Vancouver, British Columbia–(Newsfile Corp. – February 14, 2024) – Emperor Metals Inc. (CSE: AUOZ) (OTCQB: EMAUF) (FSE: 9NH) (“Emperor“, or the “Company“) is pleased to announce that the Company has completed a 424 line-km aeromagnetic geophysical survey comprising 14.5 km2 at the Duquesne West Gold project in Quebec. This high-resolution survey enhances Emperor’s exploration strategy by refining geological models and targeting capabilities for gold deposition.
Highlights
Enhanced Aeromagnetic Resolution: Achieved with 50 meter and 25 m line spacing providing new and improved detail.
Advanced Geological Understanding: Advances Emperor’s understanding of the structural framework and lithological controls crucial to mineralization.
Revealed Greenstone Belt Architecture: Illustrates the underlying architecture of the greenstone belt; pinpointing areas to favorable ore environments.
Discovery of Unknown Structural Features: Reveals unknown structural features not identified by past explorers, offering new exploration targets.
CEO John Florek commented:
“This dataset not only enhances our understanding of the complex geological environment at Duquesne West but also aligns perfectly with our strategic objectives. By identifying signatures indicative of both high-grade and bulk tonnage gold deposits, we’re now equipped to expand our exploration efforts across multiple fronts. This improved aeromagnetic detail is meaningful for our 2024 drilling program, setting the stage for a transformative year. With these insights, we’re more confident than ever in our ability to uncover new targets for expanding known mineralization and exploring new prospects. We anticipate a busy and productive summer ahead.”
Strategic Implications:
This dataset is instrumental in distinguishing the signatures related to favorable gold deposition, enabling the identification of previously overlooked targets. Specifically, it aids in exploration for:
Underground High-Grade Gold
Open Pit Bulk Tonnage Gold
Underground Bulk Tonnage Gold
These findings are aligned with Emperor Metals’ strategic vision to explore and develop diverse gold resources, leveraging advanced technologies to uncover the full potential of the Duquesne West Gold Project.
2024 Geophysical Survey
This survey marks the first set of detailed (<100m line spacing) aeromagnetics geophysical data on the Duquesne West project with substantially better resolution than historical government data which gives the company valuable insight into magnetic characteristics on its claims.
The survey is expected to enhance the understanding of structure, mineralogy, and spatial positioning of potential economic mineralization related to magnetic anomalies. This survey will assist the company in expanding the footprint of known mineralization and defining near surface targets ahead of the Company’s 2024 drill program.
About the Duquesne West Gold Project
The Duquesne West Gold Property is located 32 km northwest of the city of Rouyn-Noranda and 10 km east of the town of Duparquet. The property lies within the historic Duparquet gold mining camp in the southern portion of the Abitibi Greenstone Belt in the Superior Province.
Under an Option Agreement, Emperor agreed to acquire a one hundred percent (100%) interest in a mineral claim package comprising 38 claims covering approximately 1,389 ha, located in the Duparquet Township of Quebec (the “Duquesne West Property”) from Duparquet Assets Ltd., a 50% owned subsidiary of Globex Mining Enterprises Inc. For further information on the Duquesne West Property and Option Agreement, see Emperor’s press release dated October 12, 2022, available on SEDAR.
The Property hosts a historical inferred mineral resource estimate of 727,000 ounces of gold at a grade of 5.42 g/t Au.1,2 The mineral resource estimate predates modern CIM guidelines and a Qualified Person on behalf of Emperor has not reviewed or verified the mineral resource estimate, therefore it is considered historical in nature and is reported solely to provide an indication of the magnitude of mineralization that could be present on the property. The gold system remains open for resource identification and expansion.
Reinterpretation of the existing geological model was created using Artificial Intelligence (A.I) and Machine Learning. This model shows the opportunity for additional discovery of ounces by revealing gold trends unknown to previous workers and the potential to expand the resource along significant gold-endowed structural zones.
Multiple scenarios exist to expand additional resources which include:
Underground High-Grade Gold
Open Pit Bulk Tonnage Gold
Underground Bulk Tonnage Gold.
1 Watts, Griffis, and McOuat Consulting Geologists and Engineers, Oct 20, 2011, Technical Report and Mineral Resource Estimate Update for the Duquesne-Ottoman Property, Quebec, Canada for XMet Inc.
2 Power-Fardy and Breede, 2011. The Mineral Resource Estimate (MRE) constructed in 2011 is considered historical in nature as it was constructed prior to the most recent Canadian Institute of Mining and Metallurgy (CIM) standards (2014) and guidelines (2019) for mineral resources. In addition, the economic factors used to demonstrate reasonable prospects of eventual economic extraction for the MRE have changed since 2011. A qualified person has not done sufficient work to consider the MRE as a current MRE. Emperor is not treating the historical MRE as a current mineral resource. The reader is cautioned not to treat it, or any part of it, as a current mineral resource.
QP Disclosure
The technical content for the Duquesne West Project in this news release has been reviewed and approved by John Florek, M.Sc., P.Geol., a Qualified Person pursuant to CIM guidelines.
About Emperor Metals Inc.
Emperor Metals Inc. is an innovative Canadian mineral exploration company focused on developing high-quality gold properties situated in the Canadian Shield. For more information, please refer to SEDAR PLUS (www.sedarplus.com), under the Company’s profile.
ON BEHALF OF THE BOARD OF DIRECTORS
s/ “John Florek” John Florek, M.Sc., P.Geol President, CEO and Director Emperor Metals Inc.
CERTAIN STATEMENTS MADE AND INFORMATION CONTAINED HEREIN MAY CONSTITUTE “FORWARD-LOOKING INFORMATION” AND “FORWARD-LOOKING STATEMENTS” WITHIN THE MEANING OF APPLICABLE CANADIAN AND UNITED STATES SECURITIES LEGISLATION. THESE STATEMENTS AND INFORMATION ARE BASED ON FACTS CURRENTLY AVAILABLE TO THE COMPANY AND THERE IS NO ASSURANCE THAT ACTUAL RESULTS WILL MEET MANAGEMENT’S EXPECTATIONS. FORWARD-LOOKING STATEMENTS AND INFORMATION MAY BE IDENTIFIED BY SUCH TERMS AS “ANTICIPATES”, “BELIEVES”, “TARGETS”, “ESTIMATES”, “PLANS”, “EXPECTS”, “MAY”, “WILL”, “COULD” OR “WOULD”.
FORWARD-LOOKING STATEMENTS AND INFORMATION CONTAINED HEREIN ARE BASED ON CERTAIN FACTORS AND ASSUMPTIONS REGARDING, AMONG OTHER THINGS, THE ESTIMATION OF MINERAL RESOURCES AND RESERVES, THE REALIZATION OF RESOURCE AND RESERVE ESTIMATES, METAL PRICES, TAXATION, THE ESTIMATION, TIMING AND AMOUNT OF FUTURE EXPLORATION AND DEVELOPMENT, CAPITAL AND OPERATING COSTS, THE AVAILABILITY OF FINANCING, THE RECEIPT OF REGULATORY APPROVALS, ENVIRONMENTAL RISKS, TITLE DISPUTES AND OTHER MATTERS. WHILE THE COMPANY CONSIDERS ITS ASSUMPTIONS TO BE REASONABLE AS OF THE DATE HEREOF, FORWARD-LOOKING STATEMENTS AND INFORMATION ARE NOT GUARANTEES OF FUTURE PERFORMANCE AND READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON SUCH STATEMENTS AS ACTUAL EVENTS AND RESULTS MAY DIFFER MATERIALLY FROM THOSE DESCRIBED HEREIN. THE COMPANY DOES NOT UNDERTAKE TO UPDATE ANY FORWARD-LOOKING STATEMENTS OR INFORMATION EXCEPT AS MAY BE REQUIRED BY APPLICABLE SECURITIES LAWS.
North Vancouver, British Columbia–(Newsfile Corp. – February 14, 2024) – Lion One Metals Limited (TSXV: LIO)(OTCQX: LOMLF) (ASX: LLO) (“Lion One” or the “Company“) is pleased to announce that the Company has closed the underwritten offering (the “Offering“) previously announced on February 7, 2024 by issuing 24,150,000 units of the Company (the “Units“) at a price of $0.50 per Unit (the “Offering Price“) for aggregate gross proceeds of $12,075,000, which includes the exercise, in full, by the Underwriters (as defined below) of the over-allotment option granted by the Company to purchase up to an additional 3,150,000 Units at the Offering Price pursuant to the terms of an underwriting agreement (the “Underwriting Agreement“) dated as of February 8, 2024, among the Company, Cantor Fitzgerald Canada Corporation (the “Lead Underwriter“), Canaccord Genuity Corp., Eight Capital, and Raymond James Ltd. (together with the Lead Underwriter, the “Underwriters“).
Each Unit consists of one common share (a “Common Share“) in the capital of the Company and one common share purchase warrant (a “Warrant“) of the Company. Each Warrant shall be exercisable to acquire one Common Share (a “Warrant Share“) at a price per Warrant Share of C$0.65 for a period of 36 months from the closing date of the Offering.
In connection with the Offering and the Concurrent Private Placement, the Company paid to the Underwriters a cash commission of $724,500, which was equal to 6.0% of the gross proceeds from the Offering, and issued an aggregate of 1,449,000 broker warrants, equal to 6.0% of the number of Units sold pursuant to the Offering. Each broker warrant is exercisable for one Common Share at a price of C$0.65 for a period of 36 months from the closing date of the Offering.
The net proceeds received by the Company from the sale of the Units will be used for development and ramp up expenses at the Tuvatu Gold project located in Fiji, as well as for general corporate expenses & purposes. The Units issued pursuant to the Offering were qualified for distribution by way of a prospectus supplement of the Company dated February 9, 2024 (the “Prospectus Supplement“) to the Company’s existing short form base shelf prospectus dated May 13, 2022 (the “Base Shelf Prospectus“) filed in the Provinces of British Columbia, Alberta and Ontario, and offered and sold to eligible purchasers by way of available prospectus exemptions in certain jurisdictions outside of Canada. The Base Shelf Prospectus, the Prospectus Supplement, the documents incorporated by reference therein and the Underwriting Agreement are available on the Company’s profile on SEDAR+ at www.sedar.com.
The securities referred to herein have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act“), or any U.S. state securities laws, and may not be offered or sold in the “United States” (as such term is defined in Regulation S under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable U.S. state securities laws or an exemption from such registration is available. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
About Lion One Metals Limited
Lion One is an emerging Canadian gold producer headquartered in North Vancouver, B.C., 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.
As disclosed in its “Technical Report and PEA Update for the Tuvatu Gold Project” dated April 29, 2022, the 2018 Tuvatu resource estimate comprises 1,007,000 tonnes indicated at 8.50 g/t Au (274,600 oz. Au) and 1,325,000 tonnes inferred at 9.0 g/t Au (384,000 oz. Au) at a cut-off grade of 3.0 g/t Au. The technical report is available on the Lion One website at www.liononemetals.com and under the Lion One profile on the SEDAR+ website at www.sedarplus.ca.
In accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects, Alex Nichol, MAIG, VP Geology and Exploration for Lion One, is the Qualified Person for the Company and has reviewed and is responsible for the technical and scientific content of this news release.
On behalf of the Board of Directors of Lion One Metals Limited “Walter Berukoff“ Chairman and CEO
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
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 results of the Offering and associated marketing efforts, the use of proceeds of the Offering, 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., and results of ongoing production operations. 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: prevailing capital markets conditions, the stage development of Lion One Metals Limited, general business, economic, competitive, political and social uncertainties; the actual results of current research and development or operational activities; competition; uncertainty as to patent applications and intellectual property rights; product liability and lack of insurance; delay or failure to receive board or regulatory approvals; changes in legislation, including environmental legislation, affecting mining, timing and availability of external financing on acceptable terms; not realizing on the potential benefits of technology; conclusions of economic evaluations; and lack of qualified, skilled labour or loss of key individuals. Although Lion One Metals Limited has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated, or intended. Accordingly, readers should not place undue reliance on forward-looking information. Lion One Metals Limited does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
NOT FOR DISTRIBUTION TO US NEWSWIRES OR DISSEMINATION IN THE UNITED STATES
Vancouver, British Columbia–(Newsfile Corp. – February 12, 2024) – Dolly Varden Silver Corporation (TSXV: DV) (OTC: DOLLF) (the “Company” or “Dolly Varden“) is pleased to announce 2023 step-out drilling at the Homestake Ridge property intersected a new gold-rich zone, to the northwest from the Homestake Silver Deposit.
Highlights of Homestake Silver step-outs to the northwest include: (intervals shown are core length**)
HR23-389: 79.49 g/t Au and 60 g/t Ag (80.21 g/t AuEq*) over 12.45meters including 1,335 g/t Au*** and 781 g/t Ag (1,344.42 g/t AuEq*) over 0.68 meters within a broad mineralized zone grading 15.26 g/t Au and 20.05 g/t Ag (15.50 g/t AuEq*) over 66.50 meters.
HR23-399: 43.10 g/t Au and 66 g/t Ag (43.90 g/t AuEq*) over 1.01 meters and 40.33 g/t Au and 418 g/t Ag (45.37 g/t Au Eq**) over 1.75 meters within a broad mineralized zone grading 2.68 g/t Au and 20 g/t Ag (2.92 g/t AuEq*) over 57.70 meters.
HR23-410: 10.17 g/t Au over 6.61 meters including 50.70 g/t Au over 0.62 meters.
Highlights from Homestake Main infill drilling below high-grade plunge include: (intervals shown are core length**)
HR23-374:22.60 g/t Au over 0.67 meters, 18.75 g/t Au over 2.00 meters and 10.15 g/t Au over 1.00 meter in separate vein breccias included in a wider mineralized envelope grading 1.22 g/t Au and 1.90 g/t Ag (1.24 g/t AuEq*) over 83.51 meters.
HR23-386: 18.14 g/t Au and 30 g/t Ag (18.51 g/t AuEq*) over 2.50 meters including 69.9 g/t Au and 42 g/t Ag (70.41 g/t AuEq*) over 0.50 meters.
HR23-390: 129.00 g/t Au and 218 g/t Ag (131.63 g/t AuEq*) over 0.50 meters in a vein breccia included in a wider mineralized envelope grading 1.92 g/t Au and 3.58 g/t Ag (1.96 g/t AuEq*) over 50.30 meters.
*AuEq and AgEq are calculated using $US1650/oz Au, $US20/oz Ag **Estimated true widths vary depending on intersection angles and range from 50% to 85% of core lengths. ***Determined using metallic screen fire assay on 1.0 kg split
“Whether we discover new zones of high-grade gold at Homestake Ridge or expand the large, wide and high-grade silver deposits at Wolf and Torbrit, drilling continues to deliver results from the premier, undeveloped gold-silver trend in Canada,” said Shawn Khunkhun, CEO of Dolly Varden Silver.
“The new high-grade gold and silver mineralization encountered in step out drilling to the northwest of Homestake Silver represents a significant breakthrough in further defining, upgrading and expanding the mineralization at Homestake Ridge,” said Rob van Egmond, Vice-President Exploration.” This new zone remains open to the northwest, projecting towards the Homestake Main Deposit.”
This release includes the remaining drill results from 48 drill holes from the 2023 drill program at the 100%-owned Kitsault Valley Project that includes the Homestake Ridge and Dolly Varden properties in BC’s Golden Triangle. Reporting 26 drill holes at Homestake Main (11,054.90m), four drill holes (2,478.00m) from the new gold-rich zone at the Homestake Silver northwestern extension, and six exploration drill holes on the Homestake Ridge property (1,627.00m). In addition, twelve holes (6,971.00m) from the Dolly Varden property including the North Star, Red Point and Wolf areas are reported in this release.
Homestake Silver Step-Out Drilling
The high-grade gold and silver intersections in holes HR23-389 and HR23-399 are horizontally separated by approximately 40m and are interpreted to be a new gold zone extending northwest, at depth towards the Homestake Main deposit. Deeper in these holes a second, targeted mineralized envelope was encountered (Figure 5). In longitudinal section, the new gold zone overlaps parallel with the known mineralized envelopes approximately 50 meters to the east. This zone remains open to the northwest below historic drilling. Drilling in 2024 will target a 350m long gap between the Homestake Silver and Homestake Main Deposits to expand this new zone (Figure 2).
Drill hole HR23-410 is a 75-meter step-out from previously released holes HR23-395 and 398 (January 4th, 2024 release) and represents an extension of the higher grade veins to depth and below the wide, higher grade plunge.
The dip of drill hole HR23-394 steepened due to hole deviation more than anticipated and remained in the footwall to mineralized zones.
Figure 1. Location in this release along Dolly Varden’s Kitsault Valley trend
The objective of drilling during 2023 at the Homestake Main and Homestake Silver deposits was to expanded multiple, subparallel mineralized zones and to upgrade Inferred Mineral Resources in the projected plunge of the wider, higher-grade zone. The drilling completed in 2023 at Homestake Main was primarily resource expansion drilling, targeting both down dip and along strike from current Mineral Resources.
At Homestake Main, the 2023 drilling tested the depth extent of the structural corridor that hosts the mineralization and infilled in areas of higher grades. Drill hole HR23-374 is located approximately 200m down dip from the modelled wide, high-grade plunge, planned as a depth test at the bottom edge of the known mineralized envelope.
Drilling along the northwest projection of the Homestake Main zone intersected the structural corridor and associated alteration but with a decrease in vein stockwork and vein breccias density.
Homestake Ridge Exploration Drilling
Four exploration drill holes (HR23-417, 420, 421 and 424) tested two parallel, northwest trending structures located 300 metres and 600 meters to the west of the Homestake Silver deposit. HR23-424 tested the Fox Reef, a parallel structure approximately 900 meters to the southwest. Numerous veins and breccias were intersected with lower grade gold values (Table 3). Another two drill holes (HR23-422 and 423) tested the Dilly – Rambler exploration target 1,500m to the south of Homestake Silver. Although zones of QSP alteration and structures of interest were intersected, no significant precious metal grades were returned from the samples in these holes.
The Homestake Ridge deposits are interpreted as a structurally controlled, multi-phase epithermal vein stockwork and vein breccia system hosted in Jurassic Hazelton Volcanic rocks. Mineralization consists of pyrite and chalcopyrite in a breccia matrix within a silica breccia vein system and quart-carbonate veining (Figure 3). The northwest orientation of the main Homestake structural trend appears to have numerous subparallel internal structures that are interpreted to form the controls for higher grade gold and silver shoots within a broader low-grade (>0.1 g/t Au) zone at the Homestake Main deposit. The main structural corridor dips steeply to the northeast at Homestake Main and rolls to steeply Southwest at Homestake Silver (Figure 2 and 5).
Figure 2. Long Section of Homestake Silver and Main. Modelled mineralized envelope from resource in Red (looking southwest)
Figure 3. Drill hole HR23-389 at the gold zone from the Homestake Silver deposit hosting quartz carbonate vein and stockwork with high-grade gold and silver mineralization.
Figure 4. Location of 2023 Drill holes at Homestake Main and northwest step outs at Homestake Silver in this release. Plan View with Current Mineral Resource block model in grey, primarily of Inferred Classification
Table 1. Completed Drill Hole Assays from the Homestake Silver Deposit Northern Extension drilling
Hole ID
From (m)
To (m)
Length (m)**
Au (g/t)
Ag (g/t)
Cu (%)
AuEq*
AgEq*
HR23-389
329.50
369.93
40.43
0.11
67
0.00
0.91
76
including
366.00
368.00
2.00
0.52
559
0.03
7.26
602
including
367.00
368.00
1.00
0.99
996
0.04
13.00
1078
New Au Zone
377.50
444.00
66.50
15.26
20
0.01
15.50
1285
including
401.00
413.45
12.45
79.49
60
0.01
80.21
6649
including
409.90
410.58
0.68
1335***
781
0.01
1344.42
111440
Lower Zone
503.07
550.35
47.28
1.22
1
0.01
1.23
102
including
510.60
511.85
1.25
13.70
4
0.01
13.75
1140
including
522.77
523.37
0.60
8.53
4
0.01
8.57
711
including
525.79
526.81
1.02
13.65
6
0.01
13.72
1137
HR23-394
416.50
421.50
5.00
0.52
14
0.02
0.69
57
including
416.50
417.50
1.00
2.10
26
0.03
2.42
200
and
484.00
486.00
2.00
2.20
50
0.02
2.79
231
HR23-399 New Au Zone
377.90
435.60
57.70
2.68
20
0.02
2.92
242
including
396.24
397.25
1.01
43.10
66
0.23
43.90
3639
including
413.00
414.75
1.75
40.33
418
0.13
45.37
3761
and
446.80
452.00
5.20
1.40
5
0.02
1.46
121
Lower Zone
545.10
570.00
24.90
0.36
NSV
0.36
30
HR23-410
329.35
329.85
0.50
0.12
1215
0.04
14.77
1225
and
329.85
330.35
0.50
0.06
192
0.41
2.37
197
75m Step out
566.11
572.72
6.61
10.17
7
0.03
10.25
850
including
567.58
571.47
3.89
16.81
10
0.04
16.93
1403
including
567.58
568.20
0.62
50.70
26
0.08
51.01
4229
including
570.00
571.47
1.47
15.30
9
0.05
15.41
1277
Table 2. Completed Drill Hole Assays from the Homestake Main Deposit Area
Hole ID
From (m)
To (m)
Length (m)**
Au (g/t)
Ag (g/t)
Cu (%)
AuEq*
AgEq*
HR23-367
295.75
304.80
9.05
1.66
1
0.01
1.68
139
including
299.96
300.80
0.84
3.16
2
0.03
3.19
264
including
301.32
301.82
0.50
19.80
11
0.06
19.94
1652
HR23-368
186.90
188.90
2.00
0.18
NSV
0.18
15
and
207.70
212.95
5.25
0.17
NSV
0.17
14
HR23-369
204.00
211.00
7.00
0.60
NSV
0.60
50
including
231.07
231.62
0.55
0.83
4
0.01
0.88
73
and
294.50
317.34
22.84
0.37
NSV
0.37
31
including
313.19
314.50
1.31
3.31
18
0.00
3.52
292
HR23-370
288.00
295.00
7.00
1.65
2
0.01
1.67
139
including
293.00
295.00
2.00
4.83
5
0.01
4.89
405
HR23-371
323.00
323.50
0.50
1.45
NSV
1.45
120
HR23-372
234.36
258.50
24.14
0.87
1
0.04
0.88
73
including
246.50
250.50
4.00
3.58
3
0.10
3.61
299
including
257.70
258.50
0.80
1.05
7
0.52
1.13
94
HR23-373
341.00
343.00
2.00
0.45
NSV
0.45
37
HR23-374
261.03
344.54
83.51
1.22
2
0.04
1.24
103
including
268.48
269.15
0.67
22.60
10
0.17
22.72
1883
including
311.00
313.00
2.00
18.75
8
0.22
18.85
1562
including
321.00
322.00
1.00
10.15
9
0.09
10.26
850
HR23-375
234.00
237.18
3.18
0.14
2
0.01
0.17
14
HR23-376
402.09
409.13
7.04
0.97
1
0.05
0.98
81
including
408.32
409.13
0.81
5.29
5
0.32
5.35
444
HR23-377
475.75
477.26
1.51
0.32
4
0.04
0.37
31
HR23-378
523.55
526.00
2.45
0.36
NSV
0.36
30
and
569.85
571.46
1.61
0.45
NSV
0.45
37
HR23-379
264.00
293.00
29.00
0.47
1
0.02
0.49
40
including
284.88
286.50
1.62
4.96
14
0.25
5.13
425
and
299.75
315.35
15.60
0.29
NSV
0.29
24
and
387.00
416.00
29.00
0.38
NSV
0.38
31
including
395.00
399.50
4.50
0.80
NSV
0.80
66
including
403.00
406.00
3.00
0.92
NSV
0.92
76
HR23-380
420.44
446.00
25.56
0.25
0
0.00
0.25
21
HR23-381
259.97
277.00
17.03
0.56
12
0.03
0.71
59
including
265.24
265.89
0.65
3.38
111
0.41
4.72
391
including
268.02
268.61
0.59
1.30
4
0.00
1.35
112
HR23-382
312.00
394.41
82.41
0.26
NSV
0.02
0.26
22
including
324.60
325.12
0.52
3.33
4
0.44
3.38
280
including
359.50
360.22
0.72
1.95
13
0.48
2.11
175
and
404.00
434.00
30.00
0.38
NSV
0.01
0.38
31
including
426.30
427.12
0.82
4.86
21
0.32
5.11
424
Table 2 con’t. Completed Drill Hole Assays from the Homestake Main Deposit Area
Hole ID
From (m)
To (m)
Length (m)**
Au (g/t)
Ag (g/t)
Cu (%)
AuEq*
AgEq*
HR23-383
166.08
168.00
1.92
0.86
39
0.00
1.33
110
HR23-384
338.12
371.10
32.98
0.31
1
0.01
0.33
27
and
391.00
444.00
53.00
0.30
1
0.00
0.31
26
HR23-385
485.67
515.05
29.38
0.25
2
0.07
0.27
22
and
510.00
510.70
0.70
0.93
15
0.63
1.11
92
HR23-386
156.69
208.95
52.26
1.47
25
0.13
1.78
147
including
159.00
160.00
1.00
1.35
969
0.09
13.04
1081
including
161.00
163.50
2.50
18.14
30
0.24
18.51
1534
including
161.00
161.50
0.50
69.90
42
0.18
70.41
5836
including
183.90
190.00
6.10
2.19
16
0.91
2.39
198
HR23-387
146.84
190.10
43.26
0.62
6
0.13
0.69
57
including
150.00
150.50
0.50
6.18
10
0.16
6.31
523
including
166.00
168.65
2.65
2.54
35
1.68
2.96
246
including
189.10
189.60
0.50
2.62
1
0.11
2.64
219
HR23-388
211.90
229.50
17.60
1.00
4
0.14
1.04
86
including
213.86
215.00
1.14
1.90
17
0.93
2.10
174
including
219.48
220.20
0.72
7.80
8
0.13
7.90
655
including
221.50
222.00
0.50
1.03
9
0.16
1.14
94
including
225.60
228.40
2.80
2.05
4
0.14
2.10
174
and
372.50
381.50
9.00
1.76
3
0.13
1.80
149
including
373.38
373.88
0.50
28.80
47
2.23
29.37
2434
HR23-390
167.70
218.00
50.30
1.92
4
0.03
1.96
162
including
169.68
170.18
0.50
129.00
218
1.09
131.63
10911
including
173.95
174.45
0.50
5.59
8
0.13
5.68
471
including
206.00
207.00
1.00
2.72
1
0.00
2.73
227
including
216.00
218.00
2.00
2.12
5
0.03
2.18
180
HR23-391
159.00
167.50
8.50
0.12
NSV
0.12
10
and
232.00
239.55
7.55
1.22
5
0.14
1.28
106
including
234.00
236.55
2.55
3.29
11
0.36
3.43
284
and
246.04
306.90
60.86
0.72
3
0.09
0.76
63
including
246.04
246.61
0.57
3.56
40
0.12
4.04
335
including
254.48
273.30
18.82
1.52
4
0.14
1.56
130
including
304.70
305.20
0.50
13.55
50
0.27
14.15
1173
and
324.00
346.20
22.20
0.26
0
0.02
0.27
22
including
331.80
332.30
0.50
3.96
5
0.84
4.03
334
HR23-392
113.00
119.00
6.00
0.45
47
0.02
1.01
84
Table 3. Completed Drill Hole Assays from the Homestake Ridge Property Exploration
Hole ID
From (m)
To (m)
Length (m)**
Au (g/t)
Ag (g/t)
Cu (%)
AuEq*
AgEq*
HR23-422
193.00
194.17
1.17
0.36
24
0.13
0.65
54
HR23-424
10.00
17.00
7.00
0.27
NSV
HR23-424
12.00
13.16
1.16
1.06
9
1.17
97
and
23.25
23.75
0.50
5.72
22
0.40
5.98
496
and
95.20
95.70
0.50
0.54
20
0.79
65
and
196.05
196.66
0.61
1.76
2
1.79
148
and
199.35
199.85
0.50
1.97
3
2.00
166
and
249.35
249.93
0.58
1.84
2
1.86
154
HR23-423
168.60
169.70
1.10
1.52
1
1.53
127
and
246.75
247.75
1.00
0.78
NSV
0.78
65
HR23-420
NSV
HR23-421
97.60
206.00
108.40
0.11
NSV
0.112
9
HR23-417
156.20
161.20
5.00
0.98
NSV
0.978
81
including
158.20
159.20
1.00
2.09
NSV
2.09
173
*AuEq and AgEq are calculated using $US1650/oz Au, $US20/oz Ag. **Estimated true widths vary depending on intersection angles and range from 50% to 90% of core lengths ***Determined using metallic screen fire assay on 1.0kg
Table 4. Drill Hole Collar Locations for 2023 Homestake Ridge drill holes in this release
Hole ID
Easting UTM83 (m)
Northing UTM83 (m)
Elev. (m)
Azimuth
Dip
Length (m)
HR23-367
462840
6179693
952
211
-58
351.00
HR23-368
462840
6179693
952
202
-68
402.00
HR23-369
463071
6179531
927
237
-55
414.00
HR23-370
462840
6179693
952
226
-56
324.90
HR23-371
462771
6179849
1091
200
-75
589.00
HR23-372
463071
6179531
927
235
-62
390.00
HR23-373
462840
6179693
952
230
-68
450.00
HR23-374
463166
6179562
895
232
-53
441.00
HR23-375
462771
6179849
1091
200
-62
582.00
HR23-376
462897
6179729
964
140
-65
609.00
HR23-377
463166
6179562
895
232
-71
552.00
HR23-378
462771
6179849
1091
200
-73
609.00
HR23-379
463015
6179634
918
210
-59
450.00
HR23-380
463132
6179539
914
221
-70
501.00
HR23-381
462794
6179271
1116
106
-45
402.00
HR23-382
463075
6179672
902
212
-55
450.00
HR23-383
463129
6179330
986
220
-53
285.00
HR23-384
463132
6179539
914
205
-66
501.00
HR23-385
462897
6179729
964
240
-74
600.00
HR23-386
463120
6179391
969
223
-57
300.00
HR23-387
463120
6179391
969
231
-52
306.00
HR23-388
463133
6179500
925
223
-47
399.00
HR23-390
463120
6179391
969
205
-62
354.00
HR23-391
463133
6179500
925
218
-61
439.00
HR23-392
462794
6179271
1116
116
-45
354.00
HR23-389
463590
6179193
825
228
-46
603.00
HR23-394
463590
6179193
825
228
-53
654.00
HR23-399
463590
6179193
825
232
-48
621.00
HR23-410
463560
6179124
834
220
-50
600.00
HR23-417exp
463182
6178630
1070
240
-50
283.00
HR23-420exp
463482
6178246
1014
240
-50
279.00
HR23-421exp
463295
6177829
1200
282
-46
222.00
HR23-422exp
463305
6177143
1117
166
-46
261.00
HR23-423exp
463713
6176389
1038
315
-50
255.00
HR23-424exp
463318
6178059
1169
230
-46
327.00
Dolly Varden Exploration Drilling
Result for twelve drill holes competed at the end of the 2023 season on the Dolly Varden property come from three main areas: Red Point, North Star and Wolf (Figure 6).
Red Point Drilling
Three holes were drilled in the Red Point area, located at the southern end of the western gold belt, approximately 10 kilometers southeast along the trend from the Homestake Ridge deposits. Styles of mineralization encountered including varying degrees of quartz and quartz-carbonate veining in a QSP alteration halo, similar to what is seen at the Homestake Ridge deposits. Highlights from the 2023 exploration drilling include: (intervals shown are core length**)
HR23-360: 1.92 g/t Au over 13.10 meters including 7.25 g/t Au and 1.12% Cu over 2.30 meters near surface all within a broad mineralized halo grading 0.44 g/t Au over 120.62 meters.
**Estimated true widths vary depending on intersection angles and range from 70% to 90% of core lengths.
North Star Drilling
Two drill holes intersected the stratabound mineralization of the North Star deposit, part of the Torbrit Horizon, approximately 50 meters down dip from historic underground drilling in the 1960s. The surface drill holes collars were moved further back to intercept the horizon at a better angle and test for continuity. The North Star deposit has higher lead (Pb) and zinc (Zn) values than the Torbrit deposit located across the Kitsault Valley. The Current Mineral Resource Estimate for North Star does not include any credits for the significant base metals in the mineralized horizon.
Highlights from North Star Area include: (intervals shown are core length**)
HR23-358: west step out, entire horizon: 199 g/t Ag with 1.28% Pb and 1.21% Zn (292 g/t AgEq) over 18.10 meters including 1,510 g/t Ag, 1.23% Pb and 5.34% Zn (1,755 g/t AgEq) over 0.58 meters and 753 g/t Ag, 0.51 g/t Au, 15.20% Pb and 4.32% Zn (1,430 g/t AgEq) over 1.00 meters.
**Estimated true widths vary depending on intersection angles and range from 80% to 95% of core lengths.
The North Star deposit (along the Torbrit Horizon) remains open to the west down dip along the Torbrit Horizon for follow up in the 2024 drill program.
Wolf Drilling
The five drill holes reported in this release for Wolf were part of an end of season follow up to test below the plunge of the wide, higher-grade zone. The Wolf structure was intersected with low silver grades and increased lead and zinc values, typical of below and outside of the plunge of high-grade silver zone (Figure 8).
Figure 6. Drill hole location map for Dolly Varden Property holes reported in this release.
Figure 7. Wolf Long Section with 2023 drill holes in this release highlighted in white. The 2023 result highlights shown from step-outs along the wide, high-grade plunge are from previous releases (Sept 11th and Nov 06th, 2023).
Table 5. Completed Drill Hole Assays from the Dolly Varden Property Exploration Drilling in this release.
Hole ID
From (m)
To (m)
Length (m)**
Ag (g/t)
Au (g/t)
Pb (%)
Zn (%)
AgEq (g/t)
DV23-353 North Star
251.05
254.50
3.45
138
0.07
3.50
7.69
543
including
252.50
254.50
2.00
211
0.10
5.74
9.82
769
and
266.45
267.10
0.65
426
0.39
0.59
0.24
485
and
291.50
292.50
1.00
219
0.47
0.05
1.29
308
DV23-358 North Star
278.96
280.80
1.84
52
0.03
0.80
11.10
500
and
293.32
311.42
18.10
199
0.08
1.28
1.21
292
including
293.32
300.75
7.43
345
5.92
2.75
1.6
491
including
293.32
293.90
0.58
1510
0.06
1.23
5.34
1755
including
296.00
297.00
1.00
753
0.51
15.20
4.32
1430
DV23-360 Red Point
1.85
122.47
120.62
3
0.44
0.02
0.05
42
including
34.90
48.00
13.10
6
1.92
0.03
0.08
169
including
44.00
46.30
2.30
15
7.25
0.03
0.07
619
DV23-363 Red Point
29.00
109.00
80.00
NSV
0.38
including
51.00
54.10
3.10
12
3.45
298
DV23-384 Red Point
724.20
783.00
58.80
1
0.28
0.01
0.03
26
including
737.50
761.81
24.31
1
0.45
0.00
0.02
39
DV23-377 Surprise
NSV
DV23-378 Surprise
NSV
DV23-380 Wolf
575.60
584.28
8.68
2
NSV
0.12
0.55
26
DV23-381 Wolf
593.13
594.10
0.97
115
0.03
1.60
1.73
233
and
669.20
670.20
1.00
184
0.04
0.52
2.44
295
and
671.92
673.90
1.98
215
0.01
0.23
3.17
343
and
675.40
676.40
1.00
138
0.03
15.04
3.12
725
DV23-382 Wolf
549.83
570.70
20.87
39
0.18
1.25
0.70
119
including
551.00
552.30
1.30
250
0.28
15.38
3.80
895
DV23-383 Wolf
274.00
276.72
2.72
6
0.03
0.06
1.14
53
DV23-385 Wolf
369.02
384.62
15.60
21
0.05
0.77
0.61
72
including
372.10
372.92
0.82
131
0.28
0.34
0.55
185
*AgEq is calculated using $US20/oz Ag, $US0.90/lb Pb and $US1.10/lb Zn **Estimated true widths vary depending on intersection angles and range from 70% to 95% of core lengths
Table 6. Drill Hole Collar Locations for 2023 Dolly Varden Property drill holes in this release.
Hole ID
Easting UTM83 (m)
Northing UTM83 (m)
Elev. (m)
Azimuth
Dip
Length (m)
DV23-353 North Star
467575
6171329
533
115
-60
431.00
DV23-358 North Star
467575
6171329
533
155
-58
413.00
DV23-360 Red Point
467026
6172064
618
205
-50
384.00
DV23-363 Red Point
466782
6172288
707
220
-63
378.00
DV23-384 Red Point
466500
6171968
759
260
-60
912.00
DV23-377 Surprise
466815
6173693
446
232
-46
300.00
DV23-378 Surprise
466815
6173693
446
340
-60
618.00
DV23-380 Wolf
467013
6173643
383
140
-71
803.00
DV23-381 Wolf
467013
6173643
383
140
-74
824.00
DV23-382 Wolf
467013
6173643
383
142
-65
648.00
DV23-383 Wolf
467265
6172994
372
305
-55
762.00
DV23-385 Wolf
467127
6173757
364
138
-57
498.00
Quality Assurance and Quality Control
The Company adheres to CIM Best Practices Guidelines for exploration related activities conducted on its property. Quality Assurance and Quality Control (QA/QC) procedures are overseen by the Qualified Person.
Dolly Varden QA/QC protocols are maintained through the insertion of certified reference material (standards), blanks and field duplicates within the sample stream. Drill core is cut in-half with a diamond saw, with one-half placed in sealed bags and shipped to the laboratory and the other half retained on site. Third party laboratory checks on 5% of the samples are carried out as well. Chain of custody is maintained from the drill to the submittal into the laboratory preparation facility.
Analytical testing was performed by ALS Canada Ltd. in North Vancouver, British Columbia. The entire sample is crushed to 70% minus 2mm (10 mesh), of which a 500 gram split is pulverized to minus 200 mesh. Multi-element analyses were determined by Inductively Coupled Plasma Mass Spectrometry (ICP-MS) for 48 elements following a 4-acid digestion process. High grade silver testing was determined by Fire Assay with either an atomic absorption, or a gravimetric finish, depending on grade range. Gold is determined by Fire Assay on a 30g split with and AA finish and over limits determined by Fire Assay with a gravimetric finish. Metallic screen fire assay analysis on 1kg sample +106umis carried out when determined to be necessary on higher grade samples.
Qualified Person
Rob van Egmond, P.Geo., Vice-President Exploration for Dolly Varden Silver, the “Qualified Person” as defined by NI43-101 has reviewed, validated and approved the scientific and technical information contained in this news release and supervises the ongoing exploration program at the Dolly Varden Project.
About Dolly Varden Silver Corporation
Dolly Varden Silver Corporation is a mineral exploration company focused on advancing its 100% held Kitsault Valley Project (which combines the Dolly Varden Project and the Homestake Ridge Project) located in the Golden Triangle of British Columbia, Canada, 25kms by road to tide water. The 163 sq. km. project hosts the high-grade silver and gold resources of Dolly Varden and Homestake Ridge along with the past producing Dolly Varden and Torbrit silver mines. It is considered to be prospective for hosting further precious metal deposits, being on the same structural and stratigraphic belts that host numerous other, on-trend, high-grade deposits, such as Eskay Creek and Brucejack. The Kitsault Valley Project also contains the Big Bulk property which is prospective for porphyry and skarn style copper and gold mineralization, similar to other such deposits in the region (Red Mountain, KSM, Red Chris).
Forward-Looking Statements
This release may contain forward-looking statements or forward-looking information under applicable Canadian securities legislation that may not be based on historical fact, including, without limitation, statements containing the words “believe”, “may”, “plan”, “will”, “estimate”, “continue”, “anticipate”, “intend”, “expect”, “potential”, and similar expressions. Forward-looking statements involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of Dolly Varden to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements. Forward-looking statements or information in this release relates to, among other things, the 2022 drill program at the Kitsault Valley Project, the results of previous field work and programs and the continued operations of the current exploration program, interpretation of the nature of the mineralization at the project and that that the mineralization on the project is similar to Eskay and Brucejack, results of the mineral resource estimate on the project, the potential to grow the project, the potential to expand the mineralization and our beliefs about the unexplored portion of the property.
These forward-looking statements are based on management’s current expectations and beliefs and assume, among other things, the ability of the Company to successfully pursue its current development plans, that future sources of funding will be available to the company, that relevant commodity prices will remain at levels that are economically viable for the Company and that the Company will receive relevant permits in a timely manner in order to enable its operations, but given the uncertainties, assumptions and risks, readers are cautioned not to place undue reliance on such forward-looking statements or information. The Company disclaims any obligation to update, or to publicly announce, any such statements, events or developments except as required by law.
For additional information on risks and uncertainties, see the Company’s most recently filed annual management discussion & analysis (“MD&A“) and management information circular dated January 21, 2022 (the “Circular“), both of which are available on SEDAR at www.sedar.com. The risk factors identified in the MD&A and the Circular are not intended to represent a complete list of factors that could affect the Company.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this news release.
Kelowna, British Columbia–(Newsfile Corp. – February 12, 2024) – F3 Uranium Corp(TSXV: FUU) (OTCQB: FUUFF) (“F3” or “the Company“) is pleased to announce final assay results from the fall 2023 drill program, including PLN23-110 (see NR dated December 18, 2023) which returned 2.0m of 42.4% U3O8 from 226.0m to 228.0m, including 1.5m averaging 55.4% U3O8 with a highest grade of 66.8% U3O8 in a single 0.5m sample. PLN23-112, drilled from line 060S returned 11.5m averaging 2.00% U3O8 from 229.0m to 240.5m including 3.5m averaging 4.24% U3O8.
Sam Hartmann, VP Exploration, commented:
“PLN23-110 returned ultra-high grade assays, including the highest assay to date – 66.8% U3O8 on section 015S, which remains open in the up-dip direction. At the B1 area, where we initially targeted the B1 EM conductor, significant alteration in sandstone and basement rocks was encountered (see NR dated December 18, 2023) and we are pleased to receive final geochemistry supporting our decision to drill a wide fence with 4 drill holes across approximately 250m of geology. Anomalous basement uranium values were intersected, notably in PLN23-105 with up to 137 ppm uranium; values of greater than 100 ppm uranium have previously only been encountered in PLN14-019 and immediately surrounding holes, as well as within the JR Zone itself.”
The Company is also pleased to announce that it has completed a technical report for its Patterson Lake North (PLN) Project, including the PLN, Broach and Minto properties, pursuant to National Instrument 43-101 “Standards of Disclosure for Mineral Projects” (“NI 43-101”). The report was completed by lead consultant SLR International Corporation (“SLR”) with an effective date of November 20, 2023, prepared for F3 Uranium Corp. and dated January 25, 2024. The report will be filed on SEDAR within 45 days.
Assay Highlight:
PLN23-110 (line 015S): mineralized intervals
2.5m @ 0.23% U3O8 (217.0m to 219.5m), and
2.0m @ 42.4% U3O8 (226.0m to 228.0m), including
1.5m @ 55.4% U3O8 (226.0m to 227.5m), further including
0.5m @ 66.8% U3O8 (227.0m to 227.5m)
Main JR Zone Intercepts:
PLN23-101 (line 015S): mineralized intervals
11.5m @ 0.39% U3O8 (218.5m to 230.5m), including
1.5m @ 1.77% U3O8 (222.5m to 224.0m), and
1.5m @ 2.64% U3O8 (227.5m to 229.0m)
PLN23-106 (line 120S): mineralized interval
0.5m @ 0.07% U3O8 (240.5m to 241.0m)
PLN23-108 (line 030S): mineralized intervals
0.5m @ 0.24% U3O8 (256.5m to 257.0m), and
0.5m @ 0.67% U3O8 (260.5m to 261.0m)
PLN23-109 (line 015S): mineralized interval
2.5m @ 0.33% U3O8 (221.0m to 223.5m)
PLN23-112 (line 060S): mineralized intervals
8.0m @ 1.03% U3O8 (229.0m to 237.0m), including 0.5m @ 13.2% U3O8 (232.0m to 232.5m), and
3.5m @ 4.24% U3O8 (237.0m to 240.5m), including
0.5m @ 20.0% U3O8 (238.0m to 238.5m)
PLN23-114 (line 030S): mineralized intervals
3.0m @ 0.05% U3O8 (219.5m to 222.5m), and
1.5m @ 0.64% U3O8 (230.5m to 232.0m), and
0.5m @ 0.11% U3O8 (235.5m to 236.0m)
Exploration Drilling Highlights:
PLN23-102 (line 3450S), B1 Area:
0.5m @ 79 ppm uranium (411.5m to 412.0m) in basement
PLN23-105 (line 3450S), B1 Area:
7.5m @ 48 ppm uranium (528.5m to 535.0m) in basement, including
0.5m @ 137 ppm uranium (531.5m to 532.0m)
PLN23-111 (line 3450S), B1 Area:
3.5m @ 1,198 ppm boron (357.5m to 361.0m) in sandstone, including
0.5m @ 2,770 ppm boron (357.5m to 358.0m)
Table 1. Drill Hole Summary and Uranium Assay Results
Collar Information
Assay Results
Hole ID
Grid Line
Easting
Northing
Elevation
Az
Dip
From (m)
To (m)
Interval (m)
U3O8 weight %
PLN23-101
015S
587732.5
6410748.2
545.3
54.6
-64.9
218.50
222.50
4.00
0.22
222.50
224.00
1.50
1.77
224.00
227.50
3.50
0.28
227.50
229.00
1.50
2.64
229.00
230.00
1.00
0.26
PLN23-102
3450S
589712.2
6407939.1
540.0
53.1
-65.6
B1 exploration; no mineralization >0.05
PLN23-103
045S
587780.7
6410746.1
545.7
54.5
-60.3
no mineralization >0.05
PLN23-104
105S
587729.0
6410634.5
545.2
54.4
-60.6
no mineralization >0.05
PLN23-105
3450S
589764.9
6407978.1
540.4
53.3
-65.0
B1 exploration; no mineralization >0.05
PLN23-106
120S
587761.4
6410639.4
544.4
54.3
-64.1
240.50
241.00
0.50
0.07
PLN23-107
3450S
589673.7
6407913.1
539.9
55.0
-65.2
B1 exploration; no mineralization >0.05
PLN23-108
030S
587682.1
6410692.8
545.1
53.6
-60.3
256.50
257.00
0.50
0.24
260.50
261.00
0.50
0.67
PLN23-109
015S
587739.0
6410762.5
545.5
54.7
-74.9
221.00
223.50
2.50
0.33
PLN23-110
015S
587733.4
6410749.2
545.5
53.3
-61.8
217.00
219.50
2.50
0.23
226.00
228.00
2.00
42.4
incl
226.00
227.50
1.50
55.4
PLN23-111
3240S
589638.6
6408148.6
535.5
55.2
-65.2
B1 exploration; no mineralization >0.05
PLN23-112
060S
587748.7
6410702.1
545.7
53.3
-65.5
229.00
232.00
3.00
0.33
232.00
232.50
0.50
13.2
232.50
237.00
4.50
0.14
237.00
240.50
3.50
4.24
incl
238.00
238.50
0.50
20.0
244.50
245.00
0.50
0.05
PLN23-113
930S
588352.9
6410068.3
532.9
52.8
-65.0
A1 exploration; no mineralization >0.05
PLN23-114
030S
587736.8
6410733.3
545.5
54.8
-58.1
219.50
222.50
3.00
0.05
230.50
232.00
1.50
0.64
235.50
236.00
0.50
0.11
PLN23-115
2955S
589548.1
6408433.1
530.8
42.9
-67.9
B1 exploration; no mineralization >0.05
Assay composite parameters:
Minimum Thickness of 0.5 m
Assay Grade Cut-Off: 0.05% U3O8 (weight %)
Maximum Internal Dilution: 2.0 m
Composited weight % U3O8 mineralized intervals are summarized in Table 1. Samples from the drill core are split in half sections on site. Where possible, samples are standardized at 0.5m down-hole intervals. One-half of the split sample is sent to SRC Geoanalytical Laboratories (an SCC ISO/IEC 17025: 2005 Accredited Facility) in Saskatoon, SK while the other half remains on site for reference. Analysis includes a 63 element suite including boron by ICP-OES, uranium by ICP-MS and gold analysis by ICP-OES and/or AAS.
The Company considers uranium mineralization with assay results of greater than 1.0 weight % U3O8 as “high grade” and results greater than 20.0 weight % U3O8 as “ultra-high grade”.
All depth measurements reported are down-hole and true thickness are yet to be determined.
About Patterson Lake North:
The Company’s 4,078-hectare 100% owned Patterson Lake North property (PLN) is located just within the south-western edge of the Athabasca Basin in proximity to Fission Uranium’s Triple R and NexGen Energy’s Arrow high-grade world class uranium deposits which is poised to become the next major area of development for new uranium operations in northern Saskatchewan. PLN is accessed by Provincial Highway 955, which transects the property, and the new JR Zone uranium discovery is located 23km northwest of Fission Uranium’s Triple R deposit. The PLN property is part of the PLN Project which also includes the Minto and Broach properties.
Qualified Person:
The technical information in this news release has been prepared in accordance with the Canadian regulatory requirements set out in National Instrument 43-101 and approved on behalf of the company by Raymond Ashley, P.Geo., President & COO of F3 Uranium Corp, a Qualified Person. Mr. Ashley has verified the data disclosed.
About F3 Uranium Corp.:
F3 Uranium is a uranium project generator and exploration company, focusing on projects in the Athabasca Basin, home to some of the world’s largest high grade uranium discovery. F3 Uranium currently has 18 projects in the Athabasca Basin. Several of F3’s projects are near large uranium discoveries including Triple R, Arrow and Hurricane.
Forward Looking Statements
This news release contains certain forward-looking statements within the meaning of applicable securities laws. All statements that are not historical facts, including without limitation, statements regarding future estimates, plans, programs, forecasts, projections, objectives, assumptions, expectations or beliefs of future performance, including statements regarding the suitability of the Properties for mining exploration, future payments, issuance of shares and work commitment funds, entry into of a definitive option agreement respecting the Properties, are “forward-looking statements.” These forward-looking statements reflect the expectations or beliefs of management of the Company based on information currently available to it. Forward-looking statements are subject to a number of risks and uncertainties, including those detailed from time to time in filings made by the Company with securities regulatory authorities, which may cause actual outcomes to differ materially from those discussed in the forward-looking statements. These factors should be considered carefully and readers are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements and information contained in this news release are made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
The TSX Venture Exchange and the Canadian Securities Exchange have not reviewed, approved or disapproved the contents of this press release, and do not accept responsibility for the adequacy or accuracy of this release.
F3 Uranium Corp. 750-1620 Dickson Avenue Kelowna, BC V1Y9Y2 Contact Information Investor Relations Telephone: 778 484 8030 Email: ir@f3uranium.com
ON BEHALF OF THE BOARD “Dev Randhawa” Dev Randhawa, CEO
Kelowna, British Columbia–(Newsfile Corp. – February 6, 2024) – Strathmore Plus Uranium Corporation (TSXV: SUU) (OTCQB: SUUFF) (“Strathmore Plus” or “the Company“) is pleased to announce the initiation of a non-brokered private placement (the “Offering”) to raise minimum gross proceeds of $1,500,000 from the sale of 3,000,000 units of the Company (each, a “Unit”) at a price of C$0.50 per Unit (the “Offering Price”), and maximum gross proceeds of $2,000,000 from the sale of up to 4,000,000 Units, at the Offering Price. Red Cloud Securities Inc. will be acting as a finder in connection with the Offering.
Each Unit consists of one common share of the Company (each, a “Common Share”) and one-half Common Share purchase warrant (each, a “Warrant”). Each full Warrant entitles the holder to purchase one Common Share at a price of $0.70 per share for a period of 24 months following the issue date of the Units.
Proceeds from the Offering will be used for working capital and further exploration of the Company’s Wyoming properties.
The closing of the Offering is subject to receipt of all necessary regulatory approvals, including the approval of the listing of the Common Shares issuable from the sale of the Units on the TSX Venture Exchange. The Common Shares issuable from the sale of the Units and upon the exercise of the Warrants will be subject to a hold period ending on the date that is four months and one day from the issue date of the Unit in accordance with applicable securities laws. A finder’s fee may be paid on a portion of the proceeds from the Offering.
This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
About Strathmore Plus Uranium Corp. Strathmore has three fully permitted uranium projects in Wyoming, including Agate, Beaver Rim, and Night Owl. The Agate and Beaver Rim properties contain uranium in typical Wyoming-type roll front deposits based on historical drilling data. The Night Owl property is a former producing surface mine that was in production in the early 1960s.
ON BEHALF OF THE BOARD “Dev Randhawa” Dev Randhawa, CEO
Neither 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.
YERINGTON, Nev., Feb. 08, 2024 (GLOBE NEWSWIRE) — Nevada Copper Corp. (TSX: NCU) (OTC: NEVDF) (FSE: ZYTA) (“Nevada Copper” or the “Company”) provides updates on restart activities at its Pumpkin Hollow underground mine (the “Underground Mine”).
Randy Buffington, President and CEO of Nevada Copper, stated, “Since restarting mining and milling operations, we’ve made progress in a number of areas, including completion of life of mine projects such as the Geho dewatering system and phase two of the underground crushing and ore handling system, development of significant stope inventory underground and realignment of the site operations team, under the leadership of Chuck Pollard as Assistant General Manager. However, several unforeseen setbacks impacted our progress on meeting operational targets. We took critical steps and refocused resources to mitigate and address these issues. The hoisting and ore handling system has returned to full capacity and mill operations continue to incrementally improve with over two months of mill feed stockpiled on surface. While I am disappointed that these challenges have negatively impacted our ability to meet hoisting and processing targets, we continue to ramp-up toward steady state operations.”
Recent Operating Developments
Hoisting improvements implemented, hoisting increased in the fourth quarter
Over 135,000 tons of ore stockpiled on surface; over 190,000 tons of stope ore ready to mine
Unexpected bottlenecks encountered in process plant systems are being mitigated
Third ore pass and temporary use of ore bin from new life-of-mine (“LOM”) ore handling system provides material handling capacity to meet plan until underground crusher is installed
Paste plant fully commissioned
LOM fuel, paste lines in progress
LOM dewatering system in place
Development contractor ramping up development and expected to meet targets
Operational Status As noted above, several key milestones have been achieved across many aspects of the mine, including completion of critical LOM projects and restart of all significant operations, however, key fourth quarter operational targets were not met. The following challenges impacted our progress in the fourth quarter:
Underground dewatering – A build-up of water underground from increased development activities prior to completing the Geho dewatering pump project, caused several delays in progress including hoisting, capital projects construction, development and operations. The Geho pumps were successfully commissioned in November 2023, doubling pumping capacity, and all efforts were focused on removing the water from critical areas of the mine, which has now been cleared. Smaller pockets remaining are not expected to impact progress on stope mining or other development activities going forward. Full hoisting capabilities resumed in December 2023 and, with commissioning of the Geho system and additional surface infrastructure in place, we should now have sufficient pumping capacity to manage any temporary surges that are encountered. Additionally, we are implementing water reduction strategies including grouting programs to help reduce water inflows to mining areas.
Ore handling – Completion of the ore handling portion of the underground crusher and ore handling system and a third ore pass in late 2023 has provided additional ore handling capabilities. Material handling is being routed through three existing ore passes and the recently completed ore handling facility noted above. Automation improvements to the hoisting system were made in December to increase reliability and consistency in operations with the expectation that further increases in hoisting rates would be achieved. Hoisting rates in January have improved dramatically, having achieved a daily record of 4,475 tons. Stope mining is planned to resume in February 2024 and ore handling and hoisting capabilities are expected to meet underground material deliveries and process plant operations.
Process plant – The mill restarted in October 2023 and operated intermittently throughout the fourth quarter of 2023. The milling and flotation circuits operated well, achieving expected recoveries during periods of stable operations, however, unanticipated bottlenecks were encountered in the thickener and tails filter presses that caused repeated mill shutdowns. With the assistance of a technical consultant, upgrades to the filter presses, thickener equipment and operating protocols were made through December and into January. The second phase of the paste plant that delivers thickened tails directly to the paste plant has been fully constructed. Commissioning of the second phase is planned for February as stope mining resumes. Approximately 40-45% of the thickened tails will bypass the filter presses and go directly to paste plant in full operation, reducing the operational demand on the filter presses.
Life of Mine Infrastructure
In addition to the completion and commissioning of the Geho dewatering system and the second phase of the ore handling system, other LOM infrastructure improvements include the drilling of a new fuel delivery hole, drilling of a second paste hole that will provide life-of-mine paste delivery for EN Zone stopes and improvements to the water infiltration system on surface to handle excess surge capacity. A scope of work is being issued to potential contractors for the final phase of the ore handling system, which includes installation and commissioning of the crushing system.
Financing Matters
Considering the unexpected challenges described above, the Company has generated lower sales through the ramp-up process than previously anticipated, negatively impacting financing requirements. As previously disclosed, the Company has fully drawn US$25 million of debt pursuant to a deferred funding agreement with its two largest shareholders, Pala Investments Limited (“Pala”) and Mercuria Holdings (Singapore) Pte Ltd. Pala has since been providing sole funding for the Company’s operating needs in the form of debt on similar terms to the Company’s October 2022 credit facility with Pala, except such debt is unsecured and not guaranteed by the Company’s subsidiaries and the interest rate on the debt is SOFR + 10% and it matures in December 2024.
The Company requires additional financing in order to complete the ramp-up of the Underground Mine. While Pala has continued to support the Company, it is under no obligation to do so. The Company is also in discussions with other third parties. There is no assurance that additional financing will be obtained in a sufficient amount, or at all. In the absence of securing sufficient funding from Pala or other third parties, the Company will not be able to continue carrying on business.
Exploration Opportunities
As previously reported, the Company completed its 2023 drill program with a total of 11 holes (3,305 feet) drilled on the Copper Ridge target and 9 holes (1,653 feet) on the Dimples target. Preliminary assays continue to be received and analyzed by the Company and indicate that mineralization and alteration found at surface has been intersected in the drill holes. Further updates will be made once the final assays and QA/QC samples are expected to be received in the first quarter of 2024.
Qualified Person
The technical information and data in this news release has been reviewed by Steven Newman, Registered Member – SME, Vice President, Technical Services for Nevada Copper and Greg French, C.P.G., VP Exploration for Nevada Copper, who are non-independent Qualified Persons within the meaning of NI 43-101.
About Nevada Copper
Nevada Copper (TSX: NCU) is the owner of the Pumpkin Hollow copper project located in Nevada, USA with substantial reserves and resources including copper, gold and silver. Its two fully permitted projects include the high-grade Underground Mine and processing facility, which was recently restarted and is undergoing a ramp up of operations to nameplate capacity, and a large-scale open pit PFS stage project.
Randy Buffington President & CEO
For additional information, please see the Company’s website at www.nevadacopper.com, or contact: Tracey Thom | Vice President, IR and Community Relations tthom@nevadacopper.com +1 775 391 9029
Cautionary Language on Forward Looking Statements This news release contains “forward-looking information” and “forward-looking statements” within the meaning of applicable Canadian securities laws. All statements in this news release, other than statements of historical facts, are forward-looking statements. Such forward-looking information and forward-looking statements specifically include, but are not limited to, statements that relate to the ramp-up and restart of operations at the Underground Mine and the resolution of unexpected challenges and future financing needs. There can be no assurance that the ramp-up of the Underground Mine will be completed. Additional financing will be required to complete the ramp-up of the Underground Mine and there can be no assurance that any such additional financing will be available on terms that are favourable to the Company or at all.
Forward-looking statements and information include statements regarding the expectations and beliefs of management. Often, but not always, forward-looking statements and forward-looking information can be identified by the use of words such as “plans”, “expects”, “potential”, “is expected”, “anticipated”, “is targeted”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or the negatives thereof or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. Forward-looking statements or information should not be read as guarantees of future performance and results. They are subject to known and unknown risks, uncertainties and other factors which may cause the actual results and events to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information.
Such risks and uncertainties include, without limitation, those relating to: the need for additional capital and no assurance can be given regarding the availability thereof; the ability of the Company to complete the restart and ramp-up of the Underground Mine within the expected cost estimates and timeframe; results of exploration programs; the impact of the effects of COVID-19 on the business and operations of the Company; the state of financial markets; history of losses; dilution; adverse events relating to milling operations, construction, development and restart and ramp-up, including the ability of the Company to address unexpected challenges; ground conditions; cost overruns relating to development, construction and restart and ramp-up of the Underground Mine; loss of material properties; interest rate increases; global economy; limited history of production; future metals price fluctuations; speculative nature of exploration activities; periodic interruptions to exploration, development and mining activities; environmental hazards and liability; industrial accidents; failure of processing and mining equipment to perform as expected; labour disputes; supply problems; uncertainty of production and cost estimates; the interpretation of drill results and the estimation of mineral resources and reserves; changes in project parameters as plans continue to be refined; possible variations in ore reserves, grade of mineralization or recovery rates from management’s expectations and the difference may be material; legal and regulatory proceedings and community actions; accidents; title matters; regulatory approvals and restrictions; increased costs and physical risks relating to climate change, including extreme weather events, and new or revised regulations relating to climate change; permitting and licensing; dependence on management information systems and cyber security risks; volatility of the market price of the Company’s securities; insurance; competition; hedging activities; currency fluctuations; loss of key employees; other risks of the mining industry as well as those risks discussed in the Company’s Management’s Discussion and Analysis in respect of the year ended December 31, 2022 and in the section entitled “Risk Factors” in the Company’s Annual Information Form dated March 20, 2023. The forward-looking statements and information contained in this news release are based upon assumptions management believes to be reasonable, including, without limitation: no adverse developments in respect of the property or operations at the project; no material changes to applicable laws; the restart and ramp-up of operations at the Underground Mine in accordance with management’s plans and expectations; no material adverse impacts from the effects of COVID-19 going forward; the Company will be able to obtain sufficient additional funding to complete the restart and ramp-up of the Underground Mine, no material adverse change to the price of copper from current levels; and the absence of any other factors that could cause actions, events or results to differ from those anticipated, estimated or intended.
The forward-looking information and statements are stated as of the date hereof. The Company disclaims any intent or obligation to update forward-looking statements or information except as required by law. Although the Company has attempted to identify important factors that could cause actual actions, events, or results to differ materially from those described in forward-looking information and statements, there may be other factors that could cause actions, events or results not to be as anticipated, estimated or intended. Specific reference is made to “Risks and Uncertainties” in the Company’s Management’s Discussion and Analysis in respect of the year ended December 31, 2022 and “Risk Factors” in the Company’s Annual Information Form dated March 20, 2023, for a discussion of factors that may affect forward-looking statements and information. Should one or more of these risks or uncertainties materialize, should other risks or uncertainties materialize or should underlying assumptions prove incorrect, actual results and events may vary materially from those described in forward-looking statements and information. For more information on the Company and the risks and challenges of its business, investors should review the Company’s filings that are available at www.sedarplus.com.
The Company provides no assurance that forward-looking statements and information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements or information. Accordingly, readers should not place undue reliance on forward-looking statements or information.
North Vancouver, British Columbia–(Newsfile Corp. – February 7, 2024) – Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) (ASX: LLO) (“Lion One” or the “Company“) announces that it is commencing an overnight marketed public offering of units (the “Offered Units“) of the Company for anticipated gross proceeds of up to C$10.0 million (the “Offering“). The Offering is expected to be completed pursuant to an underwriting agreement (the “Underwriting Agreement“) to be entered into between the Company, Cantor Fitzgerald Canada Corporation (“CFCC“), as lead underwriter and sole bookrunner (the “Lead Underwriter“), and a syndicate of underwriters to be determined (collectively with the Lead Underwriter, the “Underwriters“).
The number of Offered Units to be sold, the Offering price (the “OfferingPrice“), and the terms of the Offered Units will be determined in the context of the market and there can be no assurance as to completion of the Offering. In addition, the Company will grant the Underwriters an over-allotment option (the “Over-Allotment Option“) exercisable, in whole or in part, in the sole discretion of the Underwriters, to purchase up to an additional 15% of the number of Offered Units sold in the Offering for up to 30 days after the closing, on the same terms and conditions as the Offering.
The net proceeds received by the Company from the sale of the Offered Units will be used for development and ramp up expenses at the Tuvatu Gold project located in Fiji, as well as for general corporate expenses & purposes.
The Offering will be made by way of a prospectus supplement (the “Prospectus Supplement“) to the Company’s existing Canadian short form base shelf prospectus dated May 13, 2022 (the “Base Shelf Prospectus“). Upon completion of pricing of the Offering and the signing of the Underwriting Agreement, the Prospectus Supplement will be filed with the securities commissions in Ontario, British Columbia, and Alberta and will be available on SEDAR+ at www.sedarplus.ca. Alternatively, the Prospectus Supplement and related Base Shelf Prospectus may be obtained upon request by contacting the Company or Cantor Fitzgerald Canada Corporation in Canada, attention: Equity Capital Markets, 181 University Avenue, Suite 1500, Toronto, ON, M5H 3M7, email: ecmcanada@cantor.com. The Offered Units will not be offered or sold in the United States except under Rule 144A or Regulation D or in such other manner as to not require registration under the United States Securities Act of 1933, as amended. The Offered Units may also be offered in those jurisdictions outside of Canada and the United States as agreed to by the Company and the Underwriters provided that no prospectus filing or comparable obligation arises and the Company does not thereafter become subject to continuous disclosure obligations in such jurisdictions. This news release does not constitute an offer to sell or a solicitation of an offer to buy any securities in the United States or any other jurisdiction in which such offer, solicitation or sale would be unlawful. No securities may be offered or sold in the United States or in any other jurisdiction in which such offer or sale would be unlawful absent registration under the U.S. Securities Act of 1933, as amended, or an exemption therefrom or qualification under the securities laws of such other jurisdiction or an exemption therefrom.
The closing of the Offering is expected to occur on or about February 13, 2024 and is subject to the completion of formal documentation and receipt of regulatory approvals, including the approval of the TSX Venture Exchange.
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.
As disclosed in its “Technical Report and PEA Update for the Tuvatu Gold Project” dated April 29, 2022, the 2018 Tuvatu resource estimate comprises 1,007,000 tonnes indicated at 8.50 g/t Au (274,600 oz. Au) and 1,325,000 tonnes inferred at 9.0 g/t Au (384,000 oz. Au) at a cut-off grade of 3.0 g/t Au. The technical report is available on the Lion One website at www.liononemetals.com and under the Lion One profile on the SEDAR+ website at www.sedarplus.ca.
In accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects, Alex Nichol, MAIG, VP Geology and Exploration for Lion One, is the Qualified Person for the Company and has reviewed and is responsible for the technical and scientific content of this news 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 results of the Offering and associated marketing efforts, the use of proceeds of the Offering, 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, and results of ongoing production operations. 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: prevailing capital markets conditions, 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.
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 news release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
NOT FOR DISTRIBUTION TO US NEWSWIRES OR DISSEMINATION IN THE UNITED STATES
Vancouver, British Columbia, February 7, 2024 (NYSE American: EMX; TSX Venture: EMX; Frankfurt: 6E9) — EMX Royalty Corporation (the “Company” or “EMX”) is pleased to announce that it has received approval from the TSX Venture Exchange (“TSXV”) of its Notice of Intention to Make a Normal Course Issuer Bid (the “NCIB”).
Under the NCIB, the Company may purchase for cancellation up to 5,000,000 common shares (the “Shares”) (representing approximately 4.45% of its issued and outstanding Shares, being 112,234,040 Shares, as of January 24, 2024) over a twelve-month period commencing on February 13, 2024. The NCIB will expire no later than February 12, 2025.
EMX believes that from time to time, the market price of its Shares may not reflect their underlying value and that the purchase of its Shares will enhance shareholder value and increase liquidity of the Shares. The Company intends to fund the purchases out of available cash.
All purchases made pursuant to the NCIB will be made through the facilities of the TSXV, NYSE American Stock Exchange (“NYSE American”), other designated exchanges and/or alternative Canadian trading systems or by such other means as may be permitted by applicable securities laws. The NCIB will be made in accordance with the applicable rules and policies of the TSXV, NYSE American and applicable Canadian and United States securities laws. The price that EMX will pay for Shares in open market transactions will be the market price at the time of purchase. Any Shares that are purchased under the NCIB will be cancelled. The actual number of Shares that may be purchased and the timing of such purchases will be determined by the Company. Decisions regarding purchases will be based on market conditions, share price, best use of available cash, and other factors. The Company is not obligated to purchase any particular number of Shares under the NCIB and the NCIB may be modified or suspended at the Company’s discretion.
EMX has appointed National Bank Financial Inc. to make purchases under the NCIB on its own behalf.
About EMX. EMX is a precious, base and battery metals royalty company. EMX’s investors are provided with discovery, development, and commodity price optionality, while limiting exposure to risks inherent to operating companies. The Company’s common shares are listed on the TSXV and the NYSE American under the symbol “EMX”, and also trade on the Frankfurt exchange under the symbol “6E9”. Please see www.EMXroyalty.com for more information.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility of the adequacy or accuracy of this release.
Forward-Looking Statements
This news release may contain “forward looking statements” that reflect the Company’s current expectations and projections about its future results. These forward-looking statements may include statements regarding EMX’s proposed normal course issuer bid and the timing, number and price of Shares that may be purchased under the normal course issuer bid, or other statements that are not statements of fact. When used in this news release, words such as “estimate,” “intend,” “expect,” “anticipate,” “will”, “believe”, “potential” and similar expressions are intended to identify forward-looking statements, which, by their very nature, are not guarantees of the Company’s future operational or financial performance, and are subject to risks and uncertainties and other factors that could cause the Company’s actual results, performance, prospects or opportunities to differ materially from those expressed in, or implied by, these forward-looking statements. These risks, uncertainties and factors may include, but are not limited to the market price of the Shares being too high to ensure that purchases benefit the Company and its shareholders, and other factors.
Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this news release or as of the date otherwise specifically indicated herein. Due to risks and uncertainties, including the risks and uncertainties identified in this news release, and other risk factors and forward-looking statements listed in the Company’s MD&A for the quarter ended September 30, 2023 (the “MD&A”), and the most recently filed Annual Information Form (“AIF”) for the year ended December 31, 2022, actual events may differ materially from current expectations. More information about the Company, including the MD&A, the AIF and financial statements of the Company, is available on SEDAR at www.sedarplus.ca and on the SEC’s EDGAR website at www.sec.gov
TORONTO, Feb. 6, 2024 /CNW/ – Collective Mining Ltd. (TSX: CNL) (OTCQX: CNLMF) (FWB: GG1) (“Collective” or the “Company”) is pleased to announce that a second rig has been mobilized to the Trap target (“Trap”) due to strong visual mineralization observed in follow up drilling currently underway. Trap is one of a series of porphyry targets within the Company’s Guayabales Project located in Caldas Colombia. The Company’s 2024 exploration plan includes up to 40,000 metres of diamond drilling with three rigs currently operating and a fourth rig anticipated to start drilling by the middle of February 2024.
Trap Highlights (see Figures 1-4)
The Company recently announced the discovery of a gold rich porphyry system at Trap which is located approximately 3.5 kilometres to the northeast of the flagship Apollo system. The Trap target covers a large surface area measuring approximately 2 kilometres by 2 kilometres with assay results previously announced on January 18, 2024 for the initial three drill holes as follows:
301.5 metres @ 1.01 g/t AuEq from 19.5 metres depth
159.75 metres @ 1.04 g/t AuEq (TRC-3)
Geological inspection of the initial three discovery holes plus interpretation of precious and base metal assay data suggests that the Company has only drill tested the upper levels of a porphyry system consisting of overprinting early and late-stage porphyry veins associated with a pervasive phyllic (sericite – chlorite – sulphide) alteration assemblage. On January 19, 2024 a follow up drill hole was initiated from Pad 2 to test the mineralized system at depth and is currently coring in a southeast direction at approximately 745 metres in length.
Visual observation of the current drill hole is showing a noticeable increase in total sulphide content and alteration in comparison to the prior holes with three overprinting styles of mineralization being observed as follows:
Porphyry quartz veins containing pyrite and minor chalcopyrite
Late crosscutting sheeted carbonate base metal (“CBM”) veinlets enriched in sphalerite and galena
Dark polymetallic sheeted veinlets
Sufficiently encouraged by the deeper drill hole visuals, the Company is mobilizing a second drill to Trap with drilling anticipated to commence in the coming days. Additional assay results from Trap are expected in Q1 2024.
David Reading, Special Advisor to the Company commented: “The current drill hole at Trap is very exciting as it highlights the presence of stockwork and sheeted porphyry veins which relates to pulses of mineralized fluids typical of large systems. Additionally, based on core inspection of this hole, there is a noticeable increase in total sulphide content relative to the discovery holes previously announced by the Company.”
Richard Tosdal, Special Advisor to the Company added: “The current drill hole appears to start at the margin of a porphyry system and then enters porphyry quartz diorite with sheeted quartz veins surrounded by pervasive phyllic alteration assemblages composed of sericite (probably muscovite), chlorite and sulphides typical of the upper parts of porphyry copper-gold systems.”
Figure 1: Core Photos Highlights From the Current Drill Hole Underway at Trap (CNW Group/Collective Mining Ltd.)
Figure 2: Plan View of the Trap Target and Visual Results From the Hole Currently Underway (CNW Group/Collective Mining Ltd.)
Figure 4: Plan View of the Guayabales Project Highlighting the Trap 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 Mining is a copper, silver, gold 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 copper-silver-gold-tungsten Apollo porphyry system. The Company’s near-term objective is to drill the shallow portions of the Apollo system, continue to expand the overall dimensions of the system, which remains open in most directions and test newly generated grassroots targets.
Management, insiders and close family and friends own nearly 45% of the outstanding shares of the Company and as a result, are fully aligned with shareholders. The Company is listed on the TSX under the trading symbol “CNL”, on the OTCQX under the trading symbol “CNLMF” and on the FWB 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
Rock, soils and 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: Follow Executive Chairman Ari Sussman (@Ariski73) on X
This news release contains “forward-looking information” within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking information 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 information. In this news release, forward-looking information relate, among other things, to: 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 the direction of our business. Management believes that these assumptions are reasonable. Forward-looking information involves 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 information. Such factors include, among others: 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 April 7, 2022. Forward-looking information 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 information 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 information.
Collective Mining Ltd. Logo (CNW Group/Collective Mining Ltd.)
