Vancouver, British Columbia: Calibre Mining Corp. (TSX-V: CXB) (the “Company” or “Calibre”) is pleased to report additional results for the on-going 2018 diamond drilling program on the Eastern Borosi Gold-Silver Project, Nicaragua (the “Project”). Exploration and drilling on the Project is being funded by Calibre’s JV partner IAMGOLD Corporation (“IAMGOLD”). Highlights
Initial Drill holes on the San Cristobal gold-silver vein-structure include a new high-grade discovery with intercepts returning;
8.04 metres grading 10.92 g/t Au and 859 g/t Ag (24.14 AuEq) including 1.55 metres grading 54.68 g/t Au and 3,957 g/t Ag (179.11 AuEq).
The San Cristobal Zone has been traced on surface with rock and soil sampling for approximately two kilometres with potential for several sub-parallel structures.
The 2018 diamond drilling program has to date completed 48 holes totaling 10,043.07 metres with results for two holes reported in this news release. Drilling with two diamond drill rigs has recently been concluded with additional drill results pending.
President and CEO Greg Smith stated: “Initial diamond drilling on the San Cristobal gold-silver structure has discovered epithermal veins hosting significant high-grade gold-silver mineralization including one of the highest-grade gold-silver intercepts drilled to date on the Eastern Borosi Project. Discovery drill hole SC18-002 intersected 8.04 m grading 10.92 g/t Au and 859.0 g/t Ag with the discovery remaining open along strike and down dip”.
Highlights of the recent H2 2018 Diamond Drilling at San Cristobal;
Hole
ID
From
m
To
m
Length
(m)
AuEq
(g/t)
Au
(g/t)
Ag
(g/t)
Pb
(ppm)
Zn
(ppm)
SC18-002
76.25
78.20
1.95
0.44
0.22
14.0
12
85
87.82
95.86
8.04
24.14
10.92
859.0
951
2,031
87.82
89.77
1.95
4.88
1.31
232.2
185
391
94.31
95.86
1.55
115.56
54.68
3957.0
4,649
9,788
Notes:
–
H2 2018 Drilling Highlights. See final table for complete recent results.
–
Intervals are core lengths / true width are estimated to be 80-90% of lengths
–
Length weighted averages from uncut assays.
–
g/t AuEq calculated using $1300/oz gold and $20.0/oz silver
H2 2018 Diamond Drilling Program
Drilling to date in 2018 has consisted of step out holes following up on previous high grade intercepts on a series of structures and drill holes testing new targets. Total holes completed to date: 48 – (3 Veta Loca “B”, 3 Guapinol, 13 Cadillac-Jaguar, 6 East Dome, 6 Main Blag, 12 La Luna, and 5 San Cristobal). Total meterage to date 2018 (completed holes): 10,043.07 metres – (468.17m Veta Loca “B”, 590.17m Guapinol, 2,414m Cadillac-Jaguar, 2,052.72 East Dome, 1,637.78m Main Blag, 1,994.88m La Luna, and 630.9m San Cristobal). The complete interval results for the recently received two drill holes are provided in the Table 2 below. Drill hole details and maps can be found on Calibre’s websitewww.calibremining.com.
Recent results have resulted in a new high-grade gold-silver discovery at the San Cristobal Zone. Drill hole SC18-002 intersected 8.04 metres grading 10.92 g/t Au and 859 g/t Ag (24.14 AuEq) including 1.55 metres grading 54.68 g/t Au and 3,957 g/t Ag (179.11 AuEq). The San Cristobal Zone has been traced on surface with rock and soil sampling for approximately two kilometres with potential in certain potions for several sub-parallel structures. Three additional drill holes have been completed at San Cristobal with results pending. A variation in the structural trend is noted and the new results will help to support the modeling and potential of the San Cristobal structure. IAMGOLD / Calibre – Eastern Borosi Project
Exploration to date on the Eastern Borosi Project has outlined several tens of kilometres of highly prospective mineralized structures located in an historic gold-silver mining district. Low sulphidation epithermal gold-silver mineralization intersected on the Eastern Borosi Project is hosted within porphyritic andesite and consists of structurally controlled, high energy quartz-carbonate vein breccias, vein-stockworks and discrete smokey quartz veins containing fine grained sulphide minerals. Targets have been defined by surface soil and rock sampling, trenching and previous drilling.
IAMGOLD has completed the First Option having made US$450,000 in payments to Calibre and completed US$5 million in expenditures and has vested a 51% interest in the Eastern Borosi Project. IAMGOLD has entered the Second Option with the right to earn a further 19% in the Project (by completing additional cash payments totalling $450,000 and further exploration expenditures totaling $5 million) having paid the first and second installments of $150,000 each and funding the on-going 2018 work program. The total potential investment by IAMGOLD to earn a 70% interest in the Project is US$10.9 million. 2018 Exploration and Drilling Program
The 2018 exploration and drilling program is nearly complete. Additional drilling has been recently completed on the Main Blag Deposit extension to the north and also included a few step out holes on the Cadillac Discovery. In addition to the drilling, target generative exploration is on-going consisting on wide-spaced soil sampling and surface rock sampling over selected areas. Remaining drilling results will be reported once they are received, verified and compiled. The results of the 2018 program will be reviewed and used to guide future exploration programs. Calibre Mining Best Practice
Calibre is committed to best practice standards for all exploration, sampling and drilling. Drilling was completed by independent firm Continental Drilling. Analytical quality assurance and quality control includes the systematic insertion of blanks, standards and duplicates. Samples are placed in sealed bags and shipped directly to Bureau Veritas Lab in Managua, Nicaragua for sample preparation and then to Vancouver, Canada for 50 gram gold fire assay and ICP-MS multi element analyses. The technical content in this news release was read and approved by Gregory Smith, P.Geo, President and CEO of the Company who is the Qualified Person as defined by NI 43-101. About Calibre Mining Corp.
Calibre owns a 100% interest in over 413 km2 of mineral concessions in the Mining Triangle of Northeast Nicaragua including the Primavera Gold-Copper Project and Santa Maria Gold Project. Additionally the Company has optioned to IAMGOLD (176 km2) and Centerra Gold (253 km2) concessions covering an aggregate area of 429 km2 and is party to a joint venture on the 33.6 km2 Rosita D gold-copper-silver project with Rosita Mining Corporation and Century Mining. Major shareholders of Calibre include gold producer B2Gold Corp, Lukas Lundin and management. Calibre Mining Corp. “Greg Smith” Greg Smith, P.Geo. President and CEO
For further information contact:
Ryan King 604 628-1012 www.calibremining.com Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Cautionary Note Regarding Forward Looking Statements This news release contains certain forward-looking statements. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as “expects” or “does not expect”, “is expected”, “anticipates” or “does not anticipate” “plans”, “estimates” or “intends” or stating that certain actions, events or results “ may”, “could”, “would”, “might” or “will” be taken, occur or be achieved) are not statements of historical fact and may be “forward-looking statements”. Forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to materially differ from those reflected in the forward-looking statements. Safe Harbor Statement under the United States Private Securities Litigation Reform Act of 1995: Except for the statements of historical fact contained herein, the information presented constitutes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements including but not limited to those with respect to the price of gold, potential mineralization, reserve and resource determination, exploration results, and future plans and objectives of the Company involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievement of Calibre to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. There can be no assurance that such statements 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 statements.
Table 2 Eastern Borosi Project – H2-2018 Drilling Results
TORONTO, ONTARIO / ACCESSWIRE / December 18, 2018 / DNI Metals Inc. (DNI: CSE; DNMKF: OTC) (“DNI” or the “Company”)
DNI’s focus is Graphite in Madagascar, but due to the increase in certain battery metals pricing including the value of Vanadium, V2O5, from $5.89*per pound, in 2014, to over U$27.50 the increase of Cobalt, Co, from U$14.38* per pound, in 2013, to over U$25.06, the increase in Lithium, Li2CO3, from U$ 2.82* per pound to over U$30.00, DNI Metals Inc, is pleased to announce that a number of parties have shown renewed interest in its Black Shales Polymetallic deposit in Alberta.
Note: All the mineral prices have changed, the $Can/US exchange rate has changed, and input costs may have changed .*Prices as well used in DNI’s resource report dated August 27, 2013.
Dan Weir, CEO, commented, “I want to emphasize that DNI is focused on developing its Graphite deposits in Madagascar. The previous management team and board of DNI did an amazing job, developing the Alberta Black Shales deposits. Over $6.7 million was spent on developing the deposits. The new team and I were treating the Black shales as a non-core asset. It is great to see the renewed interest in the project, and the worldwide demand for Vanadium.”
Highlights of DNI’s Vanadium and Polymetallic Resource in Alberta.
Several studies on the resources and economic significance of the deposits have been completed and a summary of selected results is presented below. Further details can be found on SEDAR”
Vanadium – Buckton South- Inferred Resource – Lower Portion – Second White Speckled Shale Formation
Vanadium – Buckton – Inferred Resource – Lower Portion – in Second White Speckled Shale Formation
Six Mineralized zones
DNI’s Polymetallic Deposits – Battery and Electric car Metals
Letter of Intent
DNI has signed a Letter of Intent (“LOI”) granting a private company (“Privateco”) an option to earn up to a 51% interest in DNI’s Alberta Black Shales Deposit. The LOI is generally non- binding, except for matters related to, among others, exclusive dealing and confidentiality.
DNI will grant to Privateco the option to earn an initial 51% interest in the Black Shales Property as follows:
upon execution of the LOI, Privateco is paying ONE HUNDRED THOUSAND dollars (Cdn$100,000) to DNI;
on or before the date which is the earlier of 6 months from the date of the Definitive Agreement or 15 days after the date that Privateco completes an RTO/IPO transaction, Privateco would pay an additional ONE HUNDRED FIFTY THOUSAND dollars (Cdn$150,000) to DNI; and
by incurring exploration and development expenditures on the Property of at least ONE MILLION dollars (Cdn$1,000,000) on or before March 31, 2021.
Privateco is controlled by Jim Atkinson in trust and without personal liability for a corporation to be incorporated. This is an arm’s length transaction.
Dan Weir, CEO, commented, “Completing a deal with Privateco, will allow further development of its Vanadium / polymetallic assets, without sacrificing its Graphite Assets. We look forward to working with Privateco’ s professional team.”
DNI has also received interest from a First Nation group to purchase one claim of its eight claims of the Alberta properties and make the area into a provincial park. This could possibly include the area where DNI has its indicated resources, the Buckton zone.
Note: DNI is aware of six mineralization zones, 3 that have been drilled, and that the 3 stretch over 30 kms apart. The 6 form an even bigger area.
Black Shales – Vanadium
DNI Metals owns a Polymetallic black shales deposit in Alberta.
Mineral resources are hosted in two near-surface stacked black shale horizons which are mineralized with recoverable Mo-Ni-U-V-Zn-Co-Cu-Li-REEs-Y-Th-Sc and are partly exposed on surface. Six mineralized systems, or zones, have been identified on DNI’s Property in northeast Alberta.
Two zones, the Buckton and the Buckton South zones have inferred resources and the Buckton has in addition indicated resources.
Asphalt Mineralized Zone. Three holes were drilled over the Asphalt Mineralized Zone, in 2011. It is located approximately 30 kilometres to the south of the Buckton Mineralized Zone.
Buckton South – March 1, 2013 Technical Report
The Maiden Resource Estimate for the Buckton South Zone, SBH Property Northeast Alberta prepared by APEX Geoscience Ltd. classified an inferred resource consisting of 548 million short tons (497 million metric tonnes) of mineralized black shale extending over 3.3 square kilometres beneath less than 75m of overburden cover. This resource is hosted in the Labiche Formation and underlying Second White Speckled Shale Formation, which are two flat-lying Formations that are stacked to comprise a continuous thick zone of mineralized shale. The inferred resource is mineralized with recoverable Molybdenum (Mo), Nickel (Ni), Uranium (U), Vanadium (V), Zinc (Zn), Copper (Cu), Cobalt (Co), Lithium (Li), Scandium (Sc), Thorium (Th) and Rare Earth Elements Lanthanum (La), Cerium (Ce), Praseodymium (Pr), Neodymium (Nd), Samarium (Sm), Europium (Eu), Gadolinium (Gd), Terbium (Tb), Dysprosium (Dy) and Yttrium (Y). The Resource Study estimates that the maiden inferred resource is overlain by 122 million short tons (110 million metric tonnes) of glacial till overburden cover.
Buckton – September 9, 2013 Technical Report
The Updated and Expanded Resource Estimate for the Buckton Zone SBH Property Northeast Alberta, prepared by APEX Geoscience Ltd. expanded the inferred resource at the Buckton Zone from 3.5 billion short tons to 4.9 billion short tons, in addition to upgrading a portion of it to the indicated resource class by delineating a 300 million short ton indicated mineral resource. The inferred and indicated resources together extend over 21.9 square kilometres (approximately a 3kmx8km area), 20.4 square kilometres of which represents the aerial extent of the inferred resource.
Asphalt Mineralized Zone – Exploration Target
Three holes were drilled over the Asphalt Mineralized Zone*, located approximately 30 kilometres to the south of the Buckton Mineralized Zone*. A number of additional planned drill holes were deferred, including holes intended to upgrade a portion of the Asphalt Mineralized Zone* (previously named the Asphalt Potential Mineral Deposit*) into an inferred resource, and holes intended to verify projected extensions of the Zone* which is open in three directions.
As outlined in the SBH Technical Report, the Asphalt Potential Mineral Deposit* holds potential for hosting 109-132 million short tons of polymetallic mineralization extending over 4.5 square kilometers and is open in three directions. The Asphalt Potential Mineral Deposit* was recently renamed as the Asphalt Mineralized Zone* to harmonize nomenclature with Jun30/2011 amendments to NI-43-101. Although based on drilling and nearby outcrop exposures, the Asphalt Mineralized Zone*, as better outlined in the SBH Technical Report, is a target for further ongoing exploration, it is conceptual in nature as there has been insufficient drilling conducted over the Zone* to define a mineral resource, and it is uncertain whether further drilling will define a mineral resource over the Zone*.
DNI’s current drilling reinforces geological extrapolations which suggest good continuity of mineralization within the Asphalt Mineralized Zone*.
Details of the drilling completed over the Asphalt Mineralized Zone* (holes 11AS01-11AS03) are tabulated below, showing analytical results, as well as comparative grades from adjacent historic holes 7AS01 and 7AS02.
Hole
Depth
Zone Width** (m)
Weighted Average Grade (ppm) ***
Specific
#
(m)
From-To
Width
Mo
Ni
U
V
Zn
Cu
Co
Ag
Li
Gravity
11AS01
51.0
26.8-37.9
11.1
116
203
47
786
352
88
30
1.0
75
2.38
11AS02
106.5
95.5-106.5
11.0
65
137
30
682
281
89
23
0.9
85
2.48
11AS03
32.5
Hole Lost in overburden in bad ground @ 32.5m depth
7AS01
76.3
7.1-18.5
11.4
73
144
47
690
376
89
20
0.3
na
na
historic
7AS02
89.8
21.6-33.2
11.4
63
122
31
664
282
89
20
0.3
na
na
historic
Hole
Depth
Zone Width** (m)
Weighted Average Grade (lb/st) ***
#
(m)
From-To
Width
Mo
Ni
U
V
Zn
Cu
Co
Li
[MoO3]
[U3O8]
[V2O5]
11AS01
51.0
26.8-37.9
11.1
0.23
0.41
0.09
1.57
0.70
0.18
0.06
0.15
[0.35]
[0.11]
[2.80]
11AS02
106.5
95.5-106.5
11.0
0.13
0.27
0.06
1.36
0.56
0.18
0.05
0.17
[0.20]
[0.07]
[2.43]
11AS03
32.5
Hole Lost in overburden in bad ground @ 32.5m depth
7AS01
76.3
7.1-18.5
11.4
0.15
0.29
0.09
1.38
0.75
0.18
0.04
na
historic
[0.22]
[0.11]
[2.46]
7AS02
89.8
21.6-33.2
11.4
0.13
0.24
0.06
1.33
0.56
0.18
0.04
na
historic
[0.19]
[0.07]
[2.37]
Note: See notes attached to information tabulated above for the Buckton Mineralized Zone*.
The drilling over the Asphalt Mineralized Zone* serves to confirm historic drilling results. The results reiterate uniformity of grades between the Asphalt and Buckton Mineralized Zones* which are located some 30km apart, and continuity of bulk average grades over distances ranging 300m-760m between holes.
In addition, the recent drill results indicate that tonnages previously estimated for the Asphalt Mineralized Zone* in the SBH Technical Report, relying on historic information, are understated. While an estimated specific gravity of 2.1, per historic work records, was relied upon by the SBH Technical Report to estimate potential tonnages which might be hosted in the Asphalt Mineralized Zone*, specific gravity of the Speckled Shale as measured from the above drill core samples averages approximately 2.4 and, accordingly, revises potential tonnages estimated for the Asphalt Mineralized Zone* from 109-132 million short tons of polymetallic mineralization to 125-151 million short tons. The above specific gravity figures are consistent with results from surface sampling completed by DNI during the past two years.
NI 43-101 Disclosure
The information in this press release was taken from previous press releases and technical reports filed on Sedar between the years 2010-2014.
In 2013, the technical information had been prepared in accordance with Canadian regulatory requirements by, or under the supervision of, the following independent Qualified Persons: Mr. Eugene Puritch P.Eng. (per P&E Mining Consultants Inc.), Mr. Michael Dufresne P.Geol. (per APEX Geoscience Ltd.) and Mr. Bruce Cron P.Eng. (per Cron Metallurgical Ltd.) DNI’s previous Qualified Person in respect of its Alberta polymetallic black shale project is Mr. Shahé F.Sabag P.Geo., former President and CEO of DNI.
James Atkinson P.Geo, and Qualified person, has reviewed and approved the information contained in this press release. The reports prepared by the previous consultants were completed by competent, Qualified Persons and the present QP believes the information to be accurate.
Mineral resources are not mineral reserves and do not have demonstrated economic viability. There is no guarantee that all or any part of the mineral resource reported herein will be converted into a mineral reserve. An ‘Inferred Mineral Resource’ is that part of a Mineral Resource for which quantity and grade or quality can be estimated on the basis of geological evidence and limited sampling and reasonably assumed, but not verified, geological and grade continuity. The estimate is based on limited information and sampling gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes. The metal recoveries reported represent preliminary mineral recovery testing results collated from the collective bench scale laboratory testwork completed by DNI to date and may not reflect actual process recoverability that might be achieved in a mineral production operation, all of which is the subject of ongoing studies.
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.
Shaft 1’s continuing advance has intersected 29 metres of high-grade mineralization from underground mine development, beginning at a depth of 780 metres
Platreef’s long-term processed wastewater agreement finalized to supply most of the bulk water needed for the first phase of production
Platreef is positioned to become a major producer of palladium, which recently became more valuable than gold
Platreef’s Indicated Mineral Resources contain an estimated 26.8 million ounces of palladium, 25.6 million ounces of platinum, 4.5 million ounces of gold, and 1.8 million ounces of rhodium (a combined 58.7 million ounces of PGMs plus gold), plus 4.1 billion pounds of nickel and 2.1 billion pounds of copper, at a cut-off grade of 1 gram per tonne
Platreef’s Inferred Mineral Resources contain an additional 43.0 million ounces of palladium, 40.4 million ounces of platinum, 7.8 million ounces of gold, and 3.1 million ounces of rhodium (a combined 94.3 million ounces PGMs plus gold), plus 7.7 billion pounds of nickel and 4.1 billion pounds of copper, also at a cut-off grade of 1 gram per tonne
At the base-case cut-off grade of 2 grams per tonne, Indicated Mineral Resources contain an estimated 42.0 million ounces of PGMs plus gold, plus 2.4 billion pounds of nickel and 1.2 billion pounds of copper, with an additional 52.8 million ounces of PGMs plus gold, 3.4 billion pounds of nickel and 1.8 billion pounds of copper in Inferred Resources
Platreef’s T1 and T2 high-grade mineralized zones interpreted as much thicker versions of the high-grade mineralized reefs found on the Western and Eastern limbs of South Africa’s Bushveld Complex
Mokopane, South Africa–(Newsfile Corp. – December 18, 2018) – Ivanhoe Mines’ (TSX: IVN) (OTCQX: IVPAF) Co-Chairmen Robert Friedland and Yufeng “Miles” Sun, and Ivanplats’ Managing Director Dr. Patricia Makhesha, announced today that Platreef’s Shaft 1 has reached a depth of 850 metres below surface and development work has begun on the 850-metre station – the second of three horizontal mining access stations planned for Shaft 1.
The first mining access station has been constructed at the 750-metre level, following earlier development of a water-pumping station at the 450-metre level. The third mining access station will be developed at a mine-working depth of 950 metres. Shaft 1 is expected to reach its projected, final depth of approximately 980 metres below surface, complete with all four of the stations, in early 2020.
The Platreef mining team delivered the first high-grade mineralization from underground mine development to surface stockpiles for metallurgical sampling three months ago. The high-grade mineralization intersected in Shaft 1 is contained within two mineralized zones (T1 and T2) totalling 29 metres of the Turfspruit Cyclic Unit (TCU). A total of fifty grab samples from individual 3.2-metre-blast stockpiles yielded an average grab sample grade of 6.35 grams per tonne (g/t) platinum, palladium and rhodium plus gold (3PE+Au), ranging up to 9.6 g/t 3PE+Au, as well as significant quantities of nickel and copper.
The 29-metre mineralized intersection in Shaft 1 yielded approximately 3,500 tonnes of ore that will be used for bulk-scale metallurgical test work. Based on the estimated resource grade of the pilot hole for Shaft 1 (GT008), the 3,500 tonnes are expected to contain more than 400 ounces of platinum-group metals (PGMs).
Ivanhoe Mines indirectly owns 64% of the Platreef Project through its subsidiary, Ivanplats, and is directing all mine development work. The South African beneficiaries of the approved broad-based, black economic empowerment structure have a 26% stake in the Platreef Project. The remaining 10% is owned by a Japanese consortium of ITOCHU Corporation; Japan Oil, Gas and Metals National Corporation; and Japan Gas Corporation.
Photo: Stockpiles of Flatreef ore from the sinking of Shaft 1, with Shaft 1 headframe in the background.
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Long-term wastewater agreement finalized to supply most of the bulk water needed for the first phase of production at Platreef
Ivanplats, led by Dr. Makhesha, announced that it has finalized a long-term agreement with the Mogalakwena Local Municipality for the supply of local, treated wastewater to supply most of the bulk water needed for the first phase of production at the Platreef platinum-group metals, nickel, copper and gold mine now being constructed in South Africa.
Ivanplats signed a memorandum of agreement earlier this year with the Mogalakwena Local Municipality for the supply of a minimum of five million litres of treated water a day for 32 years, beginning in 2022, from the town of Mokopane’s new Masodi Treatment Works. Last week, the agreement was officially approved in a signing ceremony in Mokopane.
Ivanplats expects to begin receiving a small quantity of processed wastewater early next year after the Masodi plant has been commissioned. Further treatment will be conducted at the Platreef Mine’s on-site filtration plant to ensure compliance with Ivanplats’ quality standards. The initial supply will be used in Platreef’s ongoing underground mine development and surface infrastructure construction.
Ivanplats estimates that it will require approximately 7.5 million litres per day (Ml/day) of bulk water during the first-phase of steady-state production. A water-balance model developed for the mine calls for the bulk water for the first phase of production to consist of five Ml/day from the Masodi treatment plant, with the balance provided from ground water from local, licenced boreholes, and rainwater collected in storage ponds at the mine.
Photo: Platreef’s long-term wastewater agreement finalized between Dr. Patricia Makhesha, Ivanplats’ Managing Director (left), and Kenneth Maluleke, Mogalakwena Acting Municipality Manager.
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In July 2017, Ivanhoe issued an independent, definitive feasibility study (DFS) for Platreef covering the first phase of production at an initial mining rate of four million tonnes per annum (Mtpa). The DFS estimated that Platreef’s initial, average annual production ratewill be approximately 219,000 ounces of palladium, 214,000 ounces of platinum, 30,000 ounces of gold and 14,000 ounces of rhodium (combined 477,000 ounces of 3PE+Au), plus 21 million pounds of nickel and 13 million pounds of copper.
The Platreef DFS was based on the development of a large, mechanized, underground mine with an initial, four Mtpa concentrator and associated infrastructure. Platreef would rank at the bottom of the cash-cost curve, at an estimated US$351 per ounce of 3PE+Au produced, net of by-products and including sustaining capital costs, and US$326 per ounce before sustaining capital costs.
The thick Flatreef orebody at the Platreef Project is ideal for bulk-scale, mechanized mining. As underground development progresses, the mine plan calls for the addition of large, mechanized mining equipment, such as 14- and 17-tonne load-haul-dump machines and 50-tonne haul trucks to support the planned long-hole mining method.
The mineral resources used as the basis of the Platreef DFS were those amenable to underground selective mining. Detailed information about assay methods and data verification measures used to support the scientific and technical information is set out in the Platreef 2017 Feasibility Study NI 43-101 Technical Report dated September 2017, available under Technical Reports at www.ivanhoemines.com and on Ivanhoe Mines SEDAR profile at www.sedar.com.
Key features of the 2016 Platreef Mineral Resource estimate include:
Indicated Mineral Resources contain an estimated 41.9 million ounces of platinum, palladium, rhodium and gold with an additional 52.8 million ounces of platinum, palladium, rhodium and gold in Inferred Resources (using a cut-off grade of 2.0 g/t 3PE+Au).
Indicated Mineral Resources contain an estimated 2.44 billion pounds of nickel and 1.23 billion pounds of copper, with an additional 3.44 billion pounds of nickel and 1.78 billion pounds of copper in Inferred Mineral Resources (using a cut-off grade of 2.0 g/t 3PE+Au).
Indicated Mineral Resources totalling 346 million tonnes, at an average grade of 3.77 g/t 3PE+Au, 0.32% nickel and 0.16% copper, at a cut-off grade of 2.0 g/t 3PE+Au.
Inferred Mineral Resources totalling an additional 506 million tonnes, at a grade of 3.24 g/t 3PE+Au, 0.31% nickel and 0.16% copper, at a cut-off grade of 2.0 g/t 3PE+Au.
The 2016 Mineral Resource estimate was prepared by Ivanhoe Mines under the direction of Dr. Harry Parker, RM SME, of Wood Group (formerly Amec Foster Wheeler E&C Services Inc.). Dr. Parker and Timothy Kuhl RM SME, also of Wood Group, have independently confirmed the Mineral Resource estimate and are the Qualified Persons for the estimate, which has an effective date of April 22, 2016.
The platinum-to-palladium ratio at the Platreef Mine is approximately 1:1. Palladium and rhodium are used as catalysts to control exhaust emissions in gasoline-fuelled vehicles, while diesel vehicles mostly use platinum. Platinum also is used as the catalyst in zero-emission, hydrogen-powered, fuel-cell electric vehicles now being developed by leading, global automakers including Honda, Toyota, Hyundai, BMW, Mercedes-Benz and Hyundai.
A sustained palladium-supply deficit, coupled with robust demand from automakers, has seen palladium prices increase by approximately 50% during the past four months, making it more valuable than gold for the first time since 2002.
Chart: Palladium’s price increase since August 2018 (in blue) compared to gold (in white).
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Flatreef’s T1 and T2 mineralized zones are 29 metres thick at Shaft 1 intersection
The mineralized zones (reefs) at Ivanhoe’s Platreef Project are the thickest (Platreef’s T2MZ averages 24.7 metres at a 1 g/t 3PE+Au cut-off) among the known reefs in South Africa’s Bushveld Igneous Complex. Although substantially thicker on Ivanhoe’s Platreef Project, Flatreef’s exceptional T1 and T2 reefs have been correlated with the Bushveld Complex’s Bastard and Merensky reefs by Dr. Danie Grobler, Ivanplats’ Head of Exploration and Geology, and other Ivanplats geologists (Grobler et al., published in the international journal, Mineralium Deposita, 2018).
The Turfspruit Cyclic Unit (TCU), which hosts the majority of the Platreef’s selectively mineable Mineral Resources, has two mineralized zones that are laterally continuous across the Platreef Project. The T1 mineralized zone (T1MZ) occurs within cyclical magmatic units and feldspathic pyroxenite (ultramafic igneous rock) immediately below the Main Zone. The T2 mineralized zone (T2MZ) is hosted within a mineralized, PGM-enriched, very coarse-grained pegmatoidal pyroxenite distinct from the feldspathic pyroxenite above it and bound by a top chromite stringer.
The T2MZ occurs at a stratigraphic position similar to the world-renowned Merensky Reef. The T2MZ can be subdivided into an upper pegmatoidal orthopyroxenite, referred to as the T2 Upper, and a lower, less continuous pegmatoidal harzburgite, referred to as the T2 Lower. Recognition of the TCU and the pegmatoidal pyroxenite in 2012 was a key interpretive breakthrough for the Platreef Project.
Shaft 1 intersected the TCU below the Main Zone of the Bushveld Complex in September 2018. The upper T1 mineralized reef was intersected at a depth of 780.11 metres below the shaft bank (Figure 1). Shaft sinking proceeded to intersect the main T2 mineralized reef at a depth of 798 metres, beneath the upper chromitite stringer. The T2 mineralization gradually decreases over a vertical interval of 11 metres to the footwall norite contact at a depth of 809 metres. The total TCU width intersected within the shaft is 28.9 metres.
Photo:Dr. Danie Grobler, Ivanplats’ Head of Exploration and Geology(left), Jan Mapeka, Ivanplats Geologist (centre), and Gerick Mouton, Ivanplats’ Vice President and Project Director (right), at the intersection of the T1 mineralized reef in Shaft 1 at a depth of approximately 780 metres.
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Figure 1: Schematic section of the Platreef Mine, showing Flatreef’s T1 and T2 thick, high-grade mineralized zones (red and dark orange),underground development work completed to date in shafts 1 and 2 (white), and planned development work (gray).
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Figure 2: Flatreef cross section showing T1 and T2 mineralized zones (T1MZ and T2MZ)and the significant top loading of high-grade PGMs mineralization in the T2 mineralized zone.
Photo:Members of the Platreef Project team and its South African sinking contractor, Aveng Mining, in Shaft 1 at its intersection of the 29-metre Flatreef Deposit in September.
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Photo: Platreef’s underground mine development team includes three members from local communities (from left): Nkone Madubana, Learner Sinker; Katlego Nkwana, Learner Sinker; and Caroline Dzivhani, Geologist – who recently became fully certified underground miners.
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The 2016 consolidated Mineral Resources for the Platreef Project are shown in Table 1 (2.0 g/t 3PE+Au base case highlighted; other cases are included to show the sensitivity of the Mineral Resources to changes in cut-off grades).
Table 1: Platreef Mineral Resource – all mineralized zones (2.0 g/t base case).
Indicated Mineral Resources – Tonnage and Grades
Cut-off Grade (3PE+Au)
Mt
Pt (g/t)
Pd (g/t)
Au (g/t)
Rh (g/t)
3PE+Au (g/t)
Cu (%)
Ni (%)
3.0 g/t
204
2.11
2.11
0.34
0.14
4.7
0.18
0.35
2.0 g/t
346
1.68
1.70
0.28
0.11
3.77
0.16
0.32
1.0 g/t
716
1.11
1.16
0.19
0.08
2.55
0.13
0.26
Indicated Mineral Resources – Contained Metal
Cut-off Grade (3PE+Au)
Pt
(Moz)
Pd
(Moz)
Au
(Moz)
Rh
(Moz)
3PE+Au (Moz)
Cu
(Mlbs)
Ni
(Mlbs)
3.0 g/t
13.86
13.86
2.23
0.92
30.86
800
1 597
2.0 g/t
18.66
18.94
3.12
1.23
41.95
1 226
2 438
1.0 g/t
25.63
26.81
4.49
1.82
58.75
2 076
4 108
Inferred Mineral Resources – Tonnage and Grades
Cut-off Grade (3PE+Au)
Mt
Pt (g/t)
Pd (g/t)
Au (g/t)
Rh (g/t)
3PE+Au
(g/t)
Cu (%)
Ni (%)
3.0 g/t
225
1.91
1.93
0.32
0.13
4.29
0.17
0.35
2.0 g/t
506
1.42
1.46
0.26
0.10
3.24
0.16
0.31
1.0 g/t
1431
0.88
0.94
0.17
0.07
2.05
0.13
0.25
Inferred Mineral Resources – Contained Metal
Cut-off Grade (3PE+Au)
Pt
(Moz)
Pd
(Moz)
Au
(Moz)
Rh
(Moz)
3PE+Au
(Moz)
Cu
(Mlbs)
Ni
(Mlbs)
3.0 g/t
13.78
13.96
2.33
0.94
31.01
865
1, 736
2.0 g/t
23.17
23.78
4.26
1.56
52.77
1,775
3, 440
1.0 g/t
40.38
43.01
7.81
3.06
94.27
4,129
7,759
Mineral Resources have an effective date of April 22, 2016. The Qualified Persons for the estimate are Dr. Harry Parker, RM SME, and Timothy Kuhl, RM SME, who are employees of Wood Group (formerly Amec Foster Wheeler E&C Services Inc.) and independent of Ivanhoe. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
The 2 g/t 3PE+Au cut-off is considered the base case estimate and is highlighted. The rows are not additive.
Mineral Resources are reported on a 100% basis. Mineral Resources are stated from approximately -200 m to 650 m elevation (from 500 m to 1,350 m depth). Indicated Mineral Resources are drilled on approximately 100 x 100 m spacing (locally 150 m spacing); Inferred Mineral Resources are drilled on 400 x 400 m (locally to 400 x 200 m and 200 x 200 m) spacing.
Mineral Resources have been estimated on an externally undiluted basis and without consideration for mining recovery. Dilution and mining recoveries will vary with the geometry (dip, thickness, faulting and or irregularities in contacts) of the mineralization and the eventual mining method used.
Reasonable prospects for eventual economic extraction were determined using the following assumptions. Assumed commodity prices are Pt: $1,600/oz, Pd: $815/oz, Au: $1,300/oz, Rh: $1,500/oz, Cu: $3.00/lb and Ni: $8.90/lb. It has been assumed that payable metals would be 82% from a smelter/refinery and that mining costs (average $34.27/t) and process, G&A, and concentrate transport costs (average $15.83/t of mill feed for a 4 Mtpa operation) would be covered. The processing recoveries vary with block grade but typically would be 80%-90% for Pt, Pd and Rh; 70-90% for Au, 60-90% for Cu, and 65-75% for Ni.
3PE+Au = Pt + Pd + Rh + Au.
Totals may not sum due to rounding.
Grab sample assay results for Shaft 1 TCU intersection
Mineralized material from the Flatreef Deposit was extracted during the sinking of Shaft 1 through the TCU mineralized zones and then stockpiled on surface for individual 3.2-metre blasts. A total of 50 grab samples were collected for the T1 and T2 reefs, at surveyed shaft depths ranging from 780.11 to 808.9 metres.
The individual stockpile assay grades from the T1 feldspathic pyroxenite zone vary from 2.47 to 9.65 g/t 4E (platinum, palladium, rhodium and gold), with significant nickel and copper. A composite of individual grab samples for the different T1 stockpiles yielded an average grade of 6.04 g/t 4E and 0.40% nickel plus 0.19% copper (Table 2).
The T2 pegmatoidal pyroxenite composite grab sample assay grades are 6.72 g/t 4E,0.50% nickel and 0.24% copper. The average grade of all of the stockpile grab samples for the T1 and T2 mineralized zones is 6.35 g/t 4E, 0.45% nickel and 0.21% copper (Table 2).
The grab sample results reported above and listed in Table 2 are included for indicative purposes only as they were not subject to Ivanhoe’s normal rigorous internal QA/QC procedures applied to diamond drilling for Mineral Resources estimation. No standards, blanks or duplicates were included in the sample submissions, although internal QC was undertaken by Set Point laboratories (a division of Torre Analytical Services) in Mokopane, South Africa. The sampling methods employed to collect the grab samples, while thorough, are not considered adequate to produce an unbiased grade estimate of either the individual stockpiles or the shaft intersection as a whole. There also is considerable uncertainty as to the amount of cross contamination of each stockpile due to the degree of re-handling of material from shaft bottom to final stockpile position.
Platreef’s shafts 1 and 2 are located in an area of the project’s Indicated Resources that has lower grade and thickness than the adjoining mining areas; it will form part of the shaft pillar − a solid block of rock left around the shafts to protect the shafts and the surface buildings.
Figure 3 below is a grade-thickness plot (3PGE grade [g/t] multiplied by the thickness [m], which gives a metre-grams-per-tonne [mg/t]) of the Platreef Indicated Resources, showing the position of Shaft 1 (identified by the black star in the centre of Figure 3). The blue colours represent the lowest grade thickness, which are clustered around the yellow star marking the location of Shaft 1.
Ivanhoe’s initial mining plan at Platreef will focus on the thick, high-grade Indicated Resources (identified by the brown, orange and red zones) in close proximity to shafts 1 and 2. Drill intercepts in the thick, high-grade zones include hole TMT006, which intersected 90.64 metres (297 feet) with an average grade of 4.51 g/t 4E, plus 0.37% nickel and 0.20% copper. TMT006 was drilled approximately 360 metres south of Shaft 1.
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Figure 3: Grade–thickness plot of the T2 mineralized zone surrounding Shaft 1(yellow star).
Geology and mineralogy of the Shaft 1 Flatreef intersection
The dominant sulphide species in the T1MZ and T2MZ are represented by pentlandite (a nickel-rich sulphide mineral) and chalcopyrite (a copper-rich sulphide mineral), with lesser amounts of pyrrhotite and pyrite (iron sulphide minerals) in both reefs. Sulphide abundance is variable, but visually estimated in the shaft at an average of 5% for the T1MZ and up to 10% in the T2U, with large composite blebs (bubble-like inclusions of one mineral within a larger mineral) very common.
Photo: T1 mineralization within weakly-altered (chloritized) feldspathic pyroxenite at a depth of 784 metres. Sulphide mineralization is pentlandite (nickel sulphide) dominant, with lesser chalcopyrite (copper sulphide), and occurs as interstitial, disseminated to net-textured in the specimen shown.
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Photo: The T2 (Merensky) pegmatoidal orthopyroxenite, with large composite sulphide blebs consisting of pentlandite(nickel sulphide)-chalcopyrite (nickel sulphide)-pyrrhotite(iron sulphide).
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In September 2015, Ivanhoe Mines, Laurentian University (Sudbury, Canada) and the University of Limpopo (Turfloop, South Africa) forged an educational partnership. The principal goal was to develop and equip the University of Limpopo’s geology department to become a centre of excellence in geosciences. Since then, several Limpopo University students commenced postgraduate MSc and PhD studies at Laurentian University. Several of these studies are focused on the Platreef Project.
In April 2018, Ivanhoe geologists, together with Professor Wolfgang Maier, of Cardiff University, published a scientific paper detailing the first stratigraphic system for Ivanhoe’s Flatreef PGE deposit. The paper, titled “Litho- and chemostratigraphy of the Flatreef PGE deposit, northern Bushveld Complex”, was published in the prestigious, international, scientific journal Mineralium Deposita. The paper documents the down-dip and along-strike litho- and chemostratigraphy of the Flatreef Discovery, and its footwall and hanging-wall rocks. Based on stratigraphic, lithological and compositional comparisons to the layered rocks in the western Bushveld Complex, the layered sequence of the Flatreef Discovery, with its chromite-bearing footwall rocks, is unequivocally correlated with the interval between the UG2 chromitite, the Merensky and the Bastard Reef.
Shaft 1’s 750-metre, 850-metre and 950-metre stations will provide lateral underground mining access to the Flatreef orebody
The 750-metre and 850-metres stations on Shaft 1 will provide initial, underground mining access to the high-grade orebody, enabling lateral mine development to proceed during the construction of Shaft 2, which will become the mine’s main production shaft. As shaft-sinking advances, a third shaft station will be developed at a mine-working depth of 950 metres. The mining zones in the current Platreef Mine plan occur at depths ranging from approximately 700 metres to 1,200 metres below surface.
Shaft 1’s 750-metre station also will allow access for the first raise-bore shaft, which will have an internal diameter of six metres, to provide ventilation to the underground workings during the mine’s ramp-up phase.
Photo: Miners on the Shaft 1’s 750-metre level. The 750-metre and 850-metre stations will provide initial, underground access to the high-grade orebody.
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Excavation complete at Shaft 2 surface box cut; construction of concrete hitch (foundation) now underway
Excavation of the Shaft 2 box cut to a depth of approximately 29 metres below surface has been completed and construction now is underway of the concrete hitch (foundation). The hitch will provide the foundation for the 103-metre-tall concrete headgear (headframe) that will house the Shaft 2’s permanent hoisting facilities and support the shaft collar.
Shaft 2, to be located approximately 100 metres northeast of Shaft 1, will have an internal diameter of 10 metres, will be lined with concrete and sunk to a planned, final depth of 1,104 metres below surface. It will be equipped with two 40-tonne rock-hoisting skips with a capacity to hoist a total of six million tonnes of ore per year – the single largest hoisting capacity at any mine in Africa. Headgear for the permanent hoisting facility was designed by South Africa-based Murray & Roberts Cementation.
Photo: Platreef’s Shaft 2 box cut (now completed to a depth of 29 metres)alongside Shaft 1 headframe. Constructionof the concrete hitch (foundation) for Shaft 2 now is underway.
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Development focused on construction of a highly-mechanized underground mine
The Platreef Project is located on the Northern Limb of the Bushveld Complex, adjacent to Anglo Platinum’s Mogalakwena Mine.
The Platreef Project, which contains the Flatreef Deposit, is a tier-one discovery by Ivanhoe Mines geologists. Based on the findings of the July 2017 independent DFS, Ivanhoe plans to develop the Platreef Mine as a major underground mining operation in three phases to achieve: 1) An initial rate of four million tonnes per annum (Mtpa) to establish an operating platform to support future expansions; 2) a doubling of production to eight Mtpa; and 3) expansion to a steady-state 12 Mtpa.
Mining zones in the current Platreef mine plan occur at depths ranging from approximately 700 metres to 1,200 metres below surface. Primary access to the mine will be by way of a 1,104-metre-deep, 10-metre-diameter production shaft (Shaft 2). Secondary access to the mine will be via a 980-metre-deep, 7.25-metre-diameter ventilation shaft (Shaft 1), which is under construction. During mine production, both shafts also will serve as ventilation intakes. Three additional ventilation exhaust raises (Ventilation Raise 1, 2, and 3) are planned to achieve steady-state production.
Mining will be performed using highly productive mechanized methods, including long-hole stoping and drift-and-fill. Each method will utilize cemented backfill for maximum ore extraction.
Table 2:Compositesof grab sample assay results for individual blast stockpiles.
Reef type
Depth
From
Depth
To
4E g/t
Au g/t
Pt g/t
Pd g/t
Rh g/t
Cu %
Ni %
T1
780.0
783.2
2.47
0.43
1.24
0.77
0.07
0.15
0.32
T1
783.2
785.1
3.85
0.49
1.93
1.35
0.09
0.17
0.33
T1
785.1
788.7
8.32
0.67
4.23
3.23
0.19
0.20
0.43
T1
788.7
791.7
9.65
1.14
4.74
3.71
0.13
0.34
0.61
T1
791.7
795.7
5.48
0.48
3.03
1.87
0.11
0.16
0.36
T1
795.7
798.7
6.51
0.36
3.74
2.29
0.13
0.12
0.34
18.7
6.04
0.59
3.15
2.20
0.12
0.19
0.40
T2
798.7
800.4
8.43
0.40
4.34
3.44
0.25
0.27
0.55
T2
800.4
801.3
5.68
0.33
2.72
2.46
0.17
0.22
0.46
T2
801.3
802.2
5.95
0.31
2.92
2.57
0.16
0.21
0.44
T2
802.2
805.6
7.59
0.42
3.78
3.21
0.18
0.26
0.53
T2
805.6
808.9
5.95
0.34
2.78
2.68
0.16
0.26
0.54
10.2
6.72
0.36
3.31
2.87
0.18
0.24
0.50
T1 + T2
28.9
6.35
0.49
3.22
2.51
0.15
0.21
0.45
Qualified person
The scientific and technical information in this news release has been reviewed and approved by Stephen Torr, P.Geo., Ivanhoe Mines’ Vice President, Project Geology and Evaluation, a Qualified Person under the terms of National Instrument (NI) 43-101. Mr. Torr is not independent of Ivanhoe Mines. Mr. Torr has verified the technical data disclosed in this news release.
Detailed information about assay methods and data verification measures used to support the scientific and technical information is set out in the Platreef 2017 Feasibility Study NI 43-101 Technical Report dated September 2017, available under Technical Reports at www.ivanhoemines.com and on Ivanhoe Mines’ SEDAR profile at www.sedar.com.
About Ivanhoe Mines
Ivanhoe Mines is a Canadian mining company focused on advancing its three principal projects in Southern Africa: the development of new mines at the Kamoa-Kakula copper discovery in the Democratic Republic of Congo (DRC) and the Platreef palladium-platinum-nickel-copper-gold discovery in South Africa; and the extensive redevelopment and upgrading of the historic Kipushi zinc-copper-germanium-silver mine, also in the DRC.
Information contacts
Investors Bill Trenaman +1.604.331.9834
Media North America: Bob Williamson +1.604.512.4856
South Africa: Jeremy Michaels +27.82.772.1122
Forward-looking statements
Certain statements in this news release constitute “forward-looking statements” or “forward-looking information” within the meaning of applicable securities laws. Such statements involve known and unknown risks, uncertainties and other factors, which may cause actual results , performance or achievements of the company, the Platreef Project, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information. Such statements can be identified by the use of words such as “may”, “would”, “could”, “will”, “intend”, “expect”, “believe”, “plan”, “anticipate”, “estimate”, “scheduled”, “forecast”, “predict” and other similar terminology, or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. These statements reflect the company’s current expectations regarding future events, performance and results, and speak only as of the date of this news release.
The forward-looking statements and forward-looking information in this news release include without limitation, (i) statements regarding the 29-metre intersection of the Flatreef Deposit at Shaft 1 is expected to contain more than 400 ounces of platinum-group metals (PGMs); (ii) statements regarding Ivanplats expects to begin receiving a small quantity of grey water from the Masodi water treatment plant early next year; (iii) statements regarding the expectation that Shaft 1 will reach its projected, final depth of 980 metres below surface, complete with the stations, in 2020; (iv) statements regarding Ivanhoe’s plans to develop the Platreef Mine as a major underground mining operation in three phases to achieve: 1) An initial rate of four million tonnes per annum (Mtpa) to establish an operating platform to support future expansions; 2) a doubling of production to eight Mtpa; and 3) expansion to a steady-state 12 Mtpa; and (v) statements regarding Platreef would rank at the bottom of the cash-cost curve, at an estimated US$351 per ounce of 3PE+Au produced, net of by-products and including sustaining capital costs, and US$326 per ounce before sustaining capital costs.
In addition, all of the results of the Platreef DFS constitute forward-looking statements and forward-looking information. The forward-looking statements include metal price assumptions, cash flow forecasts, projected capital and operating costs, metal recoveries, mine life and production rates, and the financial results of the Platreef DFS.
Readers are cautioned that actual results may vary from those presented.
All such forward-looking information and statements are based on certain assumptions and analyses made by Ivanhoe Mines’ management in light of their experience and perception of historical trends, current conditions and expected future developments, as well as other factors management believe are appropriate in the circumstances. These statements, however, are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information or statements including, but not limited to, unexpected changes in laws, rules or regulations, or their enforcement by applicable authorities; the failure of parties to contracts to perform as agreed; social or labour unrest; changes in commodity prices; unexpected failure or inadequacy of infrastructure, industrial accidents or machinery failure (including of shaft sinking equipment), or delays in the development of infrastructure; and the failure of exploration programs or other studies to deliver anticipated results or results that would justify and support continued studies, development or operations. Other important factors that could cause actual results to differ from these forward-looking statements also include those described under the heading “Risk Factors” in the company’s most recently filed MD&A, as well as in the most recent Annual Information Form filed by Ivanhoe Mines. Readers are cautioned not to place undue reliance on forward-looking information or statements. Certain of the factors and assumptions used to develop the forward-looking information and statements, and certain of the risks that could cause the actual results to differ materially are presented in the “Platreef 2017 Feasibility Study, September 2017” available on SEDAR at www.sedar.comand on the Ivanhoe Mines website at www.ivanhoemines.com.
Although the forward-looking statements contained in this news release are based upon what management of the company believes are reasonable assumptions, the company cannot assure investors that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this news release and are expressly qualified in their entirety by this cautionary statement. Subject to applicable securities laws, the company does not assume any obligation to update or revise the forward-looking statements contained herein to reflect events or circumstances occurring after the date of this news release.
TORONTO , Dec. 18, 2018 /CNW/ – Denison Mines Corp. (“Denison” or the “Company”) (DML: TSX, DNN: NYSE American) is pleased to report that the Company’s Board of Directors and the Wheeler River Joint Venture (“WRJV”) have approved the advancement of the Wheeler River project, following a detailed assessment of the strong economic results produced by the recently filed Pre-Feasibility Study (“PFS”) prepared for the project in accordance with NI 43-101 (see news release dated October 30, 2018 ). In support of the decision to advance the Wheeler River project, the WRJV has approved a $10.3 million budget for 2019 (100% basis), which is highlighted by plans to initiate the Environmental Assessment (“EA”) process as well as engineering studies and related programs required to advance the high-grade Phoenix deposit as an in-situ recovery (“ISR”) mining operation. Denison’s share of the 2019 budget for Wheeler River is $9.3 million , which reflects Denison’s 90% ownership interest in the project (see news release dated October 29, 2018 ). View PDF version.
Highlights from Wheeler River 2019 Budget
Initiation of Environmental Assessment process: The submission of a Project Description (“PD”), to Federal and Provincial Regulatory Authorities is planned for early 2019, which is expected to initiate a multi-year EA, consultation, and permitting processes for the project.
Commencement of ISR wellfield tests: Field tests involving the drilling of ISR wells into the Phoenix deposit will be designed to assess permeability throughout the deposit by completing pump and other hydraulic tests within the orezone. The drilling of ISR wells will also allow for the collection of additional groundwater and ore samples, as well as provide assistance in refining the estimated cost of wellfield development.
Initiation of metallurgical ISR pilot plant testing: Extensive laboratory studies replicating the ISR flowsheet are planned to test and optimize the mineral processing aspects of the Phoenix operation. Studies are expected to include the assessment of lixiviant chemistry and performance under a variety of permeability and grade conditions.
Discovery focused exploration program: Following years of delineation drilling for the Phoenix and Gryphon deposits, planned exploration activities in 2019 are designed to evaluate high priority regional target areas by focusing on initial testing of targets at the sub- Athabasca unconformity – which could lead to the discovery of further uranium deposits that may be amenable to ISR mining.
David Cates , President and CEO of Denison, commented “With the potential for a Phoenix ISR operation to have the industry’s lowest operating cost per pound of U3O8, as outlined in the Wheeler River PFS, the Board of Directors unanimously approved the advancement of the project and the 2019 budget. The initiation of the EA process, as well as engineering and field studies designed to ultimately support a feasibility study, illustrates the Company’s commitment to achieving the project development timeline outlined in the PFS and claiming the ‘pole-position’ amongst undeveloped uranium projects in the Athabasca Basin region. With plans for 2019 including a discovery-oriented exploration program and various engineering programs designed to de-risk the mine plan for the Phoenix ISR operation, we have the potential for several meaningful catalysts to emerge during the year.”
A location map of the Wheeler River project is provided in Figure 1, showing existing and proposed infrastructure. Figure 2 shows the location of the high priority regional target areas planned for exploration drill testing in 2019.
View photos
Figure 1: Location map of the Wheeler River project, showing existing and proposed infrastructure (CNW Group/Denison Mines Corp.)
Figure 2: Location of the high priority regional target areas planned for exploration drill testing in 2019, shown on the Wheeler River basement geology map. (CNW Group/Denison Mines Corp.)
The PFS considers the potential economic merit of co-developing the Phoenix and Gryphon deposits. The high-grade Phoenix deposit is designed as an ISR mining operation, with associated processing to a finished product occurring at a plant to be built on site at Wheeler River. Based on the PFS plan, first production from Phoenix is expected in 2024, with the development of the Gryphon deposit to follow with first production from Gryphon projected for 2030. The Phoenix operation is estimated to have a base case pre-tax Net Present Value (“NPV”) of $930.4 million (at 8% discount rate) representing the large majority of the project’s overall estimated pre-tax NPV(8%) of $1.31 billion – which includes the self-funding development of the Gryphon operation from cash-flows generated by the Phoenix operation.
The novel use of the ISR mining method at Phoenix pairs the world’s lowest cost uranium mining method with the world’s highest grade undeveloped uranium deposit ( Phoenix ) – in what could prove to be one of the world’s (1) lowest cost and (2) most environmentally friendly and responsible uranium mining operations.
Industry leading operating costs and comparatively low initial capex with ISR for Phoenix
Mine life
10 years (6.0 million lbs U3O8 per year on average)
Probable reserves(1)
59.7 million lbs U3O8 (141,000 tonnes at 19.1% U3O8)
Average cash operating costs
$4.33 (US$3.33) per lb U3O8
Initial capital costs
$322.5 million (100%)
Base case pre-tax IRR(2)
43.3%
Base case pre-tax NPV8%(2)
$930.4 million (100%)
Base case price assumption
UxC spot price(3) (from ~US$29 to US$45/lb U3O8)
Operating profit margin(4)
89.0% at US$29/lb U3O8
All-in cost(5)
$11.57 (US$8.90) per lb U3O8
(1)
For further details on mineral reserves refer to the NI 43-101 Technical Report on Wheeler River titled “Pre-feasibility Study for the
Wheeler River Uranium Project, Saskatchewan, Canada” dated October 30, 2018 available on Denison’s website or on SEDAR at
www.sedar.com and on EDGAR at www.sec.gov/edgar.shtml
(2)
NPV and IRR are calculated to the start of pre-production activities for the Phoenix operation in 2021;
(3)
Spot price forecast is based on “Composite Midpoint” scenario from UxC’s Q3’2018 Uranium Market Outlook (“UMO”) and is stated
in constant (not-inflated) dollars;
(4)
Operating profit margin is calculated as uranium revenue less operating costs, divided by uranium revenue. Operating costs
exclude all royalties, surcharges and income taxes;
(5)
All-in cost is estimated on a pre-tax basis and includes all project operating costs and capital costs, divided by the estimated
number of pounds U3O8 to be produced
Environmental advantages of ISR mining at Phoenix – The Company’s evaluation of the ISR mining method for Phoenix has also identified several significant environmental and permitting advantages, namely the absence of tailings generation, the potential for no water discharge to surface water bodies, and the potential to use the existing Provincial power grid to operate on a near zero carbon emissions basis. In addition, the use of a freeze wall, to encapsulate the ore zone and contain the lixiviant used in an ISR operation, eliminates common environmental concerns associated with ISR mining and facilitates a controlled reclamation of the site. Taken together, the Phoenix operation has the potential to be one of the most environmentally friendly mining operations in the world. Owing largely to these benefits, consultation with federal and provincial representatives and stakeholder communities, to date, has been encouraging regarding the use of ISR mining.
Initiation of Environmental Assessment process
The PFS process identified the EA as a key element of the project’s critical path. The PFS estimated a 3-4 year timeline to receive approvals under the existing regulations of the Canadian Environmental Assessment Act (“CEAA 2012”), allowing for construction to commence in 2022 with first production planned by 2024.
After careful consideration of the risks and opportunities associated with permitting and concurrent advancement of project engineering activities, the Company has decided to submit a PD and initiate the EA process in early 2019 for the Phoenix ISR operation, and to bring the Gryphon operation forward, at a later date, as required to achieve the PFS plan of Gryphon first production by 2030. This is expected to simplify the EA and permitting process for the Phoenix operation and reduce the capital required to advance the project to a definitive development decision.
EA related expenditures planned for 2019 are estimated to be $2.5 million (100% basis) and, in addition to advancing the actual EA process, will include the continuation and expansion of the collection of certain baseline environmental data and the continuation of stakeholder consultation efforts.
Commencement of ISR wellfield tests
Additional field and laboratory work is needed to increase confidence and reduce risk in the ISR application at Phoenix . While preliminary field data supports the use of ISR, the ability to move fluids through the ore zone is an important technical risk that requires additional evaluation ahead of the initiation of a formal Feasibility Study (“FS”).
ISR field testing planned for 2019 is expected to include the installation of approximately 15 to 20 ISR wells into the Phoenix orebody, which is expected to provide a representative test of the various ore domains associated with Phoenix and the expected conditions in actual ISR operations. The field test is expected to have the following key objectives:
Confirm the ability to pump fluids through the various domains of the orebody and quantify volumes, pressures and other conditions required within the ore zones and surrounding host rock;
Confirm the ability, costs and schedule to drill larger diameter (8 inch) boreholes and set impermeable casings within the ground surrounding Phoenix ;
Confirm baseline water conditions in, and surrounding, the deposit for the design of water treatment during operations, closure plans and the completion of expected environmental assessments;
Obtain additional representative ore samples from core drilling to facilitate extensive ISR metallurgical testing; and
Obtain surface geotechnical data of soils for foundation designs.
Expenditures related to the field testing planned for 2019 are estimated to be $2.4 million (100% basis).
Initiation of metallurgical ISR pilot plant testing
The PFS results are based on metallurgical test work which was focused on proving the applicability of ISR mining (via column test) and leachability (via conventional leach tests) for the development of the Phoenix operation. As the project advances through the EA process and towards the initiation of a FS, additional metallurgical test work is required to both test and optimize the metallurgical processing elements of the Phoenix operation. A customized laboratory test program is expected to be developed to properly achieve the desired metallurgical test objectives – which are likely to include the following:
Assess the performance of different lixiviants in a variety of permeability and grade conditions;
Evaluate the potential for build-up of contaminants in the lixiviant;
Evaluate opportunities to recover rare earth metals as a by-product;
Increase confidence in the concentration of the lixiviant for the process plant design; and
Improve confidence in ground restoration abilities and cost estimates.
A laboratory scale pilot plant is planned to run over a one-year period, starting during the second half of 2019, with approximately $0.5 million (100% basis) budgeted for the setup and initial operation of the pilot plant in 2019.
Other project development activities
A further approximately $1.7 million (100% basis) is budgeted for project development / evaluation related activities in 2019, including the completion of certain third-party review studies, additional engineering trade-off studies related to the proposed Gryphon operation, program management costs, and operator fees to the WRJV.
The 2019 program is part of a multi-year project development plan that calls for the completion of a FS by the end of 2020 and receipt of final environmental and permitting approvals in 2021 or 2022 – which is expected to position Denison to make a definitive development decision on the project. Future activities in 2020 and beyond may include:
Drilling of pilot / test freeze holes to increase confidence in costs associated with establishing the freeze wall surrounding the Phoenix deposit;
Completion of condemnation drilling and mineral resource updates at Phoenix to ensure potentially economic mineral resources are encapsulated within the freeze wall perimeter; and
Initiation of a formal FS in accordance with NI 43-101.
Discovery focused exploration program
The 2019 budget also calls for a $3.2 million (100% basis) discovery focused exploration program at Wheeler River. The program consists exclusively of diamond drilling, including approximately 13,500 metres in 23 planned drill holes.
Following the completion of the PFS and given the highly encouraging results from the proposed Phoenix ISR operation, the exploration drilling program will be focused on initial testing of targets at the sub- Athabasca unconformity, with the potential to discover additional ISR amenable uranium deposits. Potential for basement hosted uranium mineralization will not be ignored where opportunities also exist to evaluate prospective basement targets.
High priority regional target areas planned for testing in 2019 include K West, M Zone, K South, Gryphon South, Q South (East), and O Zone, each of which is shown in Figure 2.
About Wheeler River
Wheeler River is the largest undeveloped uranium project in the infrastructure rich eastern portion of the Athabasca Basin region, in northern Saskatchewan – including combined Indicated Mineral Resources of 132.1 million pounds U3O8 at an average grade of 3.3% U3O8, plus combined Inferred Mineral Resources of 3.0 million pounds U3O8 at an average grade of 1.7% U3O8. The project is host to the high-grade Phoenix and Gryphon uranium deposits (discovered by Denison in 2008 and 2014, respectively), and is a joint venture between Denison (90% and operator) and JCU ( Canada ) Exploration Company Limited (10%).
A PFS was completed, considering the potential economic merit of co-developing the high-grade Phoenix and Gryphon deposits, the results of which were announced on September 24, 2018 . Taken together, the project is estimated to have mine production of 109.4 million pounds U3O8 over a 14-year mine life, with a base case pre-tax NPV of $1.31 billion (8% discount rate), Internal Rate of Return (“IRR”) of 38.7%, and initial pre-production capital expenditures of $322.5 million . The PFS is prepared on a project (100% ownership) and pre-tax basis, as each of the partners to the Wheeler River Joint Venture (“WRJV”) are subject to different tax and other obligations.
Further details regarding the Wheeler River project, including additional scientific and technical information relevant to the PFS, as well as after-tax results attributable to Denison’s ownership interest, are described in greater detail in the NI 43-101 Technical Report for the Wheeler River project titled “Pre-feasibility Study for the Wheeler River Uranium Project, Saskatchewan, Canada ” dated October 30, 2018 with an effective date of September 24 , 2018. A copy of this report is available on Denison’s website and under its profile on SEDAR at www.sedar.com and on EDGAR at www.sec.gov/edgar.shtml.
Qualified Persons
The disclosure of the results of the PFS contained in this news release, including the mineral reserves, was reviewed and approved by Peter Longo , P. Eng, MBA, PMP, Denison’s Vice-President, Project Development, who is a Qualified Person in accordance with the requirements of NI 43-101.
The disclosure of a scientific or technical nature regarding the Phoenix and Gryphon deposits, including the mineral resources, contained in this news release was reviewed and approved by Dale Verran , MSc, P.Geo., Pr.Sci.Nat., Denison’s Vice President, Exploration, who is a Qualified Person in accordance with the requirements of NI 43-101.
For a description of the data verification, assay procedures and the quality assurance program and quality control measures applied by Denison in its exploration activities, please see Denison’s Annual Information Form dated March 27, 2018 filed under the Company’s profile on SEDAR at www.sedar.com.
About Denison
Denison is a uranium exploration and development company with interests focused in the Athabasca Basin region of northern Saskatchewan, Canada . In addition to its 90% owned Wheeler River project, which ranks as the largest undeveloped high-grade uranium project in the infrastructure rich eastern portion of the Athabasca Basin region, Denison’s Athabasca Basin exploration portfolio consists of numerous projects covering approximately 320,000 hectares. Denison’s interests in the Athabasca Basin also include a 22.5% ownership interest in the McClean Lake joint venture (“MLJV”), which includes several uranium deposits and the McClean Lake uranium mill, which is currently processing ore from the Cigar Lake mine under a toll milling agreement, plus a 25.17% interest in the Midwest and Midwest A deposits, and a 65.92% interest in the J Zone and Huskie deposits on the Waterbury Lake property. Each of Midwest, Midwest A, J Zone and Huskie are located within 20 kilometres of the McClean Lake mill.
Denison is also engaged in mine decommissioning and environmental services through its Denison Environmental Services division and is the manager of Uranium Participation Corp., a publicly traded company which invests in uranium oxide and uranium hexafluoride.
Certain information contained in this press release constitutes “forward-looking information”, within the meaning of the United States Private Securities Litigation Reform Act of 1995 and similar Canadian legislation concerning the business, operations and financial performance and condition of Denison.
Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as “plans”, “expects”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes”, or the negatives and / or variations of such words and phrases, or state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur”, “be achieved” or “has the potential to”. In particular, this press release contains forward-looking information pertaining to the results of, and estimates, assumptions and projections provided in, the PFS, including future development methods and plans, market prices, costs and capital expenditures; the Company’s current plans with respect to the commencement and completion of an EA and feasibility study on the project; assumptions regarding Denison’s ability to obtain all necessary regulatory approvals to commence development; Denison’s percentage interest in its projects and its agreements with its joint venture partners; and the availability of services to be provided by third parties. Statements relating to “mineral resources” are deemed to be forward-looking information, as they involve the implied assessment, based on certain estimates and assumptions that the mineral resources described can be profitably produced in the future.
Forward looking statements are based on the opinions and estimates of management as of the date such statements are made, and they are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Denison to be materially different from those expressed or implied by such forward-looking statements. Denison faces certain risks, including the inability to permit or develop the project as currently planned, the unpredictability of market prices, the use of mining methods which are novel and untested in the Athabasca Basin, events that could materially increase costs, changes in the regulatory environment governing the project lands, and unanticipated claims against title and rights to the project. Denison believes that the expectations reflected in this forward-looking information are reasonable but there can be no assurance that such statements will prove to be accurate and may differ materially from those anticipated in this forward looking information. For a discussion in respect of risks and other factors that could influence forward-looking events, please refer to the “Risk Factors” in Denison’s Annual Information Form dated March 27, 2018 available under its profile at www.sedar.com and its Form 40-F available at www.sec.gov/edgar.shtml. These factors are not, and should not be construed as being exhaustive.
Accordingly, readers should not place undue reliance on forward-looking statements. The forward-looking information contained in this press release is expressly qualified by this cautionary statement. Any forward-looking information and the assumptions made with respect thereto speaks only as of the date of this press release. Denison does not undertake any obligation to publicly update or revise any forward-looking information after the date of this press release to conform such information to actual results or to changes in its expectations except as otherwise required by applicable legislation.
Cautionary Note to United States Investors Concerning Estimates of Measured, Indicated and Inferred Mineral Resources and Probable Mineral Reserves: This news release may use the terms ‘measured’, ‘indicated’ and ‘inferred’ mineral resources. United States investors are advised that while such terms have been prepared in accordance with the definition standards on mineral reserves of the Canadian Institute of Mining, Metallurgy and Petroleum referred to in Canadian National Instrument 43-101 Mineral Disclosure Standards (“NI 43-101”) and are recognized and required by Canadian regulations, the United States Securities and Exchange Commission (“SEC”) does not recognize them. ‘Inferred mineral resources’ have a great amount of uncertainty as to their existence, and as to their economic and legal feasibility. It cannot be assumed that all or any part of an inferred mineral resource will ever be upgraded to a higher category. Under Canadian rules, estimates of inferred mineral resources may not form the basis of feasibility or other economic studies. United States investors are cautioned not to assume that all or any part of measured or indicated mineral resources will ever be converted into mineral reserves. United States investors are also cautioned not to assume that all or any part of an inferred mineral resource exists, or is economically or legally mineable. The estimates of mineral reserves in this press release have been prepared in accordance with 43-101. The definition of probable mineral reserves used in NI 43-101 differs from the definition used by the SEC in the SEC’s Industry Guide 7. Under the requirements of the SEC, mineralization may not be classified as a “reserve” unless the determination has been made, pursuant to a “final” or “bankable” feasibility study that the mineralization could be economically and legally produced or extracted at the time the reserve determination is made. Accordingly, Denison’s probable mineral reserves disclosure may not be comparable to information from U.S. companies subject to the reporting and disclosure requirements of the SEC.
TULSA, Okla., Dec. 17, 2018 (GLOBE NEWSWIRE) — Jericho Oil Corporation (“Jericho”) (TSX-V: JCO; OTC PINK: JROOF) is pleased to announce that the lender under its USD$30 million Senior Secured Revolving Credit Facility (the “Facility”), East West Bancorp, has reaffirmed its borrowing base at $7.5mm following the Company’s regularly scheduled semi-annual redetermination process. There were no other material changes to the terms of the Facility resulting from this borrowing base redetermination.
The Company also reports that it has opportunistically restructured its commodity hedge positions to eliminate upside caps on its realized price for crude oil, in addition to raising the floor which protects the Company’s realized price to the downside.
Brian Williamson, CEO of Jericho Oil, stated, “We are encouraged by the outcome of our recent redetermination process, which we believe to reflect the quality of our Mid-Continent position and the economics associated with our continued investment,” adding, “we appreciate the support of our lending bank and their commitment to partner with us as we continue to add to our proved reserves base and execute on our growth strategy throughout 2019.” About Jericho Oil Corporation
Jericho Oil (www.jerichooil.com) is focused on domestic, liquids-rich unconventional resource plays, located primarily in the Anadarko basin STACK Play of Oklahoma. Jericho’s primary business objective is driving long-term shareholder value through the growth of oil and gas production, cash flow and reserves. Jericho has assembled an interest in 55,000 net acres across Oklahoma, including an interest in ~16,000 net acres in the STACK Play. Jericho owns a 26.5% interest in STACK JV.
Jericho’s current operations are focused on the oil-prone Meramec and Osage formations in the STACK. The Jericho team applies advanced engineering analyses and enhanced geological techniques to under-developed resource areas.
Jericho, with operational headquarters in Tulsa, Oklahoma, trades publicly on the TSX-Venture Exchange (JCO) and OTC Markets (JROOF). Jericho owns its net acre position in Oklahoma through, and participates in the STACK JV through, one or more wholly owned subsidiaries.
Cautionary Note Regarding Forward-Looking Statements: This news release includes certain “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and Canadian securities laws. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual events and results to differ materially from Jericho’s expectations include risks related to the exploration stage of Jericho’s project; market fluctuations in prices for securities of exploration stage companies; and uncertainties about the availability of additional financing.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
CONTACT:
Adam Rabiner,
Director, Investor Relations
1.800.750.3520 investorrelations@jerichooil.com
VANCOUVER, British Columbia, Dec. 17, 2018 (GLOBE NEWSWIRE) — Group Ten Metals Inc. (TSX.V: PGE; OTC: PGEZF, FSE: 5D32) (the “Company” or “Group Ten”) provides an update on the Company’s flagship Stillwater West PGE-Ni-Cu project (“Stillwater West” or the “Project”) in the Stillwater district of Montana, USA, including a summary of 2018 field work which resulted in the recognition of the new Hybrid Zone PGE-Ni-Cu-Cr target that is one of 14 multi-kilometer priority target areas identified by field and data analysis activities to date.
Dr. Craig Bow, Chief Geologist, stated, “We are excited about the discovery of a fundamentally new type of platinum and palladium mineralization within the Stillwater Complex. Termed “Hybrid Zone” due to the complex mixtures of rock types and textures, this zone within the Chrome Mountain target area is characterized by broad intervals (10 to 150 meters) of highly anomalous PGE levels associated with chromite and base metal sulfide often in pegmatoidal Ultramafic Series lithologies. To date, mineralization has seen scout drilling only and remains open in all directions, emphasizing the underexplored nature of the ultramafic portion of the Stillwater Complex. We are committed to further exploration of this iconic mining district and believe in its potential to host significant new deposits.”
Including the new Hybrid Zone in the Chrome Mountain target area, Group Ten has identified a total of 14 multi-kilometer-scale target areas along the approximate 25-km strike length of the property (see Figure 1). These 3- to 8-km-long target areas have been defined by major high-level electro-magnetic conductors with broad coincident soil geochemical anomalies, and are further divided into eight ‘Platreef-style’ bulk tonnage PGE-Ni-Cu sulphide target areas (blue ellipses) and six ‘Reef-type’ higher-grade PGE target areas (red ellipses) including the Picket Pin PGE reef deposit.
The eight ‘Platreef-style’ bulk tonnage PGE-Ni-Cu target areas occur within the ultramafic and basal part of the Stillwater Complex and are highlighted by strong electro-magnetic conductive signatures that are characteristic of large bodies of massive to extensively disseminated sulphides. These geophysical targets have overlapping highly elevated palladium, platinum, gold, nickel, copper, and chromium values in soils and rock sampling. Individual target areas have from a few drill holes to as many as 30 wide-spaced holes that have intercepted significant levels of platinum, palladium and gold along with nickel, copper, cobalt, rhodium, vanadium and chromium.
The higher-grade ‘Reef-type’ PGE target areas at Stillwater West, occur both above and below Sibanye-Stillwater’s J-M Reef deposit, which hosts a Measured and Indicated resource of 31 million ounces at a grade of 17.0 grams per tonne (g/t) Pt+Pd, plus an additional 49 million ounces at 16.6 g/t Pt+Pd in Inferred resources1, plus past production of 10 million ounces at similar grades2 from three active mines. Less work has been completed on these Reef-type targets by Group Ten to date however surface sampling and drilling has reported significant mineralization that will be assessed in future work.
2018 Exploration Programs
The 2018 exploration program, the Company’s first at Stillwater West, confirmed the potential of the Project to host multiple large-scale, disseminated, polymetallic bulk tonnage deposits across the 25-km length of the claim blocks. Work was focused on exploration of the lower Stillwater Complex where the Company sees the potential for much larger mineralized systems than has been previously recognized in the district based on geological similarities with the northern limb of South Africa’s Bushveld Complex, a region which hosts Anglo American’s world-leading Mogalakwena PGE-Ni-Cu Mine, and Ivanhoe’s Platreef PGE-Ni-Cu project, which is currently under construction.
Work was conducted in the following key areas at Stillwater West in 2018:
Significant mineralized intervals from over 11,000 meters of core inventory were re-logged for assay and the application of new geologic models from the Platreef. Re-logging is now complete, with assays pending;
Surface prospecting and rock sampling of mineralized outcrops along approximately 20 km of the 25-km strike of the project was completed. Assay results are expected shortly;
Detailed surface mapping of the Basal and Ultramafic Series covering an approximate 7 km2 area was completed to augment the historical database and better define the stratigraphy of this underexplored portion of the Stillwater Complex;
Physical rock property measurements were completed on representative core and grab samples including magnetic susceptibility, conductivity/resistivity, IP (Induced Polarization) chargeability, and density. Rock property analysis is expected to be instrumental in developing new geologic and 3-D models for the different types of mineralization at Stillwater West;
Entry of all core data into the first property-wide 3D geologic database for modeling and target refinement. This effort is ongoing, with results expected in 2019;
Development of a predictive geologic model to drive future exploration efforts and follow-up drilling (ongoing); and prioritization of all targets along the 25-km-long strike length of the Project (now underway).
Next Steps
Results of the 2018 field program will be released in the coming weeks, with results of the greater modeling and mapping efforts expected to be on-going through Q1 of 2019. Group Ten will attend both the Vancouver Resource Investment Conference and AME Round Up trade shows in January, including core display at the latter.
About Stillwater West
The Stillwater West PGE-Ni-Cu project positions Group Ten as the second largest landholder in the Stillwater Complex, adjoining and adjacent to Sibanye-Stillwater’s world-leading Stillwater, East Boulder, and Blitz platinum group elements (PGE) mines in south central Montana, USA. With more than 41 million ounces of past production2and current M&I resources1, plus another 49 million ounces of Inferred resources1, the Stillwater Complex is recognized as one of the top regions in the world for PGE-Ni-Cu mineralization, alongside the Bushveld Complex and Great Dyke in southern Africa, which are similar layered intrusions. The J-M Reef, and other PGE-enriched sulphide horizons in the Stillwater Complex, share many similarities with the highly prolific Merensky and UG2 Reefs in the Bushveld Complex, while the lower part of the Stillwater Complex also shows the potential for much larger scale disseminated and high-sulphide PGE-nickel-copper type deposits, possibly similar to Platreef in the Bushveld Complex3. Group Ten’s Stillwater West property covers the lower part of the Stillwater Complex along with the Picket Pin PGE Reef-type deposit in the upper portion, and includes extensive historic data, including soil and rock geochemistry, geophysical surveys, geologic mapping, and historic drilling.
Note 1: Report on Montana Platinum Group Metal Mineral Assets of Sibanye-Stillwater, November 2017, Measured and Indicated Resources of 57.2 million tonnes grading 17.0 g/t Pt+Pd containing 31.3 million ounces and 92.5 million tonnes grading 16.6 g/t containing 49.4 million ounces.
Note 2: Public production records from Stillwater Mining Company from 1992 to present.
Note 3: Magmatic Ore Deposits in Layered Intrusions—Descriptive Model for Reef-Type PGE and Contact-Type Cu-Ni-PGE Deposits, Michael Zientek, USGS Open-File Report 2012–1010.
About Group Ten Metals Inc.
Group Ten Metals Inc. is a TSX-V-listed Canadian mineral exploration company focused on the development of high-quality platinum, palladium, nickel, copper, cobalt and gold exploration assets in top North American mining jurisdictions. The Company’s core asset is the Stillwater West PGE-Ni-Cu project adjacent to Sibanye-Stillwater’s high-grade PGE mines in Montana, USA. Group Ten also holds the highly prospective Kluane PGE-Ni-Cu project on trend with Nickel Creek Platinum‘s Wellgreen deposit in Canada‘s Yukon Territory, and the high-grade Black Lake-Drayton Gold project in the Rainy River district of northwest Ontario.
About the Metallic Group of Companies
The Metallic Group is a collaboration of leading precious and base metals exploration companies, with a portfolio of large, brownfields assets in established mining districts adjacent to some of the industry’s highest-grade producers of platinum & palladium, silver and copper. Member companies include Group Ten Metals (PGE.V) in the Stillwater PGM-Ni-Cu district of Montana, Metallic Minerals (MMG.V) in the Yukon’s Keno Hill silver district, and Granite Creek Copper (GCX-H.V) in the Yukon’s Carmacks copper district. Highly experienced management and technical teams at the Metallic Group have expertise across the spectrum of resource exploration and project development from initial discoveries to advanced development, including strong project finance and capital markets experience and have demonstrated a commitment to community engagement and environmental best practices. The founders and team members of the Metallic Group include highly successful explorationists formerly with some of the industry’s leading explorer/developers and major producers and are undertaking a systematic approach to exploration using new models and technologies to facilitate discoveries in these proven historic mining districts. The Metallic Group is headquartered in Vancouver, BC, Canada and its member companies are listed on the Toronto Venture, US OTC, and Frankfurt stock exchanges.
Mr. Mike Ostenson, P.Geo., is the qualified person for the purposes of National Instrument 43-101, and he has reviewed and approved the technical disclosure contained in this news release.
Forward-Looking Statements
Forward Looking Statements: This news release includes certain statements that may be deemed “forward-looking statements”. All statements in this release, other than statements of historical facts including, without limitation, statements regarding potential mineralization, historic production, estimation of mineral resources, the realization of mineral resource estimates, interpretation of prior exploration and potential exploration results, the timing and success of exploration activities generally, the timing and results of future resource estimates, permitting time lines, metal prices and currency exchange rates, availability of capital, government regulation of exploration operations, environmental risks, reclamation, title, and future plans and objectives of the company are forward-looking statements that involve various risks and uncertainties. Although Group Ten believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Forward-looking statements are based on a number of material factors and assumptions. Factors that could cause actual results to differ materially from those in forward-looking statements include failure to obtain necessary approvals, unsuccessful exploration results, changes in project parameters as plans continue to be refined, results of future resource estimates, future metal prices, availability of capital and financing on acceptable terms, general economic, market or business conditions, risks associated with regulatory changes, defects in title, availability of personnel, materials and equipment on a timely basis, accidents or equipment breakdowns, uninsured risks, delays in receiving government approvals, unanticipated environmental impacts on operations and costs to remedy same, and other exploration or other risks detailed herein and from time to time in the filings made by the companies with securities regulators. Readers are cautioned that mineral resources that are not mineral reserves do not have demonstrated economic viability. Mineral exploration and development of mines is an inherently risky business. Accordingly, the actual events may differ materially from those projected in the forward-looking statements. For more information on Group Ten and the risks and challenges of their businesses, investors should review their annual filings that are available at www.sedar.com.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
What started as a strong week for U.S. equities ended with losses, as disappointing economic data from China and Europe pushed global equities down on Friday.
The Dow Jones Industrial Average closed down by nearly 500 points on Friday.
Numbers reflecting China’s industrial output and retail sales growth missed expectations. The news sent Asian equities tumbling overnight. PMI data out of Europe also disappointed. The IHS Markit Flash Eurozone PMI index fell to its lowest level in four years.
The news helped push European stocks, measured by the Stoxx 600, lower by 0.3%.
The move down in U.S. stocks erased gains for the week with small cap stocks among the hardest hit. Small caps, as measured by the Russell 2000 Index, have lost roughly 17% over the last 3 months. Meanwhile, the large cap S&P 500 index lost 9% over the same period. STOCK UP ON LIQUIDITY: CREDIT DEFAULT CYCLE COMING
The recent volatility has driven some investors to seek shelter in instruments with higher liquidity. In particular, Pimco Chief Investment Officer Dan Ivascyn told Bloomberg Radio that investors should consider stocking up on lower-risk, liquid assets to defend against rising volatility and widening credit spreads.
“The credit markets, particularly the non-financial segments of the corporate credit markets, are where we see the most long-term risks.”
Ivascyn cites the tremendous amount of issuance over the last decade and a steady deterioration in underwriting standards as key concerns.
“If I was allowed one piece of research, and one piece only, a pretty good piece of research would be to look at issuance versus history. I think when you look at leveraged loans — you look at other segments of the corporate credit universe — issuance is very, very high.”
In addition to leveraged loans, Ivascyn drew attention to the prevalence of CLOs, collateralized loan obligations.
“Looking at total outstandings in the CLO market … total issuance today is pretty darn close to max outstanding [of] ABS CDOs prior to the financial crisis.”
While Ivascyn stops short of equating the magnitude of today’s CLO risk to that experienced prior to 2008, he suspects the situation has created substantial risk for down-side overshooting of fundamentals.
“Many of the participants in these markets have never gone through a default cycle. So, we’re cautious.”
In addition to raising liquidity, Ivascyn recommends investors save cash for opportunities ahead.
“You want to be nimble. You want to be flexible. You want to be liquid … That involves a lot of patience.” BANK STOCKS UNDERPERFORM
Small cap stocks are not the only victims of recent volatility. Bank stocks, particularly regional bank stocks, have also suffered. The KBW Regional Banking Index is down nearly 17% this year, which indicates to some that investors fear a recession is near.
Morgan Stanley Analyst Ken Zerbe wrote recently, “We cannot ignore the growing risk of a bear credit market next year preceding a recession as well as the negative impact of weaker economic growth [on credit quality and as a driver of slower loan growth].”
“The carefree days of rising rates and pristine credit quality could be coming to an end.” DEPRESSION COMING WITHIN THE NEXT 12 MONTHS
Former Congressman and presidential candidate Ron Paul pulled no punches in his recent interview on CNBC Futures Now. Paul made a strong case for the onset of depression-like conditions soon.
“I think it’s a very vulnerable position because when markets are destined to make big corrections … they don’t do it from the top, they do it from 10-15% down. So, we’re at that position.”
Citing economic problems ranging from artificially low interest rates and ballooning central bank balance sheets to trade tariffs, the former congressman stressed that understanding the conditions that caused the bubble is more important than identifying the pin that will eventually pop it.
“The precipitating factor will be that black swan — it’s coming. The situation is ready for it. It’s very precarious — the debt is too much, all the malinvestment is there.”
“You need a precipitating factor like Lehman Brothers …. But it might not be just an ordinary old-fashioned bank run … It could be international, it could be related to this tariff war we have going on.”
When asked if there was anything President Trump and Federal Reserve Chairman Powell could do to avoid the day of reckoning, his answer was clear.
“No … They actually believe they can find the neutral rate of interest. It’s a total fallacy. Nobody knows what that is … I’m predicting that they can’t solve this problem that is coming because interest rates are too low and they don’t have any room … they will go back to QE and they’ll pass out the money.”
How bad will it be?
“There’s no sign that it’s going to be mild … I think that it could be worse than 1929.” Read in browser »
Sprott U.S. Media, Inc. is a wholly owned subsidiary of Sprott Inc., which is a public company listed on the Toronto Stock Exchange and operates through its wholly-owned direct and indirect subsidiaries: Sprott Asset Management LP, an adviser registered with the Ontario Securities Commission; Sprott Private Wealth LP, an investment dealer and member of the Investment Industry Regulatory Organization of Canada; Sprott Global Resource Investments Ltd., a US full service broker-dealer and member FINRA/SIPC; Sprott Asset Management USA Inc., an SEC Registered Investment Advisor; and Resource Capital Investment Corp., also an SEC Registered Investment Advisor. We refer to the above entities collectively as “Sprott”.
The information contained herein does not constitute an offer or solicitation by anyone in any jurisdiction in which such an offer or solicitation is not authorized or to any person to whom it is unlawful to make such an offer or solicitation.
Forward-Looking Statement
This report contains forward-looking statements which reflect the current expectations of management regarding future growth, results of operations, performance and business prospects and opportunities. Wherever possible, words such as “may”, “would”, “could”, “will”, “anticipate”, “believe”, “plan”, “expect”, “intend”, “estimate”, and similar expressions have been used to identify these forward-looking statements. These statements reflect management’s current beliefs with respect to future events and are based on information currently available to management. Forward-looking statements involve significant known and unknown risks, uncertainties and assumptions. Many factors could cause actual results, performance or achievements to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results, performance or achievements could vary materially from those expressed or implied by the forward-looking statements contained in this document. These factors should be considered carefully and undue reliance should not be placed on these forward-looking statements. Although the forward-looking statements contained in this document are based upon what management currently believes to be reasonable assumptions, there is no assurance that actual results, performance or achievements will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this presentation and Sprott does not assume any obligation to update or revise.
Views expressed regarding a particular company, security, industry or market sector should not be considered an indication of trading intent of any fund or account managed by Sprott. Any reference to a particular company is for illustrative purposes only and should not to be considered as investment advice or a recommendation to buy or sell nor should it be considered as an indication of how the portfolio of any fund or account managed by Sprott will be invested.
Past performance does not guarantee future results. The views and opinions expressed herein are those of the author’s as of the date of this commentary, and are subject to change without notice. This information is for information purposes only and is not intended to be an offer or solicitation for the sale of any financial product or service or a recommendation or determination by Sprott Global Resource Investments Ltd. that any investment strategy is suitable for a specific investor. Investors should seek financial advice regarding the suitability of any investment strategy based on the objectives of the investor, financial situation, investment horizon, and their particular needs. This information is not intended to provide financial, tax, legal, accounting or other professional advice since such advice always requires consideration of individual circumstances. The products discussed herein are not insured by the FDIC or any other governmental agency, are subject to risks, including a possible loss of the principal amount invested.
Generally, natural resources investments are more volatile on a daily basis and have higher headline risk than other sectors as they tend to be more sensitive to economic data, political and regulatory events as well as underlying commodity prices. Natural resource investments are influenced by the price of underlying commodities like oil, gas, metals, coal, etc.; several of which trade on various exchanges and have price fluctuations based on short-term dynamics partly driven by demand/supply and also by investment flows. Natural resource investments tend to react more sensitively to global events and economic data than other sectors, whether it is a natural disaster like an earthquake, political upheaval in the Middle East or release of employment data in the U.S. Low priced securities can be very risky and may result in the loss of part or all of your investment. Because of significant volatility, large dealer spreads and very limited market liquidity, typically you will not be able to sell a low priced security immediately back to the dealer at the same price it sold the stock to you. In some cases, the stock may fall quickly in value. Investing in foreign markets may entail greater risks than those normally associated with domestic markets, such as political, currency, economic and market risks. You should carefully consider whether trading in low priced and international securities is suitable for you in light of your circumstances and financial resources. Past performance is no guarantee of future returns. Sprott Global, entities that it controls, family, friends, employees, associates, and others may hold positions in the securities it recommends to clients, and may sell the same at any time.
VANCOUVER, BRITISH COLUMBIA, December 14, 2018 – Millrock Resources Inc. (TSX-V: MRO) (“Millrock” or “the Company”) reports the non-brokered private placement announced on December 7, 2018 was oversubscribed and the Company raised a total of $1,044,500. A total of 3,445,000 units at a price of $0.10 per unit have been issued in Tranche 2 for gross proceeds of $344,500. Each unit consists of one common share of Millrock and one share purchase warrant (the “Unit Warrants”). Each Unit Warrant entitles the holder to purchase one additional common share at an escalating exercise price over a period of three years from the closing date as follows:
During the first year from the closing date the Unit Warrants are exercisable at $0.14 per share;
Thereafter, during the second year from the closing date, $0.17 per share; and
Thereafter during the third year from the closing date, $0.20 per share.
Finder’s fees of $600 and 6,000 Finder’s Warrants are payable to Sprott Private Wealth LP., in connection with this portion of the financing.
The common shares issued under this financing and any common shares issued pursuant to exercise of Unit Warrants or Finder’s Warrants are subject to a hold period and may not be traded until April 15, 2019.
This financing is subject to receipt of TSX Venture Exchange acceptance.
Proceeds from the financing will be used for project generation and general corporate purposes. The financing is subject to final approval from the TSX Venture Exchange. About Millrock Resources Inc.
Millrock Resources Inc. is a premier project generator to the mining industry. Millrock identifies, packages and operates large-scale projects for joint venture, thereby exposing its shareholders to the benefits of mineral discovery without the usual financial risk taken on by most exploration companies. The company is active in Alaska, the southwest USA and Sonora State, Mexico. Funding for drilling at Millrock’s exploration projects is primarily provided by its joint venture partners. Business partners of Millrock have included some of the leading names in the mining industry: Centerra Gold, First Quantum, Teck, Kinross, Vale, Inmet, Altius, and Riverside. Millrock is a major shareholder of junior explorers PolarX Limited. and Sojourn Exploration Inc. ON BEHALF OF THE BOARD “Gregory Beischer” Gregory Beischer, President & CEO FOR FURTHER INFORMATION, PLEASE CONTACT:
Melanee Henderson, Investor Relations
(604) 638-3164
(877) 217-8978 (toll-free) Some statements in this news release contain forward-looking information. 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 the completion of planned expenditures, the ability to complete exploration programs on schedule and the success of exploration programs.
I love when someone asks me, “I’ve been learning about investing in XYZ. How do I know if that is right for me?” It means they are thinking about their wealth strategy.
All too often I see people jumping into investments without a wealth strategy in place. It’s the wealth strategy that answers the question about whether an investment is right for you.
When it comes to building wealth, one size does not fit all.
Making your wealth strategy your own is essential to its success.
Don’t forget to subscribe, rate and review the show!
Here are 3 areas that are most impacted by you in your wealth strategy:
#1 Where You Are Today
Where you are today is unique to you and directly impacts what you should do in your wealth strategy.
Where you are today includes:
Your income
Your expenses – including your taxes
Your assets
Your liabilities
It’s impossible to get to where you are going if you don’t know your starting point. And, how you get to where you are going is heavily influenced by your starting point – which is where you are today.
For example, someone whose main source of income is from a job needs a different path to achieve their wealth goals than someone whose main source of income is from a business.
Or, someone who has a large tax liability needs a different path to achieve their wealth goals than someone who currently has no tax liability.
Everyone can achieve their wealth goals – they just need different paths to get there. They need to customize their wealth strategy to their current situation.
Your wealth strategy is all about your wealth dream.
Your wealth dream is your picture of your ultimate lifestyle. Where do you live? How do you spend your time?
Now, we can all close our eyes for a few seconds and imagine the lifestyle of our dreams. But to truly define your wealth dream means being very detailed and specific – in other words, making it your own.
With your wealth dream, you can analyze an investment in a different way – what is that investment going to do to get you from where you are today to where you want to be.
The more detailed and specific your wealth dream is to you, the more likely it is to be reached. As your wealth dream gets clearer, so does the path to get there.
#3 Your Personal Role
To successfully navigate from where you are today to where you want to be, you must maximize your personal role in your wealth strategy.
Since our time is limited to just 24 hours a day, it is important to maximize the results of our personal efforts. To get the best results from our personal efforts, it is vital that we not only enjoy what we are doing but that it is something we are excited to do.
For example, say Person A invests in XYZ and loves it and Person B invests in the exact same thing and hates it.
Who do you think will be more successful?
What’s really happening here is Person A loves their role so it gives them energy while Person B doesn’t like their role so it drains their energy.
When your personal role in your wealth strategy is something you love to do, your success rate goes up – not just in terms of achieving your wealth goals, but also in terms of how quickly you achieve your wealth goals.
It’s Your Wealth Strategy
Nobody cares more about building your wealth than you. This is why making your wealth strategy your own is critical to its success.
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To ensure compliance with requirements imposed by the IRS, we inform you that any US federal tax advice contained in this communication (including any attachments) is not intended or written to be used, and it cannot be used for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing, or recommending to another party any transaction or matter addressed herein. If you are not the original addressee of this communication, you should seek advice based on your particular circumstances from an independent advisor.
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A Gift to Treasure for a Lifetime One of the most unique presents you can give
Dear Reader,
Finding someone… anyone… the perfect present is hard. I love picking out gifts for friends and family but I’m often left with a nagging feeling… did I choose the right thing?
Giving the gift of travel can make your holiday shopping easier and so much more meaningful…
And there’s a big, wide world out there… ready and waiting for you to share its beauty and wonder with that special someone.
My grandmother Bess loved discovering new places. She always told me to travel the world as much as possible and not wait until I was too old to enjoy it.
Her advice changed my life and laid out a path for my future.
When I was in high school and heading to Paris for the first time, she was right there at the airport for my send-off. I haven’t stopped traveling since!
Giving someone the gift of travel is one of the most wonderful things you can do. That gift will change their lives forever. And precious memories of their journey will always remind them of you.
Deciding how to gift someone with travel requires considerably more thought than buying a tie or a bathrobe. And the first thing you’ll need to do is consult with the recipient.
Yes, this spoils the surprise but ensures that your gift will be treasured.
Working with a travel professional can help you craft the trip of a lifetime… smooth your way through the details… and get the most out of your budget.
That’s where I come in.
Hi… my name is Barbara Perriello and I’m the Director of Opportunity Travel.
Many folks think of us as conference organizers or leading investment tours but in fact, we do quite a bit more than that. Since 1998, we’ve been creating customized luxury travel experiences for individuals and families.
With that in mind… I’d like to help you create that ideal gift of adventure. Let me begin with a few ideas to inspire you… Make a dream come true
Cross one off their bucket list with an “off-the-map” adventure… like exploring the “coolest” continent on Earth – Antarctica! Tourism there is on the rise and unique experiences, like polar snorkeling with penguins and seals, watching a once-in-a-lifetime solar eclipse (December 4, 2021), running a marathon (sells out three years in advance), and many more thrilling adventures await the intrepid traveler.
Another ‘do before I die’ favorite is an all-star safari adventure that sets down in Africa’s unforgettable parks and reserves. Luxury-class travelers can expect to be pampered and cared for every step of the way, dining privately in wild locations, exploring private game reserves all while staying in elegant private lodges.
Think India – a land of remarkable diversity. Not the chaotic huge cities but instead the tropical, south-western coastline of Kerala. Gorgeous beaches… scenic backwaters… tea, coffee and spice plantations in the mountains… lush forests… national parks home to elephants, tigers and monkeys – all can be found in this laid-back atmosphere.
Who doesn’t love the Caribbean?
Vivid blues and greens graced with sugar sand beaches… shimmering reefs and high mountain peaks… salsa, reggae and pirate hideouts. The Caribbean has it all and so much more. Accommodations range from high-rise hotels on the world’s top beaches to pampered luxury in secluded boutique villas… and everything in between. Everyone on your gift list dreams about these fabulous island destinations.
Experience the romance of the rails – from natural wonders to ancient kingdoms
South America’s first luxury sleeper train glides from Cusco, the capital of the Inca Empire, to Machu Picchu and across the lofty Andean plains to the white city of Arequipa. Richly appointed 1920s Pullman-style carriages capture the glamour of a bygone world with elegance and old-fashioned charm, and take in Peru’s spectacular highlights en route.
Or travel by train in exquisite style through the heart of Southeast Asia along the legendary Silk Road. From stunning architecture to wondrous landscapes, it’s a remarkable adventure through the ancient world, following in the footsteps of Alexander the Great and Marco Polo.
Show your spouse or parents how special they are
Treat them to a picture-perfect second honeymoon steeped in sumptuous luxury and balmy trade winds. Sail off to Tahiti, French Polynesia and the South Pacific… where palm-fringed islands, turquoise lagoons, snow-white beaches and verdant tropical foliage are just the beginning. Beneath the ocean’s surface is another world, equally rich, with myriad marine life and colorful coral reefs.
“Glamping” – short for glamorous camping – is a popular and growing travel trend in the U.S. and around the world. It pairs destinations with the intimacy of camping and five-star luxury – the ultimate realization of ‘disconnect to reconnect’.
Take luxury to another dimension
Immerse them in nature with eco-luxury in the treetops. A rejuvenating spa and wellness center await… situated in a lush tropical forest offering dramatic panoramas of the Pacific coastline and its own private beach cove. World-class surfing is at the doorstep… along with endless options for a tranquil, unplugged getaway.
Family vacations with real life experiences
What greater gift than opening up the world to your children? My three kids have been traveling with me since they were little more than babies. Their first trip outside the U.S. took us to Belize when they were ages three, five and seven. Next we went to Honduras, Portugal, Spain and Canada before my oldest hit ten. Today, as adults they have great memories and a broader, more realistic view of the world.
After a trip to Roatan where my son Nick played soccer with local kids, he returned home and immediately packed up all the old cleats in our garage for me to take on my next trip… because most of the kids there didn’t have shoes.
The lessons learned are priceless.
To give you an idea of just how special the gift of travel can be, listen to what some of our clients have told us…
We have to thank Barb Perriello for so many things! She makes traveling a pleasure with her professionalism mixed with her heart-and-soul love of what she does. She is so excited in sharing her vast knowledge and experience for making accommodations and details, and every aspect of a trip the very best possible memory for all! She has planned several trips for my husband and me, and also two family trips for us. The trip to China with son, daughter-in-law, and four grandsons was absolutely perfect in every way, from flights, hotels and guide to activities that even teenage boys enjoyed! We actually made a lifetime friend of the contact in China. Wouldn’t think of using anyone other than Barb to plan a trip for me! —J. Jackson
Marc Lichtenfeld, The Oxford Club’s Chief Income Strategist sent us this wonderful note following his family vacation in Italy…
Barb created the trip of a lifetime for my family and me. Our two weeks in Italy were fantastic. Barb was easy to work with, listening to what we wanted and made great suggestions. We wanted to take a trip that my kids would remember for the rest of their lives. Mission accomplished. Thanks for creating amazing memories, Barb!
Bill A. is a life-long world traveler with a keen appreciation for beautiful hotels and architecture, fine dining, great service… and those exceptional experiences that seasoned journeyers treasure.
He was looking for a unique experience with his son. Bill also wanted to include Buenos Aires (on his list of top five cities in the world) and their shared passion for horses and skiing… and in August to boot!
“Barbara Perriello has a way of arranging trips that make it personal and yet loads of fun and adventure. With her guidance, you get the best picture of where you’re visiting. We had the most wonderful trip. Her guides met us at every destination, and cared for us in every way. Our city hotels were the best and one in fact, was in my opinion the most beautiful in the world. We visited a hacienda on the Pampas and it was such fun being real-life Argentine “gauchos” for a few days. We also went skiing at Ushaia in the Patagonia region, at the southernmost tip of South America… literally the “end of the world”.
It’s totally appropriate to gift yourself too!
From beginning to end, Opportunity Travel will work with you to create that perfect gift… or your own fantasy adventure.
Specially-trained guides, private transfers, fascinating tours and a comfortable bed at the end of the day are all part of our special brand of service.
Be Inspired! Change someone’s life this holiday season by giving them an opportunity to see the world… And why not join them yourself?
Call us today and let us help you plan your travel gift… an experience that will last a lifetime.
Wishing you peace and joy this holiday season,
Cordially,
Barbara Perriello, Director
Opportunity Travel P.S. Opportunity Travel has two exclusive tours coming up… 2019 Southeast Asia Tour Chiang Mai, Thailand – Penang, Malaysia February 24 – March 3, 2019
You’re invited to join us in this exciting, welcoming part of the world. Over the course of eight fun-filled days, you’ll get the chance to explore some of Southeast Asia’s most alluring attractions while enjoying exotic scenery, great food and luxurious, world-class accommodations. Together we’ll experience Chiang Mai, Thailand – “The Rose of the North” with its rich cultural history, incredible culinary scene, and gorgeous surrounding countryside. From there we’ll venture down to Penang, Malaysia – “The Jewel of the Orient” and explore its magical blend of tropical scenery, the awe-inspiring sights, dining on tasty and exotic local cuisine, and stay at one of Malaysia’s most luxurious beachfront resorts. Get the details here. Opportunity Travel’s South America Expedition Uruguay & Argentina – November 2019
One of our most popular tours! Come November 2019 and once again we’ll be heading south to Uruguay and Argentina where we’ll show you so much more than the wonders these countries are known for. We’d love to have you join us!
Tantalizing wines, fabulous farm to table dining and sensuous tango are just a small snippet of what we have in store. Add to that our unique brand of personal service, luxury hotels and “boots on the ground” experts. Find out for yourself why our past attendees return again and again. P.P.S. Will you be joining us next July in Vancouver for the Sprott Natural Resource Symposium 2019? Let me help you plan a pre or post-conference tour… an unforgettable summer vacation in this world-class city and recreation area. Now’s the time to book Alaska cruises or a Canadian Rockies train trip to must-see destinations like Banff, Jasper National Park, and Lake Louise. These travel hot spots fill up quickly so it’s a good idea to make your reservations well in advance. For more information about any of our events or expeditions, simply give us a call right now at 1-800-926-6575 or +561-243-6276, OR send us an email at info@opportunity-travel.com Where We’re Headed Next
Why Retire in Panama?
Can you retire where you live now on $1,500 – $2,000 a month? You can easily do that in Panama, where most everything—from rent to health insurance and medical care—costs far less than you’re likely paying now. And you’ll love the climate. Discover how to live the retirement of your dreams in Panama. Get more details here…
Join us in Bangkok from 21-23 February and put your overseas dream on the fast track. Give us two-and-a-half days…and we’ll give you everything you need to put yourself on the path to the good life. Reserve your place now and save $200. Go here for the full details
Opportunity Travel’s
Southeast Asia Tour to Thailand & Malaysia
February 24-March 3, 2019 Post-Tour Following International Living’s 2019 Fast Track Your Retirement Overseas Conference Bangkok, Thailand – February 21-23
Since we’ll be right here in beautiful Bangkok for the IL conference, we’ve designed an exclusive, fun-filled post conference tour that’s a first class, luxurious journey. You’ll get a chance to see firsthand why travelers and expats alike simply love everything about Thailand and Malaysia. Get full detailsabout this exclusive expedition and guarantee yourself a spot – but you’ll have to act fast, only 20 spaces are available. Call me at 800 926 6575 or +561 243 6276, or email at info@opportunity-travel.com.
The Oxford Club’s 21st Annual Investment U Conference
March 28-31, 2019 – The Vinoy Renaissance Resort
Every spring, The Oxford Club hosts its biggest event of the year –the Annual Investment U Conference. For this signature event, we spare no expense to bring you the latest and greatest from the investing world as well as a real no-nonsense look into the markets.
Throughout this event, you’ll discover dozens of profitable ideas from our team of expert analysts, as well as investment insights from more than two dozen of the industry’s top economists and investment minds.
Join us as we celebrate more than two decades of success and tremendous profit opportunities brought to life through this premier event. Year-after-year – we’ve seen the ideas shared here soar to great heights and we are thrilled to see what’s in store next.
For more information on this event, and to reserve your spot today, click here. If you have any questions about the event, please email us at voyagerclub@oxfordclub.com or call us at +443.708.9411.
Money Map Press presents… The Black Diamond Conference Delray Beach Marriott – April 4-6, 2019
Now Accepting Registrations – Act Now & Save
Our next Money Map Press event will take place at one of the most beautiful oceanfront hotels in Florida… the Delray Beach Marriot. Escape with us to Florida’s sun-drenched beaches and take in all that this hip and happening town has to offer.
Money Map’s gurus will share all the tools, techniques and strategies that made them fortunes… and they’ll show you how to attain “the good life” for yourself. Right now for a very limited time, you have the opportunity to experience this exclusive event at a discounted rate. Go here for full details and registration
Sprott Natural Resource Symposium 2019 Fairmont Hotel Vancouver – July 30-August 2, 2019 Plan your 2019 vacation now – we’ll be happy to help you!
Get the lowest price possible for this popular, long-running conference that just keeps getting better year after year!
Join our chairman and personal host, Rick Rule in the heart of downtown Vancouver for this sell-out event. It’s not too soon to claim your Advance Pricing discount! Click here for details. You really can’t beat this offer! For more information about any of these events or expeditions, simply give us a call right now at 800 926 6575 or 561 243 6276, OR send us an email at info@opportunity-travel.com
Uruguay & Argentina – November 2019 Opportunity Travel’s South America Expedition Call now to get your name on the list!
One of our most popular tours! Come November 2019 and once again we’ll be heading south to Uruguay and Argentina where we’ll show you so much more than the wonders these countries are known for. We’d love to have you join us!
Tantalizing wines, fabulous farm to table dining and sensuous tango are just a small snippet of what we have in store. Add to that our unique brand of personal service, luxury hotels and “boots on the ground” experts. Find out for yourself why our past attendees return again and again.
Call now to get your name on the list – 1-800-926-6575 or +561-243-6276, OR send us an email at info@opportunity-travel.comFor more information about our tours or conferences, please contact, Barbara Perriello or Michelle Sedita at Opportunity Travel by email at info@opportunity-travel.comor by phone at +561.243.6276 or toll-free at +800.926.6575.
Disclaimer: Nothing in this e-mail should be considered personalized investment advice. Although our employees may answer your general customer service questions, they are not licensed under securities laws to address your particular investment situation. No communication by our employees to you should be deemed as personalized investment advice. In the interest of full disclosure: Opportunity Travel may receive commissions from any property sales made during any of its trips. And, as a travel agency, we often receive a commission from hotels when we book rooms for our tours and conferences.
Cross one off their bucket list with an “off-the-map” adventure… like exploring the “coolest” continent on Earth – Antarctica! Tourism there is on the rise and unique experiences, like polar snorkeling with penguins and seals, watching a once-in-a-lifetime solar eclipse (December 4, 2021), running a marathon (sells out three years in advance), and many more thrilling adventures await the intrepid traveler.
Another ‘do before I die’ favorite is an all-star safari adventure that sets down in Africa’s unforgettable parks and reserves. Luxury-class travelers can expect to be pampered and cared for every step of the way, dining privately in wild locations, exploring private game reserves all while staying in elegant private lodges.
Think India – a land of remarkable diversity. Not the chaotic huge cities but instead the tropical, south-western coastline of Kerala. Gorgeous beaches… scenic backwaters… tea, coffee and spice plantations in the mountains… lush forests… national parks home to elephants, tigers and monkeys – all can be found in this laid-back atmosphere.
Vivid blues and greens graced with sugar sand beaches… shimmering reefs and high mountain peaks… salsa, reggae and pirate hideouts. The Caribbean has it all and so much more. Accommodations range from high-rise hotels on the world’s top beaches to pampered luxury in secluded boutique villas… and everything in between. Everyone on your gift list dreams about these fabulous island destinations.
South America’s first luxury sleeper train glides from Cusco, the capital of the Inca Empire, to Machu Picchu and across the lofty Andean plains to the white city of Arequipa. Richly appointed 1920s Pullman-style carriages capture the glamour of a bygone world with elegance and old-fashioned charm, and take in Peru’s spectacular highlights en route.
Or travel by train in exquisite style through the heart of Southeast Asia along the legendary Silk Road. From stunning architecture to wondrous landscapes, it’s a remarkable adventure through the ancient world, following in the footsteps of Alexander the Great and Marco Polo.
Treat them to a picture-perfect second honeymoon steeped in sumptuous luxury and balmy trade winds. Sail off to Tahiti, French Polynesia and the South Pacific… where palm-fringed islands, turquoise lagoons, snow-white beaches and verdant tropical foliage are just the beginning. Beneath the ocean’s surface is another world, equally rich, with myriad marine life and colorful coral reefs.
“Glamping” – short for glamorous camping – is a popular and growing travel trend in the U.S. and around the world. It pairs destinations with the intimacy of camping and five-star luxury – the ultimate realization of ‘disconnect to reconnect’.
Immerse them in nature with eco-luxury in the treetops. A rejuvenating spa and wellness center await… situated in a lush tropical forest offering dramatic panoramas of the Pacific coastline and its own private beach cove. World-class surfing is at the doorstep… along with endless options for a tranquil, unplugged getaway.
