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Base Metals Energy Junior Mining Nevada Copper

Nevada Copper Provides Update on Pumpkin Hollow Restart Progress

YERINGTON, Nev., Aug. 11, 2023 (GLOBE NEWSWIRE) — Nevada Copper (TSX: NCU) (OTC: NEVDF) (FSE: ZYTA) (“Nevada Copper” or the “Company”) is pleased to provide an update on restart activities at its Pumpkin Hollow underground mine located in Yerington, Nevada (the “Underground Mine”).

Restart Progress

  • Underground development completed in Q2 2023 increased 65% to 1,424 feet (“ft”) as compared with Q1 2023 (496 ft).
  • Small Mine Development, Inc. (“SMD”), Nevada Copper’s development mining contractor, continues to ramp-up following their mobilization in June, with a 25% increase in average daily development footage in July compared with June development.
  • In Q2 2023, restart preparations for the mill and process plant advanced as planned and the mill is on track to restart in September 2023.
  • The surface stockpile has increased to approximately 73,000 tons of crushed ore, in preparation for sustained process operations on planned mill restart in September 2023.
  • Mining of the first stope began in early August and is expected to be completed before the end of August to provide an open stope for paste backfill placement to allow for commissioning of the paste plant.
  • Dumas Contracting USA Inc. (“Dumas”) completed all vertical and lateral development for the underground ore handling project and, as a result, the project has been turned over to RAM Enterprise, Inc. for the installation and commissioning of all mechanical and electrical components including the conveyors and crusher systems.
  • Dumas also advanced the Geho de-watering system installation and expects to have the new Geho pumps running by the end of the third quarter of 2023.
  • To date, the Company has rehabilitated ore passes #1 and #2 and expects to complete ore pass #3 in August 2023.
  • The Nevada Copper workforce has increased year to date by 30% to 177 employees, not including the development and projects contractor workforce; the largest workforce in the Company’s history.

Randy Buffington, President & CEO, stated: “The team, alongside our contracting partners, has made significant strides in advancing the underground mining and development activities at Pumpkin Hollow to enable the restart of milling activities in the third quarter, as planned. The process plant preparation and restart activities are moving forward well with September representing a significant milestone for Nevada Copper. The restart of processing operations will mark the end of restart activities and the beginning of an exciting new chapter for Nevada Copper as we realize the potential of this significant North American copper asset.”

2023 Outlook Reiterated

Nevada Copper reiterates its outlook for 2023 with the principal objective of achieving nameplate milling throughput of 5,000 tons per day (“tpd”) by the end of the year and all critical underground infrastructure complete and sufficient advance development to support sustained operations.

With the vent shaft project complete, underground lateral development continues to ramp-up as SMD increases staffing levels to meet development expectations. Lateral development over the second half of 2023 is planned to be 16,000 ft of combined primary and stope development. Commissioning of the underground crush and convey system is now scheduled for late October 2023 reflecting delays in underground excavation. To support the start of stope mining by the Company in September, existing ore passes and the surface crusher are being utilized until commissioning of the underground crusher is complete.

Mill restart is scheduled in September 2023 at an expected rate of approximately 3,500 tons per day. The mill and paste plant will be re-commissioned on low-grade stockpiled ore. Mill capacity and grade are expected to increase through the balance of 2023, however, milled grades will remain lower than average stope grades, as lower grade development ore constitutes a higher percentage of mill feed through these early commissioning months. The Company plans to truck its first concentrates in late September with first revenues expected in the fourth quarter.

Filing of Second Quarter 2023 Financial Statements and MD&A
Nevada Copper filed its consolidated interim financial statements and management’s discussion and analysis (“MD&A”) for the quarter ended June 30, 2023.  These filings can be found on the Company’s website at www.nevadacopper.com and the Company’s SEDAR+ profile at www.sedarplus.ca.

Qualified Person
The technical information and data in this news release has been reviewed by Steven Newman, member of SME, Vice President of Technical Services and Greg French, C.P.G., VP Exploration of Nevada Copper, each of whom are a non-independent Qualified Person within the meaning of NI 43-101.

About Nevada Copper

Nevada Copper (TSX: NCU) is the owner of the Pumpkin Hollow copper project located in Nevada, USA with substantial reserves and resources including copper, gold and silver. Its two fully permitted projects include the high-grade Underground Mine and processing facility, which is undergoing a restart of operations, and a large-scale open pit PFS stage project.

Randy Buffington
President & CEO

For additional information, please see the Company’s website at www.nevadacopper.com, or contact:

Tracey Thom | Vice President, IR and Community Relations
tthom@nevadacopper.com
+1 775 391 9029

Cautionary Language on Forward Looking Statements
This news release contains “forward-looking information” and “forward-looking statements” within the meaning of applicable Canadian securities laws. All statements in this news release, other than statements of historical facts, are forward-looking statements. Such forward-looking information and forward-looking statements specifically include, but are not limited to, statements that relate to the advancement of restart operations at the Underground Mine. There can be no assurance that ramp-up of the Underground Mine will occur or will not cost more than expected and require the Company to raise additional financing. There can be no assurance that any such additional financing will be available on terms that are favourable to the Company or at all.

Forward-looking statements and information include statements regarding the expectations and beliefs of management. Often, but not always, forward-looking statements and forward-looking information can be identified by the use of words such as “plans”, “expects”, “potential”, “is expected”, “anticipated”, “is targeted”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or the negatives thereof or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. Forward-looking statements or information should not be read as guarantees of future performance and results. They are subject to known and unknown risks, uncertainties and other factors which may cause the actual results and events to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information.

Such risks and uncertainties include, without limitation, those relating to: results of exploration programs, the potential need for additional capital and no assurance can be given regarding the availability thereof; the ability of the Company to complete the restart and ramp-up of the Underground Mine within the expected cost estimates and timeframe; the impact of COVID-19 on the business and operations of the Company; the state of financial markets; history of losses; dilution; adverse events relating to milling operations, construction, development and restart and ramp-up, including the ability of the Company to address underground development and process plant issues; ground conditions; cost overruns relating to development, construction and restart and ramp-up of the Underground Mine; loss of material properties; interest rate increases; global economy; limited history of production; future metals price fluctuations; speculative nature of exploration activities; periodic interruptions to exploration, development and mining activities; environmental hazards and liability; industrial accidents; failure of processing and mining equipment to perform as expected; labour disputes; supply problems; uncertainty of production and cost estimates; the interpretation of drill results and the estimation of mineral resources and reserves; changes in project parameters as plans continue to be refined; possible variations in ore reserves, grade of mineralization or recovery rates from management’s expectations and the difference may be material; legal and regulatory proceedings and community actions; accidents; title matters; regulatory approvals and restrictions; increased costs and physical risks relating to climate change, including extreme weather events, and new or revised regulations relating to climate change; permitting and licensing; dependence on management information systems and cyber security risks; volatility of the market price of the Company’s securities; insurance; competition; hedging activities; currency fluctuations; loss of key employees; other risks of the mining industry as well as those risks discussed in the Company’s Management’s Discussion and Analysis in respect of the year ended December 31, 2022 and in the section entitled “Risk Factors” in the Company’s Annual Information Form dated March 20, 2023. The forward-looking statements and information contained in this news release are based upon assumptions management believes to be reasonable, including, without limitation: no adverse developments in respect of the property or operations at the project; no material changes to applicable laws; the restart and ramp-up of operations at the Underground Mine in accordance with management’s plans and expectations; no material adverse impacts from COVID-19 going forward; the Company will be able to obtain sufficient additional funding to complete the restart and ramp-up of the Underground Mine, if required, no material adverse change to the price of copper from current levels; and the absence of any other factors that could cause actions, events or results to differ from those anticipated, estimated or intended.

The forward-looking information and statements are stated as of the date hereof. The Company disclaims any intent or obligation to update forward-looking statements or information except as required by law. Although the Company has attempted to identify important factors that could cause actual actions, events, or results to differ materially from those described in forward-looking information and statements, there may be other factors that could cause actions, events or results not to be as anticipated, estimated or intended. Specific reference is made to “Risks and Uncertainties” in the Company’s Management’s Discussion and Analysis in respect of the year ended December 31, 2022 and “Risk Factors” in the Company’s Annual Information Form dated March 20, 2023, for a discussion of factors that may affect forward-looking statements and information. Should one or more of these risks or uncertainties materialize, should other risks or uncertainties materialize or should underlying assumptions prove incorrect, actual results and events may vary materially from those described in forward-looking statements and information. For more information on the Company and the risks and challenges of its business, investors should review the Company’s filings that are available at www.sedarplus.com.

The Company provides no assurance that forward-looking statements and information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements or information. Accordingly, readers should not place undue reliance on forward-looking statements or information.

Categories
Base Metals Energy Junior Mining Precious Metals

Nevada Gold Mines Commences Drill Program at Ridgeline Minerals’s Swift Gold Project, Nevada

Vancouver, British Columbia–(Newsfile Corp. – August 10, 2023) – Ridgeline Minerals Corp. (TSXV: RDG) (OTCQB: RDGMF) (FSE: 0GC0) (“Ridgeline” or the “Company“) is pleased to announce that Nevada Gold Mines LLC (“NGM” or “Nevada Gold Mines“), a joint venture between Barrick Gold and Newmont Corp., has mobilized a drill rig to the Swift Gold Project (“Swift“) located in the Cortez District of the Battle Mountain – Eureka mine trend (Figure 1). Ridgeline entered into an exploration earn-in agreement with NGM on September 22, 2021 (see press release HERE) where NGM can incur a minimum of US$ 20 million (of which US$ 5 million has been spent to-date) in qualifying work expenditures over an initial five-year term to earn an initial 60% interest in Swift, and will have further options to increase its interest to a total 75% interest. Details of the proposed drill program are highlighted below.

Drill Program Highlights

  • Drill hole SW23-005 will target the intersection of proposed low-angle structures and favourable lower plate carbonate host rocks of the Wenban and Roberts Mountains Formations.
    • Drill hole will provide key litho-structural information between historical drill intercepts in hole MCK-99-5A (18.3 meters (“m”) grading 0.64 grams per tonne (“g/t”) gold (“Au”)) and 2022 NGM drill intercepts in SW22-002 (41.9 m grading 0.26 g/t Au) and SW22-003 (48.8 m grading 0.45 g/t Au), (see Figure 2 and February 16, 2023 press release HERE)
  • Drill hole SW22-004 will be extended from a starting depth of 1,104 m where the hole was previously halted by NGM in January 2023 due to severe winter weather conditions.
    • Drilling returned up to 3.0 m grading 2.27 g/t Au in Upper Plate rocks prior to intersecting Lower Plate host rocks at 1,065 m (Figure 2).
    • Hole will be extended through prospective host rocks to an anticipated depth of 1,500+ meters.

Chad Peters, Ridgeline’s President, CEO & Director commented, “To date, we are very encouraged by the exploration results at Swift with early results highlighting the potential to discover a large Carlin-Type gold system. The Nevada Gold Mines team has done an exceptional job generating a property-wide geologic model and SW23-005 will target a highly prospective structural corridor bounded by mineralized gold intercepts on both sides. We look forward to updating our shareholders as results are received.”


 
Figure 1: Plan view map showing the location of the Swift exploration earn-in agreement with Nevada Gold Mines. Modified from Barrick Investor Day presentation¹ (November 18, 2022 Presentation HERE)
 
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7298/176708_79cf3f51c4ab1966_002full.jpg


 
Figure 2: Ridgeline’s conceptual long section A-A’ interpreted from drilling to-date highlights past exploration results and proposed 2023 drill holes
 
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7298/176708_79cf3f51c4ab1966_003full.jpg

Swift Project

Swift is located on the Cortez District of the historic Battle Mountain – Eureka Trend approximately 30 kilometers (“km”) south of the town of Battle Mountain, in Lander County, Nevada. The district-scale 75 km² property is on trend to the Pipeline, Cortez Hills, and Goldrush deposits (View our Swift VRIFY Presentation), which comprise the multi-million ounce Cortez Complex owned by Nevada Gold Mines (a joint venture between Barrick Gold and Newmont Corp.). Ridgeline entered into an exploration earn-in agreement with NGM on September 22, 2021, where NGM can incur a minimum US$20 million (of which US$ 5 million has been spent to-date) in qualifying work expenditures over an initial five-year term to earn an initial 60% interest in the Swift gold project. NGM will have further options to increase its interest to a total 75% interest (subject to additional expenditures and commitments).

QAQC Procedures

Samples are submitted to ALS Minerals, Elko Nevada, which is a certified and accredited laboratory, independent of Nevada Gold Mines. Samples are prepared using industry-standard prep methods and analysed using Au-AA23 (Au; 30 g fire assay) and ME-MS61 (48 element Suite; 0.25 g 4-acid digestion/ICP-MS) methods. ALS also undertakes its own internal coarse and pulp duplicate analysis to ensure proper sample preparation and equipment calibration. Nevada Gold Mines QAQC program includes regular insertion of CRM standards, duplicates, and blanks into the sample stream with a stringent review of all results completed internally by Nevada Gold Mines technical personnel.

Technical information contained in this news release has been reviewed and approved by Michael T. Harp, CPG. the Company’s Vice President, Exploration, who is Ridgeline’s Qualified Person under National Instrument 43-101 and responsible for technical matters of this release.

About Ridgeline Minerals Corp.

Ridgeline is a discovery focused gold-silver explorer with a proven management team and a 192 km² exploration portfolio across six projects in Nevada and Idaho, USA. More information about Ridgeline can be found at www.RidgelineMinerals.com.

On behalf of the Board
“Chad Peters”
President & CEO

Further Information:
Chad Peters, P.Geo.
President & CEO
Ridgeline Minerals Corp.
(775) 304-9773 | info@ridgelineminerals.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 press release.

Cautionary Note regarding Forward-Looking Statements

Statements contained in this press release that are not historical facts are “forward-looking information” or “forward-looking statements” (collectively, “Forward-Looking Information”) within the meaning of applicable Canadian securities legislation and the United States Private Securities Litigation Reform Act of 1995. Forward-Looking Information includes, but is not limited to, the anticipated benefits of the Earn-In Agreement and the transaction contemplated thereby. The words “potential”, “anticipate”, “meaningful”, “discovery”, “forecast”, “believe”, “estimate”, “expect”, “may”, “will”, “project”, “plan”, “historical”, “historic” and similar expressions are intended to be among the statements that identify Forward-Looking Information. Forward-Looking Information involves known and unknown risks, uncertainties and other factors which may cause the actual results to be materially different from any future results expressed or implied by the Forward-Looking Information. In preparing the Forward-Looking Information in this news release, Ridgeline has applied several material assumptions, including, but not limited to, assumptions that TSX Venture Exchange approval will be granted in a timely manner subject only to standard conditions; the current objectives concerning the Project can be achieved and that its other corporate activities will proceed as expected; that general business and economic conditions will not change in a materially adverse manner; and that all requisite information will be available in a timely manner. Forward-Looking Information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements of Ridgeline to be materially different from any future results, performance or achievements expressed or implied by the Forward-Looking Information. Such risks and other factors include, among others, risks related to dependence on key personnel; risks related to unforeseen delays; risks related to historical data that has not been verified by the Company; as well as those factors discussed in Ridgeline’s public disclosure record. Although Ridgeline has attempted to identify important factors that could affect Ridgeline and may cause actual actions, events, or results to differ materially from those described in Forward-Looking Information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that Forward-Looking Information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on Forward-Looking Information. Except as required by law, Ridgeline does not assume any obligation to release publicly any revisions to Forward-Looking Information contained in this news release to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

Categories
Junior Mining Lion One Metals Precious Metals

Lion One Drills 6.6 m of 80.78 g/t Au in the Main Zone at Tuvatu, Fiji

Exceptional results include 1839.55 g/t, 779.81 g/t, and 300.47 g/t Au from Zone 5

North Vancouver, British Columbia–(Newsfile Corp. – August 10, 2023) – Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) (ASX: LLO) (“Lion One” or the “Company”) is pleased to report exceptional high-grade gold results from ongoing infill and grade control drilling at its 100% owned Tuvatu Alkaline Gold Project in Fiji.

Assay results are presented here for infill and grade control drilling completed in the Zone 5 area of the deposit, which encompasses the near-surface portions of lodes UR1 to UR8, as well as URW2A and URW3. The Zone 5 area of the deposit is scheduled for mining in early 2024. Grade control drilling is being conducted in anticipation of future mining and is therefore focused on the first part of Zone 5 to be mined whereas infill drilling is focused on the parts of Zone 5 scheduled to be mined later. Zone 5 includes the main north-south oriented lodes at Tuvatu (UR1, UR2, and UR3), and represents the upward extension of the Zone 500 feeder zone, which includes intercepts such as 20.86 g/t Au over 75.9 m (TUG-141), 12.22 g/t Au over 54.90 m (TUDDH-601), and 17.52 g/t Au over 23.7 m (TUDDH-608) (see June 6, 2022, August 15, 2022 and November 7, 2022 news releases). Zone 5 will be the second major part of Tuvatu to commence mining after mining in the URW1 area began on May 18, 2023. Once Zone 5 is in production, Tuvatu will have two major zones of very high-grade, near surface mineralization developing and producing simultaneously.

Highlights of new Zone 5 drilling:

  • 80.78 g/t Au over 6.6 m (including 793.24 g/t Au over 0.6 m) (TUDDH-643, from 242.7 m depth)
  • 261.93 g/t Au over 1.8 m (including 1839.55 g/t Au over 0.3 m) (TGC-0067, from 48.2 m depth)
  • 93.05 g/t Au over 0.9 m (including 300.47 g/t Au over 0.3 m) (TGC-0067, from 53.3 m depth)
  • 9.96 g/t Au over 6.8 m (including 165.95 g/t Au over 0.3 m) (TUDDH-653, from 89.5 m depth)
  • 17.48 g/t Au over 3.3 m (including 95.63 g/t Au over 0.6 m) (TUDDH-643, from 111.6 m depth)
  • 17.2 g/t Au over 2.7 m (including 124.52 g/t Au over 0.3 m) (TUDDH-651, from 194.5 m depth)
  • 11.84 g/t Au over 3.9 m (including 48.27 g/t Au over 0.6 m) (TUDDH-650, from 203.5 m depth)
  • 9.53 g/t Au over 3.9 m (including 55.08 g/t Au over 0.3 m) (TUDDH-653, from 53.0 m depth)
  • 15.96 g/t Au over 1.5 m (including 72.46 g/t Au over 0.3 m) (TUDDH-637, from 161.7 m depth)
  • 14.93 g/t Au over 1.5 m (including 23.89 g/t Au over 0.9 m) (TUDDH-650, from 192.6 m depth)

Infill drilling is being conducted from surface on approximately 20 m centers while grade control drilling is being conducted from underground on 5-10 m centers. Infill drilling is considered an intermediate stage of drilling and is designed to increase understanding of the deposit in targeted areas whereas grade control drilling is designed to provide much higher resolution and detailed understanding of the geometry and mineralization of lode arrays in advance of underground development.

Figure 1. Location of Zone 5 Infill and Grade Control Drillholes. 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.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2178/176686_500e14428483aaf2_001full.jpg

Table 1. Highlights of composited infill drill results in the Zone 5 area. For full results see Table 4 in the appendix.

Hole IDFromToInterval (m)Au (g/t)
TUDDH-634123.41240.625.95
TUDDH-637161.7163.21.515.96
including161.7162.30.638.62
which includes161.71620.372.46
TUDDH-637198.2202.13.95.38
including198.2198.50.310.02
and201.2202.10.916.13
which includes201.8202.10.340.21
TUDDH-643111.6114.93.317.48
including111.6113.72.128.44
which includes113.1113.70.695.63
TUDDH-643242.7249.36.680.78
including242.7246.33.617.39
which includes243.9245.71.855.49
which includes243.9244.50.679.84
and245.1245.70.614.89
and also including247.5249.31.8271.14
which includes247.5247.80.340.03
and248.7249.60.6793.24
TUDDH-643254.72572.39.41
including254.7255.30.635.54
TUDDH-650192.6194.11.514.93
including192.6193.50.923.89
TUDDH-650203.5207.43.911.84
including203.5204.71.235.18
which includes203.5204.10.648.27
and204.1204.70.622.09
TUDDH-651184.6185.20.632.65
TUDDH-651194.5197.22.717.2
including194.51961.525.92
which includes195.4195.70.3124.52
and also including196.9197.20.325.22
TUDDH-6535356.93.99.53
including55.156.91.819.47
which includes5656.30.346.92
and56.656.90.355.08
TUDDH-65389.596.36.89.96
including91.392.20.966.62
which includes91.691.90.3165.95
and91.992.20.330.46
TUDDH-656101.9103.11.213.13
including101.9102.50.619.73
and102.5103.10.66.54

Table 2. Highlights of composited grade control drill results in the Zone 5 area. For full results see Table 4 in the appendix.

Hole IDFromToInterval (m)Au (g/t)
TGC-005957.458.30.96.88
including57.457.70.312.89
and5858.30.38.14
TGC-006155.858.22.43.4
including57.337.60.312.84
TGC-006545.345.60.336.2
TGC-006549.250.71.55.68
including49.249.50.39.59
and50.450.70.315.76
TGC-006552.252.50.333.51
TGC-006748.2501.8261.93
including48.849.40.6934.91
which includes48.849.10.31839.55
and49.149.40.330.26
TGC-006753.354.20.993.05
including53.353.90.6155.68
which includes53.353.60.310.89
and53.653.90.3300.47

Zone 5

Zone 5 is located along the main north-south corridor of Tuvatu and represents the shallower portions of the UR lodes, occurring between the surface and the exploration decline. It encompasses a series of closely spaced, narrow, high-grade to locally bonanza-grade vein arrays that strike approximately north-south to northeast-southwest and dip sub-vertically to steeply east. The lodes in the center of the corridor (UR1, UR2, UR3, URW2, URW3) are very closely spaced and strike north-south. They have an east-west width of approximately 75 m and a strike length of approximately 600 m. The lodes in the east and southeast (UR4, UR5, UR6, UR7, UR8) strike approximately northeast-southwest, are slightly wider spaced, and fan out to the east. They have a northwest-southeast width of approximately 250 m and a strike length of approximately 600 m (see Figure 2).

The lodes within the main corridor at Tuvatu have a vertical extent in excess of 1000 m and appear to coalesce at approximately 450 m depth where they transition to Zone 500 – the very high-grade feeder zone at Tuvatu. Zone 5 is located approximately 250 m directly above Zone 500. The results reported in this news release therefore represent high-grade mineralization that is the direct vertical upward extension of the Zone 500 feeder zone. The region between Zone 5 and Zone 500 has only been tested by relatively wide-spaced exploration drilling. The results reported here represent the initial stages of a more systematic infill and locally grade control drilling program in Zone 5, which has a strike length in excess of 300 m in the north-south direction and a vertical extent of approximately 250 m (see Figure 3).

Figure 2. Main Zone at Tuvatu. Left image: Plan view of Tuvatu identifying the lodes referenced in this report. Right image: Section view looking approximately northeast, showing the location of Zone 5 and Zone 500 relative to the lodes. Drillholes reported in this news release are shown in yellow for visibility.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2178/176686_500e14428483aaf2_002full.jpg

Figure 3. Location of High-Grade Intercepts from Zone 5 Drilling. High-grade intervals are shown for Zone 5 infill and grade control drillholes reported in this news release. 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 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.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2178/176686_500e14428483aaf2_003full.jpg

Infill Drilling

A total of 14 Zone 5 infill drillholes are included in this news release. The infill drill program was drilled from surface and was designed to target the near-surface portions of the main UR lodes. The goal of the program is to increase the understanding of mineralization and lode geometry in this part of the deposit, which is scheduled for mining in late 2024 and beyond. Zone 5 mining will progress upwards from the exploration decline and thus the lower portions of Zone 5 are the first scheduled for extraction. The Zone 5 infill drill program is ongoing. Examples of mineralization observed in the Zone 5 infill drillholes are shown in Figure 4.

Figure 4. Example Mineralization from Zone 5 Infill Drilling. Top left: UR5 lode. Colloform quartz vein with abundant coarse grained honey sphalerite rimmed by fine-grained sooty pyrite (TUDDH-637, 162.0 m). Top center: UR2 lode. Narrow chalcedonic quartz vein with fine grained pyrite and sphalerite, weak potassic alteration halo (TUDDH-644, 220.3 m). Top right: Banded, vuggy and colloform chalcedonic quartz vein with coarse grained sphalerite and fine-grained pyrite and galena. Strong chocolate brown alteration halo (TUDDH-637, 220.3m). Bottom left: UR1/UR2 lodes. Wide variable white to grey silica vein with coarse grained sphalerite and pyrite (TUDDH-643, 243.9 m). Bottom center: UR1/UR2 lodes. Vuggy white silica vein with coarse grained sphalerite and pyrite (TUDDH-643, 247.6 m). Bottom right: UR1/UR2 lodes. Quartz-sphalerite-pyrite vein with abundant coarse-grained sphalerite and narrow potassic alteration halo. The inset image identifies a speck of visible gold within the yellow circle (TUDDH-643. 249.0 m). Pen used for scale.

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https://images.newsfilecorp.com/files/2178/176686_500e14428483aaf2_004full.jpg

Grade Control Drilling

A total of 12 grade control drillholes have been completed to date in the Zone 5 area of Tuvatu, six of which are reported here. Results from the first six grade control drillholes completed in Zone 5 were reported in the news release from June 14, 2023. The grade control drillholes were drilled from underground and were designed to target the Zone 5 blocks scheduled for near-term production. This area is planned to be mined in early 2024 and results from the grade control drill program will provide increased understanding of the geometry and continuity of mineralization in those blocks and will help to optimize mine development and extraction in the near future. The grade control drill program is on schedule and the results to date confirm the local understanding of the Zone 5 geological model. Zone 5 grade control drill programs are ongoing. Examples of mineralization observed in the grade control drillholes are shown in Figure 5.

Figure 5. Example Mineralization from Zone 5 Grade Control Drilling. Left: URW3 lode. Monzonite hosted hydrothermal breccia with coarse grained sphalerite and pyrite (TGC-0056, 29.1 m). Center: Vuggy hydrothermal breccia with colloform silica, coarse grained sphalerite and pyrite, and strong potassic alteration halo (TGC-0067, 48.3 m). Right: Hydrothermal breccia with grey chalcedonic silica, coarse grained pyrite and sphalerite rimmed by fine grained sooty pyrite. Strong potassic alteration halo (TGC-0067, 49.0 m). Width of core is 4.76 cm in each photo.

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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

Contact Investor Relations
Toll Free (North America) Tel: 1-855-805-1250
Email: info@liononemetals.com
Website: www.liononemetals.com

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 3. Composited results from infill drillholes in the Zone 5 area (grade >0.5 g/t Au)

Hole IDFromToInterval (m)Au (g/t)
TUDDH-63492.292.80.60.52
TUDDH-63493.794.30.60.5
TUDDH-634123.41240.625.95
TUDDH-634125.2125.50.31
TUDDH-634128.5129.40.96.8
TUDDH-634including129.1129.40.310.89
TUDDH-634148.5149.10.61.46
TUDDH-63748.248.80.60.6
TUDDH-63768.869.40.60.81
TUDDH-637161.7163.21.515.96
TUDDH-637including161.7162.30.638.62
TUDDH-637which includes161.71620.372.46
TUDDH-637173.1177.64.52.69
TUDDH-637including173.11740.98.59
TUDDH-637180182.12.12.7
TUDDH-637183.9187.53.62.76
TUDDH-637including185.7187.51.85.03
TUDDH-637198.2202.13.95.38
TUDDH-637including198.2198.50.310.02
TUDDH-637and199.7200.60.93.42
TUDDH-637and201.2202.10.916.13
TUDDH-637which includes201.8202.10.340.21
TUDDH-637219.2220.41.28.32
TUDDH-637including219.5220.40.912.79
TUDDH-637222.2222.50.32.29
TUDDH-637224226.42.41.87
TUDDH-637243.52451.51.13
TUDDH-637251.3253.72.42.46
TUDDH-637258.5259.10.60.94
TUDDH-637281.9282.50.65.96
TUDDH-637290.9292.11.21.97
TUDDH-637298.7299.60.96.68
TUDDH-63814.214.80.61.31
TUDDH-63829.830.40.61.29
TUDDH-638106.9107.20.30.99
TUDDH-638123.1123.70.61.44
TUDDH-638154.9155.20.315.17
TUDDH-638162.4163.30.93.19
TUDDH-638166.3167.51.26.23
TUDDH-638including166.3166.90.68.43
TUDDH-638169.9171.71.83.6
TUDDH-638including170.8171.70.96.07
TUDDH-638179.8181.31.51.62
TUDDH-638235.9236.50.60.87
TUDDH-638241.3242.51.24.8
TUDDH-638including241.9242.50.69.06
TUDDH-63950.350.60.35.17
TUDDH-641153153.70.72.78
TUDDH-641including153153.30.35.1
TUDDH-641174.5174.80.30.57
TUDDH-641176.9178.71.82.32
TUDDH-641including176.9177.50.65.1
TUDDH-643111.6114.93.317.48
TUDDH-643including111.6113.72.128.44
TUDDH-643which includes113.1113.70.695.63
TUDDH-643133.4133.70.310.37
TUDDH-643158.8159.10.30.83
TUDDH-643163.3163.90.65.3
TUDDH-643173.6173.90.310.14
TUDDH-643213.7214.60.90.61
TUDDH-643216.42170.610.99
TUDDH-643233.8234.40.65.48
TUDDH-643242.7249.36.680.78
TUDDH-643including242.7246.33.617.39
TUDDH-643which includes243.9245.71.855.49
TUDDH-643which includes243.9244.50.679.84
TUDDH-643and245.1245.70.614.89
TUDDH-643and also including247.5249.31.8271.14
TUDDH-643which includes247.5247.80.340.03
TUDDH-643and248.7249.60.6793.24
TUDDH-643251.7252.91.20.97
TUDDH-643254.72572.39.41
TUDDH-643including254.7255.30.635.54
TUDDH-643260.4261.30.90.69
TUDDH-643262.8266.13.31.63
TUDDH-643268.3268.80.51.3
TUDDH-644172.31752.72.33
TUDDH-644including173.8174.40.65.83
TUDDH-644208.6208.90.34.37
TUDDH-644220.3220.60.312.85
TUDDH-644237.1237.70.61.19
TUDDH-646116.7117.30.61.65
TUDDH-646154.8155.10.30.67
TUDDH-646181.5183.31.82.41
TUDDH-646including183183.30.313.29
TUDDH-646223.9224.50.68.98
TUDDH-646including224.2224.50.315.09
TUDDH-646231.1233.22.14.23
TUDDH-646including232232.60.610.27
TUDDH-646252.3252.70.42.81
TUDDH-646253.9254.20.32.16
TUDDH-64924.925.20.31.93
TUDDH-649153.6154.20.60.74
TUDDH-649161.7162.30.60.52
TUDDH-649188.1190.82.71.21
TUDDH-649248.7249.30.61.17
TUDDH-649251.4252.30.90.86
TUDDH-649257.1257.40.33.31
TUDDH-65053.653.90.30.61
TUDDH-65076.7770.30.62
TUDDH-650104.1104.40.30.67
TUDDH-650148.5149.10.60.51
TUDDH-650179.1179.40.31.62
TUDDH-650180.6181.20.60.51
TUDDH-650192.6194.11.514.93
TUDDH-650including192.6193.50.923.89
TUDDH-650199199.30.31.66
TUDDH-650203.5207.43.911.84
TUDDH-650including203.5204.71.235.18
TUDDH-650which includes203.5204.10.648.27
TUDDH-650and204.1204.70.622.09
TUDDH-650210.4210.70.32.05
TUDDH-65118.2518.850.60.93
TUDDH-65180.5581.150.62.09
TUDDH-651100.65100.950.31.46
TUDDH-651118.65119.250.61.46
TUDDH-651139.95140.550.64.39
TUDDH-651184.6185.20.632.65
TUDDH-651194.5197.22.717.2
TUDDH-651including194.51961.525.92
TUDDH-651which includes195.4195.70.3124.52
TUDDH-651and also including196.9197.20.325.22
TUDDH-651222.4224.82.42.22
TUDDH-65300.60.63.37
TUDDH-65321.922.20.31.26
TUDDH-6535356.93.99.53
TUDDH-653including55.156.91.819.47
TUDDH-653which includes5656.30.346.92
TUDDH-653and56.656.90.355.08
TUDDH-65364.4650.60.56
TUDDH-65389.596.36.89.96
TUDDH-653including91.392.20.966.62
TUDDH-653which includes91.691.90.3165.95
TUDDH-653and91.992.20.330.46
TUDDH-653111.6111.90.36.53
TUDDH-653116.7118.82.11.59
TUDDH-653120120.60.60.59
TUDDH-65559.761.51.82.74
TUDDH-65627.228.41.20.89
TUDDH-6567777.60.61.05
TUDDH-65680.681.20.60.7
TUDDH-656101.9103.11.213.13
TUDDH-656including101.9102.50.619.73
TUDDH-656and102.5103.10.66.54
TUDDH-656106.71070.30.58
TUDDH-656119.6119.90.31.71

Table 4. Composited results from grade control drillholes in the Zone 5 area (grade >0.5 g/t Au)

Hole IDFromToInterval (m)Au (g/t)
TGC-005626.729.42.71.52
TGC-005638.138.40.32.31
TGC-005639.639.90.30.73
TGC-005834.234.80.60.66
TGC-005835.435.70.30.51
TGC-005848.348.60.34.83
TGC-005853.155.22.13.82
TGC-0058including53.1540.98.74
TGC-005856.4570.61.1
TGC-005939.440.30.90.53
TGC-005950.550.80.33.1
TGC-005953.254.41.20.88
TGC-005957.458.30.96.88
TGC-0059including57.457.70.312.89
TGC-0059and5858.30.38.14
TGC-006134.234.50.30.69
TGC-006135.4360.60.75
TGC-006145.646.81.20.56
TGC-006149.850.40.60.84
TGC-006155.858.22.43.4
TGC-0061including57.337.60.312.84
TGC-006529.7300.30.61
TGC-006532.433.61.22.44
TGC-006545.345.60.336.2
TGC-006549.250.71.55.68
TGC-0065including49.249.50.39.59
TGC-0065and50.450.70.315.76
TGC-006552.252.50.333.51
TGC-006723.623.90.31.06
TGC-006748.2501.8261.93
TGC-0067including48.849.40.6934.91
TGC-0067which includes48.849.10.31839.55
TGC-0067and49.149.40.330.26
TGC-006753.354.20.993.05
TGC-0067including53.353.90.6155.68
TGC-0067which includes53.353.60.310.89
TGC-0067and53.653.90.3300.47
TGC-006763.263.80.62.89
TGC-006767.167.40.39.18

Table 5. Collar coordinates for grade control and infill drillholes reported in this release. Coordinates are in Fiji map grid.

Hole IDEastingNorthingElevationAzimuthDipDEPTH
TGC-00561876439392058311779.6121.29.5
TGC-00581876438392058311662.2124.6-11.3
TGC-00591876438392058311674.1122.5-22.0
TGC-00611876438392058211882.8142.620.1
TGC-00651876438392058211771.2133.210.6
TGC-00671876437392058111886.9155.612.4
TUDDH-63418765283920501310182.5257.6-55.3
TUDDH-63718765573920389352320.3292.0-60.5
TUDDH-63818765093920445349257.5294.3-66.4
TUDDH-6391876556392038935256.6297.3-57.0
TUDDH-64118764773920293402185.7309.3-66.1
TUDDH-64318765563920389352274.8297.1-63.4
TUDDH-64418764763920293402248.5307.0-64.3
TUDDH-64618765573920388352270.5283.6-63.1
TUDDH-64918764763920294402262.3315.7-66.5
TUDDH-65018765393920395352230.8283.0-52.0
TUDDH-65118765393920395352240.3293.5-53.3
TUDDH-65318764963920546296131.4281.2-46.3
TUDDH-65518764963920546296151.7282.7-51.5
TUDDH-65618765393920395352215.3306.9-52.2

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Categories
Gold Shore Resources Junior Mining Precious Metals

Goldshore Resources Provides Corporate Update

Preliminary Economic Assessment On-Schedule; Robust Mineral Resource Independently Confirmed

Vancouver, British Columbia–(Newsfile Corp. – August 10, 2023) – Goldshore Resources Inc. (TSXV: GSHR) (OTCQB: GSHRF) (FSE: 8X00) (“Goldshore” or the “Company“), is pleased to share a corporate update in regards to its ongoing activities.

Highlights:

  • The Preliminary Economic Assessment (“PEA”) on the Moss Gold Project is progressing well and is on schedule for release mid Q4 2023.
  • The PEA is being managed by an independent multidisciplinary team at Ausenco Engineering Canada Inc. (“Ausenco”).
  • Base Metallurgical Laboratories Ltd. (“BaseMet”) has completed a gold deportment study with positive results and additional heap leach metallurgical test work is in progress at Kappes, Cassaday and Associates (“KCA”) to maximize potential gold recoveries.
  • Independent review of the May 5, 2023 Mineral Resource Estimate for the Moss Gold Project recently completed by SRK Consulting (Canada) Ltd. (“SRK”) confirms that the resource meets the CIM guidelines for the reporting of inferred mineral resources.
  • Independent review of project permitting paths by CSL Environmental & Geotechnical Ltd. (“CSL”) confirms that the permitting process is on-track for development with significant studies already completed and no major information or timeline hurdles expected.
  • Goldshore continues to take a proactive approach to community engagement, with regular information sharing meetings with host indigenous communities and benefiting greatly from feedback on all aspects of the PEA process.
  • The Company has been approved to receive an Ontario Junior Exploration Program grant of $200,000.
  • An additional >8,000 ha of new mineral claims have been staked 15-25 km north of the Moss Gold Project.

President and CEO Brett Richards stated: “In the wake of this market turbulence, we continue to pursue our goals of establishing the economic viability of the Moss Gold Project; as well as increasing our footprint in the region in a responsible manner. We continue to see great potential for the Moss Gold Project to grow well beyond the scope of the PEA we are currently conducting, but appreciate we need to establish the Project as an economically viable resource in its existing size, grade, and metallurgy. Initial indications are extremely encouraging, and we are looking forward to releasing the complete economic results in mid Q4 2023.”

PEA Update

Ausenco has completed Phase One of the ongoing PEA for the Moss Gold Project. Phase One was an initial high-level review of various mining and milling rates and different plant processes that is conducted to select the optimal configuration for the detailed PEA (Phase Two). While not definitive in and of itself, Phase One indicated that the most effective method to process mineralized material from the Moss Gold Project is conventional cyanide leaching with stockpiling of low-grade material for processing at the end of mine life. The Phase One results also indicated that an alternate (though more complex) flotation-leach process with heap-leaching of low-grade material provided similar returns, but size and scope of this approach needs to be studied in the future for project scoping on a larger resource (in both geological domains).

During Phase Two, further test work will be conducted to better define the cost and recovery profile entailed by the alternative of heap-leaching low-grade material. To this end, the Company will soon commence column leach testing of mineralization with KCA, who are recognized leaders in heap leach technology.

Alternate processing options highlight the flexibility of the Moss Gold Project, and future test work may unlock potential opportunity for upside on creating a different size scoped project in the future, with different recovery methods.

Mineral Deportment Study

Sixteen samples were submitted to BaseMet in Kamloops, BC, for gold deportment studies that evaluated the gold associations, gold particle size distribution, degree of gold liberation and gold mineralogy. The samples are composites from shear and intrusion domains, plus combined composites, from the Main, Central and QES Zones (the “Moss Pit”), Moss Southwest Zone and East Coldstream. Within the Moss Pit, combined samples were prepared for the three zones as well as an overall pit composite.

In general, observed gold grains in all samples are ultrafine, predominantly in -20 µm size fraction. This is at the very bottom end where centrifugal gold concentrators operate, hence the low recoveries observed in the E-GRG test. The strong association with pyrite in several samples shows why flotation was successful and, with regrind, leach extractions improved significantly. The bulk mineralogy shows high amounts of quartz and plagioclase in all samples which corelate to the high competency and hardness seen in the comminution results.

Mineral Resource Audit

Following the inclusion of external comments within the technical report drafted by CSA Global; Goldshore retained SRK to conduct an independent review of the mineral resource estimate and its reliability. Dr. Gilles Arseneau, Principal Consultant at SRK, conducted an independent review of the May 2023 mineral resource estimate reported by CSA. He also completed an in-depth review of the drill data and wireframes used for this estimate.

Dr. Arseneau concluded that, “the mineral resource reported by CSA Global effective May 5, 2023, meets the criteria under CIM guidelines for reporting inferred mineral resources.”

Although Dr. Arseneau noted concerns with the historical drilling data, they were fewer than those noted by CSA, and he also noted that with further analysis it may be possible to reclassify part of the Mineral Resource as indicated mineral resources under CIM guidelines.

Goldshore has concluded that the mineral resource estimate is suitable for the purpose of advancing the current PEA.

Independent Outlook for Permitting

CSL are Goldshore’s independent environmental site auditors as well as project managers for current baseline studies. CSL have considerable experience in this field through their work on the permitting for Impala’s Lac des Iles mine, north of Thunder Bay. This positions them perfectly to manage the Section 20 environmental studies for the PEA. As part of this, CSL produced an independent position paper on the steps required to permit the Moss Gold Project.

CSL has used the rigour around site layout and engineering to identify additional baseline studies that will need to be undertaken and completed as part of the permitting and approvals process. This includes future engagement with indigenous communities on site layout as well as long lead time permits (federal and provincial).

Key permits that Goldshore will be seeking include:

  • Federally, an Impact Assessment and a Fisheries Habitat Compensation Plan, and various approvals, authorizations and licenses; and
  • Provincially, a Closure Plan, various Environmental Compliance Approvals and several standard work permits. All of these permits have been factored into internal planning timelines.

Chris Perusse, P.Geo., President and Senior Geoscientist with CSL, noted, “there are no major informational or timeline hurdles to permitting the Moss Gold Project and a relatively straightforward path with Goldshore well on track with studies completed to date. There is no major lake remediation process, rather a diversion of the Wawiag River, which broadens into the very shallow Snodgrass Lake, around the proposed mine site.”

Goldshore is taking a proactive approach to consultation with our host indigenous communities through regular meetings to share information and benefit from feedback on all aspects of the PEA process.

Hillcrest Project

As part of the Company’s strategy for an exploration and development pipeline, Goldshore has acquired 390 cell claims covering 8,261 hectares in the Quetico Subprovince, 15-25km kilometres north of Moss. This has been named the Hillcrest Project.

The Hillcrest Project represents a blue-sky approach to gold exploration. Fault systems cutting the area appear to be deep-seated structures, “plumbing” the mantle, that were active in the same timeframe as the “Timiskaming-type” deformation zones which have a known, close association with gold mineralization within the Shebandowan Belt (specifically, the high-grade Delta-1 and Tower gold deposits, held by Delta Resources and Thunder Gold, respectively). The interpreted tectonic regime predicts a relatively high density of subvertical second-order deformation zones which acted as fluid conduits. Lake sediment geochemistry is anomalous in gold and other pathfinder elements, which highlights the unrecognized prospectivity of the area.

The Hillcrest Project is also prospective for critical minerals – specifically, Alaska-type Ni-Cu-PGE±Au and lithium pegmatites – as suggested by pre-staking prospecting conducted by Goldshore’s geologists.

The current focus remains on the Moss Gold Project and fieldwork is not planned on the Hillcrest Project until 2024-25.



Hillcrest Project

To view an enhanced version of this graphic, please visit:
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Ontario Junior Exploration Program Funding

The Company applied for a $200,000 grant under Ontario’s Junior Exploration Program (OJEP), which was approved on July 13, 2023. Goldshore has been using these funds to conduct geological mapping and geochemical sampling that is focused on potential copper-cobalt targets within the Moss Gold Project. The Company has received approval for the full $200,000 grant under OJEP which consists of a 50% rebate on $400,000 of grassroots focused exploration expenses incurred in 2023.

The Company mobilized field crews in May which have been actively exploring the northern tenement of the project targeting favourable geological horizons and alteration envelopes associated with VMS mineralization as identified at the Vanguard and North Coldstream deposits. The program will progressively move south exploring regional targets around the Moss deposit and Hamlin prospect identified through the earlier completed airborne geophysics survey including many unexplained EM anomalies.

The Company looks forward to continuing its partnership with the Ontario government through OJEP and will be monitoring the program for additional opportunities for funding.

President and CEO Brett Richards stated: “I would like send a note of thanks to the Minister of Mines, for the creation of the Ontario Junior Exploration Program funding, and for our acceptance to receive the generous grant to continue our field work.”

Pete Flindell, VP Exploration for Goldshore, said, “Goldshore remains active with field mapping and geochemical sampling programs to prioritize scout drilling targets for when the drill rigs return later this year. At the same time, we are pursuing studies to determine the economic value of the Moss Gold Project. Initial results are highly encouraging, exceeding all of the Company’s economic metrics given to Ausenco as the framework for scoping the project.”

Qualified Persons

Peter Flindell, P.Geo., MAusIMM, MAIG, Vice President – Exploration of the Company is a “Qualified Person” as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects. He has reviewed and verified the scientific and technical information contained in this news release.

Dr Gilles Arseneau, P. Geo. is an associate with SRK Consulting (Canada) Inc. SRK Consulting is an independent, global network of consulting practices in over 45 countries on six continents. Its experienced engineers and scientists work with clients in multi-disciplinary teams to deliver integrated, sustainable solutions across a range of sectors – mining, water, environment, infrastructure, and energy. He has reviewed and verified the information regarding the Mineral Resource audit on the Moss Gold Project disclosed in this news release.

Robert Raponi, P.Eng is a Senior Mining Engineer Specialist with Ausenco Engineering Canada Inc. He has reviewed and verified the information regarding the metallurgical and processing results on the Moss Gold project disclosed in the news release.

Chris Perusse, P.Geo, is President and Senior Geoscientist with CSL Environmental and Geotechnical Ltd. He has reviewed and verified the information regarding the independent outlook on permitting on the Moss Gold project disclosed in the news release.

About Goldshore

Goldshore is an emerging junior gold development company, and owns 100% of the Moss Gold Project located in Ontario. Wesdome is currently a large shareholder of Goldshore, and the Company is supported by an industry-leading management group, board of directors and advisory board. Goldshore is well positioned to advance the Moss Gold Project through the next stages of exploration and development.

About Ausenco

Ausenco is a global diversified engineering, construction and project management company providing consulting, project delivery and asset management solutions to the resources, energy and infrastructure sectors. Ausenco’s experience in gold projects ranges from conceptual, pre-feasibility and feasibility studies for new project developments to project execution with EPCM and EPC delivery. Ausenco is currently engaged on a number of global projects with similar characteristics and opportunities to the Moss Gold Project.

Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

For More Information – Please Contact:

Brett A. Richards
President, Chief Executive Officer and Director
Goldshore Resources Inc.

P. +1 604 288 4416 M. +1 905 449 1500
E. brichards@goldshoreresources.com
W. www.goldshoreresources.com

Facebook: GoldShoreRes | Twitter: GoldShoreRes | LinkedIn: goldshoreres

Cautionary Note Regarding Forward-Looking Statements

This news release contains statements that constitute “forward-looking statements.” Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, performance or achievements, or developments to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects,” “plans,” “anticipates,” “believes,” “intends,” “estimates,” “projects,” “potential” and similar expressions, or that events or conditions “will,” “would,” “may,” “could” or “should” occur.

Forward-looking statements in this news release include, among others, statements relating to expectations regarding the exploration and development of the Moss Gold Project and the Hillcrest Project, the release of an updated mineral resource estimate and preliminary economic assessment, and other statements that are not historical facts. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors and risks include, among others: the Company may require additional financing from time to time in order to continue its operations which may not be available when needed or on acceptable terms and conditions acceptable; compliance with extensive government regulation; domestic and foreign laws and regulations could adversely affect the Company’s business and results of operations; the stock markets have experienced volatility that often has been unrelated to the performance of companies and these fluctuations may adversely affect the price of the Company’s securities, regardless of its operating performance; and the impact of COVID-19.

The forward-looking information contained in this news release represents the expectations of the Company as of the date of this news release and, accordingly, is subject to change after such date. Readers should not place undue importance on forward-looking information and should not rely upon this information as of any other date. The Company undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/176639

Categories
Energy Junior Mining Precious Metals

Dolly Varden Silver Intersects Near-Surface Kitsol Vein Extension with 342 g/t Ag over 18m, Including 2,270 g/t Ag over .5m and Adds Fifth Drill Rig

Vancouver, British Columbia–(Newsfile Corp. – August 8, 2023) – Dolly Varden Silver Corporation (TSXV: DV) (OTCQX: DOLLF) (the “Company” or “Dolly Varden“) is pleased to announce initial drill results from expansion drilling at Kitsol and Torbrit as part of the 2023 exploration program on the 100%-owned Dolly Varden property in BC’s Golden Triangle. Due to drilling success and efficiencies, a fifth drill has been mobilized to site and the 2023 program has been expanded by approximately 10,000m to 55,000m of drilling. Over 70 drill holes have been completed to-date this season.

Highlights from the Kitsol Vein in the Torbrit Deposit area include*:

  • DV23-334: 297 g/t Ag over 8.32 meters including 1,090 g/t Ag over 0.90 meters at Kitsol
  • DV23-336: 342 g/t Ag over 18.00 meters including 2,270 g/t Ag over 0.50 meters and 995 g/t Ag with 3.6% Pb over 0.60 meters at Kitsol
  • DV23-337: 496 g/t Ag over 9.57 meters including 1,100 g/t Ag over 0.73 meters at Kitsol
  • DV23-348: 334 g/t Ag over 3.50 meters including 672 g/t Ag over 1.34 meters at Torbrit Main, south extension

* Intervals are core length; true widths vary from 64 to 87% of core length interval (see table 1), assays are uncut

“As the flow of results from our fully funded 2023 exploration drill program have started, we continue to see successful resource expansion drilling at the Kitsol Vein, intersecting high grade silver mineralization over wide intervals, that is potentially amenable to bulk underground mining methods,” said Shawn Khunkhun, President and CEO of Dolly Varden Silver. “We are excited to have the fifth drill turning as it will allow us to allocate extra meters to exploration drilling on our priority list of targets along the Kitsault Valley trend.”



Figure 1. Area of results released relative to Silver and Gold Deposits of Dolly Varden’s Kitsault Valley Trend

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1728/176403_f2166cb9649c5aed_002full.jpg

Holes DV23-334 and 336 extended the plunge extent of the wide, high grade, silver mineralization at the Kitsol vein for an additional 40m towards surface. The plunge direction has been extended to over 250m from the furthest southwest intercept, down plunge in drill hole DV22-323 (Figure 2). Drilling has identified a consistent, high-grade interval within the wide vein interval, associated with multiple phases of brecciation (DV23-334: 1,090 g/t Ag over 0.90 meters and DV23-336: 2,270 g/t Ag over 0.50 meters).

Drill holes DV23-335, 337, 341 and 343 tested the high-grade shoot along strike; hole DV23-337 was a 41 meter step-out, up plunge from DV18-131, confirming the consistent vertical dimension of the shoot to be of 50-75 meters, along the length of the plunge. The remaining holes intersected the Kitsol vein, either above or below the higher grade mineralized shoot.

Exploration holes to the west, testing for new structures in the hanging wall of the Moose Lamb fault encountered a block of the Kitsol vein in drill hole DV23-338 within a fault splay. Further modelling with the new oriented core data will guide targeting of the possible offset of the Kitsol Vein across the Moose Lamb fault.

At the southern end of the Torbrit Main deposit, drill holes DV23-348 and 350 were collared as a 31m step outs testing for the mineralized horizon. DV23-348 intersected mineralization consistent with the lower sequence of the basin fill-style silver zone at Torbrit, within potassic and chlorite altered volcanic tuff.



Figure 2. Kitsol Vein Longitudinal section with plunge of high grade silver shoot and 2023 results

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https://images.newsfilecorp.com/files/1728/176403_f2166cb9649c5aed_003full.jpg



Figure 3. Drill hole DV22-336 (74.00m to 85.55m) from the Kitsol Vein deposit showing breccia vein style mineralization with argentite, native silver in a dark silica matrix and vein breccia fragments

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1728/176403_dollyvardenfig3.jpg

Addition of fifth Diamond Drill and start of Geophysical Survey

The 15km long extent of the prospective Hazelton rocks on the property is host to numerous surface occurrences of alteration and silver mineralization that have been prioritized for drill testing. With the addition of approximately 10,000 meters to the initial 45,000 meter planned program, the extra drilling will be allocated to discovery-focused exploration targets. Efficiencies and excellent drill production have allowed for the additional drilling within the current budget.

In addition, a MT geophysical survey conducted by Simcoe Geoscience has commenced. The ground survey will be run over post-mineralization sedimentary rocks over the centre of the valley. Additional surveys will be performed to the area west and north of Homestake Ridge, where extensive gold in soil anomalies coincident with strong quartz-sericite-pyrite (QSP) alteration in interpreted to suggest a possible source at depth for the structurally-controlled gold-silver mineralization at Homestake Main and Homestake Silver deposits.



Figure 4. Kitsol Vein Plan View showing Drill Hole locations with Lithology, this release.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1728/176403_f2166cb9649c5aed_005full.jpg

Table 1. Drill Hole Assays from 2023 Kitsol and Torbrit drill holes.

Hole IDFrom
(m)		To
(m)		Length
(m)		True Width
(m)		Ag*
(g/t)		Pb*
(%)		Zn*
(%)		Au*
(g/t)
DV23-33463.0071.328.327.212970.280.22
including65.1066.000.900.7810901.590.90
DV23-335159.50160.501.000.721180.240.06
and174.00175.001.000.721040.240.50
and176.70177.610.910.651760.120.09
DV23-33670.0088.0018.0015.593420.580.57
including75.4075.900.500.4222700.101.13
including79.6580.250.600.519953.601.48
DV23-337122.33131.909.577.944960.780.38
including122.33123.060.730.6111000.140.37
and171.00172.001.000.831290.030.09
DV23-338123.27123.740.470.33140.021.02
DV23-341176.90177.400.500.323101.200.110.80
and184.14184.640.500.322081.480.11
and187.03187.530.500.32220.110.090.16
and272.50275.503.001.921150.210.060.11
DV23-342NSV
DV23-343216.45217.360.910.521070.020.11
and299.00300.001.000.571400.180.32
DV23-346NSV
DV23-34886.0089.503.503.503340.030.050.13
including86.0087.341.341.346720.020.070.24
DV23-350NSV

* Assays reported are uncut. NSV denotes ‘No Significant Values’

Table 2. Drill Hole Collars for 2023 Dolly Varden Kitsol – Torbrit Area Drilling (this release)

Hole IDEasting
UTM83 (m)		Northing
UTM83 (m)		Elev.
(m)		AzimuthDipLength
(m)
DV23-3344676176172166380100-45130
DV23-3354675696172125408113-59201
DV23-336467617617216638081-45130
DV23-3374675696172125408104-49228
DV23-3384674826172082410108-60401
DV23-3414675436172134405122-55321
DV23-3424674826172082410130-60326
DV23-3434675436172134405121-70396
DV23-3464674826172082410120-50276
DV23-348468321617119056245-55168
DV23-350468321617119056245-72186

Quality Assurance and Quality Control

The Company adheres to CIM Best Practices Guidelines for exploration related activities conducted on its property. Quality Assurance and Quality Control (QA/QC) procedures are overseen by the Qualified Person.

Dolly Varden QA/QC protocols are maintained through the insertion of certified reference material (standards), blanks and field duplicates within the sample stream. Drill core is cut in-half with a diamond saw, with one-half placed in sealed bags and shipped to the laboratory and the other half retained on site. Third party laboratory checks on 5% of the samples are carried out as well. Chain of custody is maintained from the drill to the submittal into the laboratory preparation facility.

Analytical testing was performed by ALS Canada Ltd. in North Vancouver, British Columbia. The entire sample is crushed to 70% minus 2mm (10 mesh), of which a 500 gram split is pulverized to minus 200 mesh. Multi-element analyses were determined by Inductively Coupled Plasma Mass Spectrometry (ICP-MS) for 48 elements following a 4-acid digestion process. High grade silver testing was determined by Fire Assay with either an atomic absorption, or a gravimetric finish, depending on grade range. Au is determined by Fire Assay on a 30g split.

Qualified Person

Rob van Egmond, P.Geo., Vice-President Exploration for Dolly Varden Silver, the “Qualified Person” as defined by NI43-101 has reviewed, validated and approved the scientific and technical information contained in this news release and supervises the ongoing exploration program for Dolly Varden on the Kitsault Valley Project.

About Dolly Varden Silver Corporation

Dolly Varden Silver Corporation is a mineral exploration company focused on advancing its 100% held Kitsault Valley Project (which combines the Dolly Varden Project and the Homestake Ridge Project) located in the Golden Triangle of British Columbia, Canada, 25kms by road to tide water. The 163 sq. km. project hosts the high-grade silver and gold resources of Dolly Varden and Homestake Ridge along with the past producing Dolly Varden and Torbrit silver mines. It is considered to be prospective for hosting further precious metal deposits, being on the same structural and stratigraphic belts that host numerous other, on-trend, high-grade deposits, such as Eskay Creek and Brucejack. The Kitsault Valley Project also contains the Big Bulk property which is prospective for porphyry and skarn style copper and gold mineralization, similar to other such deposits in the region (Red Mountain, KSM, Red Chris).

Forward Looking Statements

This release may contain forward-looking statements or forward-looking information under applicable Canadian securities legislation that may not be based on historical fact, including, without limitation, statements containing the words “believe”, “may”, “plan”, “will”, “estimate”, “continue”, “anticipate”, “intend”, “expect”, “potential”, and similar expressions. Forward-looking statements involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of Dolly Varden to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements. Forward looking statements or information in this release relates to, among other things, the 2022 drill program at the Kitsault Valley Project, the results of previous field work and programs and the continued operations of the current exploration program, interpretation of the nature of the mineralization at the project and that that the mineralization on the project is similar to Eskay and Brucejack, results of the mineral resource estimate on the project, the potential to grow the project, the potential to expand the mineralization and our beliefs about the unexplored portion of the property.

These forward-looking statements are based on management’s current expectations and beliefs and assume, among other things, the ability of the Company to successfully pursue its current development plans, that future sources of funding will be available to the company, that relevant commodity prices will remain at levels that are economically viable for the Company and that the Company will receive relevant permits in a timely manner in order to enable its operations, but given the uncertainties, assumptions and risks, readers are cautioned not to place undue reliance on such forward-looking statements or information. The Company disclaims any obligation to update, or to publicly announce, any such statements, events or developments except as required by law.

For additional information on risks and uncertainties, see the Company’s most recently filed annual management discussion & analysis (“MD&A“) and management information circular dated January 21, 2022 (the “Circular“), both of which are available on SEDAR at www.sedar.com. The risk factors identified in the MD&A and the Circular are not intended to represent a complete list of factors that could affect the Company.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this news release.

For further information: Shawn Khunkhun, CEO & Director, 1-604-609-5137, www.dollyvardensilver.com.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/176403

Categories
Base Metals Emx Royalty Energy Junior Mining Precious Metals Project Generators

EMX Royalty Sells Two Additional Battery Metal Projects to Kendrick Resources PLC

Vancouver, British Columbia–(Newsfile Corp. – August 8, 2023) – EMX Royalty Corporation (TSXV: EMX) (NYSE American: EMX) (the “Company” or “EMX”) is pleased to announce the execution of an agreement (the “Agreement”) to add its Mjövattnet and Njuggträskliden nickel-copper-PGE-cobalt projects in Sweden (the “Swedish Projects”) to an existing arrangement with Kendrick Resources PLC (“Kendrick”), a current EMX partner. Mjövattnet and Njuggträskliden battery metals projects will follow the same schedule of work commitments, advance royalty payments and milestone payments as the Espedalen battery metals project in Norway, another EMX royalty property being advanced by Kendrick. EMX will retain a 3% NSR royalty on the Swedish Projects along with other considerations summarized below. Kendrick is a Scandinavian focused energy metal exploration and development company currently listed on the London Stock Exchange (“LSE”) under the trading symbol “KEN”. See Figure 1 for project locations.

Each of the Swedish Projects contain nickel-copper-cobalt-PGE (Ni-Cu-Co-PGE) sulfide deposits associated with mafic-ultramafic intrusive complexes in the Skellefteå region of north-central Sweden, and both contain historical mineral resources. The Skellefteå area is known for its mining culture and heritage and is home to multiple actives mines, processing facilities and Boliden AB’s Rönnskär smelting complex.

The addition of the Swedish Projects follows Kendrick’s recent announcement of compelling drill results from the Espedalen battery metals project in Norway, a key EMX royalty property. Kendrick recently announced drill reported but Espedalen, including 11.60 meters averaging 2.85% nickel, 1.04% copper and 0.08% cobalt from 52.4 meters depth in drill hole ESP23-08, 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)1. Please see www.EMXroyalty.com for more information on these and other battery metal projects in EMX’s portfolio.

Commercial Terms Overview. In accordance with the Agreement, Kendrick will issue to EMX 15,000,000 options exercisable at a strike price of 1.3 pence (GBX) for 60 months. EMX currently holds an 8.8% equity stake in Kendrick, and the options will allow EMX to maintain its equity position for the foreseeable future. Additional provisions include:

  • A 3% NSR royalty in favor of EMX, 1% of which can be bought down by Kendrick by paying EMX $1,000,000 by the fifth anniversary of the agreement (leaving EMX with a minimum 2% NSR royalty).
  • Annual work commitments of 1,000 meters of drilling on each of the Swedish Projects.
  • Annual Advance Royalty Payments (“AAR’s”) on each of the Swedish Projects beginning at $30,000 in 2024 and escalating by $5,000 per year.

Overview of the Swedish Projects. Regional nickel exploration became a focus of the Swedish Geological Survey (“SGU”) and other state-run mining concerns in the 1970’s and early 1980’s, leading to the discoveries of the Mjövattnet and Njuggträskliden nickel-copper-cobalt-PGE deposits along what became known as the “Nickel Line” in north central Sweden. The Nickel Line is broadly coincident with a belt of similar aged volcanogenic massive sulfide (“VMS”) type deposits and orogenic gold deposits that comprise the greater Skellefteå Mining Region.

Mjövattnet Project. The translation of Mjövattnet is “mead water” in English, which was one of the first nickel sulfide discoveries made along the Nickel Line. Discovered in 1971, the Mjövattnet nickel sulfide deposit occurs along a structural corridor of similar mineralized bodies, including the Lappvattnet Brannorna, and Lappbacken zones to the southwest, each of which have drill defined zones of mineralization, with the latter two also lying within the EMX license (See Figure 2; note that Lappvattnet is currently held by a third party). Notes from the Swedish Geological Company (“NSG”) in 1987 state that Mjövattnet has only been partly explored and its depth potential remains unknown2. Likewise, several clusters of nickel sulfide bearing boulders lie to the northeast and southeast (the Frangsmyran, Holmsvattnet, Långbacken and Vallen occurrences), the bedrock sources of which have yet to be identified.

This combination of known, drilled defined nickel sulfide mineralization which remains open in multiple directions, and the upside potential in the vicinities of the clusters of mineralized boulders makes the Mjövattnet project particularly attractive for further exploration.

Njuggträskliden Project. This deposit was discovered in the early 1970’s via boulder tracing, which led to the identification of several mineralized outcrops. Multiple drill defined zones of nickel sulfide mineralization were delineated in the early 1980’s, many of which were recognized as being enriched in PGE’s, but only some of the collected drill core samples were analyzed for PGE’s.

The drill defined zones of mineralization at Njuggträskliden remain open at depth, and the NSG noted in their summary report that a 10 kilometer corridor of similar boulder clusters with nickel sulfide mineralization remains to be explored at Njuggträskliden (see Figure 3)3. These occurrences all lie within the EMX license and represent considerable upside exploration potential. Since being drilled by the NSG, a few smaller companies have conducted limited exploration in the area, including twinning of some of the historic holes and reanalyzing the historic drill core for PGE’s. However, little to no systematic exploration has taken place.

Recent exploration programs conducted by EMX have identified numerous new copper and nickel soil anomalies on the Njuggträskliden project. Some of these newly recognized anomalies coincide with clusters of mineralized glacially transported boulders, the source(s) of which have not yet been discovered.

Exploration Plans for 2023. Permitting for drill testing has already begun, and Kendrick expects to commence a maiden drill program at Mjövattnet in later 2023 or early 2024.

Comments on Nearby and Adjacent Properties. The mines and deposits discussed in this news release provide context for EMX’s Projects, which occur in a similar geologic setting, but this is not necessarily indicative that the Projects host similar quantities, grades or styles of mineralization.

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.

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 the 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.

For further information contact:

David M. Cole
President and Chief Executive Officer
Phone: (303) 973-8585
Dave@emxroyalty.com

Scott Close
Director of Investor Relations
Phone: (303) 973-8585
SClose@emxroyalty.com

Isabel Belger
Investor Relations (Europe)
Phone: +49 178 4909039
IBelger@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 merit of properties, exploration results and budgets, mineral reserve 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 March 31, 2023 (the “MD&A”), and the most recently filed Annual Information Form (“AIF”) for the year ended December 31, 2022, actual events may differ materially from current expectations. More information about the Company, including the MD&A, the AIF and financial statements of the Company, is available on SEDAR at www.sedarplus.ca and on the SEC’s EDGAR website at www.sec.gov.



Figure 1: Location map of the Swedish Projects.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1508/176252_c1e423f684f889d1_002full.jpg



Figure 2: Mineralized trends, occurrences and geophysical map of the Mjövattnet project.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1508/176252_c1e423f684f889d1_003full.jpg



Figure 3: Mineralized trends, occurrences and geophysical map of the Njuggträskliden project.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1508/176252_c1e423f684f889d1_004full.jpg

1 See Kendrick Resources PLC News Release dated May 4, 2023: “Stormyra Second Batch Assay Results Maiden Diamond Drill Programme”. EMX has not performed sufficient work to verify the published assay results, and these data cannot be verified as being compliant with NI43-101 standards. However, EMX believes these results to be reliable and relevant.
2 Information from the Geological Survey of Sweden archives in Malå., Sweden.
3 Information from the Geological Survey of Sweden archives in Malå., Sweden., including report BRAP 81007, 1981, Nickelmineraliseringarna i Njuggtraskliden.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/176252

Categories
Base Metals Breaking Emx Royalty Energy Exclusive Interviews Junior Mining Precious Metals Project Generators

(16 Min.) EMX Royalty and Franco Nevada Announce $10M Acquisition Agreement for New Royalties

Website| https://provenandprobable.com/
Call Me |855.505.1900 or email: Maurice@MilesFranklin.com
Precious Metals – https://www.milesfranklin.com/

Categories
Base Metals Energy Precious Metals

Hot Chili Commences 30,000m Drill Programme at Costa Fuego

Hot Chili Limited (ASX: HCH) (TSXV: HCH) (OTCQX: HHLKF) (“Hot Chili” or the “Company”) is pleased to announce that drilling has re-commenced across the western extension of the Cortadera porphyry resource, part of the Company’s Costa Fuego Copper-Gold Project (“Costa Fuego” or “the Project”) located 600 km north of Santiago, at low elevation (<1,000 m) in the coastal range of the Atacama Region, Chile.

Drilling operations have been underway for five days with one reverse circulation rig in operation and further diamond drill rigs to be added as the Company ramps up its fully-funded 30,000m expansion drilling programme across Costa Fuego.

Given the Company’s significant advance on its Pre-Feasibility Study for Costa Fuego (over 80% complete) and high Indicated categorisation of the current Mineral Resource (82% Indicated), the majority of planned drilling is being directed toward exploration and mineral resource growth.

A mineral resource update for Costa Fuego is planned to be completed in H2 2023 and will include drilling from the current 30,000m programme as well as significant drilling undertaken across Costa Fuego since the beginning of 2022.

The Company is well funded with approximately A$26 million in treasury following closing of its recent investment agreement with Osisko Gold Royalties for US$15 million (as announced 26th July 2023).

A PEA technical report prepared in accordance with NI 43-101 (as defined below) will be filed on SEDAR+ by 11th August 2023.

The Company looks forward to providing further updates on results from drilling activities and ongoing development study workstreams.

To access the announcement please click on the link below.

Download Full Announcement