|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proven ProbableAuthor: admin
| ||||||||||||
December 14, 2018 | ||||||||||||
| ||||||||||||
|
| |||||||||||||||||||
| |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TORONTO, ON / ACCESSWIRE / December 14, 2018 / DNI Metals Inc. (CSE: DNI; OTC PINK: DMNKF) (“DNI” or the “Company”),
Environmental Licenses
DNI and the Office National pour l’Environnement Madagascar, (”ONE”), completed two days of technical reviews at Vohitsara and Marofody properties on December 6 and 7.
As per DNI’s press releases on November 8 and 20, 2018 the ONE must complete two site visits, a Technical review, and a Public consultation.
The ONE group comprised of a panel of four people, from the following government offices;
- ONE coordinator
- Ministry of Mines
- Ministry of Environment
- Bureau des Directions Régionales de la Population (DRPPSPF)
As part of the technical review, the ONE will send an official letter to DNI, asking for clarity on certain items. DNI will respond quickly and complete this process before year end or early in 2019.
The Public consultation will be a two-day process, and will include three local community meetings comprised of one district meeting, one Vohitsara community meeting, and one Marofody community meeting. These meetings will be scheduled for mid-January.
As part of the technical review, DNI and the ONE met with the Mayor of the district, and the presidents of Vohitsara and Marofody.
DNI has entered into property purchase negotiations with selected Vohitsara land stakeholders required for mine development. Ninety-Nine percent of the people in the area want to see DNI develop a mine.
Resource Estimate
DNI has engaged Micon to complete its maiden resource estimate for the Vohitsara Graphite property. A site visit is being scheduled for early January, with a resource estimate completed around the end of January to mid-February.
Financing
A non‑brokered private placement financing to secure up to $1,000,000 of financing for its projects and operations by placement of up 1,000 convertible debentures (”Convertible Debentures”) with a face value of $1,000 per Convertible Debenture pursuant to a subscription agreement (the “Subscription Agreement“)
Each Convertible Debenture shall have the following terms:
- Face value $1,000
- Coupon 12%
- Term 365 days
- Conversion price $.08 (each $1,000 face value debentures converts to 12,500 units (”Units”))
- Each Unit shall consist of one common share of the Company (a ”Common Share”) and a ½ warrant to purchase a common share of the Company (each full warrant, a ”Warrant”)
- If the debenture holder converts prior to maturity, the coupon payment will be forfeited.
- Upon Maturity, debenture holders have the following options:
Warrant Terms
Each Warrant entitles the bearer to purchase one common share of the Company ( a ”Warrant Common Share”) at an exercise price of C$.20 per share until July 27, 2022. If the closing market price of the common shares of the Company on the Canadian Securities Exchange is equal to or greater than, $0.30 per common share for a period of 30 consecutive trading days, or upon the public announcement of a decision by the Company’s board of directors to build a commercial processing plant capable of producing at least 10,000 metric tonnes per year of graphite, then the Company may accelerate the expiry date of the Warrants by delivering a notice (the “Acceleration Notice“) to the Warrant holder notifying such Warrant holder that the Warrants must be exercised within thirty (30) calendar days from the date of the Acceleration Notice, otherwise the Warrants will expire at 4:00 p.m. (Toronto time) on the thirtieth (30th) calendar day after the date of Acceleration Notice.
Annual Meeting
DNI has set its annual and special meeting date for December 20, 2018.
The Record date was November 19, 2018.
Resolutions will include:
- Election of Directors
- Appointment of Auditors
- Changing Financial Year End to December 31, to match the Malagasy and Mauritian subsidiary companies.
- Continuing DNI as a Canadian company under the Canada Business Corporations Act, from its current domicile as a Quebec company.
Debt Settlement
DNI has issued 1,400,000 shares to settle debts of $70,000
DNI – CSE
DMNKF – OTC
Issued: 122,098,403
For further information, contact:
DNI Metals Inc. – Dan Weir, CEO 416-595-1195
Also visit www.dnimetals.com
Forward-looking Statements
This press release contains forward-looking statements, including statements that relate to, among other things, the following: (i) the geological characteristics of the projects; (ii) the potential to discover additional mineralization and to extend the area of mineralization; (iii) the potential to raise additional financing; and (iv) the potential to expand and upgrade the resource estimate of the projects. Forward-looking information is subject to the risks, uncertainties and other important factors that could cause the Company’s actual performance to differ materially from that expressed in or implied by such statements. Such factors include, but are not limited to volatility and sensitivity to market metal prices, impact of change in foreign exchange rates, interest rates, imprecision in resource estimates, imprecision in opinions on geology, environmental risks including increased regulatory burdens, unexpected geological conditions, adverse mining conditions, changes in government regulations and policies, including laws and policies; and failure to obtain necessary permits and approvals from government authorities, and other development and operating risks, and can generally be identified by the use of words such as ”may”, ”will”, ”could”, ”should”, ”would”, ”likely”, “possible”, ”expect”, ”intend”, ”estimate”, ”anticipate”, ”believe”, ”plan”, ”objective”, ”hope” and ”continue” (or the negative thereof) and words and expressions of similar import. Although DNI believes that the expectations reflected in such forward-looking statements are reasonable, such statements involve risks and uncertainties, and undue reliance should not be placed on such statements. Certain material factors or assumptions are applied in making forward-looking statements, and actual results may differ materially from those expressed or implied in such statements. Additional information about material factors that could cause actual results to differ materially from expectations and about material factors or assumptions applied in making forward-looking statements may be found in the Company’s most recent annual and interim Management’s Discussion and Analysis under ”Risk and Uncertainties” as well as in other public disclosure documents filed with Canadian securities regulatory authorities. Forward-looking statements are provided for the purpose of providing information about management’s current expectations and plans relating to the future. Readers are cautioned that such information may not be appropriate for other purposes. The Company does not undertake any obligation to update publicly or to revise any of the forward-looking statements contained in this document, whether as a result of new information, future events or otherwise, except as required by law.
SOURCE: DNI Metals
Vancouver, British Columbia–(Newsfile Corp. – December 13, 2018) – EMX Royalty Corporation (TSXV: EMX) (NYSE American: EMX) (the “Company” or “EMX”) is pleased to announce the execution of a purchase agreement (the “Agreement”) for the sale of the Bleikvassli, Sagvoll, and Meråker polymetallic projects in Norway, and the Bastuträsk polymetallic project in Sweden to OK2 Minerals Ltd. (“OK2”) (TSX Venture: OK). The Agreement provides EMX with a 9.9% equity interest in OK2, advance royalty payments, and a 3% net smelter return (“NSR”) royalty interest in the projects, as well as a 1% NSR royalty on OK2’s Pyramid project in British Columbia.
The four Scandinavian projects (the “Properties”) provide OK2 with a portfolio of prospective properties for its newly created European Business Unit, and will provide OK2’s shareholders, including EMX, with substantial value creation upside. The Properties contain historic mining areas and/or historic, drill-defined zones of polymetallic base metal mineralization (zinc-lead-copper) with variable levels of precious metal enrichments (silver ± gold). There is significant exploration potential, as little to no modern work has taken place on the projects, with the exception of Bastuträsk. Please see the attached map and www.EMXroyalty.com for more information.
Commercial Terms Overview (dollar amounts in USD, unless otherwise noted):
- EMX will transfer to OK2 the Bleikvassli, Sagvoll, and Meråker exploration licenses in Norway, and its Bastuträsk exploration permits in Sweden at closing.
- Upon the closing of this transaction, OK2 will undergo a corporate restructuring by share consolidation and change its name to Norra Metals Corp.
- OK2 will issue to EMX that number of common shares of OK2 that represents a 9.9% equity ownership in OK2 at closing. OK2 will have the continuing obligation to issue additional shares of OK2 to EMX to maintain its 9.9% interest in OK2, at no additional cost to EMX (subject to a maximum of 13,398,958 post-consolidation common shares), until OK2 has raised CDN $5,000,000 in equity to fund exploration and development on the Properties, or until five years after closing, whichever occurs first. Thereafter, EMX will have the right to participate pro-rata in future financings at its own cost to maintain its 9.9% interest in OK2.
- Further, there is an additional provision that requires OK2 to raise and spend CDN $2,000,000 on the Properties within two years of the closing date, otherwise EMX’s 9.9% equity ownership shall be increased to a 14.9% continuing equity interest (subject to a maximum of 21,350,956 post-consolidation common shares).
- EMX will retain an uncapped 3% NSR royalty interest on each of the Properties. Within six years of the closing date, OK2 has the right to buy down up to 1% of the royalty retained by EMX on any given project (leaving EMX with a 2% NSR royalty) by paying EMX $2,500,000. Such a buy down is project specific.
- EMX will receive annual advance royalty (“AAR”) payments of $20,000 for each of the Properties commencing on the second anniversary of the closing, with each AAR payment increasing by $5,000 per year until reaching $60,000 per year, except that OK2 may skip AAR payments on two of the four Properties in years two and three provided payments are made on the other two Properties in years two and three. Once reaching $60,000, AAR payments will be adjusted each year according to the Consumer Price Index (as published by the U.S. Department of Labor, Bureau of Labor Statistics).
- EMX will receive a 0.5% NSR royalty on any new mineral exploration projects generated by OK2 in Sweden or Norway, excluding projects acquired from a third party containing a mineral resource or reserve or an existing mining operation. These royalties are not capped and not subject to a buy down.
- EMX will also receive a 1% NSR royalty on OK2’s Pyramid project in British Columbia at closing.
- EMX will have the right to nominate one seat on the Board of Directors of OK2.
- Closing is subject to approval by the TSX Venture Exchange.
Properties Overview
The Scandinavian Properties contain a combination of Volcanogenic Massive Sulfide (“VMS”) and sedimentary exhalative (“SEDEX”) polymetallic deposits. Magmatic sulfide type nickel-copper-cobalt mineralization is also present on portions of the Sagvoll project in Norway.
Bleikvassli. The 6,000 hectare (“Ha”) Bleikvassli licenses are located near the Norwegian city of Mo-i-Rana, and contain the historic Bleikvassli mine area, which saw production of lead, zinc and silver mineralization from 1914-1997[1]. The mine was one of the last metal mines to operate in Norway, and was closed only when flooded in the late 1990’s. The styles of mineralization at Bleikvassli have been the subject of debate, with some authors favoring a VMS origin for the deposit, while others have favored a sedimentary exhalative (“SEDEX”) model. In either case, the deposit consists of stratiform/stratibound lenses of lead-zinc-silver massive sulfide mineralization, which locally grades into more copper and gold-rich compositions. The lenses mined at Bleikvassli constitute a portion of an extensive zone of sulfide mineralization that extends well beyond the mine area, as indicated by historic exploration drilling and extensive surface mapping.
Sagvoll. The 11,000 Ha Sagvoll project is located northeast of the Norwegian city of Trondheim. The Sagvoll licenses contain multiple areas of historic mining, where copper and other metals were mined in the 19th and early 20th centuries. VMS style mineralization is developed throughout the areas of historic mine workings, and along extensive geophysical anomalies that extend for over 25 kilometers along strike of the mine workings. Also present in the southeastern portion of the license area are historic nickel-copper sulfide mines and prospects.
Meråker. Like Sagvoll, the 18,600 Ha Meråker project is located near the Norwegian city of Trondheim, and contains multiple historic mines and prospects developed on trends of polymetallic VMS style mineralization. Copper was the chief product from many of the historic mines, but significant zinc mineralization is seen in the mine dumps and outcrops in the area. There are several parallel trends of mineralization within the project area, extending for nearly 30 kilometers along strike. Little modern exploration has taken place at Meråker.
Bastuträsk. The 4,700 Ha Bastuträsk exploration permits are located in the Skellefteå district, which is one of Sweden’s most prolific mining districts. VMS style sulfide mineralization was discovered at Bastuträsk by Boliden AB in the 1960’s, and was drilled intermittently in various programs through the early 2000’s. The mineralization is hosted by a folded sequence of volcanic and volcanoclastic sedimentary rocks. The mineralization does not outcrop in the area, and is only known through drilling and as projected from geophysical data. Drill defined zones of mineralization are developed over an area of several kilometers near the apparent nose of a prominent fold hinge.
Pyramid Project Overview
OK2’s 12,700 Ha Pyramid project is located along the Dease River at the northern edge of British Columbia’s “Golden Triangle” region. The project contains extensive zones of both porphyry gold-copper and epithermal style mineralization developed in Quesnel Terrane host rocks, one of the key hosts for porphyry deposits in British Columbia. The property has undergone extensive surface mapping, sampling and geophysical surveys, along with recent reconnaissance drilling (2016 and 2017). More information about the project, including drill results, are available on the OK2 website.
About EMX. EMX leverages asset ownership and exploration insight into partnerships that advance our mineral properties, with EMX receiving pre-production payments and retaining royalty interests. EMX complements its royalty generation initiatives with royalty acquisitions and strategic investments.
The sale of the Properties in Norway and Sweden to OK2 is another example of EMX’s execution of its royalty generation business model, and provides additional organic royalty property growth for EMX, as well as establishing a substantial equity position in the partner company. These interests provide EMX and its shareholders immediate exposure to equity upside, while the royalty interests provide longer term exposure to the optionality of continued exploration success and the potential for future mineral production revenues.
Dr. Eric P. Jensen, CPG, a Qualified Person as defined by National Instrument 43-101 and employee of the Company, has reviewed, verified and approved the disclosure of the technical information contained in this news release.
-30-
For further information contact:
David M. Cole
President and Chief Executive Officer
Phone: (303) 979-6666
Email: Dave@EMXroyalty.com
Scott Close
Director of Investor Relations
Phone: (303) 973-8585
Email: SClose@EMXroyalty.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
This news release may contain “forward looking statements“ that reflect the Company’s current expectations and projections about its future results. These forward-looking statements may include statements regarding perceived merits 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 onSeptember 30, 2018 (the “MD&A”), and the most recently filed Form 20-F for the year that ended on December 31, 2017, actual events may differ materially from current expectations. More information about the Company, including the MD&A, the 20-F and financial statements of the Company, is available on SEDAR at www.sedar.com and on the SEC’s EDGAR website at www.sec.gov.
Cannot view this image? Visit: http://media.zenfs.com/en-US/homerun/newsfile_64/c957666d8d323b019347528d8004e6c9
Figure 1. Properties in Norway and Sweden sold by EMX to OK2.
To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/1508/41619_80f3f742c4c07bfe_002full.jpg
[1] Geological Survey of Norway Ore Database, Deposit Area 1832-012.
VANCOUVER, British Columbia, Dec. 12, 2018 (GLOBE NEWSWIRE) — NV Gold Corporation (TSX.V: NVX; OTC Pink: NVGLF) (“NV Gold” or the “Company”) is pleased to announce the filing of its August 31, 2018 year-end financial statements and recent board changes.
At the same meeting at which the Board approved our year-end financial statements, the Board concluded its review of Board composition and decided to propose a smaller board of five directors for election at its next AGM in January 2019. In connection with this decision, NV Gold graciously accepted the resignations of both Ken Booth and Paul Zyla. Paul Zyla will remain as a Board Advisor going forward, and Quinton Hennigh, Odin Christensen, Alf Stewart, Peter Ball and John Watson will remain on the Board and will be management’s director nominees for the Company’s AGM.
“I want to thank both Ken Booth and Paul Zyla for their efforts and dedication as members of NV Gold’s board, and wish them all the best in their future business ventures,” commented John Watson, Chairman and CEO of NV Gold. “Ken has been on the Board since the Company’s acquisition of certain Nevada assets in late 2016 from Redstar Gold Corp. Paul has been a supportive director since 2011, and I am pleased Paul can remain as an advisor as we push into 2019. NV Gold controls a solid portfolio of projects in Nevada, and along with new management appointments of Peter Ball as President and COO and Marcus Johnston as Exploration Manager, we look forward to an exciting year for the Company. At this time we would also like to thank our supportive shareholders for the strong support of NV Gold’s team during 2018 and going forward.”
About NV Gold Corporation
NV Gold is a junior exploration company based in Vancouver, British Columbia that is focused on delivering value through mineral discoveries utilizing the prospector generator model. Leveraging its highly experienced in-house technical knowledge, NV Gold’s geological team intends to use its geological database, which contains a vast treasury of field knowledge spanning decades of research and exploration, combined with a portfolio of mineral properties in Nevada, to create opportunities for lease or joint venture. NV Gold plans to aggressively acquire additional land positions for the growth of its business.
On behalf of the Board of Directors,
John E. Watson
Chairman and CEO
For further information, visit the Company’s website at www.nvgoldcorp.com or contact:
Peter A. Ball,
President & COO
Phone: 1-888-363-9883
Email: peter@nvgoldcorp.com
Neither the TSX Venture Exchange nor its Regulation Service 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, Dec. 13, 2018 (GLOBE NEWSWIRE) — Novo Resources Corp. (“Novo” or the “Company”) (TSX-V: NVO; OTCQX: NSRPF) is pleased to provide an update of exploration activities and short-term objectives at several of its Pilbara gold projects.
Egina:
- Novo’s preliminary bulk sampling program at Egina is nearing completion. An approximately 170 tonne bulk sample was recently excavated (Figure 1) and is being processed utilizing the Company’s IGR3000 gravity gold plant. Initial results are expected by the end of the month.
- Sampling and processing protocols developed during this preliminary bulk sampling phase will enable Novo to undertake systematic bulk sampling across other parts of the expansive gravel terrace at Egina beginning after the wet season ends in March.
- In addition to the 170 tonne bulk sample, three smaller samples weighing approximately 20 tonnes each were collected for detailed metallurgical test work including mechanical sorting tests similar to those recently undertaken on bulk samples from Comet Well (please refer to the Company’s news release dated November 19, 2018). Metallurgical test work will be geared toward developing a processing scheme suited for Egina gravels.
- Novo anticipates trial bulk sampling and processing of a few tens of thousands of tonnes at Egina in 2019.
Karratha:
- Assays of concentrates from recent mechanical sorting tests are expected back by the end of December. Analyses of waste material from these tests are anticipated to return the first quarter of 2019 at which time the effectiveness of mechanical sorting and its potential commercial application can be more fully assessed.
- Novo anticipates generating a mineralization report for the Karratha gold project for submission to the Western Australian Department of Mine, Industry Regulation and Safety during the first quarter of 2019. This report forms the basis for seeking grant of a mining lease at Karratha. Novo is also working towards a native title agreement with the Ngarluma people, another key step in the process of obtaining a mining lease.
Beatons Creek:
- A suite of 58 bulk samples, each weighing approximately two tonnes, was collected from gold-bearing conglomerates across the Beatons Creek project during 2018. Analyses from these samples are expected to return by February 2019.
- In addition to bulk sampling, Novo undertook infill and step-out diamond drilling to enable geological remodeling and expansion of the Beatons Creek deposit.
- Novo anticipates utilizing forthcoming data from bulk sampling and diamond drilling to develop a new resource model for Beatons Creek during the first quarter of 2019. The recently updated Beatons Creek resource (please refer to the Company’s news releases dated October 10 and November 21, 2018) includes measured and indicated resources of 345 thousand oz Au (4.594 million tonnes at 2.3 grams per tonne Au) and an inferred resource of 322 thousand oz Au (3.790 million tonnes at 2.6 grams per tonne Au). Reference should be made to the technical report entitled NI 43-101 Technical Report Resource Update, Beatons Creek Gold Project, Pilbara Region, Australia, with an effective date of August 10, 2018 and an issue date of November 20, 2018, prepared for Novo by Leonel Lopez (AIPG- Geol. Eng. QP, SME-RM) of Tetra Tech, Golden, Colorado (the “2018 Technical Report”). The 2018 Technical Report is available under Novo’s profile on the SEDAR website (www.sedar.com).
Talga Talga:
- Talga Talga is one of Novo’s East Pilbara assets and is located approximately 110 km north of Beatons Creek. Gold occurs in lode quartz veins hosted by metamorphosed volcanic and sedimentary rocks of the Warrawoona Supergroup, the same rocks that host Calidus Resources Ltd.’s Warrawoona gold project approximately 35 km south of Talga Talga.
- Recent spot rock chip sampling of veins has returned highly encouraging assay results including grades of 81.4 g/t, 46.9 g/t, 35.1 g/t and 30.0 g/t gold (these grades are not necessarily representative of mineralization at Talga Talga). Of a total of 149 samples, 68 returned grades greater than 0.5 g/t gold and 33 returned grades greater than 5.0 g/t gold.
- These rock chip results combined with detailed mapping define a corridor of mineralized structures approximately three kilometers long (Figure 2 and Figure 3).
- An updated geological interpretation will drive further exploration in 2019 anticipated to include a component of diamond drill testing.
Spot rock chip samples from Talga Talga were submitted to Genalysis Laboratory in Perth, Australia. Given the occurrence of coarse gold on the property, analyses were performed on 1 kg pulverized charges subjected to LeachWell™ technique. Following LeachWell™ analysis, tailings from each sample were rinsed and dried. A 50 gram split was subjected to fire assay with OES-finish. Grades reported in this news release are a mathematical combination of LeachWell™ analyses and residual gold in tails as determined by fire assay. There were no limitations to the verification process and all relevant data was verified.
Dr. Quinton Hennigh, P. Geo., the Company’s, President and Chairman and a qualified person as defined by National Instrument 43-101, has approved and verified the geological content of this news release.
About Novo Resources Corp.
Novo’s focus is to explore and develop gold projects in the Pilbara region of Western Australia, and Novo has built up a significant land package covering approximately 12,000 sq km with varying ownership interests. For more information, please contact Leo Karabelas at (416) 543-3120 or e-mail leo@novoresources.com
On Behalf of the Board of Directors,
Novo Resources Corp.
“Quinton Hennigh”
Quinton Hennigh
President and Chairman
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
Forward-looking information
Some statements in this news release contain forward-looking information (within the meaning of Canadian securities legislation) including, without limitation, statements as to planned exploration activities and the expected timing of the receipt of results. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. Such factors include, without limitation, customary risks of the mineral resource industry as well as the performance of services by third parties.
(Figure 1 – Excavation of a 170 tonne bulk sample of gold-bearing lag gravels at Egina. Sand and soil is first stripped off the targeted gravel layer. Yellow material at the base of the bench is weathered sedimentary rock belonging to the Mallina Formation comprising basement in this region. The targeted gravel horizon rests on top of the Mallina Formation and beneath the white line.)
(Figure 2 – Geologic map of the Talga Talga project. Spot rock chip sampling has defined a three kilometer long corridor of mineralized structures extending from McPhee’s Reward in the southwest to NW Australian in the northeast.)
(Figure 3 – Oblique view looking southwest along a three kilometer corridor of mineralized structures extending from NW Australian to McPhee’s Reward. Inset photographs show examples of gold-bearing quartz veins. Dips are generally 35-40 degrees northwest.)
PDFs accompanying this announcement are available at:
http://resource.globenewswire.com/Resource/Download/1a96bcc0-389f-4eda-8a67-421e08cb51e0
http://resource.globenewswire.com/Resource/Download/d6da8e48-7426-4f44-86d4-d195d846d971
http://resource.globenewswire.com/Resource/Download/550a7e5a-b50d-41af-9dcb-c6f56b8f402b
- 1st drill hole in 52 Vein area assays 149.3 gpt gold over 6.8 m
- Confirms the 52 Vein area as a significant exploration target
- Drilling of the Idaho #1 Vein target currently in-progress
Vancouver, British Columbia–(Newsfile Corp. – December 13, 2018) – Rise Gold Corp. (CSE: RISE)(OTCQB: RYES) (the “Company“) is pleased to announce additional assay results from on-going diamond core drilling at the Idaho-Maryland (“I-M”) Gold Project.
The exploration drill program at the Idaho-Maryland continues to be successful and recent drilling tested several new targets which produced the highest-grade gold intercept to-date.
Very high-grade gold mineralization was encountered in the first hole to test the 52 Vein area. The 52 Vein area lies above the Idaho #1 Vein target and most drill holes are expected to pierce the 52 Vein target en route to the Idaho #1 Vein target.
Drill hole I-18-10 intersected a quartz shear vein and a wide zone of extensional veining. This intersection is interpreted to be a continuation of the 52 Vein where historic mining and exploration were conducted prior to mine shut-down in the 1950’s.
The mineralization in the I-18-10 intercept consists of a quartz shear vein and zones of extensional quartz veins in the hanging wall and footwall of the vein.
- Hanging wall stringers of the 52 Vein assayed 1.8 gpt gold over 7.6 m.
- The 52 shear vein assayed 3.2 gpt gold over 6.4 m.
- An extensional vein in the footwall with visible gold assayed 97.3 gpt gold over 0.5 m.
- A series of stringers in the footwall of the 52 Vein assayed 149.3 gpt gold over 6.8 m including an extensional vein in the footwall which contained visible gold and assayed 2,190 gpt gold over 0.5 m.
The mineralization encountered in the I-18-10 intercept is similar to mineralization annotated on historic mining maps and detailed in reports produced at the time. The historic operator conducted mining and exploration in the 52-Vein area in both the regular shear veins and zones of extensional veining in both the hanging wall and footwall of the 52 Vein.
The 52 Vein area is a significant exploration target. Historic exploration drifting and mining in 52 Vein mineralization to the east of the I-18-10 intercept and historic drill holes and mining to the north outline a lateral area to be explored of approximately 365 m x 495 m. Further drilling is required to determine the extent and nature of mineralization in the 52 Vein exploration target area. The casing for drill hole I-18-10 was left in-place and further testing in the area of the high-grade intercept can be done efficiently using branch holes in the future.
A summary of drill hole assay results from recent exploration diamond drilling are presented in Table 1 and illustrated in Figure 1. Collar orientation data for the drill holes are detailed in Table 2. A detailed summary of the 52 Vein area is outlined in Section 9.1.2 of the Technical Report on the Idaho-Maryland Project dated June 1st, 2017 and available on the Company website and at www.sedar.com.
Additional drawings showing the 52 Vein drill hole intercepts can be downloaded from the following link.
https://riseg.sharefile.com/d-s32dcc87347e42ffb
TABLE 1 – New Drill Hole Intercept Highlights
| Hole | From (m) | To (m) | Gold (gpt) | Intercept Length (m) | Estimated True Width (m) * | Vein |
| B-18-06 | 682.8 | 688.6 | 2.6 | 5.8 | 4.1 | B10 |
| B-18-06 | 766.5 | 775.5 | 4.9 | 9.0 | 8.2 | B41 |
| B-18-07 | 733.3 | 736.4 | 3.0 | 3.0 | 2.4 | B6 |
| B-18-07 | 746.5 | 750.1 | 4.0 | 3.7 | 2.8 | B10 HW |
| B-18-07 | 757.0 | 760.8 | 1.9 | 6.8 | 5.4 | B10 FW |
| Z-18-08 | No significant mineralization | |||||
| Z-18-09 | 309.7 | 316.4 | 3.3 | 6.7 | ? | Zebra |
| I-18-10 | 171.1 | 174.6 | 4.7 | 3.5 | ? | Zebra |
| I-18-10 | 958.0 | 965.6 | 1.8 | 7.6 | ? | 52 HW “Stringers” |
| I-18-10 | 965.6 | 972.0 | 3.2 | 6.4 | ? | 52 Shear Vein |
| I-18-10 | 978.0 | 978.5 | 97.3 | 0.5 | ? | 52 FW “Stringer” |
| I-18-10 | 987.8 | 994.6 | 149.3 | 6.8 | ? | 52 FW“Stringers” |
| Including | 993.4 | 993.9 | 2190 | 0.5 | ? | |
* Estimated true widths for the B6, B10, & B41 Veins are based on modeling from previous drill intercepts and historic mining. The Company is not able to reliably estimate true widths for the 52 Vein mineralization and for the Zebra Zone until further drilling is completed.
TABLE 2 – Drill hole Orientations at Collar
| Hole | Depth (m) | Azimuth (degrees) | Inclination (degrees) |
| B-18-06 | 981 | 40 | -73 |
| B-18-07 | 807 | 331 | -60 |
| Z-18-08 | 318 | 90 | -64 |
| Z-18-09 | 321 | 80 | -64 |
| I-18-10 | 1025 | 314 | -61 |
FIGURE 1 – 52 Vein Intercept – Plan View
Cannot view this image? Visit: http://media.zenfs.com/en-US/homerun/newsfile_64/b97b804ae379f85f7ada785b259987fc
To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/2255/41641_cfb76bf154553b33_002full.jpg
FIGURE 2 – 52 Vein Intercept – Section View
Cannot view this image? Visit: http://media.zenfs.com/en-US/homerun/newsfile_64/7cf37664cc39555ff926a4dc9822ae67
To view an enhanced version of Figure 2, please visit:
https://orders.newsfilecorp.com/files/2255/41641_cfb76bf154553b33_003full.jpg
52 Vein Area
In October 1940, the historic operator completed the deepening of the 30 Winze from the I2000 level to the I2700 level and commenced drifting on the Idaho #2 Vein to the south west. Drifting through mineralization continued beyond the expected limit of the Idaho #2 Vein into the Brunswick “Porphyrite” Block and at the forced wartime shut down in 1942 the company had completed over 400 meters of exploration drifting in continuous mineralization on an apparent new vein structure. The mineralization discovered was unusual as it had never been encountered in this area before and had an unusually flat dip in comparison to the other veins of the mine. The historic operator remarked that the discovery constituted a “wholly new development in the geology of the mine”[1].
After the mine reopened following WWII, the historic operator continued exploration in the area with significant additional mineralization discovered in 1948 showing widths up to 9 meters and assays up to 55 gpt gold. By 1951, the 52 Vein had become one of the most important areas in the mine. Abundant “specimen ore” was reported in addition to the regular gold content of quartz vein mineralization. Reports in 1951 indicate over 1400 oz of gold in “specimen ore” alone was removed from the mine in less than 2 months. Data from train car sampling is available from 1950 – 1952 which show an average diluted mine grade of ~10.6 gpt gold from mining in the 52 Vein area[2][3][4].
The 52 Vein area presented logistical difficulties due to the lack of infrastructure in the area. Moving rock to surface required a 450 m tram along I2700 level to 30 Winze, hoisting via 30 Winze from I2700 to I2000 level, a 1200 m tram on I2000 level to the Idaho shaft, and then hoisting of the ore to surface through the inclined Idaho shaft[5]. The difficulty in moving rock impeded the development of the area and was not resolved until 1954 when a connection was made to the New Brunswick Shaft on B3280 level[6].
Mineralization in the 52 Vein area consists of gently dipping shear veins with substantial extensional veining or “stringer” mineralization in the footwall and hanging wall of the veins. Stoping of the shear veins was undertaken by the historic operators with overlapping stopes and slashing of the adjacent stringer mineralization. The shear veins generally ranged in width from 2 – 3 m but mining widths exceeded 12 m in some areas where adjacent “stringer” mineralization was present. Much drifting was done in the stringer mineralization located in the footwall of the 52 Vein and in the final year of the mine’s operation the 17 cross-cut was driven 110 meters into the footwall of the 52 Vein where it was reported to be well mineralized1.
Drill hole I-18-10 intersected multiple mineralized horizons believed to correlate with the historic 52 Vein area. The intercept shows extensional veins persisting into the footwall of the 52 Vein for a significant distance with some of these veins showing visible gold.
Two historic exploration diamond drill holes are located north of the I-18-10 intercept and assayed up to 16.5 gpt gold over 9.1 m. The historic drill holes were drilled at a poor orientation to the mineralization as they were drilled sub-horizontally into the flat-lying to gently dipping structure. These historic drill holes likely did not pierce the entire 52 Vein mineralized horizon[7].
Historic exploration drifting and mining in 52 Vein mineralization to the east and historic drill holes and mining to the north outline a potential exploration area of approximately 365 m x 495 m. The 52 Vein area has exploration potential in both the shear veins and in areas where extensional veins are sufficiently concentrated to allow bulk mining. Further drilling is required to determine the extent and nature of mineralization in the 52 Vein exploration target area. Many of the drill holes that are planned for testing of the Idaho #1 Vein will also pierce the 52 Vein target area.
Zebra Zone Drilling
Two drill holes, Z-18-08 and Z-18-09, targeted the Zebra Zone target. The Zebra Zone is a unique area of the Brunswick Mine where gold and quartz veins are hosted in a large block of calcareous meta-sediments, historically referred to as “black slates”. Drill hole I-18-10 intersected “Zebra” style mineralization in similar meta-sedimentary rocks. Further drilling is required in this area to determine the orientation of the mineralization and properly test the target. Drill hole Z-18-09 intersected 3.3 gpt gold over 6.7 m and drill hole I-18-10 intersected 4.7 gpt gold over 3.5 m in “Zebra” type host rocks.
Brunswick Zone Drilling
Drill holes B-18-06 and B-18-07 successfully expanded several previously intersected Brunswick veins at depth. (See Rise Gold news releases dated August 7th, July 23rd, June 28th, and January 3rd, 2018)
Drill hole B-18-06 intersected the B41 Vein below the B2300 level, with an intercept of 4.9 gpt gold over 9.0 m and B-18-07 extended the B10 Veins below the B1880 level.
The B41 Vein is believed to be a significant target at the Brunswick Mine due to is exceptional width and increasing grade with proximity to the 6-3 Fault.
The Company’s exploration program is currently focussed on the Idaho #1 Vein target and further drilling of the Brunswick veins will be done in the future.
Drawings showing the Brunswick drill hole intercepts can be downloaded from the following link.
https://riseg.sharefile.com/d-sb5ba2faabf345869
Quality Control and Assay Methods
Richard Lippoth, M.Sc, CPG, the qualified person for the exploration drill results disclosure contained in this news release, has studied the drill core discussed in this news release and has reviewed the analytical and quality control results. Mr. Lippoth has reviewed and approved the scientific and technical contents of this news release.
Benjamin Mossman, P.Eng, CEO of Rise Gold, is the qualified person for the historic production disclosure contained in this news release. Historic production at the Idaho-Maryland Mine is disclosed in the Technical Report on the Idaho-Maryland Project dated June 1st, 2017 and available on www.sedar.com.
Rise has implemented a quality control program for its drill program to ensure best practice in the sampling and analysis of the drill core. This includes the insertion of blind blanks, duplicates and certified standards. HQ- and NQ-sized drill core is saw cut with half of the drill core sampled at intervals based on geological criteria including lithology, visual mineralization, and alteration. The remaining half of the core is stored on-site at the Company’s warehouse in Grass Valley, California. Drill core samples are transported in sealed bags to ALS Minerals analytical assay lab in Reno, Nevada.
All gold assays were obtained using a method of screen fire assaying. This procedure involves screening a large pulverized sample of up to 1 kg at 100 microns. Any +100 micron material remaining on the screen is retained and analyzed in its entirety by fire assay with gravimetric finish and reported as the Au (+) fraction result. The -100 micron fraction is homogenized and two sub-samples of 30-50 grams are analyzed by fire assay with AAS finish. If the grade of the material exceeds 10 gpt the sample is re-assayed using a gravimetric finish. The average of the two results is taken and reported as the Au (-) fraction result. All three values are used in calculating the combined gold content of the plus and minus fractions.
Detailed production information from the internal records of the Idaho Maryland Mine are available for the period from 1926-1955. In general, the Idaho Maryland Mines Co. appears to have been a well-run company with excellent record keeping. The qualified person believes this information is reliable but some of the source documents used by the authors of these documents are not available for reconciliation.
About Rise Gold Corp.
Rise Gold is an exploration-stage mining company. The Company’s principal asset is the historic past-producing Idaho-Maryland Gold Mine located in Nevada County, California, USA. The Idaho-Maryland Gold Mine is a past producing gold mine with total past production of 2,414,000 oz of gold at an average mill head grade of 17 gpt gold from 1866-1955. Historic production at the Idaho-Maryland Mine is disclosed in the Technical Report on the Idaho-Maryland Project dated June 1st, 2017 and available on www.sedar.com. Rise Gold is incorporated in Nevada, USA and maintains its head office in Vancouver, British Columbia, Canada.
On behalf of the Board of Directors:
Benjamin Mossman
President, CEO and Director
Rise Gold Corp.
For further information, please contact:
RISE GOLD CORP.
Suite 650, 669 Howe Street
Vancouver, BC V6C 0B4
T: 604.260.4577
The CSE has not reviewed, approved or disapproved the contents of this news release.
Forward-Looking Statements
This press release contains certain forward-looking statements within the meaning of applicable securities laws. 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” or “will” occur.
Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. Such forward-looking statements are subject to risks, uncertainties and assumptions related to certain factors including, without limitation, obtaining all necessary approvals, meeting expenditure and financing requirements, compliance with environmental regulations, title matters, operating hazards, metal prices, political and economic factors, competitive factors, general economic conditions, relationships with vendors and strategic partners, governmental regulation and supervision, seasonality, technological change, industry practices, and one-time events that may cause actual results, performance or developments to differ materially from those contained in the forward-looking statements. Accordingly, readers should not place undue reliance on forward-looking statements and information contained in this release. Rise undertakes no obligation to update forward-looking statements or information except as required by law.
________________________
[1] Idaho Maryland Mines Co. Geologist Monthly Status Reports (Internal Reports). (1940-1954)
[2] Grass Valley Union. New Vein at Idaho May Go 30 Feet Wide. (Dec 1948)
[3] Los Angeles Times. New Grass Valley Gold Find Shows Vast Promise. (May 1951)
[4] Idaho Maryland Mines Co. Weekly Muck Car Sampling (Internal Records). (Mar 1950 – Dec 1952)
[5] Idaho Maryland Mines Co. Mine Manager Monthly Summary Reports (Internal Reports). (1940-1953)
[6] Clark, Jack. Gold in Quartz: The Legendary Idaho Maryland Mine. (2005) [7] Kulla, Greg (AMEC). Technical Report on the Idaho-Maryland Project. (June 2017)
VANCOUVER, British Columbia, Dec. 13, 2018 (GLOBE NEWSWIRE) — Aben Resources Ltd. (TSX-V: ABN) (OTCQB: ABNAF) (Frankfurt: E2L2) (“Aben” or “the Company”) reports analytical results from the remaining holes of the 2018 drill program at the Company’s 100%-controlled 23,000-hectare Forrest Kerr Gold Project. This series of holes (FK18-37à45) focussed on areas immediately adjacent to known high-grade gold horizons and sought to test for an extension of the mineralized area identified at the North Boundary Zone. Results show broad horizons of low-grade gold mineralization punctuated by intermittent intercepts of moderate to high-grade gold-silver-copper-zinc values (see table summary below). Drilling to date has shown that mineralization extends several meters outboard of high-grade precious metal intercepts in subordinate shear structures and vein arrays within a main mineralized core that measures 100m x 200m and remains open at depth.
View Forrest Kerr Drill Hole Cross Sections:
https://www.abenresources.com/projects/photo-gallery/
The greater mineralized area at the Boundary Zone measures 1.5 km x 4.0 km as defined by gold-silver-copper-zinc values in soil, rock and drill core. The area features extensive talus and vegetative cover which serve to conceal prospective precious metal bearing structures with coincident gold in soil and outcrop anomalies. Only a fraction of the prospective targets at the Boundary Zone have been drill-tested to date. Oriented core tooling was utilized for the final phase of the 2018 drill program in order to collect structural data that will help determine the orientation of both the main and subsidiary mineralized structures. The oriented core data, combined with the surface mapping data and a growing subsurface database at the Boundary Zone will assist greatly in planning future targeted drill programs.
Aben Resources completed 9900 meters of NQ drilling in 2018 on a low cost per meter basis. The number of available drill locations was constrained due to a permitting delay by the British Columbia Provincial Government in response to extreme forest fire activity in the area. As a result the last phase of targeted drilling was completed from only 3 pad locations with fan arrays from each set-up. Subsequent to completion of the summer drill program Aben received the much anticipated 5 year Multi-Year Area Based (MYAB) permit, which will allow for more extensive drill programs going forward. The Company maintains a healthy treasury which will allow for an aggressive 2019 exploration program at Forrest Kerr without significant dilution.
Mineralization at Boundary North is structurally controlled and hosted in a package of volcanic and volcaniclastic rocks from the Jurassic Hazelton Group. Several generations of quartz and quartz-carbonate veining are important hosts to mineralization, as are subordinate breccia zones with strong chlorite, hematite and carbonate alteration. The Boundary Zone lies between the Forrest Kerr Fault to the west, a major deep-seated crustal feature, and the unconformable contact between the Jurassic Hazelton Group and the Triassic Stuhini Group to the East. The rock reflects a prolonged history of strong hydrothermal activity combined with brittle deformation. The host package Hazelton is known to be a prolific host to several deposits throughout the region.
Assay Results for Holes FK18-37à45:
| Hole ID | From (m) | To (m) | Interval (m) | Au (g/t) (average over interval) |
| FK18-37 | 76.00 | 108.00 | 32.00 | 0.12 |
| including | 90.00 | 91.00 | 1.00 | 1.39 |
| FK18-38 | 90.00 | 253.00 | 163.00 | 0.10 |
| including | 116.00 | 117.00 | 1.00 | 2.00 |
| FK18-39 | 119.00 | 316.00 | 197.00 | 0.23 |
| including | 201.00 | 202.00 | 1.00 | 14.35 |
| FK18-40 | 94.00 | 182.00 | 88.00 | 0.39 |
| within | 94.00 | 266.00 | 172.00 | 0.22 |
| including | 110.00 | 111.00 | 1.00 | 9.23 |
| FK18-41 | 99.00 | 238.00 | 139.00 | 0.17 |
| including | 113.00 | 131.00 | 18.00 | 0.66 |
| including | 113.00 | 114.00 | 1.00 | 9.05 |
| FK18-42 | NSR | |||
| FK18-43 | NSR | |||
| FK18-44 | 128.00 | 166.00 | 38.00 | 0.30 |
| including | 137.00 | 138.00 | 1.00 | 3.51 |
| FK18-45 | 200.00 | 252.00 | 52.00 | 0.26 |
| including | 226.00 | 228.00 | 2.00 | 3.49 |
*Intervals are drilled intercepts and not true widths
NSR=no significant results
Golden Triangle, B.C., claims map:
https://www.abenresources.com/site/assets/files/4287/fk-003.jpg
President and CEO Jim Pettit states, “This has been a significant season for us in the Golden Triangle. We had success early and managed to raise funds and we managed to increase our 2018 drill program to almost 10,000 meters. Granted, we did this with the understanding we would have our Multi Year Area Based Permit in hand, but, because of the extreme fires this summer, that was not to be. We did, however, manage to get a lot of good work done this year and have a tremendous amount of data to analyze to help get ready for next year. As mentioned above, only a fraction of the prospective targets at the Boundary Zone have been drill-tested to date. We also look forward to trenching and channel sampling analytic results coming from the Justin Property in the Yukon any time now and an initial winter drilling program on the Chico Property in Saskatchewan possibly commencing the end of February”.
Analytical and QA/QC Description:
All 1 or 2 meter drill core samples were delivered to ALS Global prep facility in Terrace, British Columbia where they were crushed until 70% passed a 2mm sieve, then a 250g split was pulverized until better than 85% passed a 75 micron screen. Gold was tested via fire assay method Au-ICP21 with all ore-grade samples (>10 g/t) undergoing fire assay with gravimetric finish. ALS performed multi-element ICP-AES package ME-ICP41 in their Vancouver facility to test for 35 other elements. In addition to the quality assurance and quality control program performed by ALS, Aben personnel insert lab certified standards, field blanks and duplicates into the sample stream at the rate of one QA/QC sample in every 10 samples.
Update on the Justin Gold Project, Yukon Territory
Aben Resources has now received all of the finalized analytical data from the field program completed in September 2018 on their 100% owned Justin Gold Property in the Yukon Territory. The geologic team reported visible gold in trenches and channel samples from quartz stockwork veining in bedrock at the Lost Ace Zone, a gold-bearing zone discovered in 2017. The new mineralization style is interpreted to be orogenic-style quartz-gold veins that bear a strong resemblance to and share similar geologic setting with Golden Predator’s adjacent 3-Aces Property. Previous exploration at Justin has successfully discovered Intrusion related sheeted veins & vein breccias along with gold bearing skarn mineralization. The new discovery at Lost Ace highlights the existence of a multi-phase hydrothermal system with the potential for overprinting mineralizing systems.
Channel sampling at Lost Ace in 2017 returned 1.44 g/t Au over 5m including 4.77 g/t Au over 1.0 m in addition to a bulk soil sample that contained 1135 visible gold grains, the majority of which were termed ‘pristine’ indicating a proximal bedrock source for the gold. Historic drill results from the POW Zone, located 1.5 km southeast of the Lost Ace discovery, indicate a potential for bulk tonnage gold with 46.6 meters grading 1.49 g/t gold in JN12011 and 60.0 meters grading 1.19 g/t gold in JN11009.
Cornell McDowell, P.Geo., V.P. of Exploration of Aben Resources, has reviewed and approved the technical aspects of this news release and is the Qualified Person as defined by National Instrument 43-101.
About Aben Resources:
Aben Resources is a Canadian gold exploration company developing projects in British Columbia’s Golden Triangle, the Yukon, and Saskatchewan.
For further information on Aben Resources Ltd. (ABN.V), visit our Company’s web site at www.abenresources.com.
Aben Resources has approx. $5.6 million in its treasury and no debt.
ABEN RESOURCES LTD.
“Jim Pettit”
____________________________
JAMES G. PETTIT
President & CEO
For further information contact myself or:
Aben Resources Ltd.
Director, Corporate Communications
Telephone: 604-687-3376
Toll Free: 800-567-8181
Facsimile: 604-687-3119
Email: info@abenresources.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This release includes certain statements that may be deemed to be “forward-looking statements”. All statements in this release, other than statements of historical facts, that address events or developments that management of the Company expects, are forward-looking statements. Although management 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. The Company undertakes no obligation to update these forward-looking statements if management’s beliefs, estimates or opinions, or other factors, should change. Factors that could cause actual results to differ materially from those in forward-looking statements, include market prices, exploration and development successes, continued availability of capital and financing, and general economic, market or business conditions. Please see the public filings of the Company at www.sedar.com for further information.