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Proven ProbableAuthor: admin
VANCOUVER, British Columbia, Nov. 23, 2018 (GLOBE NEWSWIRE) — Group Ten Metals Inc. (TSX.V: PGE; OTC: PGEZF, FSE: 5D32) (the “Company” or “Group Ten”) announces that it has completed a private placement for aggregate proceeds of $1,200,000 through the issuance of eight million units at a price of $0.15 per unit. Each unit consists of one common share of the Company and one half-share purchase warrant. Each full warrant (a “Warrant”) entitles the holder to acquire one common share of the Company at an exercise price of $0.225 per Warrant share for a period of 36 months following the closing date of the private placement. If the closing price of the Company’s common shares on the TSX Venture Exchange is greater than 30 cents per share for a period of 10 consecutive trading days, the company may elect to accelerate the expiry date of part or all of the Warrants, at any date that is four months and one day after the closing date, by giving notice thereof to the holders of the Warrants. In such case, that portion of the Warrants would be subject to an expiry date that is 30 business days after the date on which such notice is given by the Company.
President and CEO Michael Rowley stated: “We are pleased with the level of interest from new shareholders alongside the support from our existing shareholders in completing this private placement. Our newest asset, the Stillwater West Project, continues to receive significant interest based on the potential for discovery of large-scale ‘Platreef-style’ PGM-Ni-Cu systems, based on parallels with the Bushveld Complex in South Africa. The team has been working hard on both the exploration and corporate fronts, and we look forward to reporting results in the coming weeks and months.”
Greg Johnson, Chairman of both Group Ten and the Metallic Group said: “We are pleased to complete the Group Ten financing, which was undertaken concurrently with independent private placements at the two other companies that make up the Metallic Group, being Metallic Minerals and Granite Creek Copper. In aggregate, the Metallic Group companies anticipate raising in excess of $3 million in new financing despite what continues to be challenging market conditions.”
Mr. Johnson continued: “The Metallic Group founders and team members include a number of highly successful explorationists formerly with some of the industry’s leading explorers/developers and major producers. Over the past two years the team has been building a platform of exploration companies focused on consolidating large brownfields assets adjacent to some of the industry’s highest-grade producers of platinum group metals, silver and copper. We believe this strategy creates the opportunity for discovery of large, high-quality deposits in these historic and politically stable mining districts through the application of new models and technology by our experienced exploration teams.”
“By acquiring these low political risk, high potential properties in the low part of the metal price cycle, we are creating value for shareholders that would not likely be available during other parts of the cycle. With the acquisition of these key, district-scale assets complete, our experienced teams are undertaking a systematic approach to exploration to facilitate new discoveries in these proven brownfields districts, where existing road, power and other infrastructure may allow for greatly reduced capital costs and faster timelines for development when compared to remote greenfields deposits.”
“Based on the geologic target models for each of the Metallic Group companies’, along with the current depressed stage of the metal price cycle, we believe that each of the three companies in the group has the potential for significant growth over the next several years, through the potential discovery and advancement of new resources in the Stillwater PGM-Ni-Cu district, Keno Hill silver district, and Carmacks Copper district. We look forward to reporting results of our 2018 work programs in the coming weeks and months.”
The proceeds of the financing will be primarily used on the Company’s Stillwater West project and for general working capital purposes. All securities issued pursuant to the placement are subject to a statutory four month and one day hold period from the date of issuance.
The Company also reports that it has granted 450,000 incentive stock options to certain officers and consultants.
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 high-grade Black Lake-Drayton Gold project in the Rainy River district of northwest Ontario and the Kluane PGE-Ni-Cu project on trend with Nickel Creek Platinum‘s Wellgreen deposit in Canada‘s Yukon Territory.
About 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 silver, platinum group metals and copper. Member companies include Metallic Minerals (MMG.V) in the Yukon’s Keno Hill silver district, Group Ten Metals (PGE.V) in the Stillwater PGM-Ni-Cu district of Montana, 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.
| FOR FURTHER INFORMATION, PLEASE CONTACT: | |
| Michael Rowley, President, CEO & Director | |
| Email: info@grouptenmetals.com | Phone: (604) 357 4790 |
| Web: http://grouptenmetals.com | Toll Free: (888) 432 0075 |
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.
VANCOUVER, Nov. 22, 2018 /PRNewswire/ – NexGen Energy Ltd. (“NexGen” or the “Company”) (TSX: NXE, NYSE MKT: NXE) is pleased to report geotechnical and radioactivity results for twenty-nine holes comprising 20,482.31 m on the Company’s 100% owned Rook I property, in the Athabasca Basin, Saskatchewan. The primary objective of the program was the geotechnical characterization of areas within Arrow’s footwall, lateral development and potential underground infrastructure locations of which results were incorporated into the Pre-Feasibility Study (“PFS”) released on November 5th, 2018. The exploration results of this release which encountered strong mineralized intervals in key areas were not incorporated into the updated Mineral Resource Estimate and PFS results, released on November 5, 2018.
Highlights:
Geotechnical Characterization of the A2 Sub-Zone
Two holes drilled to geotechnically characterize the rock mass within the A2 sub-zone, underwent dedicated geotechnical logging and packer tests throughout the ore zone to obtain data and analysis of sub-surface conditions within the mine plan. Both holes were collared at a steep inclination, then shallowed out to a dip of approximately 57°.
- GAR-18-016 intersected 38.5 m of total composite mineralization including 10.7 mof total composite off-scale radioactivity (>10,000 to >61,000 cps) within a 75 msection (552.0 to 627.0 m) and featured 1.5 m of continuous massive-to-semi massive pitchblende with minimum-greater-than-61,000 cps.
Geotechnical Characterization of the Footwall
Holes targeting the footwall successfully characterized the geotechnical and hydrogeological conditions of the rock-mass proximal to the potential mine infrastructure and Underground Tailings Management Facility (“UGTMF”). Additionally, drilling focused on the sterilization of uranium mineralization within areas that will host project development infrastructure and were all geotechnically logged incorporating packer tests at regular intervals.
- Holes drilled within the footwall of Arrow, in areas of envisioned underground mine infrastructure intersected suitable rock-mass and hydraulic conductivity to facilitate underground development.
- Similarly, holes drilled within the proximity of the UGTMF positively indicated the area contains suitable rock-mass and low hydraulic conductivity to facilitate underground development.
- Importantly, negligible alteration and structure were intersected in proximity of envisioned underground mine infrastructure and UGTMF.
Shaft Pilot Hole Program
Three shaft pilot holes were successfully completed to a depth of between 650 m and 702 m. The vertically drilled shaft holes were kept within a 3.0 m radius from surface through to their termination depths, intersected minimal structure and showed low hydraulic conductivity throughout via packer testing at regular intervals.
- GAR-18-010 targeted shaft location option 1. The hole was successfully completed to a depth of 650 m, intersecting minimal structure within proximity of targeted area in the footwall. A total of 6.0 m of composite uranium mineralization was intersected (549.0 m to 550.0 m) with a maximum radioactivity of 3,900 cps.
- GAR-18-013 targeted shaft location option 2. The hole was successfully completed to a depth of 650 m. Preliminary results indicate the area contains suitable rock-mass and low hydraulic conductivity to facilitate future shaft design.
- GAR-18-015 targeted shaft location option 3. The hole was successfully completed to a depth of 702 m, intersecting minimal structure within designed underground mine infrastructure. Preliminary results indicate the area contains suitable rock-mass and low hydraulic conductivity to facilitate a future shaft design.
Exploration, A2 High-Grade Domain
Drilling focused on an under-explored area to the northeast boundary of the currently defined A2 high-grade domain at variable elevations. Drilling resulted in the identification of mineralization between the A2 and A3 shears as well as demonstrating the continuity of high-grade mineralization beyond the currently defined A2 high-grade domains.
- AR-18-220c1 (located 50 m along strike to the northeast of AR-14-30 (10.32% U3O8over 46.0 m)) intersected 55.5 m of total composite mineralization including 2.25 mof total composite off-scale radioactivity (>10,000 to >61,000 cps) within a 109.5 msection (438.5 to 548.0 m) in the A2 shear. The hole demonstrates the continuity of high-grade mineralization beyond the currently defined A2 high-grade domains in the A2 shear.
Drill hole locations and schematics are shown in Figures 1 to 4. Drill hole descriptions can be found at www.nexgenenergy.ca
Leigh Curyer, Chief Executive Officer, commented: “The successful completion of the geotechnical and hydrogeological drilling was highly positive and reflected in the Arrow Project PFS released on November 5, 2018. In addition, the exploration results at Arrow this last summer continue to provide strong upside with respect to areas of potential future resource growth. These results have positively set the foundation for our largest campaign to date at Arrow – a two staged 125,000 m drill program commencing mid-December 2018through to Q3 2019. The results of this program will then be incorporated into a Feasibility Study scheduled to be released in H1 2020.”
Troy Boisjoli, Vice-President, Operations and Project Development, commented: “The Summer 2018 drill program demonstrated the highly competent geotechnical chartateristics of the Arrow deposit. The team is looking forward to the approaching 125,000 m drill program to further advance and optimize Arrow’s potential mine development profile. Further, the high grade mineralization encountered northeast of the A2 High Grade Domain is a great result providing additional areas to test in the future for potential resource growth.”
Development, Activities & Financial
- Expediting Arrow to Feasibility by initiating a 2-stage 125,000m (10 rig) high density drilling program commencing in mid-December 2018 to focus on mine optimization plans based on Measured and Indicated mineral resources.
- As of October 31, 2018, the Company had cash-on-hand of approximately $125 million which fully funds NexGen for all programs throughout 2019.
Table 1: Arrow Drill Hole Data
|
Drill Hole |
Athabasca Group – Basement Unconformity Depth (m) |
Handheld Scintillometer Results (RS-120) |
||||||
|
Hole ID |
Azimuth |
Dip |
Total Depth (m) |
From (m) |
To (m) |
Width (m) |
CPS Range |
|
|
AR-18-210c1 |
327 |
-70 |
876.50 |
115.00 |
606.50 |
607.00 |
0.50 |
<500 – 1710 |
|
AR-18-210c2 |
327 |
-70 |
957.50 |
N/A |
584.50 |
585.00 |
0.50 |
<500 – 510 |
|
AR-18-210c3 |
327 |
-70 |
946.00 |
N/A |
No Anomalous Radioactivity |
|||
|
AR-18-211c1 |
327 |
-70 |
1128.50 |
N/A |
865.50 |
866.00 |
0.50 |
<500 – 1300 |
|
869.50 |
870.00 |
0.50 |
<500 – 610 |
|||||
|
876.00 |
876.50 |
0.50 |
<500 – 570 |
|||||
|
961.50 |
962.00 |
0.50 |
<500 – 650 |
|||||
|
1089.00 |
1089.50 |
0.50 |
<500 – 650 |
|||||
|
AR-18-211c2 |
327 |
-70 |
1014.50 |
N/A |
660.50 |
661.00 |
0.50 |
<500 – 680 |
|
AR-18-211c3 |
327 |
-70 |
1063.50 |
N/A |
No Anomalous Radioactivity |
|||
|
AR-18-212c1 |
325 |
-67 |
807.50 |
97.70 |
No Anomalous Radioactivity |
|||
|
AR-18-213c1 |
327 |
-65 |
765.50 |
98.85 |
No Anomalous Radioactivity |
|||
|
AR-18-214c1 |
327 |
-65 |
891.50 |
111.00 |
157.00 |
161.50 |
4.50 |
<500 – 4250 |
|
337.00 |
337.50 |
0.50 |
<500 – 970 |
|||||
|
AR-18-215c1 |
327 |
-70 |
990.50 |
N/A |
No Anomalous Radioactivity |
|||
|
AR-18-216c1 |
327 |
-65 |
483.50 |
107.40 |
No Anomalous Radioactivity |
|||
|
AR-18-217c1 |
327 |
-73.5 |
1233.50 |
122.50 |
910.00 |
910.50 |
0.50 |
<500 – 560 |
|
965.00 |
966.00 |
1.00 |
610 – 20000 |
|||||
|
969.50 |
971.00 |
1.50 |
<500 – 5200 |
|||||
|
977.50 |
978.50 |
1.00 |
<500 – 4600 |
|||||
|
AR-18-218c1 |
327 |
-65 |
827.00 |
97.80 |
No Anomalous Radioactivity |
|||
|
AR-18-219c1 |
327 |
-65 |
663.50 |
133.95 |
342.50 |
347.00 |
4.50 |
<500 – 1300 |
|
353.00 |
354.00 |
1.00 |
<500 – 3200 |
|||||
|
359.00 |
369.50 |
10.50 |
<500 – 4300 |
|||||
|
375.00 |
375.50 |
0.50 |
<500 – 650 |
|||||
|
387.00 |
416.00 |
29.00 |
<500 – 3300 |
|||||
|
430.00 |
433.00 |
3.00 |
<500 – 1275 |
|||||
|
442.00 |
445.00 |
3.00 |
<500 – 1550 |
|||||
|
447.50 |
470.50 |
23.00 |
<500 – 5350 |
|||||
|
572.00 |
573.50 |
1.50 |
<500 – 4200 |
|||||
|
578.50 |
579.50 |
1.00 |
<500 – 680 |
|||||
|
586.50 |
590.00 |
3.50 |
<500 – 61000 |
|||||
|
594.00 |
594.50 |
0.50 |
<500 – 570 |
|||||
|
602.00 |
605.00 |
3.00 |
<500 – 10500 |
|||||
|
611.50 |
612.00 |
0.50 |
1100 – 26700 |
|||||
|
621.00 |
625.50 |
4.50 |
<500 – 16500 |
|||||
|
631.00 |
631.50 |
0.50 |
<500 – 2310 |
|||||
|
AR-18-220c1 |
327 |
-68 |
744.50 |
130.35 |
597.00 |
598.00 |
1.00 |
<500 – 1200 |
|
624.50 |
625.00 |
0.50 |
<500 – 1500 |
|||||
|
644.50 |
646.50 |
2.00 |
<500 – 1100 |
|||||
|
681.50 |
682.00 |
0.50 |
<500 – 660 |
|||||
|
335.50 |
336.00 |
0.50 |
<500 – 1150 |
|||||
|
359.50 |
362.00 |
2.50 |
<500 – 630 |
|||||
|
368.50 |
373.00 |
4.50 |
<500 – 11000 |
|||||
|
375.50 |
380.50 |
5.00 |
<500 – 8600 |
|||||
|
383.00 |
392.00 |
9.00 |
<500 – 9400 |
|||||
|
396.00 |
410.00 |
14.00 |
<500 – 61000 |
|||||
|
419.00 |
419.50 |
0.50 |
<500 – 720 |
|||||
|
423.50 |
424.00 |
0.50 |
510 – 850 |
|||||
|
438.50 |
441.00 |
2.50 |
<500 – 1280 |
|||||
|
444.50 |
446.50 |
2.00 |
<500 – 1100 |
|||||
|
449.00 |
452.50 |
3.50 |
<500 – 2200 |
|||||
|
483.00 |
486.00 |
3.00 |
<500 – 570 |
|||||
|
488.50 |
491.00 |
2.50 |
<500 – 1240 |
|||||
|
502.00 |
508.50 |
6.50 |
<500 – 2200 |
|||||
|
512.50 |
548.00 |
35.50 |
<500 – 61000 |
|||||
|
579.50 |
594.50 |
15.00 |
<500 – 61000 |
|||||
|
AR-18- 220c1a |
327 |
-68 |
441.00 |
448.00 |
445.50 |
446.00 |
0.50 |
<500 – 530 |
|
GAR-18-006 |
147 |
-80 |
737.40 |
100.80 |
518.00 |
520.50 |
2.50 |
<500 – 7000 |
|
576.00 |
578.00 |
2.00 |
<500 – 13000 |
|||||
|
600.00 |
600.50 |
0.50 |
<500 – 520 |
|||||
|
GAR-18- 006a |
147 |
-80 |
155.40 |
101.00 |
No Anomalous Radioactivity |
|||
|
GAR-18-007 |
147 |
-68 |
671.40 |
93.00 |
No Anomalous Radioactivity |
|||
|
GAR-18-008 |
147 |
-65 |
629.60 |
96.05 |
597.00 |
598.50 |
1.50 |
<500 – 3500 |
|
617.50 |
618.00 |
0.50 |
<500 – 4250 |
|||||
|
GAR-18-009 |
147 |
-70 |
641.40 |
101.00 |
No Anomalous Radioactivity |
|||
|
GAR-18-010 |
147 |
-90 |
650.44 |
98.00 |
549.00 |
555.00 |
6.00 |
<500 – 3900 |
|
GAR-18-011 |
147 |
-65 |
799.50 |
95.05 |
No Anomalous Radioactivity |
|||
|
GAR-18-012 |
327 |
-75 |
1043.40 |
N/A |
564.50 |
565.50 |
1.00 |
<500 – 840 |
|
589.00 |
589.50 |
0.50 |
<500 – 530 |
|||||
|
602.50 |
605.00 |
2.50 |
<500 – 7550 |
|||||
|
767.00 |
767.50 |
0.50 |
<500 – 510 |
|||||
|
GAR-18-013 |
147 |
-90 |
650.40 |
108.90 |
No Anomalous Radioactivity |
|||
|
GAR-18-014 |
327 |
-80 |
659.40 |
101.00 |
346.00 |
346.50 |
0.50 |
<500 – 520 |
|
350.00 |
351.00 |
1.00 |
<500 – 1050 |
|||||
|
GAR-18-015 |
147 |
-90 |
701.47 |
96.35 |
No Anomalous Radioactivity |
|||
|
GAR-18-016 |
327 |
-65 |
660.00 |
128.85 |
492.00 |
493.00 |
1.00 |
<500 – 1380 |
|
534.50 |
536.50 |
2.00 |
<500 – 830 |
|||||
|
552.00 |
553.00 |
1.00 |
<500 – 660 |
|||||
|
579.50 |
607.00 |
27.50 |
<500 – 61000 |
|||||
|
617.50 |
627.50 |
10.00 |
<500 – 54000 |
|||||
|
GAR-18-017 |
327 |
-65 |
717 |
127.75 |
406.50 |
407.50 |
1.00 |
<500 – 3600 |
|
503.50 |
504.00 |
0.50 |
<500 – 1100 |
|||||
|
514.50 |
515.00 |
0.50 |
<500 – 31000 |
|||||
|
517.50 |
518.00 |
0.50 |
<500 – 4800 |
|||||
|
521.50 |
522.00 |
0.50 |
<500 – 700 |
|||||
|
530.50 |
531.00 |
0.50 |
2100 – 47700 |
|||||
|
535.50 |
536.50 |
1.00 |
<500 – 1300 |
|||||
|
564.00 |
564.50 |
0.50 |
<500 – 1800 |
|||||
|
577.50 |
578.50 |
1.00 |
<500 – 1900 |
|||||
|
581.50 |
584.00 |
2.50 |
<500 – 1700 |
|||||
|
586.50 |
589.50 |
3.00 |
<500 – 2500 |
|||||
|
594.50 |
597.00 |
2.50 |
<500 – 1500 |
|||||
|
618.50 |
624.00 |
5.50 |
<500 – 61000 |
|||||
|
627.00 |
629.50 |
2.50 |
<500 – 3400 |
|||||
|
650.50 |
651.50 |
1.00 |
<500 – 720 |
|||||
|
654.00 |
656.50 |
2.50 |
<500 – 1920 |
|||||
|
660.00 |
661.00 |
1.00 |
<500 – 1350 |
|||||
|
666.00 |
667.50 |
1.50 |
<500 – 1650 |
|||||
Parameters:
- Maximum internal dilution 2.00 m downhole
- All depths and intervals are metres downhole, true thicknesses are yet to be determined
- “Anomalous” means >500 cps (counts per second) total count gamma readings by gamma scintillometer type RS-120
- “Off-scale” means >10,000 cps (counts per second) total count gamma readings by gamma scintillometer type RS-120
- Where “Min cps” is <500 cps, this refers to local low radiometric zones within the overall radioactive interval
- Directional drilling has often resulted in mineralization intersected at a more favourable and shallower dip
About NexGen
NexGen is a British Columbia corporation with a focus on the acquisition, exploration and development of Canadian uranium projects. NexGen has a highly experienced team of uranium industry professionals with a successful track record in the discovery of uranium deposits and in developing projects through discovery to production. NexGen owns a portfolio of prospective uranium exploration assets in the Athabasca Basin, Saskatchewan, Canada, including a 100% interest in Rook I, location of the Arrow Deposit in February 2014, the Bow discovery in March 2015, the Harpoon discovery in August 2016 and the Arrow South discovery in July 2017. NexGen is the recipient of the PDAC’s 2018 Bill Dennis Award and the 2019 Environmental and Social Responsibility Award.
Technical Disclosure
The technical information in this news release with respect to the PFS has been reviewed and approved by Paul O’Hara, P.Eng. of Wood., David Robson, P.Eng., M.B.A., and Jason Cox, P.Eng. of RPA, each of whom is a “qualified person” under National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI-43-101“).
The Mineral Resource Estimate was completed by Mr. Mark Mathisen, C.P.G., Senior Geologist at RPA and Mr. David Ross, P.Geo., Director of Resource Estimation and Principal Geologist at RPA. Both are independent Qualified Persons in accordance with the requirements of National Instrument (NI) 43-101 and they have approved the disclosure herein. All other technical information in this news release has been approved by Mr. Troy Boisjoli, Geoscientist Licensee, Vice President – Operations & Project Development for NexGen. Mr. Boisjoli is a qualified person for the purposes of NI 43-101 and has verified the sampling, analytical, and test data underlying the information or opinions contained herein by reviewing original data certificates and monitoring all of the data collection protocols.
A technical report in respect of the PFS will be filed on SEDAR (www.sedar.com) and EDGAR (www.sec.gov/edgar.shtml) within 45 days of this news release.
SEC Standards
Estimates of mineralization and other technical information included or referenced in this news release have been prepared in accordance with NI 43-101. The definitions of proven and probable mineral reserves used in NI 43-101 differ from the definitions in SEC Industry Guide 7. Under SEC Industry Guide 7 standards, a “final” or “bankable” feasibility study is required to report reserves, the three-year historical average price is used in any reserve or cash flow analysis to designate reserves and the primary environmental analysis or report must be filed with the appropriate governmental authority. As a result, the reserves reported by the Company in accordance with NI 43-101 may not qualify as “reserves” under SEC standards. In addition, the terms “mineral resource”, “measured mineral resource”, “indicated mineral resource” and “inferred mineral resource” are defined in and required to be disclosed by NI 43-101; however, these terms are not defined terms under SEC Industry Guide 7 and normally are not permitted to be used in reports and registration statements filed with the SEC. Mineral resources that are not mineral reserves do not have demonstrated economic viability. Investors are cautioned not to assume that any part or all of the mineral deposits in these categories will ever be converted into reserves. “Inferred mineral resources” have a great amount of uncertainty as to their existence, and great uncertainty 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 securities laws, estimates of inferred mineral resources may not form the basis of feasibility or pre-feasibility studies, except in rare cases. Additionally, disclosure of “contained pounds” in a resource is permitted disclosure under Canadian securities laws; however, the SEC normally only permits issuers to report mineralization that does not constitute “reserves” by SEC standards as in place tonnage and grade without reference to unit measurements. Accordingly, information contained or referenced in this news release containing descriptions of the Company’s mineral deposits may not be comparable to similar information made public by U.S. companies subject to the reporting and disclosure requirements of United Statesfederal securities laws and the rules and regulations thereunder.
Technical Information
For details of the Rook I Project including the quality assurance program and quality control measures applied and key assumptions, parameters and methods used to estimate the Mineral Resource please refer to the technical report entitled “Technical Report on the Preliminary Economic Assessment of the Arrow Deposit, Rook 1 Property, Province of Saskatchewan, Canada” dated effective September 1, 2017 (the “Rook 1 Technical Report”) prepared by Jason J. Cox, P.Eng., David M. Robson, P.Eng., M.B.A., Mark B. Mathisen, C.P.G., David A. Ross M.Sc., P.Geo., Val Coetzee, M.Eng., Pr.Eng., and Mark Wittrup, M.Sc., P.Eng.,P.Geo. each of whom is a “qualified person” under NI 43-101. The Rook I Technical Report is available for review under the Company’s profile on SEDAR at www.sedar.com. A technical report in respect of the PFS will be filed on SEDAR (www.sedar.com) and EDGAR (www.sec.gov/edgar.shtml) within 45 days of the PFS news release (November 5th, 2018) providing details of the Rook I Project including the quality assurance program and quality control measures applied and key assumptions, parameters and methods used to estimate the Mineral Resource.
Forward-Looking Information
The information contained herein contains “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and “forward-looking information” within the meaning of applicable Canadian securities legislation. “Forward-looking information” includes, but is not limited to, statements with respect to the activities, events or developments that the Company expects or anticipates will or may occur in the future. Generally, but not always, forward-looking information and statements can be identified by the use of words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or the negative connotation thereof or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved” or the negative connotation thereof.
Forward-looking information and statements are based on the then current expectations, beliefs, assumptions, estimates and forecasts about NexGen’s business and the industry and markets in which it operates. Forward-looking information and statements are made based upon numerous assumptions, including among others, that the proposed transaction will be completed, the results of planned exploration activities are as anticipated, the price of uranium, the cost of planned exploration activities, that financing will be available if and when needed and on reasonable terms, that third party contractors, equipment, supplies and governmental and other approvals required to conduct NexGen’s planned exploration activities will be available on reasonable terms and in a timely manner and that general business and economic conditions will not change in a material adverse manner. Although the assumptions made by the Company in providing forward looking information or making forward looking statements are considered reasonable by management at the time, there can be no assurance that such assumptions will prove to be accurate.
Forward-looking information and statements also involve known and unknown risks and uncertainties and other factors, which may cause actual results, performances and achievements of NexGen to differ materially from any projections of results, performances and achievements of NexGen expressed or implied by such forward-looking information or statements, including, among others, negative operating cash flow and dependence on third party financing, uncertainty of the availability of additional financing, the risk that pending assay results will not confirm previously announced preliminary results, imprecision of mineral resource estimates, the appeal of alternate sources of energy and sustained low uranium prices, aboriginal title and consultation issues, exploration risks, reliance upon key management and other personnel, deficiencies in the Company’s title to its properties, uninsurable risks, failure to manage conflicts of interest, failure to obtain or maintain required permits and licenses, changes in laws, regulations and policy, competition for resources and financing, and other factors discussed or referred to in the Company’s Annual Information Form dated March 31, 2017 under “Risk Factors”.
Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking information or implied by forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended.
There can be no assurance that forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking statements or information. The Company undertakes no obligation to update or reissue forward-looking information as a result of new information or events except as required by applicable securities laws.
Cision
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VANCOUVER, British Columbia, Nov. 21, 2018 (GLOBE NEWSWIRE) — Novo Resources Corp. (“Novo” or the “Company”) (TSX-V: NVO; OTCQX: NSRPF) is pleased to announce that it has filed a technical report prepared pursuant to National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”) related to its October 10, 2018 news release announcing the updated resource estimate for its Beatons Creek Gold Project, Western Australia (the “Beatons Creek 2018 Resource Estimate”). The independent technical report, entitled “NI 43-101 Technical Report Resource Update, Beatons Creek Gold Project, Pilbara Region, Australia” (the “2018 Technical Report”), with an effective date of August 10, 2018 and an issue date of November 20, 2018, was prepared for Novo by Leonel Lopez (AIPG- Geol. Eng. QP, SME-RM) of Tetra Tech, Golden, Colorado. Mr. Lopez is a qualified person as defined under NI 43-101. The 2018 Technical Report is available through the Internet under the Company’s profile on the System for Electronic Document Analysis and Retrieval (SEDAR) website at www.sedar.com (filing date: November 21, 2018) and on the Company’s website at www.novoresources.com.
Highlights:
- The Beatons Creek 2018 Resource Estimate includes a 17% increase in near surface measured and indicated Au ounces over the 2015 estimate supported by a technical report entitled “NI 43-101 Technical Resource Report, Beatons Creek Gold Project, Pilbara Region, Australia” dated August 31, 2015 prepared by Arnand van Heerden, Pri.Sci.Nat, PGeo, Principal Geologist of Tetra Tech, Inc. which was filed under Novo’s SEDAR profile on October 13, 2015 (the “2015 Estimate”).
- Inferred near surface Au ounces increase by 40% over the 2015 Estimate.
- In management’s view, this resource upgrade along with Beatons Creek’s very high metallurgical recovery (+97% gravity + carbon-in-leach; please refer to the Company’s news release dated March 7, 2017 for further details) make it one of the premier gold deposit in the Nullagine mining camp.
- Management believes that significant room for resource expansion remains.
Beatons Creek 2018 Resource Estimate:
| Near Surface Mineral Resources | ||||
| Cut-off Grade |
Tonnes | Grade | Ounces Troy Au | |
| Classification | Au g/t | (x1000) | Au g/T | (x1000) |
| Measured | 0.5 | 816 | 2.5 | 65 |
| Indicated | 0.5 | 3,749 | 2.3 | 277 |
| Measured + Indicated |
0.5 | 4,565 | 2.3 | 342 |
| Inferred | 0.5 | 3,448 | 2.5 | 282 |
| Underground Mineral Resources | ||||
| Cut-off Grade |
Tonnes | Grade | Ounces Troy Au | |
| Classification | Au g/t | (x1000) | Au g/T | (x1000) |
| Measured | 2 | 0.39 | 2.9 | 0.04 |
| Indicated | 2 | 29 | 3.1 | 3 |
| Measured + Indicated |
2 | 29 | 3.1 | 3 |
| Inferred | 2 | 342 | 3.6 | 40 |
| Global Mineral Resources | ||||
| Cut-off Grade |
Tonnes | Grade | Ounces Troy Au | |
| Classification | Au g/t | (x1000) | Au g/T | (x1000) |
| Measured | 0.5, 2 | 816 | 2.5 | 65 |
| Indicated | 0.5, 2 | 3,778 | 2.3 | 280 |
| Measured + Indicated |
0.5, 2 | 4,594 | 2.3 | 345 |
| Inferred | 0.5, 2 | 3,790 | 2.6 | 322 |
Notes:
1. Near surface mineral resources contain oxide and sulphide material within an optimized shell and within a mineralized wireframe.
2. Optimized shell estimated using Lerch-Grossam algorithm with the following indicative parameters:
(a) $USD 1,246/troy ounce;
(b) Recoveries of 95% oxide and 90% sulphide;
(c) $USD 2.4/T mining cost for oxides, and 3/T for sulfides;
(d) $USD 15/T oxide and $USD 17/T sulphide processing cost; and
(e) $USD 2/T general & administrative costs.
3. Underground mineral resources contain sulphide resources outside of an optimized shell and within a mineralized wireframe.
4. Columns may not total due to rounding.
5. One troy ounce is equal to 31.1034768 grams.
Resource Modelling:
Mineral resources were estimated by multiple pass Ordinary Kriging (OK) method within modelled reef domains. Mineral resources are currently defined in seven reef domains each divide into oxide and sulphide mineral type by a shallow weathering profile.
The majority of assays used for the estimate were determined using LeachWELL® methodology, which was statistically determined to be the most reliable method. Assays were capped at 25 Au g/T prior to compositing and were statistically evaluated on a reef domain and mineral type basis.
Mineral resources were estimated from 35,063 samples, sourced from 32,549 samples from reverse circulation holes, 681 samples from diamond holes, and 1,833 costean samples. Capping was analyzed for each reef’s oxide and sulfide portions using histograms and probability plots to determine where high-grade distribution tails became erratic and deviated from lognormal. Sampled intervals from all data sources were composited to 1 m. Compositing initiated and terminated at the top and bottom of the reef contacts.
Mineral resources that are not mineral reserves do not have demonstrated economic viability, and it is uncertain if applying economic modifying factors will convert measured and indicated mineral resources to reserves. The estimate of mineral resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues, however, no issues are known at this time. The quantity and grade of reported inferred resources in this estimation are uncertain in nature and there has been insufficient exploration to define these inferred resources as an indicated or measured mineral resource and it is uncertain if further exploration will result in upgrading them to an indicated or measured mineral resource category. The mineral resources in this news release were estimated using current Canadian Institute of Mining, Metallurgy and Petroleum (CIM) standards, definitions and guidelines.
Reference should be made to the 2018 Technical Report in its entirety.
Quinton Hennigh (Ph.D., P.Geo.) is the qualified person pursuant to NI 43-101 responsible for, and having reviewed and approved, the technical information contained in this news release. Dr. Hennigh is President, Chairman, and a director of Novo Resources Corp.
About Novo Resources Corp.
Novo’s focus is to explore and develop gold projects in the Pilbara region of Western Australia, and Novo has built up a significant land package covering approximately 12,000 sq km with varying ownership interests. For more information, please contact Leo Karabelas at (416) 543-3120 or e-mail leo@novoresources.com
On Behalf of the Board of Directors,
Novo Resources Corp.
“Quinton Hennigh”
Quinton Hennigh
President and Chairman
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
Forward-looking information
Some statements in this news release contain forward-looking information (within the meaning of Canadian securities legislation) including, without limitation, the statement that significant room for resource expansion remains in respect of the Company’s Beaton’s Creek project. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. Such factors include, without limitation, customary risks of the mineral resource industry as well as the performance of services by third parties.
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Toronto, Ontario and Vancouver, British Columbia–(Newsfile Corp. – November 21, 2018) – Minera Alamos Inc. (TSXV: MAI) (“Minera” or the “Company”) is pleased to announce that it has received a positive notification from the Mexican environmental authorities (Secretaria de Medio Ambiente y Recursos Naturales – “SEMARNAT”) regarding the Company’s permit application (MIA/ETJ) for the development of the La Fortuna Gold Project (“Fortuna”). The notification confirms the successful completion of the technical review phase of the Company’s application (Estudio Tecnico Justificativo – “ETJ”) for the change of land use to construct mining and processing facilities at the Fortuna project area. Following the completion of the change of land use payments, SEMARNAT will be in a position to issue the formal approval documentation for the project.
“The receipt of this notification represents a major milestone for the Company. Despite some procedural changes in the MIA/ETJ application process that caused early delays, the notice was received a little over a year following the completion of our strategic partnership with Osisko Gold Royalties and starts the transformation of the Company from a junior explorer to a growing gold producer,” stated Darren Koningen, CEO of Minera Alamos. “Our highly experienced Mexican technical team continues to demonstrate the ability to advance concurrently our full portfolio of late-stage gold development projects. Mexico remains one of the world’s premier mine development locations with respect to the timeframes required for permitting of new operations. We now eagerly await similar notifications regarding the Company’s Santana gold project which remains our first priority for construction consideration in 2019 according to the Company’s current development schedule.”
The receipt of a MIA-ETJ permits for the Fortuna project will allow the Company to initiate applications for other state/local permits that will be required in advance of any commercial mine production. These cover activities such as water use and explosives. In addition, the Company can advance discussions with potential contractors related to mining, crushing, construction, etc. The Fortuna MIA-ETJ applications were structured to provide the Company with significant flexibility to further optimize the development approach for the project and the ability to expand the project operations organically once resources are increased.
In advance of a final construction decision, the Company has also initiated discussions with a number of project finance groups that can provide debt facilities complementary to the Fortuna royalty structure arranged with strategic partner Osisko Gold Royalties. The recently completed PEA (see news release dated August 16th 2018) for the project demonstrated an after-tax internal rate-of-return in excess of 90%, a rapid payback of capital of approximately one year and low production costs for an initial 50,000 oz (AuEq) per annum operation (see La Fortuna Gold Project below).
As planning activities are refined in the coming year (2019) the Company will provide regular updates regarding ongoing advancements at the Fortuna project. The PEA identified several opportunities to further enhance the overall project economics and these are currently under review. Included in this list are the following:
- Additional metallurgical studies to further optimize the gold extraction process and improve overall metal recoveries.
- A staged plant construction plan (possibly involving earlier use of ore sorting technology) to reduce the initial start-up CAPEX and then expand the facilities once production is underway.
- Mine planning studies to evaluate opportunities to delay portions of early waste removal until later in the mine life
- Consideration of more aggressive use of ore sorting to offer additional economic benefits for the project (i.e. plant CAPEX reductions, increased mineable gold ounces, etc.)
- Trade-off studies aimed at optimizing cut-off grades (with or without ore sorting) and the incorporation of additional milling capacity – the project is permitted for a 2,000 tpd operation with the PEA based on a starting rate of 1,100 tpd.
In addition to the engineering activities, the Company is also preparing for some new exploration at the Fortuna project. The footprint of the currently drilled deposit is small compared to the overall land position (6,200 Ha) and a number of other areas of historical mining activity have been identified with most having never been evaluated using modern exploration methods.
La Fortuna Gold Project
Details of potential development plans for the Fortuna Gold project were prepared in an independent Preliminary Economic Assessment (“PEA”) completed by CSA Global Geosciences Canada Ltd (CSA Global) of Toronto, Canada. For a detailed summary of the PEA contents refer to a previous news release issued by the Company dated August 16th2018.
(Note to reader: Unless stated all currency references are in US dollars).
Table 1 – PEA Summary
| US$ | CDN$ | |
| Pre-Tax NPV (7.5%) | $103,800,000 | $134,800,000 |
| Pre-Tax IRR | 122% | 122% |
| After-Tax NPV (7.5%) | $69,800,000 | $90,600,000 |
| After-Tax IRR | 93% | 93% |
| Pre-Tax Payback Period | 9 months | |
| After-Tax Payback Period | 11 months | |
| Average Annual Production | 43,000 oz Gold, 220,000 oz Silver, 1,000 t Copper (50koz GEO1) | |
| Preproduction Capital | $26,900,000 | $34,900,000 |
| LOM Average AISC 2 | $440/oz | $571/oz |
| Mine Life | 5 years | |
| Mill Throughput (avg. tpd) | 1,100 | |
| Mill Grade & Recovery | 3.68 g/t Au (90% recovery) | |
| Gold Price | $1,250/oz | |
| Silver Price | $16/oz | |
| Copper Price | $5,725/tonne | |
| FX Rate (CDN$/US$) | 0.77 | |
Notes:
- GEO – Gold Equivalent Ounces
- “AISC per ounce” is a non-GAAP financial performance measures with no standardized definition under IFRS; additional reference info at bottom of release
- Base case prices for gold, silver and copper were assessed at values approximately 2%-7% below the three-year trailing average prices for each of the metals and below the majority of the publicly available forward looking estimates available as of July 2018
PEA Cautionary Note:
Readers are cautioned that the PEA is preliminary in nature and there is no certainty that the PEA results will be realized. Mineral resources are not mineral reserves and do not have demonstrated economic viability. Additional work is needed to upgrade these mineral resources to mineral reserves.
Mr. Darren Koningen, P. Eng., Minera Alamos’ CEO, is the Qualified Person responsible for the technical content of this press release under National Instrument 43-101. Mr. Koningen has supervised the preparation of, and has approved the scientific and technical disclosures in this news release.
About Minera Alamos:
Minera Alamos is an advanced-stage exploration and development company with a growing portfolio of high-quality Mexican assets, including the La Fortuna open-pit gold project in Durango with positive PEA completed, the Santana open-pit heap-leach development project in Sonora with test mining and processing completed and the Guadalupe de Los Reyes open-pit gold-silver project in Sinaloa with mine planning in progress. The Company is awaiting the pending approval of permit applications related to the commercial production of gold at both the Santana and Fortuna projects.
The Company’s strategy is to develop low capex assets while expanding the project resources and pursue complementary strategic acquisitions.
For Further Information Please Contact:
Minera Alamos Inc.
Doug Ramshaw, President
Tel: 604-600-4423
Email: dramshaw@mineraalamos.com
Website: www.mineraalamos.com
NON-GAAP Financial Performance Measures
The Company has included certain non-GAAP performance measures (All-in Sustaining Cost – “AISC”) in this document. The Company believes that, in addition to conventional measures prepared in accordance with GAAP, certain investors and other stakeholders also use this information to evaluate the Company’s economic performance estimates; however, these non-GAAP performance measures do not have any standardized meaning. Accordingly, these performance measures are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. The Company’s primary business is gold asset development and maximizing returns from future gold production, with other metal production being incidental to the gold production process. As a result, where applicable, the Company’s non-GAAP performance measures are disclosed on a per gold ounce basis. The Company has followed the guidance note released by the World Gold Council, which became effective January 1, 2014. The World Gold Council is a non-regulatory market development organization for the gold industry whose members comprise global senior gold mining companies.
Caution Regarding Forward-Looking Statements:
This news release may contain forward-looking information and Minera Alamos cautions readers that forward-looking information is based on certain assumptions and risk factors that could cause actual results to differ materially from the expectations of Minera Alamos included in this news release. This news release includes certain “forward-looking statements”, which often, but not always, can be identified by the use of words such as “believes”, “anticipates”, “expects”, “estimates”, “may”, “could”, “would”, “will”, or “plan”. These statements are based on information currently available to Minera Alamos and Minera Alamos provides no assurance that actual results will meet management’s expectations. Forward-looking statements include estimates and statements with respect to Minera Alamos’ future plans with respect to the Projects, objectives or goals, to the effect that Minera Alamos or management expects a stated condition or result to occur and the expected timing for release of a resource and reserve estimate on the Projects. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results relating to, among other things, results of exploration, the economics of processing methods, project development, reclamation and capital costs of Minera Alamos’ mineral properties, the ability to complete a preliminary economic assessment which supports the technical and economic viability of mineral production could differ materially from those currently anticipated in such statements for many reasons. Minera Alamos’ financial condition and prospects could differ materially from those currently anticipated in such statements for many reasons such as: an inability to finance and/or complete an updated resource and reserve estimate and a preliminary economic assessment which supports the technical and economic viability of mineral production; changes in general economic conditions and conditions in the financial markets; changes in demand and prices for minerals; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; technological and operational difficulties encountered in connection with Minera Alamos’ activities; and other matters discussed in this news release and in filings made with securities regulators. This list is not exhaustive of the factors that may affect any of Minera Alamos’ forward-looking statements. These and other factors should be considered carefully and readers should not place undue reliance on Minera Alamos’ forward-looking statements. Minera Alamos does not undertake to update any forward-looking statement that may be made from time to time by Minera Alamos or on its behalf, except in accordance with applicable securities laws.
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
TORONTO, ON / ACCESSWIRE / November 21, 2018 / DNI Metals Inc. (DNI.CN); (OTC PINK: DNMKF) (“DNI” or the “Company”)
Environmental Licenses
DNI has properly filed the documents for its 100% owned Vohitsara and Marofody graphite properties. The documents were signed off by the Director General, “DG”, of the Mines Ministry, on Friday November 16, 2018, and were filed with the Office National pour l’Environnement Madagascar, (“ONE”), yesterday. All fees were properly invoiced, and the fees were directly wired to the ONE on Monday November 19, 2018.
As per DNI’s press release dated November 8, 2018, a percentage of the capex for the projects must be paid to the ONE.
DNI’s new team was instrumental in successfully completing these tasks.
Updated agreement in Korea
DNI has amended its binding supply letter agreement (“Binding Supply Agreement”), with Korea Graphite Co. Ltd (“Korea Graphite” or “KGL”), a 100% owned subsidiary of Peninsula Mines Ltd (“Peninsula”, PSM), that includes a commitment by DNI to supply up to 24,000 tonnes per year of flake graphite to Korea Graphite, subject to Korea Graphite finalising offtake agreements with Korean end users by July 1, 2019.
Peninsula’s Managing Director and director of Korea Graphite, Jon Dugdale, said, “This amended flake-graphite supply agreement with DNI will assist the Company to secure offtake agreements with Korean flake-graphite end users and will compliment the Company’s flake-graphite resource delineation and development plans in Korea.”
“Peninsula has established strong relationships with Korean end-users that are looking to secure flake-graphite supply for lithium-ion battery anode production as well as for cutting-edge new technologies such as expandable graphite, a non-flammable building cladding/insulation product.
“Madagascar has been producing high-purity, large-flake graphite for over 100 years and DNI’s large-flake graphite deposits are saprolite hosted and close to port.”
The Binding Supply Agreement includes the following terms:
- Under the terms of the Supply Agreement DNI will supply to Korea Graphite minimum flake graphite production (“Graphite Production”) as follows:
- 500 tonnes of Graphite Production a month from 1 July 2019 (the Due Date) for a minimum period of four months, minimum total 2,000 tonnes;
- 1,000 tonnes of Graphite Production per month (12,000 tonnes a year) from 1 January 2020 for a period of six months, total 6,000 tonnes;
- 2,000 tonnes of Graphite Production per month (24,000 tonnes a year) from 1 July 2020 for a minimum period of 24 months, total 48,000 tonnes.
- The obligations of the parties in relation to the Binding Supply Agreement are subject to Korea Graphite entering into, by the Due Date, one or more binding offtake agreements in Korea for the on-sale of Graphite Production to end-users on the best prices reasonably achievable by Korea Graphite and otherwise on usual commercial terms acceptable to Korea Graphite and DNI acting reasonably (“Offtake Agreements”), and,
- the Graphite Production supplied under the Supply Agreement must comply with the specifications as the End Users may specify in their Offtake Agreements.
- The purchase prices payable by KGL for the Graphite Production under the terms of the Supply Agreement will be the same as the DNI approved purchase prices payable by the End Users under the Offtake Agreements less 10% of such amounts (which amount is to be retained by KGL by way of a marketing fee). The marketing fee will be split 50:50 between DNI for flake graphite not sourced from DNI’s projects (excluding Peninsula’s Korean projects).
About Korea Graphite:
Korea Graphite is a 100% owned subsidiary of ASX listed Peninsula Mines Ltd (“Peninsula”). Peninsula is an Australian listed, exploration/development company focused on developing opportunities for mineral discovery and production in South Korea. Peninsula is well established in South Korea, having worked in the Country for over five years.
Korea Graphite have tenements and tenement applications in South Korea with fine to large and jumbo flake graphite identified. Peninsula intends to progress these and other projects to JORC compliant resource definition and, potentially, development of mining and flake graphite concentrate production for spherical graphite – lithium-ion (“Li-ion”) battery applications and/or expandable graphite and other markets in Korea.
Peninsula signed a Memorandum of Understanding (“MOU”) with Korean expandable graphite producer, Graphene Korea, in June 2017, which envisages long-term strategic cooperation with respect to offtake of graphite concentrate and development of graphite mining and processing projects both within and potentially outside Korea, e.g. Madagascar.
Peninsula is also engaged in advanced discussions with other flake-graphite end-users in Korea regarding feed for Li-ion battery anode manufacture and potentially large-flake graphite for refractories in the steel making industry.
About DNI Metals
Certain advisors and directors of DNI have significant operational experience at historical hard rock graphite mines in Canada (e.g. Ontario and Quebec) and Australia. Between them, they have built three (3) processing plants and designed two (2) others; all, which were shut down in the 1990,’s due to increased Chinese competition. Keith Minty, a director, previously worked at Cal Graphite near Kearny, Ontario.
It was our team’s understanding of the high production and capital expenditure costs associated with so-called “hard rock” graphite mining that inspired DNI to search for saprolite-hosted graphite deposits.
Certain parts Madagascar and Brazil, produce graphite from weathered material called saprolite.
According to Dictionary.com, saprolite is described as:
“Soft, thoroughly decomposed and porous rock, often rich in clay, formed by the in place chemical weathering of igneous, metamorphic, or sedimentary rocks. Saprolite is especially common in humid and tropical climates. It is usually reddish brown or grayish white and contains those structures (such as cross-stratification) that were present in the original rock from which it formed.”
DNI owns two permitted, saprolite-hosted graphite deposits in Madagascar; located 50kms from the country’s main seaport. The deposits are located less than two (2) kms from the paved national highway. DNI intends to develop the Vohitsara project, should the economic viability and technical feasibility be established. DNI has not yet established mineral resources or mineral reserves supported by a PEA or mining study (PFS or FS).
DNI – CSE
DMNKF – OTC
Issued: 120,698,403
For further information, contact:
DNI Metals Inc. – Dan Weir, CEO 416-595-1195
Also visit www.dnimetals.com
Forward-looking Statements
This press release contains forward-looking statements, including statements that relate to, among other things, the following: (i) the geological characteristics of the projects; (ii) the potential to discover additional mineralization and to extend the area of mineralization; (iii) the potential to raise additional financing; and (iv) the potential to expand and upgrade the resource estimate of the projects. Forward-looking information is subject to the risks, uncertainties and other important factors that could cause the Company’s actual performance to differ materially from that expressed in or implied by such statements. Such factors include, but are not limited to volatility and sensitivity to market metal prices, impact of change in foreign exchange rates, interest rates, imprecision in resource estimates, imprecision in opinions on geology, environmental risks including increased regulatory burdens, unexpected geological conditions, adverse mining conditions, changes in government regulations and policies, including laws and policies; and failure to obtain necessary permits and approvals from government authorities, and other development and operating risks, and can generally be identified by the use of words such as “may”, “will”, “could”, “should”, “would”, “likely”, “possible”, “expect”, “intend”, “estimate”, “anticipate”, “believe”, “plan”, “objective”, “hope” and “continue” (or the negative thereof) and words and expressions of similar import. Although DNI believes that the expectations reflected in such forward-looking statements are reasonable, such statements involve risks and uncertainties, and undue reliance should not be placed on such statements. Certain material factors or assumptions are applied in making forward-looking statements, and actual results may differ materially from those expressed or implied in such statements. Additional information about material factors that could cause actual results to differ materially from expectations and about material factors or assumptions applied in making forward-looking statements may be found in the Company’s most recent annual and interim Management’s Discussion and Analysis under “Risk and Uncertainties” as well as in other public disclosure documents filed with Canadian securities regulatory authorities. Forward-looking statements are provided for the purpose of providing information about management’s current expectations and plans relating to the future. Readers are cautioned that such information may not be appropriate for other purposes. The Company does not undertake any obligation to update publicly or to revise any of the forward-looking statements contained in this document, whether as a result of new information, future events or otherwise, except as required by law.
SOURCE: DNI Metals Inc.
VANCOUVER, British Columbia, Nov. 21, 2018 (GLOBE NEWSWIRE) — Millrock Resources Inc. (TSX-V: MRO, OTCQX: MLRKF) (“Millrock”) is pleased to report that another drilling program is underway at the La Navidad gold project in Sonora State, Mexico. The program will focus on the northwestern portion of the project. Four holes are planned at the El Tigre prospect, where gold has been detected by soil sampling in the vicinity of historic mine workings. Northwest trending high angle structures appear to control mineralization. Three holes are planned to test the El Chupadero prospect where alteration (decalcification and jasperoid replacement of limestone) points to the possibility of an intrusion-related gold deposit. In total, seven holes totaling 1,500 meters are planned. The exploration work is being funded under an option to joint venture agreement by Centerra Gold Inc. (“Centerra”).
At El Picacho, a drilling program consisting of 2007.8 meters in eleven holes was recently completed. Only narrow gold-bearing intersections were detected. The table on the following page indicates core sample assay results exceeding 0.1 gram of gold per tonne.
| Drill hole # | Sample # | From (m) | To (m) | Length (m) | Au ppm |
| P18-001D | 526007 | 8.00 | 9.00 | 1.00 | 0.140 |
| P18-001D | 526143 | 132.00 | 134.00 | 2.00 | 0.188 |
| P18-002D | 526394 | 165.00 | 166.00 | 1.00 | 0.216 |
| P18-003D | 526517 | 70.00 | 71.00 | 1.00 | 0.333 |
| P18-003D | 526463 | 21.00 | 22.00 | 1.00 | 0.377 |
| P18-004D | 526694 | 26.00 | 27.00 | 1.00 | 0.723 |
| P18-004D | 526695 | 27.00 | 28.00 | 1.00 | 0.241 |
| P18-004D | 526698 | 30.00 | 31.00 | 1.00 | 0.206 |
| P18-004D | 526699 | 31.00 | 32.00 | 1.00 | 0.194 |
| P18-004D | 526702 | 34.00 | 35.00 | 1.00 | 0.314 |
| P18-004D | 526791 | 115.00 | 116.00 | 1.00 | 0.123 |
| P18-005D | 526956 | 36.00 | 37.00 | 1.00 | 0.341 |
| P18-006D | 527041 | 1.00 | 2.00 | 1.00 | 0.160 |
| P18-006D | 527088 | 44.00 | 45.00 | 1.00 | 0.116 |
| P18-006D | 527100 | 55.00 | 56.00 | 1.00 | 0.118 |
| P18-007D | 527232 | 82.00 | 83.00 | 1.00 | 2.022 |
| P18-007D | 527236 | 86.00 | 87.00 | 1.00 | 0.152 |
| P18-008D | 527429 | 165.00 | 166.25 | 1.25 | 0.471 |
| P18-008D | 527430 | 166.25 | 166.75 | 0.50 | 5.679 |
| P18-008D | 527432 | 166.75 | 168.00 | 1.25 | 0.183 |
Quality Control – Quality Assurance
Millrock adheres to stringent Quality Assurance – Quality Control (“QA/QC”) standards. For the El Picacho and La Navidad drill programs drill core and rock samples are kept in a secure location at all times. Rock samples are assayed at the Bureau Veritas laboratory in Hermosillo, Mexico. Preparation and analysis methods are described in further detail here. The sample preparation method code being utilized for the current rock sampling program was PRP70-250. Analysis methods used include FA430 (30 gr/Fire Assay/ICP) and AQ-200 (Aqua Regia – ICP/MS). For every 20 rock samples a blank sample known to contain less than 3 parts per billion gold or a standard sample (Certified Reference Materials) of known gold concentration, or a duplicate sample was also analyzed. The Qualified Person is of the opinion that the results reported in this press release are reliable.
PolarX Shares
Millrock recently sold 9,203,968 shares for A$497,014. While Millrock continues to be a strong believer in the Alaska Range Project, from an overall corporate standpoint it made sense to realize some profit, while still retaining significant upside exposure for shareholders. Millrock continues to hold 10,000,000 shares of PolarX and is entitled to a production royalty, an advanced minimum royalty, and certain milestone payments.
Liberty Bell Project
A wholly – owned subsidiary of Kinross Gold Corporation has provided notice to Millrock that it will terminate its option on the Liberty Bell project. The termination will be effective December 8, 2018. Millrock intends to seek another partner to test by drilling the numerous targets that have been developed by Kinross and Millrock over the past two years. Millrock thanks Kinross for the investment it has made and its technical contributions to the project.
Qualified Person
The scientific and technical information disclosed within this document has been prepared, reviewed and approved by Gregory A. Beischer, President, CEO and a director of Millrock Resources. Mr. Beischer is a Qualified Person as defined in NI 43-101.
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.
VANCOUVER, British Columbia, Nov. 21, 2018 (GLOBE NEWSWIRE) — Metallic Minerals Corp. (TSX-V: MMG; US OTC: MMNGF) (“Metallic Minerals” or the “Company”) announces that it has closed two concurrent, non-brokered private placements resulting in total gross proceeds to the Company of $900,834 through the issuance of 4,039,971 units. Metallic Minerals will issue 3,415,221 non-flow-through units at a price of $0.22 per unit for total gross proceeds of $751,350, where each non-flow-through unit will consist of one common share of the Company and one-half share purchase warrant. The Company will also issue 622,854 flow-through units at a price of $0.24 per unit for gross total proceeds of $149,485, where each flow-through unit will consist of one flow-through common share of the Company and one-half non-flow-through share purchase warrant. Each whole warrant (a “Warrant”) will entitle the holder to acquire one common share of the Company at an exercise price of $0.33 for a period of 36 months following the closing date of the private placement (the “Closing Date”).
If, at any time after the Closing Date, the closing price of Metallic Minerals common shares on the TSX Venture Exchange is greater than $0.44 per share for a period of 10 consecutive trading days, the Company may elect to accelerate the expiry date of part or all of the Warrants, at any date that is four months and one day after the Closing Date, by giving notice thereof to the holders of the Warrants. In such case, that portion of the Warrants would be subject to an expiry date that is 30 business days after the date on which such notice is given by the Company.
Proceeds of the Metallic Minerals financings will be used on the Company’s Keno Silver and McKay Hill projects in Canada’s Yukon Territory, and for general corporate purposes. All securities issued pursuant to the placements will be subject to a hold period of four months and one day from the date of closing. The financings are subject to regulatory approval.
“We are pleased to complete these financings for Metallic Minerals which were undertaken concurrently with independent private placements at the two other companies that make up the Metallic Group of Companies, including Group Ten Metals (PGE.V) and Granite Creek Copper (GCX-H.V). In aggregate, the Metallic Group companies anticipate raising in excess of $3 million in new funding despite what continues to be challenging market conditions,” stated Greg Johnson, CEO of Metallic Minerals and Chairman of the Metallic Group.
Mr. Johnson continued, “The Metallic Group founders and team members include a number of highly successful explorationists formerly with some of the industry’s leading explorer/developers and major producers. Over the past two years the team has been building a platform of exploration companies focused on consolidating large brownfields assets adjacent to some of the industry’s highest-grade producers of silver, platinum group metals and copper. We believe this strategy creates the opportunity for discovery of large, high-quality deposits in these historic and politically stable mining districts through the application of new models and technology by our experienced exploration teams.”
“By acquiring these low political risk, high potential properties in the low part of the metal price cycle, we are creating value for shareholders that would not likely be available during other parts of the cycle. With the acquisition of these key, district-scale assets complete, our experienced teams are undertaking a systematic approach to exploration to facilitate new discoveries in these proven brownfields districts, where existing road, power and other infrastructure may allow for greatly reduced capital costs and faster timelines for development when compared to remote ‘greenfields’ deposits.”
“Based on the geologic target models for each of the Metallic Group companies’ properties, along with the current depressed stage of the metal price cycle, we believe that each of the three companies in the group has the potential for significant growth over the next several years, through the potential discovery and advancement of new resources in the Keno Hill Silver District, Stillwater PGM-Ni-Cu district and Carmacks copper district. We look forward to reporting results of our 2018 work programs in the coming weeks and months.”
About the Keno Silver Project
Metallic Minerals holds a 166-square kilometer land position in the prolific Keno Hill Silver District; one of the world’s highest-grade silver districts, with 300 million ounces of past production and current resources. Based on the shallow depth of production, recent major discoveries and highly-prospective geology, the district has potential to become one of the world’s premier silver producing regions. Keno Hill has over 100 years of mining and exploration history, yet recent major discoveries demonstrate the excellent potential for delineation of new world-class deposits through systematic modern exploration along the known mineralized structural corridors. With 10 of these known mineralized trends traversing Metallic Minerals’ holdings, the company is focused on identifying and rapidly advancing the most prospective targets toward resource definition. Over past two years, Metallic Minerals has moved from acquisition through to its inaugural field programs with the advancement of three targets to a resource delineation stage, six targets to drill ready stage, and 20 early stage targets identified for assessment.
About Metallic Minerals
Metallic Minerals is a growth-stage exploration company focused on the acquisition and development of high-grade silver and gold in the Yukon. The Company’s objective is to create value through a systematic approach to exploration, reducing investment risk and maximizing the probability of long-term success. In addition to Metallic Minerals’ Keno Silver Project, located in the historic high-grade Keno Hill Silver District, the Company is advancing the McKay Hill Project, a high-grade historical silver-gold producer, northeast of Keno Hill. Metallic Minerals is also building a portfolio of gold royalties in the historic Klondike Gold District. The Company is led by a team with a track record of discovery and exploration success, including large-scale development, permitting and project financing.
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 silver, platinum group metals and copper. Member companies include Metallic Minerals (MMG.V) in the Yukon’s Keno Hill Silver District, Group Ten Metals (PGE.V) in the Stillwater PGM-Ni-Cu district of Montana, 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.
FOR FURTHER INFORMATION, PLEASE CONTACT:
Website: www.metallic-minerals.com Phone: 604-629-7800
Email: chris.ackerman@metallic-minerals.com Toll Free: 1-888-570-4420
Qualified Person
Scott Petsel, P.Geo, Vice President, Exploration and an employee of Metallic Minerals Corp., is a Qualified Person as defined by National Instrument 43-101. Mr. Petsel has reviewed the scientific and technical information in this news release and approves the disclosure contained herein.
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 Metallic Minerals 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 Metallic Minerals 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.
VANCOUVER, British Columbia, Nov. 21, 2018 (GLOBE NEWSWIRE) — Allegiant Gold Ltd. (“ALLEGIANT”) (AUAU:TSX-V) (AUXXF:OTCQX) is pleased to report on the progress of its high-impact discovery drilling campaign. A total of 6 projects located principally in the world-class gold mining jurisdiction of Nevada are slated for drilling over a 10-12 month period to approximately June 2019; drilling commenced at the Red Hills project in August 2018 (see press release of August 22, 2018) and at Hughes Canyon in October 2018 (see press release of October 2, 2018).
ALLEGIANT completed 2,342 meters of rotary drilling in 9 holes at the Red Hills Project, Nevada in late September 2018. The drilling successfully intersected its targets – a buried quartz monzonite intrusive, and the Cambrian limestones along the margins of the intrusive. All assays have been received and all holes were negative. Only slight concentrations of base metals and silver were encountered. No further work is planned at Red Hills.
ALLEGIANT completed 2,139 meters of drilling in 12 rotary holes at the Hughes Canyon gold project, Nevada in October 2018. Drilling was on the pediment along the west margin of the Stillwater Range where bedrock was intersected from 30 to 100 meters of depth. Ten (10) of the 12 holes encountered hydrothermal alteration hosted by a structurally complex package of Mesozoic sedimentary rocks. Assay are pending for Hughes Canyon.
ALLEGIANT began drilling at the North Brown project, located on the Battle Mountain Gold Trend in Nevada, in November, 2018. Rocks exposed at North Brown are Paleozoic carbonate and clastic rocks, largely of Devonian age intruded by variably altered Tertiary dikes. Surface samples at North Brown ranged from nil to 9 g/t Au. Geochemistry and alteration is characteristic of Carlin-type gold mineralization in Nevada. North Brown is a new prospecting discovery and has not been previously drilled by any companies. ALLEGIANT plans 1,900 to 2,000 meters of rotary drilling in the initial phase at North Brown.
Qualified Person
Andy Wallace is a Certified Professional Geologist (CPG) with the American Institute of Professional Geologists and is a Qualified Person as defined under National Instrument 43-101 – Standards of Disclosure for Mineral Projects. Mr. Wallace has reviewed and approved the technical content of this press release.
ABOUT ALLEGIANT
ALLEGIANT owns 100% of 14 highly-prospective drill-ready gold projects in the United States, 11 of which are located in the mining-friendly jurisdiction of Nevada. Six of the projects are slated for near-term drilling and all offer excellent discovery opportunity. ALLEGIANT’s flagship Eastside project hosts a large and expanding gold resource, is district scale, and is located in an area of excellent infrastructure. Preliminary metallurgical testing indicates that both oxide and sulphide gold mineralization at Eastside is amenable to heap leaching.
Further information regarding ALLEGIANT can be found at www.allegiantgold.com.
ON BEHALF OF THE BOARD,
Robert F. Giustra
Chairman & CEO
For more information contact:
Investor Relations
(604) 634-0970 or
1-888-818-1364
ir@allegiantgold.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward Looking Statements
Certain statements and information contained in this press release constitute “forward-looking statements” within the meaning of applicable U.S. securities laws and “forward-looking information” within the meaning of applicable Canadian securities laws, which are referred to collectively as “forward-looking statements”. The United States Private Securities Litigation Reform Act of 1995 provides a “safe harbor” for certain forward-looking statements. Forward-looking statements are statements and information regarding possible events, conditions or results of operations that are based upon assumptions about future economic conditions and courses of action. All statements and information other than statements of historical fact may be forward-looking statements. In some cases, forward-looking statements can be identified by the use of words such as “seek”, “expect”, “anticipate”, “budget”, “plan”, “estimate”, “continue”, “forecast”, “intend”, “believe”, “predict”, “potential”, “target”, “may”, “could”, “would”, “might”, “will” and similar words or phrases (including negative variations) suggesting future outcomes or statements regarding an outlook. Forward-looking statements in this and other press releases include but are not limited to statements and information regarding ALLEGIANT’s drilling and exploration plans for its properties, including anticipated timing thereof; and the Eastside project’s resource expansion. Such forward-looking statements are based on a number of material factors and assumptions and involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements, or industry results, to differ materially from those anticipated in such forward-looking information. You are cautioned not to place undue reliance on forward-looking statements contained in this press release. Some of the known risks and other factors which could cause actual results to differ materially from those expressed in the forward-looking statements are described in the sections entitled “Risk Factors” in ALLEGIANT’s Listing Application, dated January 24, 2018, as filed with the TSX Venture Exchange and available on SEDAR under ALLEGIANT’s profile at www.sedar.com. Actual results and future events could differ materially from those anticipated in such statements. ALLEGIANT undertakes no obligation to update or revise any forward-looking statements included in this press release if these beliefs, estimates and opinions or other circumstances should change, except as otherwise required by applicable law.