TORONTO (Reuters) – Canada is preparing a list of potential US retaliatory tariffs and some of those could be on critical minerals, Energy and Natural Resources Minister Jonathan Wilkinson said on Thursday.
Wilkinson said that Canada was looking at points of leverage that will create maximum pressure on the United States to come to table to find a resolution to the tariff issue.
Canada could impose countermeasures on up to C$150 billion ($105 billion), a source familiar with the matter said on Wednesday.
PHILADELPHIA, PA and VANCOUVER, BC / ACCESSWIRE / January 15, 2025 / Jericho Energy Ventures Inc. (TSXV:JEV)(OTC PINK:JROOF)(FRA:JLM) (“Jericho”, “JEV” or the “Company”) is pleased to announce the closing of the first tranche of its previously announced non-brokered private placement (the “Financing”). The Company issued 7,990,000 units (the “Units”) at a price of C$0.10 per unit, generating gross proceeds of C$799,000. A second and final tranche of the Financing is expected to close in short order.
Each Unit consists of one common share (each, a “Share“) and one share purchase warrant (each, a “Warrant“), with each Warrant entitling the holder to purchase one Share at a price of C$0.20 for a period of two years from closing.
All securities issued under the Financing are subject to a four month and one day hold period expiring on May 16, 2025, under applicable securities laws in Canada and the rules of the TSX Venture Exchange (the “Exchange”). The Financing remains subject to final approval of the Exchange.
In connection with the first tranche of the Financing, the Company paid a total of C$8,680 in cash finder’s fees and issued a total of 86,800 finders’ Warrants. The finders’ Warrants are non-transferable and have the same terms as the Warrants forming part of the Units.
An insider of Jericho purchased 1,000,000 Units in the Financing (the “Insider Participation”). The Insider Participation is exempt from the valuation and minority shareholder approval requirements of Multilateral Instrument 61-101 Protection of Minority Securityholders in Special Transactions (“MI 61-101”) by virtue of the exemptions contained in Sections 5.5(a) and 5.7(1)(a) of MI 61-101 based on that the fair market value of such Insider Participation does not exceed 25% of Jericho’s market capitalization.
Net proceeds from the Financing will be used for general working capital purposes.
The securities referred to herein will not be or have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.
About Jericho Energy Ventures
Jericho is an energy company positioned for the current energy transitions; owning, operating and developing both traditional hydrocarbon JV assets and advancing the low-carbon energy transition, with active investments in hydrogen. Our wholly owned subsidiary, Hydrogen Technologies, delivers breakthrough, patented, zero-emission boiler technology to the Commercial & Industrial heat and steam industry. We also hold strategic investments and board positions in California Catalysts (formerly H2U Technologies), a leading developer of advanced materials for electrolysis, and Supercritical Solutions, developing the world’s first, high pressure, ultra-efficient electrolyzer. Jericho also owns and operates long-held producing oil and gas JV assets in Oklahoma which it is currently developing from cash flows in an effort to further increase production.
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 Company’s ability to successfully complete the Financing, conditions to closing of the Financing, and the use of proceeds from the Financing.
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, results of DCC™ feasibility studies and the success of investments, 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–(Newsfile Corp. – January 15, 2025) – West Point Gold Corp. (TSXV: WPG) (OTCQB: WPGCF) (“West Point Gold” or the “Company”) is pleased to announce the first drill results from its recently completed 1,264m (7 hole) diamond drill campaign focused on the Tyro Main Zone, at its Gold Chain Project in Arizona.
Highlights:
Hole GC24-30 intersected 52.25m of 1.53 g/t Au, including 36.10m of 2.02 g/t Au, from 43.50m.
Hole GC24-31 intersected 50.65m of 0.53 g/t Au, from 51.30m.
Both these holes intersected additional zones in the hanging wall of the deposit – 2.56m of 2.85 g/t Au, from 7.80m (GC24-30) and 4.10m of 2.17 g/t Au, from 23.00m (GC24-31), prompting infill sampling of the holes which is in progress and have the potential to expand the width of the mineralized zone.
Results confirm the exploration target at Tyro of 15.6 to 31.2 Mt at 1.5 to 2.5 g/t Au (*see note on the next page).
Assays are pending for the remaining five holes representing approximately 1,025m.
“This drill program has materially advanced our understanding of the Tyro Main Zone and its structural controls. The grades returned fit West Point Gold’s previously announced exploration target, while the widths, along with the new hanging wall zone, suggest the zone may be wider than first thought,” stated CEO, Quentin Mai. “We look forward to the balance of the results and are preparing for the next phase of drilling which is expected to follow-up on these positive results.”
Figure 1: Preliminary Tyro Main Zone Long Section showing GC24-30 and GC24-31 (center), along with RC drilling, trenches and 200 Level Sampling
All widths shown our down hole; true width is approximately 80% of down hole width
Hole GC24-30 -Infill sampling is underway, assays pending between 10.36 to 16.40m, 20.00 to 24.70m, 25.30 to 43.50m
Hole GC24-31 – Infill sampling is underway, assays pending between 27.10 to 49.99m
Summary The Q4 2024 drill program totaled 1,264m (7 holes), and was designed to improve West Point Gold’s understanding of the Tyro Main Zone, in particular the structural model and controls of the mineralization. Based on these assay results and our observations from the other holes, there are two key findings.
First, as evidenced in these assay results, the zone appears to be either wider or there are additional structures in the hanging wall (east side) of the Tyro Main Zone. It also appears that the Tyro Main Zone most likely dips at 80 degrees to the east versus our previous assumption that the zone was near vertical.
Secondly, the Tyro Main Zone appears to have developed between two near parallel structures whose relative movement is responsible for the ground preparation for subsequent gold-bearing fluids. The footwall boundary appears to be a sharp contact that may control mineralization while the hanging wall remains partially defined.
These initial results from holes GC24-30 and GC24-31 are consistent with the previously announced exploration model, of 15.6 to 31.2 Mt at 1.5 to 2.5 g/t Au* and conform with the existing geologic model based upon drilling, trenching and geologic mapping conducted over the vein system.
*The potential quantity and grades are conceptual in nature. There has been insufficient exploration drilling to define a mineral resource, and it is uncertain if further exploration will result in the exploration target being delineated as a mineral resource.
Hole GC24-30 Drilled to the northwest and perpendicular to the Main Tyro vein system (Figure 4), hole GC24-30 was designed to cross the structure about 50 metres below the Tyro 200 Level which is immediately below the floor of the open pit (Figure 2). The hole is located about 100 metres northeast of hole No. GC23-23 which traversed 44.2 m (approximately 36m true width) at 2.01 g/t Au. A similar complex of veins and veinlets was encountered in hole GC24-30 with the results presented in Table 1. The intercept consists of several discrete banded chalcedony-adularia veins and vein breccia up to 0.8 metres wide within a broader zone 1 to 10 cm veinlets in altered wall rock.
Hole GC24-31 Drilled about 80 metres northeast of hole GC24-30, hole GC24-31 also passed immediately beneath the Tyro 200 Level and about 50 metres below the floor of the open pit (Figure 1). The mineralized envelope, which extends down-hole from 23.00 to 100.55 metres, consists of mostly quartz-chalcedony veinlets with local banded chalcedony-adularia veins and vein breccia up to a couple metres wide.
To date, four holes have been drilled from 20 to 70 metres beneath the Tyro 200 Level over a strike length of about 300 metres indicating widths of the mineralized zone between 25 and 40 metres (true width).
Qualified Person Robert Johansing, M.Sc. Econ. Geol., P. Geo., the Company’s Vice President, Exploration is a qualified person (“QP”) as defined by NI 43-101 and has reviewed and approved the technical content of this press release. Mr. Johansing has also been responsible for overseeing all phases of the drilling program including logging, core cutting, labelling, bagging and transport from the project to American Assay Laboratories of Sparks, Nevada. Samples were then dried, crushed and split, and pulp samples were prepared for analysis. Gold was determined by fire assay with an ICP finish, over limit samples were determined by fire assay and gravimetric finish. Silver plus 15 other elements were determined by Aqua Regia ICP-AES (IM-2A16), over limit samples were determined by fire assay and gravimetric finish. Both certified standards and blanks were inserted on site along with duplicates, standards and blanks inserted by American Assay. Standard sample chain of custody procedures were employed during drilling and sampling campaigns until delivery to the analytical facility.
About West Point Gold Corp. West Point Gold Corp. (formerly Gold79 Mines Ltd.) is a publicly listed company focused on gold discovery and development at four prolific Walker Lane Trend projects covering Nevada and Arizona, USA. West Point Gold is focused on developing a maiden resource at its Gold Chain project in Arizona, while JV partner Kinross is advancing the Jefferson Canyon project in Nevada.
For further information regarding this press release, please contact: Aaron Paterson, Corporate Communications Manager Phone: +1 (778) 358-6173 Email: info@westpointgold.com
FORWARD-LOOKING STATEMENTS: This press release may contain forward-looking statements that are made as of the date hereof and are based on current expectations, forecasts and assumptions which involve risks and uncertainties associated with our business, including any future private placements, the uncertainty as to whether further exploration will result in the target(s) being delineated as a mineral resource, capital expenditures, operating costs, mineral resources, recovery rates, grades and prices, estimated goals, expansion and growth of the business and operations, plans and references to the Company’s future successes with its business and the economic environment in which the business operates. All such statements are made pursuant to the ‘safe harbour’ provisions of, and are intended to be forward-looking statements under, applicable Canadian securities legislation. Any statements contained herein that are statements of historical facts may be deemed to be forward-looking statements. By their nature, forward-looking statements require us to make assumptions and are subject to inherent risks and uncertainties. We caution readers of this news release not to place undue reliance on our forward-looking statements as a number of factors could cause actual results or conditions to differ materially from current expectations. Please refer to the risks set forth in the Company’s most recent annual MD&A and the Company’s continuous disclosure documents, which can be found on SEDAR at www.sedarplus.ca. West Point Gold does not intend, and disclaims any obligation, except as required by law, to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Edmonton, Alberta–(Newsfile Corp. – January 15, 2025) – Grizzly Discoveries Inc. (TSXV: GZD) (FSE: G6H) (OTCQB: GZDIF) (“Grizzly” or the “Company”) is pleased to provide an update on the acquisition of the Motherlode Crown Grants from First Majestic Silver Corp. (First Majestic) and some highlights of recent exploration completed by the Company on the Motherlode Crown Grants, host to the historical Motherlode, Sunset, Sunrise and Greyhound mines that at various times during the early and middle 1900’s produced copper (Cu), gold (Au) and silver (Ag) from both open pit and underground workings (Figures 1 to 5).
The Motherlode Crown Grants near the town of Greenwood, South-Central British Columbia (BC) include 13 Crown Grants for over 300 acres (121.4 hectares) that include subsurface mineral rights. The Crown Grants take precedence over mineral claims issued pursuant to the Mineral Tenures Act (BC). The Crown Grants cover a number of historical mines, including the Motherlode Mine that 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).
Highlights
First Majestic has completed the re-instatement of the Motherlode Crown Grants and is in the process of transferring the Crown Grants with the subsurface mineral rights to the Company.
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 (Figures 2 & 3).
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 (Figures 2 & 3; Table 1).
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 g/t Au up to 4.88 g/t Au and 7 samples yielded from 14.5 g/t Ag up to 55 g/t Ag (Figures 2 & 3; Table 1).
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 (Figures 2 & 3; Table 1).
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.
A historical MRE constructed in 1967 by Allen Geological Engineering Ltd.2 after the last period of mining on behalf of two companies, Aabro Mining and Oils Ltd. and Cumberland Mining Ltd., is described as Drill Proven (Assured), Indicated and Inferred and totals 2.8 million tonnes with a grade of 0.8% Cu and 1.06 g/t Au yielding a calculated grade of 1.6% Cu equivalent (CuEq) utilizing 90% recovery for both metals and $4/lb for Cu and $2,000/oz for Au.
Figure 1: Land position and targets of interest for future exploration, Greenwood Project.
This historical MRE was calculated prior to the implementation of the standards set forth in the current National Instrument (NI) 43-101 and current Canadian Institute of Mining, Metallurgy and Petroleum (CIM) standards for MREs. Resource definitions, terminology and reporting standards have changed significantly since these series of reports. The estimates in these reports are all considered historical in nature, and a Qualified Person (QP) has not done sufficient work to evaluate these resources as current resources. For these resources to be updated as current resources, a QP would need to examine and analyze the existing drill core, validate and verify the existing data supporting the historical estimate, and perform a confirmatory site visit. Therefore, the company and the QP for this news release are treating this estimate as historical in nature, and are highlighting the estimate for the sole purpose of illustrating the potential extent of mineralization that may be present.
In addition to the historical MREs, drilling in 1996 by Strathcona Mineral Services on behalf of YGC Resources (Veris Gold a wholly owned sub of First Majestic) 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 (Figures 4 and 5).
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 5).
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 (Figure 4).
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.
Figure 2: Motherlode Crown Grants, Historical and Modern Gold Sampling Greenwood Project.
Brian Testo, President and CEO of Grizzly Discoveries, stated, “We are excited with the acquisition of 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 campaign at the Motherlode 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.“
The Company currently has an active land use permit for drilling at the Motherlode area and has designed a confirmation and exploration core drilling program for the Motherlode and Sunset pit areas along with additional drilling at the Greyhound and Great Hopes targets based upon a compilation of historical information. It consists of about 5,000 m in 20 to 25 core holes and is focused on targets beneath and along strike from the various pit areas.
Table 1. Motherlode Area Rock Sample Assay Highlights.
Sample
Showing/ Area
Easting (N83Z11)
Northing (N83Z11)
Au (ppm)
Ag (ppm)
Cu (%)
Pb (%)
Zn (%)
09BMP104
Top
374618
5442036
2.830
32.0
0.429
0.172
0.523
09BMP111
Marguerite
375768
5441431
1.165
51.3
1.160
–
–
09DAP242
Sunset
374961
5440954
4.880
36.4
1.635
–
–
09DAP243
Sunset
374963
5440953
2.340
55.0
1.430
–
–
09DAP244
Sunset
374965
5440946
2.550
20.2
1.030
–
–
09DAP245
Sunset
374965
5440940
3.070
37.1
2.560
–
–
09DAP246
Sunset
374966
5440950
1.700
9.7
2.490
–
–
09RHP063
Motherlode
374624
5441380
6.650
21.7
3.610
–
–
09RHP065
Sunset
374950
5440939
3.250
7.1
0.546
–
–
09RHP066
Sunset
374968
5440960
2.970
17.5
3.680
–
–
09RHP067
Sunset
374978
5440965
3.080
14.5
3.030
–
–
09RHP068
Sunset
374978
5440965
4.110
33.2
1.440
–
–
10CBP023
Great Hopes
375782
5440926
11.300
3.9
0.057
–
–
10CGP059
Greyhound (Butte City)
375428
5440600
13.850
13.0
0.259
–
–
10CGP248
Greyhound (West)
375034
5440346
5.950
28.3
0.069
–
–
10CGP274
Motherlode (West)
374086
5441589
0.246
6.1
–
0.249
2.630
10DCP065
Motherlode North
374972
5442329
0.122
5.5
0.060
–
2.170
10DCP103
Motherlode
374840
5441399
2.870
17.6
2.070
–
–
10JHP018
Marguerite
375780
5441418
1.055
39.1
1.480
–
–
10JHP126
Great Hopes
375795
5440946
51.000
5.2
–
–
–
10JHP130
Gold Bug
377091
5441148
16.600
2110.0
0.216
1.400
0.298
10WBP259
Greyhound (Butte City)
375420
5440613
30.900
60.0
0.259
0.971
3.410
Summary of the Motherlode Crown Grant Purchase Terms
The Company will cover the costs to reinstate and transfer the Crown Grants to the Company.
Grizzly will issue 250,000 common shares of the Company to First Majestic upon successful transfer of the Crown Grants to the Company. These shares will be subject to a restricted trading period ending four months and one day from the date of issuance
The Company will grant a 1% Net Smelter Return (NSR) Royalty on the Crown Grants to First Majestic that with an option for the Company to purchase the NSR for $250,000 at any time.
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 base metals 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.
1Report on Motherlode and Sunset Mine by Frances Fredericks, 1951. 2The Motherlode and Greyhound Properties of Cumberland Mining Co. Ltd. N.P.L. Greenwood, BC by Allen Geological Engineering Ltd. September 27th, 1967.
North Vancouver, British Columbia–(Newsfile Corp. – January 15, 2025) – Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) (“Lion One” or the “Company”) is pleased to report record quarterly gold sales and gold production from the Tuvatu Gold Mine in Fiji for Q4 CY2024.
Summary of Quarterly Results:
4,741 oz of gold sold
4,300 oz of gold recovered
29,525 tonnes milled
Total revenue of C$17,993,020
72% increase in revenue compared to previous quarter
Quarterly Production Results
Lion One Metals sold approximately 4,741 oz of gold and 841 oz of silver during the three-month period ending December 31st, 2024. The average sale price for the quarter was C$3,787 per ounce of gold sold. Total revenue for the quarter was C$17,993,020, which represents a 72% increase in revenue compared to the previous quarter’s revenue of C$10,470,518. Gold revenue for the quarter was enhanced by higher gold prices, improved gold grades and recoveries, and the addition of unsold gold from the previous quarter. Approximately 4,300 oz of gold was recovered during the quarter, compared to 3,638 oz from the previous quarter. This represents an 18% increase in quarter-over-quarter gold production and is a new record for the company.
Table 1. Quarterly Production and Operations Summary
Q4 CY2024
Q3 CY2024
Gold sold
oz
4,741
3,129
Silver sold
oz
841
1,093
Total Revenue
C$
17,993,020
10,470,518
Plant throughput
tpd
321
341
Gold grade
g/t
5.49
4.59
Gold recovery
%
82.50
78.20
Gold produced
oz
4,300
3,638
2024 was the first calendar year of production at Tuvatu. The company has achieved consistent quarter-over-quarter increases in gold production, gold recoveries, and gold grades since plant commissioning was complete in Q1 CY2024 (Figure 1). The company is currently in the 300 tpd pilot plant phase of operations, with expansion to the 600 tpd phase of operations anticipated in 2026.
Lion One Chairman and CEO Walter Berukoff stated: “2024 was a pivotal year for Lion One Metals as we brought the Tuvatu mine in Fiji into production at the pilot plant level. We are delighted to have achieved consecutive increases in production every quarter throughout 2024, culminating in a record C$18.0M of quarterly revenue at the end of the year. As we continue to develop the mine and unlock the higher-grade portions of the deposit, we look forward to continuing this trend of increased production at Tuvatu, and ultimately doubling our plant capacity from 300 tpd to 600 tpd in 2026.”
Figure 1. Tuvatu Average Quarterly Gold Grade and Recovery, 2024. Gold grades and recovery have consistently increased quarter-over-quarter at Tuvatu since pilot plant commissioning was complete in Q1 CY2024.
Qualified Persons Statement 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.
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 & CEO
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.
December’s Consumer Price Index (CPI) will serve as the latest test of whether an inflation resurgence is a risk to the US economy as investors debate if and when the Federal Reserve will cut interest rates in 2025.
The report, set for release at 8:30 a.m. ET on Wednesday, is expected to show headline inflation of 2.9%, an uptick from November’s 2.7% annual gain in prices. Consumer prices are expected to have risen 0.4% over the prior month, also ahead of the 0.3% monthly increase seen in November.
Seasonal factors like higher fuel costs and continued stickiness in food inflation are widely expected to keep the headline figures elevated.
On a “core” basis, which strips out the more volatile costs of food and gas, prices in December are expected to have risen 3.3% over last year for the fifth consecutive month. Economists expect monthly core price increases to also match the prior month’s reading of 0.3%, according to Bloomberg data.
“Inflation appears to have stalled moderately above the Fed’s target,” Bank of America economists Stephen Juneau and Jeseo Park wrote in a preview of the report.
Core inflation has remained stubbornly elevated due to higher costs for shelter and services like insurance and medical care. Core services are expected to be little changed in December after airfares and lodging away from home both surprised to the upside in the previous print.
“These categories should moderate in December,” BofA’s Juneau and Park noted. “Shelter prices have cooled relative to earlier in 2024, but there is still room for improvement.”
The team expects rental prices to once again increase 0.2% month over month, while owners’ equivalent rent (OER), or the hypothetical rent a homeowner would pay for the same property, should increase slightly to 0.3%.
Fed’s next challenge: A new administration
Although inflation has been slowing, it has remained above the Federal Reserve’s 2% target on an annual basis.
Trump’s proposed policies, such as high tariffs on imported goods, tax cuts for corporations, and curbs on immigration, are seen as inflationary. And those policies could further complicate the central bank’s path forward for interest rates.
US Federal Reserve Chairman Jerome Powell gestures as he speaks at a press conference after the Monetary Policy Committee meeting in Washington, DC, on December 18, 2024. The US Federal Reserve cut interest rates by a quarter point December 18 and signaled a slower pace of cuts ahead, amid uncertainty about inflation and US President-elect Donald Trump’s economic plans. (Photo by ANDREW CABALLERO-REYNOLDS / AFP via Getty Images) · ANDREW CABALLERO-REYNOLDS via Getty Images
On top of political uncertainties, recent inflation prints have run hot heading into the new year, although producer prices did show some relief in data released on Monday.
“Odds are the December consumer price index won’t sit well with the Federal Reserve,” Oxford Economics chief US economist Ryan Sweet wrote on Friday. The economist said December’s strong labor report further cemented an interest rate pause later this month, especially as central bank leaders have indicated they will take a more gradual easing approach.
“Our forecast is the Fed lowers rates three times this year, but the [jobs] report increases the risk that there will be fewer cuts and that the Fed won’t lower rates as early as March, which is currently our baseline,” Sweet wrote in a separate report on Friday. The economist said he needs more evidence of labor market improvements before adjusting his forecast.
Bank of America, meanwhile, revised its outlook to zero rate cuts this year — and warned a hike could also be on the table.
“Inflation is stuck above target, with risks skewed to the upside, activity is strong, and the labor market now appears to have stabilized,” Juneau and Park said.
“Our base case has the Fed on an extended hold, but we think the risks for the next move are skewed toward a hike. In our view, hikes will be in play if year over year core PCE inflation exceeds 3% and long-term inflation expectations become unanchored.”
Alexandra Canal is a Senior Reporter at Yahoo Finance. Follow her on X @allie_canal, LinkedIn, and email her at alexandra.canal@yahoofinance.com.
FILE – Barrick Gold Corporation President and CEO Mark Bristow visits the trading floor of the New York Stock Exchange after ringing the opening bell, Wednesday, Jan. 2, 2019. (AP Photo/Richard Drew, File) · Associated Press Finance · ASSOCIATED PRESS
DAKAR, Senegal (AP) — Mali’s military government has started seizing gold stocks of the Canadian mining company Barrick as part of a legal battle over the share of revenue owed to the West African state, according to an internal Barrick letter seen by The Associated Press.
The letter from CEO Mark Bristow to the Malian Mining Minister, dated Monday, says Barrick is “awaiting official confirmation of the proper receipt by the Malian Solidarity Bank,” a government entity.
The seizure follows a warning letter to Barrick earlier this month from Mali’s senior investigating judge, Boubacar Moussa Diarra, saying three tons of gold would be seized.
On Monday, a senior Barrick manager confirmed that three tons had been seized by the military government and placed in the capital, Bamako. The manager spoke on condition of anonymity because they were not authorized to speak publicly.
According to the senior manager, the gold was taken from a mine near Kayes in the west and transported by plane and truck to the capital late Saturday.
The Malian authorities did not immediately respond for comment.
Valued at around $180 million, the gold seizure is part of the dispute over revenues owed to the state.
In December, Mali issued an arrest warrant for Bristow for charges of money laundering, without giving evidence, and ordered the seizure of Barrick’s gold reserves. The company has offered to pay $370 million.
Mali’s military government previously arrested four senior executives of the Canadian mining company as part of the dispute. They are still being held.
Mali is one of Africa’s leading gold producers, but it has struggled for years with jihadi violence and high levels of poverty and hunger. The military seized power in 2020, and the government has placed foreign mining companies under growing pressure as it seeks to shore up revenues.
Edmonton, Alberta–(Newsfile Corp. – January 9, 2025) – Emperor Metals Inc. (CSE: AUOZ) (the “Company” or “Emperor Metals“) – is pleased to announce that, further to its announcement on January 7, 2025 regarding the acquisition of the undersurface rights and interests to the Lac Pelletier Property (the “Lac Pelletier Property” or the “Property“) from Maritime Resources Corp., it has now entered into a binding agreement of purchase and sale dated January 9, 2024 (the “Purchase and Sale Agreement“) with a wholly owned subsidiary of Eldorado Gold Corporation (“Eldorado Gold“) to acquire Eldorado’s surface rights to the Lac Pelletier Property. The primary consideration for the acquisition is the assumption of all the liabilities of Eldorado Gold in connection with the rehabilitation and restoration plan related to the Property, including a cash bond and a surety bond in the aggregate amount of $305,349, and the release of Eldorado Gold’s financial guarantee from the Quebec Minister of Natural Resources and Forests. The closing of the Purchase and Sale Agreement is subject to certain conditions customary for transactions of this nature, including no objection from the Canadian Securities Exchange. It is expected that the transaction will close before April 15, 2025.
The surface rights to the Lac Pelletier Property are comprised of 5 lots which are located approximately 4 km southwest of the city of Rouyn-Noranda, Quebec. These rights include a mining lease with a 1,000 tonnes/day mine permit.
The Property is subject to a one percent (1.0%) net smelter returns royalty reserved to Metalla Royalty & Streaming Ltd. pursuant to an underlying royalty agreement.
For further details regarding the Lac Pelletier Property, please refer to the Company’s press release of January 7, 2025, which is available on SEDAR+ as well as the Company’s website at www.emperormetals.com.
About Emperor Metals Inc.
Emperor Metals Inc. is a mineral exploration company focused mineral exploration in Canada, and on proving the potential of the Pine Grove and other early-stage gold projects located near the Hemlo Gold Mine within the western portion of the prolific Wawa-Abitibi Gold Belt of Ontario, Canada.
ON BEHALF OF THE BOARD OF DIRECTORS
s/ “John Florek” John Florek, Chief Executive Officer
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.
Vancouver, British Columbia–(Newsfile Corp. – January 9, 2025) – EMX Royalty Corporation (NYSE American: EMX) (TSXV: EMX) (the “Company” or “EMX“) is pleased to announce that the Company ended the year with approximately $27 million in cash and cash equivalents and $35 million in long term debt that matures in July 2029 under an agreement with Franco Nevada Corporation. The Company’s balance sheet was strengthened because of several transactions closing before the end of the December quarter as discussed below.
Sale of Shares in Ensero Holdings Inc (“Ensero”) – Ensero repurchased all our common and preferred share holdings in Ensero for approximately $5.6 million. The Company invested approximately $3.8 million in Ensero in 2020, and since making the investment has earned approximately $1.0 million in dividends. The Company has sold all its holdings in Ensero as of December 31, 2024.
Early Property Payment at Berenguela Royalty Property in Peru – The Company received an early property payment from Aftermath Silver Ltd (“Aftermath”) totaling $2.9 million. Aftermath has one final payment totaling $3.25 million which is due in November 2026. The Company has a sliding-scale net smelter return (NSR) Royalty on all mineral production from the Project for the life of mine commencing at the declaration of commercial production, and includes a 1.0% NSR royalty on all mineral production when the silver market price is up to and including US$25 per ounce, and a 1.25% NSR royalty on all mineral production when the silver market price is over US$25 per ounce and when the copper market price is above US$2 per pound.
Royalty buy-down Completed at Park Salyer Property in Arizona – The Company has received $500,000 from Arizona Sonoran Copper Company Inc. (“Arizona Sonoran”) from the buyback of 1.0% NSR royalty covering the Park Salyer Property which is part of the Arizona Sonoran’s Cactus Property. The buy-down by Arizona Sonoran reduces the Company’s NSR royalty on Park Salyer from 1.5% to 0.5% which is not capped and cannot be reduced.
About EMX – EMX is a precious, and base metals royalty company. EMX’s investors are provided with discovery, development, and commodity price optionality, while limiting exposure to risks inherent to operating companies. The Company’s common shares are listed on the NYSE American Exchange and TSX Venture Exchange under the symbol “EMX”. Please see www.EMXroyalty.com for more information.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release
Forward-Looking Statements
This news release may contain “forward looking statements” that reflect the Company’s current expectations and projections about its future results. These forward-looking statements may include statements regarding perceived merit of properties, exploration results and budgets, mineral reserves and resource estimates, work programs, capital expenditures, timelines, strategic plans, market prices for precious and base metal, 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 unavailability of financing, failure to identify commercially viable mineral reserves, fluctuations in the market valuation for commodities, difficulties in obtaining required approvals for the development of a mineral project, increased regulatory compliance costs, expectations of project funding by joint venture partners and other factors.
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, 2024 (the “MD&A”), and the most recently filed Annual Information Form (“AIF”) for the year ended December 31, 2023, actual events may differ materially from current expectations. More information about the Company, including the MD&A, the AIF and financial statements of the Company, is available on SEDAR at www.sedarplus.ca and on the SEC’s EDGAR website at www.sec.gov.
