Edmonton, Alberta–(Newsfile Corp. – August 23, 2023) – Grizzly Discoveries Inc. (TSXV: GZD) (FSE: G6H) (OTCQB: GZDIF) (“Grizzly” or the “Company”) is pleased to announce that the Board of Directors has appointed Juby George-Vazé as an advisor to the Board.
Juby George-Vazé is a clinician and healthcare entrepreneur with 20 years driving innovation and successfully working on multibillion dollar efforts in corporate health insurance and finance. She is the founder of Globex Health, a digital health, value-based and social impact company focusing on reducing the burden of chronic illness, enabling an improved quality of eldercare and containing healthcare costs.
She is a co-organizer for a New York City based innovation and venture group that has mentored, supported and funded emerging technologies and entrepreneurs for over a decade. She has deep relationships with impact investors, family offices, serves on startup advisory boards and industry organizations such as Healthcare Financial Management Association (HFMA), Association for Computing Machinery (ACM), and IEEE Blockchain in Healthcare.
Mrs. George-Vazé holds several industry certifications and MBA from Pace University, New York. She has lifelong a special interest in commodities, farming, food as medicine and geology.
In conjunction with the appointment of Mrs. George-Vazé, the Board has authorized the issuance of 250,000 options to acquire common shares of the Company at an exercise price of $0.09 per common share, expiring on August 22, 2028 or earlier in accordance with the Company’s stock option plan.
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 66,000 ha (approximately 165,000 acres) of precious and base metals properties in southeastern British Columbia. Grizzly is run by a 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
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
VANCOUVER, BC / ACCESSWIRE / August 23, 2023 /Granite Creek Copper Ltd. (TSX.V:GCX)(OTCQB:GCXXF) (“Granite Creek” or the “Company“) is pleased to announce the preliminary results of a metallurgical study designed to increase recovery of copper from oxide material at its Carmacks Copper-Gold-Silver project (“Carmacks Project” or the “Project“)
Kemetco Research Inc. (“Kemetco”) has been contracted to carry out an initial series of scoping tests to evaluate the potential for extraction and recovery of copper from unrecovered copper oxide minerals in Carmacks Project flotation tailings as referenced in the Company’s 2023 Preliminary Economic Assessment (“2023 PEA”) *. Testing involves the leaching of tailings from previous flotation testing of oxidised copper material to dissolve copper into solution and subsequently precipitate copper in a form that could be added to a concentrate being produced by sulphide flotation. The leaching portion of the test work has now been completed with up to 81% of the copper present in the test samples going into solution. The remaining project task, currently underway at Kemetco, is to complete a series of bench tests to evaluate methods for selective recovery of the leached copper from solution. The planned tests will focus on copper sulphide precipitation to target generation of a high-grade copper sulphide product that could potentially be combined with a copper flotation concentrate in an overall production flowsheet, resulting in significant potential increases to both overall copper recovery and the copper grade of the final concentrate product.
The 2023 PEA was based on an average recovery of copper, life of mine (“LOM“) of 64%, with up to 93.7% recovery of copper when processing sulfide material but only 39.8% when processing oxide material. The current mine plan as outlined in the 2023 PEA contemplates processing material with a high oxide content of up to 80% oxide ore in the first five years of the mine life during which time over 8.4 million tonnes of oxide material would be processed versus 2.88 million tonnes of sulphide material. Sensitivity analysis completed in the 2023 PEA identified over $180M of Net Present Value (“NPV“) to be gained from a combined sulphide-oxide recovery system by increasing the LOM recovery of copper by 20% from the current projected 64% to 77% total copper recovery.
The material used for the current test consists of tailings from flotation testing of oxide material, where 39.8% recovery of copper was achieved prior to the current leach testing. With up to 81% of the remaining copper going into solution an additional 48% recovery of copper in oxide is possible (81% of remaining 60.2% copper from original test sample) which would increase the total copper recovery of oxide material to over 80% (original 39.8% plus 48%). This could potentially provide a path to exceed the 20% increase in total LOM copper recovery opportunity, which was referenced in the 2023 PEA. While the current work is being conducted on the most representative material available, it should be noted that this work is preliminary in nature and has not yet been tested on a range of potential feed blends.
Tim Johnson, President & CEO stated, “The 2023 PEA, a major milestone for the Company, identified several opportunities for the Project including increased recovery, resource expansion and additional mine and process optimisation. The unlocking of additional value through the improved recovery that this testing represents, especially in the early years of mine life, has the potential to add significantly to the NPV of the project. These results could allow for re-evaluation of resources that didn’t make it into the mine plan due to lower grades or assumed recoveries. The process being developed by the company also has the possibility of being used in other parts of the Minto Copper belt where oxidised or partially oxidised (POX) copper ores have not been processed by other operators.”
Table 1 Summary of flotation testing results and average values used in PEA.
Granite Creek Copper Ltd., Tuesday, August 22, 2023, Press release picture
1. Sulphide flotation testing completed by SGS prior to PEA Study see news release dated January 10, 2023. 2. Oxide flotation testing completed by SGS prior to PEA study see news release dated January 10, 2023. 3. Calculated LOM average recovery based on a regression curve dependant on oxide content. 4. Projected target based on successful completion of current testing.
Table 2 2023 – PEA Copper Recovery Sensitivity Table
Granite Creek Copper Ltd., Tuesday, August 22, 2023, Press release picture
BCSC continuous disclosure review.
Following a recent review of Granite Creek’s continuous disclosure by the British Columbia Securities Commission, the Company provides the following corrections:
In a news release dated January 19, 2023, announcing the completion of the PEA, the Company stated, “The PEA indicates that the potential economic returns from the Project justify advancing to a feasibility study”. This statement could be construed that the Company is treating the PEA as a pre-feasibility level study, which is not the case. While the Company maintains that the PEA was positive, additional work will need to be done before a full feasibility study could be initiated. The Company also wishes to retract to word “robust” when describing the economics of the Project as this may be misleading to some readers. Granite Creek has also added the following cautionary language to materials that are disseminated to the public including the Company’s corporate presentation, fact sheet and website. “The Company cautions that the results of the PEA are preliminary in nature and do not include the calculation of mineral reserves as defined by NI 43-101. There is no certainty that the results of the PEA will be realized.” The Company encourages the reader to reference the NI 43-101 technical report entitled CARMACKS PROJECT PRELIMINARY ECONOMIC ASSESMENT (PEA) YUKON, CANADA, available on SEDAR and the Company’s website for further details on the Project.
Qualified Persons
Mr. Douglas Warkentin, P.Eng., a Qualified Person for the purposes of National Instrument 43-101, has reviewed and approved the technical disclosure contained in this news release. Mr. Warkentin is a Senior Metallurgist with Kemetco Research and an advisor to the Company.
About Granite Creek Copper
Granite Creek Copper, a member of the Metallic Group of Companies, is a Canadian exploration company focused on the exploration and development of critical minerals projects in North America. The Company’s projects consist of its flagship 176 square kilometer Carmacks project in the Minto copper district of Canada’s Yukon Territory on trend with the high-grade Minto copper-gold mine and the advanced stage LS Molybdenum project and the Star copper-nickel-PGM project, both located in central British Columbia. More information about Granite Creek Copper can be viewed on the Company’s website at www.gcxcopper.com.
* 2023 PEA: The Company cautions that the results of the PEA are preliminary in nature and do not include the calculation of mineral reserves as defined by NI 43-101. There is no certainty that the results of the PEA will be realized.
Forward Looking Statements: This news release includes certain statements that may be deemed “forward-looking statements”. All statements in this release, other than statements of historical facts including, without limitation, statements regarding potential mineralization, historic production, estimation of mineral resources, the realization of mineral resource estimates, interpretation of prior exploration and potential exploration results, the timing and success of exploration activities generally, the timing and results of future resource estimates, permitting time lines, metal prices and currency exchange rates, availability of capital, government regulation of exploration operations, environmental risks, reclamation, title, and future plans and objectives of the company are forward-looking statements that involve various risks and uncertainties. Although Granite Creek Copper believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Forward-looking statements are based on a number of material factors and assumptions. Factors that could cause actual results to differ materially from those in forward-looking statements include failure to obtain necessary approvals, unsuccessful exploration results, changes in project parameters as plans continue to be refined, results of future resource estimates, future metal prices, availability of capital and financing on acceptable terms, general economic, market or business conditions, risks associated with regulatory changes, defects in title, availability of personnel, materials and equipment on a timely basis, accidents or equipment breakdowns, uninsured risks, delays in receiving government approvals, unanticipated environmental impacts on operations and costs to remedy same, and other exploration or other risks detailed herein and from time to time in the filings made by the companies with securities regulators. Readers are cautioned that mineral resources that are not mineral reserves do not have demonstrated economic viability. Mineral exploration and development of mines is an inherently risky business. Accordingly, the actual events may differ materially from those projected in the forward-looking statements. For more information on Granite Creek Copper and the risks and challenges of their businesses, investors should review their annual filings that are available at www.sedar.com.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
HALIFAX, Nova Scotia, Aug. 22, 2023 (GLOBE NEWSWIRE) — Morien Resources Corp. (“Morien” or the “Company“) (TSX-V:MOX), is pleased to announce that its Board of Directors (the “Board”) has declared a dividend of $0.0025 (one quarter of one cent) per common share for the third quarter of 2023. The dividend will be paid on September 28, 2023, to shareholders of record at the close of business on September 12, 2023.
Morien’s quarterly dividend is intended to be step-variable in relation to Donkin Mine production expansion and coal price, having regard for the stability of cash flow, balance sheet protection and the need to maintain flexibility to secure new royalty assets. The declaration, amount and timing of future dividends will be subject to the Board’s determination that the payment of a dividend is in the best interest of Morien and its shareholders, having regard to the Company’s cash reserves, anticipated financial requirements, legal requirements for the declaration of dividends and other conditions existing at such time, including forward production guidance from Kameron Collieries LLC, owner/operator of the Donkin Mine. The Company’s Q3 2023 dividend payment will qualify as an ‘eligible dividend’ for Canadian income tax purposes.
Donkin Stop Work Order
As of the date of this news release, there remains a Stop Work Order (“SWO”) in effect at the Donkin Mine, put in place by the Nova Scotia Department of Labour, Skills and Immigration (“DOL”), the province’s regulator for the Mine, in response to a roof fall in one of Donkin’s two access tunnels. While SWO’s are meant to be temporary in duration, the timing for its release is unknown as it depends on DOL’s ability to timely assess the situation and suggest what corrective measures, if any, are required going forward. For additional detail, please see Morien’s recent news releases dated August 11, 2023, and August 15, 2023.
About Morien
Morien is a Canada based, mining development company that holds royalty interests in two tidewater accessed projects. The Donkin Coal Mine re-commenced production during the third quarter of 2022 and royalties to Morien have commenced. The Black Point Aggregate Project is permitted, and although production has not begun, Morien is receiving advanced minimum royalty payments on a quarterly basis. Morien’s management team exercises ruthless discipline in managing both the assets and liabilities of the Company. The Company’s management and its Board of Directors consider shareholder returns to be paramount over corporate size, number or scale of assets and industry recognition. The Company has 51,292,000 issued and outstanding common shares and a fully diluted position of 54,192,000. Further information is available at www.MorienRes.com.
Forward-Looking Statements
Some of the statements in this news release may constitute “forward-looking information” as defined under applicable securities laws. These statements reflect Morien’s current expectations of future revenues and business prospects and opportunities and are based on information currently available to Morien. Morien cautions that actual performance will be affected by a number of factors, many of which are beyond its control, and that future events and results may vary substantially from what Morien currently foresees. Factors that could cause actual results to differ materially from those in forward-looking statements include risks and uncertainties described in documents filed by Morien with the Canadian securities regulators on SEDAR (www.sedar.com) from time to time. Morien cautions that its royalty revenue will be based on production by third party property owners and operators who will be responsible for determining the manner and timing for the properties forming part of Morien’s royalty portfolio. These third party owners and operators are also subject to risk factors that could cause actual results to differ materially from those predicted herein including: volatility in financial markets or general economic conditions; capital requirements and the need for additional financing; fluctuations in the rates of exchange for the currencies of Canada and the United States; prices for commodities including coal and aggregate; unanticipated changes in production, mineral reserves and mineral resources, metallurgical recoveries and/or exploration results; changes in regulations and unpredictable political or economic developments; loss of key personnel; labour disputes; and ineffective title to mineral claims or property. There are other business risks and hazards associated with mineral exploration, development and mining. Although Morien believes that the forward-looking information contained herein is based on reasonable assumptions (including assumptions relating to economic, market and political conditions, the Company’s working capital requirements and the accuracy of information supplied by the operators of the properties in which the Company has a royalty interest), readers cannot be assured that actual results will be consistent with such statements. Morien expressly disclaims any intention or obligation to update or revise any forward-looking information in this news release, whether as a result of new information, events or otherwise, except in accordance with applicable securities laws. All dollar values discussed herein are in Canadian dollars. Any financial outlook or future-oriented financial information in this news release, as defined by applicable securities laws, has been approved by management of Morien as of the date of this news release. Such financial outlook or future-oriented financial information is provided for the purpose of providing information about management’s current expectations and plans relating to the future. Readers are cautioned that such outlook or information should not be used for purposes other than for which it is disclosed in this news release.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For more information, please contact:
Dawson Brisco, President & CEO Phone: (902) 403-3149 dbrisco@MorienRes.com or John P.A. Budreski, Executive Chairman Phone: (416) 930-0914 www.MorienRes.com
Edmonton, Alberta–(Newsfile Corp. – August 15, 2023) – Grizzly Discoveries Inc. (TSXV: GZD) (FSE: G6H) (OTCQB: GZDIF) (“Grizzly” or the “Company”) is pleased to announce that, on August 15, 2023, it closed on a private placement (the “Offering”) by the issuance of 1,771,859 Units (as defined below) at a price of $0.07 per Unit and 5,312,500 FT Units (as defined below) at a price of $0.08 per FT Unit for aggregate gross proceeds of $549,030.
Under the terms of the Offering, each Unit consisted of one common share of the Company (“Common Share”) and one half of one warrant (“Warrant”). Each FT Unit consisted of one Common Share issued as a flow through share for the purposes of the Income Tax Act (Canada) and one half of one FT Warrant with each whole FT Warrant issued as a flow through share for the purposes of the Income Tax Act (Canada). Each whole Warrant and FT Warrant entitles the holder to acquire one additional Common Share (that is not a flow through share) at an exercise price of $0.10 per Common Share and shall expire on the earlier of: (a) 30 days following written notice by the Issuer to the Subscriber that the volume-weighted average trading price of the Common Shares on the TSX Venture Exchange is at or greater than CA$0.12 per Common Share for 10 consecutive trading days; and (b) August 15, 2025.
The Company intends to use the proceeds from the Units for general working capital, and the proceeds from the Units and FT Units on exploration of its mineral projects in British Columbia, primarily targeting critical minerals. In particular, the proceeds from the FT Units will be used to incur flow-through critical mineral mining expenditures, as defined in the Income Tax Act.
In connection with the Offering, the Company issued 400,000 Units and 400,000 Finder Warrants (non-transferrable, with the same terms and expiry date as the Warrants) to Accilent Capital Management Inc.
The Common Shares and any Common Shares issued on exercise of the Warrants and Finder Warrants are subject to restrictions on trading until December 16, 2023 in accordance with the policies of the TSX Venture Exchange.
Following closing of the Offering, the Company has 149,644,119 Common Shares issued and outstanding. The Offering is subject to Final Acceptance by the TSX Venture Exchange.
Insiders subscribed for an aggregate of 142,857 Units, representing gross proceeds of $10,000. The purchase of such Units is considered to be a related-party transaction under Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”),but is exempted from the requirements to obtain a formal valuation and to obtain minority approval, as the purchase of securities does not exceed 25% of the Company’s market capitalization. The Company is relying on exemptions from the formal valuation and minority shareholder approval requirements provided under sections 5.5(a) and 5.7(1)(a) of MI 61-101.
The Company did not file a material change report more than 21 days before the expected closing of the Financing because the details of the participation therein by related parties of the Company were not settled until shortly prior to closing of the Financing and the Company wished to close on an expedited basis for business reasons.
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 66,000 ha (approximately 165,000 acres) of precious and base metals properties in southeastern British Columbia. Grizzly is run by a 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.sedar.com. Grizzly disclaims any obligation to update or revise any forward-looking information or statements except as may be required by law.
Vancouver, British Columbia–(Newsfile Corp. – July 26, 2023) – Emperor Metals Inc. (CSE: AUOZ) (OTC Pink: EMAUF) (FSE: 9NH) (“Emperor“) is pleased to announce the resumption of drilling operations at the Duquesne West Gold Project. The drilling activities had temporarily ceased between June 4th and June 30th due to a provincial ban on work in response to the significant forest fires in the Province of Quebec.
CEO John Florek commented:
“We are excited to have resumed our fully funded, +7,000 m drilling campaign now that the province-wide wildfire ban on field exploration has been lifted. Our program was designed to test several new scenarios developed from Artificial Intelligence (A.I.) Models which highlighted evidence of the controls to mineralization following several gold-rich trends along a known plunge. Our drilling targets are designed to add ounces through several strategies based on our new understanding of these controls. Our exploration goals are to enhance grade and ounces internal to the deposit, to discover additional ounces external to the deposit, and to fill any data gaps in areas of trending gold-rich mineralization (See Figures 1 and 2).
Strategically located near Rouyn-Noranda, Quebec, there are many opportunities for additional growth and discovery at the margin of this high-grade gold deposit on this property. Numerous mines are located nearby within a district dominated by Agnico Eagle, and Newmont. We have a tremendous opportunity to continue creating value on this property.”
Based on knowledge gained from in-house A.I. modelling, additional drilling permit applications were submitted on May 4th and granted on June 26th.. The additional permits will provide optionality to the Phase 1 drilling program as results emerge. Permits were also received for drilling in areas close to wetlands.
Emperor’s initial ~+7,000 meter Phase 1 Drill Program began on May 9th and a province-wide wildfire ban went into effect during the drilling of the second diamond drill hole. Geological processing for the first two holes was completed and samples have been sent to SGS Laboratories in Lakefield, ON.
Drilling resumed on June 30th and the first three diamond drill holes have now been completed:
DQ23-01: 1,068 meters
DQ23-02: 834 meters
DQ23-03: 948 meters
Drilling has commenced on the fourth diamond drill hole, DQ23-04.
The 2023 field program is expected to run until the end of September and complete 10 diamond drill holes of about 700m each on average, for a total of about 7,000m. To date, 3,000m have been completed. Each hole is carefully planned using the most current information and interpretation of results.
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. (TSX: GMX). 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 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.
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 (www.sedar.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.
THE CANADIAN SECURITIES EXCHANGE HAS NOT APPROVED NOR DISAPPROVED THE CONTENT OF THIS PRESS RELEASE
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS 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.
High grade composite results increased in Zone 5 drilling
North Vancouver, British Columbia–(Newsfile Corp. – August 15, 2023) – Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) (ASX: LLO) (“Lion One” or the “Company”) is issuing an update on composite drill results reported in the Company’s August 10, 2023 news release.
The August 10, 2023 news release reported infill and grade control drill results from Zone 5 of the Company’s Tuvatu alkaline gold project in Fiji. Several composite gold grades reported in that news release are here updated.
Gold analysis at Tuvatu is conducted using fire assay with an atomic absorption (AA) finish. Samples that return grades over 10 g/t Au are then re-analyzed by gravimetric method. The gravimetric method is considered more accurate than fire assay for high-grade samples. Lion One has therefore recently adopted a new protocol whereby gravimetric results are reported for samples that return over 10 g/t Au. In the August 10, 2023 news release, composite intervals were calculated using fire assay values rather than gravimetric values, whereas high-grade individual assays were quoted using the more accurate gravimetric results. This led to a discrepancy between the composite values and the underlying assay values for certain intervals. The difference between fire assay and gravimetric analyses tends to be greater for higher grade samples. A total of 21 composite values have been updated and are presented in Table 1 below. The majority of the updated results are greater than was initially reported.
Table 1. Updated composite intervals from Zone 5 infill and grade control drilling. Bolded text represents a positive change, italicized text represents a negative change. Intervals are ordered by decreasing gold content.
Hole ID
From
To
Interval (m)
Updated Au (g/t)
Original Au (g/t)
Change (g/t)
TGC-0067
48.2
50
1.8
314.27
261.93
52.34
TUDDH-643
242.7
249.3
6.6
83.47
80.78
2.69
TGC-0067
53.3
54.2
0.9
104.00
93.05
10.95
TUDDH-643
111.6
114.9
3.3
18.40
17.48
0.92
TUDDH-643
161.7
163.2
1.5
16.13
15.96
0.17
TUDDH-638
254.7
257
2.3
10.25
9.41
0.84
TUDDH-643
101.9
103.1
1.2
13.50
13.13
0.37
TUDDH-643
123.4
124
0.6
25.19
25.95
-0.76
TGC-0061
219.2
220.4
1.2
10.31
8.32
1.99
TUDDH-637
45.3
45.6
0.3
35.98
36.2
-0.22
TUDDH-643
52.2
52.5
0.3
31.87
33.51
-1.64
TUDDH-644
55.8
58.2
2.4
3.43
3.4
0.03
TGC-0065
53.1
55.2
2.1
3.91
3.82
0.09
TUDDH-634
49.2
50.7
1.5
5.44
5.68
-0.24
TUDDH-637
216.4
217
0.6
11.63
10.99
0.64
TGC-0065
128.5
129.4
0.9
7.42
6.8
0.62
TGC-0065
57.4
58.3
0.9
7.01
6.88
0.13
TUDDH-634
154.9
155.2
0.3
14.96
15.17
-0.21
TUDDH-656
173.6
173.9
0.3
11.66
10.14
1.52
TGC-0059
220.3
220.6
0.3
10.87
12.85
-1.98
TGC-0058
133.4
133.7
0.3
10.86
10.37
0.49
Tables 2 and 3 below are reproductions of Tables 1 and 2 from the August 10, 2023 news release updated to include composite intervals calculated using assay results from the gravimetric method. Composite values that have been changed are highlighted with bolded text representing positive changes and italicized text representing negative changes. Values with no bolding or italicization represent intervals for which there is no change.
Table 2. Highlights of composited infill drill results in the Zone 5 area. Reproduction of Table 1 from the August 10, 2023 news release, with updated composite grades. For full results see Table 4 in the appendix.
Hole ID
From
To
Interval (m)
Au (g/t)
Change (g/t)
TUDDH-634
123.4
124
0.6
25.19
-0.76
TUDDH-637
161.7
163.2
1.5
16.13
0.17
including
161.7
162.3
0.6
38.62
–
which includes
161.7
162
0.3
72.46
–
TUDDH-637
198.2
202.1
3.9
5.38
–
including
198.2
198.5
0.3
10.02
–
and
199.7
200.6
0.9
3.42
–
and
201.2
202.1
0.9
16.13
–
which includes
201.8
202.1
0.3
40.21
–
TUDDH-643
111.6
114.9
3.3
18.4
0.92
including
111.6
113.7
2.1
28.44
–
which includes
113.1
113.7
0.6
95.63
–
TUDDH-643
242.7
249.3
6.6
83.47
2.69
including
242.7
246.3
3.6
17.39
–
which includes
243.9
245.7
1.8
55.49
–
which includes
243.9
244.5
0.6
79.84
–
and
245.1
245.7
0.6
14.89
–
and also including
247.5
249.3
1.8
271.14
–
which includes
247.5
247.8
0.3
40.03
–
and
248.7
249.6
0.6
793.24
–
TUDDH-643
254.7
257
2.3
10.25
0.84
including
254.7
255.3
0.6
35.54
–
TUDDH-650
192.6
194.1
1.5
14.93
–
including
192.6
193.5
0.9
23.89
–
TUDDH-650
203.5
207.4
3.9
11.84
–
including
203.5
204.7
1.2
35.18
–
which includes
203.5
204.1
0.6
48.27
–
and
204.1
204.7
0.6
22.09
–
TUDDH-651
184.6
185.2
0.6
32.65
–
TUDDH-651
194.5
197.2
2.7
17.2
–
including
194.5
196
1.5
25.92
–
which includes
195.4
195.7
0.3
124.52
–
and also including
196.9
197.2
0.3
25.22
–
TUDDH-653
53
56.9
3.9
9.53
–
including
55.1
56.9
1.8
19.47
–
which includes
56
56.3
0.3
46.92
–
and
56.6
56.9
0.3
55.08
–
TUDDH-653
89.5
96.3
6.8
9.96
–
including
91.3
92.2
0.9
66.62
–
which includes
91.6
91.9
0.3
165.95
–
and
91.9
92.2
0.3
30.46
–
TUDDH-655
96.4
97.9
1.5
8.24
–
including
96.7
97
0.3
18.48
–
and
97.6
97.9
0.3
20.77
–
TUDDH-656
101.9
103.1
1.2
13.5
0.37
including
101.9
102.5
0.6
19.73
–
and
102.5
103.1
0.6
6.54
–
Table 3. Highlights of composited grade control drill results in the Zone 5 area. Reproduction of Table 2 from the August 10, 2023 news release, with updated composite grades. For full results see Table 5 in the appendix.
Hole ID
From
To
Interval (m)
Au (g/t)
Change (g/t)
TGC-0059
57.4
58.3
0.9
7.01
0.13
including
57.4
57.7
0.3
12.89
–
and
58
58.3
0.3
8.14
–
TGC-0061
55.8
58.2
2.4
3.43
0.03
including
57.3
37.6
0.3
12.84
–
TGC-0065
45.3
45.6
0.3
35.98
-0.22
TGC-0065
49.2
50.7
1.5
5.44
-0.24
including
49.2
49.5
0.3
9.59
–
and
50.4
50.7
0.3
15.76
–
TGC-0065
52.2
52.5
0.3
31.87
-1.64
TGC-0067
48.2
50
1.8
314.27
52.34
including
48.8
49.4
0.6
934.91
–
which includes
48.8
49.1
0.3
1839.55
–
and
49.1
49.4
0.3
30.26
–
TGC-0067
53.3
54.2
0.9
104
10.95
including
53.3
53.9
0.6
155.68
–
which includes
53.3
53.6
0.3
10.89
–
and
53.6
53.9
0.3
300.47
–
Figure 1. Location of Zone 5 Infill and Grade Control Drillholes. Reproduced from August 10, 2023 news release for context. Left image: Plan view of Tuvatu showing Zone 5 infill and grade control drillholes in relation to the mineralized lodes. Drillholes are shown in black, mineralized lodes in pale grey, and underground developments in red. The yellow dashed square represents the area illustrated in the image on the right. Right image: Oblique view of Zone 5 infill and grade control drilling looking approximately northeast. Infill drilling was conducted from surface whereas grade control drilling was conducted from underground.
Figure 2. Location of High-Grade Intercepts from Zone 5 Drilling. Updated figure from the August 10, 2023 news release, with updated composite gold intervals. Composite intervals with grades between 3 and 10 g/t Au are shown in yellow, intervals with grades between 10 and 30 g/t Au are shown in red, and intervals over 30 g/t Au are shown in purple. Select high-grade intervals are identified. Image is looking approximately north-northeast, grades are gold grades in g/t.
About Tuvatu The Tuvatu Alkaline Gold Project is located on the island of Viti Levu in Fiji. The January 2018 mineral resource for Tuvatu as disclosed in the technical report “Technical Report and Preliminary Economic Assessment for the Tuvatu Gold Project, Republic of Fiji”, dated September 25, 2020, and prepared by Mining Associates Pty Ltd of Brisbane Qld, 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 on the SEDAR website at www.sedar.com.
Qualified Person In accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”), Sergio Cattalani, P.Geo, Senior Vice President Exploration, is the Qualified Person for the Company and has reviewed and is responsible for the technical and scientific content of this news release.
QAQC Procedures Lion One adheres to rigorous QAQC procedures above and beyond basic regulatory guidelines in conducting its sampling, drilling, testing, and analyses. The Company utilizes its own fleet of diamond drill rigs, using PQ, HQ and NQ sized drill core rods. Drill core is logged and split by Lion One personnel on site. Samples are delivered to and analyzed at the Company’s geochemical and metallurgical laboratory in Fiji. Duplicates of all samples with grades above 0.5 g/t Au are both re-assayed at Lion One’s lab and delivered to ALS Global Laboratories in Australia (ALS) for check assay determinations. All samples for all high-grade intercepts are sent to ALS for check assays. All samples are pulverized to 85% passing through 75 microns. Gold analysis is carried out using fire assay with an AA finish. Samples that have returned grades greater than 10.00 g/t Au are then re-analyzed by gravimetric method. For samples that return greater than 0.50 g/t Au, repeat fire assay runs are carried out and repeated until a result is obtained that is within 10% of the original fire assay run. Lion One’s laboratory can also assay for a range of 71 other elements through Inductively Coupled Plasma Optical Emission Spectrometry (ICP-OES), but currently focuses on a suite of 9 important pathfinder elements. All duplicate anomalous samples are sent to ALS labs in Townsville QLD and are analyzed by the same methods (Au-AA26, and Au-GRA22 where applicable). ALS also analyses 33 pathfinder elements by HF-HNO3-HClO4 acid digestion, HCl leach and ICP-AES (method ME-ICP61).
About Lion One Metals Limited Lion One’s flagship asset is 100% owned, fully permitted high grade Tuvatu Alkaline Gold Project, located on the island of Viti Levu in Fiji. Lion One envisions a low-cost high-grade underground gold mining operation at Tuvatu coupled with exciting exploration upside inside its tenements covering the entire Navilawa Caldera, an underexplored yet highly prospective 7km diameter alkaline gold system. Lion One’s CEO Walter Berukoff leads an experienced team of explorers and mine builders and has owned or operated over 20 mines in 7 countries. As the founder and former CEO of Miramar Mines, Northern Orion, and La Mancha Resources, Walter is credited with building over $3 billion of value for shareholders.
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 Service Provider accepts responsibility for 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 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.
Appendix 1: Full Drill Results and Collar Information
Table 4. Updated composite results from infill drillholes in the Zone 5 area (grade >0.5 g/t Au). Bolded text indicates a positive change from the originally reported value, italicized text represents a negative change.
Hole ID
From
To
Interval (m)
Au (g/t)
Change (g/t)
TUDDH-634
92.2
92.8
0.6
0.52
–
TUDDH-634
93.7
94.3
0.6
0.5
–
TUDDH-634
123.4
124
0.6
25.19
-0.76
TUDDH-634
125.2
125.5
0.3
1
–
TUDDH-634
128.5
129.4
0.9
7.42
0.62
TUDDH-634
including
129.1
129.4
0.3
10.89
–
TUDDH-634
148.5
149.1
0.6
1.46
–
TUDDH-637
48.2
48.8
0.6
0.6
–
TUDDH-637
68.8
69.4
0.6
0.81
–
TUDDH-637
161.7
163.2
1.5
16.13
0.17
TUDDH-637
including
161.7
162.3
0.6
38.62
–
TUDDH-637
which includes
161.7
162
0.3
72.46
–
TUDDH-637
173.1
177.6
4.5
2.69
–
TUDDH-637
including
173.1
174
0.9
8.59
–
TUDDH-637
180
182.1
2.1
2.7
–
TUDDH-637
183.9
187.5
3.6
2.76
–
TUDDH-637
including
185.7
187.5
1.8
5.03
–
TUDDH-637
198.2
202.1
3.9
5.38
–
TUDDH-637
including
198.2
198.5
0.3
10.02
–
TUDDH-637
and
199.7
200.6
0.9
3.42
–
TUDDH-637
and
201.2
202.1
0.9
16.13
–
TUDDH-637
which includes
201.8
202.1
0.3
40.21
–
TUDDH-637
219.2
220.4
1.2
10.31
1.99
TUDDH-637
including
219.5
220.4
0.9
12.79
–
TUDDH-637
222.2
222.5
0.3
2.29
–
TUDDH-637
224
226.4
2.4
1.87
–
TUDDH-637
243.5
245
1.5
1.13
–
TUDDH-637
251.3
253.7
2.4
2.46
–
TUDDH-637
258.5
259.1
0.6
0.94
–
TUDDH-637
281.9
282.5
0.6
5.96
–
TUDDH-637
290.9
292.1
1.2
1.97
–
TUDDH-637
298.7
299.6
0.9
6.68
–
TUDDH-638
14.2
14.8
0.6
1.31
–
TUDDH-638
29.8
30.4
0.6
1.29
–
TUDDH-638
106.9
107.2
0.3
0.99
–
TUDDH-638
123.1
123.7
0.6
1.44
–
TUDDH-638
154.9
155.2
0.3
14.96
-0.21
TUDDH-638
162.4
163.3
0.9
3.19
–
TUDDH-638
166.3
167.5
1.2
6.23
–
TUDDH-638
including
166.3
166.9
0.6
8.43
–
TUDDH-638
169.9
171.7
1.8
3.6
–
TUDDH-638
including
170.8
171.7
0.9
6.07
–
TUDDH-638
179.8
181.3
1.5
1.62
–
TUDDH-638
235.9
236.5
0.6
0.87
–
TUDDH-638
241.3
242.5
1.2
4.8
–
TUDDH-638
including
241.9
242.5
0.6
9.06
–
TUDDH-639
50.3
50.6
0.3
5.17
–
TUDDH-641
153
153.7
0.7
2.78
–
TUDDH-641
including
153
153.3
0.3
5.1
–
TUDDH-641
174.5
174.8
0.3
0.57
–
TUDDH-641
176.9
178.7
1.8
2.32
–
TUDDH-641
including
176.9
177.5
0.6
5.1
–
TUDDH-643
111.6
114.9
3.3
18.4
0.92
TUDDH-643
including
111.6
113.7
2.1
28.44
–
TUDDH-643
which includes
113.1
113.7
0.6
95.63
–
TUDDH-643
133.4
133.7
0.3
10.86
0.49
TUDDH-643
158.8
159.1
0.3
0.83
–
TUDDH-643
163.3
163.9
0.6
5.3
–
TUDDH-643
173.6
173.9
0.3
11.66
1.52
TUDDH-643
213.7
214.6
0.9
0.61
–
TUDDH-643
216.4
217
0.6
11.63
0.64
TUDDH-643
233.8
234.4
0.6
5.48
–
TUDDH-643
242.7
249.3
6.6
83.47
2.69
TUDDH-643
including
242.7
246.3
3.6
17.39
–
TUDDH-643
which includes
243.9
245.7
1.8
55.49
–
TUDDH-643
which includes
243.9
244.5
0.6
79.84
–
TUDDH-643
and
245.1
245.7
0.6
14.89
–
TUDDH-643
and also including
247.5
249.3
1.8
271.14
–
TUDDH-643
which includes
247.5
247.8
0.3
40.03
–
TUDDH-643
and
248.7
249.6
0.6
793.24
–
TUDDH-643
251.7
252.9
1.2
0.97
–
TUDDH-643
254.7
257
2.3
10.25
0.84
TUDDH-643
including
254.7
255.3
0.6
35.54
–
TUDDH-643
260.4
261.3
0.9
0.69
–
TUDDH-643
262.8
266.1
3.3
1.63
–
TUDDH-643
268.3
268.8
0.5
1.3
–
TUDDH-644
172.3
175
2.7
2.33
–
TUDDH-644
including
173.8
174.4
0.6
5.83
–
TUDDH-644
208.6
208.9
0.3
4.37
–
TUDDH-644
220.3
220.6
0.3
10.87
-1.98
TUDDH-644
237.1
237.7
0.6
1.19
–
TUDDH-646
116.7
117.3
0.6
1.65
–
TUDDH-646
154.8
155.1
0.3
0.67
–
TUDDH-646
181.5
183.3
1.8
2.41
–
TUDDH-646
including
183
183.3
0.3
13.29
–
TUDDH-646
223.9
224.5
0.6
8.98
–
TUDDH-646
including
224.2
224.5
0.3
15.09
–
TUDDH-646
231.1
233.2
2.1
4.23
–
TUDDH-646
including
232
232.6
0.6
10.27
–
TUDDH-646
252.3
252.7
0.4
2.81
–
TUDDH-646
253.9
254.2
0.3
2.16
–
TUDDH-649
24.9
25.2
0.3
1.93
–
TUDDH-649
153.6
154.2
0.6
0.74
–
TUDDH-649
161.7
162.3
0.6
0.52
–
TUDDH-649
188.1
190.8
2.7
1.21
–
TUDDH-649
248.7
249.3
0.6
1.17
–
TUDDH-649
251.4
252.3
0.9
0.86
–
TUDDH-649
257.1
257.4
0.3
3.31
–
TUDDH-650
53.6
53.9
0.3
0.61
–
TUDDH-650
76.7
77
0.3
0.62
–
TUDDH-650
104.1
104.4
0.3
0.67
–
TUDDH-650
148.5
149.1
0.6
0.51
–
TUDDH-650
179.1
179.4
0.3
1.62
–
TUDDH-650
180.6
181.2
0.6
0.51
–
TUDDH-650
192.6
194.1
1.5
14.93
–
TUDDH-650
including
192.6
193.5
0.9
23.89
–
TUDDH-650
199
199.3
0.3
1.66
–
TUDDH-650
203.5
207.4
3.9
11.84
–
TUDDH-650
including
203.5
204.7
1.2
35.18
–
TUDDH-650
which includes
203.5
204.1
0.6
48.27
–
TUDDH-650
and
204.1
204.7
0.6
22.09
–
TUDDH-650
210.4
210.7
0.3
2.05
–
TUDDH-651
18.25
18.85
0.6
0.93
–
TUDDH-651
80.55
81.15
0.6
2.09
–
TUDDH-651
100.65
100.95
0.3
1.46
–
TUDDH-651
118.65
119.25
0.6
1.46
–
TUDDH-651
139.95
140.55
0.6
4.39
–
TUDDH-651
184.6
185.2
0.6
32.65
–
TUDDH-651
194.5
197.2
2.7
17.2
–
TUDDH-651
including
194.5
196
1.5
25.92
–
TUDDH-651
which includes
195.4
195.7
0.3
124.52
–
TUDDH-651
and also including
196.9
197.2
0.3
25.22
–
TUDDH-651
222.4
224.8
2.4
2.22
–
TUDDH-653
0
0.6
0.6
3.37
–
TUDDH-653
21.9
22.2
0.3
1.26
–
TUDDH-653
53
56.9
3.9
9.53
–
TUDDH-653
including
55.1
56.9
1.8
19.47
–
TUDDH-653
which includes
56
56.3
0.3
46.92
–
TUDDH-653
and
56.6
56.9
0.3
55.08
–
TUDDH-653
64.4
65
0.6
0.56
–
TUDDH-653
89.5
96.3
6.8
9.96
–
TUDDH-653
including
91.3
92.2
0.9
66.62
–
TUDDH-653
which includes
91.6
91.9
0.3
165.95
–
TUDDH-653
and
91.9
92.2
0.3
30.46
–
TUDDH-653
111.6
111.9
0.3
6.53
–
TUDDH-653
116.7
118.8
2.1
1.59
–
TUDDH-653
120
120.6
0.6
0.59
–
TUDDH-655
59.7
61.5
1.8
2.74
–
TUDDH-655
96.4
97.9
1.5
8.24
–
TUDDH-655
including
96.7
97
0.3
18.48
–
TUDDH-655
and
97.6
97.9
0.3
20.77
–
TUDDH-655
99.1
99.7
0.6
0.9
–
TUDDH-655
101.5
102.1
0.6
1.23
–
TUDDH-655
118.3
118.6
0.3
3.16
–
TUDDH-655
126.1
126.7
0.6
1.04
–
TUDDH-656
27.2
28.4
1.2
0.89
–
TUDDH-656
77
77.6
0.6
1.05
–
TUDDH-656
80.6
81.2
0.6
0.7
–
TUDDH-656
101.9
103.1
1.2
13.5
0.37
TUDDH-656
including
101.9
102.5
0.6
19.73
–
TUDDH-656
and
102.5
103.1
0.6
6.54
–
TUDDH-656
106.7
107
0.3
0.58
–
TUDDH-656
119.6
119.9
0.3
1.71
–
TUDDH-656
130.1
132.5
2.4
4.83
–
TUDDH-656
including
131.9
132.5
0.6
7.99
–
TUDDH-656
162.5
162.8
0.3
8.55
–
Table 5. Updated composite results from grade control drillholes in the Zone 5 area (grade >0.5 g/t Au). Bolded text indicates a positive change from the originally reported value, italicized text represents a negative change.
Hole ID
From
To
Interval (m)
Au (g/t)
Change (g/t)
TGC-0056
26.7
29.4
2.7
1.52
–
TGC-0056
38.1
38.4
0.3
2.31
–
TGC-0056
39.6
39.9
0.3
0.73
–
TGC-0058
34.2
34.8
0.6
0.66
–
TGC-0058
35.4
35.7
0.3
0.51
–
TGC-0058
48.3
48.6
0.3
4.83
–
TGC-0058
53.1
55.2
2.1
3.91
0.09
TGC-0058
including
53.1
54
0.9
8.74
–
TGC-0058
56.4
57
0.6
1.1
–
TGC-0059
39.4
40.3
0.9
0.53
–
TGC-0059
50.5
50.8
0.3
3.1
–
TGC-0059
53.2
54.4
1.2
0.88
–
TGC-0059
57.4
58.3
0.9
7.01
0.13
TGC-0059
including
57.4
57.7
0.3
12.89
–
TGC-0059
and
58
58.3
0.3
8.14
–
TGC-0061
34.2
34.5
0.3
0.69
–
TGC-0061
35.4
36
0.6
0.75
–
TGC-0061
45.6
46.8
1.2
0.56
–
TGC-0061
49.8
50.4
0.6
0.84
–
TGC-0061
55.8
58.2
2.4
3.43
0.03
TGC-0061
including
57.3
37.6
0.3
12.84
–
TGC-0065
29.7
30
0.3
0.61
–
TGC-0065
32.4
33.6
1.2
2.44
–
TGC-0065
45.3
45.6
0.3
35.98
-0.22
TGC-0065
49.2
50.7
1.5
5.44
-0.24
TGC-0065
including
49.2
49.5
0.3
9.59
–
TGC-0065
and
50.4
50.7
0.3
15.76
–
TGC-0065
52.2
52.5
0.3
31.87
-1.64
TGC-0067
23.6
23.9
0.3
1.06
–
TGC-0067
48.2
50
1.8
314.27
52.34
TGC-0067
including
48.8
49.4
0.6
934.91
–
TGC-0067
which includes
48.8
49.1
0.3
1839.55
–
TGC-0067
and
49.1
49.4
0.3
30.26
–
TGC-0067
53.3
54.2
0.9
104
10.95
TGC-0067
including
53.3
53.9
0.6
155.68
–
TGC-0067
which includes
53.3
53.6
0.3
10.89
–
TGC-0067
and
53.6
53.9
0.3
300.47
–
TGC-0067
63.2
63.8
0.6
2.89
–
TGC-0067
67.1
67.4
0.3
9.18
–
Table 6. Collar coordinates for grade control and infill drillholes reported in this release. Coordinates are in Fiji map grid.
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES
VANCOUVER, British Columbia, Aug. 14, 2023 (GLOBE NEWSWIRE) — West Red Lake Gold Mines Ltd.(“West Red Lake Gold” or “WRLG” or the “Company”) (TSXV:WRLG)(OTCQB: WRLGF) is pleased to announce the closing of its previously announced non-brokered private placement (the “Offering”) for gross proceeds of $7,000,000 from the sale of 10,000,000 flow-through shares (“FT Shares”) at $0.70/FT Share.
The Company intends to use the proceeds from the Offering for the exploration and advancement of the Company’s properties in Red Lake, Ontario.
Proceeds from the sale of Flow-Through Shares will be used to incur “Canadian exploration expenses” as defined in subsection 66.1(6) of the Income Tax Act and “flow through mining expenditures” as defined in subsection 127(9) of the Income Tax Act. Such proceeds will be renounced to the subscribers with an effective date not later than December 31, 2023 and incurred no later than December 31, 2024, in the aggregate amount of not less than the total amount of gross proceeds raised from the issue of FT Shares.
Certain Insiders of the Company purchased FT Shares under the Offering, constituting, to that extent, a “related party transaction” as defined under Multilateral Instrument 61-101 (“MI 61-101”). The Company has relied on the exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101, as neither the fair market value of the securities distributed in the Offering nor the consideration received for those securities, in so far as the Offering involves the directors and officers, exceeds 25% of the Company’s market capitalization. The Offering remains subject to final approval of the TSX Venture Exchange.
The connection with the financing, the Company paid an aggregate cash finders fee of $216,288.45 of which $64,800.12 was to Accilent Capital Management Inc., $55,500.06 to Red Cloud Securities Inc., $45,840.06 to Canaccord Genuity, $24,000.06 to Cypress Capital Management Ltd., $14,400.12 to PI Financial Corp., $9,900.03 to Haywood Securities Inc., $1,260 to StephenAvenue Securities Inc. and $588 to Leede Jones Gable Inc.
The securities issued under this Offering are subject to a four-month hold period ending on December 12, 2023. The securities described herein have not been, and will not be, registered under the United States Securities Act, or any state securities laws, and accordingly may not be offered or sold within the United States except in compliance with the registration requirements of the U.S. Securities Act and applicable state securities requirements or pursuant to exemptions therefrom. This press release does not constitute an offer to sell or a solicitation to buy any securities in any jurisdiction.
Deferred Consideration Payment to Sprott
Further to an unsecured convertible promissory note dated June 16, 2023 in the amount of US$6,783,932 for deferred consideration related to the acquisition of Pure Gold Mining Inc. (the “Obligation”) between the Company and a fund managed by Sprott Resource Lending Corp (“Sprott”), the Company has received A Conversion Election Notice from Sprott to convert US$1,250,838 of the Obligations into 2,400,000 common shares in the capital of the Company at a purchase price of C$0.70 per common share of the Company. (Refer to news release of June 19, 2023 for more details.) Issuance of the 2,400,000 common shares are subject to final approval of the TSX Venture Exchange.
Investor Relations Contract with Zinger Ventures Inc.
The Company has entered into a consulting agreement (the “Consulting Agreement”) with Zinger Ventures Inc. (the “Consultant”), based in Vancouver, British Columbia, pursuant to which the Consultant will provide the Company with investor relations services (the “Services”). The Consulting Agreement effective June 1, 2023 has an initial term of six (6) months, unless terminated earlier in accordance with the Consulting Agreement, and which may be extended for ensuing one month terms by agreement in writing between the Consultant and the Company.
The Services provided by the Consultant will include, but not be limited to, consulting with the Company’s management concerning marketing and investor relations services, building relationships with the Company’s investors, and attending conferences while representing the Company.
As consideration for the provision of the Services and in accordance with the terms and provisions of the Consulting Agreement, the Company will (i) pay the Consultant a monthly fee of $5,000 plus GST, (ii) grant the Consultant 300,000 stock options (the “Options”), and (iii) reimburse the Consultant for pre-approved out of pocket expenses actually and properly incurred by the Consultant in connection with the Services. The Options will vest in stages over a 12-month period with 75,000 Options vesting every three months following the grant date (June 26, 2023).
The Consultant and its principal, Dustin Zinger, are arm’s length from the Company and hold directly, or indirectly 17,500 common shares of the Company. The Company’s engagement of the Consultant and the issuance of the Options are subject to the acceptance of the TSX Venture Exchange.
Marketing Agreement with Gold Standard Media, LLC
The Company has entered into a 12-month marketing agreement (the “Marketing Agreement”) with Gold Standard Media, LLC (“GSM”), an internet marketing and advertising company, for an aggregate consideration of US$500,000. GSM will provide marketing services including email marketing campaigns, landing pages, advertisements, and other related services to assist the Company in raising public awareness of the Company and enhance its online presence.
GSM is a limited liability company existing under the laws of the State of Texas with an office at 723 W, University Ave. #110-283 Georgetown Texas. GSM uses third party service providers for the purpose of these marketing activities. The Marketing Agreement is subject to TSX Venture approval.
ABOUT WEST RED LAKE GOLD MINES
West Red Lake Gold Mines Ltd. is a mineral exploration company that is publicly traded and focused on advancing and developing its flagship Madsen Gold Mine and the associated 47 km2 highly prospective land package in the Red Lake district of Ontario. The highly productive Red Lake Gold District of Northwest Ontario, Canada has yielded over 30 million ounces of gold from high-grade zones and hosts some of the world’s richest gold deposits. WRLG also holds the wholly owned Rowan Property in Red Lake, with an expansive property position covering 31 km2 including three past producing gold mines – Rowan, Mount Jamie, and Red Summit.
Rowan Project Location Map
ON BEHALF OF WEST RED LAKE GOLD MINES LTD.
“Shane Williams”
Shane Williams President & Chief Executive Officer
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.
Certain statements contained in this news release constitute “forward-looking statements”. When used in this document, the words “anticipated”, “expect”, “estimated”, “forecast”, “planned”, and similar expressions are intended to identify forward-looking statements or information. These statements are based on current expectations of management, however, they are subject to known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from the forward-looking statements in this news release. Readers are cautioned not to place undue reliance on these statements. West Red Lake Gold Mines Ltd. does not undertake any obligation to revise or update any forward- looking statements as a result of new information, future events or otherwise after the date hereof, except as required by securities laws.
Ottawa, Ontario–(Newsfile Corp. – August 15, 2023) – Gold79 Mines Ltd. (TSXV: AUU) (OTCQB: AUSVF) (“Gold79” or the “Company”) announces that it has issued 2,062,548 common shares of the Company in connection with a US$48,000 ($63,283) share payment due under the option agreement covering a portion of the Company’s landholdings for the Gold Chain project in Arizona. The common shares issued have a statutory hold period until December 15, 2023.
About Gold79 Mines Ltd.
Gold79 Mines Ltd. is a TSX Venture listed company focused on building ounces in the Southwest USA. Gold79 holds 100% earn-in option to purchase agreements on three gold projects: the Jefferson Canyon Gold Project and the Tip Top Gold Project both located in Nevada, USA, and, the Gold Chain Project located in Arizona, USA. In addition, Gold79 holds a 32.3% interest in the Greyhound Project, Nunavut, Canada under JV by Agnico Eagle Mines Limited.
For further information regarding this press release contact:
This press release may contain forward looking statements that are made as of the date hereof and are based on current expectations, forecasts and assumptions which involve risks and uncertainties associated with our business including the uncertainty as to whether further exploration will result in the target(s) being delineated as a mineral resource, capital expenditures, operating costs, mineral resources, recovery rates, grades and prices, estimated goals, expansion and growth of the business and operations, plans and references to the Company’s future successes with its business and the economic environment in which the business operates. All such statements are made pursuant to the ‘safe harbour’ provisions of, and are intended to be forward-looking statements under, applicable Canadian securities legislation. Any statements contained herein that are statements of historical facts may be deemed to be forward-looking statements. By their nature, forward-looking statements require us to make assumptions and are subject to inherent risks and uncertainties. We caution readers of this news release not to place undue reliance on our forward-looking statements as a number of factors could cause actual results or conditions to differ materially from current expectations. Please refer to the risks set forth in the Company’s most recent annual MD&A and the Company’s continuous disclosure documents that can be found on SEDAR at www.sedar.com. Gold79 does not intend, and disclaims any obligation, except as required by law, to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Vancouver, British Columbia–(Newsfile Corp. – August 14, 2023) – EMX Royalty Corporation (NYSE American: EMX) (TSXV: EMX) (FSE: 6E9) (the “Company” or “EMX”) is pleased to report results for the quarter ended June 30, 2023 (“Q2-2023”). The Company’s filings for the quarter are available on SEDAR at www.sedarplus.ca, on the U.S. Securities and Exchange Commission’s website at www.sec.gov, and on EMX’s website at www.EMXroyalty.com. Financial results were prepared in accordance with International Financial Reporting Standards, as issued by the International Accounting Standards Board. All dollar amounts in this news release are in USD unless otherwise noted.
HIGHLIGHTS
Financial Updates for the Three Months Ended June 30, 2023
Revenue and other income for the three months ended June 30, 2023 was $3,408,000 compared to $7,034,000 for the three months ended June 30, 2022 (“Q2-2022”). Adjusted revenue and other income1 of $6,481,000 (Q2-2022 – $9,465,000) included $3,073,000 (Q2-2022 – $2,431,000) in revenue for the Company’s share of royalty revenue from the Caserones Mine (effective) royalty interest in Chile. Revenue and other income and adjusted revenue and other income1 for Q2-2022 included the accrual of a $4,000,000 milestone payment related to Gediktepe.
Net loss for the three months ended June 30, 2023 was $4,722,000 (Q2-2022 – $3,315,000).
Cash used in operating activities for the three months ended June 30, 2023 was $1,160,000 (Q2-2022 – $4,152,000). Adjusted cash1 provided by operating activities for the three months ended June 30, 2023 was $1,294,000 (Q2-2022 – adjusted cash used in operating activities of $3,254,000). Operating cash flows for Q2-2023 include an accelerated $2,500,000 option payment by Aftermath Silver for the Berenguela property.
As at June 30, 2023, EMX had cash of $9,980,000 (December 31, 2022 – $15,508,000), investments, long-term investments and loans receivable valued at $14,346,000 (December 31, 2022 – $14,561,000) and loans payable of $41,428,000 (December 31, 2022 – $40,489,000).
Corporate Updates
Timok Dispute Update
On January 27, 2022 the Company announced that it had suspended the filing of a Notice of Arbitration to Zijin Mining Group Ltd (“Zijin”) regarding its royalty agreement covering the Timok project in Serbia, which includes the producing Cukaru Peki copper and gold mine. This suspension followed EMX’s previous announcement of its intention to file the Notice of Arbitration to formally dispute the royalty rate as defined under the Royalty Agreement (see EMX news release dated December 17, 2021). Discussions with Zijin have since proved amicable and productive and continued through Q2 2023. Both companies are expecting to execute a modified royalty agreement in 2023.
Acquisition of Additional Royalty Interest on Caserones
During Q2 2023, EMX acquired an additional 2.263% ownership in the underlying Caserones royalty holder, Sociedad Legal Minera California Una de la Sierra Peña Negra (“SLM”), for cash consideration of $3,517,000 pursuant to agreements with existing shareholders of SLM. The acquisition provides EMX with a further 0.044% (effective) net smelter royalty (“NSR”) interest in the Caserones property, increasing the Company’s NSR royalty interest to 0.7775%.
Acquisition Agreement for New Royalties with Franco-Nevada
During Q2 2023, EMX executed a term sheet with Franco-Nevada Corporation (“Franco-Nevada”) (NYSE: FNV) (TSX: FNV) for the joint acquisition of newly created precious metals and copper royalties sourced by EMX (the “Agreement”). Franco-Nevada will contribute 55% (up to $5.5 million) and EMX will contribute 45% (up to $4.5 million) towards the royalty acquisitions, with the resulting royalty interests equally split (i.e., 50/50). The initial term of the Agreement is for three years, or until the maximum contributions totaling $10 million from both companies have been met, and may be extended if mutually agreed by both companies.
Royalty and Royalty Generation Updates
During Q2 2023, the Company’s royalty generation business was active in North America, South America, Europe, Turkey, Australia and Morocco. The Company spent $4,255,000 (Q2-2022 – $5,108,000) on royalty generation costs and recovered $1,811,000 (Q2-2022 – $2,014,000) from partners. Royalty generation costs include exploration related activities, technical services, project marketing, land and legal costs, as well as third party due diligence for acquisitions. Included in revenue and other income was $807,000 in option, advance royalty, and other pre-production payments related to existing partnered projects as a result of the royalty generating activities. During Q2 2023, the Company also completed two new partnerships across the portfolio while continuing to replace partnered properties with new royalty generation projects.
Producing Royalties
6
Advanced Royalties
11
Exploration Royalties
152
Royalty Generation Properties
105
Figure 1. EMX’s royalty and mineral property portfolio.
EMX earned over $1,175,000 in royalty revenue from the Gediktepe mine. Mine operator Lidya advised EMX that Oxide Zone gold production will increase during the summer months of 2023.
The Caserones (effective) royalty distribution for Q1 was received in Q2 and totaled approximately $2,454,000. Lundin Mining completed the acquisition of fifty-one percent (51%) of the issued and outstanding equity of MLCC, the Caserones mine operator, from JX Nippon (see Lundin news release dated June 13, 2023). In connection with the acquisition, Lundin filed a technical report on SEDAR titled “NI 43-101 Technical Report on the Caserones Mining Operation, Atacama Region, Chile” that included current mineral resource and reserve estimates in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects.
Leeville payments to EMX totaled approximately $664,000 from royalty production that totaled 338 ounces of gold. Q2 marked another strong quarter of Leeville royalty production along with robust gold prices.
EMX earned, and subsequently received in Q3-2023 Gold Bar South royalty revenue of $54,000 from Q1 production of 2,966 gold ounces and $80,000 from Q2 production of 3,984 gold ounces. The receipt of initial royalty revenue from Gold Bar South now establishes the operation as a paying royalty for EMX.
Arizona Sonoran Copper released results of the Parks-Sayler infill drill program in preparation for a PFS planned for 2024, which included enriched (secondary sulfide) copper intercepts from EMX’s royalty property. Arizona Sonoran also provided an update on metallurgical programs being conducted in preparation for the PFS, which included recoveries of ~80% after 160 days from Parks-Sayler enriched copper mineralization (secondary sulfide).
Exploration drilling by South32 at the Hermosa property’s Peake prospect returned mineralized intercepts covered by EMX’s Hardshell royalty property included the best copper intercept to date of 139 meters averaging 1.88% copper, 0.51% lead, 0.34% zinc, and 52 g/t silver (true width not reported).
In Canada, EMX programs advanced available properties in the portfolio as partners conducted summer field programs on EMX royalty properties. EMX received $45,000 in cash payments and $Nil in share equity payments during the quarter from partnered projects.
EMX’s Latin American royalty portfolio was advanced with work programs that included drilling and metallurgical test work conducted by AbraSilver at the Diablillos project’s JAC Zone silver-gold discovery. GR Silver Mining Ltd (“GR Silver”) reported on successful exploration step-out drilling at the San Marcial epithermal silver project. Aftermath Silver made an accelerated $2,500,000 option payment to EMX for the Berenguela polymetallic CRD project.
The Company’s U.S. royalty generation portfolio progressed with ongoing partner-funded work programs, as well by the expansion of properties through the staking of new claims and permitting at key projects. EMX currently has 43 projects in partnership with other companies in the western U.S.
In Northern Europe the Company continued to develop and advance its portfolio of projects, with summer field programs commencing on numerous properties in Q2. EMX has 37 projects in partnership with other companies in Northern Europe and partner funded drill programs were completed in Q2 by Mahvie Minerals AB, a private Swedish corporation, at the Mo-I-Rana royalty property in Norway, and by Bayrock Resources, a private Australian company, at EMX’s Vuostok battery metals royalty property in Northern Sweden.
Kendrick Resources PLC (LSE: KEN) announced drill results from EMX’s Espedalen royalty property in Norway, including an intercept of 11.60 meters averaging 2.85% nickel, 1.04% copper and 0.08% cobalt from 52.4 meters depth in drill hole ESP23-08 (see Kendrick news release dated May 4, 2023). This hole was drilled at the Stormyra prospect on the Espedalen license (true width not reported, but can be estimated at 70-80% according to published cross sections). Kendrick plans to expand its exploration programs at Espedalen in the second half of 2023.
The Company optioned the Yarrol gold-copper (+ Co-Mn) project and the Mt Steadman gold project to Many Peaks Gold (“MPG”) during Q2. The agreement provides EMX with cash payments, equity interests in MPG, and work commitments during a fifteen month option period. Upon exercise of the option, EMX will receive additional payments of cash and shares of MPG along with annual advance royalty payments, royalty interests and other consideration.
Royalty generation programs proceeded in the Balkans and in Morocco in Q2, where multiple exploration license applications have been filed by the Company. New target areas are being assessed for further acquisitions.
Investment Updates
As at June 30, 2023, the Company had marketable securities of $8,626,000 (December 31, 2022 – $9,966,000), and $4,688,000 (December 31, 2022 – $4,591,000) in private investments. The Company will continue to generate cash flow by selling certain of its investments when appropriate.
OUTLOOK
The 2023 year will continue to see revenue and other income coming from our cash flowing royalties, including Leeville and Gold Bar South in Nevada, Gediktepe and Balya in Turkey, potentially Timok in Serbia (pending conclusion of discussions with Zijin), and our effective royalty interest on Caserones in Chile. As in previous years, production royalties will continue to be complemented by option, advance royalty, and other pre-production payments from partnered projects across the global asset portfolio.
The Company will continue to strengthen its balance sheet over the course of the year by looking to retire portions of our long-term debt, continuing to evaluate equity markets, and the ongoing monetization of the Company’s marketable securities.
EMX is well positioned to identify and pursue new royalty and investment opportunities, while further filling a pipeline of royalty generation properties that provide opportunities for additional cash flow, as well as exploration, development, and production success.
Qualified Person. Michael P. Sheehan, CPG, a Qualified Person as defined by NI 43-101 and employee of the Company, has reviewed, verified, and approved the above technical disclosure on North America and Latin America. Eric P. Jensen, CPG, a Qualified Person as defined by NI 43-101 and employee of the Company, has reviewed, verified, and approved the above technical disclosure on Europe, Turkey, and Australia.
About EMX. EMX is a precious, base and battery metals royalty company. EMX’s investors are provided with discovery, development, and commodity price optionality, while limiting exposure to risks inherent to operating companies. The Company’s common shares are listed on the NYSE American Exchange and TSX Venture Exchange under the symbol “EMX”, and also trade on the Frankfurt exchange under the symbol “6E9”. Please see www.EMXroyalty.com for more information.
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 year ended December 31, 2022 (the “MD&A”), and themost 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.
_________________________ 1 Adjusted revenue and other income and adjusted cash provided by (used in) operating activities are non-IFRS financial measures with no standardized meaning under IFRS and might not be comparable to similar financial measures disclosed by other issuers. Refer to the “Non-IFRS financial measures” section on page 26 of the Q2-2023 MD&A for more information on each non-IFRS financial measure.
