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This press release corrects, replaces and entirely supersedes the prior version published on November 21, 2022 at 4:00 PM ET
VANCOUVER, BC / ACCESSWIRE / November 22, 2022 / Granite Creek Copper Ltd. (TSXV:GCX)(OTCQB:GCXXF) (“Granite Creek” or the “Company“) is pleased to announce results from an Induced Polarization (“IP”) survey conducted on the Company’s 100%-owned Carmacks copper-gold-silver project (“Carmacks” or the “Deposit”) in the Minto Copper District of central Yukon, Canada. The large, highly prospective, potential resource expansion targets identified adjacent to or near the proposed open pits warrant follow-up exploration in upcoming campaigns. The Company further announces it has closed the second and final tranche of the private placement financing described in a news release dated October 5, 2022.
President & CEO, Tim Johnson, stated, “These multiple new zones and targets adjacent to the conceptual open pits, as defined by the March NI 43-101 Mineral Resource Estimate update, further highlight the prospectivity of our Carmacks project. Our team continues to do excellent work at Carmacks and we are confident in our ability to expand known mineralization and make new discoveries in the lesser explored parts of the 176km2 project. The current focus is the completion of the upcoming PEA and we look forward to reporting on the robust economics of the Carmacks project in the near term.”
Survey Overview
The first survey line (Line 1100S) was conducted over Zone 147 to investigate the correlation between known copper sulphide mineralization and the chargeability response from the Simcoe Geophysics deep-penetrating IP survey (see Figure 2 below). Subsequent survey lines were conducted over near-deposit target areas.
The results of the survey were enhanced by Resistivity Scaled Chargeability (“RSC”). RSC is a ratio of chargeability to resistivity (electrical properties measured by the IP survey) with the applied ratio determined by comparing various ratios to known mineralized bodies. The well-defined Zone 147 was used as a model to determine the RSC ratio that best fit the known mineralization. (See Figure 4 below).
Figure 1 – Carmacks Copper-Gold Project Location
Granite Creek Copper Ltd., Monday, November 21, 2022, Press release picture
Line 1100S, surveyed over defined sulfide copper mineralization in Zone 147, established a model for the RSC response and identified a new zone ~920 meters to the west. This new zone, named the Sourtoe Zone, extends 200m south to Line 1300S. This zone has been investigated with soil samples and trenching, exposing visually mineralized material close to surface (results pending). The soils and trenching were designed to evaluate the geochemical and geological signatures of this near-surface IP response and their similarities to known mineralized zones.
Figure 3 – 2022 IP Survey Line 1100S
Granite Creek Copper Ltd., Monday, November 21, 2022, Press release picture
Line 1300S shows a potential continuation of the Sourtoe Zone, giving the zone a minimum of 200m strike length as well as a new, deeper target, the 147 Deep Target, several hundred meters below the proposed 147 pit.
Figure 4 – 2022 IP Survey Line 1300S
Granite Creek Copper Ltd., Monday, November 21, 2022, Press release picture
Line 1500S, designed to test the gap area between zones 2000 and 147 (the “Gap Zone”), was successful in identifying a significant anomaly that is offset to the west from both zones. 3D modeling of historic drilling shows that this target has not been drill tested and could represent a southern extension of the 147 zone. The Gap Zone Target is a top candidate for additional near-deposit exploration (See figure 4). Additionally, a new, deeper target area that appears on this line and extends to line 1700S has been identified as the 58 Target.
Figure 5 – 2022 IP Survey Line 1500S
Granite Creek Copper Ltd., Monday, November 21, 2022, Press release picture
Line 1700S, located 200m south of Line 1500S, shows the probable Gap Zone Target continuing southwards towards Zone 2000 as well as the newly identified 58 Target. Additionally, a shallow anomaly east of the proposed pit is identified as a possible continuation of Zone 4 proximal to the 147 pit.
Figure 6 – 2022 IP Survey Line 1700S
Granite Creek Copper Ltd., Monday, November 21, 2022, Press release picture
Line 3300S, the southern most line completed in this survey highlights the potentiality of the area underneath the proposed 1213 pit. Additionally, an anomaly on the western portion of the line has been identified as 1213 west target for further follow up. With the current pit design bottoming out at 180 meters there remains significant room to grow the resource in this area. Additional lines on 200m spacing over the 1213 area are planned for subsequent geophysical campaigns to further define the zone.
Figure 7 – 2022 IP Survey Line 3300S
Granite Creek Copper Ltd., Monday, November 21, 2022, Press release picture
The Company announces the completion of the second tranche of the previously announced private placement offering (the “Offering”) which has raised aggregate proceeds of $148,700 through the issuance of a total of 1,142,667 non-flow-through units and 572,727 flow-through shares (the “Offering”). The Offering remains subject to the final approval of the TSX Venture Exchange.
The Company issued an aggregate of 1,933,273 flow-through shares (“FT shares”) at a price of $0.11 per share, to raise proceeds of $212,660.03 to incur Canadian Exploration Expenses (“CEE”) under the Income Tax Act (Canada). The Company raised a further $193,799.93 through the issuance of 2,583,999 non flow-through units at a price of $0.075 with each unit consisting of one common share of the Company and one warrant (a “Warrant”), with each Warrant allowing the holder to purchase one common share of the Company at a price of $0.10 per share for twenty-four months from the Closing Date of the Offering.
All shares issued under the Offering are subject to a hold period of four months and one day from issuance in accordance with applicable securities laws and the policies of the TSX Venture Exchange. The Shares have not been, and will not be, registered under the U.S. Securities Act or any U.S. state securities laws and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons, absent registration or any applicable exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. The Offering remains subject to the final approval of the TSX Venture Exchange.
The Company has agreed to pay finders’ fees totalling of $13,259 in cash or shares on a portion of the Private Placement and to issue 127,042 finder warrants. Each finder warrant is exercisable into one common share of the Company at a price of $0.10 per share for a period of 24 months from the date of closing.
The Offering constitutes a related party transaction within the meaning of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”), as insiders of the Company subscribed for an aggregate of 600,001 units for proceeds of $48,500.08. The Company relied on the exemptions in Section 5.5(b) – Issuer Not Listed on Specified Markets from the formal valuation requirements of MI 61-101 and relied on the exemption in Section 5.7(1)(a) – Fair Market Value Not More Than 25 Per Cent of Market Capitalization from the minority shareholder approval requirements of MI 61-101. The Company did not file a material change report at least 21 days before the expected closing date of the Offering as the aforementioned insider participation had not been confirmed at that time and the Company wished to close the Offering as expeditiously as possible.
Qualified Persons
Ms. Debbie James, P.Geo., a qualified person for the purposes of National Instrument 43-101, has reviewed and approved the technical disclosure contained in this news release. Ms. James is a Senior Geologist with TruePoint Exploration and a Project Manager at Carmacks.
About Granite Creek Copper
Granite Creek, a member of the Metallic Group of Companies, is a Canadian exploration company focused on the 176km2 Carmacks project in the Minto copper district of Canada’s Yukon Territory. The project hosts a National Instrument 43-101 compliant mineral resource estimate consisting of 36.2 million tonnes grading 0.81% Cu, 0.31 g/t Au and 3.41 g/t Ag on trend with Minto Metals’ high-grade Minto copper-gold mine and features excellent access to infrastructure with the nearby paved Yukon Highway 2, along with grid power within 12 km. More information about Granite Creek Copper can be viewed on the Company’s website at www.gcxcopper.com.
This news release includes certain statements that may be deemed “forward-looking statements”. All statements in this release, other than statements of historical facts including, without limitation, statements regarding potential mineralization, historic production, estimation of mineral resources, the realization of mineral resource estimates, interpretation of prior exploration and potential exploration results, the timing and success of exploration activities generally, the timing and results of future resource estimates, permitting time lines, metal prices and currency exchange rates, availability of capital, government regulation of exploration operations, environmental risks, reclamation, title, and future plans and objectives of the company are forward-looking statements that involve various risks and uncertainties. Although Granite Creek Copper believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Forward-looking statements are based on a number of material factors and assumptions. Factors that could cause actual results to differ materially from those in forward-looking statements include failure to obtain necessary approvals, unsuccessful exploration results, changes in project parameters as plans continue to be refined, results of future resource estimates, future metal prices, availability of capital and financing on acceptable terms, general economic, market or business conditions, risks associated with regulatory changes, defects in title, availability of personnel, materials and equipment on a timely basis, accidents or equipment breakdowns, uninsured risks, delays in receiving government approvals, unanticipated environmental impacts on operations and costs to remedy same, and other exploration or other risks detailed herein and from time to time in the filings made by the companies with securities regulators. Readers are cautioned that mineral resources that are not mineral reserves do not have demonstrated economic viability. Mineral exploration and development of mines is an inherently risky business. Accordingly, the actual events may differ materially from those projected in the forward-looking statements. For more information on Granite Creek Copper and the risks and challenges of their businesses, investors should review their annual filings that are available at www.sedar.com.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
VANCOUVER, BC / ACCESSWIRE / November 21, 2022 / Granite Creek Copper Ltd. (TSXV:GCX | OTCQB:GCXXF) (“Granite Creek” or the “Company“) is pleased to announce results from an Induced Polarization (“IP”) survey conducted on the Company’s 100%-owned Carmacks copper-gold-silver project (“Carmacks” or the “Deposit”) in the Minto Copper District of central Yukon, Canada. The large, highly prospective, potential resource expansion targets identified adjacent to or near the proposed open pits warrant follow-up exploration in upcoming campaigns. The Company further announces it has closed the second and final tranche of the private placement financing described in a news release dated October 5, 2022.
President & CEO, Tim Johnson, stated, “These multiple new zones and targets adjacent to the conceptual open pits, as defined by the March NI 43-101 Mineral Resource Estimate update, further highlight the prospectivity of our Carmacks project. Our team continues to do excellent work at Carmacks and we are confident in our ability to expand known mineralization and make new discoveries in the lesser explored parts of the 176km2 project. The current focus is the completion of the upcoming PEA and we look forward to reporting on the robust economics of the Carmacks project in the near term.”
Survey Overview
The first survey line (Line 1100S) was conducted over Zone 147 to investigate the correlation between known copper sulphide mineralization and the chargeability response from the Simcoe Geophysics deep-penetrating IP survey (see Figure 2 below). Subsequent survey lines were conducted over near-deposit target areas.
The results of the survey were enhanced by Resistivity Scaled Chargeability (“RSC”). RSC is a ratio of chargeability to resistivity (electrical properties measured by the IP survey) with the applied ratio determined by comparing various ratios to known mineralized bodies. The well-defined Zone 147 was used as a model to determine the RSC ratio that best fit the known mineralization. (See Figure 4 below).
Figure 1 – Carmacks Copper-Gold Project Location
Granite Creek Copper Ltd., Monday, November 21, 2022, Press release picture
Figure 2 – Location of 2022 Simcoe IP Lines
Granite Creek Copper Ltd., Monday, November 21, 2022, Press release picture
Select Results
Line 1100S, surveyed over defined sulfide copper mineralization in Zone 147, established a model for the RSC response and identified a new zone ~920 meters to the west. This new zone, named the Sourtoe Zone, extends 200m south to Line 1300S. This zone has been investigated with soil samples and trenching, exposing visually mineralized material close to surface (results pending). The soils and trenching were designed to evaluate the geochemical and geological signatures of this near-surface IP response and their similarities to known mineralized zones.
Figure 3 – 2022 IP Survey Line 1100S
Granite Creek Copper Ltd., Monday, November 21, 2022, Press release picture
Line 1300S shows a potential continuation of the Sourtoe Zone, giving the zone a minimum of 200m strike length as well as a new, deeper target, the 147 Deep Target, several hundred meters below the proposed 147 pit.
Figure 4 – 2022 IP Survey Line 1300S
Granite Creek Copper Ltd., Monday, November 21, 2022, Press release picture
Line 1500S, designed to test the gap area between zones 2000 and 147 (the “Gap Zone”), was successful in identifying a significant anomaly that is offset to the west from both zones. 3D modeling of historic drilling shows that this target has not been drill tested and could represent a southern extension of the 147 zone. The Gap Zone Target is a top candidate for additional near-deposit exploration (See figure 4). Additionally, a new, deeper target area that appears on this line and extends to line 1700S has been identified as the 58 Target.
Figure 5 – 2022 IP Survey Line 1500S
Granite Creek Copper Ltd., Monday, November 21, 2022, Press release picture
Line 1700S, located 200m south of Line 1500S, shows the probable Gap Zone Target continuing southwards towards Zone 2000 as well as the newly identified 58 Target. Additionally, a shallow anomaly east of the proposed pit is identified as a possible continuation of Zone 4 proximal to the 147 pit.
Figure 6 – 2022 IP Survey Line 1700S
Granite Creek Copper Ltd., Monday, November 21, 2022, Press release picture
Line 3300S, the southern most line completed in this survey highlights the potentiality of the area underneath the proposed 1213 pit. Additionally, an anomaly on the western portion of the line has been identified as 1213 west target for further follow up. With the current pit design bottoming out at 180 meters there remains significant room to grow the resource in this area. Additional lines on 200m spacing over the 1213 area are planned for subsequent geophysical campaigns to further define the zone.
Figure 7 – 2022 IP Survey Line 3300S
Granite Creek Copper Ltd., Monday, November 21, 2022, Press release picture
Closing of Second Tranche of Private Placement
The Company announces the completion of the previously announced private placement offering which has raised aggregate proceeds of $148,700 through the issuance of a total of 1,142,667 non-flow-through units and 572,727 flow-through shares (the “Offering”). The Offering remains subject to the final approval of the TSX Venture Exchange.
The Company issued XX flow-through shares (“FT shares”) at a price of $0.11 per share, to raise proceeds of $XX to incur Canadian Exploration Expenses (“CEE”) under the Income Tax Act (Canada). The Company issued a total of XX units at a price of $0.075 with each unit consisting of one common share of the Company and one warrant (a “Warrant”), with each Warrant allowing the holder to purchase one common share of the Company at a price of $0.10 per share for twenty-four months from the Closing Date of the Offering.
The Shares are subject to a hold period of four months and one day from issuance in accordance with applicable securities laws and the policies of the TSX Venture Exchange. The Shares have not been, and will not be, regis-tered under the U.S. Securities Act or any U.S. state securities laws and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons, absent registration or any applicable exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws.
The Company has agreed to pay finders’ fees totalling of $13,259 in cash or shares on a portion of the Private Placement and to issue 127,042 finder warrants. Each finder warrant is exercisable into one common share of the Company at a price of $0.10 per share for a period of 24 months from the date of closing.
The Offering constitutes a related party transaction within the meaning of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”), as insiders of the Company subscribed for an aggregate of 600,001 units for proceeds of $48,500.08. The Company relied on the exemptions in Section 5.5(b) – Issuer Not Listed on Specified Markets from the formal valuation requirements of MI 61-101 and relied on the exemption in Section 5.7(1)(a) – Fair Market Value Not More Than 25 Per Cent of Market Capitalization from the minority shareholder approval requirements of MI 61-101. The Company did not file a material change report at least 21 days before the expected closing date of the Offering as the aforementioned insider participation had not been confirmed at that time and the Company wished to close the Offering as expeditiously as possible.
Qualified Persons
Ms. Debbie James, P.Geo., a qualified person for the purposes of National Instrument 43-101, has reviewed and approved the technical disclosure contained in this news release. Ms. James is a Senior Geologist with TruePoint Exploration and a Project Manager at Carmacks.
About Granite Creek Copper
Granite Creek, a member of the Metallic Group of Companies, is a Canadian exploration company focused on the 176km2 Carmacks project in the Minto copper district of Canada’s Yukon Territory. The project hosts a National Instrument 43-101 compliant mineral resource estimate consisting of 36.2 million tonnes grading 0.81% Cu, 0.31 g/t Au and 3.41 g/t Ag on trend with Minto Metals’ high-grade Minto copper-gold mine and features excellent access to infrastructure with the nearby paved Yukon Highway 2, along with grid power within 12 km. More information about Granite Creek Copper can be viewed on the Company’s website at www.gcxcopper.com.
This news release includes certain statements that may be deemed “forward-looking statements”. All statements in this release, other than statements of historical facts including, without limitation, statements regarding potential mineralization, historic production, estimation of mineral resources, the realization of mineral resource estimates, interpretation of prior exploration and potential exploration results, the timing and success of exploration activities generally, the timing and results of future resource estimates, permitting time lines, metal prices and currency exchange rates, availability of capital, government regulation of exploration operations, environmental risks, reclamation, title, and future plans and objectives of the company are forward-looking statements that involve various risks and uncertainties. Although Granite Creek Copper believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Forward-looking statements are based on a number of material factors and assumptions. Factors that could cause actual results to differ materially from those in forward-looking statements include failure to obtain necessary approvals, unsuccessful exploration results, changes in project parameters as plans continue to be refined, results of future resource estimates, future metal prices, availability of capital and financing on acceptable terms, general economic, market or business conditions, risks associated with regulatory changes, defects in title, availability of personnel, materials and equipment on a timely basis, accidents or equipment breakdowns, uninsured risks, delays in receiving government approvals, unanticipated environmental impacts on operations and costs to remedy same, and other exploration or other risks detailed herein and from time to time in the filings made by the companies with securities regulators. Readers are cautioned that mineral resources that are not mineral reserves do not have demonstrated economic viability. Mineral exploration and development of mines is an inherently risky business. Accordingly, the actual events may differ materially from those projected in the forward-looking statements. For more information on Granite Creek Copper and the risks and challenges of their businesses, investors should review their annual filings that are available at www.sedar.com.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
At the recently held Capitalism & Morality seminar, I spoke about the fastest-growing religion in the world. It isn’t Christianity or Islam. It is a cute-looking insidious religion whose consequences won’t be visible until it is too late:
On Investments
I recently traveled with Irving Resources (IRV; C$0.82) in Japan for four days. Most of my time was spent exploring the Yamagano project, a mere eight kilometers from Hishikari, one of the world’s highest-grade gold mines. Yamagano has seen no modern-day drilling. The mine was closed in 1953. While I was there, IRV was in the last phase of completing a geophysical survey.
One of the many closed portals at the Yamagano project
IRV has recently bought two rigs of its own, which should get operational over the next two months. A third rig is already operational at the Omu project in Hokkaido. A lot is happening in Irving next year, and they have C$16 million in cash. I am accumulating.
Aztec Minerals (AZT; C$0.28) continues drilling at its Cervantes project in Mexico with fabulous results. They should also start working on their Tombstone project early next year. In my view, AZT has a very nice upside, with each project justifying the current market capitalization, what I see as a low-risk, high-upside investment.
I attended the fabulously well-organized Precious Metals Summit in Zurich and the 121 Mines show in Frankfurt this week. I am now off to London for another 121 Mines show and the Mines & Money conference.
Finally, mark your calendar. The next Capitalism & Morality seminar will be held on 9th September 2023. Dr. Amy Wax and Maxime Bernier will be the keynote speakers.
Disclaimer: All information found here, including any ideas, opinions, views, predictions, forecasts, commentaries, suggestions, or stock picks, expressed or implied herein, are for informational, entertainment, or educational purposes only and should not be construed as personal investment advice. While the information provided is believed to be accurate, it may include errors or inaccuracies. The sole purpose of these musings is to show my thinking process when analyzing a stock, not to provide any recommendations. I will not and cannot be held liable for any actions you take resulting from anything you read here. Conduct your due diligence, or consult a licensed financial advisor or broker before making any investment decisions. Any investments, trades, speculations, or decisions made based on any information found on this site, expressed or implied herein, are committed at your own risk, financial or otherwise.
As my regular readers fully understand, I am a big fan of measuring sentiment to gauge just where we are in the metals cycle. On September 1st I said we were at a tradable low. That was accurate to the day for silver and gold plodded along for another four weeks before touching the low. I picked that timeframe based mostly on DSI but also use every other way to measure sentiment that I can find including talking to others I have respect for in the industry.
If you are looking for a holiday treat for yourself, the DSI is on sale from now and ending on December 15th at a 60% discount. If you are a serious investor, it is the best tool you will ever find. I know there are half a dozen GURUs out there who claim to be experts who have never made a single accurate call.
I called the top in silver to the day in 2011 and this latest silver bottom to the day. I know of no other writer who can say that. And I am neither a guru nor an expert. I just used the same tools available to all of us.
I have reached out to the people whose judgment I appreciate the most to make sense of what I have seen in the last few months. The sentiment is worse across the board than what I saw back in 2000-2001 when both gold and silver made historic lows. You can see it in the trading volume and absurdly low prices.
It tells me this is your time to make your fortune. I don’t know how many times I have repeated that you have to buy when no one wants to buy and sell when everyone wants to buy. I see dozens of stocks including some real piece of shit stocks with rotten management that have 1000% potential in the near future. Forget reading tealeaves and plucking through chicken entrails and pondering what the Fed might screw up next. Sentiment moves markets but you have to see it. Anyone looking at the DSI and $BPGDM could make the same to the day predictions I have made dozens of times without being a guru.
I’ll say it again. Dolly Varden is silver.
The company has a 163 km land package in the midst of the Golden Triangle in Northern BC, Canada. It consists of two primary parts, the Homestake Ridge with about 20 million ounces of silver with just short of a million ounces of gold. Homestake was bought from Fury for $5 million in cash and 76.5 million DV shares. Fury recently sold 17 million of those shares reducing their overall ownership of Dolly Varden to 26%. The second part would be of course the Dolly Varden property and mine with an additional 44.5 million ounces of silver.
Dolly likes to use both silver and gold equivalent ounces. If using silver Eq, they have a total of 137 million Ag Eq ounces. If using gold it would be 1.83 million Au Eq ounces. With a $133 million CAD market cap and $10 million in cash, Dolly is getting less than $1 CAD an ounce or $.70 USD. Well before the marvelous run up to near $50 an ounce in 2011 silver companies were getting $3 to $5 an ounce USD and it will happen again. Dolly certainly could have a 400-700% move higher when silver investors wake up.
They have not woken up yet. Silver touched a low of $17.56 on September 1st. Last week it hit a high of $22.24 on Wednesday. That is a 26% gain in less than three months. And investors in the resource space have not woken up yet. These subsurface rallies can go higher and faster than you can imagine. It happened in early 2016 and again in 2020 when silver blasted higher from under $12 an ounce to almost $30 in ten months.
Dolly’s 2022 drill program called for 30,000 meters of drilling in 99 holes with four rigs turning. The company is releasing results on a regular basis. Their last press release from November 7, 2022 showed 12.51 meters of 442 g/t Ag. That’s almost $300 rock in USD and highly economic.
One thing that I would like to point out that even I didn’t know, until I poured through their company presentation, is that the ownership is almost totally in the hands of professional investors. Sprott owns 11%, Hecla another 10%, I mentioned Fury with 26% and another 45% in institutional investors. There is a mere 8% in the clutches of retail investors yet they are the people who move the stock. When silver is hot again and it will be, Dolly Varden is going to be the go-to silver stock once again.
Dolly Varden is an advertiser and I participated in their last private placement so I am biased. Please do your own due diligence.
VANCOUVER, British Columbia, Nov. 21, 2022 (GLOBE NEWSWIRE) — Rover Metals Corp. (TSXV: ROVR) (OTCQB: ROVMF) (FSE:4XO) (“Rover” or the “Company”) announces that further to its releases of September 20, 2022, and November 17, 2022, it is pleased to announce that it has now received Toronto Venture Exchange (“TSXV”) approval of its definitive agreement to option a 100% ownership interest in a claystone lithium project (the “Option Agreement”) located in the southwest lithium jurisdiction of the state of Nevada, USA. The Option Agreement is dated with an effective date of November 16, 2022. The land package under option is a district scale lithium claystone deposit situated on Bureau of Land Management land.
Let’s Go Lithium Property, NV, USA The Let’s Go Lithium claystone property is located in Nevada’s famous southwest lithium jurisdiction and is approximately 6,000 acres in size. The Company, through the vendor of the project, and through ALS Laboratories, has verified high-grade lithium surface samples at the project. Highlights of these surface grab samples processed by ALS Laboratories include: Sample# AMZ-8 of 780ppm Li, Sample# AMZ-26 of 910ppm Li, and Sample# AMZ-28 of 710ppm Li. The Company has pulled additional surface grab samples from the project and analysed them with a Handheld Laser Induced Breakdown Spectroscopy (“HH LIBS”). Highlights of the HH LIBS include: 1,218 ppm Li, 778 ppm Li, 724 ppm Li, and 707 ppm Li.
The project includes green energy infrastructure of hydro power lines, and has direct road access, and a nearby town with a readily available work force.
Later-stage comparable claystone lithium projects include Cypress Development’s Clayton Valley project; American Lithium’s TLC project; Noram Lithium’s Zeus project, and Iconic Minerals’ Bonnie Claire project. All of the aforementioned companies are later-stage mining companies, with a NI 43-101 resource definition. Rover’s Nevada Lithium project is greenfields in nature, with no drilling to date. Historic water well drilling at the Let’s Go Lithium property by the USGS indicates that the claystone is near to surface, and over 90 meters in average thickness.
Summary of Future Commitments Under the Option Agreement To earn a 100% ownership interest in the Let’s Go Lithium project the company is required to compensate the owner of project as follows:
Cash
Common Shares
Exploration Commitments
Year 1
Nil
USD20,000 worth of common shares to be issued at the greater of: (1) the 5-day VWAP leading up to January 31, 2023; or (2) $0.065.
Nil
Year 2
USD20,000
USD100,000 of common shares to be issued at the greater of: (1) the 5-day VWAP leading up to January 31, 2024; or (2) $0.065.
USD200,000
Year 3
USD75,000
USD150,000 of common shares to be issued at the greater of: (1) the 5-day VWAP leading up to January 31, 2025; or (2) $0.065.
Nil
Year 4
USD80,000
USD250,000 of common shares to be issued at the greater of: (1) the 5-day VWAP leading up to January 31, 2026; or (2) $0.065.
Nil
Year 5
USD100,000
Nil
Nil
Year 6
USD150,000
Nil
Nil
Year 7
USD75,000
Nil
Nil
Milestone payment at anytime, including after Year 7, of USD500,000 and Rover Metals’ common shares worth USD500,000 to be issued at the greater of: (1) the 5-day VWAP leading up to the date of issuance; or (2) $0.065.
A 2% net smelter royalty (“NSR”) on the first marketable product from the property, less allowable deductions. The NSR includes a one-mile area of interest surrounding the project.
Technical information has been approved by David White, P.Geo., QP for the purposes of NI 43-101. ALS Laboratories is ISO/IEC 17025:2017 and ISO 9001:2015 certified.
Judson Culter, CEO at Rover Metals, states, “The Biden Administration’s Bill for Inflation Reduction and Energy puts milestones in place for critical minerals like Lithium to be produced within North America effective January 1, 2023. Given the mining friendly jurisdiction of Nevada, and the nature of claystones, we see the Let’s Go Lithium project as a shovel ready, fast-tracked opportunity for development.”
About Rover Metals Rover is a publicly traded junior mining company that trades on the TSXV under symbol ROVR, on the OTCQB under symbol ROVMF (temporarily as ROVMD), and on the FSE under symbol 4XO. The Company is now developing both: (1) critical minerals projects; as well as (2) precious metals projects. The Company is exclusive to the mining jurisdictions of Canada and the U.S. Five of the Company’s existing mineral resource development projects are located near to the city of Yellowknife, 60th parallel, Canada.
ON BEHALF OF THE BOARD OF DIRECTORS “Judson Culter” Chief Executive Officer and Director
For further information, please contact: Email: info@rovermetals.com Phone: +1 (778) 754-2617
Statement Regarding Forward-Looking Information This news release contains statements that constitute “forward-looking statements.” Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause Rover’s actual results, performance or achievements, or developments in the industry to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects,” “plans,” “anticipates,” “believes,” “intends,” “estimates,” “projects,” “potential” and similar expressions, or that events or conditions “will,” “would,” “may,” “could” or “should” occur. There can be no assurance that such statements prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements, and readers are cautioned not to place undue reliance on these forward-looking statements. Any factor could cause actual results to differ materially from Rover’s expectations. Rover undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.
THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS NEWS RELEASE REPRESENTS THE EXPECTATIONS OF THE COMPANY AS OF THE DATE OF THIS NEWS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY OTHER DATE. WHILE THE COMPANY MAY ELECT TO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME EXCEPT AS REQUIRED IN ACCORDANCE WITH APPLICABLE LAWS.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OF THIS RELEASE.
Vancouver, British Columbia–(Newsfile Corp. – November 21, 2022) – Dolly Varden Silver Corporation (TSXV: DV) (OTCQX: DOLLF) (the “Company” or “Dolly Varden“) is pleased to announce that it has dramatically extended the limits of silver mineralization at the Wolf Vein through wide-spaced step-out drilling. Mineralization remains wide-open for expansion, with further assays pending from the 2022 season.
Highlights from exploration step-out drilling at Wolf include:
DV22-311: 412 g/t Ag over 12.80 meters (5.38 meters true width) including 2.15 meters (0.90 meters true width) grading 1,646 g/t Ag, 2.38% Pb, 3.10% Zn and 0.10 g/t Au
DV22-316: 551 g/t Ag over 9.80 meters (4.90 meters true width) including 3.60 meters (1.8m true width) grading 1,049 g/t Ag, 1.19% Pb and 0.29% Zn
Drill hole DV22-316 intersected wide, high-grade mineralization in multiple vein and breccia phases at Wolf, over 200 meters down plunge from previously reported drill hole DV22-300 that intersected 19.85m (13.90m true width) averaging 584 g/t Ag, 0.92 %Pb, 0.56% Zn and 0.19 g/t Au (news release dated September 19, 2022). In addition, drill hole DV22-311 intersected similar style mineralization grading 412 g/t Ag, 0.82% Pb and 2.14% Zn over 12.80m (5.38m true width) located 400m down dip of mineralization in DV22-300 (see Figure 1).
“Dolly Varden Silver’s wide-spaced step-out drilling this season has more than doubled the strike length of the Wolf Deposit, as well as extending high-grade silver mineralization to over 750 meters in dip extent. The highest grades are within robust, vein-hosted mineralization that is potentially amenable to underground bulk mining methods. We eagerly anticipate additional drilling results from the 2022 season at Wolf, Homestake Main, Homestake Silver and Red Point”, said Shawn Khunkhun, President and CEO.
The Wolf Vein is interpreted as a wide, multi-phase epithermal vein and breccia system. Mineralization consists of pyrargerite (ruby silver), argentite, native silver, argentiferous galena and sphalerite in a silica breccia vein system (see Figure 2). At depth, as seen in drill hole DV22-316, the system appears to widen to a 143m (71m true width) package that consists of three distinct veins within an alteration zone that averages 0.48% Zn over its width (see table 1). The northeast/southwest orientation of the Wolf vein system and nature of the plunge directions of high-grade silver mineralization is similar to what is seen at the Kitsol deposit, located approximately 1.4km to the south (see Figure 3).
Figure 1. Wolf vein longitudinal section looking Northwest.
Drilling during the 2022 season at Wolf has significantly expanded the wide, high-grade silver mineralization, which occurs in wide, as well as localized shoots hosted within silica vein and breccia sets. Drill intercepts outside of the high-grade shoots encountered anomalous silver mineralization within broad potassic alteration halos underneath a cap of sedimentary rocks. The continuity of silver mineralization underneath the sedimentary cover near the bottom of the Kitsault Valley is resulting in new, blind silver discoveries within the 100 year old Dolly Varden silver mining camp, a result of innovative exploration and modelling techniques. Additional results from step-out drill holes testing for deeper, down plunge mineralization from DV22-316 at the Wolf Vein are currently pending.
Figure 2. Drill hole DV22-316 from >200m step out at the Wolf Deposit, core interval from within Vein 1 of the multi-phase epithermal breccia vein system.
Complete Drill Results from recently received assays at Wolf are as follows;
Table 1. Drill hole assays for Wolf Deposit Extension drilling
Hole ID
From
To
Core Length (m)
True Width (m)*
Ag (g/t)
Pb (%)
Zn (%)
Au (ppm)
AgEq** (g/t)
DV22-302
397.05
415.85
18.8
11.28
17
0.36
0.63
NSV
52
DV22-304
396.50
413.50
17.00
11.56
48
0.33
0.51
NSV
79
DV22-307
NSV
DV22-311
699.90
712.7
12.80
5.38
412
0.82
2.14
NSV
522
including
706.00
708.15
2.15
0.90
1646
2.38
3.10
0.10
1845
DV22-314
NSV
DV22-316
449.50
592.85
143.35
71.65
–
–
0.48
–
–
Vein 1
466.80
484.70
17.90
8.95
315
0.48
0.23
NSV
340
including
466.80
476.60
9.80
4.90
551
0.81
0.30
NSV
584
including
472.50
476.10
3.60
1.80
1049
1.73
0.29
NSV
1117
including
474.80
475.60
0.80
0.40
2080
4.10
0.21
0.10
2224
Vein 2
501.25
538.00
36.75
18.37
78
0.24
0.75
NSV
118
Including
513.80
527.00
13.20
6.60
111
0.51
1.37
0.08
185
Vein 3
567.54
572.15
4.61
2.30
29
0.13
0.47
NSV
52
*Calculated true widths vary depending on intersection angles and range from 42% to 68% of core lengths **AgEq is calculated using $US1650/oz Au, $US20/oz Ag, $US0.90/lb Pb and $US1.10/lb Zn
Table 2. Wolf Deposit Drill Hole Collar Information
Hole ID
Easting UTM83 (m)
Northing UTM83 (m)
Elev. (m)
Azimuth
Dip
Length (m)
DV22-302
467089
6173630
388
129
-68
573.00
DV22-304
467089
6173630
388
140
-62
570.00
DV22-307
467089
6173630
388
140
-72
723.00
DV22-311
467089
6173630
388
140
-80
739.70
DV22-314
467003
6173509
390
125
-68
662.10
DV22-316
467003
6173509
390
125
-75
630.00
Quality Assurance and Quality Control
The Company adheres to CIM Best Practices Guidelines for exploration related activities conducted on its property. Quality Assurance and Quality Control (QA/QC) procedures are overseen by the Qualified Person.
Dolly Varden QA/QC protocols are maintained through the insertion of certified reference material (standards), blanks and field duplicates within the sample stream. Drill core is cut in-half with a diamond saw, with one-half placed in sealed bags and shipped to the laboratory and the other half retained on site. Third party laboratory checks on 5% of the samples are carried out as well. Chain of custody is maintained from the drill to the submittal into the laboratory preparation facility.
Analytical testing was performed by ALS Canada Ltd. in North Vancouver, British Columbia. The entire sample is crushed to 70% minus 2mm (10 mesh), of which a 500 gram split is pulverized to minus 200 mesh. Multi-element analyses were determined by Inductively Coupled Plasma Mass Spectrometry (ICP-MS) for 48 elements following a 4-acid digestion process. High grade silver testing was determined by Fire Assay with either an atomic absorption, or a gravimetric finish, depending on grade range. Au is determined by Fire Assay on a 30g split.
Qualified Person
Rob van Egmond, P.Geo. Vice-President Exploration for Dolly Varden Silver, the “Qualified Person” as defined by NI43-101 has reviewed, validated and approved the scientific and technical information contained in this news release and supervises the ongoing exploration program at the Dolly Varden Project.
About Dolly Varden Silver Corporation
Dolly Varden Silver Corporation is a mineral exploration company focused on advancing its 100% held Kitsault Valley Project (which combines the Dolly Varden Project and the Homestake Ridge Project) located in the Golden Triangle of British Columbia, Canada, 25kms by road to tide water. The 163 sq. km. project hosts the high-grade silver and gold resources of Dolly Varden and Homestake Ridge along with the past producing Dolly Varden and Torbrit silver mines. It is considered to be prospective for hosting further precious metal deposits, being on the same structural and stratigraphic belts that host numerous other, on-trend, high-grade deposits, such as Eskay Creek and Brucejack. The Kitsault Valley Project also contains the Big Bulk property which is prospective for porphyry and skarn style copper and gold mineralization, similar to other such deposits in the region (Red Mountain, KSM, Red Chris).
Forward-Looking Statements
This release may contain forward-looking statements or forward-looking information under applicable Canadian securities legislation that may not be based on historical fact, including, without limitation, statements containing the words “believe”, “may”, “plan”, “will”, “estimate”, “continue”, “anticipate”, “intend”, “expect”, “potential”, and similar expressions. Forward-looking statements involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of Dolly Varden to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements. Forward looking statements or information in this release relates to, among other things, the 2022 drill program at the Kitsault Valley Project, the results of previous field work and programs and the continued operations of the current exploration program, interpretation of the nature of the mineralization at the project and that that the mineralization on the project is similar to Eskay and Brucejack, results of the mineral resource estimate on the project, the potential to grow the project, the potential to expand the mineralization and our beliefs about the unexplored portion of the property.
These forward-looking statements are based on management’s current expectations and beliefs and assume, among other things, the ability of the Company to successfully pursue its current development plans, that future sources of funding will be available to the company, that relevant commodity prices will remain at levels that are economically viable for the Company and that the Company will receive relevant permits in a timely manner in order to enable its operations, but given the uncertainties, assumptions and risks, readers are cautioned not to place undue reliance on such forward-looking statements or information. The Company disclaims any obligation to update, or to publicly announce, any such statements, events or developments except as required by law.
For additional information on risks and uncertainties, see the Company’s most recently filed annual management discussion & analysis (“MD&A“) and management information circular dated January 21, 2022 (the “Circular“), both of which are available on SEDAR at www.sedar.com. The risk factors identified in the MD&A and the Circular are not intended to represent a complete list of factors that could affect the Company.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this news release.
Highlights: Treasure Creek project NW Array prospect drill results: Hole 22TCRC078: 89.9 meters grading 0.97 grams per tonne gold from 45.7 meters, including 41.1 meters grading 1.72 grams per tonne gold from 59.4 meters. The mineralized area now measures 400 meters by 750 meters and is open in four directions.
Treasure Creek project Eastgate–Scrafford prospect drill results: Hole 22TCRC036: 7.6 meters grading 6.48 grams per tonne gold from 50.3 meters, including 1.5 meters grading 31.4 grams per tonne gold from 50.3 meters.
Results pending: Assays from a further 90 holes drilled on various project areas on the Fairbanks Gold District properties are still pending from the assay laboratory.
VANCOUVER, British Columbia, Nov. 21, 2022 (GLOBE NEWSWIRE) — Millrock Resources Inc. (TSX-V: MRO, OTCQB: MLRKF) (“Millrock” or the “Company”) is pleased to provide an update on Fairbanks Gold District exploration being carried out by Felix Gold Limited (ASX: FXG, “Felix Gold” or “Felix”). Millrock owns 9,957,157 shares of Felix Gold and holds royalties ranging from 1.0% to 2.0% Net Smelter Returns (“NSR”) on all claims currently held by Felix in the Fairbanks District. The claims cover close to 400 square kilometers of prospective lands.
Felix Gold has recently reported the following significant near-surface gold intercepts from drilling done on the NW Array prospect on the Treasure Creek gold project.
NW Array prospect gold intercepts include:
Hole 22TCRC071: 38.12 meters (m) grading 1.1 grams (g) / tonne (t) gold (Au) from 1.5 m downhole, including 7.6 m grading 4.13 g/t Au from 6.1 m downhole
Hole 22TCRC073: 41.1m grading 0.37 g/t Au from 1.5 m downhole, including 6.1 m grading 1.15 g/t Au from 21.3 m downhole
Hole 22TCRC075: 9.1 m grading 0.44 g/t Au from 1.5 m downhole and 35.1 m grading 1.8 g/t Au from 16.8 m downhole, including 1.5 m grading 27.2 g/t Au from 35.1 m downhole
Hole 22TCRC076: 18.3 m grading 1.02 g/t Au from 42.7 m downhole and 1.5 m grading 7.42 g/t Au from 45.7 m downhole
Hole 22TCRC078: 30.5 m grading 0.40 g/t Au from 1.5 m and 89.9 m grading 0.97 g/t Au from 45.7 m, including 41.1 m @ 1.72 g/t Au from 59.4 m
Hole 22TCRC083: 38.1 m grading 0.75 g/t Au from 51.8m, including 24.4m grading 1.08 g/t Au from 51.8 m
Felix Gold indicates that the drilling results show bulk tonnage gold mineralization distributed over an area measuring 400 m by 750 m at the NW Array Southern Zone. The mineralization is open to depth and to the north, south, and east, as per the Felix Gold press releases dated October 5, 2022, and October 18, 2022. The Treasure Creek prospect is road accessible. The claim block is traversed by a power line, which leads approximately 20 kilometers southeast to the Fort Knox Gold Mine, operated by a subsidiary of Kinross Gold Corporation.
Felix Gold has also reported the following significant, near-surface gold intercepts from drilling done on the Eastgate – Scrafford prospect on the Treasure Creek gold project over the past month. The following are highlights from 13 reverse circulation holes drilled in the Eastgate Central Zone. The results expand near-surface, high-grade gold mineralization over an approximate one-kilometer strike length. (Felix Gold press release dated September 28, 2022, and November 1, 2022).
Hole 22TCRC113: 6.1 m grading 3.74 g/t Au from 13.7m downhole, including 1.5 m grading 8.73 g/t Au from 15.2 m downhole and 3.0 m grading 1.16 g/t Au from 36.6 m downhole
Hole 22TCRC022: 6.1 m grading 3.22 g/t Au from 62.5 m downhole, including 1.5 m grading 11.4 g/t Au from 64.0 m downhole
Hole 22TCRC014: 4.6 m grading 1.90 g/t Au from 21.3 m downhole
Hole 22TCRC122: 41.1 m grading 0.31 g/t Au from 79.2 m downhole and 53.3 m grading 0.47 g/t Au from 129.5 m downhole
Hole 22TCRC029: 4.6 m grading 0.76 g/t Au from 91.4 m downhole
Hole 22TCRC036: 7.6 m grading 6.48 g/t Au from 50.3 m, including 1.5m grading 31.4 g/t Au from 50.3 m
Hole 22TCRC038: 4.6 m grading 0.78 g/t Au from 27.4 m and 9.2 m grading 0.43 g/t Au from 93.0 m, including 1.5 m grading 1.76 g/t Au from 93.0 m and 18.3 m grading 0.40 g/t Au from 126.5 m, including 1.5 m grading 1.19 g/t Au from 129.5 m
The Eastgate – Scrafford prospect is located approximately three kilometers southeast of the NW Array Southern Zone. Assays are pending for a further 50 reverse circulation drill holes completed in the Phase 1 program at Treasure Creek. Assay results from a further 40 holes drilled on prospects on various other claim blocks in the Northeast Fairbanks area are also pending.
Felix Gold and Millrock have now ended the Strategic Alliance relationship between the companies. Each party is free to use the information generated during the alliance period for their own purposes. As a result of the strategic alliance, Millrock owns royalties on all of the claims that have so far been sold to Felix or subsequently acquired by Felix through staking or third-party agreement in the Fairbanks district. The royalties feature advanced minimum royalty payments. The royalties range from 1.0% NSR to 2.0% NSR and cover 41,800 hectares of prospective lands in the Fairbanks Gold District. Millrock also owns 9,957,157 shares of Felix Gold valued today at approximately AUD$1,195,000.
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. Note: Mr. Beischer has not independently verified the assay results reported by Felix Gold. However, Mr. Beischer inspected several drill sites and sample processing methods during Summer 2022 operations, and can confirm that the assay work was done by a qualified laboratory with stringent quality controls in place at the laboratory and at Felix Gold. The quality assurance and quality control protocols of Felix Gold are as stringent as Millrock would use in its own exploration work.
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 recognized as the premier generative explorer in Alaska, is a significant shareholder of junior explorer ArcWest Exploration Inc., and owns a large shareholding in each of Resolution Minerals Limited and Felix Gold Limited. 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: EMX Royalty, Coeur Explorations, Centerra Gold, First Quantum, Teck, Kinross, Vale, Inmet, and Altius, as well as junior explorers Resolution, Riverside, PolarX, Felix Gold, and Tocvan.
ON BEHALF OF THE BOARD “Gregory Beischer” Gregory Beischer, President & CEO
FOR FURTHER INFORMATION, PLEASE CONTACT: Gregory A. Beischer, President & CEO Toll-Free: 877-217-8978 | Local: 604-638-3164 Twitter | Facebook | LinkedIn
Some statements in this news release may contain forward-looking information (within the meaning of Canadian securities legislation) including without limitation receipt of further drill results. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements.
North Vancouver, British Columbia–(Newsfile Corp. – November 18, 2022) – Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) (ASX: LLO) (“Lion One” or the “Company”) is pleased to announce that the Company has produced additional bonanza-grade drilling intercepts and expanded the Deep Feeder Zone 500 by increasing the vertical extent of the URW3 Lode by at least 180 m at its high-grade Tuvatu Alkaline Gold Project in Fiji.
The results from these holes confirm a significant increase in the vertical extension and continuity of the URW3 mineralized zone, which occurs on the western margin and as part of the high-grade feeder zone. The new drill intercepts, in conjunction with results from the previously drilled TUG-138 drill hole, correspond to a significant increase in grade with depth, as numerous bonanza-grade intercepts return gold assay values ranging from 100-800 g/t gold. Additionally, this drilling confirms an increase in the vertical extent of this distinct portion of the 500 zone feeder by at least 180 m. The high-grade feeder zone remains open at depth.
Overall, the drill results reported here are consistent with a persistent, substantial upside being realized at Tuvatu resulting from the aggressive deep drilling adopted by the company since the initial discovery of the deep feeder zone by hole TUDDH-500, in July of 2020.
Highlights:
An increase of at least 180 m in the vertical extent of the URW3 lode as defined by bonanza grade intercepts
Multiple high-grade intercepts including from TUG-149 including 12.89 g/t Au over 12.9 m from 254.4 m, 84.61 g/t Au over 3.9 m from 318.6 m, and 48.65 g/t Au over 5.4 m from 423.3 m
Definition of a new portion of deep, high-grade feeder material that is separate from, and parallel to, the high-grade zone previously defined by TUG-141/TUDDH-601/TUDDH-608
Select high-grade intercepts
Hole ID
From (m)
To (m)
Intercept (m)
Au g/t
TUG-149
254.4
267.3
12.9
12.89
including
259.2
259.5
0.3
134.97
318.6
322.5
3.9
84.61
including
321.3
321.6
0.3
536.50
321.6
321.9
0.3
530.60
423.3
428.7
5.4
48.65
including
426.0
426.3
0.3
802.47
TUDDH-613
529.0
529.3
0.3
108.52
TUDDH-616
624.2
631.7
7.5
9.43
including
624.2
626.6
2.4
12.11
and
627.2
628.7
1.5
23.59
which includes
627.5
627.8
0.3
63.86
Technical advisor to the Company, Dr. Quinton Hennigh commented: “This drilling is leading us closer and closer to the main conduits of this remarkable high-grade gold system. Without question, URW3 is turning into a big branch of the ‘tree.’ The junction between it and the rest of the 500 Zone looks like it forms a pipe, perhaps the one that has allowed mineralizing fluids to flow upwards. If we chase this down with further drilling, I think it could lead us to parts of the system in which considerable gold was deposited. We must keep drilling.“
Drill holes TUDDH-613 and 616, and TUG-149 were designed to follow up the previously announced discovery of the very high-grade zone of Au mineralization discovered by hole TUG-141 (Read June 6, 2022 News Release), and subsequently followed up by holes TUDDH-601 (Read August 15, 2022 News Release), and TUDDH-608 (Read Nov. 7, 2022 News Release). Holes TUG-149, TUDDH-613, and TUDDH-616 all intersected a distinct zone, located approximately 60 m to the west of the TUG-141 structural corridor, that corresponds to the down-dip projection of the URW3 lode (Figure 1). The substantial bonanza-grade intercepts (Figure 2) in these drill holes, along with the high-grade intercepts in a previously reported hole TUG-138 (Read June 6, 2022 News Release) of 23.14 g/t Au over 3.0 m including 118.6 g/t Au over 0.3 m, collectively define a significant vertical extension to URW3 of at least 180 m.
Sr. Vice-President of Exploration, Sergio Cattalani states: “This is yet another major advance in our continuing efforts to follow and delineate what is increasingly understood to be the principal high-grade feeder at Tuvatu. While we believe we are rapidly defining major portions of the feeder structures, we are also confident that we are in no way near its base. This feeder is developing into a bonanza-grade zone defined by multiple major channel-ways that appear to coalesce. With the TUG-141/TUDDH-601/608 zone, and now the URW3 zone, we have at least two, distinct but likely interconnected corridors of continuous high-grade mineralization to follow up. We’re just getting started…“
Figure 1 below represents a 15 m thick longitudinal section along the dip-extent of the URW3 lode, and illustrates the effect of TUG-149, TUDDH-613, and TUDDH-616 on what appears to be the downward extension of this important structure. The TUDDH-613 and TUDDH-616 traces are relatively short because the holes are oblique to the section. TUG-149 appears as a longer continuous trace as it remained at a very low angle to the dip of the URW3 lode. This is also reflected by the long interval of 12.9m of 12.89 g/t Au from 254.4-267.3m depth. TUG-138 (red diamonds) was a pre-existing hole, but in light of the most recent drill results, is now interpreted to also form part of the downward extension of the URW3 lode.
Figure 1. Longitudinal section, 15 m in thickness in the plane of the URW3 lode (striking N007°, dipping -79°SE). Red dots represent new intercepts reported here; Red diamonds represent intercepts previously reported by hole TUG-138. Photos of selected intercepts above in Figure 2.
Figure 2:Plate A: ladder-style vein at low angle to core axis, TUG-149: 251.4m, 35.36 g/t Au; Plate B: close-up view of mineralization consisting of euhedral pyrite and sphalerite in a matrix consisting of a very fine mixture of silica and dark brown pyrite, TUG-149: 259.5m, 134.97 g/t Au; Plate C: coarse VG on edge of quartz-pyrite veinlet, TUG-149: 321.6m, 536.5 g/t Au; Plate D: very coarse VG in quartz-pyrite veinlet, TUG-149: 426.1m, 802.5 g/t Au; Plate E: ladder-style quartz-pyrite vein, TUDDH-616: 605.5m, 17.10 g/t Au; Plate F: edge of dark silica-pyrite hydrothermal breccia vein, TUDDH-616: 615.5m, 24.89 g/t Au; Plate G: very coarse crystalline and wire VG in a vug along a quartz-pyrite vein, TUDDH-616: 627.5m, 63.86 g/t Au; Plate H: close-up view of the coarse crystalline and wire gold in same sample as Plate G, photographed using a field binocular microscope.
Table 1: Includes the location and other information for listed DDH holes
HOLE ID
EASTING
NORTHING
ELEVATION
AZIMUTH
DIP
DEPTH (M)
TUG-149
1876438
3920584
115.1
115.0
-77.0
in progress
TUDDH-613
1876280
3920472
286.3
90.0
-68.0
869.90
TUDDH-616
1876280
3920472
286.3
92.0
-71.0
767.70
Table 2: Drilling intervals returning >0.5 g/t Au. Intervals > 3.0 g/t Au cutoff are displayed in red. Intervals > 9.0 g/t Au or longer than 1.2 m are displayed in bold.
Hole ID
From (m)
To (m)
Interval (m)
Au g/t
TUG-149
187.5
188.1
0.6
0.86
208.5
208.8
0.3
0.72
236.1
237.0
0.9
1.85
245.4
248.1
2.7
1.49
251.1
252.0
0.9
13.77
including
251.4
251.7
0.3
35.36
254.4
267.3
12.9
12.89
including
255.0
255.3
0.3
5.60
including
255.9
256.2
0.3
44.14
including
256.2
256.5
0.3
59.64
including
256.8
257.1
0.3
17.64
including
257.1
257.4
0.3T
33.17
including
257.4
257.7
0.3
17.41
including
257.7
258.0
0.3
46.76
including
258.0
258.3
0.3
29.45
including
259.2
259.5
0.3
134.97
including
259.5
259.8
0.3
15.90
including
259.8
260.1
0.3
5.86
including
260.1
260.4
0.3
60.19
including
260.4
260.7
0.3
21.32
including
261.3
261.6
0.3
14.55
including
261.6
261.9
0.3
7.95
312.0
313.5
1.5
16.02
including
312.6
312.9
0.3
60.03
including
312.9
313.2
0.3
12.02
including
313.2
313.5
0.3
6.60
315.0
315.6
0.6
1.72
318.6
322.5
3.9
84.61
including
318.9
319.2
0.3
7.48
including
321.3
321.6
0.3
536.50
including
321.6
321.9
0.3
530.60
including
321.9
322.2
0.3
5.32
353.1
353.4
0.3
0.59
359.4
360.0
0.6
5.26
including
359.4
359.7
0.3
8.89
390.3
390.6
0.3
0.53
393.6
393.9
0.3
0.58
394.8
395.7
0.9
0.71
401.7
402.3
0.6
0.87
419.7
420.0
0.3
1.93
423.3
428.7
5.4
48.65
including
424.8
425.1
0.3
5.53
including
425.1
425.4
0.3
5.26
including
425.7
426.0
0.3
17.53
including
426.0
426.3
0.3
802.47
including
426.6
426.9
0.3
6.31
including
426.9
427.2
0.3
7.05
including
427.8
428.1
0.3
18.01
432.3
432.9
0.6
0.58
441.0
441.3
0.3
9.20
486.4
490.6
4.2
8.96
including
487.0
487.3
0.3
7.22
including
487.9
488.2
0.3
5.88
including
488.2
488.5
0.3
10.33
including
489.1
489.4
0.3
7.67
including
489.4
489.7
0.3
49.97
including
489.7
490.0
0.3
35.57
hole still in progress
TUDDH-613
35.5
36.1
0.6
0.59
37.0
37.9
0.9
0.78
160.4
161.0
0.6
1.38
452.2
452.5
0.3
0.68
529.0
529.3
0.3
108.52
531.1
532.0
0.9
0.82
535.6
543.1
7.5
2.76
including
539.8
543.1
3.3
5.45
which includes
540.7
541.3
0.6
25.10
551.2
554.2
3.0
8.39
including
551.2
552.1
0.9
5.02
including
552.1
552.7
0.6
11.67
including
553.3
553.9
0.6
9.36
including
553.9
554.2
0.3
24.54
580.0
580.9
0.9
0.50
594.6
596.1
1.5
0.65
627.4
631.9
4.5
0.96
633.7
634.0
0.3
0.71
755.0
755.3
0.3
0.51
TUDDH-616
36.8
37.7
0.9
0.70
604.6
607.9
3.3
2.99
including
605.2
606.1
0.9
8.65
which includes
605.2
605.5
0.3
17.10
614.8
617.6
2.8
5.73
including
615.1
616.4
1.3
11.55
which includes
615.4
615.7
0.3
24.89
618.8
620.3
1.5
3.91
including
618.8
619.4
0.6
7.61
624.2
631.7
7.5
9.43
including
624.2
626.6
2.4
12.11
including
627.2
628.7
1.5
23.59
which includes
627.2
627.5
0.3
37.09
and also includes
627.5
627.8
0.3
63.86
including
629.9
631.1
1.2
3.43
633.5
634.7
1.2
16.76
including
634.1
634.7
0.6
29.54
636.5
637.1
0.6
0.59
About Tuvatu The Tuvatu Alkaline Gold Project is located on the island of Viti Levu in Fiji. The January 2018 mineral resource for Tuvatu as disclosed in the technical report “Technical Report and Preliminary Economic Assessment for the Tuvatu Gold Project, Republic of Fiji”, dated September 25, 2020, and prepared by Mining Associates Pty Ltd of Brisbane Qld, comprises 1,007,000 tonnes indicated at 8.50 g/t Au (274,600 oz. Au) and 1,325,000 tonnes inferred at 9.0 g/t Au (384,000 oz. Au) at a cut-off grade of 3.0 g/t Au. The technical report is available on the Lion One website at www.liononemetals.com and on the SEDAR website at www.sedar.com.
Qualified Person In accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43- 101”), Sergio Cattalani, P.Geo, Senior Vice President Exploration, is the Qualified Person for the Company and has reviewed and is responsible for the technical and scientific content of this news release.
QAQC Procedures Lion One adheres to rigorous QAQC procedures above and beyond basic regulatory guidelines in conducting its sampling, drilling, testing, and analyses. The Company utilizes its own fleet of diamond drill rigs, using PQ, HQ and NQ sized drill core rods. The drill core is logged and split by Lion One personnel on site. Samples are delivered to and analyzed at the Company’s geochemical and metallurgical laboratory in Fiji. Duplicates of all samples with grades above 0.5 g/t Au are both re-assayed at Lion One’s lab and delivered to ALS Global Laboratories in Australia (ALS) for check assay determinations. All samples for all high-grade intercepts are sent to ALS for check assays. All samples are pulverized to 80% passing through 75 microns. Gold analysis is carried out using fire assay with an AA finish. Samples that have returned grades greater than 10.00 g/t Au are then re-analyzed by gravimetric method. For samples that return greater than 0.50 g/t Au, repeat fire assay runs are carried out and repeated until a result is obtained that is within 10% of the original fire assay run. Lion One’s laboratory can also assay for a range of 71 other elements through Inductively Coupled Plasma Optical Emission Spectrometry (ICP-OES), but currently focuses on a suite of 9 important pathfinder elements. All duplicate anomalous samples are sent to ALS labs in Townsville QLD and are analyzed by the same methods (Au-AA26, and Au-GRA22 where applicable). ALS also analyses 33 pathfinder elements by HF-HNO3-HClO4 acid digestion, HCl leach and ICP-AES (method ME-ICP61).
About Lion One Metals Limited Lion One’s flagship asset is 100% owned, fully permitted high-grade Tuvatu Alkaline Gold Project, located on the island of Viti Levu in Fiji. Lion One envisions a low-cost high-grade underground gold mining operation at Tuvatu coupled with exciting exploration upside inside its tenements covering the entire Navilawa Caldera, an underexplored yet highly prospective 7km diameter alkaline gold system. Lion One’s CEO Walter Berukoff leads an experienced team of explorers and mine builders and has owned or operated over 20 mines in 7 countries. As the founder and former CEO of Miramar Mines, Northern Orion, and La Mancha Resources, Walter is credited with building over $3 billion of value for shareholders.
On behalf of the Board of Directors of Lion One Metals Limited “Walter Berukoff“, Chairman and CEO
Neither the TSX Venture Exchange nor its Regulation Service Provider accepts responsibility for the adequacy or accuracy of this release
This press release may contain statements that may be deemed to be “forward-looking statements” within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein are forward-looking information. Generally, forward-looking information may be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “proposed”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases, or by the use of words or phrases which state that certain actions, events or results may, could, would, or might occur or be achieved. This forward-looking information reflects Lion One Metals Limited’s current beliefs and is based on information currently available to Lion One Metals Limited and on assumptions Lion One Metals Limited believes are reasonable. These assumptions include, but are not limited to, the actual results of exploration projects being equivalent to or better than estimated results in technical reports, assessment reports, and other geological reports or prior exploration results. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Lion One Metals Limited or its subsidiaries to be materially different from those expressed or implied by such forward-looking information. Such risks and other factors may include, but are not limited to: the stage development of Lion One Metals Limited, general business, economic, competitive, political and social uncertainties; the actual results of current research and development or operational activities; competition; uncertainty as to patent applications and intellectual property rights; product liability and lack of insurance; delay or failure to receive board or regulatory approvals; changes in legislation, including environmental legislation, affecting mining, timing and availability of external financing on acceptable terms; not realizing on the potential benefits of technology; conclusions of economic evaluations; and lack of qualified, skilled labour or loss of key individuals. Although Lion One Metals Limited has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information. Lion One Metals Limited does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
A new prospectus exemption is coming to National Instrument 45-106 called the Listed Issuer Financing Exemption. This new exemption is going to significantly change the game for public companies and how they raise money in all Canadian jurisdictions. Most reporting issuers will be able to able to utilize this exemption to raise up to the greater of $5,000,000 or 10% of their market cap, to a maximum of $10,000,000. What is unique about this exemption is that:
The securities are free trading immediately;
You can sell to any investor (they don’t have to be accredited);
You must file a small offering document on SEDAR; and
You must have been reporting for at least 12 months.
This new exemption removes the need to do a short form or shelf prospectus or an ATM offering since you can achieve the same outcome through a private placement at a fraction of the cost and time. See more details belowand in the linkto the proposed new rule.
The Details:
The purpose of this article is to discuss the details of an upcoming update to NI 45-106. Among other changes, the Canadian Securities Administrators (the “CSA”) are introducing a new prospectus exemption for reporting issuers that are listed on a Canadian stock exchange, known as the Listed Issuer Financing Exemption. The CSA’s short form prospectus regime was implemented with the objective of facilitating efficient capital raising for issuers while providing investors with all the protections of a prospectus. Feedback from commenters regarding the regime reflected that the time and cost to prepare a short form prospectus impeded capital raising, particularly for smaller issuers. In recognition of this impediment and the comprehensive continuous disclosure regime for reporting issuers, in addition to certification requirements and risk of secondary market liability, the CSA, among making various revisions, introduced the new Listed Issuer Financing Exemption, with the stated the objective of facilitating efficient capital raising, while ensuring that investors are still provided with sufficient information to make informed decisions.
The new Listed Issuer Financing Exemption will be available all reporting issuers, but is designed to benefit smaller issuers more specifically. The limitations on the use of this exemption reflect this philosophy. To use this exemption, issuers will generally be limited to raising the greater of $5,000,000 or 10% of the issuer’s market capitalization, up to a total amount of $10,000,000. The issuer must also have been a reporting issuer in a Canadian jurisdiction for at least 12 months. Misrepresentations will subject statutory liability for the issuer using the exemption and, in some jurisdictions, the executives signing the offering document and the issuer’s directors.
Especially for smaller issuers, the process of raising capital is critical to early growth and stability. As a result, time and resources are especially precious. We agree that this new exemption promotes the objectives stated in the CSA Notice of Amendments and we believe that this additional exemption will be very helpful for facilitating early growth of issuers.
Securities laws generally require the filing of a prospectus to qualify for any non-exempt “distribution” of securities and to be able to sell to the public generally (i.e., to persons other than accredited investors or those who fall into another eligible exemption). A prospectus must contain full, true, and plain disclosure of all material facts relating to the securities being offered and is generally a very lengthy and costly document to produce. As well, an offering prospectus requires an underwriter, which can be difficult to obtain for a smaller issuer. In the absence of an exemption, no person or company may “trade” in a security where such trade constitutes a “distribution” unless a prospectus has been filed. This is why exemptions are necessary to raising capital without a prospectus.
On a cross-border note, this structure of disclosures and exemptions shares several parallels with the United States, with Regulation D of the Securities Act of 1933 allowing capital to be raised through the sale of equity or debt securities without the need to register those securities with the Securities and Exchange Commission (the “SEC”). However, these sales of securities still must comply with any applicable state securities laws, also known as “Blue Sky Laws.” It should be noted that, in the United States, offerings pursuant to Rule 506 of Regulation D are eligible for Blue Sky law preemption, in which case the states are permitted to require only notice filings and filing fees. While many Blue Sky Law exemptions can differ across the states, much like the harmonized regulations of NI 45-106, they tend to share several categories.
Provided that all necessary ministerial approvals are obtained, the Amendments and the changes will come into effect on November 21, 2022. Anyone who has any questions or needs legal assistance on matters related these changes should visit our website at https://www.corpcounsel.ca.
By: Michael Bluestein, Melanie Sokalsky and Adam Ellenbogen
