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Junior Mining Precious Metals Uncategorized

Dolly Varden Silver and Fury to Consolidate Emerging Canadian Silver-Gold District in the Golden Triangle

VANCOUVER, BC / ACCESSWIRE / December 6, 2021 /Dolly Varden Silver Corporation (“Dolly Varden“) (TSXV:DV) (OTCQX:DOLLF) and Fury Gold Mines Ltd (“Fury“) (TSX:FURY) (NYSE American:FURY) are pleased to announce that the companies have entered into a definitive agreement dated December 6, 2021 (the “Purchase Agreement“) pursuant to which Dolly Varden will acquire from Fury, through the acquisition of Fury’s wholly-owned subsidiary, a 100% interest in the Homestake Ridge gold-silver project (“Homestake Project“), located adjacent to the Dolly Varden Project (“DV Project” and together with the Homestake Project, the “Kitsault Valley Project“) in the Golden Triangle, British Columbia (the “Transaction“).

The Homestake Project hosts a resource estimated to contain 165,993 ounces of gold and 1.8 million ounces of silver in the Indicated category and 816,719 ounces of gold and 17.8 million ounces of silver in the Inferred category (refer to further resource disclosure at the end of this release) within a 7,500 hectare land package located contiguous to and northwest of the DV Project. The close proximity of the deposits that make up the current mineral resource estimates, combined with common infrastructure in the region, is expected to generate substantial co-development synergies as these deposits are advanced in combination. The Transaction values the Homestake Project at CAD$50 million for which Dolly Varden will pay $5 million in cash and issue 76,504,590 Dolly Varden common shares to Fury, as further described below.

Transaction Highlights

  • Combined mineral resource base of 34.7 million ounces of silver and 166 thousand ounces of gold in the Indicated category and 29.3 million ounces of silver and 817 thousand ounces of gold in the Inferred category, solidifying the Kitsault Valley Project as among the largest high-grade, undeveloped precious metal assets in Western Canada.
  • Consolidation of two adjacent projects, allowing for numerous potential co-development opportunities with capital and operating synergies.
  • Exposure to a large and highly prospective land package, with potential to further expand resources through additional exploration along a combined 15 km strike-length within a 163 km2 consolidated land package.
  • Transformative scale to enhance investor visibility and peer group positioning.
  • Previous stand-alone Homestake Project preliminary economic assessment produced an after-tax net present value of USD$173 million and an internal rate of return of 32% at US$1,620 per ounce gold price and US$14.40 per ounce silver price. The study estimated a total of 590,040 ounces of gold equivalent production over a 13 years initial mine life at an all-in sustaining costs per ounce gold of US$670.
  • Fury to have board representation in Dolly Varden and agrees to voluntary share sale restrictions.

Shawn Khunkhun, CEO & Director of Dolly Varden, commented “We are excited to combine two adjacent precious metals projects located in one of the world’s top mining jurisdictions. We expect that this combination will result in significant synergies in the areas of exploration, development, permitting and production. Upon completion of the Transaction, we look forward to continued engagement with Indigenous and community partners to ensure the responsible development of this compelling new project.”

Tim Clark, CEO & Director of Fury, further added “The commercial logic behind the combination of these two adjacent assets is very strong. We are delighted to cooperate with the Dolly Varden team and are very excited to be part of this regional consolidation in British Columbia. Combining our Homestake Project with the DV Project creates an attractive opportunity to immediately establish shareholder value through the potential synergies that result from their regional proximity. We look forward to having our shareholders benefit from the exciting growth and development of the Kitsault Valley Project, and to Fury becoming a partner and significant shareholder of Dolly Varden.”

Ivan Bebek, Chair and Director of Fury commented “The decision to vend Homestake is a difficult one given the exploration upside and our positive outlook for the commodity markets. However, we feel that bringing the two projects together is clearly the best path forward and are very excited to be partnering with the team at Dolly Varden. This transaction also simplifies Fury’s portfolio which coincides with recent positive drill results from both of Fury’s Quebec and Nunavut assets.”

Transaction Details

Under to the Purchase Agreement, Dolly Varden has agreed to acquire Fury’s wholly-owned subsidiary, Homestake Resource Corporation, which owns a 100% interest in the Homestake Project in exchange for a $5 million cash payment and the issuance of 76,504,590 common shares of Dolly Varden. Upon completion of the Transaction, Fury will own approximately 36.9% of Dolly Varden on an outstanding basis. The Transaction is subject to a number of closing conditions, including the receipt of TSX Venture Exchange (“TSXV“) approval and the satisfaction of certain other closing conditions customary for a transaction of this nature. The Transaction is also subject to approval by a simple majority of the votes cast by Dolly Varden shareholders at a Dolly Varden shareholders meeting. Dolly Varden expects to hold a special meeting of shareholders in February 2022 to consider the Transaction. The Transaction is an arm’s-length transaction under the rules of the TSXV.

Dolly Varden and Fury will enter into an investor rights agreement (the “Investor Rights Agreement“) on completion of the Transaction pursuant to which Fury shall have the right to appoint two nominees to the Dolly Varden board so long as Fury owns greater than 20% of the Dolly Varden shares outstanding. Should Fury own greater than 10% of the Dolly Varden shares outstanding, Fury shall have the right to appoint one nominee to the Dolly Varden board. Additionally, the shares issued to Fury shall be subject to a one-year hold period. The Investor Rights Agreement shall also contain certain customary re-sale restrictions, voting and standstill conditions, and participation rights as agreed between Dolly Varden and Fury.

The Purchase Agreement also includes certain representations, warranties, covenants, indemnities and conditions that are customary for a transaction of this nature. A termination fee of $2 million may be payable by Dolly Varden to Fury if the Transaction is not approved by Dolly Varden shareholders due to a competing proposal being made or announced before the Dolly Varden shareholder meeting and Dolly Varden is subsequently acquired by the third party under such competing proposal.

Further information regarding the Transaction will be contained in a management information circular to be prepared by Dolly Varden and mailed to shareholders of Dolly Varden in connection with the special meeting of shareholders to be held by Dolly Varden to consider the Transaction and related matters. All shareholders of Dolly Varden are urged to read the information circular once available, as it will contain important additional information concerning the Transaction.

Dolly Varden Board Recommendations and Voting Support

The Purchase Agreement has been unanimously approved by the board of directors of both Dolly Varden and Fury. The Dolly Varden board of directors recommend that Dolly Varden shareholders vote in favour of the Transaction.

All of the directors and officers of Dolly Varden and certain shareholders of Dolly Varden, including Eric Sprott, holding in aggregate 18.2% of the issued and outstanding common shares of Dolly Varden, have entered into customary voting support agreements agreeing to vote in favour of the Transaction.

Haywood Securities Inc. has provided a fairness opinion to the board of directors of Dolly Varden that, as of the date thereof, and based upon and subject to the assumptions, limitations and qualifications stated therein, the consideration to be paid by Dolly Varden to Fury under the Agreement is fair, from a financial point of view, to Dolly Varden.

Conference Call and Webcast

A joint webcast will be held by management of both Dolly Varden and Fury to discuss the Transaction on Monday, December 6th, 2021 at 10 a.m. Pacific time / 1 p.m. Eastern time. Shareholders, analysts, investors and media are invited to join the live webcast by registering using the following link: http://services.choruscall.ca/links/dollyvardensilver20211206.html

A presentation to accompany the conference call and webcast can be accessed via either the Dolly Varden or Fury websites at www.dollyvardensilver.com or www.furygoldmines.com. A replay of the joint webcast will be available on both websites following the conclusion of the call.

Advisors and Counsel

Haywood Securities Inc. is acting as financial advisor to Dolly Varden. Stikeman Elliott LLP is acting as legal counsel to Dolly Varden.

Minvisory Corp. is acting as financial advisor to Fury. McMillan LLP is acting as legal counsel to Fury.

Qualified Persons

The technical information contained in this news release relating to Dolly Varden has been approved by [Rob van Egmond, P. Geo, Chief Geologist for Dolly Varden], who is a “qualified person” within the meaning of National Instrument 43-101 – Standards of Disclosure for Mineral Projects.

The technical information contained in this news release relating to Fury has been approved by [Michael Henrichsen, P. Geo, SVP of Exploration at Fury], who is a “qualified person” within the meaning of National Instrument 43-101 – Standards of Disclosure for Mineral Projects.

About Dolly Varden Silver Corporation

Dolly Varden Silver Corporation is a mineral exploration company focused on exploration in northwestern British Columbia. Dolly Varden has two projects, the namesake Dolly Varden silver property and the nearby Big Bulk copper-gold property. The Dolly Varden property is considered to be highly prospective for hosting high-grade precious metal deposits, since it comprises the same structural and stratigraphic setting that host numerous other high-grade deposits (Eskay Creek, Brucejack). The Big Bulk property is prospective for porphyry and skarn style copper and gold mineralization similar to other such deposits in the region (Red Mountain, KSM, Red Chris).

Technical Disclosure

Homestake Resource Estimate:

The Homestake resource estimate is based on the technical report with an effective date of May 29, 2020, as amended and restated June 24, 2020 and titled, “Technical Report, Updated Mineral Resource Estimate and Preliminary Economic Assessment on the Homestake Ridge Gold Project, Skeena Mining Division, British Columbia” which was filed and is available on Fury’s SEDAR profile at www.sedar.com. The report has been prepared in accordance with NI 43-101, Companion Policy 43-101CP to NI 43-101, and Form 43-101F of NI 43-101.

Mineral resources are estimated at a cut-off grade of 2.0 g/t gold equivalent.

Gold equivalent values were calculated using a long-term gold price of US$1,300 per ounce, silver price at US$20 per ounce and copper price at US$2.50 per pound and an exchange rate of US$1.00=C$1.20. The gold equivalent calculation included provisions for metallurgical recoveries, treatment charges, refining costs and transportation.

Dolly Varden Resource Estimate:

The Dolly Varden resource estimate is based on the technical report with an effective date of May 8, 2019, and titled, “Technical Report and Mineral Resource Update for the Dolly Varden Property, British Columbia, Canada” which was filed and is available on Dolly Varden’s SEDAR profile at www.sedar.com. The report has been prepared in accordance with NI 43-101, Companion Policy 43-101CP to NI 43-101, and Form 43-101F of NI 43-101.

A 150 g/t silver cut-off was chosen to reflect conceptual underground mining and processing cut-off grade.

Mineral Resources are not Mineral Reserves. Mineral resources which are not mineral reserves do not have demonstrated economic viability. There has been insufficient exploration to define the inferred resource as an indicated or measured mineral resource, and it is uncertain if further exploration will result in upgrading the resource to a measured resource category. There is no guarantee that any part of the mineral resource discussed herein will be converted into a mineral reserve in the future.

About Fury Gold Mines Limited

Fury Gold Mines Limited is a Canadian-focused exploration and development company positioned in three prolific mining regions across the country. Led by a management team and board of directors with proven success in financing and developing mining assets, Fury will aggressively grow and advance its multi-million-ounce gold platform through careful project assessment and exploration excellence. Fury is committed to upholding the highest industry standards for corporate governance, environmental stewardship, community engagement and sustainable mining. For more information on Fury Gold Mines, visit www.furygoldmines.com.

Dolly Varden Contact Information

Shawn Khunkhun, CEO & Director
1-604-602-1440
www.dollyvardensilver.com

Fury Contact Information

Salisha Ilyas, Vice President, Investor Relations
1-437-500-2529
www.furygoldmines.com

Forward-Looking Statements

This release includes certain statements that may be deemed to be “forward-looking statements”. All statements in this release, other than statements of historical facts, that address events or developments that management of Dolly Varden and Fury expect, are forward-looking statements. Actual results or developments may differ materially from those in forward-looking statements. Dolly Varden and Fury disclaim any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, save and except as may be required by applicable securities laws.

These statements in this release include: the anticipated benefits of the Transaction to Dolly Varden, Fury and their shareholders; the timing and anticipated receipt of required regulatory and shareholder approvals for the Transaction; the ability of Dolly Varden and Fury to satisfy the conditions to, and to complete, the Transaction as proposed;the holding of the Dolly Varden shareholder meeting; the anticipated timing of the mailing of the information circular regarding the Transaction and of the closing of the Transaction; the ability to achieve synergies, the quantity and grade of the gold and silver resources and the ability to expand resources through the exploration of a combined projects.

In respect of the forward-looking information concerning the anticipated completion of the proposed Transaction and the anticipated timing thereof, Dolly Varden and Fury have provided them in reliance on certain assumptions that they believe are reasonable at this time, including assumptions as to the time required to prepare and mail shareholder meeting materials, including the required information circular; the ability of the parties to receive, in a timely manner, the necessary regulatory and shareholder approvals; and the ability of the parties to satisfy, in a timely manner, the other conditions to the closing of the Transaction. These dates may change for a number of reasons, including unforeseen delays in preparing meeting materials, inability to secure necessary shareholder, regulatory or other approvals in the time assumed or the need for additional time to satisfy the other conditions to the completion of the Transaction. Accordingly, readers should not place undue reliance on the forward-looking information contained in this news release concerning these times.

Since forward-looking information address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, the risk that the Transaction may not close when planned or at all or on the terms and conditions set forth in the Purchase Agreement; the failure to obtain the necessary shareholder and regulatory approvals required in order to proceed with the Transaction; the synergies expected from the Transaction not being realized; business integration risks; operational risks in development, exploration and production for precious metals; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of resource estimates; health, safety and environmental risks; gold price and other commodity price and exchange rate fluctuations; environmental risks; competition; incorrect assessment of the value of acquisitions; ability to access sufficient capital from internal and external sources; and changes in legislation, including but not limited to tax laws, royalties and environmental regulations.

Actual results, performance or achievement could differ materially from those expressed in, or implied by, the forward-looking information and, accordingly, no assurance can be given that any of the events anticipated by the forward looking information will transpire or occur, or if any of them do so, what benefits may be derived therefrom and accordingly, readers are cautioned not to place undue reliance on the forward looking information.

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

SOURCE: Fury Gold Mines



View source version on accesswire.com:
https://www.accesswire.com/676140/Dolly-Varden-and-Fury-to-Consolidate-Emerging-Canadian-Silver-Gold-District-in-the-Golden-Triangle

Categories
Junior Mining Precious Metals

Silver Hammer Mining Reports High-Grade Assays from Eliza

Table 1

Eliza - Significant Mineralized Rock Samples
Eliza – Significant Mineralized Rock Samples
Eliza – Significant Mineralized Rock Samples

Table 2

Eliza - Mineral Correlations to Silver
Eliza – Mineral Correlations to Silver
Eliza – Mineral Correlations to Silver

Figure 1

Eliza Property Rock Sample Location Map
Eliza Property Rock Sample Location Map
Eliza Property Rock Sample Location Map

VANCOUVER, British Columbia, Dec. 06, 2021 (GLOBE NEWSWIRE) — Silver Hammer Mining Corp. (CSE: HAMR, OTCQB: HAMRF) (“Silver Hammer” or the “Company”) is pleased to report high-grade silver assays for a number of rock samples collected during its first sampling program at the Company’s Eliza Silver Project in Eastern Nevada.

A total of 73 rock-chip samples were collected in the vicinity of the historic Passynak Mine within the Eliza project area which lies on trend of the Hamilton mining district, Nevada’s highest grade silver mining camp. An estimated over 30 million ounces of silver was produced, valued at $22 million between 1865 and 1888, from the Treasure Hill Mining area which extends onto the Eliza property.1

In addition to the assayed samples, another 35 geochemical survey samples were collected from outcrops in the northern sector of the property, south of the Eberhardt Fault which separates the Eliza Project from the abandoned Hamilton mines to the north. The assay results confirm the existence of a well-developed silver-rich mineral system that also shows enrichments in copper (Cu), lead (Pb) and zinc (Zn). Other trace elements conventionally viewed as indicators of epithermal precious metal mineralization, such as antimony (Sb) and arsenic (As), are also present in geochemically anomalous amounts.

“We are very pleased with the results obtained by our first sampling program at Eliza. The high-grade mineralized samples provide evidence that the near-surface silver mineralization exploited by the former 30 Moz Treasure Hill Mine extends onto the Eliza property and may continue beneath a shale unit south of the Eberhardt Fault,” stated President and CEO Morgan Lekstrom. “We are also encouraged by the association of silver with base metals (Cu, Pb, Zn), as this type of mineralization may be an outer zone expression of a ‘blind’ porphyry copper system. We intend to use modern technology, including hyperspectral imaging to expand our knowledge of the geologic model and define its size potential. In addition, we intend to define drill targets for 2022.”

In addition to the targeted rock sampling that was done, the Company has undertaken hyperspectral imaging analysis of the Eliza property area. Interpretation of the imagery shows a correlation between secondary silver mineralization, mainly chloraryrite, and areas where hydrocarbon decay are outlined. This innovative exploration technology will be further employed on the property.

Plans are underway for additional geological and geochemical investigations, with the objective of defining high-potential drill targets early in 2022.

Table 1. Eliza – Significant Mineralized Rock Samples
https://www.globenewswire.com/NewsRoom/AttachmentNg/bdcfc422-9e67-4d00-afcc-0a5863af54bd

Table 2. Eliza – Mineral Correlations to Silver
https://www.globenewswire.com/NewsRoom/AttachmentNg/6ee72663-e5aa-4126-b651-f393351b3051

Figure 1. Eliza Property Rock Sample Location Map
https://www.globenewswire.com/NewsRoom/AttachmentNg/a05f7c20-6393-4cb1-b00d-3789c90937ae

About Silver Hammer Mining Corp.

Silver Hammer Mining Corp. is a junior resource company advancing the past-producing Silver Strand Mine in the Coeur d’Alene Mining District in Idaho, USA, both the Eliza Silver Project and the Silverton Silver Mine in one of the world’s most prolific mining jurisdictions in Nevada and the Lacy Gold Project in British Columbia, Canada. The Company has commenced an initial drill program at Silver Strand that will test for silver and gold mineralization immediately below the mine’s lowest level extending only 90 metres below surface. Silver Hammer strives to become a multiple-mine silver producer and will focus near-term exploration and drilling plans at the Company’s 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.

___________________________________
1 USGD: https://mrdata.usgs.gov/mrds/show-mrds.php?dep_id=10310457

Categories
Junior Mining Uncategorized

West Wits Mining – WBP’s Global JORC Mineral Resource Expands by 724,000oz to 4.28Moz at 4.58 g/t Gold

Click to Open Press Release

https://wcsecure.weblink.com.au/pdf/WWI/02461931.pdf

ABOUT WEST WITS MINING LIMITED
West Wits Mining Limited (ASX: WWI) is focused on the exploration, development and production of high value precious and base metals for the benefit of shareholders, communities and environments in which it operates. Witwatersrand Basin Project, located in the proven gold region of Central Rand Goldfield of South Africa, boasts a 4.28Moz gold project at 4.58 g/t Au. The Witwatersrand Basin is a largely underground geological formation which surfaces in the Witwatersrand. It holds the world’s largest known gold reserves and has produced over 1.5 billion ounces (over 40,000 metric tons), which represents about 22% of all the gold accounted for above the surface7. In Western Australia, WWI is exploring for gold and copper at the Mt Cecilia Project in a district that supports several world-class projects such as Woodie Woodie manganese mine, Nifty copper and Telfer
gold/copper/silver mines.

For further information contact:
Australia
Victoria Humphries / Peter Taylor
Investor Relations
victoria@nwrcommunciations.com.au /
peter@nwrcommunications.com.au


North America, Canada and UK
Jody Kane / Jonathan Paterson
jody.kane@harboraccessllc.com /
jonathan.paterson@harboraccessllc.com
General info@westwitsmining.com
www.westwitsmining.com

Categories
Junior Mining Precious Metals

Provenance Gold Concludes its 35 Hole Exploration Program at White Rock which Returned Numerous Strong Gold Intercepts

Vancouver, British Columbia–(Newsfile Corp. – December 2, 2021) – Provenance Gold Corp. (CSE: PAU) (OTCQB: PVGDF) (the “Company” or “Provenance”) announces that it has completed drilling of 35 RC holes and has received all assays for its White Rock Gold Project. The Company is pleased to report that every hole intercepted gold mineralization.

The White Rock gold project consists of 258 lode mining claims (5,160 acres) with gold hosted in silicified limestones and shales over an area 3.2 km in length and 1.3 km wide. The White Rock property was originally optioned from Ely Gold Royalties Inc., which was recently acquired by Gold Royalty Corp., combining to create a leading growth and Americas-focused precious metals royalty company. The project has a total of 101 drill holes completed, of which 67 historic holes were drilled by four previous operators. Data from these older holes has now been verified for use in a future technical report. The Company believes White Rock likely hosts an extensive open-pit grade gold deposit, with grades similar to currently operating Nevada open pit mines.

The following table lists the more significant holes obtained during Provenance’s drilling program.

White Rock Assay Summaries / Selected Drill Holes – 2021 Drill Program

0.1 g Au cutoff
HoleDepthInclineBearingInterval-FtThickness-FtAu g/tAu optComments
WR-15500-900120-215950.6360.0185Hole completed
“Including”160-185251.4520.042
235-4101750.1970.0058
240-265250.4270.012
420-435150.130.004
WR-16300-509095-2751800.6180.018Hole terminated
**“Including”95-135400.830.024Broken ground
“Including”95-10053.550.104
235-255202.310.067
WR-19300-50090-125350.7920.023Hole lost in Au
**“Including”95-10053.2270.094
150-175250.3210.009
290-300100.4040.012
WR-23480-452600-75750.2560.007Hole completed
95-3602650.3880.011
“Including”100-125250.7780.023
“Including”160-180200.3970.012
“Including”200-220200.5260.015
“Including”260-310500.650.019
WR-24300-602600-40400.4540.013Hole terminated
**90-3002100.2930.009Broken ground
“Including”95-130350.7130.021
“Including”230-240100.4070.012
WR-28530-90075-3402650.3760.011Hole completed
“Including”205-260550.7290.021
355-405500.2420.007
450-470200.1260.004
485-510250.1070.003
WR-32380-60120165-3802150.3050.009Hole lost in Au
**“Including”175-240650.4110.012
“Including”350-365150.4920.014
WR-45340-8018055-2752200.5170.015Hole lost in Au
**“Including”70-1701000.880.026
“Including”120-160401.10.032
WR-47310-652700-3103100.3590.01Hole lost in Au
**“Including”35-1351000.5350.016
“Including”170-195250.7170.21

The assay results received this year confirm similar results achieved by past operators and therefore will be used in a planned NI 43-101 resource report that will be completed in the coming months. This new report, which will report tonnage and grade at different cutoffs, will be the first gold mineral resource ever calculated for the property.

The Company currently has a permit revision being reviewed by the BLM for additional drill sites for a proposed 2022 drilling program. Once bonded, drilling could be initiated as early as next May after the snow has melted.

Steve Craig, project manager, stated: “Over the decades, I have managed many successful exploration programs in Nevada, and this is exactly what exploration companies in Nevada hope to find. I believe we have found an exceptional one.”

Rauno Perttu, Provenance’s CEO states, “It has been an extremely successful initial drilling program. Our work this season gave us a much clearer picture of the gold mineralization controls. We discovered our first feeder structure and started to outline extensive areas of strong gold mineralization. We also recognize several step-out and infill areas that we will follow up on with new exploration next season. Provenance has a large gold system that we believe will be advanced into a new mine and are looking forward to next year’s program.”

Along with the initial gold mineral resource calculation and 43-101 the Company will be further updating investors in the coming weeks with maps and diagrams of the drill program which should help as a visualization to show the size and scope of the mineralized zones.



Figure 1 – Project manager Steve Craig sitting on ore-grade outcrop near newly found feeder structure.

To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/5654/106266_3c7c34820407caed_001full.jpg

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.

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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/106266

Categories
Base Metals Blog Energy Junior Mining

US adds Nickel, Zinc to critical minerals list

United States adds nickel, zinc to critical minerals list

Nickel smelter in Sorowako, Indonesia. (Image by Marcelo Coelho, courtesy of Vale).

(The views and opinions expressed herein are the views and opinions of the author, Andy Home, a columnist for Reuters.)

Nickel and zinc are now deemed critical minerals by the United States.

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The US Geological Survey (USGS) is proposing both metals be included in the redrafted critical minerals list. The list has grown from 35 to 50 since the last iteration in 2018, but that largely reflects the splitting out of rare earth elements and precious group metals into separate entities.

Four minerals – helium, potash, rhenium, and strontium – have been dropped. The United States is the world’s leading producer and net exporter of helium, while import dependency for the other three is mitigated by “low disruption potential”. Uranium was also dropped after being reclassified as a “mineral fuel”.

Nickel and zinc are the only two new additions, and each reflects an evolution of the methodology used to determine whether a mineral is critical to the well-being of the US economy.

Single point of failure

According to the USGS, the United States relies on refined nickel imports for around half of its annual consumption.

The top three suppliers last year were Canada (42%), Norway (10%) and Finland (9%) – all deemed “friendly” countries.

This relatively benign supply profile kept nickel off the critical minerals list in the past.

But it’s now included for two reasons.

Firstly, the USGS has expanded its criticality criteria to look beyond trade dependency to domestic supply, particularly what it calls “single points of failure”.

There is currently only one domestic operating nickel mine in the United States – the Eagle mine in Michigan – which exports concentrates for overseas refining.

There is a single producer of nickel sulphate, but only as a by-product of precious group metals production.

This limited domestic nickel production base was also highlighted in the Biden Administration’s 100-day review of critical supply chains, which recommended the government should invest as a priority in a new nickel refinery.

The second reason is nickel’s changing usage profile from alloy in stainless steel production to chemical component in electric vehicle batteries.

The combination of limited, single-point-of-failure domestic supply and the expected demand growth from battery manufacturers makes “a compelling case for inclusion” of nickel in the critical minerals list, the USGS noted.

Or, as the supply-chain review put it, not having enough battery-grade nickel “poses a supply chain risk for battery manufacturing globally, not just in the United States”.

Zinc concentration

The United States’ domestic supply chain of zinc is less fragile.

The country has 14 operating mines and three smelter facilities, one primary and two secondary, one of which resumed operations in 2020 after several years of inactivity.

However, the country’s refined zinc import dependency is relatively high. Imports of 710,000 tonnes last year represented 83% of domestic consumption, according to the USGS.

Global supply trends make this problematic.

“For zinc, global mine and smelter production concentration has increased notably during the past few decades,” the USGS said, adding that “this change has been driven mainly by increased production in China”.

Part of the thinking behind the latest critical minerals list is moving the analysis beyond simple import dependency to encompass broader global supply trends.

The more supply is concentrated in one country, the higher the potential risk factor, particularly if that country is designated a mineral competitor, as is the case with China.

Zinc’s supply risk is now above the 0.40 threshold used by the USGS to help determine criticality at 0.48.

Top of the supply-risk table are gallium, niobium and cobalt, followed by several rare earth elements.

Aluminum lies in eighth place with a score of 0.60, thanks to the concentration of smelting in China, and tin is also on the supply risk spectrum with a score of 0.50.

A continuum of supply risk

The USGS stresses that falling below the 0.40 cut-off point doesn’t mean there is no supply risk.

“The metrics developed with (the new) methodology are best viewed as a continuum of supply risk”, and one which is continuously moving as global supply chains for each commodity evolve, it said.

Out of the major industrial metals traded on the London Metal Exchange, only two are now not deemed critical minerals by the United States.

Copper has a low supply-risk profile due to a large domestic mining, smelting and recycling industry.

Lead is more interestingly poised on the USGS supply-risk table with a score of 0.39, just below the cut-off point, again due to a growing concentration of global mining and smelting capacity in China.

None of these industrial metals feature on the European Union’s critical minerals list.

In part that’s a reflection of Europe’s domestic production base both at the mining and smelting level.

But in part it may be because the USGS is ahead of its European peers in analysing global supply patterns and the resulting potential threats to critical minerals availability.

Nickel and zinc may not spring to mind when most people think of critical minerals, but as far as the United States is concerned, they both are.

(Editing by Jan Harvey)

Categories
Junior Mining Precious Metals

Silver Bullet Mines Corp. (Formerly Pinehurst Capital I Inc.) Closes Qualifying Transaction

Toronto, Ontario, Dec. 01, 2021 (GLOBE NEWSWIRE) —

Silver Bullet Mines Corp. (TSXV: SBMI) (“Silver Bullet” or the “Company”), formerly Pinehurst Capital I Inc., is pleased to announce that the Company has closed its qualifying transaction (the “Transaction”) previously announced in the Company’s comprehensive press releases dated November 12, 2020 and June 28, 2021 and more particularly set out in its filing statement dated September 27, 2021 (the “Filing Statement”) which is available under the Company’s profile at www.sedar.com, subject to final approval of the TSX Venture Exchange (the “TSXV”). The Company’s shares, which had traded on the TSXV, were halted on August 27, 2020, at the Company’s request pending completion of the Transaction and receipt of final approval of the TSXV. The Company’s common shares will commence trading on the TSXV as a Tier 2 mining issuer under the symbol “SBMI” on or about December 6, 2021.

The Transaction

Pursuant to an amalgamation agreement, Pinehurst I Acquisition Corp., a wholly owned subsidiary of the Company, and an entity formerly named Silver Bullet Mines Inc. amalgamated under the Canada Business Corporations Act (the “Amalgamation”) to form Silver Bullet Mining Inc. As a result of the Amalgamation, (i) all common shares of Pinehurst Capital I Inc. were consolidated on the basis of one (1) post-consolidation common share for every 2.1428 pre-consolidation common shares (the “Consolidation”); and (ii) in exchange for each (1) security held in the capital of Silver Bullet Mining Inc., each securityholder received one (1) security in the capital of the Company. Concurrently with the closing of the Transaction, the Company changed its name to Silver Bullet Mines Corp.

Outstanding Share Capital and Escrow

Following the closing of the Transaction, the Company has a total of 55,458,038 common shares issued and outstanding. An aggregate 24,071,668 common shares and 2,605,763 stock options held by the principals of the Company are subject to Tier 2 Surplus Security Escrow and will be released from escrow as follows: five percent (5%) of the escrowed shares will be released from escrow on the issuance of the final exchange bulletin confirming the completion of the Transaction by the TSXV (the “Final Exchange Bulletin”), five percent (5%) will be released 6 months thereafter, ten percent (10%) will be released 12 months and 18 months following the issue of the Final Exchange Bulletin, fifteen percent (15%) will be released 24 months and 30 months following the issue of the Final Exchange Bulletin, and the balance of forty percent (40%) will be released 36 months after the issue of the Final Exchange Bulletin. An additional 6,000,000 shares and 428,571 stock options held by non-principals of the Company are subject to Tier 2 Value Security Escrow and will be released from escrow as follows: ten percent (10%) of the escrowed shares will be released from escrow on the issuance of the Final Exchange Bulletin, fifteen percent (15%) will be released on each of the 6 months, 12 months, 18 months, 24 months, 30 months and 36 months thereafter.

New Board and Management

On closing of the Transaction, David Rosenkrantz, Daniel Tobon, Ilana Prussky, John A. Leja, Maurice Kagan and Shael Soberano resigned as the directors and officers of the Company.

On closing, the following individuals were appointed as directors and officers of the Company:

John Carter – CEO and Director
Ron Wortel – President and Director
Ron Murphy – Vice President Mining and Director
Eric Balog – Director
J. Birks Bovaird – Director
Peter Clausi – Vice President Capital Markets and Director
Jon Wiesblatt – Director
Brian Crawford – Chief Financial Officer and Corporate Secretary

The incoming board of directors would like to thank Messrs. Rosenkrantz, Tobon, Leja, Kagan and Soberano and Ms. Prussky for their contributions and service to the Company.

For further information, please contact:

John Carter
Silver Bullet Mines Corp.
e: info@silverbulletmines.com
p: 905-302-3843

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

The securities referenced herein have not been, nor will be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent U.S. registration or an applicable exemption from U.S. registration requirements. This release does not constitute an offer for sale of securities in the United States.

Investors are cautioned that, except as disclosed in the Filing Statement, any information released or received with respect to the Transaction may not be accurate or complete and should not be relied upon.

Categories
Base Metals Energy Junior Mining

Granite Creek Copper Announces Results of Mine Planning & Mineral Processing Work Conducted on the Carmacks Copper-Gold Project by Sedgman and Mining Plus

VANCOUVER, BC / ACCESSWIRE / December 1, 2021 / Granite Creek Copper Ltd. (TSXV:GCX)(OTCQB:GCXXF) (“Granite Creek” or the “Company“) is pleased to announce the results of work completed by Sedgman Canada and Mining Plus on the Company’s Carmacks copper-gold-silver deposit in the Minto Copper Belt located in central Yukon, Canada. The Company has received a final report on studies that include review of alternate leach technologies, mine planning, ore sorting and other key elements which are expected to be highly influential on the updated preliminary economic assessment (“PEA”) planned for H1 2022.

Highlights include:

  • Excellent results from initial metallurgical testing on sulfide material;
  • Confirmation of in tank leaching as the preferred method of extraction of both copper and precious metals from oxide ores;
  • Identification of conventional flotation as the preferred method of producing a copper concentrate from sulfide ores;
  • Development of a draft underground mine plan, with sub-level block cave as the preferred underground mining method at Carmacks;

Granite Creek President & CEO, Tim Johnson, stated, “We are extraordinarily pleased with the results provided by Sedgman and Mining Plus and the degree of efficiency, expertise and professionalism they have demonstrated since Granite Creek initially engaged them in May of this year. The studies have provided a great deal of new insight and clarity on the best path forward as we continue to advance Carmacks toward updated economics and, ultimately, production. We are very confident that these elements of mine planning and optimization, combined with the updated 43-101 mineral resource estimate we anticipate in Q1, will form the basis of a robust new PEA. The Yukon is an exceptional mining jurisdiction, the Minto belt has excellent infrastructure and robust mineralization currently being mined by Minto Metals Corp. just to the north of us who are now publicly traded on the Venture Exchange. We look forward to additional announcements soon as the pieces continue to fall into place at Carmacks.”

Virtual Investor Conference – OTC Markets Group

Granite Creek will be presenting at the upcoming Mining & Metals Virtual Investor Conference hosted by OTC Markets Group on Wednesday, December 8th at 11:30 AM PT / 2:30 PM ET. Topics of discussion will include the Company’s 2021 drilling campaign, the mine planning and mineral processing results described herein, and implications for the expected updates to both the existing 43-101 mineral resource estimate and PEA. To register, click here.

Sedgman / Mining Plus Report Discussion

An initial review of geotechnical studies as referenced in the 2017 PEA1,2, has indicated that a sub-level block cave is likely the most cost-effective method of underground mining of Zone 1 at the Carmacks Deposit. Based on this, Granite Creek will now move to initiate costing studies to support an updated PEA that includes potential underground resources not only in Zone 1 but other adjacent zones. In addition, the Company will launch pit design and optimization efforts on mineralized zones that lie outside of the pit contemplated in the 2017 PEA. Specifically, Zones 2000S and 13 will see pit optimization scenarios that will determine how much material could potentially be mined via open pit and what portion of the resources will be extracted by underground mining methods.

Metallurgical testing of sulfide mineralization to determine recovery of copper minerals using conventional flotation technology to create a copper concentrate was highly successful, achieving copper recoveries of up to 95%. Further testing is planned to confirm these recovery rates and to add gold and silver to a concentrate scenario. This work will be used identify the correct sizing of a copper-gold-silver concentrator circuit and the associated economics.

Previous economic assessments did not consider the potential value from processing of the high-grade sulphide material at Carmacks, despite a defined sulfide resource. In conducting a comprehensive review of the Carmacks deposit and the Carmacks North target area, the presence of significant sulfide mineralization became immediately apparent and Granite Creek felt it prudent to examine its potential inclusion as a means to expand the overall resource, extend mine life and improve economics. The majority of the Company’s 2021 drilling campaign focused on delineating and expanding sulfide resources with both near surface and deeper targets explored. Both oxide and sulphide mineralized zones remain open to expansion, with a significant expansion of the sulphide resource anticipated in the upcoming resource estimate update in Q1 2022. The updated PEA will incorporate this expanded resource and will include review of the mining sequence including an assessment of whether any sulfide resources may be mined via open pit and the optimal sequence for sulfide flotation and oxide leaching.

Table 1. Current Mineral Resource Estimate on the Carmacks Copper Project1,2

CategoryTonnes (000)Cu (%)Au (g/t)Ag (g/t)
Oxide & Transition MineralizationMeasured6,4840.860.414.24
Indicated9,2060.970.363.80
M&I15,6900.940.383.97
Inferred9130.450.121.90
Sulphide MineralizationMeasured1,3810.640.192.17
Indicated6,6870.690.172.34
M&I8,0680.680.182.33
Inferred8,4070.630.151.99

[1] JDS Energy and Mining. Feb 9, 2017. NI 43-101 Preliminary Economic Assessment Technical Report on the Carmacks Project, Yukon, Canada. Contained metal based on 23.76 million tonnes of NI 43-101 compliant resources in the Measured and Indicated categories grading 0.85% Cu, 0.31 g/t Au, 3.14 g/t Ag.

[2] Arseneau Consulting Services, 2016 Independent Technical Report on the Carmacks Copper Project, Yukon, Canada.

About Granite Creek Copper

Granite Creek, a member of the Metallic Group of Companies, is a Canadian exploration company focused on the 176 square kilometer Carmacks project in the Minto copper district of Canada’s Yukon Territory. The project is on trend with the high-grade Minto copper-gold mine, operated by Minto Metals Corp., to the north, and features excellent access to infrastructure with the nearby paved Yukon Highway 2, along with grid power within 12 km. More information about Granite Creek Copper can be viewed on the Company’s website at www.gcxcopper.com.

FOR FURTHER INFORMATION PLEASE CONTACT:

Timothy Johnson, President & CEO
Telephone: 1 (604) 235-1982
Toll-Free: 1 (888) 361-3494
E-mail: info@gcxcopper.com
Website: www.gcxcopper.com
Metallic Group: www.metallicgroup.ca
Twitter: @yukoncopper

Qualified Person

Ms. Debbie James, P.Geo., a qualified person for the purposes of National Instrument 43-101, has reviewed and approved the technical disclosure contained in this news release.

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 Granite Creek Copper believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Forward-looking statements are based on a number of material factors and assumptions. Factors that could cause actual results to differ materially from those in forward-looking statements include failure to obtain necessary approvals, unsuccessful exploration results, changes in project parameters as plans continue to be refined, results of future resource estimates, future metal prices, availability of capital and financing on acceptable terms, general economic, market or business conditions, risks associated with regulatory changes, defects in title, availability of personnel, materials and equipment on a timely basis, accidents or equipment breakdowns, uninsured risks, delays in receiving government approvals, unanticipated environmental impacts on operations and costs to remedy same, and other exploration or other risks detailed herein and from time to time in the filings made by the companies with securities regulators. Readers are cautioned that mineral resources that are not mineral reserves do not have demonstrated economic viability. Mineral exploration and development of mines is an inherently risky business. Accordingly, the actual events may differ materially from those projected in the forward-looking statements. For more information on Granite Creek Copper and the risks and challenges of their businesses, investors should review their annual filings that are available at www.sedar.com.

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

SOURCE: Granite Creek Copper Ltd.



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Categories
Base Metals Energy Junior Mining Precious Metals Project Generators

Riverside Resources Repatriates Its Portfolio in the Geraldton Gold Belt in Ontario, Canada

Vancouver, British Columbia–(Newsfile Corp. – December 1, 2021) – Riverside Resources Inc. (TSXV: RRI) (OTCQB: RVSDF) (FSE: 5YY) (“Riverside” or the “Company”), is pleased to announce the repatriation of its 3 projects in the Beardmore-Geraldton Greenstone Belt (“BGGB”) in Ontario, Canada. In February 2021, Riverside offered the sale of its portfolio to iMetal Resources Inc. (“iMetal”). The Purchase Agreement was contingent upon a series of conditions which were not completed. At this time both parties have mutually agreed to dissolve the transaction and Riverside has now retained 100% ownership of the project portfolio of: Oakes, Longrose and Pichette located in the well-endowed and prolific BGGB. The recovery of these projects occurs at an opportune time for Riverside, particularly since the region is experiencing a renaissance in mining activity. Specifically, the recent launch of construction at the Greenstone Mine (an Equinox Gold / Orion Joint Venture) near the town of Geraldton, which bodes extremely well for Riverside’s own projects which are located along the trans-Canada highway and in close proximity to the Greenstone Mine.

During the past 7 months Riverside acted as exploration operator completing a summer field program. During the agreement with iMetal, Riverside more than doubled the induced polarization survey (IP) grid as well as conducted a focused sampling and mapping program along the survey grid at the Oakes Gold Project.

Highlights of the BGGB portfolio can be found in the press release dated February 10, 2021, which summarizes the previous work done at Oakes and also Riverside’s work on the three properties (see Figure 1).



Figure 1: Riverside’s 3 projects in the Geraldton-Beardmore gold belt shown in red along 90 km trend

To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/6101/106007_6ff1e4a98493e910_002full.jpg

Riverside’s President and CEO, John-Mark Staude: “Regaining control of this three-project portfolio of further de-risked gold properties near the developing Greenstone Gold Mine provides Riverside with a unique opportunity to advance exploration ourselves. Drill target generation progressed this summer, we have a drill permit in hand and will start with further exploration work at Oakes with a view towards drilling initial targets there during 2022.”

Oakes Project:

Riverside acquired the BGGB portfolio in 2019, through a staking program with the opportunity to secure open ground in a prolific gold belt in northwestern Ontario adjacent to the Greenstone Gold Mine, a large gold resource and near-term future mining operation. Since 2019, Riverside’s technical teams have progressed and defined a large undrilled exploration target through the compilation of historical work including high grade gold drill and trench results, and an IP survey. Riverside controls a total of 55 km2 (5,544 hectares) at the Oakes Project, which is defined as being the most advanced project within the recovered BGGB portfolio. The latest exploration work included defining drill targets over a 2.3 km long IP anomaly corresponding to approximately 30% of the property explored as presented below.

The 2021 IP survey included a total of 12 line-km with the intention to identifying continuity to the east and west of the known mineralized system. These new geophysical results show an increased anomaly from 600 m length to a total of 2.2 km with continuity of the anomaly from the 2010 IP1 grid to the 2021 grid extension. Recent field work from Riverside’s team aimed to verify the IP anomalies on the ground looking for any potential associated evidence of mineralization and collect samples (pending).

At least three targets have been described as presented below, all of them drill-ready:

  • High Grade (“HG”) target reporting up to 31.9 g/t Au at surface (see press release July 29, 2019)
  • Brinklow target reporting a sample of 0.8 g/t Au
  • Crib target with sample assays pending

The high chargeability anomalies are not restricted along strike, neither to the west nor the east side, leaving the possibility for extension beyond the 2.2 km three parallel chargeable corridors. This will allow for additional exploration follow up in 2022 heading toward drilling.



Figure 2: Normalized chargeability (IP) combined 2010 (Golden Chalice, 2010) and Riverside 2021 covering about 30% of the Oakes Project. Anomalies presented as targets are understood to be related to geological features/variations, all of interest potentially related to mineralization. Overall, IP anomalies strike at Az100. Assay results are from Riverside’s field work in 2019.

To view an enhanced version of Figure 2, please visit:
https://orders.newsfilecorp.com/files/6101/106007_6ff1e4a98493e910_003full.jpg

Moving forward, Riverside wishes to advance the project with a drill program. De-risking has allowed the company to build confidence for additional project investment. The company is also very pleased to have the projects back into its current portfolio, setting up new opportunities to move ahead in a belt that sees substantial mining investment now with the Equinox Gold / Orion Mine Finance partnership on building a large new gold mine operation at Greenstone near the Company’s property holdings.

Options Grant

On November 16, 2021 the Company granted 1,000,000 incentive stock options (the “Options”) to Directors, Officers and Consultants of the Company. The Options are exercisable at $0.16 per share for a period of 5 years from the date of grant. Options granted to individuals in their capacity as a Director vest in 3 equal instalments over 18 months and Options granted to Officers and Consultants vest in 4 equal instalments over 12 months. The Options were granted pursuant to the Company’s shareholder-approved stock option plan and are subject to the policies of the TSX Venture Exchange and any applicable regulatory hold periods.

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 within this news release is accurate and who acts as a “qualified person” under National Instrument 43-101 Standards of Disclosure for Mineral Projects.

All data represented here from historical reporting, including but not limited to, drill results and resource estimates are historical in nature and require caution readers as the vintage work.

About Riverside Resources Inc.:

Riverside is a well-funded exploration company driven by value generation and discovery. The Company has over $5M in cash, no debt and less than 72M shares outstanding with a strong portfolio of gold-silver and copper assets and royalties 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. 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 properties available for option, with 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

Raffi Elmajian
Corporate Communications
Riverside Resources Inc.
relmajian@rivres.com
Phone: (778) 327-6671
TF: (877) RIV-RES1
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 Golden Chalice, 2010

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/106007