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

EMX Royalty Corporation to Submit a Notice of Arbitration to Zijin Mining Group Ltd.

Vancouver, British Columbia–(Newsfile Corp. – December 17, 2021) – EMX Royalty Corporation (NYSE American: EMX) (TSXV: EMX) (FSE: 6E9) (the “Company“, or “EMX“) reports that it will deliver a Notice of Arbitration to Zijin Mining Group Ltd. (“Zijin”) and its wholly owned subsidiary, Nevsun Resources Ltd. (“Nevsun”) pursuant to the Net Smelter Returns Royalty Agreement dated March 16, 2010 by and between Reservoir Capital Corp. (of which Nevsun is a successor in interest), and Euromax Resources Ltd. (of which EMX is the acquirer of Euromax Resources Ltd’s royalty interest) (“Royalty Agreement”).

The rate of the royalty on the Timok Project in Serbia on the Brestovac East and Durian Potok Licences which cover the Cukaru Peki deposit is stated to be 0.5% (“Royalty Rate”) under the Royalty Agreement. The decision to initiate arbitration arose from recent communication between parties where Zijin indicated to EMX that the Royalty Rate of 0.5% had been reduced to 0.125% and Zijin’s failure to respond to our correspondence challenging this assertion and seeking clarification. Arbitration will be conducted in accordance with the commercial arbitration rules of the Commercial Arbitration Act (British Columbia), in British Columbia, and in accordance with British Columbia law.

The Royalty Agreement contains a provision for the reduction of the Royalty Rate under certain express and specific circumstances, namely, the acquisition by Freeport McMoRan Copper & Gold Inc. or any affiliate of a direct, undivided, ownership interest in the properties that are the subject of the Royalty Agreement, solely by directly incurring certain types of expenditures on the properties. EMX does not believe that the circumstances which would have triggered the reduction of the Royalty Rate have occurred and therefore the Royalty Rate remains at 0.5%. The Royalty Agreement also expressly outlined the circumstances under which the Royalty Rate could not be reduced. The Royalty Agreement has been filed by EMX as a material contract of EMX on www.sedar.com (“SEDAR”).

As it is EMX’s understanding that production has commenced, the Notice of Arbitration is necessary in order to preserve EMX’s rights with respect to its royalty interests. EMX continues to believe that a dialogue and amicable discussions may allow the parties to reach a mutually acceptable outcome prior to the start of arbitral proceedings. The timing and outcome of any such discussions or arbitral proceedings with Zijin are not known at this time. The Company intends to take all necessary steps to protect its interests under the Royalty Agreement and will consider any other actions necessary to ensure its rights are preserved.

Timok Project Overview. The Timok Project’s Cukaru Peki deposit consists of a higher level body of high-grade, epithermal-style copper-gold mineralization referred to as the Upper Zone project, and a deeper body of porphyry-style copper-gold mineralization known as the Lower Zone project. Prior to its acquisition by Zijin, a Pre-Feasibility Study (“PFS”) of the Upper Zone and resource estimate of the Lower Zone was completed by previous owner Nevsun, which was filed in August 2018 under Nevsun’s profile on SEDAR. EMX used the aforementioned PFS as the basis for its NI 43-101 Technical Report – Timok Copper-Gold Project Royalty, Serbia dated July 30, 2021 and EMX is unaware of any new, publicly available material scientific or technical information that would make Nevsun’s previous disclosures regarding the PFS inaccurate or misleading.

Eric P. Jensen, CPG, a Qualified Person as defined by National Instrument 43-101 and an employee of the Company, has reviewed, verified, and approved the disclosure of the technical information contained in this news release.

About EMX. EMX is a precious, base and battery metals royalty company. EMX’s investors are provided with discovery, development, and commodity price optionality, while limiting exposure to risks inherent to operating companies. The Company’s common shares are listed on the NYSE American Exchange and TSX Venture Exchange under the symbol EMX, as well as on the Frankfurt exchange under the symbol “6E9”. Please see www.EMXroyalty.com for more information.

For further information contact:

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

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

Isabel Belger
Investor Relations (Europe)
Phone: +49 178 4909039
Ibelger@EMXroyalty.com

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

Forward-Looking Statements

This news release may contain “forward looking statements” that reflect the Company’s current expectations and projections about its future results. These forward-looking statements include statements regarding the payment of the royalty under the Royalty Agreement, the Royalty Rate, the outcome of any discussions, dispute or arbitral proceedings between EMX and Zijin and any other steps or actions taken by EMX to protect its rights, perceived merits of properties, exploration results and budgets, mineral reserves and resource estimates, work programs, capital expenditures, timelines, strategic plans, market prices for precious and base metal, or other statements that are not statements of fact. When used in this news release, words such as “estimate,” “intend,” “expect,” “anticipate,” “will”, “believe”, “potential”, “upside” and similar expressions are intended to identify forward-looking statements, which, by their very nature, are not guarantees of the Company’s future operational or financial performance, and are subject to risks and uncertainties and other factors that could cause the Company’s actual results, performance, prospects or opportunities to differ materially from those expressed in, or implied by, these forward-looking statements. These risks, uncertainties and factors may include, but are not limited to: unavailability of financing, failure to identify commercially viable mineral reserves, fluctuations in the market valuation for commodities, difficulties in obtaining required approvals for the development of a mineral project, increased regulatory compliance costs, expectations of project funding by joint venture partners and other factors.

Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this news release or as of the date otherwise specifically indicated herein. We are under no obligation to update any forward-looking statements except as required under applicable securities laws. Due to risks and uncertainties, including the risks and uncertainties identified in this news release, and other risk factors and forward-looking statements listed in the Company’s MD&A for the quarter ended September 30, 2021 (the “MD&A”), and the most recently filed Revised Annual Information Form (the “AIF”) for the year ended December 31, 2020, actual events may differ materially from current expectations. More information about the Company, including the MD&A, the AIF and financial statements of the Company, is available on SEDAR at www.sedar.com and on the SEC’s EDGAR website at www.sec.gov.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/107930

Categories
Junior Mining

RooGold Announces Change Of CFO

VANCOUVER, BC / ACCESSWIRE / December 16, 2021 / (CSE:ROO)(OTC PINK:JNCCF)(Frankfurt:5VHA) RooGold Inc. (“RooGold” or the “Issuer“) reports the appointment of Ramantra Sheopaul as Chief Financial Officer of the Company, replacing Jonathan Younie. The Company thanks Mr. Younie for his tenure as CFO since April 2019. Mr. Younie will stay on with the Company in a consulting capacity.

Mr. Sheopaul presently works with Marrelli Support Services which provides CFO, accounting, regulatory, compliance and management advisory services to numerous issuers on the TSX, TSX Venture Exchange and other Canadian and U.S. exchanges. Mr. Sheopaul has a focus on building strong relationships with clients to understand and anticipate their needs. In his role with Marrelli Support Services

Mr. Sheopaul has been regularly involved in initial public offerings, analysis of complex accounting transactions, and assisting non-public and public clients regarding IFRS disclosure and compliance matters. Prior to his tenure with Marrelli Support Services he was employed with a public accounting firm based in Toronto for the past several years of which he spent three years managing audits for medium sized TSX Venture clients ranging from junior mining to real estate investments trusts based in Canada and the United States.

“We thank Jonathan for his leadership and guidance on completing the transformative acquisitions that took place over the course of this year.” said Michael Mulberry, RooGold CEO. “As the Company grows, the CFO position is becoming more time consuming and we welcome Ramantra into this role.”

About ROOGOLD

ROOGOLD is a Canadian based junior venture mineral exploration issuer which is uniquely positioned to be a dominant player in New South Wales, Australia, through a growth strategy focused on the consolidation and exploration of high potential, mineralized precious metals properties in this prolific region of Australia. Through its announced acquisitions of Southern Precious Metals Ltd., RooGold Ltd. and Aussie Precious Metals Corp. properties, RooGold commands a portfolio of 13 high-grade potential gold (9) and silver (4) concessions covering 1,380 km2 which have 137 historic mines and prospects.

For further information please contact:

Michael Mulberry
T: 778-855-5001
info@roogoldinc.com

Forward-Looking Statements

This press release may contain forward-looking statements within the meaning of applicable securities law. Forward-looking statements are frequently characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate” and other similar words, or statements that certain events or conditions “may” or “will” occur.

Although the Issuer believes that the expectations reflected in applicable forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. Such forward-looking statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in such statements.

NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATION SERVICES PROVIDER ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

SOURCE: RooGold Inc.



View source version on accesswire.com:
https://www.accesswire.com/678111/RooGold-Announces-Change-Of-CFO

Categories
Junior Mining Precious Metals

StrikePoint Reports 11.5 g/t Au and 69.4 g/t Ag over 2.0 metres in Channel Samples at Willoughby.

Vancouver, British Columbia–(Newsfile Corp. – December 16, 2021) – StrikePoint Gold Inc. (TSXV: SKP) (OTCQB: STKXF) (“StrikePoint” or the “Company”) is pleased to announce the results from surface channel sampling as well as reconnaissance grab samples collected during the 2021 exploration program at the 100%-owned Willoughby gold-silver property, located east of the community of Stewart in British Columbia’s prolific Golden Triangle. The purpose of the channel samples is to provide quality surface assay data over the surface expression of mineralized zones that could potentially be used for a NI43-101 Mineral Resource Estimate for the property.

These results are from seven continuous series of channel samples in steep terrain at the Icefall Zone, collected by experienced climbing geologists and technicians using a hydraulic chisel, from well-exposed bedrock hosting disseminated to massive sulphides, primarily pyrite and pyrrhotite. The samples cover approximately 55 metres of strike and 80 metres of vertical relief along a steep exposure. These samples, along with pending results at other zones on the property, will provide representative assay data for surface expressions projected up-dip from previous and current drilling. Results are pending for channel sampling from the Edge and North zones at Willoughby. Highlights of the channel samples from the Icefall Zone include:

  • 2.94 g/t Au and 31.04 g/t Ag or 3.38 g/t AuEq over 15.0 metres, which includes 11.545 g/t Au and 69.4 g/t Ag or 12.53 g/t AuEq over 2.0 metres (WH21-CH004)
  • 3.21 g/t Au and 16.61 g/t Ag or 3.45 g/t AuEq over 12.0 metres, which includes 4.46 g/t Au over 5.0 metres and 31.23 g/t Ag or 4.82 g/t AuEq over 3.0 metres (WH21-CH007)
  • 1.83g/t Au and 32.62 g/t Ag 0r 2.30 g/t AuEq over 13.0 metres, which includes 8.68g/t Au and 265.0g/t Ag or 12.47 g/t AuEq over 1.0 metre (WH21-CH002)
  • 2.9 g/t Au and 21.42 g/t Ag or 3.21 g/t AuEq over 10.0 metres, which includes 15.45 g/t Au and 74.5g/t Ag or 16.51 g/t AuEq over 1.0 metre (WH21-CH001)

*AuEq calculated using a 70:1 silver to gold ratio.

StrikePoint’s CEO, Shawn Khunkhun, states, “These results provide excellent surface data for modelling of our multiple mineralized zones at Willoughby. Our objective during this year’s program at the Willoughby gold-silver and Porter silver properties was to significantly expand the gold-silver mineralization down-dip and along strike and to test new targets. We are pleased with the quality of work completed and expect the remainder of results before the end of 2021 or in January 2022.“

2021 Willoughby Channel Sampling

Channel sampling at the Upper and Lower Icefall Zones confirmed continuous gold and silver mineralization along all seven channel sample lines. Due to the steep terrain, the channel sample locations are oriented at a variety of oblique angles to the orientation of the Icefall Zone and do not represent true widths. The gold-silver mineralization is hosted in semi-massive to replacement style sulphides, primarily pyrite and pyrrhotite with lesser sphalerite and galena within Jurassic volcanic rocks. Pervasive sericite alteration was consistently observed throughout all channel samples at Icefall, all of which returned intervals of gold and silver mineralization as displayed in Table 1. The 67 channel samples collected average 2.46 g/t Au and 23.28 g/t Ag and range between 0.041 to 15.45 g/t Au and 1.1 to 265.0 g/t Ag, respectively. Results are as follows:

Table 1: Channel sample results showing >1 g/t Au and >10 g/t Ag composite intervals

Channel Sample Line IDFrom
(m)		To
(m)		Interval
(m)		Au
(g/t)		Ag
(g/t)		AuEq (g/t)
W21-CH-0010.0010.0010.002.9021.423.21
Incl.0.007.007.003.8723.974.21
Incl.6.007.001.0015.4574.5016.51
W21-CH-0020.0013.0013.001.8332.622.30
Incl.7.0011.004.003.4982.724.67
Incl.9.0010.001.008.68265.0012.47
W21-CH-0030.002.002.001.3318.101.59
W21-CH-0040.0015.0015.002.9431.043.38
Incl.0.002.002.0011.5469.4012.53
W21-CH-0050.0010.0010.001.857.811.96
Incl.0.005.005.002.7310.042.87
W21-CH-0060.005.005.001.6928.502.10
W21-CH-0070.0012.0012.003.2116.613.45
Incl.0.005.005.004.4625.184.82

*AuEq calculated using a 70:1 silver to gold ratio.

Figure 1: 2021 Channel sample locations within the Icefall Zone showing gold equivalent values (AuEq g/t). Reference lines (1-7) represent stations (WH-21-CH001 to WH-21-CH007). Select anomalous gold samples are highlighted with annotated texts.

To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/5044/107796_cb777fb514a3a892_002full.jpg

Results were also received from select grab samples collected at the Icefall Zone during the 2021 season. The nine grabs at Icefall average 5.12g/t Au and 32.64g/t Ag, ranging from trace to 23.69g/t Au and 0.25 to 107.0g/t Ag, respectively.

Figure 3: 2021 select grab samples within the Icefall Zone showing gold equivalent values (AuEq g/t). Select anomalous gold assays are highlighted by annotated texts.

To view an enhanced version of Figure 3, please visit:
https://orders.newsfilecorp.com/files/5044/107796_cb777fb514a3a892_003full.jpg

Willoughby Project

The project occurs along the eastern margin of the Cambria Icefield, approximately seven kilometers east of the advanced-stage Red Mountain Deposit owned by Ascot Resources. Upper Triassic Stuhini rocks and Lower Jurassic Hazelton volcano-sedimentary rocks underlay the property, subsequently intruded by an early Jurassic-aged hornblende-feldspar porphyry, like and potentially comagmatic with the Goldslide Intrusive suite at Red Mountain. Intrusive-related mineralized zones consist of primary pyrite with lesser pyrrhotite, sphalerite, galena, chalcopyrite, and native gold. Eight gold and silver mineralized zones have been identified to-date over a one-kilometer strike-length mineralized trend.

QA/QC

Using a hydraulic chisel, an approximate 2 by 2-centimetre channel was sampled continuously along 1 metre sample stations. If the hydraulic chisel was incapable of retrieving a chip from a specific location, a hand chisel was used to assist with the chipping within the limits of the 1 metre station. Samples were placed directly into a marked polyurethane bag. Chip observation data was recorded and digitized in the field using MX Deposit.

Surface samples for the 2021 exploration program were labeled and shipped with chain of custody controls to the laboratory. The company implements a rigorous Quality Control/Quality Assurance program, including the insertion of Standards, Blanks, and Duplicates at regular intervals in the sample stream to monitor laboratory performance.

Samples were submitted to ALS Laboratory facility located in North Vancouver, British Columbia, for preparation and analysis. The ALS facility is accredited to the ISO/IEC 17025 standard for gold assays, and all analytical methods include quality control materials at set frequencies with established data acceptance criteria. The entire sample is crushed, split into representative sub-samples using a riffle splitter and subsequently, 250g is pulverized. Multi-element analyses were determined by ICP-AES for 33 elements following a 4-acid digestion process. Analysis for gold is by 30g fire assay with atomic absorption (AAS) finish. Samples that returned with gold assays greater than 10 g/t were re-analyzed using a 30g fire assay with a gravimetric finish.. Samples with silver assays higher than 100 g/t are re-analyzed using a fire assay with gravimetric finish.

Qualified Person

The Qualified Person for this news release for National Instrument 43-101 is Andrew Hamilton, P. Geo, technical advisor to Strikepoint. He has read and approved the scientific and technical information that forms the basis for the disclosure contained in this news release.

About StrikePoint

StrikePoint Gold is a gold exploration company focused on building high-grade precious metals resources in Canada. The company controls two advanced stage exploration assets in BC’s Golden Triangle. The past-producing high-grade silver Porter Project and the high-grade gold property Willoughby, which is adjacent to Red Mountain. The company also owns a portfolio of gold properties in the Yukon.

ON BEHALF OF THE BOARD OF DIRECTORS OF
STRIKEPOINT GOLD INC.

“Shawn Khunkhun”

Shawn Khunkhun
Chief Executive Officer and Director

For more information, please contact:
StrikePoint Gold Inc.
Shawn Khunkhun, CEO and Director
T: (604) 602-1440
E: sk@strikepointgold.com
W: www.strikepointgold.com

Statements in this release that are forward-looking statements are subject to various risks and uncertainties concerning the specific factors disclosed under the heading “Risk Factors” and elsewhere in the Company’s filings with Canadian securities regulators. Such information contained herein represents management’s best judgment as of the date hereof based on information currently available. The Company does not assume any obligation to update any forward-looking statements, save and except as may be required by applicable securities laws.

Neither the TSX Venture Exchange nor it’s 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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/107796

Categories
Junior Mining Precious Metals

Novo/GBM JV Commences Inaugural Malmsbury Gold Project Diamond Drilling Program

Figure 1

Track mounted diamond drill rig on site at the Malmsbury Project – 14/12/2021.
Track mounted diamond drill rig on site at the Malmsbury Project – 14/12/2021.
Track mounted diamond drill rig on site at the Malmsbury Project – 14/12/2021.

Figure 2

Malmsbury Project location and major targets in the north of the project area, with geology and historic workings.
Malmsbury Project location and major targets in the north of the project area, with geology and historic workings.
Malmsbury Project location and major targets in the north of the project area, with geology and historic workings.

Figure 3a

Unidirectional solidification textures (USTs) in the Missing Link Monzogranite on the Malmsbury project
Unidirectional solidification textures (USTs) in the Missing Link Monzogranite on the Malmsbury project
Unidirectional solidification textures (USTs) in the Missing Link Monzogranite on the Malmsbury project

Figure 3b

Unidirectional solidification textures (USTs) in the Missing Link Monzogranite overprinted by gold bearing stockwork quartz veins on the Malmsbury project
Unidirectional solidification textures (USTs) in the Missing Link Monzogranite overprinted by gold bearing stockwork quartz veins on the Malmsbury project
Unidirectional solidification textures (USTs) in the Missing Link Monzogranite overprinted by gold bearing stockwork quartz veins on the Malmsbury project

Figure 4

soil geochemistry overlying geology.
soil geochemistry overlying geology.
soil geochemistry overlying geology.

Figure 5

FALCON® vertical gravity gradient image highlighting the gravity low associated with outcrop of gold mineralized granite. The Leven Star deposit is parallel to and lies on the edge of a major gravity gradient.
FALCON® vertical gravity gradient image highlighting the gravity low associated with outcrop of gold mineralized granite. The Leven Star deposit is parallel to and lies on the edge of a major gravity gradient.
FALCON® vertical gravity gradient image highlighting the gravity low associated with outcrop of gold mineralized granite. The Leven Star deposit is parallel to and lies on the edge of a major gravity gradient.

HIGHLIGHTS

  • Commencement of >2,000 m diamond drilling program, testing multiple high-order gold targets at the 50%-owned Malmsbury Gold Project (“Malmsbury Project”), 50 km SSW of the high-grade Fosterville gold mine in Victoria, Australia
  • Drill targets defined through systematic exploration in 2021 including mapping with alteration vectoring, grid soil and rock chip sampling, historic drill core review/re-sampling and historic data compilation with 3D modelling
  • The Malmsbury Project is under-explored and highly structurally complex, with multiple orientations of high-grade gold mineralization and in excess of 1,500 historic workings and old trenching
  • Several target styles are present, including “Fosterville-type” anticline-fault related targets, large scale planar faults and fault breccias, “Woods Point-A1 style” intrusion-hosted orogenic gold targets and an intrusion-related gold (“IRG”) system
  • Drilling will target a shoot on the Leven Star trend where historic reverse circulation (RC) drilling intersected 7 m @ 4.84 g/t Au (LSCR014) including 3m @ 9.38 g/t Au from 54 m and 4.1 m @ 13.1 g/t Au from 66.3 m (LSDDH08)1. These historical results are not necessarily representative of mineralization throughout the Malmsbury Project
  • Within the most complex part of the system, drilling will also target a highly altered gold-mineralized Devonian monzogranite which is rare in Victoria and outcrops over 340 m strike and 40 m width
  • Forward work program includes a further second phase of drilling in 2022, 2D/3D induced polarization (“IP”) to define disseminated sulphide haloes around various gold targets, further expansion of systematic soil geochemistry, mapping, and rock chip sampling

VANCOUVER, British Columbia, Dec. 16, 2021 (GLOBE NEWSWIRE) — Novo Resources Corp. (“Novo” or the “Company”) (TSX: NVO, NVO.WT & NVO.WT.A) (OTCQX: NSRPF) is pleased to advise that drilling has recently commenced (Figure 1) on a number of high-priority gold targets (Figure 2) at the Malmsbury Project (RL6587), approximately 50 km SSW of the high-grade Fosterville gold mine. Targeting has relied on significant exploration work conducted by the Novo/GBM team throughout 2021, including detailed 1:500 scale mapping, rock chip and grid soil sampling, 3D modelling and an airborne FALCON® gravity survey.

Novo acquired a 50% interest in the Malmsbury Project from ASX-listed GBM Resources Limited (ASX: GBZ) (“GBM”) in May 2021 and has the initial right to earn up to an additional 10% interest by incurring A$5 million in exploration expenditure over a four-year period2. GBM are currently managing the project.

The historical results and technical information referred to in this news release, published by AuStar Gold Limited (ASX: AUL) (“AuStar”) and included in geologic reports filed on the GeoVIC Earth Resources website, are not necessarily representative of mineralization throughout the Malmsbury Project. This historical data was disclosed in ASX announcements, other public disclosure documents, and exploration reports filed on the GeoVIC Earth Resources website (collectively, “Disclosure”) issued by AuStar and others, as identified in the GeoVIC Earth Resources filings. Certain of the technical information contained in this news release has been extracted from this Disclosure. Reference should be made to the relevant Disclosure which is available online at the links provided in various footnotes throughout this news release.

A qualified person has not verified the technical information contained in the Disclosure for Novo, and Novo is unaware of the existence of any current technical report prepared in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects or the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves in connection with the technical information contained in the Disclosure. Novo is unable to comment on the reliability of the technical information contained in the Disclosure and therefore, reliance should not be placed on such technical information.

https://www.globenewswire.com/NewsRoom/AttachmentNg/a13c2709-16da-4aa7-ad3c-1ab1ed3ce7d8
(Figure 1 – Track mounted diamond drill rig on site at the Malmsbury Project – 14/12/2021.)

Exploration Results and Summary from 2021

Mapping and Petrology – Detailed 1:500 scale mapping was conducted by Novo staff in the first half of 2021, aiding in defining the deep-seated regional Taradale Fault in the west of the Malmsbury Project, four main anticlinal structures trending the length of the project, zones of intense silicification, sulphidation and stockwork quartz veining, and the broad structural framework of the project area. Mapping (Figure 2) has highlighted significant anticlines and mineralized west dipping fault zones similar to the setting of the high-grade Fosterville deposit and extended the Leven Star mineralized trend to the SW of its previous known extent.

Coupled with mapping, historic workings (>1,000) and historic exploration costeans (>500) were field verified (GPS located) and accurately mapped with the aid of high-resolution LIDAR imagery acquired in 2020. Rock chip sampling also relied on mapping and historic workings location for selection criteria.

Importantly, mapping also defined a porphyritic monzogranite intrusion in the Belltopper Hill area with an outcrop expression over 340 m strike and up to 40 m width. The central portion of the granite, known as the Missing Link Granite, has incredible unidirectional solidification textures (“UST”) (Figure 3) typical in the carapace of IRG systems3 and these are overprinted by gold mineralized sheeted to stockwork quartz veins (Figure 3) and intense greisen style alteration defined by petrological studies. The intrusion will be targeted as an IRG system but also as a brittle host to orogenic vein style mineralization, similar to historic deposits including the Morning Star-Woods Point diorite-hosted ladder vein deposit owned by AuStar which produced over 800,000 oz of gold at 26.5 g/t Au tonne4.

One historic diamond drill hole (DDHMA3)5 intersected the Missing Link Granite, which was not recognized. Assaying of the hole by Novo/GBM, which was collared near the contact of the granite (top 18 m of hole missing as roller bit was used) yielded 23 m @ 0.46 g/t Au (at 0.1 g/t Au cut-off) from 18 m. Surface sampling yielded assay results up to 9.74 g/t Au from quartz veins within the granite.

Rock Chip Sampling – Results for 413 rock chip samples were received throughout the year, providing critical information on gold endowment and multielement associations and providing a useful targeting parameter. Over 17% of the samples assayed >1g/t Au with peak assay results of 27.1 g/t Au and 14.2 g/t Au on the Leven Star trend (Table 1).

Soil Sampling – Results for 474 grid soil samples taken in 2021 were recently received, with a further 150 results pending. Sampling was aimed at infilling older soils grids and expanding coverage across the RL. Approximately 11% of the samples assayed >100 ppb Au with a peak assay of 1.47 g/t Au and 89 ppm Sb. Soil sampling has provided an excellent vector for drill targeting with strong Au, As and Sb anomalies defining key targets (Figure 4). Soil sampling has also defined zoned multielement patterns around the Missing Link Granite with intrusion-related geochemical signatures, including a strong Mo core (Figure 4) zoning outward to Sn, Bi and W and potentially Sb and Au,

The aforementioned results are not necessarily representative of mineralization throughout the Malmsbury Project.

https://www.globenewswire.com/NewsRoom/AttachmentNg/b20c54dc-9cea-4f52-a352-4e871b90c062
(Figure 2 – Malmsbury Project location and major targets in the north of the project area, with geology and historic workings.)

https://www.globenewswire.com/NewsRoom/AttachmentNg/416bea9d-3362-4d6f-9371-bd5c29f0bce0
https://www.globenewswire.com/NewsRoom/AttachmentNg/a39a04c7-c910-40fb-9c4c-ddf11f58277b
(Figure 3 – Unidirectional solidification textures (USTs) in the Missing Link Monzogranite overprinted by gold bearing stockwork quartz veins on the Malmsbury Project.)

FALCON® Gravity – A FALCON® airborne gravity gradiometer and aeromagnetic survey was flown in May 2021, totalling 537.6 line kilometres. The gravity survey identified a large gravity low (1.5 x 0.8 km) potentially related to the monzogranite intrusion which crops out in the western edge of the gravity low feature. The Leven Star Lode lies on the edge of and is parallel to the gravity low (Figure 5).

Drilling Program 2021 – 2022

A minimum of 2,000 m of diamond drilling is planned during late 2021 and the first quarter of 2022 to test multiple high-ranking targets (Figure 2).

  • Drilling will target a shoot on the Leven Star Lode where historic reverse circulation (“RC”) drilling intersected 7 m @ 4.84 g/t Au (LSCR014) including 3 m @ 9.38 g/t Au from 54 m1. Drilling will also test up and down dip positions adjacent to high-grade intersections on the main Leven Star Lode for deposit extension and metallurgical test work purposes.
  • As a preliminary test, one 350 m drill hole will extend west along the Leven Star Lode to intersect the junction of a number of mineralized trends including Leven Star, Panama South and Missing Link (Figure 2). Surface mapping and soil and rock chip sampling have highlighted strong gold and multielement geochemistry and intense sheeted quartz veining and silica alteration are present at surface.
  • The newly discovered Missing Link Granite, including Missing Link and Hanover West historic reefs (Figure 2) will be drill tested with one 400 m drill hole as an initial scout to identify the geometry and gold endowment of the monzogranite at depth. As stated above, the intrusion will be targeted as an IRG system but also as a brittle host to orogenic vein style mineralization.
  • The Never Despair historic workings are centred on a convergence of four separate reefs. Rock chip sampling from waste rock spoils yielded consistent grades averaging 1.96 g/t Au and 260ppm Sb and peak results of 5.66 g/t Au. Drilling will aim to intersect the target down plunge at depth
  • Drilling of two holes initially will test beneath the Queens-Egyptian and O’Connor’s Historic reefs to test down dip continuity of high-grade historic reefs.

The aforementioned results are not necessarily representative of mineralization throughout the Malmsbury Project.

https://www.globenewswire.com/NewsRoom/AttachmentNg/7162289e-e591-4047-82bd-724424e75ea1
(Figure 4– soil geochemistry overlying geology.)

https://www.globenewswire.com/NewsRoom/AttachmentNg/555055d9-6fb4-49b7-b3f1-924bebabd4cd
(Figure 5 – FALCON® vertical gravity gradient image highlighting the gravity low associated with outcrop of gold mineralized granite. The Leven Star deposit is parallel to and lies on the edge of a major gravity gradient.)

Forward Work Program 2022

Subsequent to the 2,000 m drilling program, future work programs include a further second phase of drilling in late 2022, IP to define disseminated sulphide haloes around various gold targets including potential IRG mineralization, further expansion of systematic soil geochemistry, mapping and rock chip sampling.

Analytic Methodology

Soil sampling is 20 to 60 cm depth B horizon sampling sieved to -80 mesh at the lab and analysed at ALS Brisbane for Au using four acid digest 30g charge fire assay with ICPAES finish (method Au-ICP21) and multielements using four acid digest Super Trace Lowest detection limit ICPMS (method ME-MS61L).

Rock chip samples and drill core is assayed at ALS Brisbane using the using four acid digest ore grade 30g charge fire assay with AA finish (method Au-AA25) and multielements using four acid digest ICPMS (method ME-MS61) after pulverization.

QAQC for soil samples is completed at the rate of 4 field duplicates, 2 standards and 2 blanks per 100 samples. QAQC for rock chip samples and drill core was completed at the rate of 3 standards and 3 blanks per hundred samples.

To date, there have been no limitations to the verification process and all relevant data has been verified by a qualified person as defined in NI 43-101 by reviewing analytical procedures undertaken by the various laboratories.

QP STATEMENT

Dr. Quinton Hennigh (P.Geo.) is the qualified person, as defined under National Instrument 43-101 Standards of Disclosure for Mineral Projects, responsible for, and having reviewed and approved, the technical information contained in this news release other than the technical information extracted from the Disclosure. Dr. Hennigh is the non-executive co-chairman and a director of Novo.

ABOUT NOVO

Novo operates its flagship Beatons Creek gold project while exploring and developing its prospective land package covering approximately 13,250 square kilometres in the Pilbara region of Western Australia. In addition to the Company’s primary focus, Novo seeks to leverage its internal geological expertise to deliver value-accretive opportunities to its shareholders. 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.

“Michael Spreadborough”

Michael Spreadborough

Executive Co-Chairman

Forward-looking information

Some statements in this news release contain forward-looking information (within the meaning of Canadian securities legislation) including, without limitation, that the drilling and future work programs described in the news release will be undertaken at the Malmsbury 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 resource industry and the risk factors identified in Novo’s management’s discussion and analysis for the nine-month period ended September 30, 2021, which is available under Novo’s profile on SEDAR at www.sedar.com. Forward-looking statements speak only as of the date those statements are made. Except as required by applicable law, Novo assumes no obligation to update or to publicly announce the results of any change to any forward-looking statement contained or incorporated by reference herein to reflect actual results, future events or developments, changes in assumptions or changes in other factors affecting the forward-looking statements. If Novo updates any forward-looking statement(s), no inference should be drawn that the Company will make additional updates with respect to those or other forward-looking statements.

Table 1 – 2021 exploration program rock chip assay results >1 g/t Au

SampleNorth GDA94 Z55East GDA94 Z55Au ppmAg ppmAs ppmBi ppmMo ppmSb ppmW ppm
MR0483588045826416627.11.691435023.5756101
MR0784588080426384016.70.63563553143543
MR0435587996526340114.651.0326301.5611431
MR0762588028326392014.550.2520000.5185103
MR0814588007526375714.20.2438019.7380111
MR045058806262636659.740.04166078.211222069
MR080458803592637189.530.49931212413016
MR081158801842633608.351.76384052.6364932
MR072558804892633746.890.225104.71112157
MR076158802962639326.060.07125515.3112222
MR050558809752635445.490.121004.8712212
MR079358807242638875.410.04184070.619206169
MR069558807512634915.010.1514155.3815233
MR052158800532636044.835.7148.1110045873
MR073758805702640264.820.3324570438379450
MR042858808422634714.550.1628908.972815
MR043358800672633744.430.22167512.71649
MR051158802482635234.113.54153032.61618218
MR076458802872639043.440.012150.931246
MR072458804312633772.960.28129024512327
MR072358803562633662.940.0914402.3615729
MR043758798892634292.90.3220801.88120397
MR060658822312640152.780.0431400.2704213
MR051458802632635352.761.8565202.59311629
MR043058808492635062.690.4995193820156
MR083558801482637082.570.11161016.812158225
MR048958809452639892.411.4564202.76258
MR069758806842633992.370.114060150310114
MR079158807262640432.360.258497239917309
MR069258807782635672.340.0425401.1226670
MR044658807802634772.270.2252302.1441412
MR070758805632635192.250.0130505.91851885366
MR064958812922637962.240.63208011.856932
MR050758810002635382.230.1622801.7601625
MR052458800142636562.230.522060211568195
MR042058808232634732.040.138202.41121316
MR047658803462643792.041.055475742014805
MR061358817342636342.020.0313800.270226
MR071258804772634671.970.0310202.4462619
MR085058803492635621.882.7176084418605291
MR076758803562639491.840.29121055.3194075
MR044258798312634751.830.443502.160716
MR048558804862641601.820.1816507.9407103
MR071158804742635011.780.3738501.2142631
MR047558803642643761.771.221891.11510335
MR084858803582635591.760.249932.443720
MR067258809002636031.650.122101.8301510
MR084758804172635151.60.17133516.6419388
MR079658807962639651.590.182060437152685
MR044558807812634791.580.2718802369177
MR061658817992637251.541.81150057.51478
MR071658804512634511.480.0220608.431625
MR081358800832637631.460.631120180336278
MR062758815882638171.450.2124302.1408417
MR053858804872636921.420.02129010.61177614
MR078758808302639041.40.131620102341546
MR055958813142638091.390.12137054.2115938
MR073258806002639911.390.1714802673127100
MR050658809922635421.370.0910400.81177
MR046058805432636911.360.03193020.6762932
MR045158806362636671.33099928.1513976
MR075458807002638251.30.0549001.141045142
MR080558803412637321.260.08160530.73926548
MR055058813162639991.250.2714801.0511015
MR071458804622634521.220.05214064.5115025
MR047458803922643701.20.5154489.1101865
MR043858798882634361.180.39139018.3940200
MR068558809982633481.180.276290.74191763
MR059058815712639971.090.042330.03175
MR046558805222636761.07028414185910
MR051258802582635231.070.324005.9631429407
MR053058798362634751.050.1133802.210610
MR079958805352637261.010.845081281114175
MR0520588005426360816.88120.53811223113

___________________________________

1 Refer to relevant reports filed on the Geological Survey of Victoria’s website.

2 Refer to the Company’s news release dated May 13, 2021.

3 Kirwin D.J., 2005. Unidirectional solidification textures associated with intrusion-related Mongolian mineral deposits, IAGOD Guidebook Series pp 63-84.

4 Refer to AuStar’s public disclosure record which is available here.

5 Refer to relevant reports filed on the Geological Survey of Victoria’s website.

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Categories
Junior Mining Precious Metals

Provenance Gold Adds Historic Ounces at $.50 an Ounce

Bob Moriarty
Archives
Dec 15, 2021

Tax Loss Silly Season will end shortly. And Saturday December 18th is a full moon. December 15th is when the Fed makes an important announcement. Gold may just wake up soon.

I wrote about Provenance Gold (PAU-C) back in July. It is one of the few stocks that have actually bucked the tide and is 40% higher today. The stock has been pretty much range bound and I think will break loose soon. Hopefully to the upside.

Everyone has an opinion about National Instrument 43-101. After Bre-X blew up in 1997 after massive fraud in salting the samples, the Canadian government realized they needed strict regulation of how mineral resources were reported.

As a result, resources reported prior to 43-101 and non-current resources are termed “historical.” But that doesn’t mean they are utterly worthless. They can give an investor some sort of feel for what might be possible on a deposit.

On December 14th Provenance Gold announced an option agreement for them to purchase the Eldorado Property from Nevada Select Royalty, itself a subsidiary of Gold Royalty Corp (NYSE-GROY). Provenance is paying a total of $2 million USD for 100% of the project subject to a 3% NSR.

Prior results were exceptional with one hole from surface of 69 meters showing 3.05 g/t Au, 185 meters of 1.57 g/t Au another 101 meters of 2.02 g/t Au and 55 meters of 2.33 g/t Au.

The Eldorado project is located in Eastern Oregon. The fruits and nuts are all located in Western Oregon. I’m told some of the people in Eastern Oregon work for a living and are actually sane. I don’t have any information as to how large the project is or the exact location.

Work began on the project in 1980 and the property went through a series of different owners and operators. There has been a total of 21,866 meters of drilling in 236 RC holes and six core holes. Billiton Minerals showed a historical resource of 776,000 ounces at an average grade of 0.75 g/t Au in 1989. The property was then operated by Ican Minerals who did an additional 49 holes over the 150 already completed by Billiton. Ican first showed a resource of 1,860,000 ounces at 0.76 g/t Gold and then revised the resource to show a total of 4 million ounces. There has been no work completed on the deposit since 1998.

Of course Provenance will sample and drill in an attempt to verify that resource. Should it prove accurate it means today’s investors can scoop up ounces of gold for $.50 an ounce. Using a term popular in Eastern Oregon, that would be an, “El Goodo, Dealo.”

Rauno Perttu, the CEO of Provenance is an Oregon registered engineering geologist familiar with that area of the state and with Oregon geology. The terms of the deal are back end loaded so Provenance has only paid $75,000 so far and has a $125,000 payment due a year from now with four more years to complete the purchase. I would expect them to aggressively work on the project.

Of course Provenance continues their work in Nevada on three major projects there. I have spoken at length with management and this is a real mining exploration company that wants these projects in production.

I have bought Provenance shares in the open market and participated in their last private placement so I have to be biased. I do expect a placement in the company soon to get cashed up. Do your own due diligence.

Provenance Gold Corp
PAU-C $.15 (Dec 14, 2021) 
PVGDF-OTCQB 74.5 million shares
Provenance Gold website

###

Bob Moriarty
President: 321gold
Archives

321gold Ltd

Categories
Junior Mining Precious Metals

Silver Bullet Mines Reports 6,174 g/t Silver and 18 g/t Gold at Its Washington Mine in Idaho

Burlington, Ontario–(Newsfile Corp. – December 15, 2021) – Silver Bullet Mines Corp. (TSXV: SBMI) (“SBMI” or “the Company”) is pleased to announce the first technical disclosure on its work at the Washington Mine on patented lands in the prolific placer gold district in Idaho (the “Property”). Three rounds of sampling were carried out and are reported below.

The results from these rounds provided confirmation of the high grade nature of the Property’s mineralization potential; direction for the development of a bulk sampling program; and, discovery of parallel mineralized structures. These sets of results indicate the potential for the development of early production from the site through bulk sampling and for the ongoing discovery and development of additional silver and gold resources.

History

The references below to data and observations derived from work not carried out by SBMI is of historical nature only and cannot be relied upon at this time. SBMI does not know the methods by which such work was carried out, or whether all or part of it was under the supervision of a Qualified Person, as that term is defined in NI43-101. SBMI refers to such data and observations to inform its knowledge of the area and to support its thesis for exploration.

The Property first saw production in the late 1800’s with an average gold grade of one ounce per ton. It again produced in the 1930’s during which the then-owner lacked the process capability needed to produce silver, so a decision was then made to block out the silver mineralization with the intention of returning at a future date to process the silver. To the best of SBMI’s knowledge, that never happened. A report included an estimate of 3 million ounces of silver with a grade of 30 to 90 ounces per ton and 15,000 ounces of gold at 0.3 ounces per ton for the veins identified on the Property at the time. Further work must be carried out to confirm the precise location of those veins and the property boundaries at the time. (Source, “Geological Evaluation”, Roger G. Stoker, P.G. and Ryne C. Stoker, Student Geologist, Energy Services Inc., December, 1981.)

In the 1980’s the previous owner reopened the underground and produced a bulk sample claimed to be representative of the silver mineralization in the Washington Vein. The bulk sample was sent to Hecla Smelting for processing with the head grade reported to be 44 ounces silver per ton. (Source, Stoker, ibid.)

Finally, Stoker indicated the location of the “Berger Vein”, described as a “gold ore shoot 25 feet wide, 135 feet long, and unknown depth.” Average grades were given as 0.3 oz/ton gold with unknown silver content. Additional notes in Stoker suggest that the Berger Vein was intersected in drifting at the 400 foot level.

SBMI’s 2021 Work Program – Overview

Following its purchase of the Washington Mine, the Company conducted mapping, sampling and grid soil geochemistry, and prepared staging areas for pending underground rehab and bulk sampling.

Efforts also focused on securing permits, engaging contractors, cutting timber for mine support, and making improvements to the access road. Geologic interpretation of field data is ongoing, and SBMI remains very encouraged with initial findings. Management believes the evidence to date supports historical accounts of previously mined grades and of the presence of strongly mineralized parallel vein structures.

SBMI’s 2021 Work Program – Step One

During Covid-19 shutdowns and while waiting for corporate paperwork to be processed, SBMI reassessed the Property’s historical data and based upon its conclusions, SBMI assayed samples of mineralized vein material that it had collected in December, 2020. The highlights of those assays are below:

MethodAUAG-GR30AUAG-GR30
ElementGoldSilverSilver
Units[g/t][g/t][oz/ton]
LDL*0.145
WASH-ID-0010.5574350127
WASH-ID-0021.364780139
WASH-ID-0031.264740138
WASH-ID-0040.676203059
WASH-ID-0050.928258075
WASH-ID-0061.69248073
WASH-ID-0070.37129841
WASH-ID-0080.6110735
WASH-ID-009< 0.1488328
WASH-ID-0104.613928126

*LDL = Lower Detection Limit as provided by the Certified Assay Lab

The complete table will be posted at SBMI’s web site www.silverbulletmines.com. Readers are cautioned that samples are by their nature selective and may not reflect the overall nature of the property. The values above for silver in oz/ton were rounded off to the nearest digit.

Said A. John Carter, SBMI’s CEO, “Based in part on the historical records we knew we had a high possibility of success at the Washington Mine. We were pleasantly surprised the values in the samples were as high as they were. Those values required immediate follow-up.”

SBMI’s Work Program – Step Two

In July of 2021 the Company completed a limited grid soil sampling program of approximately 50 sites on three lines on each side of the Washington Shaft. The program was designed to provide an initial data set for the discovery of potential parallel mineralized structures. The sampling results from the west side of the Washington Shaft did not identify any mineralized structures within the grid.

The samples from the east grid did return significant results in terms of grade and location. The highlights from this limited program included 9.13, 4.58, and 1.06 g/t gold across three lines in near surface soil samples. The Company believes these are very good grades for soil samples and for this limited amount of sampling.

The samples collected by SBMI are located in a zone where the historical reports indicated the location of the “Berger Vein”, referenced above in Stoker. The initial results above encouraged the field team to specifically map and sample this mineralized structure. The Company is waiting on the assay results of this targeted sampling program.

SBMI’s Work Program – Step Three

The follow-up also involved additional investigations and site work. SBMI carried out a more detailed sampling program, including exposing the vein at surface, opening the adit, sampling across the vein, sampling the historical ore bins in the Washington Shaft, sampling the crushed ore from the south shaft stockpile, and sampling the Weatherby Portal.

This program was extremely successful. Highlights of the assay results from the sampling program are below.

MethodAUAG-GR30AUAG-GR30
ElementGoldSilverAg
Units[g/t][g/t][oz/ton]
LDL*0.145
5-28-21 B1.06365188.8
5-28-21 H18.72–<.146
5-28-21 L–4331126
08-26-21 C6.586174180
08-26-21 D3.984241124
08-26-21 K0.3423742109

*LDL = Lower Detection Limit as provided by the Certified Assay Lab

The full table will be posted at the company’s website.

Continued Mr. Carter, “We were blown away by these results. While we expected strong values from the samples, especially from the crushed rock in the stockpile, we did not expect the ore bin to show over 180 ounces of silver per tonne and over six grams of gold per tonne. These are great numbers for our shareholders.”

SBMI also collected a small bulk sample from the available vein mineralization from the Property. This sample was crushed and quartered. One-quarter is out for assay at SBMI’s own assay facility in Arizona, one-quarter is out for assay at an independent lab, and one-quarter has been sent for ore characterization. The final quarter is retained by SBMI as part of QA/QC best practices. SBMI will report the results of the bulk sample as soon it receives the results from the independent third-party lab.

SBMI’s Work Program – Next Steps

SBMI is currently working with a contract miner on possible plans to reopen the Washington Mine. SBMI received a road upgrade permit from the US Forest Service and a Federal Mine ID number. As the mine is on patented lands the amount of permitting that is required is limited. SBMI is in discussions with third parties for the purchase of the resulting ore and/or concentrate and has identified potential mill facilities near the Property.

Management feels strongly that the Property fits precisely into its business model of high-grade lower risk near-term production, significant resource potential and substantial blue sky.

The Company will be providing a further update in the near future. A more detailed report on the Property can be found on our website www.silverbulletmines.com .

QA/QC

All of the samples taken by SBMI and referred to in this release were processed by Paragon Geochemical of Sparks, Nevada, an independent certified lab. Paragon tests for a 35 element suite using 0.25g 4-acid digestion/ICP-OES. Samples that ran over the detection limit were re-processed using a 30g fire assay and a gravimetric finish.

The Qualified Person for this press release is Mr. Ron Wortel, P.Eng., who oversaw all of SBMI’s work referred to herein. Mr. Wortel is also President and a director of the Company.

The Company also announces it has been advised by Mr. Jon Wiesblatt he is resigning from his position as a director of the Company to concentrate on other ventures. The Company thanks Mr. Wiesblatt for his contributions to the growth of the Company as a Capital Pool Company and through to the closing of its Qualifying Transaction.

For further information, please contact:

John Carter
Silver Bullet Mines Corp., CEO
cartera@sympatico.ca
+1 (905) 302-3843

Peter M. Clausi
Silver Bullet Mines Corp., VP Capital Markets
pclausi@brantcapital.ca
+1 (416) 890-1232

Cautionary and Forward-Looking Statements

This news release contains certain statements that constitute forward-looking statements as they relate to SBMI and its subsidiaries. Forward-looking statements are not historical facts but represent management’s current expectation of future events, and can be identified by words such as “believe”, “expects”, “will”, “intends”, “plans”, “projects”, “anticipates”, “estimates”, “continues” and similar expressions. Although management believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that they will prove to be correct.

By their nature, forward-looking statements include assumptions, and are subject to inherent risks and uncertainties that could cause actual future results, conditions, actions or events to differ materially from those in the forward-looking statements. If and when forward-looking statements are set out in this new release, SBMI will also set out the material risk factors or assumptions used to develop the forward-looking statements. Except as expressly required by applicable securities laws, SBMI assumes no obligation to update or revise any forward-looking statements. The future outcomes that relate to forward-looking statements may be influenced by many factors, including but not limited to: the impact of SARS CoV-2 or any other global virus; reliance on key personnel; the thoroughness of its QA/QA procedures; the continuity of the global supply chain for materials for SBMI to use in the production and processing of ore; shareholder and regulatory approvals; activities and attitudes of communities local to the location of the Property; risks of future legal proceedings; income tax matters; fires, floods and other natural phenomena; the rate of inflation; availability and terms of financing; distribution of securities; commodities pricing; currency movements, especially as between the USD and CDN; effect of market interest rates on price of securities; and, potential dilution. SARS CoV-2 and other potential global viruses create risks that at this time are immeasurable and impossible to define.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/107649

Categories
Junior Mining Precious Metals

Metallic Minerals Announces Completion of Exploration Programs at La Plata Silver-Gold-Copper Project

VANCOUVER, BC / ACCESSWIRE / December 15, 2021 / Metallic Minerals (TSX.V:MMG)(OTCQB:MMNGF) (“Metallic Minerals“, or the “Company“) is pleased to announce the successful completion of 2021 exploration activities at the La Plata silver-gold-copper project in the prolific Colorado Mineral Belt of southwest Colorado. The multi-faceted program included 1,980 meters of diamond drilling, resampling of historical drill core, and underground sampling from the Allard Tunnel, along with surface mapping and sampling across the broader property.

In addition, the Company engaged the team at Goldspot Discoveries (“GoldSpot”) to apply their proprietary Artificial Intelligence (“AI”), machine learning technology and specialized geoscience expertise in porphyry and epithermal systems to the La Plata project. GoldSpot completed their first phase analysis work on geological, geochemical, geophysical, and remote sensing data developing 16 new porphyry and high-grade epithermal priority targets for follow up work and future drilling.

2021 La Plata Exploration Program

The 2021 La Plata project work program was designed to achieve a number of important objectives:

  • Completion of confirmatory drilling and underground sampling within the main Allard porphyry target to confirm historical drill results from Rio Tinto, Freeport and others totaling 14,400 meters (“m”) in 54 drill holes drilled from the 1950s to the 1970s. This confirmatory drilling is an important step towards upgrading of the historical resource to a NI 43-101 compliant mineral resource estimate for the project;
  • Conduct surface exploration and follow-up sampling to further define the scale of mineralization along multiple identified trends that comprise multi-kilometer-scale soil and geophysical targets;
  • Undertake field confirmation of deep-penetrating Induced Polarization (“IP”) and airborne electromagnetic (“EM”) geophysical targets developed in the 2020 surveys; and
  • Initiate work with GoldSpot Discoveries to apply AI technology towards definition of priority targets to potentially accelerate the discovery process on the project.

Drilling and resampling of core in the main Allard porphyry system, along with underground sampling from the Allard Tunnel, has confirmed the tenor of copper, silver and gold mineralization from previous exploration on the property. The 3 kilometer (“km”) by 1 km mineralized system remains open to expansion at depth and along trend. This year’s work has also shown significant potential for palladium, platinum and gold associated with the porphyry system. Highlight historical drill intercepts include 395 m grading 0.57% copper equivalent (0.51% Cu, 6.3 g/t Ag, and 0.017 g/t Au) including 108 m grading 0.75% copper equivalent (0.65% Cu, 7.7 g/t Ag and 0.034 g/t Au) in drill hole LP-03 starting from surface. Final assay results for drill samples are pending.

Surface sampling has also expanded the main mineralized zone to 6 km in length and up to 1.5 km in width with anomalous copper, silver and gold in soils and rock samples. In addition, a second 4 km by 1 km target, which may represent a new porphyry and epithermal center, has been identified based on geophysics, remote sensing, and surface sampling with rock sample values in porphyry related mineralization up to 1.1% copper with 0.9 g/t gold and multi-gram silver. Rock samples of epithermal related mineralization included values up to 95 g/t silver and 10 g/t Au.

Metallic Minerals’ CEO and Chairman, Greg Johnson, stated, “We are pleased to have completed our first drill campaign at La Plata, and the first on the project in nearly 50 years, as we apply new thinking to this historic American high-grade silver, gold and copper district. Our work is confirming the potential for a multi-kilometer-scale mineralized porphyry and epithermal system – a much larger system than previously recognized – with excellent potential to expand known mineralization and to make new discoveries. Drilling, underground and surface sampling, geophysics, and satellite based remote sensing data for La Plata demonstrate real potential to become a strategic, US-based sourced of both precious and base metals, including silver necessary for solar power, and copper necessary for carbon-free energy and broader electrification of the global economy. Our 2021 work program has successfully advanced our understanding of the projects potential and is a major step towards the delineation of an inaugural mineral resource estimate. We look forward to providing additional updates including drill results from both our La Plata and Keno projects, as well as updates from our on-going work on the high-grade alluvial projects in the Klondike Gold district.”

About La Plata Silver-Gold-Copper Project

The road accessible La Plata project covers 33 km2 approximately 26 km northwest of Durango, Colorado within the historic high-grade La Plata mining district located at the southwest end of the prolific Colorado Mineral Belt. Mineralization is related to a large-scale precious-metals-rich porphyry copper system with associated high-grade silver and gold epithermal vein and replacement deposits. Historical production from some of these high-grade structures exceeded 1,000 grams per tonne (“g/t”) silver and over 15 g/t gold with some of the richest deposits delivering true bonanza grades for silver and gold1.

The La Plata district has a long and rich history of mining with the first silver deposits discovered in the 1700s by Spanish explorers. High-grade silver and gold production has been documented from the 1870s through the early 1940s from vein structures, replacement bodies and breccia zones at over 90 individual mines and prospects1. From the 1950s to 1970s, major miners including Rio Tinto (Bear Creek) and Freeport-McMoRan (Phelps Dodge) explored in the La Plata district focusing on the significant potential for bulk-tonnage disseminated and stockwork hosted mineralization2. Freeport-McMoRan retained ownership of claims in the district until 2002 when they sold their holdings to the current underlying vendors during the lows of the last metal price cycle.

A total of 56 drill holes totaling 15,200 m has been drilled on the property since the 1950s which confirm the presence of large-scale, multi-phase porphyry system with significant silver, gold and copper. This large-scale mineralized system is associated with a 10 km2 strongly magnetic signature with intense hydrothermal alteration.

Metallic Minerals is the first company to complete significant exploration on the La Plata project in nearly 50 years, applying modern technologies and deposit modeling techniques. The Company sees the potential to rapidly extend the size of the known mineralized system and to identify and expand the higher-grade zones within the broader porphyry and epithermal mineralized zones.

Foot notes: 1) Eckel, USGS Prof Paper 219, Geology and Ore Deposits of the La Plata Mining District, 1949; 2) Bear Creek Mining (now Rio Tinto), Humble Oil (now Exxon) and Phelps Dodge (now Freeport-McMoRan) company reports; 3) Christoffersen, Geological report on the Allard deposit, La Plata Mining District, Durango, Colorado, 2005.

About Metallic Minerals

Metallic Minerals Corp. is a growth-stage exploration company, focused on high-grade silver and gold projects in underexplored, brownfields mining districts of North America. Our objective is to create shareholder value through a systematic, entrepreneurial approach to exploration in the Keno Hill silver district, La Plata silver-gold-copper district, and Klondike gold district through new discoveries and advancing resources to development. Metallic Minerals has consolidated the second-largest land position in the historic Keno Hill silver district of Canada’s Yukon Territory, directly adjacent to Alexco Resource Corp’s operations, with nearly 300 million ounces of high-grade silver in past-production and current M&I resources. In addition, exploration at the recently acquired La Plata silver-gold-copper project in southwestern Colorado is targeting a silver and gold-enriched copper porphyry and adjacent high-grade silver and gold epithermal systems. The Company also continues to add new production royalty leases on its holdings in the Klondike gold district in the Yukon. All three districts have seen significant mineral production and have existing infrastructure, including power and road access. Metallic Minerals is led by a team with a track record of discovery and exploration success on several major precious and base metal deposits, as well as having large-scale development, permitting and project financing expertise.

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 and gold, platinum and palladium, and copper. Member companies include Metallic Minerals in the Yukon’s high-grade Keno Hill silver district and La Plata silver-gold-copper district of Colorado, Group Ten Metals in the Stillwater PGM-nickel-copper district of Montana, and Granite Creek Copper in the Yukon’s Minto copper district. 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. With this expertise, the companies are undertaking a systematic approach to exploration using new models and technologies to facilitate discoveries in these proven, but under-explored, 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: mmgsilver.com
Phone: 604-629-7800
Email: cackerman@mmgsilver.com
Toll Free: 1-888-570-4420

Qualified Person

The disclosure in this news release of scientific and technical information regarding exploration projects on Metallic Minerals’ mineral properties has been reviewed and approved by Jeff Cary, P.Geo., who is Qualified Person as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”).

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.

SOURCE: Metallic Minerals Corp.



View source version on accesswire.com:
https://www.accesswire.com/677761/Metallic-Minerals-Announces-Completion-of-Exploration-Programs-at-La-Plata-Silver-Gold-Copper-Project

Categories
Junior Mining Precious Metals

Silver Hammer Reports Phase I Drill Results and Confirms Significant Gold-Silver Mineralization Below Old Mine Workings at Silver Strand

Figure 1

Long section showing mined out stopes and highlighted intercepts
Long section showing mined out stopes and highlighted intercepts
Long section showing mined out stopes and highlighted intercepts

Figure 2

Oblique cross section highlighting 2021 assay results
Oblique cross section highlighting 2021 assay results
Oblique cross section highlighting 2021 assay results

VANCOUVER, British Columbia, Dec. 14, 2021 (GLOBE NEWSWIRE) — Silver Hammer Mining Corp. (CSE: HAMR / OTCQB: HAMRF) (“Silver Hammer” or the “Company”) is pleased to report results from the Company’s recently completed initial Phase I drill campaign at the past-producing Silver Strand Mine located in Idaho, USA. Historical records at Silver Strand indicate the potential for both significant gold (“Au”) and silver (“Ag”) mineralization within the upper part of the system, directly below the lowest surface level. All six drillholes (first drilling in ~20 years at Silver Strand) cut through a 25 metre (m) wide zone of intensely silicified quartzite with locally higher-grade Au-Ag mineralization and confirmed the Company’s thesis that the mineralized body extends beneath the old mine workings.

Highlights:

  • SS21-003: 1.13 g/t Au and 89.76 g/t Ag over 4.57 m (202.76 g/t Silver Equivalent) (“AgEq”) (AgEq silver:gold ratio 100:1) shown for reference purposes
  • SS21-004: 5.17 g/t Au and 18.07 g/t Ag over 1.24 m (535.07 g/t AgEq), followed by 4.96 g/t Au and 85.10 g/t Ag over 0.91 m (581.10 g/t AgEq)
  • SS21-005: 5.80 g/t Au and 13 g/t Ag over 1.83 m (593.93 g/t AgEq)
  • SS21-006: 1.29 g/t Au and 80.85 g/t Ag over 7.93M (209.85 g/t AgEq), Including 0.61 g/t Au and 392.00 g/t Ag over 0.61 m (456.00 g/t AgEq) and 2.48 g/t Au and 284.00 g/t Ag over 0.92 m (532.00 g/t AgEq)
  • SS21-007: 4.12 g/t Au and 130.00 g/t Ag over 1.53 m (542.00 g/t AgEq)

“We are very encouraged that all six drillholes from our initial drill campaign at Silver Strand cut significant Au-Ag mineralization. Quickly and cost effectively rehabilitating and utilizing the existing underground allowed us to create a new drilling station accessed from the surface level 3 portal,” stated President and CEO, Morgan Lekstrom.

Lekstrom added, “Other large high-grade silver mines in the same Revett Formation rocks within the Coeur d’Alene district extend to 1,800 m or greater, often with the highest silver grades starting 100’s of metres below surface. Our shallow confirmatory drilling has successfully delivered proof-of-concept and we look forward to testing the system at greater depth and targeting potential additional high-grade chutes along strike in 2022.”

Figure 1: Long section showing mined out stopes and highlighted intercepts
https://www.globenewswire.com/NewsRoom/AttachmentNg/d0f03e87-c4b2-494c-bbad-d80a01476417

The Company recently completed mine rehabilitation work within the level 3 portal (see Figure 1 above and press release September 1, 2021) and established a new underground drill station stepped out from the old mine workings. This station is on the same plane as surface and will allow for an expedited, focused, and cost-effective way to continue drilling at greater depths and along strike.

Table 1: Summary of significant gold (Au) and silver (Ag) assay results

Hole_IDFrom (m)To (m)INTVL (m)Au_g/tAg_g/tAgEq_g/t*
SS21-00319.6624.084.421.1389.76202.76
24.0825.211.13No samples obtained
and25.2127.742.531.0412.29116.29
SS21-00441.7643.011.255.1718.07535.07
43.0146.333.32Post mineral Dyke
and46.3347.240.914.9685.10581.10
SS21-00526.2128.041.835.8013.93593.93
Including26.2127.130.928.80<3880.00
And31.3936.274.881.049.95113.95
SS21-00635.0542.987.931.2980.85209.85
Including38.7139.320.610.64392.00456.00
Including40.8441.760.922.48284.00532.00
SS21-00729.5731.391.821.9888.45286.45
Including30.4831.390.912.36111.00347.00
and34.4435.971.534.12130.00542.00
SS21-00815.5417.782.240.4784.40131.40

*Notes: All reported assays are downhole core lengths, uncapped and calculated using a 110 g/t Ag cut-off grade. AgEq_g/t = Ag_g/t + Au_g/t*100; True thickness unknown. One hundred percent recovery utilized. AgEq shown for reference purposes.

Background and Interpretation of Results

The Company’s initial targeted pierce points would have required approximately 3,000 m of drilling from surface as well as a more extensive surface permitting process, but by utilizing an underground drill method, the equivalent drilling was completed with only ~290 m in six core holes. Drillholes were positioned to evaluate presumed extensions of mineralization beneath the lowest production level of the mine (see Figure 2 below).

Figure 2: Oblique cross section highlighting 2021 assay results
https://www.globenewswire.com/NewsRoom/AttachmentNg/1737c57e-f045-4011-a7e4-1219a894a84a

The six drillholes completed from the underground drilling all passed through a 25 m wide zone of intensely silicified quartzite with extensive, highly fractured quartz veining which hosts at its core the Au-Ag mineralization being reported (see Table 1 above). This zone of pervasive hydrothermal alteration and lower grade halo precious metal mineralization (e.g. SS21-005 cut 1.36 g/t Au over 15.5 m and SS21-007 cut 1.38 g/t Au over 9.41 m) is also intruded by a post-mineral mafic dyke, as noted for drillhole SS21-004. The extent and intensity of the silica alteration supports the Company’s view that the Silver Strand project represents a compelling exploration target with potential for increased gold-silver values across broader intervals at greater depths and along strike.

Confirming the association of the quartz to the mafic dyke, allows the Company to extend its exploration plans not only underground, but to understand the UAV MAG survey anomalies with potential for exploration surface drilling as well.

Quality Assurance, Quality Control

Sample Security

The following measures were taken to ensure sample security: samples were submitted to the American Analytical Services (AAS) by company personnel following the guidelines and procedures of Silver Hammer Mining Company; only authorized personnel have attended the samples; core was logged at the Silver Hammer core processing facility and then transferred to the AAS lab in Osburn, Idaho.

Analysis Suite

All drill core samples were analyzed by AAS using conventional assay methods involving the fire assaying of 30 gram charges of pulverized sample material for gold and silver, with ICP finishing. Gravimetric analyses were to be applied to any samples that yielded Au values greater than 10 g/t Au and 10 g/t Ag. In addition, pulverized charges were collected for all core samples and were entirely dissolved using 4-acid digestion, with the final solution being analyzed for 35 elements using the ICP-MS method.

Audits or reviews

Internal review of sampling techniques, data, and drilling results by the Company’s management is routinely done through the course of the project.

Standards, Blanks and Duplicates

For quality assurance/quality control purposes, the batches of core samples sent to AAS for assaying and ICP analyses were regularly infused with ‘duplicate’, ‘standard’ and ‘blank’ samples. So-called ‘standard’ samples consisted of certified reference material (OREAS 611) of pulverized rock obtained from OREAS, a company that provides certified reference materials. The ‘blank’ samples consisted of barren landscaping gravel, while the ‘duplicates’ were in fact laboratory duplicates created during sample preparation at the labs of AAS. The laboratory also provided analytical results for their own reference samples for further a QA/QC check. The standards and blanks were inserted into the assay stream by Silver Hammer geologists.

Qualified Person

Technical aspects of this press release have been reviewed and approved by Philip Mulholland, P.Geo., the designated Qualified Person (QP) under National Instrument 43-101.

About Silver Hammer Mining Corp.

Silver Hammer Mining Corp. is a junior resource company exploring mineral claims covering the past-producing Silver Strand Mine in the Coeur d’Alene Mining District in Idaho, USA as well as the Eliza Silver Project and the Silverton Silver Mine, both located in Nevada, one of the world’s most prolific mining jurisdictions, and the Lacy Gold Project in British Columbia, Canada. The Company recently completed its initial drill program at Silver Strand that was designed to test for silver and gold mineralization immediately below the mine’s lowest level some 90 metres below surface. Silver Hammer strives to become a multi-mine silver producer and will focus near-term exploration and drilling programs at its Idaho and Nevada silver-gold assets.

*Mineralization hosted on adjacent and/or nearby properties is not necessarily indicative of mineralization hosted on the Company’s property.

On Behalf of the Board of Silver Hammer Mining Corp.

Morgan Lekstrom, President and CEO

Corporate Office: 551 Howe Street, Vancouver, British Columbia V6C 2C2, Canada

For further information contact:
Kristina Pillon, President, High Tide Consulting Corp.
T: 604.908.1695
E: investors@silverhammermining.com

For media inquiries, contact: Adam Bello, Primoris Group Inc.
T: 416.489.0092
E: media@primorisgroup.com

The CSE does not accept responsibility for the adequacy or accuracy of this release.

The Canadian Securities Exchange has neither approved nor disapproved the contents of this press release.

Categories
Junior Mining

Rover Metals Announces $100,000 Government Exploration Grant for Cabin Gold Project, NT, Canada

VANCOUVER, British Columbia, Dec. 14, 2021 (GLOBE NEWSWIRE) — Rover Metals Corp. (TSXV: ROVR) (OTCQB: ROVMF) (FRA:4X0) (“Rover” or the “Company”) is pleased to announce that it has received a $100,000 exploration grant for its Cabin Gold Project, NT, Canada from the Government of the Northwest Territories’ Mining Incentive Program (“MIP”). MIP received additional 2021 funding from the Canadian Northern Economic Development Agency (CanNor) under its mandate to ensure that mineral resource exploration and development continues to flourish in the north.

About the Cabin Gold Project
In September 2020, Rover kicked-off its first exploration drilling program at the historic Cabin Gold Project. The exploration program included both confirmation and expansion drilling of historical high grade gold drill intercepts in the “Arrow Zone” area of the historic Bugow Iron Formation. The Bugow Iron Formation is the controlling structure for the gold mineralization on the property and is over 15 km in length. On November 24, 2020, the Company reported an intersection of 32 meters of continuous gold averaging 13.6 grams per ton Au from the Arrow Zone. Rover’s 2020 expansion drilling included the discovery of what it believes to be a primary gold bearing ore shoot at the Arrow Zone. The Arrow Zone remains open at depth, underneath Cabin Lake, and is only accessible for expansion drilling in the winter months. Rover’s 2020 drill program was the initial step towards confirming and expanding the historic 100,000 tons at 0.30 Oz/ton Au* historic resource estimate, reported for the Arrow Zone, towards a NI 43-101 compliant mineral resource estimate. The Arrow Zone will see expansion drilling commencing in Q1-2022.

In July 2021, Rover commenced a Phase 2 Exploration Program at the Cabin Gold Project. The goal of the Phase 2 Exploration Program was the discovery and definition of new, near surface, gold bearing zones along the Bugow Iron Formation. As released on December 6, 2021, the Company has delineated a second medium-to-high grade zone at the Beaver Zone, highlights which included 6.4 meters of 4.63 g/t Au (from 42.6m to 49.0m), including 2.6 meters of 7.80 g/t Au. The Beaver Zone will see expansion drilling commencing in Q1-2022.

(*) As per Section 2.4 of NI 43-101, Aber Resources Ltd. reported a mineral inventory (that does not compare to the current CIM Definitions Standards mineral resource categories) of 100,000 tons at 0.30 ounces per ton gold at the Cabin Lake Gold Zone on the north limb of the folded Bugow Iron Formation in their 1986 and 1987 annual reports. The parameters used for the resource calculation are unknown. These results are relevant as to delineate a larger zone of gold mineralization at the Cabin Lake Gold Zone, but further drilling is needed to bring the mineral inventory up to CIM Definition Standards. The reader is cautioned that a Qualified Person has not done sufficient work to classify the historical estimates as current mineral resources and Rover Metals is not treating the historical estimates as current mineral resources.

Judson Culter, CEO at Rover Metals, states “adding $100,000 to our working capital sets us up for success in Q1-2022 as we focus on expansion drilling at the highest-grade gold zones on the Cabin Gold Project. Receiving tailwinds like these from government really make us feel excited about the future of this project.”

Technical information in this news release has been approved by David White, P.Geo., Technical Advisor of Rover and a Qualified Person for the purposes of National Instrument 43-101.

About Rover Metals
Rover is a precious metals exploration company specialized in North American precious metal resources, that is currently advancing the gold potential of its existing projects in the Northwest Territories of Canada (60th parallel). The Company commenced Phase 2 Exploration at its 100% owned Cabin Gold Project in the summer of 2021, and Phase 2 Exploration work continues at Cabin Gold through to the date of this release.

You can follow Rover on its social media channels:
Twitter: https://twitter.com/rovermetals
LinkedIn: https://www.linkedin.com/company/rover-metals/
Facebook: https://www.facebook.com/RoverMetals/ for daily company updates and industry news, and
YouTube: https://www.youtube.com/channel/UCJsHsfag1GFyp4aLW5Ye-YQ?view_as=subscriber for corporate videos.
Website: https://www.rovermetals.com/

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.one

Categories
Junior Mining

Provenance Gold Signs Option Agreement for a Historical near Surface Gold Resource and Provides Assays from the Project Which Include 69 Meters of 3.05 g/t Gold

Vancouver, British Columbia–(Newsfile Corp. – December 13, 2021) – Provenance Gold Corp. (CSE: PAU) (OTCQB: PVGDF) (the “Company” or “Provenance”) is pleased to report that it has signed a binding option to purchase the Eldorado Property in eastern Oregon from Nevada Select Royalty, Inc. (“Nevada Select”). Nevada Select is an arms-length subsidiary of Gold Royalty Corp. (NYSE: GROY), a leading growth and Americas-focused precious metals royalty company. Provenance has completed the first year’s payment of the option to purchase. The Eldorado Property hosts a significant historical gold resource in eastern Oregon. The project area is located on top of a large gold placer area and is located in the mining friendly part of the state.

The Eldorado property was first explored in 1980 by Westley Mines. Exploration continued intermittently up until 1998 by Degerstrom, Ican Minerals, Billiton Minerals and lastly North Limited. There has been no work done on the property since 1998. Previous work on the property included 236 reverse circulation holes and 6 core holes for a total of 21,866.9 meters of drilling, including trenching, soil sampling, metallurgy, geophysics, and resource modeling.

Assay intervals from selected core holes show the overall tenor of the deposit, for example:

HoleWidthg/t AuFromTo
R96-C1185m (607 ft)1.57 g/t (.046 oz/t)21m206m
RA-136101m (331 ft)2.02 g/t (.063 oz/t)55m156m
RA-9069m (226 ft)3.05 g/t (.095 oz/t)0m69m
RA-15255m (180 ft)2.33 g/t (.072 oz/t)41m96m

Mineralization remains open to depth and peripheral extensions of the deposit.

The project hosts three different historical resource estimates done by reputable engineering firms based in Denver. The first was done by Billiton Minerals USA after 150 holes had been drilled. Billiton estimated an open-ended resource of 776,000 ounces contained in 36,000,000 tons at 0.75 grams per ton (0.0219 ounces per ton) gold. The second resource estimate was calculated by Ican Minerals after they completed an additional 49 drill holes. Their resource estimate was 1,860,000 ounces contained in 90,000,000 tons at 0.76 grams per ton (0.022 ounces per ton) gold. Ican then subsequently projected the resource to contain 4,000,000 ounces of gold at an average grade of 0.76 grams per ton gold (0.022 ounces per ton) gold.

Provenance believes the shallow gold resource would be amenable to open-pit mining and anticipates this acquisition will place the Company on a substantially more advanced footing.



Figure 1: Historic Placer Gold Trenches Expose Impressive Bedrock Mineralization

To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/5654/107503_d4a40105d471d955_001full.jpg

The Company plans to move the project forward as quickly as possible with confirmation drilling beginning within the first quarter of 2022.

Rauno Perttu, Provenance’s CEO stated, “We have three exceptional Nevada projects that we will continue to advance, but this acquisition is significant for our Company. My site inspection made it clear the property is very open-ended. I am an Oregon registered engineering geologist familiar with both the improving positive regulatory climate in that part of Oregon and with Oregon geology. I was reassured by a veteran Oregon regulator that this project is very feasible.

I personally am excited about this project because, while I believe that with continued drilling, our Nevada projects will advance significantly and become large deposits of their own, this is already a major deposit, with average grades higher than many current open-pit gold operations. I am pleased that Nevada Select Royalties allowed us to undertake this opportunity, which they said was awarded to us because of our excellent track record in advancing the White Rock project that we acquired from them earlier. An exciting bonus of the Eldorado acquisition is that the historic drilling intersected several high-grade zones and our inspection found untested diatreme-like brecciation in the mineralized core area. The boiling zones of diatremes are excellent places to explore for high-grade gold, and we already have a major deposit drilled prior to our continued work.”



Figure 2: Steve Craig, Project Manager Studies Mineralized Granodiorite and
Metasedimentary Host Rocks

To view an enhanced version of Figure 2, please visit:
https://orders.newsfilecorp.com/files/5654/107503_d4a40105d471d955_002full.jpg

The Company has been granted an option to acquire the project for total consideration of US$2,000,000, which is payable as follows:

  • $75,000 upon entering into of the option agreement (Paid)
  • $125,000 upon the first anniversary
  • $400,000 upon the second anniversary
  • $400,000 upon the third anniversary
  • $500,000 upon the fourth anniversary
  • $500,000 upon the fifth anniversary

Upon exercise of the option, the Company will grant to Nevada Select a 3% royalty on net smelter returns from the project.

The above referenced resource estimates are considered historical in nature and as such are based on prior data and reports prepared by previous property owners. A qualified person has not done sufficient work yet to classify the historical estimates as current resources in accordance with current CIM categories and the Company is not treating the historical estimates as current resources. Significant data compilation, re-drilling, re-sampling and data verification may be required by a qualified person before the historical estimates on the project can be classified as a current resource. There can be no assurance that any of the historical mineral resources, in whole or in part, will ever become economically viable. In addition, mineral resources are not mineral reserves and do not have demonstrated economic viability. Even if classified as a current resource, there is no certainty as to whether further exploration will result in any inferred mineral resources being upgraded to an indicated or measured resource category.

Rauno Perttu, P. Geo., a Qualified Person (as defined by National Instrument 43-101), and the Chief Executive Officer of the Company, has reviewed and approved the technical contents of this News Release.

About Provenance Gold Corp.

Provenance Gold Corp. is a precious metals exploration company with a focus on gold and silver resources within North America. The Company currently holds interests in three properties in Nevada, USA. For further information please visit the Company’s website at https://provenancegold.com or contact Rob Clark at rclark@provenancegold.com.

On behalf of the Board,

Provenance Gold Corp.

Rauno Perttu, Chief Executive Officer

Neither the Canadian Securities Exchange, nor its regulation services provider, accepts responsibility for the adequacy or accuracy of this press release. This news release may contain certain “Forward-Looking Statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. When or if used in this news release, the words “anticipate”, “believe”, “estimate”, “expect”, “target, “plan”, “forecast”, “may”, “schedule” and similar words or expressions identify forward-looking statements or information. Such statements represent the Company’s current views with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political and social risks, contingencies and uncertainties. Many factors, both known and unknown, could cause results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements. The Company does not intend, and does not assume any obligation, to update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other events affecting such statements and information other than as required by applicable laws, rules and regulations.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/107503