Vancouver, British Columbia–(Newsfile Corp. – November 22, 2021) – Riverside Resources Inc.(TSXV: RRI) (OTCQB: RVSDF) (FSE: 5YY)(“Riverside” or the “Company”), is pleased to announce the sale of the Company’s High Lake Greenstone Belt project portfolio in western Ontario to Golden Retriever Minerals Ltd. (“Golden Retriever”) for C$125,000, and a 2% NSR.
The High Lake Greenstone Belt Property 100% owned by Riverside covers over 230km2 of mineral claims from east of the Manitoba provincial border to near Kenora, Ontario. Riverside staked this greenstone belt in August 2020 (see press release August 17, 2020) as an early stage grassroot exploration project from Riverside’s generative efforts. In August 2021, exploration was refined over the area defining 3 zones of priority interests now called: the Royal Project, the Canoe Project, and the Electrum Project. The claims block is roughly 20 km in length and immediately south and parallel to the Trans-Canada Highway providing good exploration access and infrastructure. The province of Ontario is well-known for its world-class gold deposits hosted in greenstone belts that are synonymous with high-grade gold production. Riverside has been focused on building value in Ontario by targeting greenstone belts that show abundant mineralization occurrences with opportunities for future discoveries.
Highlights from the three Riverside projects include:
The Royal Project contains copper, gold and silver on 6,150 hectares and has defined many base metal occurrences with characteristics suggestive of volcanogenic massive sulfide (VMS) mineralization.
The Canoe Project is 4,260 hectares located along the edge of the main pluton near the known Shoal Lake gold deposit which hosts over 350,000 ounces of gold (Inferred and Indicated; 2008, NI 43-101[1] of the KPM total). The area shows noted anomalies at surface and in drill holes of Cu-Zn-Au especially at the contact between the pluton and the metavolcanics.
The Electrum Project of 1,800 hectares has shown drill evidence of mineralization including historic high-grade surface and soil sampling as well as drill results yielding 0.9 m at 9 g/t Au (2005). This drill core interval was re-assayed and confirmed by Riverside (2020) returning identical results which highlights the gold, silver and copper mineralization along faults hosted in intrusive and metavolcanics units.
Riverside’s President and CEO, John-Mark Staude:“We are pleased to see our High Lake Greenstone Belt portfolio is moving ahead. This will allow Riverside to continue to focus on and further prospect generation in Canada, while receiving cash and retaining royalties on all three projects. We are actively building our royalty portfolio and this transaction provides additional exposure to new discoveries in central Canada.”
Transaction Details: Purchase & Sale of 100% interest of the High Lake Greenstone Belt Projects
Golden Retriever is optioning from Riverside, a 100% right, title, and interest in and to the claims, free and clear of any encumbrances in consideration of a cash payment in the aggregate amount of C$125,000 and 2% uncapped Net Smelter Royalty to Riverside as follows:
a) C$50,000 to be paid to Riverside on closing date of October 28, 2021 (Paid). b) C$75,000 to be paid to Riverside before the 28th of March 2022. Riverside will file the work it has so far completed with the Ontario Ministry and Regulatory Mineral Claims Authority. c) Riverside will be granted a 2% NSR on each of the Royal, Canoe and Electrum Projects. Each of the royalty granted on each project can be bought down to 1% for a total of CAD $2M for a determined period of time. Once the final Option payment is made to Riverside and should the Option not be completed then the properties are fully returned to Riverside in good standing.
Riverside’s staking program focused on an underexplored greenstone belt south of Highway 17 west of Kenora. The project area has been subject to gold exploration since the 1800’s and hosts a number of known showings and past drill programs. Additionally, the project hosts 16 Mineral Deposit Inventory (MDI) locations indicating a wide belt of mineralization has been recognized in the literature. While most of the historical work appears to have focused on shear-hosted gold there are known showings of volcanogenic massive sulfide (VMS) style mineralization in the belt as is typical in the other well endowed, greenstone gold belts. Riverside’s field work relocated the past work and found new showings, additional geologically intriguing areas and put the larger structural features into broader regional context. Riverside’s work extending beyond known deposits and mineralization centers finds the broad east-west structural grain to be favorable with second order shear structures looking particularly prospective for the next round of drilling.
Qualified Person & QA/QC: The scientific and technical data contained in this news release was reviewed and approved by Freeman Smith, P.Geo, a non-independent qualified person to Riverside Resources, who is responsible for ensuring that the geologic information provided in this news release is accurate and who acts as a “qualified person” under National Instrument 43-101 Standards of Disclosure for Mineral Projects.
Figure 1: High-Lake Greenstone Belt Region staked by Riverside Resources and the 3 projects on which 2% NSR is applied for each project.
About Riverside Resources Inc.: Riverside is a well-funded exploration company with over C$5M cash in the bank and is driven by value generation and discovery. The Company has no debt and approximately 71M shares outstanding with a strong portfolio of gold-silver and copper assets in North America. Riverside has extensive experience and knowledge operating in Mexico and Canada and leverages its large database to generate a portfolio of prospective mineral properties while retaining royalties on projects it farms out to others. In addition to Riverside’s own exploration spending, the Company also strives to diversify risk by securing joint-venture and spin-out partnerships to advance multiple assets simultaneously and create more chances for discovery. Riverside has additional properties available for option, with more information available on the Company’s website at www.rivres.com.
ON BEHALF OF RIVERSIDE RESOURCES INC.
“John-Mark Staude”
Dr. John-Mark Staude, President & CEO
For additional information contact:
John-Mark Staude President, CEO Riverside Resources Inc. info@rivres.com Phone: (778) 327-6671 Fax: (778) 327-6675 Web: www.rivres.com
Certain statements in this press release may be considered forward-looking information. These statements can be identified by the use of forward-looking terminology (e.g., “expect”,” estimates”, “intends”, “anticipates”, “believes”, “plans”). Such information involves known and unknown risks — including the availability of funds, the results of financing and exploration activities, the interpretation of exploration results and other geological data, or unanticipated costs and expenses and other risks identified by Riverside in its public securities filings that may cause actual events to differ materially from current expectations. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release.
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.
[1]Publication – Technical Report on the Shoal Lake West Project, Northwestern Ontario, Canada Publication Number: 2008 43-101 Date: 2008 Author: Valliant, W.W. and Chamois, P., Publisher Name: Scott Wilson Mining for Hays Lake Gold Inc.,
Novo continues its brownfields exploration programs focussing on oxide opportunities at its highly prospective Nullagine gold project (“NGP”), with a 15,000 m reverse circulation (“RC”) drilling program commenced at the Parnell-Vulture trend (“Parnell”) during the first week of November 2021.
Parnell is located some 45 kms from the Golden Eagle processing facility (“Golden Eagle Plant”) and is accessed by a robust, reliable haul road and associated infrastructure.
Parnell covers a strike length of approximately 2 kms and contains a series of vein-hosted targets with historical drill intercepts including 9 m at 8.4 g/t gold from 7 m, 12 m at 14.6 g/t gold from 40 m and 7 m at 6.1 g/t gold from 40 m. These results are not necessarily representative of mineralization throughout the district.
First PhotonAssay gold results from the drill program via the Company’s priority arrangement with Intertek1 are anticipated by early December 2021.
VANCOUVER, British Columbia, Nov. 19, 2021 (GLOBE NEWSWIRE) — Novo Resources Corp. (“Novo” or the “Company”) (TSX: NVO, NVO.WT & NVO.WT.A) (OTCQX: NSRPF) is pleased to provide an update on brownfields exploration programs focussing on oxide opportunities at its highly prospective NGP. The Parnell and Vulture RC programs are part of the NGP exploration program ramp-up, with forward programs currently being generated at several priority basement targets (figure 1).
The main mineralized trend at Parnell is mostly untested with modern RC drilling, with only few and sporadic lines of shallow holes completed in the 1980s and 1990. In 1987, Chase Minerals NL (“Chase”) drilled 25 shallow RC holes totalling 1,098 m, and in 1995, Welcome Stranger Mining Company NL (“Welcome Stranger”) drilled a further 11 RC holes for 420 m (figure 2). Targeting directly in and around small historical workings, these operators returned grades including:
12 m at 14.6 g/t gold from 40 m
9 m at 8.4 g/t gold from 7 m
7 m at 6.1 g/t gold from 40 m
These results are not necessarily representative of mineralization throughout the district. This historical data was disclosed in annual exploration reports (“Reports”) filed by Chase and Welcome Stranger with the Western Australian Department of Mines, Industry Regulation and Safety’s (“DMIRS”). The technical information contained herein has been extracted from these Reports. Reference should be made to the Reports which are available on DMIRS’ website (https://geodocs.dmirs.wa.gov.au/Web/documentlist/10/Report_Ref/A24647 and https://geodocs.dmirs.wa.gov.au/Web/documentlist/10/Report_Ref/A46900)
Novo conducted detailed mapping and gridded soil sampling to determine mineralization potential at the Parnell and Vulture prospects, but has not conducted sufficient work to validate all historic data. A series of robust, coherent gold anomalies returned from soil sampling2 confirmed targets highlighted during the June mapping program (figure 2), peaking at 7.8 g/t Au. Significant rock chip samples (up to 14.6 g/t Au) were also returned from both Parnell and Vulture, again highlighting the presence of high-grade gold targets, and further confirming the prospectivity of this area.
Parnell comprises high grade veins in a 1 to 5 m wide shear zone trending approximately east – west. The south dipping zone of shearing is intruded by two porphyry dykes with the best zone of quartz veining in the footwall of the main 6 m wide porphyry dyke. Gold mineralization dips south at steep to moderate angles. Sandstone and interbedded siltstone-sandstone sequences adjacent to the main shear are extremely bleached in the weathering profile, indicating likely sericite alteration of the original rock. Alteration is up to 50 m wide.
Drill targets focus on the main mineralized shear zone, as well as vein swarms to the north and south of the main shear zone.
For the upcoming drilling program, samples will be collected from the rig using a cone splitter, and submitted to Intertek Laboratory in Perth, Australia. Samples will be crushed to -2mm and submitted to PhotonAssay for gold analysis.
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 Reports. 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 results from the current drill program described in this news release are anticipated by early December 2021. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. Such factors include, without limitation, the actual time required by Intertek Laboratory to process samples, customary risks of the resource industry and the risk factors identified in Novo’s management’s discussion and analysis for the six-month period ended June 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.
_______________ 1 Refer to the Company’s news release dated May 18, 2021. 2 Refer to the Company’s news release dated September 8, 2021.
November 4, 2021 – Provenance Gold Corp. (CSE: PAU) (OTCQB: PVGDF) (the “Company” or “Provenance”) is pleased to report that the latest drill holes have confirmed the location of a newly recognized open-ended gold mineralization feeder structure that extends across the core mineralized area of 3.2 km in length and 1.3 km in width. Drill hole 45 intersected the feeder structure at 17 meters (55 feet) and was still in it at 104 meters (340 feet), where the hole had to be terminated because of ground conditions. Between 17 and 84 meters (55 and 275 feet), the hole averaged 0.015 oz/t gold (0.52 g/t) within which 21 to 52 meters (70 to 170 feet) averaged 0.026 oz/t gold (0.88 g/t) and between 37 and 49 meters (120 and 160 feet) the hole averaged 0.032 oz/t (1.11 g/t). The hole bottomed in mineralization at 340 feet, with indications it was entering another zone of stronger mineralization.
The deposit is unusual in that it extends along the crest of a broad, high ridge (White Rock Mountain) in an area that is being geologically stretched like the surface of an inflating balloon. These events have created near-surface cracks that formed in the weakest rocks. While this ridge setting is positive for future open pit mining, the cracks have created difficulties for drilling. The drill steel has often become stuck and even been lost in these cracks. The weakest most easily cracked rocks are in the gold zone because it has been structurally broken and subsequently altered by the ore emplacement of the gold system, so the cracks have become an indicator for the gold zone. Provenance’s geologists have worked around this problem with cross-sections and confirmation holes.
The White Rock gold project consists of 258 lode mining claims (5,160 acres) with gold being hosted in silicified limestone, conglomerate, and shale. Provenance has completed 35 holes in the first year of a continuing exploration program, with further assays pending. With these holes, along with the historic drilling of 67 holes, the company is building a firm understanding of the gold system and believes that this is an extensive open-pit grade gold deposit, with grades similar to current Nevada open pit mines.
In addition to the newly identified plumbing structure, recent step-out drilling continued to expand the gold mineralization in several directions from our previously reported drill hole WR-23, which returned an interval of 117 meters (384 feet) of gold mineralization. Large step-out drilling tested new areas including the rhyolite graben to the northwest, the Nose area to the south and the newly identified plumbing structure.
The Rhyolite Graben, located to the northwest and west of WR-23 was tested with two holes. Both intercepted gold mineralization with hole WR-32 assaying 65.5 meters (215 feet) of 0.305 g/t gold which included 20 meters (65 feet) of 0.411 g/t gold. The hole bottomed in mineralization and was lost. The importance of this intercept proves that the host rocks in the graben will host gold mineralization and now become a substantial new target.
The Nose is at the south end of Central Ridge and is located 350 meters south of WR-23. Six angle holes were drilled from this one site in all directions. Even though five of the holes were lost before reaching their target depths, all holes entered the main gold horizon but were lost within the mineralization. A key hole was WR-40, which was drilled to the west, and intercepted 20 meters (65 feet) of 0.449 g/t gold (0.013 oz/t) before being lost due to broken ground before it was able to penetrate the bulk of the projected gold zone. These results confirm that higher grades follow the main north-south fault on the west side of Central Ridge. This discovery will guide future drilling into key “feeder” plumbing structures in addition to the one intersected in hole 45.
Rauno Perttu, Provenance’s CEO states “It has been an extremely encouraging first round of exploration at White Rock to date, in which we have been able to establish the large size and characteristics of the gold mineralization system. We now have two very encouraging undrilled step-out areas as well as this new feeder structure to follow across the property which should further expand the size and increase the grade of this promising discovery.”
Figure 1 – Drilling hole 45 into the feeder structure. White Rock Mountain in the background. Next year’s drilling plans to extend the gold zone into White Rock Mountain.
Figure 2 – Drilling newly discovered feeder zone on central ridge at White Rock. The zone projects open-endedly across the core mineralized area.
Quality Assurance and Quality Control: The reverse-circulation drilling program utilized by Provenance completed a quality assurance / quality control program (QA/QC) with control samples consisting of standards, blanks and duplicates inserted approximately every 100 feet. Control samples were randomly inserted into the sample stream prior to being sent to the laboratory. The RC drill sampling was in five-foot sample intervals. Drill samples were taken to Paragon Geochemical, an ISO 9001 compliant company in Sparks, Nevada for fire assaying for gold and silver. The rejects and pulps remain with Paragon in Sparks, Nevada. The QA/QC program was implemented as part of the sampling procedures for the exploration program.
Private Placement Closing
The Company also announces that it has closed a second tranche of its non-brokered private placement through the issuance of 1,596,077 units (each, a “Unit”) at a price of $0.13 per Unit for gross proceeds of $207,490.01. Each Unit consists of one common share of the Issuer (each, a “Share”) and one common share purchase warrant (each, a “Warrant”) with each Warrant entitling the holder thereof to purchase one additional common share (each, a “Warrant Share”) of the Issuer at a price of $0.20 per Warrant Share until November 4, 2024. The Company paid a cash finder’s fees of $9,773.40 in connection with the closing. All securities issued in connection with the private placement are subject to a statutory hold period until March 5, 2022.
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 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.
This is going to be one of the more important pieces I have written in a long time because it offers a giant opportunity and lot of difficulty at the same time. The company is named
See More Live DataWest Wits Mining Ltd. (WWI:ASX). It is only Australian listed for right now. So you are going to have to have a really good broker just to buy it.
They plan on getting a dual listing with either the London Stock Exchange (Boo Hiss) or on a Canadian exchange early in 2022. If there is enough demand from American investors, some brokerage house will make an OTCBB listing for it but for now it’s going to be hard to get.
West Wits has two company making projects. The big one is to put the world famous Durban Deep Gold Mine back into small-scale production in Q1 of 2022. They will not take all the time and expense of permitting and building a mill of their own in the project just west of Johannesburg South Africa. The Durban Deep Mine comes with a historic 1997 JORC resource of 12.8 million ounces of high grade gold. It also has a current 3.55 million ounce JORC resource.
With a market cap today of $36 million USD West Wits is selling ounces of gold for less than $3. While the 12.8 million ounces is historic there is a current resource of 3.55 million ounces at 4.26 g/t Au. The mining lease has produced a total of 41 million ounces of gold in the 100 years it was in production. I don’t have any issue with saying it may not be 43-101 or current JORC but the 12.8 million ounces is just as real as any other.
The company has been granted a twenty-year mining right. There is a DFS on the first stage showing an NPV of $150 million USD at $1750 gold. That NPV nearly doubles to $327 million at $2000 gold so the value is especially sensitive to the POG. The DFS showed a twenty-two year mine life with an average production of 80 thousand ounces yearly with an AISC cost of $1,144. They intend production to begin in February 2022. For most of 2022 Wits West will be producing from the Run of Mine material left when the mine shut down in 2001. The formal mine plan production will begin in late 2022. The company anticipates production of between 370 ounces a month up to as many as 740 ounces per month during the interim period.
By planning for doing toll milling with nearby existing mills with surplus capacity West Wits is saving tens of millions of dollars and years of permitting headaches.
In addition to the gold resource at the Durban Deep mine, the project also contains as much as 20 million pounds of U3O8. Uranium is selling for $47.25 a pound so the company has an additional $940 million resource in the ground that can easily be mined and milled. Uranium can be processed with a simply process by soaking in hydrogen peroxide. And then letting the H2O2 evaporate leaving the uranium behind. It’s cheap and quick.
West Wits secondary property is located in Western Australia some 70 km west of Rio Tinto’s WINU copper/gold project. It’s an early stage exploration vehicle. They have run an airborne Electromagnetic survey that showed eight different target areas and four they feel are high priority. They are in the process of conducting a ground mag survey now that began in August to determine drill targets for 2022.
Durban Deep was one of the most famous gold mines in the Witwatersrand Basin. It didn’t close because of a lack of ore, there were management issues. West Wits has picked up one of the most potential and highest number of gold ounces in the world. At $3 an ounce US you can count on it going higher no matter what the price of gold does. Should gold skyrocket, as we believe it will, WWI will lead the way.
Until the company is trading either in Canada or the US it’s going to remain “potential” and interesting for North American investors. I have chatted with management and encouraged them to get listed in Canada just as soon as possible. The company has just announced a private placement for $7.86 million.
West Wits is an advertiser. They came to me. I have participated in their latest private placement so naturally I am biased. Do your own due diligence
Bob Moriarty founded 321gold.com, with his late wife, Barbara Moriarty, more than 16 years ago. They later added 321energy.com to cover oil, natural gas, gasoline, coal, solar, wind and nuclear energy. Both sites feature articles, editorial opinions, pricing figures and updates on current events affecting both sectors. Previously, Moriarty was a Marine F-4B and O-1 pilot with more than 832 missions in Vietnam. He holds 14 international aviation records.
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Disclosures: 1) Bob Moriarty: I, or members of my immediate household or family, own shares of the following companies mentioned in this article: West Wits Mining. West Wits Mining is an advertiser on 321 Gold. I determined which companies would be included in this article based on my research and understanding of the sector. 2) The following companies mentioned are billboard sponsors of Streetwise Reports: None. Click here for important disclosures about sponsor fees. 3) Statements and opinions expressed are the opinions of the author and not of Streetwise Reports or its officers. The author is wholly responsible for the validity of the statements. The author was not paid by Streetwise Reports for this article. Streetwise Reports was not paid by the author to publish or syndicate this article. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security. Streetwise Reports requires contributing authors to disclose any shareholdings in, or economic relationships with, companies that they write about. Streetwise Reports relies upon the authors to accurately provide this information and Streetwise Reports has no means of verifying its accuracy. 4) The article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports’ terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports. 5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the decision to publish an article until three business days after the publication of the article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases.
TORONTO, Nov. 18, 2021 /CNW/ – Vox Royalty Corp. (TSXV: VOX) (OTCQX: VOXCF) (“Vox” or the “Company“), a high growth precious metals focused royalty company, is pleased to provide recent development and exploration updates from royalty operating partners Gold Standard Ventures Corp. (TSX: GSV) (“Gold Standard Ventures“), Black Cat Syndicate Limited (ASX: BC8) (“Black Cat“), Silver Mines Limited (ASX: SVL) (“Silver Mines“), Karora Resources Inc. (TSX: KRR) (“Karora“), ValOre Metals Corp. (TSXV: VO) (“ValOre“), and Quantum Graphite Limited (ASX: QGL) (“Quantum“).
Vox Royalty Corp. Logo (CNW Group/Vox Royalty Corp.)
Spencer Cole, Chief Investment Officer stated, “We are excited by yet another month of consistent progress across our royalty assets, particularly by the impending release of the South Railroad feasibility study in Nevada and pre-construction progress at Bulong in Western Australia. Our royalty projects continue to exceed Vox management expectations in terms of their pace of development, the volume of discovery drilling and higher likelihood of royalty revenue for Vox. Based on this strong operator progress, Vox management expects that 2022 has potential to be a record year for discovery drilling, engineering studies being released and projects moving into production.”
Key Development Updates
Update on feasibility study, permitting and construction financing at the South Railroad gold project in Nevada by Gold Standard Ventures;
First production guidance reiterated for H2 2022 at Bulong gold project by Black Cat; and
Substantial drilling updates at the Bowdens silver project by Silver Mines, the Higginsville mine by Karora, the Pedra Branca platinum group metals (“PGM“) project by ValOre, and the Uley graphite project by Quantum.
South Railroad (Pre-Feasibility) – Feasibility Study Expected Q1 2022
Vox holds a 0.633% net smelter royalty with advance minimum royalty payments over part of the South Railroad gold project, which is located in the prolific Carlin Trend of Nevada;
Vox received initial advance minimum royalty payments of ~C$100,000 from the South Railroad royalty in October 2021;
On November 10, 2021, Gold Standard Ventures announced:
Vox Management Summary: The South Railroad project is advancing in line with Vox management expectations based on due diligence completed for the royalty acquisition in June 2021. The majority of the additional ~350,000 ounces expected in Pinion Phases 4 and 5 are expected to be royalty-linked and to generate meaningful royalty revenue for Vox. 2022 promises to be a transformational year for South Railroad with the release of a feasibility study, construction financing process updates and permitting progress.
Bulong (Pre-Construction) – Production on Track for Second Half of 2022
Vox holds a 1% net smelter royalty over part of the Bulong gold project;
Vox Management Summary: Black Cat management continues to rapidly advance the Bulong project towards first production in 2022 alongside an aggressive +80,000m regional discovery drilling program. Management expects that Vox shareholders can look forward to a combination of development and discovery newsflow regarding this highly prospective gold project in Western Australia over the coming months.
Substantial Drilling Updates
Bowdens Silver: Vox holds a 0.85% gross revenue royalty on the Bowdens silver-lead-zinc project and a 1% gross revenue royalty over surrounding regional exploration Tenure.
Higginsville Gold (Dry Creek): Vox holds a price-linked production royalty(1) that is equal to A$0.60/gram of gold produced at current gold prices (effective 0.85% net smelter return royalty economics) on part of the Higginsville gold mine held by Karora, covering part of the Hidden Secret, Mousehollow and Paleochannels deposits.
Pedra Branca PGM: Vox holds a 1% net smelter royalty on the Pedra Branca PGM project.
Uley Graphite: Vox holds a 1.5% gross revenue royalty on the Uley graphite project.
Vox Management Summary: Vox is unique in the emerging royalty industry in having ~20 separate royalty projects with active exploration programs, many of which are the flagship asset of their listed operating company. 2022 is shaping up to be a record year of drilling across the Vox royalty asset portfolio, which increases the probability of further discoveries and medium to long term royalty cashflow for Vox.
Normal Course Issuer Bid Renewal
The Company’s normal course issuer bid (“NCIB“) is being renewed after the existing NCIB expires on November 18, 2021. The current NCIB provides Vox with the option to purchase up to 1,628,289 common shares as appropriate opportunities arise from time to time. Under the terms of the renewed NCIB, the Company may repurchase for cancellation up to 1,968,056 common shares, being 5% of the total number of 39,361,137 common shares outstanding as at November 11, 2021. The purchases are to be made at market prices through the facilities of the TSXV or other recognized Canadian marketplaces during the period November 19, 2021 to November 18, 2022.
The Company believes that, from time to time, the market price of its common shares does not reflect the Company’s underlying value and future prospects and that, at such times, the purchase of the Company’s common shares represents an appropriate use of its financial resources and will enhance shareholder value. Independent Trading Group (ITG), Inc. has been appointed by Vox as its broker to assist with purchases pursuant to the normal course issuer bid.
In the last twelve months, the Company has purchased 804,400 common shares pursuant to its NCIB at a weighted average price of C$2.89 per common share through the facilities of the TSXV and other recognized Canadian marketplaces.
Qualified Person
Timothy J. Strong, MIMMM, of Kangari Consulting LLC and a “Qualified Person” under National Instrument 43-101 – Standards of Disclosure for Mineral Projects, has reviewed and approved the scientific and technical disclosure contained in this press release.
About Vox
Vox is a high growth precious metals royalty and streaming company with a portfolio of over 50 royalties and streams spanning eight jurisdictions. The Company was established in 2014 and has since built unique intellectual property, a technically focused transactional team and a global sourcing network which has allowed Vox to become the fastest growing company in the royalty sector. Since the beginning of 2019, Vox has announced over 20 separate transactions to acquire over 45 royalties.
Cautionary Note Regarding Forward Looking Information
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References & Notes:
The Dry Creek royalty rate is A$0.12 per gram of gold per dry metric tonne of royalty ore, which is defined as mineralised material mined from the applicable tenements which contains an average grade greater than 1 gram of gold per dry metric tonne and not classified as waste or low grade, and the royalty is adjusted monthly as follows:
Significant Diamond Drilling Results, Iska Iska, as at November 17, 2021
Significant Diamond Drilling Results, Iska Iska, as at November 17, 2021
Table 2
Channel Sampling Results, Porco Adit. Note that the samples are continuous channel samples across the vein structures as shown in Figure 2 below. The “From” and “To” distances are the area of influence for each sample used in the weighted average grade calculation.
Channel Sampling Results, Porco Adit. Note that the samples are continuous channel samples across the vein structures as shown in Figure 2 below. The “From” and “To” distances are the area of influence for each sample used in the weighted average grade calculation.
Figure 1
Geology of the Iska Iska Caldera Complex showing locations of Major Breccia Pipe targets, the Santa Barbara Resource Definition Target Zone and diamond drill holes completed, in progress and planned. Drill holes for which assays are reported in this release and the location of the Porco adit are highlighted. Locations of Sections in Figure 3 (A-A’) and Figure 5 (B-B’) are also shown.
Geology of the Iska Iska Caldera Complex showing locations of Major Breccia Pipe targets, the Santa Barbara Resource Definition Target Zone and diamond drill holes completed, in progress and planned. Drill holes for which assays are reported in this release and the location of the Porco adit are highlighted. Locations of Sections in Figure 3 (A-A’) and Figure 5 (B-B’) are also shown.
Figure 2
Plan Map of Channel Sampling, Porco Adit.
Plan Map of Channel Sampling, Porco Adit.
Figure 3
Longitudinal Section Showing the Inverse Model of Magnetic Susceptibility. Susceptibility Highlights Major Targets and Geological Features. The location of this Section A-A’ is shown in Figure 1.
Longitudinal Section Showing the Inverse Model of Magnetic Susceptibility. Susceptibility Highlights Major Targets and Geological Features. The location of this Section A-A’ is shown in Figure 1.
Figure 4
3D Magnetic Inversion Model Showing Location of Drill Hole DPC-01. Note how Hole DPC-01 just clips the 3D inversion model shown where the drill hole trace is red.
3D Magnetic Inversion Model Showing Location of Drill Hole DPC-01. Note how Hole DPC-01 just clips the 3D inversion model shown where the drill hole trace is red.
Figure 5
Cross Section Looking North of Magnetic Inversion Model Showing Location of Drill Hole DPC-01. The Magnetic High to the Northwest of the Hole is a Priority Target for Drill Testing. The location of this section B-B’ is shown in Figure 1.
Cross Section Looking North of Magnetic Inversion Model Showing Location of Drill Hole DPC-01. The Magnetic High to the Northwest of the Hole is a Priority Target for Drill Testing. The location of this section B-B’ is shown in Figure 1.
Drill hole DPC-01 on the edge of a major magnetic susceptibility anomaly in the Porco Breccia Pipe area returned sixteen (16) separate zones of sulphide veins including 110.30 g Ag eq/t over 3.0m.
Magnetic inversion model outlines extensive target zone in the Porco-Central Breccia Pipe areas.
TORONTO, Nov. 17, 2021 (GLOBE NEWSWIRE) — Eloro Resources Ltd. (TSX-V: ELO; OTCQX: ELRRF; FSE: P2QM) (“Eloro”, or the “Company”) is pleased to provide an update on its Iska Iska silver-tin polymetallic project in the Potosi Department, southern Bolivia. To date, the Company has completed 35,738 metres (m) in 68 drill holes including three (3) in progress to test major target areas at Iska Iska. This press release reports drilling results from one (1) additional hole which tested the Porco Breccia Pipe (“PBP”) (Hole DPC-01) and new underground channel sampling from the Porco adit located approximately 200m south of the PBP. Currently three drill rigs are in operation at Iska Iska. Two surface drill rigs are continuing to drill at the Santa Barbara Resource Definition Target Zone (Figure 1) to outline an initial National Instrument 43-101 (“NI-43-101”) compliant resource. A third drill, an underground rig, situated in the west end of the Santa Barbara Adit, is testing the eastern part of Santa Barbara Breccia Pipe (“SBBP’) and its mineralized envelope. Figure 1 is a geological plan map showing locations of drill holes completed, in progress and planned to complete resource definition drilling along with an updated geological interpretation. Figure 2 is a plan map of channel sampling at the Porco adit. Table 1 provides significant drilling results with definitions of chemical symbols, Table 2 details channel sample results from the Porco adit and Table 3 lists holes completed with assays pending, as well as holes in progress in the three major target areas. Highlights include:
Porco Adit
Channel sampling in the Porco adit returned 521.33 g Ag eq/t (including 117.10 g Ag/t, 1.44 g Au/t, 0.54% Cu and 0.66% Sn) over a 103m strike length with an average channel width of 1.8m as shown in Figure 2 and Table 2. Mineralization in the Porco adit is hosted in a series of veins, veinlets, stockworks and disseminations in Ordovician quartz sandstone. The veins are parallel to and crosscutting the drift. In the western part of the drift veins are primarily sulphide-bearing whereas those in the eastern half are primarily oxide. Eloro believes mineralization at the Porco adit is sourced from a large underlying porphyry system as evidenced by recently acquired magnetic susceptibility data.
Porco Breccia Pipe
Hole DCP-01 drilled due west at -65 degrees from the Porco radial platform intersected sixteen (16) separate zones of quartz-tourmaline veins in granodioritic intrusive breccia with best results of 110.30 g Ag eq/t over 3.0m, 67.08 g Ag eq/t over 6.0m including 168.25 g Ag eq/t (25.0 g Ag/t, 1.31% Zn, 0.32% Pb and 0.25% Sn) over 1.54m, 131.16 g Ag eq/t (18 g Ag/t, 0.54% Cu and 0.31% Bi) and 80.66 g Ag eq/t over 3.0m (0.23% Sn).
Figure 3 is a longitudinal section (A-A’ in Figure 1) showing the inverse model of magnetic susceptibility which highlights major targets and geological features. Figure 4 is a 3D view of the inversion model showing that Hole DPC-01 just clipped the edge of a very strong and extensive magnetic susceptibility anomaly below and to the northwest of the PBP. The strongest part of the anomaly, as shown in Figure 5, a cross section along drill hole DPC-01 (B-B’ in Figure 1), is located just to the northwest of this hole in the very prospective gap area between the Central Breccia Pipe and the PBP (see Figure 1). Further drilling is planned to test this target once definition drilling at the Santa Barbara Resource Definition Target Zone is completed.
Definition Drilling Santa Barbara Target Area
Definition drilling is continuing in the Santa Barbara Resource Definition Target Zone as shown in Figure 1. Currently a series of SW-NE sections at approximately 100m intervals are being completed with holes drilled on each section at -40 degrees and –65 degrees to provide coverage over the full target strike length of 1,400m. Underground drilling is continuing in the Santa Barbara adit to evaluate the resource potential in the mineralized envelope east of the SBBP. It is anticipated that the definition drilling program will be completed by early December. Drilling will then refocus on exploration of the major magnetic targets in the Central-Porco target area as outlined above.
Dr. Bill Pearson, P.Geo., Eloro’s Executive Vice President Exploration, added: “The magnetic data have proven invaluable in outlining the overall extent of the massive porphyry-epithermal system at Iska Iska. The higher-grade mineralized zones at Iska Iska tend to be magnetic hence the areas with high magnetic response are very prospective targets. Our geophysical team is also currently processing the downhole IP data from the Santa Barbara Resource Definition Target Zone which should help to better define the overall extent of mineralization especially zones with higher sulphide content which are generally higher grade.”
Dr. Osvaldo Arce, P.Geo., General Manager of Eloro`s Bolivian subsidiary, Minera Tupiza S.R.L. (“Minera Tupiza”), said: “The mineralization in the Porco adit is interpreted to be the lower part of the high sulphidation epithermal system which is likely connected to a major tin porphyry at depth as suggested by the extensive magnetic susceptibility anomaly. The intersections in Hole DPC-01 which are most abundant where this hole clipped the magnetic susceptibility anomaly are tin-rich supporting this conclusion. Our work continues to expand the remarkable mineralized system at Iska Iska which has now been shown to be at a district-scale.”
Dr. Quinton Hennigh, P.Geo., Eloro’s Senior Technical Advisor, commented: “The return of impressive polymetallic grades from the Porco adit confirm that the Iska Iska mineral system extends a remarkable 2.5 km from north to south. Metal endowments display notable zonation along this corridor from Ag-Zn-Pb-rich in the north to Ag-Sn-rich in the middle to Ag-Sn-Cu-Au-rich in the south. This is likely a reflection of proximity to the underlying source porphyry believed to be situated along the southern margin of the caldera complex as evidenced by recently collected magnetic data. The southern part of the Iska Iska system shows great potential for further discovery. It will be exciting to see drilling resume in this area.”
Note: True width of the mineralization is not known at the present time, but based on the current understanding of the relationship between drill orientation/inclination and the mineralization within the breccia pipes and the host rocks such as sandstones and dacites. It is estimated that true width ranges between 70% and 90% of the down hole interval length but this will be confirmed by further drilling. Percentage metal contents are shown for each element.
Chemical symbols: Ag= silver, Au = gold, Zn = zinc, Pb = lead, Cu = copper, Sn = tin, Bi = bismuth, Cd = cadmium and g Ag eq/t = grams silver equivalent per tonne. Quantities are given in percent (%) for Zn, Pb Cu, Sn, Bi and Cd and in grams per tonne (g/t) for Ag, Au and Ag eq.
Metal prices and conversion factors used for calculation of g Ag eq/t (grams Ag per grams x metal ratio) are as follows:
Element
Price (per kg)
Ratio to Ag
Ag
$875.00
1.00000
Sn
$28.00
0.03200
Zn
$2.80
0.00320
Pb
$2.10
0.00240
Au
$57,400
65.6000
Cu
$8.80
0.01006
Bi
$12.76
0.01458
In
$305.00
0.34857
Cd
$5.50
0.00629
In calculating the intersections reported in this press release a sample cutoff of 30 g Ag eq/t was used with generally a maximum dilution of 3 continuous samples below cutoff included within a mineralized section unless more dilution is justified geologically.
The equivalent grade calculations are based on the stated metal prices and are provided for comparative purposes only, due to the polymetallic nature of the deposit. Preliminary metallurgical tests are in progress to establish levels of recovery for each element reported but currently the potential recovery for each element has not yet been established. While there is no assurance that all or any of the reported concentrations of metals will be recoverable, Bolivia has a long history of successfully mining and processing similar polymetallic deposits which is well documented in the landmark volume “Yacimientos Metaliferos de Bolivia” by Dr. Osvaldo R. Arce Burgoa, P.Geo.
Table 2: Channel Sampling Results, Porco Adit. Note that the samples are continuous channel samples across the vein structures as shown in Figure 2 below. The “From” and “To” distances are the area of influence for each sample used in the weighted average grade calculation: https://www.globenewswire.com/NewsRoom/AttachmentNg/ffa132a4-09de-4092-979e-00adafdc0f7c
Table 3: Summary of Diamond Drill Holes Completed with Assays Pending and Drill Holes in Progress at Iska Iska from November 17, 2021 press release.
Hole No.
Type
Collar Easting
Collar Northing
Elev
Azimuth
Angle
Hole Length m
Surface Drilling Northwest Extension Santa Barbara
DSB-12
S
205072.7
7656867.5
4165.0
225
-40
806.2
DSB-13
S
205072.7
7656867.5
4165.0
225
-60
696.5
DSB-14
S
205283.0
7656587.2
4175.0
225
-65
968.5
DSB-15
S
204973.1
7657053.8
4165.0
225
-40
731.2
DSB-16
S
204973.1
7657053.8
4165.0
225
-65
862.0
DSB-17
S
7656765.4
205131.3
4173.0
225
-40
841.0
DSB-18
S
7656676.3
205207.1
4175.0
225
-40
890.4
DSB-19
S
7656676.3
205207.1
4175.0
225
-65
803.3
DSB-20
S
7656765.4
205131.3
4173.0
225
-65
896.5
Subtotal
7,495.6
DSB-21
S
7657138.0
204870.0
4135.0
225°
-40
In progress
DSB-22
S
7657208.4
204799.4
4145.0
225°
-40
In progress
Underground Drilling Santa Barbara Adit
DSBU-1
UG
205285.2
7656074.8
4165.0
90
-10
260.5
DSBU-2
UG
205285.2
7656074.8
4165.0
270
-20
563.6
DSBU-3
UG
205285.2
7656074.8
4165.0
270
-20
443.5
DSBU-4
UG
205285.2
7656074.8
4165.0
180
-20
570.0
Subtotal
1,837.6
DSBU-5
UG
7656074.8
205285.2
4165.0
0°
-40
In Progress
Central Breccia Pipe – Surface Radial Drill Program – North Setup
DCN-06
S
204902.0
7655860.0
4420.0
180
-80
626.4
DCN-07
S
204902.0
7655860.0
4420.0
270
-60
680.4
Subtotal
1,306.8
Central Breccia Pipe – Surface Radial Drill Program – South Setup
DCS-04
S
204852.1
7655612.3
4429.7
180
-60
644.4
Subtotal
644.4
Porco Central – Surface Radial Drill Program
DPC-02
S
205457.2
7655110.9
4175.0
225
-60
908.2
DPC-03
S
205457.2
7655110.9
4175.0
135
-60
524.5
DPC-04
S
205457.2
7655110.9
4175.0
0
-60
371.4
DPC-05
S
205457.2
7655110.9
4175.0
90
-60
407.5
DPC-06
S
205457.2
7655110.9
4175.0
243
-60
716.4
Subtotal
2,928.0
TOTAL
14,212.4
S = Surface UG=Underground; collar coordinates in metres; azimuth and dip in degrees. Total drilling completed since the start of the program on September 13, 2020, is 35,738 m in 68 holes including 3 holes in progress (23 underground holes and 45 surface holes).
Figure 1: Geology of the Iska Iska Caldera Complex showing locations of Major Breccia Pipe targets, the Santa Barbara Resource Definition Target Zone and diamond drill holes completed, in progress and planned. Drill holes for which assays are reported in this release and the location of the Porco adit are highlighted. Locations of Sections in Figure 3 (A-A’) and Figure 5 (B-B’) are also shown: https://www.globenewswire.com/NewsRoom/AttachmentNg/153d2784-8eef-45ad-abca-d05860e6cb2a
Dr. Osvaldo Arce, P. Geo., General Manager of Minera Tupiza, and a Qualified Person in the context of NI 43-101, has reviewed and approved the technical content of this news release. Dr. Bill Pearson, P.Geo., Executive Vice President Exploration Eloro, and who has more than 45 years of worldwide mining exploration experience including extensive work in South America, manages the overall technical program working closely with Dr. Arce. Dr. Quinton Hennigh, P.Geo., Senior Technical Advisor to Eloro and Independent Technical Advisor, Mr. Charley Murahwi P. Geo., FAusIMM of Micon International Limited are regularly consulted on technical aspects of the project.
Drill samples are prepared in ALS Bolivia Ltda’s preparation facility in Oruro, Bolivia with pulps sent to the main ALS Global laboratory in Lima for analysis. As announced in the February 26, 2021 press release, Eloro has changed the assay protocol to utilize X-ray fluorescence (XRF) to more accurately analyze higher tin. Tin in the CBP is suspected to occur as cassiterite which is insoluble in acid digestion, and therefore not suited for wet chemical techniques. In addition, other assay protocols have been changed to provide for a more accurate measurement of the wide-ranging suite of polymetallic metals at Iska Iska. Eloro employs an industry standard QA/QC program with standards, blanks and duplicates inserted into each batch of samples analyzed with selected check samples sent to a separate accredited laboratory.
Recently, AHK Laboratories, who manage a global network of laboratories have setup operations in Bolivia with the establishment of a preparation laboratory in Oruro. AHK has a strong base of accredited laboratories in South America including Peru, Chile, Brazil and Argentina. Eloro has contracted AHK to provide additional analytical services in order to help reduce the sample backlog. A series of check samples are currently being analyzed by AHK as a QA/QC check. AHK is following the same analytical protocols used as with ALS and with the same QA/QC protocols. The use of both accredited laboratories is reducing the backlog of samples to be analysed and improving turnaround.
The magnetic survey was carried out by MES Geophysics using a GEM Systems GSM-19W Overhauser magnetometer. Dr. Chris Hale, P.Geo. and Mr. John Gilliatt, P.Geo. of Intelligent Exploration provided the survey design, preparation of the maps and interpretation from data processed and quality reviewed by Rob McKeown, P. Geo. of MES Geophysics. Messrs. Hale, Gilliatt and McKeown are Qualified Persons as defined under NI 43-101. The 3D magnetic inversion model was prepared by Mr. Joe Mihelcic, P.Eng., P.Geo. of Clearview Geophysics in consultation with Messrs. Hale and Gilliatt. Mr. Mihelcic is a QP under NI 43-101.
About Iska Iska
Iska Iska silver-tin polymetallic project is a road accessible, royalty-free property, wholly controlled by the Title Holder, Empresa Minera Villegas S.R.L. and is located 48 km north of Tupiza city, in the Sud Chichas Province of the Department of Potosi in southern Bolivia. Eloro has an option to earn a 99% interest in Iska Iska.
Iska Iska is a major silver-tin polymetallic porphyry-epithermal complex associated with a Miocene possibly collapsed/resurgent caldera, emplaced on Ordovician age rocks with major breccia pipes, dacitic domes and hydrothermal breccias. The caldera is 1.6km by 1.8km in dimension with a vertical extent of at least 1km. Mineralization age is similar to Cerro Rico de Potosí and other major deposits such as San Vicente, Chorolque, Tasna and Tatasi located in the same geological trend.
Eloro began underground diamond drilling from the Huayra Kasa underground workings at Iska Iska on September 13, 2020. On November 18, 2020, Eloro announced the discovery of a significant breccia pipe with extensive silver polymetallic mineralization just east of the Huayra Kasa underground workings and a high-grade gold-bismuth zone in the underground workings. On November 24, 2020, Eloro announced the discovery of the SBBP approximately 150m southwest of the Huayra Kasa underground workings.
Subsequently, on January 26, 2021, Eloro announced significant results from the first drilling at the SBBP including the discovery hole DHK-15 which returned 129.60 g Ag eq/t over 257.5m (29.53g Ag/t, 0.078g Au/t, 1.45%Zn, 0.59%Pb, 0.080%Cu, 0.056%Sn, 0.0022%In and 0.0064% Bi from 0.0m to 257.5m. Subsequent drilling has confirmed significant values of Ag-Sn polymetallic mineralization in the SBBP and the adjacent CBP. A substantive mineralized envelope which is open along strike and down-dip extends around both major breccia pipes. Continuous channel sampling of the Santa Barbara Adit located to the east of SBBP returned 442 g Ag eq/t (164.96 g Ag/t, 0.46%Sn, 3.46% Pb and 0.14% Cu) over 166m including 1,092 g Ag eq/t (446 g Ag/t, 9.03% Pb and 1.16% Sn) over 56.19m. The west end of the adit intersects the end of the SBBP.
Since the discovery hole on the SBBP, Eloro has released a number of significant drill results on this target, including:
122.66 grams g Ag eq/t (35.05 g Ag/t, 0.72% Zn, 0.61% Pb, 0.11% Sn and 0.06 g Au/t) over 123.61m including 205.74 g Ag eq/t (92.30 g Ag/t, 0.57% Zn, 0.85% Pb, 0.18% Sn and 0.07 g Au/t) over 32.32m (DSB-07),
105.41 g Ag eq/t (8.55 g Ag/t, 1.01% Zn, 0.48% Pb, 0.06% Sn and 0.38 g Au/t) over 173.58m including 199.77 g Ag eq/t (21.90 g Ag/t, 1.18% Zn, 0.93% Pb 0.12% Sn and 0.94 g Au/t) over 39.08m (DSB-07)
69.89 g Ag eq/t over 252.89m from 355.12 to 608.02m including several higher-grade sections of 196.60 g Ag eq/t including 131.13 g Ag/t over 14.52m, 134.62 g Ag eq/t including 93.25 g Ag/t over 21.08m and 145.35 g Ag eq/t including 2.38% Zn over 10.11m (DSB-08).
114.96 Ag eq/t including 0.325% Sn over 56.2m including a higher-grade section of 187.98 g Ag eq/t including 0.535% Sn over 28.86m; 80.71 g Ag eq/t including 0.213% Sn over 74.39m and 118.69 g Ag eq/t over 10.77m (DSB-10).
129.65 g Ag eq/t (18.38 g Ag/t, 2.14% Zn, 0.67%Pb, and 0.047% Sn) over 300.75m from 65.14m to 365.91m, including higher grade intervals of 215.54 g Ag eq/t over 72.76m, 163.35 g Ag eq/t over 31.83m and 224.48 g Ag eq/t over 19.39m. 82% of this 446.5m long hole contained reportable intervals (DHK-18).
234.19 g Ag eq/t (70.58 g Ag/t, 2.31% Zn, 2.74% Pb and 0.042% Sn) over 53.2m including a higher-grade portion of 931.73 g Ag eq/t (367.29 g Ag/t, 5.64% Zn, 13.67% Pb and 0.10% Sn) over 9.26m (DHK-20).
108.24 g Ag eq/t (3.14g Ag/t, 0.24 g Au/t, 2.03% Zn and 0.58% Pb) over 48.2m including a higher-grade interval grading 180.76 g Ag eq/t (4.46 g Ag/t, 0.35 g Au/t, 3.57% Zn and 1.05% Pb) over 15.02m (DHK-19). 160.22 g Ag eq/t (36.53 g Ag/t, 1.63% Zn, 1.20% Pb and 0.10% Sn) over 194.14m (DHK-21) including higher grade portions of:
250.50 g Ag eq/t (51.31 g Ag/t, 3.35% Zn, 1.78% Pb and 0.10% Sn) over 18.24m.
257.40 g Ag eq/t (75.83 g Ag/t, 2.29% Zn, 2.40% Pb and 0.12% Sn) over 16.33m.
350.91 g Ag eq/t (112.57 g Ag/t, 1.41% Zn, 3.08% Pb and 0.33% Sn) over 30.06m.
64% of this 512.9m long hole contains reportable intersections
94.68 g Ag eq/t (3.87 g Ag/t, 0.067 g Au/t, 1.63% Zn, 0.43% Pb and 0.05% Sn) over 169.93m including a higher-grade zone that graded 158.64 g Ag eq/t (9.35g Ag/t, 0.016 g Au/t, 3.43% Zn, 0.71% Pb and 0.03%Sn) over 29.84m (DHK-22).
100g Ag eq/t (including 38.71 g Ag/t, 0.88%Zn and 0.51%Pb) over 188.5 m from 58.67m to 247.13m including a higher-grade portion of 154 g Ag eq/t (including 75.51 g Ag/t, 0.96% Zn, 0.65% Pb and 0.16%Cu) over 65.8m (DHK-23)
On May 4, 2021, Eloro released results from the first drill hole on the CBP. Hole DCN-01 intersected multiple mineralized intercepts including 196.09 g Ag eq/t (150.25 g Ag/t, 0.10% Sn and 0.05 g Au/t) over 56.2m and containing 342.98 g Ag eq/t (274.0 g Ag/t, 0.16% Sn and 0.16 g Au/t) over 27.53m.
Hole DCN-04 drilled at -80 degrees to the north from the northern radial platform of the CBP, intersected seventeen (17) mineralized intersections, principally Sn-Ag-bearing, over its 851.4m length. Best results include: 71.54 g Ag eq/t (32.58 g Ag/t and 0.10% Sn) over 97.10m from 134.40 to 231.5m; 101.52 g Ag eq/t (28.74 g Ag/t and 0.19% Sn) over 62.01m; 70.42 g Ag eq/t (28.74 g Ag/t and 0.16% Sn) over 22.59m; and 236.96 g Ag eq/t (92.21 g Ag/t and 0.25% Sn) over 17.45m. Hole DCS-02 was drilled southeast at -60 degrees from the south radial platform of the CBP. This hole, which was drilled to 800.5m, intersected nine (9) reportable Ag-Zn-Pb-Sn mineralized intervals. Best results include 79.53 g Ag eq/t (including 0.21% Sn) over 19.42m, 101.01 g Ag eq/t (32.76 g Ag/t, 0.76% Zn, 0.75% Pb) over 10.47 and 130.95g Ag eq/t (34.14 g Ag/t, 0.10 g Au/t, 1.35% Zn and 0.56 % Pb over 7.40m.
A detailed ground magnetic survey of the Iska Iska property, reported on June 6, 2021, confirmed the extent of the Iska Iska Caldera as determined from geological mapping and satellite interpretation, including Aster data. The SBBP and CBP, both of which have been confirmed by drill-testing, are marked by prominent low anomalies reflecting strong alteration. The magnetic data suggests that the Central and Porco Breccia Pipes likely merge at depth. In addition, there is a prominent area of low intensity magnetics northwest of the SBBP which was reported on in this press release.
Geological mapping and satellite interpretation identified a third major breccia pipe target, Porco (South), that is approximately 600m in diameter (South) located southeast of the CBP in the southern part of the Iska Iska caldera complex. The Porco (South) Breccia Pipe target has a similar magnetic signature to the Santa Barbara and Central Breccia Pipes, further confirming the likelihood of it being a major breccia pipe. Six (6) drill holes have been completed on Porco; assay results are pending. Previous channel sampling in the Porco adit located adjacent the target area 200m to the southeast returned 50m grading 519.35 g Ag eq/t including 236.13 g Ag/t, 1.89 g Au/t, 0.87% Cu, 0.22% Bi and >0.05% Sn over an average sample width of 2.49m.
Currently three diamond drill rigs are active at Iska Iska, two surface rigs and one underground drill. Planned drilling for 2021 is 51,000m with the aim of outlining an initial inferred NI 43-101 compliant mineral resource by Q1 2022. The target zone at the SBBP and the surrounding mineralized envelope is 1400m along strike, 500m wide and extends to a depth of 600m. This zone is open along strike to the northwest and southeast. A downhole induced polarization/resistivity (IP/Res) survey is in progress to further define drill targets and aid resource definition drilling. Preliminary metallurgical tests are also in progress. An updated NI 43-101 Technical Report is being prepared by independent consultant Micon International Ltd.
About Eloro Resources Ltd.
Eloro is an exploration and mine development company with a portfolio of gold and base-metal properties in Bolivia, Peru and Quebec. Eloro has an option to acquire a 99% interest in the highly prospective Iska Iska Property, which can be classified as a polymetallic epithermal-porphyry complex, a significant mineral deposit type in the Potosi Department, in southern Bolivia. Eloro commissioned a NI 43-101 Technical Report on Iska Iska, which was completed by Micon International Limited and is available on Eloro’s website and under its filings on SEDAR. Iska Iska is a road-accessible, royalty-free property. Eloro also owns an 82% interest in the La Victoria Gold/Silver Project, located in the North-Central Mineral Belt of Peru some 50 km south of Barrick’s Lagunas Norte Gold Mine and Pan American Silver’s La Arena Gold Mine. La Victoria consists of eight mining concessions and eight mining claims encompassing approximately 89 square kilometres. La Victoria has good infrastructure with access to road, water and electricity and is located at an altitude that ranges from 3,150 m to 4,400 m above sea level.
For further information please contact either Thomas G. Larsen, Chairman and CEO or Jorge Estepa, Vice-President at (416) 868-9168.
Information in this news release may contain forward-looking information. Statements containing forward looking information express, as at the date of this news release, the Company’s plans, estimates, forecasts, projections, expectations, or beliefs as to future events or results and are believed to be reasonable based on information currently available to the Company. There can be no assurance that forward-looking statements will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. Readers should not place undue reliance on forward-looking information.
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NEW YORK, Nov. 16, 2021 /PRNewswire/ — OTC Markets Group Inc. (OTCQX: OTCM), operator of financial markets for over 11,000 U.S. and global securities, today announced Dolly Varden Silver Corporation (TSX-V: DV; OTCQX: DOLLF), a mineral exploration company, has qualified to trade on the OTCQX® Best Market. Dolly Varden Silver Corporation (“Dolly Varden”) upgraded to OTCQX from the Pink® market.
Dolly Varden Silver Corporation begins trading today on OTCQX under the symbol “DOLLF.” U.S. investors can find current financial disclosure and Real-Time Level 2 quotes for the company on www.otcmarkets.com.
Upgrading to the OTCQX Market is an important step for companies seeking to provide transparent trading for their U.S. investors. For companies listed on a qualified international exchange, streamlined market standards enable them to utilize their home market reporting to make their information available in the U.S. To qualify for OTCQX, companies must meet high financial standards, follow best practice corporate governance and demonstrate compliance with applicable securities laws.
“Our international and US shareholders are an important part of the Dolly Varden growth strategy and we are grateful for their continued support” said Shawn Khunkhun, the Dolly Varden CEO and Director. “We are pleased to provide our current and future investors expanded access to information and trading liquidity.”
Burns, Figa & Will, P.C. acted as the company’s OTCQX sponsor.
About Dolly Varden Silver Corporation Dolly Varden Silver Corporation is a mineral exploration company focused on the Dolly Varden silver properties located in northwestern British Columbia, Canada, 25km by road from deep tide water. The 8,800 hectare (88km2) properties host a robust high-grade mineral resource and are considered to be highly prospective for hosting further high-grade deposits, being on the same structural and stratigraphic belts that host numerous other, on-trend, high-grade deposits, such as Eskay Creek and Brucejack.
About OTC Markets Group Inc. OTC Markets Group Inc. (OTCQX: OTCM) operates the OTCQX® Best Market, the OTCQB® Venture Market and the Pink® Open Market for over 11,000 U.S. and global securities. Through our regulated OTC Link® Alternative Trading Systems, the Company connects a diverse network of broker-dealers that provide liquidity and execution services. We enable investors to easily trade through the broker of their choice and empower companies to improve the quality of information available for their investors.
OTC Link ATS, OTC Link ECN and OTC Link NQB are each an SEC regulated ATS, operated by OTC Link LLC, a FINRA and SEC registered broker-dealer, member SIPC.
To learn more about how we create better informed and more efficient markets, visit www.otcmarkets.com.
