company’s website at www.rivres.com.
About Blue Jay Gold
Blue Jay Gold Corp. is a Canadian gold exploration company focused on high-grade discovery in Ontario’s prolific Beardmore-Geraldton and Wawa Greenstone Belts, regions known for hosting numerous past-producing and active gold mines. The Company’s flagship asset, the Pichette Project, features extensive banded iron formation (BIF) trends and high-grade historical gold intercepts, offering near-surface discovery potential. With three strategically located projects and a leadership team experienced in geology and capital markets, Blue Jay Gold is advancing a disciplined, modern exploration strategy in one of Canada’s most prospective and mining-friendly jurisdictions.
About Riverside Resources Inc.
Riverside is a well-funded exploration company driven by value generation and discovery. The Company has over $4M 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.
About Blue Jay Gold Corp.
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, that the Arrangement may not occur within the timelines contemplated or at all, 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.
Vancouver, British Columbia–(Newsfile Corp. – May 6, 2025) – Riverside Resources Inc.(TSXV: RRI) (OTCQB: RVSDF) (FSE: 5YY) (“Riverside” or the “Company”), is pleased to announce that further to its press release dated September 6, 2024, Riverside’s wholly-owned subsidiary, RRM Exploracion, S.A.P.I. DE C.V. (the “Vendor“) has entered into a definitive option agreement (the “Option Agreement“) with Questcorp Mining Inc. (“Questcorp“) dated May 5, 2025, for the 2,520.2 hectare La Union carbonate replacement gold- polymetallic project (the “Project” or “La Union“) located in Sonora, Mexico (the “Transaction“).
“We are thrilled to finalize this agreement for the La Union Project, which is a strong asset in Riverside’s portfolio. Securing up to C$5,500,000 in exploration funding from Questcorp is an excellent step forward in advancing this larger Carbonate Replacement Deposit (“CRD“) project,” said John-Mark Staude, CEO of Riverside Resources. “Riverside is pleased to have the updated NI 43-101 Technical Report completed and we see an active exploration program launching in the coming weeks with Riverside as the Operator of the exploration program. Riverside is expected to become a shareholder of Questcorp with an initial 9.9% equity interest, subject to final approval by the Canadian Securities Exchange or confirmation that such approval is not required. The first-year work program of C$1,000,000 in exploration expenditures will launch the first round of exploration at the project.”
The La Union Project
The Project is summarized on the Riverside website and is a project that Riverside acquired and further consolidated additional inlier mineral claims. The Project initially identified from Riverside’s work in the western Sonora gold belt through work with AngloGold Ashanti Limited, Centerra Gold Inc., and Hochshild Mining Plc, among others as partners and funding relationships for gold exploration. Initial work by members of the Riverside team, drawing on more than two decades of geological compilation and analysis, identified this region as highly prospective. At the Project, historical mining by the Penoles Mining Company focused on chimney and manto replacement bodies within the upper oxide zones. As a result, the underlying sulfide zones present immediate drill targets for further exploration.
Riverside has spent the past five years consolidating this highly prospective land package, which totals over 22 square kilometers. The Project features favorable limestone host rocks, an extensive alteration footprint, and multiple small-scale historical workings, providing more than eight drill-ready target areas. Key immediate targets include the central Union Mine and the nearby Famosa Mine. With drive-up access, private ranch surface rights, and strong geologic similarities to other major CRDs in Arizona and eastern Mexico, La Union is well positioned for near-term exploration success targeting both oxide and deeper sulfide mineralization.
The Option Agreement
In accordance with the terms of the Transaction, Questcorp can acquire a one-hundred percent (100%) interest in the Project in consideration for completion of a series of cash payments totaling $100,000 CAD, making staged issuances of common shares of Questcorp totaling 19.9%, and incurring $5,500,000 CAD of exploration expenditures on the Project as outlined immediately below:
Deadline
Cash Payment
Share Issuance
Exploration Expenditures
Within two (2) business days of the date of the Option Agreement
$25,000
N/A
N/A
On the Effective Date(1)
N/A
9.9%(2)
N/A
On or before the first anniversary of the Effective Date
N/A
14.9%(2)(3)
$1,000,000
On or before the second anniversary of the Effective Date
$25,000
19.9%(2)(3)
$1,250,000
On or before the third anniversary of the Effective Date
$25,000
19.9%(2)(3)
$1,500,000
On or before the fourth anniversary of the Effective Date
$25,000
19.9%(2)(3)
$1,750,000
Total
$100,000
19.9%(2)(3)
$5,500,000
Notes:”Effective Date” means the date on which Questcorp delivers to the Vendor a copy of the written approval of the Canadian Securities Exchange in respect of the transactions contemplated by the Option Agreement.Issuable within the fifth business day after the applicable date.Expressed as a cumulative total percentage of the undiluted issued and outstanding common shares of Questcorp as of the applicable payment date, and assuming Riverside has not previously disposed of any common shares.
During the term of the Option Agreement, Riverside, through the Vendor, will remain the program operator for the Project using its local team based in Hermosillo, Sonora. Following exercise of the option under the Option Agreement, Questcorp will grant Riverside a two-and-one half percent (2.5%) net smelter return royalty on commercial production from the Project.
Figure 1. Geologic map with the tenure of the Union internal concession shown in pink. Manto and chimney type CRD targets are shown as red polygons. Riverside now controls all mineral tenures on this map.
Figure 2. Cross section looking west with proposed drill sites and drillhole traces. Assays from Riverside’s sampling of rock dump materials from the two mine areas are labeled in black. Red areas are interpreted as manto and chimney target bodies that are now well defined and drill ready. Assays shown on figures 1 and 2 have been previously released and disclosed as summarized below the geochemical QA/QC.
The scientific and technical data contained in this news release pertaining to the Project was reviewed and approved by Freeman Smith, P.Geo, VP Exploration, a non-independent qualified person to Riverside Resources Inc., 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.
Rock samples from previous exploration programs discussed above at the 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. Standards 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 $4M 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. 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 Corporate Communications Riverside Resources Inc. Eric@rivres.com 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 risk that the Transaction will not be completed as contemplates, or at all, 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.
IEA Predicts AI Data Centers Will Account for Half of U.S. Electricity Demand Growth
TULSA, OK / ACCESS Newswire / May 2, 2025 / Jericho Energy Ventures Inc. (TSXV:JEV)(OTC PINK:JROOF)(FRA:JLM) (“Jericho”, “JEV” or the “Company”) is capitalizing on its strategic positioning along a main U.S. fiber ‘superhighway’ route to fast-track the development of its AI Modular Data Center project in Oklahoma.
JEV’s management considers its strategically located, fiber-connected energy infrastructure and access to low-cost natural gas as key advantages in providing high-performance, scalable solutions to meet the rising demands of the AI and energy sectors.
An April 2025 International Energy Agency (IEA) report projects that AI data centers will account for half of the U.S. electricity demand growth, surpassing the combined electricity consumption of aluminum, steel, cement, chemicals, and other energy-intensive industries by 2030.
Brian Williamson, CEO of JEV, commented: “Locating our modular data centers directly on the fiber backbone gives us a speed and efficiency advantage, while our abundant energy resources allow us to offer reliable, cost-effective AI compute power. Our modular data center design enables rapid deployment and expansion, providing the flexibility and performance demanded by next-generation AI workloads.”
Jericho recently partnered with AT&T to deploy a minimum of 10Gbps of fiber optic connectivity at its initial Modular High Performance AI Data Center site. This installation leverages advanced data transfer protocols and is engineered to scale beyond 100Gbps to meet future demand.
About Jericho Energy Ventures
Jericho Energy Ventures (JEV) is uniquely positioned at the nexus of energy and AI infrastructure. Leveraging our long-producing oil and gas joint venture assets and robust Oklahoma infrastructure, we are deploying scalable, on-site power solutions to build cutting-edge modular AI data centers. With direct access to abundant, low-cost natural gas, we deliver efficient, high-performance energy solutions — reducing waste, maximizing output, and unlocking long-term value in the rapidly converging AI and energy markets.
JEV is also driving the clean hydrogen energy transition. Our wholly owned subsidiary, Hydrogen Technologies, delivers patented zero-emission boiler and burner systems for commercial and industrial heat and steam applications. We also hold a significant minority stake and a board position in California Catalysts (formerly H2U Technologies), a leading innovator in electrolysis materials.
At JEV, our mission is clear: to innovate relentlessly, optimize energy resources, and power tomorrow’s breakthroughs, one bold step at a time.
This news release contains certain “forward-looking information” and “forward-looking statements” (collectively, “forward-looking statements“) within the meaning of applicable securities laws. Such forward-looking statements are not representative of historical facts or information or current condition, but instead represent only Jericho’s beliefs regarding future events, plans or objectives, many of which, by their nature, are inherently uncertain and outside of Jericho’s control. Forward-looking statements are frequently characterized by words such as ”plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate” and other similar words, or statements that certain events or conditions “may”, “will” or “may not” occur. Specifically, this news release contains forward-looking statements relating to, among others, the completion of its new AI Modular Data Centers initiative launch and successful supplier and customer adoption.
Forward-looking statements are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking statements, which include, but are not limited to: regulatory changes; changes to the definition of, or interpretation of, foreign private issuer status; the impacts of COVID-19 and other infectious diseases; general economic conditions; industry conditions; current and future commodity prices and price volatility; significant and ongoing stock market volatility; currency and interest rate fluctuation; governmental regulation of the energy industry, including environmental regulation; geological, technical and drilling problems; unanticipated operating events; the availability of capital on acceptable terms; the need to obtain required approvals from regulatory authorities; liabilities and risks inherent in oil and gas exploration, development and production operations; liabilities and risks inherent in early stage hydrogen technology projects, energy storage, carbon capture and new energy systems; changes in government environmental objectives or plans; and the other factors described in Jericho’s public filings available at www.sedarplus.ca.
The forward-looking statements contained herein are based on certain key expectations and assumptions of Jericho concerning anticipated financial performance, business prospects, strategies, regulatory regimes, the sufficiency of budgeted capital expenditures in carrying out planned activities, the ability to obtain financing on acceptable terms, expansion of consumer adoption of the Company’s (or its subsidiaries’) technologies and products, all of which are subject to change based on market conditions, potential timing delays and other risk factors. Although Jericho believes that these assumptions and the expectations are reasonable based on information currently available to management, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Investors should not place undue reliance on forward-looking statements.
Readers are cautioned that the foregoing lists are not exhaustive. The forward-looking statements contained in this news release are made as of the date of this news release, and Jericho does not undertake to update any forward-looking statements that are contained or referenced herein, except as required by applicable securities laws.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
VANCOUVER, British Columbia, May 01, 2025 (GLOBE NEWSWIRE) — First Atlantic Nickel Corp. (TSXV: FAN) (OTCQB: FANCF) (FSE: P21) (“First Atlantic” or the “Company”) a Canadian mineral exploration company focused on developing its 100%-owned Atlantic Nickel Project, a large-scale nickel project strategically located near existing infrastructure in central Newfoundland, Canada, is pleased to be featured in a recent article published by the Telegram, which explores the province’s emerging role in the global hydrogen economy.
The article, titled “Two-pronged cache: Mining company excited about hydrogen potential in NL nickel deposits”, published on April 30, 2025, explores how Newfoundland and Labrador’s rich nickel resources could contribute meaningfully to the global transition to clean energy, particularly through the production of green hydrogen.
Nickel plays a vital role in hydrogen production technology, and Newfoundland and Labrador’s nickel-rich geology positions the province as a natural contributor to global decarbonization goals.
Additionally, the article notes that ophiolites are globally recognized as prime sources of geologic hydrogen, created through natural processes as minerals within them interact. “Some of the most significant geologic hydrogen discoveries in the world occur in ophiolites,” the article states. Dr. Yaoguo Li of the Colorado School of Mines further explains, “Geologic hydrogen systems are a combination of mineral systems and natural gas systems,” emphasizing the complex and promising nature of this resource.
“Nickel is not just for batteries anymore, it may be the key to unlocking cleaner, more scalable hydrogen technologies,” the article notes, referencing the growing momentum behind hydrogen and nickel synergy.
“We are proud to see Newfoundland and Labrador’s mineral potential gaining international attention, particularly in the context of hydrogen and clean energy,” said Adrian Smith, CEO of First Atlantic. “This recognition reinforces the long-term strategic value of our nickel exploration and development efforts.”
Awaruite (Nickel-iron alloy Ni₂Fe, Ni₃Fe)
Awaruite, a naturally occurring sulfur-free nickel-iron alloy composed of Ni₃Fe or Ni₂Fe with approximately ~75% nickel content, offers a proven and environmentally safe solution to enhance the resilience and security of North America’s domestic critical minerals supply chain. Unlike conventional nickel sources, awaruite can be processed into high-grade concentrates exceeding 60% nickel content through magnetic processing and simple floatation without the need for smelting, roasting, or high-pressure acid leaching1. Beginning in 2025, the US Inflation Reduction Act’s (IRA) $7,500 electric vehicle (EV) tax credit mandates that eligible clean vehicles must not contain any critical minerals processed by foreign entities of concern (FEOC)2. These entities include Russia and China, which currently dominate the global nickel smelting industry. Awaruite’s smelter-free processing approach could potentially help North American electric vehicle manufacturers meet the IRA’s stringent critical mineral requirements and reduce dependence on FEOCs for nickel processing.
The U.S. Geological Survey (USGS) highlighted awaruite’s potential, stating, “The development of awaruite deposits in other parts of Canada may help alleviate any prolonged shortage of nickel concentrate. Awaruite, a natural iron-nickel alloy, is much easier to concentrate than pentlandite, the principal sulfide of nickel”3. Awaruite’s unique properties enable cleaner and safer processing compared to conventional sulfide and laterite nickel sources, which often involve smelting, roasting, or high-pressure acid leaching that can release toxic sulfur dioxide, generate hazardous waste, and lead to acid mine drainage. Awaruite’s simpler processing, facilitated by its amenability to magnetic processing and lack of sulfur, eliminates these harmful methods, reducing greenhouse gas emissions and risks associated with toxic chemical release, addressing concerns about the large carbon footprint and toxic emissions linked to nickel refining.
Quote from USGS on Awaruite Deposits in Canada
Figure 1: Quote from USGS on Awaruite Deposits in Canada
The development of awaruite resources is crucial, given China’s control in the global nickel market. Chinese companies refine and smelt 68% to 80% of the world’s nickel4 and control an estimated 84% of Indonesia’s nickel output, the largest worldwide supply5. Awaruite is a cleaner source of nickel that reduces dependence on foreign processing controlled by China, leading to a more secure and reliable supply for North America’s stainless steel and electric vehicle industries.
Investor Information
The Company’s common shares trade on the TSX Venture Exchange under the symbol “FAN“, the American OTCQB Exchange under the symbol “FANCF” and on several German exchanges, including Frankfurt and Tradegate, under the symbol “P21“.
Investors can get updates about First Atlantic by signing up to receive news via email and SMS text at www.fanickel.com. Stay connected and learn more by following us on these social media platforms:
FOR MORE INFORMATION: First Atlantic Investor Relations Robert Guzman Tel: +1 844 592 6337 rob@fanickel.com
Disclosure
Adrian Smith, P.Geo., is a qualified person as defined by NI 43-101. The qualified person is a member in good standing of the Professional Engineers and Geoscientists Newfoundland and Labrador (PEGNL) and is a registered professional geoscientist (P.Geo.). Mr. Smith has reviewed and approved the technical information disclosed herein.
Analytical Method & QAQC
Samples were split in half on site with one half remaining in the core box for future reference and one half packaged in secure bags. QAQC method included the use of blanks, duplicates and certified reference material (standards) with one being inserted once in every 20 samples in order to test the precision and accuracy of the lab. All results passed the QA/QC screening at the lab, and all Company inserted standards and blanks returned results that were within acceptable limits.
Samples were sent to Activation Laboratories Ltd. (“Actlabs”) in Fredericton, NB. Actlabs is an ISO 17025 certified lab, accredited and acting independently from First Atlantic. Each sample was crushed, with a 250 g sub-sample pulverized to 95% – 200 mesh. A portion of the sample is fused with a lithium metaborate/tetraborate flux and analyzed by ICP-OES for major oxides and elements including cobalt, chromium and nickel.
A magnetic separate is then generated by running the pulverized sub-sample through a magnetic separator which splits the sub-sample into magnetic and non-magnetic fractions. This involves running a 30 g split of the pulp through a Davis Tube magnetic separator as a slurry using a constant flow rate, a magnetic field strength of 3,300 Gauss, and a tube angle of 45 degrees to produce magnetic and non-magnetic fractions.
The magnetic fractions are collected, dried, weighed and the magnetic fraction is fused with a lithium metaborate/tetraborate flux and lithium bromide releasing agent and then analyzed on a wavelength dispersive XRF for multiple elements including nickel, cobalt, iron and chromium. The magnetically recovered nickel grade was then calculated by multiplying the XRF fusion nickel value by the weight of the magnetic fraction and dividing by the total recorded feed weight or magnetic mass pulled from the sample.
True widths are currently unknown. However the nickel bearing ultramafic ophiolite and peridotite rocks being targeted and sampled in the Phase 1 drilling program at the Atlantic Nickel Project are mapped as several hundred meters to over 1 kilometer wide and approximately 30 kilometers long.
About First Atlantic Nickel Corp.
First Atlantic Nickel Corp. (TSXV: FAN) (OTCQB: FANCF) (FSE: P21) is a Canadian mineral exploration company developing the 100%-owned Atlantic Nickel Project, a large-scale nickel project strategically located near existing infrastructure in Newfoundland, Canada. The Project’s nickel occurs as awaruite, a natural nickel-iron alloy containing approximately 75% nickel with no-sulfur and no-sulfides. Awaruite’s properties allow for smelter-free magnetic separation and concentration, which could strengthen North America’s critical minerals supply chain by reducing foreign dependence on nickel smelting. This aligns with new US Electric Vehicle US IRA requirements, which stipulate that beginning in 2025, an eligible clean vehicle may not contain any critical minerals processed by a FEOC (Foreign Entities Of Concern)6.
First Atlantic aims to be a key input of a secure and reliable North American critical minerals supply chain for the stainless steel and electric vehicle industries in the USA and Canada. The company is positioned to meet the growing demand for responsibly sourced nickel that complies with the critical mineral requirements for eligible clean vehicles under the US IRA. With its commitment to responsible practices and experienced team, First Atlantic is poised to contribute significantly to the nickel industry’s future, supporting the transition to a cleaner energy landscape. This mission gained importance when the US added nickel to its critical minerals list in 2022, recognizing it as a non-fuel mineral essential to economic and national security with a supply chain vulnerable to disruption.
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 include “forward-looking information” under applicable Canadian securities legislation. Such forward-looking information reflects management’s current beliefs and are based on a number of estimates and/or assumptions made by and information currently available to the Company that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors that may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information.Forward looking information in this news release includes, but is not limited to, expectations regarding the timing, scope, and results from the Phase 1 work and drilling program; results from the Phase 2 work and drilling program, future project developments, the Company’s objectives, goals or future plans, statements, and estimates of market conditions. Readers are cautioned that such forward-looking information are neither promises nor guarantees and are subject to known and unknown risks and uncertainties including, but not limited to, general business, economic, competitive, political and social uncertainties, uncertain and volatile equity and capital markets, lack of available capital, actual results of exploration activities, environmental risks, future prices of base and other metals, operating risks, accidents, labour issues, delays in obtaining governmental approvals and permits, and other risks in the mining industry. Additional factors and risks including various risk factors discussed in the Company’s disclosure documents which can be found under the Company’s profile on http://www.sedarplus.ca. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected.
The Company is presently an exploration stage company. Exploration is highly speculative in nature, involves many risks, requires substantial expenditures, and may not result in the discovery of mineral deposits that can be mined profitably. Furthermore, the Company currently has no reserves on any of its properties. As a result, there can be no assurance that such forward-looking statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements.
Vancouver, British Columbia–(Newsfile Corp. – May 1, 2025) – Goldshore Resources Inc. (TSXV: GSHR) (OTCQB: GSHRF) (FSE: 8X00) (“Goldshore” or the “Company“), is pleased to announce its latest assay results from its ongoing 20,000-meter drill program and the second batch of results from the QES Up program, targeting the near surface extension of the most northern QES shears at the Moss Gold Project in Northwest Ontario, Canada (the “Moss Gold Project“).
Michael Henrichsen, CEO of Goldshore commented, “We are pleased with the ongoing positive results from our winter drill program, which has allowed us to test the previously undrilled upper central part of the Moss Gold Deposit. Historically undrilled areas had been modelled as waste, but these new drill results will enable us to model mineralized shears toward the surface, enhancing the deposit’s economic potential. We look forward to continuing our aggressive drilling to create value.”
Highlights:
Results from hole MQD-25-160, along the eastern end in the QES Up program, intersected a widening of the near surface extension of the deeper shears yielding increased mineralization with best intercepts of:
25.0m of 1.10 g/t Au from 107.2m in MQD-25-160, including
2.05m of 1.69g/t from 111.1m and
7.65m of 2.62 g/t Au from 117.55m
Results from three additional QES Up holes confirmed near surface extension of the deeper marginal shears representing further opportunities to convert modelled waste to mineral resource within the current conceptual open pit with best intercepts of:
19.75m of 0.45 g/t Au from 123.1m in MQD-25-151, including
0.3m of 8.87 g/t Au from 126.5m
6.0m of 1.34 g/t Au from 131.0m in MQD-25-152
11.85m of 0.36 g/t from 148.15m in MQD-25-158
Technical Overview
Figure 1 shows the location of the drill holes being reported with respect to the planned winter drill program, while Figure 2 illustrates a cross section through drill hole MQD-25-160. Tables 1 & 2 summarize significant intercepts and drill hole locations, respectively.
Figure 1: Summarizes the ongoing winter 2025 drill program targeting resource expansion within the conceptual open pit outlined in grey. Drill holes being reported are highlighted in red.
Figure 2: Cross section through MQD-25-160 illustrating the extension of marginal shears toward surface on the northern flank of the QES Zone (QES Up).
Drill results are from the eastern portion of the QES Up program, which aims to prove the surface extension of deeper-modelled mineralized shear zones along the northern boundary of the QES Zone. This area lies entirely within the conceptual open pit, with all mineralized intersections representing opportunities to convert currently modelled waste to mineral resource.
MQD-25-160 was drilled between holes MQD-25-152 and MQD-25-158 targeting both the near-surface extension of deeper modelled shears and the potential northern deflection of the QES mineralization. The hole collared into a similar weakly deformed and chlorite-epidote altered diorite with a more consistent zone of sericite-silica-hematite altered shearing, like that seen in the core of the QES zone (Figure 3). The sericite-silica-hematite shears are strongly mineralized with intercepts of 25.0m of 1.10 g/t Au from 107.2m, including 2.05m of 1.69 g/t from 111.1m and 7.65m of 2.62 g/t Au from 117.55m (Table 1). The increasing grade towards the northeast is being interpreted as a sinistral drag structure similar to that observed between the Main and Southwest Zones.
The hole was terminated within the mineralized QES envelope, as the deeper sections of the Zone have been sufficiently tested by previous drilling.
Figure 3: High-grade portion of sheared and mineralized granodiorite in MQD-25-160 returning 25.0m of 1.10 g/t Au from 107.2m along the northern edge of the QES Zone at QES Up
Holes MQD-25-151 and MQD-25-152 were drilled on 100m sections, targeting surface extensions of deeper-modelled mineralized shear zones along the northern boundary of the QES Zone. Both holes collared into a weakly deformed and chlorite-epidote altered diorite with intermittent sericite-silica-hematite altered shear zones increasing in intensity at depth. The sericite-silica-hematite shears are moderately mineralized with intercepts including 19.75m of 0.45 g/t Au from 123.1m in MQD-25-153, including 0.3m of 8.87 g/t Au from 126.5m; 16.15m of 0.48 g/t Au from 88.0m, and 6.0m of 1.34 g/t Au from 131.0m in MQD-25-152 (Table 1).
Both holes were terminated within the mineralized QES envelope, as the deeper sections of the Zone have been sufficiently tested by previous drilling.
MQD-25-158 was drilled 400m further east than MQD-25-151 and MQD-25-152 targeting similar surface extensions of deeper modelled shears and confirming the eastern extension of the QES system. The hole collared into similar a weakly deformed and chlorite-epidote altered diorite with intermittent sericite-silica-hematite altered shear zones increasing with intensity at depth with intercepts of 11.85m of 0.36 g/t from 148.15m. The hole was extended to intercept the typical QES granodiorite at 262m confirming the orientation of the main QES host lithology with results of 13.5m of 0.38 g/t Au from 254.45m (Table 1). The hole was terminated prior to drilling through the entirety of the QES zone.
Table 1: Significant intercepts
HOLE ID
FROM
TO
LENGTH (m)
TRUE WIDTH (m)
CUT GRADE (g/t Au)
UNCUT GRADE (g/t Au)
MQD-25-151
67.85
73.00
5.15
3.7
0.40
0.40
86.00
90.00
4.00
2.8
0.58
0.58
123.10
142.85
19.75
14.2
0.45
0.45
incl
126.50
126.80
0.30
0.2
8.87
8.87
MQD-25-152
61.00
66.10
5.10
3.7
0.55
0.55
88.00
104.15
16.15
11.9
0.48
0.48
131.00
137.00
6.00
4.5
1.34
1.34
MQD-25-158
135.00
137.00
2.00
1.6
0.43
0.43
148.15
160.00
11.85
9.5
0.36
0.36
170.40
173.65
3.25
2.6
0.53
0.53
229.20
233.00
3.80
3.1
0.50
0.50
254.45
270.85
16.40
13.5
0.38
0.38
261.45
265.85
4.40
3.3
0.55
0.55
293.10
297.55
4.45
3.3
0.43
0.43
MQD-25-160
107.20
132.20
25.00
18.7
1.10
1.10
incl
111.10
113.15
2.05
1.5
1.69
1.69
and
117.55
125.20
7.65
5.7
2.62
2.62
incl
119.95
120.30
0.35
0.3
30.0
30.1
Intersections calculated above a 0.3 g/t Au cut off with a top cut of 30 g/t Au and a maximum internal waste interval of 5 metres. Shaded intervals are intersections calculated above a 1.0 g/t Au cut off. Intervals in bold are those with a grade thickness factor exceeding 20 gram x metres / tonne gold. True widths are approximate and assume a subvertical body.
Table 2: Drill Collars
HOLE
EAST
NORTH
RL
AZIMUTH
DIP
EOH
MQD-25-151
670,138
5,379,811
428
155.0
-45.0
150.00
MQD-25-152
670,209
5,379,849
428
155.6
-45.7
150.00
MQD-25-158
670,483
5,380,136
428
153.5
-45.2
300.00
MQD-25-160
670,412
5,380,044
428
156.5
-45.1
150.00
Analytical and QA/QC Procedures
The HQ diameter drill core has been oriented using ACTIII or equivalent tools and validated in the core shack. All core has been sawn in half cut just off the core orientation line (bottom of hole) with the right half (looking downhole) of the core bagged and sent to a third-party analytical laboratory. The left half of the core was returned to core boxes and is stored at Goldshore’s Kashabowie core yard facility.
All samples were sent to ALS Geochemistry in Thunder Bay for preparation and analysis was performed in the ALS Vancouver analytical facility. ALS is accredited by the Standards Council of Canada (SCC) for the Accreditation of Mineral Analysis Testing Laboratories and CAN-P-4E ISO/IEC 17025. Samples were analysed for gold via fire assay with an AA finish (“Au-AA23“) and 48 pathfinder elements via ICP-MS after four-acid digestion (“ME-MS61“). Samples that assayed over 10 ppm Au were re-run via fire assay with a gravimetric finish (“Au-GRA21“).
In addition to ALS quality assurance / quality control (“QA/QC“) protocols, Goldshore has implemented a quality control program for all samples collected through the drilling program. The quality control program was designed by a qualified and independent third party, with a focus on the quality of analytical results for gold. Analytical results are received, imported to our secure on-line database and evaluated to meet our established guidelines to ensure that all sample batches pass industry best practice for analytical quality control. Certified reference materials are considered acceptable if values returned are within three standard deviations of the certified value reported by the manufacture of the material. In addition to the certified reference material, certified blank material is included in the sample stream to monitor contamination during sample preparation. Blank material results are assessed based on the returned gold result being less than ten times the quoted lower detection limit of the analytical method. The results of the on-going analytical quality control program are evaluated and reported to Goldshore by Orix Geoscience Inc.
Qualified Person
Peter Flindell, PGeo, MAusIMM, MAIG, Vice-President, Exploration, of the Company, and a qualified person under National Instrument 43-101 – Standards of Disclosure for Mineral Projects, has approved the scientific and technical information contained in this news release.
Mr. Flindell has verified the data disclosed. To verify the information related to the winter drill program at the Moss Gold Project, Mr. Flindell has visited the property several times; discussed and reviewed logging, sampling, bulk density, core cutting and sample shipping processes with responsible site staff; discussed and reviewed assay and QA/QC results with responsible personnel; and reviewed supporting documentation, including drill hole location and orientation and significant assay interval calculations. He has also overseen the Company’s health and safety policies in the field to ensure full compliance, and consulted with the Project’s host indigenous communities on the planning and implementation of the drill program, particularly with respect to its impact on the environment and the Company’s remediation protocols.
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 development in this cycle. Please see NI 43-101 technical report titled: “Technical Report and Updated Mineral Resource Estimate for the Moss Gold Project, Ontario, Canada,” dated March 20, 2024 with an effective date of January 31, 2024 available under the Company’s SEDAR+ profile at www.sedarplus.ca. 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.
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.
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 potential mineralization at the Moss Gold Project based on the winter drill program, including the potential for additional mineral resources; the enhancement of the Moss Gold Project; statements regarding the Company’s future drill plans, including the expected benefits and results thereof; that the Superion target has the potential to significantly add to the current mineral resource estimate within the top 200 meters from surface with continued drilling and to reduce the overall strip ratio of the deposit; the potential for resource growth at Moss and the fact that the results have the potential to significantly impact the economic performance of the deposit moving forward; the potential for a much larger mineralized system and that it will be pursued in the near future through additional drilling; 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: uncertainty and variation in the estimation of mineral resources; risks related to exploration, development, and operation activities; exploration and development of the Moss Gold Project will not be undertaken as anticipated; 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; the economic performance of the deposit may not be consistent with management’s expectations; the Company’s exploration work may not deliver the results expected; the fluctuating price of gold; unknown liabilities in connection with acquisitions; compliance with extensive government regulation; delays in obtaining or failure to obtain governmental permits, or non-compliance with permits; environmental and other regulatory requirements; domestic and foreign laws and regulations could adversely affect the Company’s business and results of operations; risks related to natural disasters, terrorist acts, health crises, and other disruptions and dislocations; global financial conditions; uninsured risks; climate change risks; competition from other companies and individuals; conflicts of interest; risks related to compliance with anti-corruption laws; the Company’s limited operating history; intervention by non-governmental organizations; outside contractor risks; 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 Superion target may not add to the current mineral resource; and other risks associated with executing the Company’s objectives and strategies as well as those risk factors discussed in the Company’s continuous disclosure documents filed under the Company’s SEDAR+ profile at www.sedarplus.ca.
The forward-looking information in this news release is based on management’s reasonable expectations and assumptions as of the date of this news release. Certain material assumptions regarding such forward-looking statements were made, including without limitation, assumptions regarding: the future price of gold; anticipated costs and the Company’s ability to fund its programs; the Company’s ability to carry on exploration, development and mining activities; prices for energy inputs, labour, materials, supplies and services; the timing and results of drilling programs; mineral resource estimates and the assumptions on which they are based; the discovery of mineral resources and mineral reserves on the Company’s mineral properties; the timely receipt of required approvals and permits; the costs of operating and exploration expenditures; the Company’s ability to operate in a safe, efficient, and effective manner; the Company’s ability to obtain financing as and when required and on reasonable terms; that the Company’s activities will be in accordance with the Company’s public statements and stated goals; that the Superion target will add to the current mineral resource; that the Company’s exploration work will deliver the results expected; and that there will be no material adverse change or disruptions affecting the Company or its properties.
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. There can be no assurances that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. 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.
North Vancouver, British Columbia–(Newsfile Corp. – May 1, 2025) – Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) (“Lion One” or the “Company”) is pleased to report significant new high-grade gold results from 4,123.8 meters of underground infill and grade control drilling at its 100% owned Tuvatu Alkaline Gold Project in Fiji (“Tuvatu“). The drilling is focused on the Zone 5 area of the deposit, which is currently being mined.
Drilling was conducted from two near surface underground drill stations. The Company intersected high-grade mineralized structures in 29 drill holes targeting the UR2 lode down-dip of current underground developments. Most of the drill holes did not exceed 150 m in length and most of the high-grade drill intercepts are located within 50 m of current underground workings. Drill results include multiple bonanza grade gold intercepts over narrow widths, such as 236.00 g/t over 0.4 m, 101.58 g/t over 0.5 m, 102.35 g/t over 0.3 m, 94.23 g/t over 0.3 m, and 89.63 g/t over 0.4 m. Due to the proximity of drill results to existing workings there is a strong probability that these intercepts can be incorporated into the mine plan in the next six to twelve months.
Tuvatu is a high-grade narrow vein alkaline gold deposit and bonanza grade drill results are not uncommon on the project. In January the Company released the highest grade assay ever returned from Zone 5 drilling; 2,749.86 g/t over 0.3 m (see press release dated January 23, 2025). Previous high-grade drill results from Zone 5 include 1,517.79 g/t gold over 0.3 m (see press release dated December 17, 2024), 1,568.55 g/t over 0.3 metres (see press release dated June 5, 2024), and 1,986.23 g/t gold over 0.6 m (see press release dated December 13, 2023).
Highlights of New Drill Results:
236.00 g/t Au over 0.4 m (TGC-0345, from 109.42 m depth)
25.89 g/t Au over 3.0 m (including 101.58 g/t Au over 0.5 m g/t) (TGC-0359, from 110.7 m depth)
16.85 g/t Au over 3.0 m (including 38.27 g/t Au over 0.9 m) (TGC-0339, from 104.7 m depth)
18.26 g/t Au over 2.5 m (including 89.63 g/t Au over 0.4 m) (TGC-0332, from 67.14 m depth)
15.36 g/t Au over 2.7 m (including 47.25 g/t Au over 0.3 m) (TGC-0343, from 75.3 m depth)
27.08 g/t Au over 1.5 m (including 94.23 g/t over 0.3 m) (TGC-0343, from 61.7 m depth)
16.34 g/t Au over 2.3 m (including 23.57 g/t over 0.6 m) (TGC-0335, from 102.1 m depth)
29.44 g/t Au over 1.3 m (including 102.35 g/t Au over 0.3 m) (TGC-0347, from 108.96 m depth)
25.96 g/t Au over 1.4 m (including 43.58 g/t Au over 0.6 m) (TGC-0343, from 68.9 m depth)
14.23 g/t Au over 2.4 m (including 23.37 g/t Au over 0.4 m) (TGC-0327, from 101.9 m depth)
*Drill intersects are downhole lengths, 3.0 g/t cutoff. True width not known. See Table 1 for additional data.
Figure 1. Location of the UR2 drilling reported in this news release. Left image: Plan view of the UR2 drilling in relation to the UR2 lode shown in green and other mineralized lodes shown in grey, with Tuvatu underground development shown in red. Yellow dashed square represents the area shown in the right image. Right image: Section view of the UR2 drilling looking West.
The Zone 5 area of Tuvatu is located along the main decline and includes the principal north-south and northeast-southwest oriented lodes at Tuvatu, as well as several western lodes. These lodes are steeply dipping structures that converge at approximately 500 m depth to form Zone 500, which is the highest-grade part of the deposit and is interpreted to be a major feeder zone at Tuvatu. The system remains open at depth with the deepest high-grade intersections occurring below 1000 m depth.
The drilling reported in this news release targeted the near-surface portion of the UR2 lode down-dip of current underground developments. The UR2 lode is one of the main north-south oriented lodes at Tuvatu. It has a strike length of approximately 600 m and dips steeply to the east. Mine development is currently taking place along the UR2 lode at the 1100 and 1102 levels of the mine, which are the deepest levels in Zone 5, as well as at the 1134 level of the mine. The drilling reported here was conducted from two underground drill stations; the 1090 drill station and the 1135 drill station. Drilling from the 1090 drill station targeted a 60 m wide section of the UR2 lode between 30 m and 50 m below the 1100 level at the south end of the lode. Drilling from the 1135 drill station targeted a 100 m wide section of the UR2 lode approximately 10 m above and 10 m below the 1102 level in the middle portion of the lode.
The UR2 drill program consists of infill and grade control drilling with the purpose of providing a detailed understanding of the geometry and mineralization of the UR2 lode in advance of mining. Drilling is being conducted on 10 m centers. 29 out of the 32 drill holes reported in this news release intersected high-grade mineralization. Most of the high-grade intervals reported in this release are located within 50 m of underground developments and are anticipated to be included in the mine plan in the next 6 to 12 months. One additional hole (TGC-0311) was drilled to test a deeper portion of the UR2 lode and returned several high-grade intercepts approximately 80 m below the 1102 level. Highlights of the Zone 5 drilling reported here are shown in Figure 2.
Figure 2. UR2 drilling with high-grade intersects highlighted, 3.0 g/t gold cutoff. Oblique view looking down to the NW. The drill holes shown here primarily targeted areas of the UR2 lode scheduled for near-term mining below current underground developments.
The drill holes reported in this news release are oriented approximately perpendicular to mineralization. The reported intercepts therefore approximate the true width of mineralization. Tuvatu consists of high-grade narrow vein mineralization. The headline intercept of 236.00 g/t gold over 0.4 m therefore has an approximate true width of 0.4 m, as reported. The minimum mining width at Tuvatu is approximately 1.5 m. In reporting drillhole intercepts Lion One uses a grade composite cut-off of 3 g/t gold with <1 m internal dilution at <3 g/t. Drill hole intervals that are <3 g/t are below cutoff and are not included in Table 2.
Competent Person’s Statement
In accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43- 101”), Melvyn Levrel, MAIG, Senior Geologist for Lion One Metals, is the Qualified Person for the Company and has reviewed and approved the technical and scientific content of this news release.
Lion One Laboratories / QAQC
Lion One adheres to rigorous QAQC procedures above and beyond basic regulatory guidelines in conducting its drilling, sampling, testing, and analyses. The Company operates its own geochemical assay laboratory and its own fleet of diamond drill rigs using PQ, HQ and NQ sized drill rods. The Lion One geochemical laboratory is accredited under the IANZ ISO/IEC 17025:2017 Standard – the international standard for testing and calibration of laboratories.
Diamond drill core samples are logged by Lion One personnel on site. Exploration diamond drill core is split by Lion One personnel on site, with half core samples sent for analysis and the other half core remaining on site. Grade control diamond drill core is whole core assayed. Core samples are delivered to the Lion One Laboratory for preparation and analysis. All samples are pulverized at the Lion One lab to 85% passing through 75 microns and gold analysis is carried out using fire assay with an AA finish. Samples that return grades greater than 10.00 g/t Au are re-analyzed by gravimetric method, which is considered more accurate for very high-grade samples.
Duplicates of 5% of samples with grades above 0.5 g/t Au are delivered to ALS Global Laboratories in Australia for check assay determinations using the same methods (Au-AA26 and Au-GRA22 where applicable). ALS also analyses 33 pathfinder elements by HF-HNO3-HClO4 acid digestion, HCl leach and ICP-AES (method ME-ICP61). The Lion One lab can test a range of up to 71 elements through Inductively Coupled Plasma Optical Emission Spectrometry (ICP-OES), but currently focuses on a suite of 26 important pathfinder elements with an aqua regia digest and ICP-OES finish.
About Lion One Metals Limited
Lion One Metals is an emerging Canadian gold producer headquartered in North Vancouver BC, with new operations established in late 2023 at its 100% owned Tuvatu Alkaline Gold Project in Fiji. The Tuvatu project comprises the high-grade Tuvatu Alkaline Gold Deposit, the Underground Gold Mine, the Pilot Plant, and the Assay Lab. The Company also has an extensive exploration license covering the entire Navilawa Caldera, which is host to multiple mineralized zones and highly prospective exploration targets.
On behalf of the Board of Directors, Walter Berukoff, Chairman & President
Neither the TSX-V nor its Regulation Service Provider accepts responsibility or the adequacy or accuracy of this release
This press release may contain statements that may be deemed to be “forward-looking statements” within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein are forward-looking information. Generally, forward-looking information may be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “proposed”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases, or by the use of words or phrases which state that certain actions, events or results may, could, would, or might occur or be achieved. This forward-looking information reflects Lion One Metals Limited’s current beliefs and is based on information currently available to Lion One Metals Limited and on assumptions Lion One Metals Limited believes are reasonable. These assumptions include, but are not limited to, the actual results of exploration projects being equivalent to or better than estimated results in technical reports, assessment reports, and other geological reports or prior exploration results. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance, or achievements of Lion One Metals Limited or its subsidiaries to be materially different from those expressed or implied by such forward-looking information. Such risks and other factors may include, but are not limited to: the stage development of Lion One Metals Limited, general business, economic, competitive, political and social uncertainties; the actual results of current research and development or operational activities; competition; uncertainty as to patent applications and intellectual property rights; product liability and lack of insurance; delay or failure to receive board or regulatory approvals; changes in legislation, including environmental legislation, affecting mining, timing and availability of external financing on acceptable terms; not realizing on the potential benefits of technology; conclusions of economic evaluations; and lack of qualified, skilled labor or loss of key individuals. Although Lion One Metals Limited has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated, or intended. Accordingly, readers should not place undue reliance on forward-looking information. Lion One Metals Limited does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
Appendix 1: Full Drill Results and Collar Information
Table 1. Collar coordinates for drillholes reported in this release. Coordinates are in Fiji map grid.
Hole ID
Easting
Northing
Elevation
Azimuth
Dip
Depth
TGC-0311
1876383
3920627
128
79.2
-48.5
165.3
TGC-0313
1876384
3920429
94
107.5
-28.3
135.1
TGC-0315
1876384
3920625
128
111.7
-15.9
130.9
TGC-0316
1876384
3920429
94
96.5
-27.8
121.5
TGC-0318
1876383
3920626
128
111.3
-20.2
131.3
TGC-0319
1876384
3920429
94
99.9
-19.8
141.4
TGC-0321
1876384
3920626
128
100.8
-16.4
125.7
TGC-0323
1876384
3920428
94
114.9
-21.0
122.6
TGC-0325
1876384
3920626
128
103.4
-21.9
130.3
TGC-0326
1876384
3920427
94
129.7
-19.9
133.4
TGC-0327
1876384
3920626
128
92.0
-17.0
126.6
TGC-0330
1876384
3920426
94
143.5
-19.9
122.7
TGC-0331
1876384
3920626
128
93.4
-23.0
125.4
TGC-0332
1876384
3920428
94
122.0
-27.7
121.0
TGC-0333
1876384
3920627
128
88.1
-20.9
122.6
TGC-0335
1876384
3920627
128
157.4
0.8
131.6
TGC-0336
1876384
3920429
94
94.9
-22.5
109.7
TGC-0338
1876384
3920429
94
106.3
-22.8
95.8
TGC-0339
1876384
3920627
128
78.4
-19.9
120.0
TGC-0341
1876384
3920428
94
113.4
-25.2
95.6
TGC-0342
1876384
3920627
128
76.0
-14.5
121.3
TGC-0343
1876384
3920429
94
101.1
-25.8
105.0
TGC-0345
1876384
3920627
128
73.9
-22.0
125.7
TGC-0347
1876384
3920627
128
68.7
-20.7
111.5
TGC-0351
1876383
3920628
128
64.0
-18.1
130.0
TGC-0355
1876383
3920628
128
59.4
-17.4
135.0
TGC-0359
1876383
3920628
128
60.8
-9.3
135.0
TGC-0360
1876383
3920628
128
57.0
-11.3
139.0
TGC-0363
1876383
3920628
128
54.7
-16.1
143.3
TGC-0365
1876383
3920628
128
52.9
-11.1
148.0
TGC-0367
1876383
3920628
128
51.3
-17.8
155.6
TGC-0370
1876383
3920628
128
49.5
-13.0
165.9
Table 2. Composite intervals from drillholes reported in this news release (composite grade >3.0 g/t Au, with <1 m internal dilution at <3.0 g/t Au).
Edmonton, Alberta–(Newsfile Corp. – April 29, 2025) – Grizzly Discoveries Inc. (TSXV: GZD) (FSE: G6H) (OTCQB: GZDIF) (“Grizzly” or the “Company”) is pleased to announce a private placement (the “Offering”) of Units and FT Units for aggregate gross proceeds of up to $1,000,000 if fully subscribed. The Offering is concurrent with an agreement to settle $500,000 in outstanding accounts payable debt to APEX Geoscience Ltd. (“APEX”), the Company’s primary geological contractor.
Private Placement Offering
The Offering consists of up to 8,333,333 Units and up to 25,000,000 of any combination of Units and FT Units, with the Units and FT Units each priced at $0.03 per Unit and FT Unit. Each Unit shall consist of one common share of the Company (“Common Share”) and one Common Share purchase warrant entitling the warrant holder to purchase an additional Common Share for $0.05 and expiring on the earlier of a) 30 days following written notice by the Company to the warrant holder that the volume-weighted average trading price of the Common Shares on the TSX Venture Exchange is at or greater than CA$0.10 per Common Share for 10 consecutive trading days; and (b) 24 months from the date of issuance (“Warrant”). Each FT Unit shall consist of one Common Share and one half of one Warrant, each of which shall be issued as a “flow through share” for the purposes of the Income Tax Act (Canada). The Offering is being offered to qualified subscribers in the Provinces of Alberta, British Columbia and Ontario and in other jurisdictions as the Company may in its discretion determine, in reliance upon exemptions from the registration and prospectus requirements of applicable securities legislation.
The Company intends to use the proceeds of the Offering, if fully subscribed with the maximum of 25,000,000 in FT Units and 8,333,333 Units, as follows:
Mineral Property Exploration
$ 750,000
Mineral Rights and Exploration Permits
80,000
Working capital
Outstanding management fees to Officers
$ 12,000
Other accounts payable
65,000
$ 77,000
Corporate Overhead
Management fees to Officers
$ 18,000
(3 months)
Other Corporate Overhead
75,000
$ 93,000
Maximum proceeds
$ 1,000,000
There is no minimum to the Offering. If the Company closes on less than the maximum proceeds, or if the proportion of Units and FT Units differs from the above, the use of proceeds will be adjusted.
In connection with the Offering, the Company may pay finders fees payable in any combination of cash, Units, and Warrants to registered broker dealers, limited market dealers or arm’s length persons in accordance with the policies of the TSX Venture Exchange (the “Exchange”) and applicable securities legislation and regulations. The Common Shares and any Common Shares issued on exercise of the Warrants are subject to restrictions on trading until four months and one day from the date of issuance in accordance with the policies of the Exchange.
Debt Settlement Agreement
Concurrent with the Offering, the Company has entered into an agreement (the “Agreement”) with APEX Geoscience Ltd., the Company’s primary geological contractor, to settle $500,000 in outstanding accounts payable, incurred for prior exploration of the Company’s mineral properties. The Agreement contemplates the extinguishment of $500,000 in accounts payable owing by the Company to APEX by the issuance of 8,333,334 Units of the Company to APEX (the “APEX Units”) at a deemed price of $0.03 per Unit, and the issuance of a promissory note to a private corporation controlled by a principal of APEX with a principal amount of $250,000, bearing simple interest at 5% per annum, payable semi-annually, and maturing two years from the date of issuance (the “Note”).
The Warrants included in the APEX Units will expire 24 months from the date of issuance, but otherwise are on the same terms as the Units included in the Offering. The interest on the Note, payable semi-annually, shall be calculated on the principal amount only (simple interest) and, under the terms of the Agreement, may be paid by the Company, at the Company’s option, in Common Shares to the Holder at the Discounted Market Price (as defined by the policies of the TSX Venture Exchange) on the interest payment date.
The Offering, the Agreement, and each interest payment to be made in Common Shares, are subject to acceptance of the TSX Venture Exchange.
Corporate Update – Greenwood Precious and Critical Minerals Project
Figure 1: Grizzly Mineral Claims, Targets and Drill Permits
The Company is pleased to announce that it has received four (4) new five-year drilling permits from the BC Ministry of Mining and Critical Minerals to complete drill testing along with access in the target areas of Midway, Imperial, Sappho and Copper Mountain (Figure 1). These four (4) new drill permits are in addition to existing drill permits for the Motherlode Mines area, along with the Ket 28 and Dayton target areas. Subject to financing, the Company is making plans to drill test the Motherlode Mines area, including copper (Cu) – gold (Au) – silver (Ag) mineralization at the Motherlode, Sunset and Greyhound historical mines, along with the high-grade polymetallic Au-Ag mineralization identified at the historical Midway Mine area.
Highlights
Motherlode Mine Area
The Motherlode Mine produced 76,975,111 pounds of Cu, 173,319 ounces of Au and 688,203 ounces of Ag during the active periods of mining from 1900 to 1920 and then from 1957 to 1962. The Motherlode skarn mineralization is developed in the Triassic Brooklyn Formation sediments (BC Minfile 082ESE034). The Motherlode mine is road accessible and is approximately 2.5 km northwest of the town of Greenwood (Figure 1).
The Company has collected in excess of 350 rock samples, mostly selective grab samples, from across the Motherlode project area including the newly acquired Crown Grants.
Of the 17 samples collected from the Motherlode Pit area, a total of 9 samples yielded from 1.16% Cu up to 4.88% Cu, 12 samples yielded from 1.075 grams per tonne (g/t) Au up to 6.65 g/t Au and 8 samples yielded from 12.6 g/t Ag up to 51.3 g/t Ag.
Of the 10 samples collected from the Sunset Pit area, a total of 8 samples yielded from 1.44% Cu up to 3.66% Cu, 9 samples yielded from 1.7% Cu up to 4.88 g/t Au and 7 samples yielded from 14.5 g/t Ag up to 55 g/t Ag.
Various other targets including the Greyhound Pit, the Butte City Target, the Margerite Target and the Great Hopes Target have yielded a number of samples with >1% Cu and >10 g/t Au and warrant additional exploration.
Various historical Mineral Resource Estimates (MREs) produced both prior to the last period of mining 1957 – 1962 (Fredericks, 19611) and after the last period of mining as part of a couple of historical economic studies have been recovered from the publicly available BC Property Files.
In addition to the historical MREs, drilling in 1996 by Strathcona Mineral Services on behalf of YGC Resources (Veris Gold) intersected several zones of Cu-Au mineralization targeting the gold bearing halo to the Motherlode Skarn along the east side of the Motherlode pit in the vicinity of the historical underground workings.
Drillhole 96-8 encountered gold in almost every sample including a weighted average grade of 0.23 g/t Au over the entire 154.23 m (506 ft) length drillhole with a number of higher grade zones in proper skarn towards the bottom of the hole (Figure 2).
The Main Motherlode skarn was intersected at the bottom of the drillhole and returned 2.5 g/t (0.073 ounces per ton [opt]) along with significant Cu over 4.88 m (16 ft) at the end of the drillhole from skarnified Brooklyn limestone, that is associated with a strong AeroTEM conductivity anomaly.
The drillhole collared in Brooklyn Sharpstone conglomerate and drilled through alternating skarn an altered diorite along the length of the drillhole, with the main zone at the end of the hole characterized by increased quartz-carbonate-chalcopyrite veining and volumetric chalcopyrite.
The hole was ended due to technical difficulties. Strathcona Mineral Services recommended follow-up drilling which has never been completed.
Two new showings identified in 2023 near the historical Midway Mine including up 5.64 g/t Au (0.165 opt) from a showing 400 m to the north of Midway and up to 4.19 g/t Au (0.122 opt) from a grab sample collected about 375 m to the west of the Midway Mine.
At least 6 new areas with anomalous gold (> 100 ppb), copper (>200 ppm) and silver in soils have been identified at Midway.
The Midway area is being targeted for copper-gold skarn and epithermal gold-silver.
At Midway, selective rock grab and composite rock grab samples collected during 2022 from outcrop at the Midway Mine-Picturestone area, yielded a range of 12.05 g/t (or 0.351 opt) Au up to 70.8 g/t (2.065 opt) Au (See Company news release dated October17, 2022).
Three (3) of the 7 selective rock grab samples from the Midway Mine yielded from 1,360 g/t Ag (39.7 opt) up to 2,140 g/t Ag (62.4 opt) (see the Company news release dated October 17, 2022).
All highly anomalous samples are from outcrop and characterized by the presence of abundant pyrite, arsenopyrite with visible galena and sphalerite in a siliceous chalcedonic host. The mineralization is hosted in polymetallic veins that display the presence of Pb, Zn, Cu, arsenic (As) and antimony (Sb) and are likely epithermal in nature.
A selective rock grab sample from outcrop 200 m west of the main Midway Mine yielded 15.85 g/t Au (0.462 opt) and 1,530 g/t Ag (44.6 opt), illustrating that there is potential for additional high-grade mineralization in the area.
Brian Testo, President and CEO of Grizzly Discoveries stated: “We are excited with the acquisition of our new drill permits along with the historical Motherlode Crown Grants and the potential battery metal and precious metal targets that they provide. We look forward to an aggressive 2025 drilling at the Motherlode Mine area and other high grade Au-Ag-Cu showings and historical mines along with additional exploration for battery metals in our current 170,000+ acre holdings in the Greenwood District.“
Quality Assurance and Control
Rock and soil samples were analyzed at ALS Global Laboratories (Geochemistry Division) in Vancouver, Canada (an ISO/IEC 17025:2017 accredited facility). Gold was assayed using a fire assay with atomic emission spectrometry and gravimetric finish when required (+10 g/t Au). Rock grab and rock chip samples from outcrop/bedrock are selective by nature and may not be representative of the mineralization hosted on the project.
The sampling program was undertaken by Company personnel under the direction of Michael B. Dufresne, M.Sc., P.Geol., P.Geo. A secure chain of custody is maintained in transporting and storing of all samples.
The technical content of this news release and the Company’s technical disclosure has been reviewed and approved by Michael B. Dufresne, M. Sc., P. Geol., P.Geo., who is the Qualified Person as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects.
ABOUT GRIZZLY DISCOVERIES INC.
Grizzly is a diversified Canadian mineral exploration company with its primary listing on the TSX Venture Exchange focused on developing its approximately 72,700 ha (approximately 180,000 acres) of precious and critical minerals properties in southeastern British Columbia. Grizzly is run by highly experienced junior resource sector management team, who have a track record of advancing exploration projects from early exploration stage through to feasibility stage.
On behalf of the Board,
GRIZZLY DISCOVERIES INC. Brian Testo, CEO, President
Suite 363-9768 170 Street NW Edmonton, Alberta T5T 5L4
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.
Caution concerning forward-looking information
This press release contains “forward-looking information” and “forward-looking statements” within the meaning of applicable securities laws. This information and statements address future activities, events, plans, developments and projections. All statements, other than statements of historical fact, constitute forward-looking statements or forward-looking information. Such forward-looking information and statements are frequently identified by words such as “may,” “will,” “should,” “anticipate,” “plan,” “expect,” “believe,” “estimate,” “intend” and similar terminology, and reflect assumptions, estimates, opinions and analysis made by management of Grizzly in light of its experience, current conditions, expectations of future developments and other factors which it believes to be reasonable and relevant. Forward-looking information and statements involve known and unknown risks and uncertainties that may cause Grizzly’s actual results, performance and achievements to differ materially from those expressed or implied by the forward-looking information and statements and accordingly, undue reliance should not be placed thereon.
Risks and uncertainties that may cause actual results to vary include but are not limited to the availability of financing; fluctuations in commodity prices; changes to and compliance with applicable laws and regulations, including environmental laws and obtaining requisite permits; political, economic and other risks; as well as other risks and uncertainties which are more fully described in our annual and quarterly Management’s Discussion and Analysis and in other filings made by us with Canadian securities regulatory authorities and available at www.sedarplus.ca. Grizzly disclaims any obligation to update or revise any forward-looking information or statements except as may be required by law.
NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. WIRE SERVICES
FILE PHOTO: Gold bars are displayed at a gold jewellery shop in the northern Indian city of Chandigarh · Reuters
By Ashitha Shivaprasad and Anjana Anil
(Reuters) -Gold’s remarkable run higher is reaching new heights, with the market touching $3,500 per ounce as confidence in the U.S. economy further erodes after President Donald Trump’s renewed attack on the Federal Reserve chair.
Spot gold was trading around $3,428 per ounce by 1417 GMT, after hitting a record $3,500.05 earlier in the session.
Trump said on Monday the U.S. economy could slow down unless interest rates are lowered immediately, repeating his criticism of Fed Chair Jerome Powell as being slow to act and calling him a “major loser”.
That was followed by a furious flight from U.S. assets which undermined Wall Street and the dollar, while concerns about the independence of the Federal Reserve piled fresh pressure on Treasuries. [USD/] [MKTS/GLOB]
“Gold is recalibrating to reflect what can only be described as epic changes in the global financial system. And those changes are a widespread and fundamental shift in confidence in the world’s reserve currency and its bond markets,” said independent analyst Ross Norman.
Bullion, renowned as a hedge against uncertainties and a highly liquid asset, has surged more than $800 since the start of the year. It surpassed $3,300 last Wednesday, and its strong momentum pushed it up by nearly $200 in just a few days.
CENTRAL BANK DEMAND
Adrian Ash, director of research at BullionVault, said central bank demand “is very likely chasing gold’s move higher, because Trump 2.0’s chaos only hardens gold’s appeal as a geopolitical asset”.
In the final quarter of 2024, when Trump won the U.S. election, central bank purchases accelerated 54% year-on-year to 333 tons, according to an estimate from the World Gold Council.
Data showed that China’s central bank added gold to its reserves in March for the fifth straight month. China is considering setting up overseas warehouses to aid international settlement of specific products on the Shanghai Gold Exchange, its central bank said.
CORRECTION – LIKELY TO BE SHORT-LIVED
Earlier this month, Goldman Sachs increased its year-end gold forecast to $3,700. It added that if central bank buying averages 100 tonnes/month, it estimates gold could reach $3,810 by end-2025.
ANZ last week also raised its year-end gold price forecast to $3,600.
Asked about a pause in the rally, analysts and experts said any correction is likely to be short-lived, and greater gains are most likely on the horizon if instability persists.
“It is hard just now to see a scenario where gold could correct sharply lower as a physical floor of Johnny-come-lately buyers would support or cushion the decline,” said Norman.
Julius Baer analyst Carsten Menke said a major road block for gold “would be a less confrontative President Trump, either on the side of trade or on the side of monetary policy – both of which seem rather unlikely at the moment”.
Spot gold has hit 28 record highs so far in 2025, of which 16 are above the $3,000/oz milestone. Prices are up 31% so far this year, after ending 2024 with a 27% annual rise.
(Reporting by Ashitha Shivaprasad and Anjana Anil in Bengaluru. Editing by Veronica Brown and Jan Harvey)
North Vancouver, British Columbia–(Newsfile Corp. – April 17, 2025) – Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) (“Lion One” or the “Company“) is pleased to provide an operations update and announce the completion of the raise bore project and mine ventilation upgrade at the Company’s 100% owned Tuvatu Gold Mine in Fiji, and reports preliminary quarterly gold production from the Tuvatu Gold Mine for Q1 CY2025.
The mine ventilation upgrade is a major milestone for the Company as it enables the Company to develop more levels underground and to put more mineralized headings into production. Airflow within the mine has improved dramatically and ventilation is now sufficient for development to proceed to the high-grade Zone 500 feeder zone, which is where the company drilled 75.9 m of 20.86 g/t gold and 54.9 m of 12.22 g/t gold. Together with the new mine equipment en route to Fiji and the development of the Company’s first shrinkage stope, the mine ventilation upgrade will increase mine development at Tuvatu in advance of the next stage of mill expansion to 600-700 TPD.
Operations Update
Summary:
Raise bore development and ventilation circuit upgrade complete
Ventilation is now sufficient for development to proceed to the high-grade Zone 500
New levels and mineral headings are now being developed as a result of improved ventilation
Record 13 active headings under development at Tuvatu with more to be added
New mine equipment en route to Fiji to further accelerate mine development
First shrinkage stope under development and advancing well
The Company is currently operating at the 300 TPD pilot plant phase with expansion to the 600-700 TPD phase of operations anticipated in 2026. In advance of expansion the Company is completing critical mine infrastructure projects, including the raise bore and primary ventilation upgrade project.
Development and commissioning of the raise bore and primary ventilation circuit is now complete. Airflow within the mine has improved dramatically. Windspeed measured at the main portal is now twice as fast as prior to the completion of the new circuit and mining operations can proceed more efficiently as a result. In recent months underground development has been restricted to near-surface levels due to lack of sufficient ventilation to advance deeper into the deposit. With the primary ventilation circuit now complete, the Tuvatu mine has sufficient ventilation for underground development to proceed down to the high-grade Zone 500 feeder zone, which is a major priority for the Company. New development and mineralized headings can now immediately be advanced to deeper levels of the mine and new sources of mineralized material can be developed and put into production. With the recent addition of new mining equipment and staff, a total of 13 active headings are now being advanced at Tuvatu, which is a new record for the Company. More headings will be added as additional mining equipment arrives on site in the coming weeks and months as mine development continues to accelerate.
A shrinkage stope is now actively being developed along the Ura1 lode at Tuvatu where bonanza grade gold results, such as 142.66 g/t gold over 2.2 m, have been returned from drilling. The shrinkage stope is anticipated to be approximately 100 m long, 30 m tall, and 1.5 m wide, and is designed to minimize dilution and maximize gold grades delivered to the mill. During development of the stope, the Ura1 lode has shown to be continuous, and sampling has returned consistent high grades across the structure. The Ura1 shrinkage stope is anticipated to come online in May and June 2025 and will be the first of a series of shrinkage stopes to be developed at Tuvatu.
Figure 1. Example Ura1 Shrinkage Stope Development. Example shrinkage stope development rise face showing the Ura1 lode at the center of the rise, with the Ura lode identified with red paint and sample markers identified in pink paint. Width of the image is approximately 1.6 m.
Lion One Metals recovered 3,555 oz of gold during the quarter ending March 31, 2025. This represents a 155% increase in production year-over-year from the same quarter in 2024, during which 1,394 oz of gold was produced while the processing plant was undergoing commissioning. This is a decrease in production quarter-over-quarter from the 4300 oz of gold produced during the prior quarter ending December 31, 2024.
The decrease in production from the prior quarter is due primarily to increased downtime related to both scheduled and unscheduled mill maintenance and repairs during January and February 2025. During this period there were 6 days of planned mill maintenance shutdown to complete a mill liner replacement, and a secondary mill pinion replacement, as well as unscheduled downtime and reduced mill throughput as a result of heavy rains. Mill throughput typically exceeds design levels and averages approximately 340 TPD but was reduced to an average of 280 TPD in January and February. Production returned to normal levels in March once both the scheduled and weather-related maintenance procedures were complete. Modifications to the mill are currently underway to minimize the impact of heavy rains and to improve water management within the pilot plant and reduce the seasonal effect of heavy rains.
Figure 2. Tuvatu Monthly Gold Production, October 2024 to March 2025. Gold production dipped in January and February 2025 due to scheduled mill maintenance shutdowns as well as to unscheduled maintenance and reduced mill throughput due to heavy rains. Production returned to baseline levels in March 2025.
In accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43- 101”), William J. Witte, P.Eng., Principal Advisor to the Company, is the Qualified Person for the Company and has reviewed and is responsible for the technical and scientific content of this news release.
Lion One Laboratories / QAQC
Lion One adheres to rigorous QAQC procedures above and beyond basic regulatory guidelines in conducting its drilling, sampling, testing, and analyses. The Company operates its own geochemical assay laboratory and its own fleet of diamond drill rigs using PQ, HQ and NQ sized drill rods.
Diamond drill core samples are logged by Lion One personnel on site. Exploration diamond drill core is split by Lion One personnel on site, with half core samples sent for analysis and the other half core remaining on site. Grade control diamond drill core is whole core assayed. Core samples are delivered to the Lion One Laboratory for preparation and analysis. All samples are pulverized at the Lion One lab to 85% passing through 75 microns and gold analysis is carried out using fire assay with an AA finish. Samples that return grades greater than 10.00 g/t Au are re-analyzed by gravimetric method, which is considered more accurate for very high-grade samples.
Duplicates of 5% of samples with grades above 0.5 g/t Au are delivered to ALS Global Laboratories in Australia for check assay determinations using the same methods (Au-AA26 and Au-GRA22 where applicable). ALS also analyses 33 pathfinder elements by HF-HNO3-HClO4 acid digestion, HCl leach and ICP-AES (method ME-ICP61). The Lion One lab can test a range of up to 71 elements through Inductively Coupled Plasma Optical Emission Spectrometry (ICP-OES) but currently focuses on a suite of 26 important pathfinder elements with an aqua regia digest and ICP-OES finish.
About Lion One Metals Limited
Lion One Metals is an emerging Canadian gold producer headquartered in North Vancouver BC, with new operations established in late 2023 at its 100% owned Tuvatu Alkaline Gold Project in Fiji. The Tuvatu project comprises the high-grade Tuvatu Alkaline Gold Deposit, the Underground Gold Mine, the Pilot Plant, and the Assay Lab. The Company also has an extensive exploration license covering the entire Navilawa Caldera, which is host to multiple mineralized zones and highly prospective exploration targets.
On behalf of the Board of Directors, Walter Berukoff, President, Chairman of the Board
Neither the TSX-V nor its Regulation Service Provider accepts responsibility or the adequacy or accuracy of this release
This press release may contain statements that may be deemed to be “forward-looking statements” within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein are forward-looking information. Generally, forward-looking information may be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “proposed”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases, or by the use of words or phrases which state that certain actions, events or results may, could, would, or might occur or be achieved. This forward-looking information reflects Lion One Metals Limited’s current beliefs and is based on information currently available to Lion One Metals Limited and on assumptions Lion One Metals Limited believes are reasonable. These assumptions include, but are not limited to, the actual results of exploration projects being equivalent to or better than estimated results in technical reports, assessment reports, and other geological reports or prior exploration results. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance, or achievements of Lion One Metals Limited or its subsidiaries to be materially different from those expressed or implied by such forward-looking information. Such risks and other factors may include, but are not limited to: the stage development of Lion One Metals Limited, general business, economic, competitive, political and social uncertainties; the actual results of current research and development or operational activities; competition; uncertainty as to patent applications and intellectual property rights; product liability and lack of insurance; delay or failure to receive board or regulatory approvals; changes in legislation, including environmental legislation, affecting mining, timing and availability of external financing on acceptable terms; not realizing on the potential benefits of technology; conclusions of economic evaluations; and lack of qualified, skilled labor or loss of key individuals. Although Lion One Metals Limited has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated, or intended. Accordingly, readers should not place undue reliance on forward-looking information. Lion One Metals Limited does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
Drill hole APC104-D6 extended the first high-grade sub-zone drill tested by the Company to date by up to 70 metres vertically by intersecting 114.50 metres @ 5.00 g/t gold equivalent within 263.85 metres at 3.10 g/t gold equivalent. Hole APC104-D6 was drilled below previously announced holes APC104-D2 and APC104-D5, which intercepted 181.35 metres @ 5.38 g/t AuEq** and 106.35 metres at 9.05 g/t AuEq**, respectively.
Drill hole APC104-D7A clipped the eastern edge of the same sub-zone, intercepting 30.25 metres @ 5.10 g/t gold equivalent within 137.70 metres @ 2.94 g/t gold equivalent. Results to date from the new orthogonal drilling program into the first high grade sub-zone have now outlined dimensions of 180 metres of strike, 70 metres in thickness and over 70 metres vertical and is still open in most directions for future expansion.
The Company has modeled eleven high-grade sub-zones target areas within the top 1,000 vertical metres of Apollo and plans to drill test each of them over the course of 2025. The high-grade sub-zones have the potential to boost the overall grade and mineral inventory of the Apollo system within the existing block model.
Mother hole APC-106D was drilled outside the Apollo system to the north and intersected multiple, shallow and high-grade gold-silver veins with results including 1.65 metres @ 20.81 g/t gold equivalent and 1.90 metres @ 16.29 g/t gold equivalent. Drilling of the Northern Gold-Silver Vein Zone to the north of Apollo has now outlined a 350-metre-long zone of high-grade porphyry related veins (“CBM veins”).
TORONTO, April 15, 2025 /CNW/ – Collective Mining Ltd. (NYSE: CNL) (TSX: CNL) (“Collective” or the “Company”) is pleased to announce assay results for three holes drilled into the Apollo system (“Apollo”). Two of the holes were designed to test the potential extension of the recently discovered first high-grade sub-zone, while the third hole was drilled into the early-stage Northern Gold-Silver Vein Zone located above and to the north of the brecciated Apollo system. Apollo is the most advanced discovery made to date within the Company’s multi-target Guayabales Project in Caldas, Colombia.
The Company currently has eight drill rigs operating as part of its fully funded 70,000-metre drill program for 2025 with five rigs drilling at Apollo, one at the Tower target and two rigs at the San Antonio Project.
The 2025 objectives for the portion of the drilling program targeting the Apollo system are:
Drill test newly modeled high-grade sub-zone targets scattered throughout the top 1,000 vertical metres from surface to improve the grade profile (and size) of the system.
Grow the overall dimensions of the system by expanding vertically and laterally the recently discovered high-grade Ramp Zone.
Test the northern extension potential of Apollo at shallower elevations.
Expand and define the area of outcropping/shallow mineralization and test many drilling gaps within the internal block model from surface to a depth of 150 metres.
Approximately 115,000 metres of diamond drilling has been completed to date at the Guayabales Project, including 78,000 metres at Apollo. There are currently thirteen drill holes awaiting assays with results for most of these holes expected prior to the end of Q2 2025.
Ari Sussman, Executive Chairman commented: “Drilling continues to successfully intercept high-grade gold in the first of eleven potential high-grade sub-zones modelled by our technical team within the top 1,000 vertical metres of the Apollo system. The bonus of drilling the sub-zones is that if successful in finding more gold than previous modeled, then it should raise the overall grade of the system within the existing modelled envelope. If drilling continues to intersect high grades as new sub-zone targets are tested, the impact on the block model grade and inventory could be materially significant. Additionally, drilling at the poorly drilled Northern Gold-Silver Vein Zone has expanded the system to 350 metres in an east-west direction and it remains open in all directions for growth. Any metal defined in this zone is a bonus as it is additional to the main Apollo system.”
To watch a video of David Reading, Special Advisor to the Company and QP under NI43-101 explain today’s results please click on the link here.
Details (see Table 1 and Figures 1-5)
APC104-D6, collared from mother hole APC-104D, was drilled in a westerly direction below previously announced hole APC104-D2 and was designed to extend the first modelled, high-grade sub-zone by 70 metres vertically. The hole intercepted continuous mineralization over 263.85 metres which included the high-grade sub-zone and multiple zones of high-grade CBM veinlets with assay results as follows:
114.50 metres @ 5.00 g/t gold equivalent from 82.00 metres
31.75 metres @ 3.10 g/t gold equivalent from 303.75 metres
21.95 metres @ 3.08 g/t gold equivalent from 373.55 metres
17.15 metres @ 2.60 g/t gold equivalent from 444.80 metres
APC104-D7A, which is the final hole collared from mother hole APC-104D, was also drilled in a southwest direction on the edge of the Apollo system and clipped the eastern margin of the high-grade sub-zone with assay results as follows:
30.25 metres @ 5.10 g/t gold equivalent from 172.15 metres
The pilot drilling program designed to test the first modelled sub-zone has now defined an area of 180 metres of strike, by 70 metres in thickness and by 70 metres vertical with continuous high-grade mineralization. This sub-zone is still open in almost all directions and will be expanded as part of the current ongoing drill program. The Company also plans to drill at least eleven additional potential sub-zone targets in 2025 identified throughout top 1,000 vertical metres of the Apollo system. As a reminder, at a depth below 1,000 metres from surface, Apollo transitions in the Ramp Zone, which is a different deposit and style of mineralization.
APC-106D was drilled to the south from newly constructed Pad19 located north and outside the Apollo system. At 350 metres downhole, the alteration began to markedly increase and then the hole cut a zone of east-west trending, high-grade CBM veins. These new intercepts are a material extension to the high-grade Northern Gold-Silver Vein Zone, which now measures approximately 350 metres in strike and remains open in all directions for expansion. Assay results for hole APC-106D are as follows:
1.65 metres @ 20.81 g/t gold equivalent from 353.20 metres
1.90 metres @ 16.29 g/t gold equivalent from 388.30 metres
The intersection of shallow CBM veins in the northern portion of the Apollo system has positive implications for the presence of brecciated porphyry at depth as this zoning of mineralization is seen further south at Apollo. Following completion of the mother hole, directional drilling is currently in progress to test for a northern extension of the Apollo system at depth where the system remains open for expansion.
Table 1: Assays Results for Drill Holes APC104-D6, APC104-D7A and APC-106D
Hole #
From (m)
To (m)
Length (m)
Au g/t
Ag g/t
Cu %
Zn %
AuEq g/t*
APC104-D6
71.65
335.50
263.85
2.52
37
0.09
0.15
3.10
Incl.
82.00
196.50
114.50
4.19
53
0.15
0.15
5.00
& Incl-
303.75
335.50
31.75
2.24
58
0.06
0.33
3.10
and
373.55
395.50
21.95
2.96
10
0.03
0.11
3.08
and
444.80
461.95
17.15
2.29
22
0.06
0.04
2.60
APC104-D7A
160.90
298.60
137.70
1.87
61
0.22
0.14
2.94
Incl.
172.15
202.40
30.25
4.28
50
0.14
0.32
5.10
APC-106D
353.20
354.85
1.65
19.78
122
0.03
0.06
20.81
and
388.30
390.20
1.90
8.66
600
0.05
0.44
16.29
and
732.95
751.20
18.25
1.92
12
0.03
0.13
2.10
Incl.
732.95
738.80
5.85
4.50
27
0.04
0.35
4.88
*AuEq (g/t) is calculated as follows: (Au (g/t) x 0.97) + (Ag (g/t) x 0.015 x 0.85) + (Cu (%) x 1.44 x 0.95) + (Zn (%) x 0.43 x 0.85) utilizing metal prices of Ag – US$30/oz, Zn – US$1.25/lb, Cu – US$4.2/lb and Au – US$2,000/oz and recovery rates of 97% for Au, 85% for Ag, 95% for Cu and 85% for Zn. Recovery rate assumptions for metals are based on metallurgical results announced on October 17, 2023, April 11, 2024, and October 3, 2024. The recovery rate assumption for zinc is speculative as limited metallurgical work has been completed to date. True widths are unknown, and grades are uncut.
** See press release dated January 15, 2025, February 24, 2025, March 15, 2022 and May 9, 2022 for AuEq calculations.
Figure 1: Plan View of the Apollo System Highlighting Drill Holes in this Release (CNW Group/Collective Mining Ltd.)
Figure 2: Apollo System: High-Grade Over 1,200 Metres from Surface (CNW Group/Collective Mining Ltd.)
Figure 3: Section B – B’ Outlining the High-Grade Sub-Zone Intersected in Drill Hole APC104-D6 (CNW Group/Collective Mining Ltd.)
Figure 4: Drill Core Tray Photo Highlighting a Portion of APC104-D6 (CNW Group/Collective Mining Ltd.)
Figure 5: Plan View of the Guayabales Project Highlighting the Apollo Target Area (CNW Group/Collective Mining Ltd.)
About Collective Mining Ltd.
To see our latest corporate presentation and related information, please visit www.collectivemining.com.
Founded by the team that developed and sold Continental Gold Inc. to Zijin Mining for approximately $2 billion in enterprise value, Collective is a gold, silver, copper and tungsten exploration company with projects in Caldas, Colombia. The Company has options to acquire 100% interests in two projects located directly within an established mining camp with ten fully permitted and operating mines.
The Company’s flagship project, Guayabales, is anchored by the Apollo system, which hosts the large-scale, bulk-tonnage and high-grade gold-silver-copper-tungsten Apollo system. The Company’s objectives are to improve the overall grade of the Apollo system by systematically drill testing newly modeled potentially high-grade sub-zones, expand the Apollo system by stepping out along strike to the north and expanding the newly discovered high-grade Ramp Zone along strike and to depth, expand the Trap system and drill a series of newly generated targets including Tower and X.
Management and insiders own approximately 33.4% of the outstanding shares of the Company and as a result, are fully aligned with shareholders. The Company is listed on the NYSE American and TSX under the trading symbol “CNL” and on the FSE under the trading symbol “GG1”.
Qualified Person (QP) and NI43-101 Disclosure
David J Reading is the designated Qualified Person for this news release within the meaning of National Instrument 43-101 (“NI 43-101”) and has reviewed and verified that the technical information contained herein is accurate and approves of the written disclosure of same. Mr. Reading has an MSc in Economic Geology and is a Fellow of the Institute of Materials, Minerals and Mining and of the Society of Economic Geology (SEG).
Technical Information
Samples were cut by Company personnel at Collective Mining’s core facility in Caldas, Colombia. Diamond drill core was sawed and then sampled in maximum 2 metres intervals, stopping at geological boundaries. Drill hole core diameter is a mix of PQ, HQ and NQ depending on the depth of the drill hole.
Core samples have been prepared and analyzed at ALS laboratory facilities in Medellin, Colombia and Lima, Peru. Blanks, duplicates, and certified reference standards are inserted into the sample stream to monitor laboratory performance. Crush rejects and pulps are kept and stored in a secured storage facility for future assay verification. No capping has been applied to sample composites. The Company utilizes a rigorous, industry-standard QA/QC program.
Information Contact:
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This news release contains “forward-looking statements” and “forward-looking information” within the meaning of applicable securities legislation (collectively, “forward-looking statements”). All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussion with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often, but not always using phrases such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or variations (including negative variations) of such words and phrases, or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved) are not statements of historical fact and may be forward-looking statements. In this news release, forward-looking statements relate, among other things, to: anticipated use of proceeds from the Offering and the exercise of Warrants; the anticipated advancement of mineral properties or programs; future operations; future recovery metal recovery rates; future growth potential of Collective; and future development plans.
These forward-looking statements, and any assumptions upon which they are based, are made in good faith and reflect our current judgment regarding future events including the direction of our business. Management believes that these assumptions are reasonable. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among others: planed use of proceeds from the Offering and the exercise of the Warrants; risks related to the speculative nature of the Company’s business; the Company’s formative stage of development; the Company’s financial position; possible variations in mineralization, grade or recovery rates; actual results of current exploration activities; conclusions of future economic evaluations; fluctuations in general macroeconomic conditions; fluctuations in securities markets; fluctuations in spot and forward prices of gold, precious and base metals or certain other commodities; fluctuations in currency markets; change in national and local government, legislation, taxation, controls regulations and political or economic developments; risks and hazards associated with the business of mineral exploration, development and mining (including environmental hazards, industrial accidents, unusual or unexpected formation pressures, cave-ins and flooding); inability to obtain adequate insurance to cover risks and hazards; the presence of laws and regulations that may impose restrictions on mining; employee relations; relationships with and claims by local communities and indigenous populations; availability of increasing costs associated with mining inputs and labour; the speculative nature of mineral exploration and development (including the risks of obtaining necessary licenses, permits and approvals from government authorities); and title to properties, as well as those risk factors discussed or referred to in the annual information form of the Company dated March 24, 2025. Forward-looking statements contained herein are made as of the date of this news release and the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results, except as may be required by applicable securities laws. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements and there may be other factors that cause results not to be anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking statements.
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