Novo’s board of directors has approved an additional A$2.5M exploration budget to accelerate drilling of high-priority near-mine targets in the Mosquito Creek Basin which hosts the Nullagine gold project (the “ NGP ”) and the Golden Eagle processing facility.
A program of over 25,000 metres of reverse circulation (“ RC ”) drilling is in progress across several priority basement targets.
Novo’s exploration team has recently identified high priority drill targets including the Parnell-Vulture prospect. Significant results have been returned from mapping, rock chip and soil sampling programs, including a very large 1.5 km long, up to 500 m wide zone dominated by soil samples grading 100 ppb Au or better. These results are not necessarily representative of mineralization at the site.
The near-mine geology team has been expanded to accelerate near-mine exploration.
In addition, historical data from previous targets and mined open pits across the Mosquito Creek Basin is being re-analysed to determine further targets for potential feed for the Golden Eagle processing facility.
VANCOUVER, British Columbia, Sept. 08, 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 near-mine exploration programs focussing on exploration opportunities at its highly prospective 100% controlled NGP.
Near-Mine Exploration
Novo’s aggressive 2021 exploration continues with Novo’s board of directors approving additional funding of up to A$2.5M to support near-mine exploration. This is in addition to the A$12 million approved in June 2021 for exploration across Novo’s tenements in 2021 ( refer to the Company’s news release dated June 3, 2021 ). The goal of this program is to accelerate the delineation of targets in the Mosquito Creek Basin that have the potential to provide additional oxide mill feed to the NGP’s Golden Eagle processing facility .
Planned RC drilling of at least 25,000 m across multiple priority basement targets has commenced and is scheduled to be completed prior to year-end. Over 20 high priority orogenic gold drill targets ( Figure 1 ) have been identified within trucking distance of the Golden Eagle processing facility. Priority targets include Genne and Parnell-Vulture, both located on granted mining leases.
At the Parnell prospect (M46/527), a series of robust, coherent gold anomalies were recently returned from soil sampling, confirming targets highlighted during the June mapping program ( Figure 2 ). Of particular note is a very large 1.5 km long, up to 500 m wide zone dominated by soil samples grading 100 ppb Au or better and peaking at 7.8 g/t Au. Significant rock chip samples up to 14.6 g/t Au were also returned from Parnell-Vulture, again highlighting the presence of high-grade gold targets in this region. Although these results are not necessarily representative of mineralization at the site, they further confirm prospectivity of this area and drill planning for both prospects is currently underway as part of the current near-mine exploration program.
As part of the current near-mine exploration program, historical data from previous targets and mined open pits across the Mosquito Creek Basin is being re-analysed. With Novo’s extensive knowledge of the Mosquito Creek Basin, further targets for potential mill feed for the Golden Eagle processing facility are being assessed. This work may result in further areas for priority drill testing.
Talga Talga Drilling and Bulk Sampling
Novo recently completed a maiden 1,830 m, 34-hole RC drill program at its 100%-controlled Talga Talga gold project ( Figure 3 ) approximately 110 km north of the NGP and adjacent to the road that extends southward to the Golden Eagle processing facility. This property hosts a series of orogenic lode deposits hosted by greenstone that is part of the plus 3.0-billion-year-old basement rock of the Pilbara. Dips of the lodes are reasonably shallow and follow topography, making them well suited for open cast excavation. Assays results from the drilling program are expected in October 2021.
Talga Talga has the potential to be brought into the NGP as a satellite deposit. Part of the Company’s strategy is to trial bulk samples of mineralized material from Talga Talga through its mechanical sorter. In preparation for these trials, five, approximately 5-tonne bulk samples have been excavated from various lodes across the project and have been delivered to Golden Eagle to be included in the mechanical test work program to commence in October 2021.
Mechanical Sorting Trial Samples
In preparation for mechanical sorting trials that begin in October 2021, bulk samples stored at Karratha and Egina from previous sampling programs have been delivered to Golden Eagle. Karratha test material includes unprocessed bulk samples collected in 2018. Egina bulk sample material includes some 60 tonnes of gold-bearing gravels collected from large scale bulk sampling pits along the test swale on M46/560, the focus of exploration work in 2019. Novo expects to have results from testing on these samples and others including those from Talga Talga by the end of 2021.
Analytic Protocols
All soils and rock chips from Parnell and Vulture were submitted to Intertek Laboratories in Perth, Australia. Rock chips were assayed for FA gold (FA50/OE04) and 4-Acid Digest ME (4A/MS48). Soils will be assayed for Aqua Regia gold and ME (AR25/MS33).
There were no limitations to the verification process and all relevant data was verified by a qualified person as defined in National Instrument 43-101 Standards of Disclosure for Mineral Projects (“ NI 43-101 ”) by reviewing analytical procedures undertaken by the laboratory. Dr. Quinton Hennigh (P.Geo.) is the qualified person responsible for, and having reviewed and approved, the technical information contained in this news release. Dr. Hennigh is a director of Novo and its Non-Executive Co-Chairman.
2021 Precious Metals Summit Beaver Creek
Novo’s Non-Executive Co-Chairman, Dr. Quinton Hennigh, will present at the Precious Metals Summit on Thursday September 9 th , 2021 from 8:30 am-8:45 am Mountain Time.
Novo is commissioning its flagship Beatons Creek gold project while exploring and developing its prospective land package covering approximately 14,000 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.
“ Quinton Hennigh ”
Quinton Hennigh
Non-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, planned exploration activities, determination of further targets for potential mill feed for the Golden Eagle processing facility, and the expected timing of receipt of assay and mechanical testing results. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. Such factors include, without limitation, customary risks of the resource industry and the risk factors identified in Novo’s annual information form for the 11-month fiscal year ended December 31, 2020, 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.
VANCOUVER, BC / ACCESSWIRE / September 7, 2021 / NV Gold Corporation (TSXV:NVX)(OTCQB:NVGLF) (Frankfurt:8NV) (“NV Gold” or the “Company“) has completed detailed mapping and Leapfrog modeling at its 100% controlled Slumber Gold Project (“Slumber”) located approximately 50 miles northwest of Winnemucca, Humboldt County, Nevada, USA. Permitting a 3rd drilling campaign and negotiations to secure adequate drilling equipment are underway. Drilling is expected to commence in October 2021.
Key Highlights from previous Drilling Program at Slumber Gold Project
Two drilling campaigns were completed in 2019/20 comprising 16 reverse circulation (“RC”) drill holes, totaling 2,474 m (8,119 ft.).
Drilling has outlined a new 600-meter-wide, near-surface mineralized oxide gold zone with notable drill intercepts, including a very encouraging 18.3 m @ 0.52 g/t Au beginning at 48.7 m in Hole SL-11, hosted in an oxidized and silicified rhyolite correlating with a resistive blanket as seen in controlled sourced audio frequency magnetotellurics (CSAMT) data (see Figure 3 & 4). Another hole, SL-14, intersected 134.2m @ 0.14 g/t Au starting from the collar and was terminated in gold mineralization.
This newly discovered zone is separate from that discovered during the 2019 drill program and will be prioritized for follow up in a Phase 3 drilling campaign in Q4 2021.
The source of the mineralized CSAMT resistive blanket is believed to come from higher grade feeder structures at depth (see Figures 1, 2 & 6).
Mapping and Leapfrog Modeling Conclusions
Mapping has identified extensive alteration favorable for gold mineralization in Upper Volcanic Package (UVP) rocks (Trf & Trt in Figure 1) further north of the gold zone defined by previous drilling. These findings are encouraging, suggesting the system is continuous and may be covered by unaltered flow-banded rhyolite domes (Tr in Figure 1) and Quaternary (Qoa) material.
Rhyolite breccias (tuff breccias and phreatomagmatic breccias of Trf) that were not identified in previous drilling were discovered during detailed mapping of the northern portion of the property. This mapping and specific rock textures and breccia descriptions were used as vectors to the feeder for the system. The feeder target is interpreted, based on the location of a large resistor and open gold mineralization, to be located in the northwest portion of the southern NVX claim block (see Figure 1, 4, 5 & 6).
Structural and geophysical observations indicate the UVP is bounded by graben structures and dips to the north, consistent with the extent of the CSAMT resistor blanket being open to the north (see Figure 4). This resistor anomaly is interpreted as a continuation of the gold system identified in the UVP from previous drilling and will be the main target for the next phase of drilling expected to commence in October (see Figure 1 & 4).
A recently completed three dimensional model completed in Leapfrog software was used to determine the gold volume encountered in the 2019/20 drilling campaigns. Comparing the gold distribution with the reinterpreted geological information it appears that previous drilling might have only peripherally intercepted the southwestern edges of two much larger, potentially mineralized CSMT resistor zones. Combining the known geology with the new mapping and Leapfrog modeling the silicified and mineralized system appears to have a strike-length of at least 1 kilometer and a width of 600 meters and correlates well with two open and north-plunging resistor zones (see Figure 4 & 5). The next drilling campaign will focus on this near-surface oxide and has potential to push Slumber towards a discovery stage.
“I am pleased and extremely excited about the outcome of the recent Slumber mapping and Leapfrog modeling. Slumber is advancing through comprehensive data collection and modeling. Encountering an open, near-surface oxide gold zone is very encouraging. The goal of the Q4 drilling will be to find the source and higher-grade pathways of this gold mineralization. These holes will focus on the north-plunging and open resistor zones. The geochemistry data as imaged in Leapfrog modeling is very impressive and strongly supportive of our goal of delineating an oxide gold resource during 2022 and to advance Slumber to a discovery stage.”commented Thomas Klein, VP Exploration of NV Gold.
On behalf of the Board of Directors,
John E. Watson President & CEO
For further information, visit the Company’s website at www.nvgoldcorp.com or contact:
Freeform Communications at 604.245.0054
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward Looking Statements
This news release includes certain forward-looking statements or information. All statements other than statements of historical fact included in this release, including, without limitation, statements regarding the Company’s planned exploration activities, the interpretation of the resistive blanket as having come from higher grade feeder structures and a continuation of the gold system identified in the UVP, the appearance that previous drilling only peripherally intercepted the southwestern edges of two much larger, potentially mineralized resistor zones, the interpretations of the mapping exercise and the dimensions of the strike length and width are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company’s plans or expectations include regulatory issues, market prices, availability of capital and financing, general economic, market or business conditions, timeliness of government or regulatory approvals, the lack of continuity of mineralization, the extent to which mineralized structures extend on to the Company’s Projects and other risks detailed herein and from time to time in the filings made by the Company with securities regulators. The Company disclaims any intention or obligation to update or revise any forward-looking statements whether because of new information, future events or otherwise, except as otherwise required by applicable securities legislation.
Figure 1 – Geologic map of the Slumber Gold Project in Humboldt County, Nevada. Drill holes from 2019 and 2020 are plotted. Only SL-09, SL-02 and SL-14 are projected on the cross-section A-A’ (Figure 2). SL21-1,2 & 3 are planned for Q4 Program (To view the full-size image, please click here)
Figure 2 – Cross section of A to A’. The volcanic vent and potential feeder of the Slumber gold system is interpreted on the north end of the property. (SL-2 and SL-14 showing anomalous gold values) (To view the full-size image, please click here)
Figure 4 – CSAMT depth slices at different elevation levels with plotted 2010/20 drill holes and recently permitted new drill locations (pink). The blue colors represent resistive rocks versus conductive rocks in red. (To view the full-size image, please click here)
Figure 5 – Leapfrog modeling is showing north-plunging, open Au-mineralization, and trace-element geochemistry (To view the full-size image, please click here)
Figure 6 – Slumber Target with Hg overlay (To view the full-size image, please click here)
Significant Diamond Drilling Results, Iska Iska, as at September 5, 2021
Significant Diamond Drilling Results, Iska Iska, as at September 5, 2021
Figure 1
Geology of the Iska Iska Caldera Complex showing locations of Major Breccia Pipe targets including the magnetic anomaly northwest of the Santa Barbara Breccia Pipe and diamond drill holes completed and in progress.
Geology of the Iska Iska Caldera Complex showing locations of Major Breccia Pipe targets including the magnetic anomaly northwest of the Santa Barbara Breccia Pipe and diamond drill holes completed and in progress.
Figure 2
North-South Geological Cross Section, Santa Barbara Breccia Pipe showing Major Extension in Holes DSB-12 and DSB-13
North-South Geological Cross Section, Santa Barbara Breccia Pipe showing Major Extension in Holes DSB-12 and DSB-13
Figure 3a: Picture of Diamond Drill Core Samples from Hole DSB-12
Hole DSB-12 496.27m to 503.44m. Deformed moderately alunitized dacite locally interbedded with minor sandstone, showing flow banding and cut by intrusive breccia composed of dacite clasts cemented with tourmaline matrix (partially replaced by sulphides as pyrite, sphalerite and, silver sulphosalts). There are two vein breccias (20/30 cm in width) along with pyrite, sphalerite, and alunite-bearing cross-cutting veinlets and disseminated pyrite (3%).
Hole DSB-12 496.27m to 503.44m. Deformed moderately alunitized dacite locally interbedded with minor sandstone, showing flow banding and cut by intrusive breccia composed of dacite clasts cemented with tourmaline matrix (partially replaced by sulphides as pyrite, sphalerite and, silver sulphosalts). There are two vein breccias (20/30 cm in width) along with pyrite, sphalerite, and alunite-bearing cross-cutting veinlets and disseminated pyrite (3%).
Figure 3b: Picture of Diamond Drill Core Samples from Hole DSB-12
Hole DSB-12 664.64m to 671.63m. Deformed intrusion breccia locally intercalated with aphanitic dacite. Breccia is polymictic, clast-supported with subangular to subrounded clasts of fine-grained dacite in a milled granodiorite matrix, partially replaced by tourmaline. Mineralization is principally as three vein breccias consisting of pyrite, chalcopyrite, alunite and quartz. Locally there are sulphide veinlets (3-5 per m) and disseminated pyrite (3%).
Hole DSB-12 664.64m to 671.63m. Deformed intrusion breccia locally intercalated with aphanitic dacite. Breccia is polymictic, clast-supported with subangular to subrounded clasts of fine-grained dacite in a milled granodiorite matrix, partially replaced by tourmaline. Mineralization is principally as three vein breccias consisting of pyrite, chalcopyrite, alunite and quartz. Locally there are sulphide veinlets (3-5 per m) and disseminated pyrite (3%).
Step out drilling northwest of Santa Barbara Breccia Pipe demonstrates room for expansion of the mineralized strike length of the breccia pipe and its surrounding mineralized envelope to over 1.2km
Definition drilling in progress to define a maiden NI 43-101 compliant mineral resource within a target block measuring 1,200m along strike, 500m wide and extending to a depth of up to 600m in Santa Barbara Breccia Pipe and its surrounding mineralized envelope
TORONTO, Sept. 07, 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 58 diamond drill holes totalling 26,982 metres (m) to test major target areas at Iska Iska. This press release reports drilling results from four (4) additional holes which tested the mineralized envelope of the Santa Barbara Breccia Pipe (“SBBP”) (Holes DDHK-19 and DHK-20) and the central-southern part of the Central Breccia Pipe (“CBP”) (Holes DCN-04 and DCS-02). To date, every drill hole that has been assayed has returned multiple reportable mineralized intercepts. Currently three drill rigs are in operation at Iska Iska. Two surface drill rigs are completing drilling at SBBP in order 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 SBBP and its mineralized envelope. Figure 1 is a geological plan map showing locations of drill holes and an updated geological interpretation. This map depicts a recently identified robust magnetic anomaly to the northwest of the SBBP where drilling is in progress (see press release June 7, 2021, for an overview of the magnetic results). Figure 2 is a north-south section showing the major potential extension of the SBBP mineralized system. Table 1 provides significant drilling results with definitions of chemical symbols and Table 2 lists holes completed with assays pending as well as holes in progress in the three major target areas. Highlights are as follows:
Highlights:
Hole DHK-20, drilled from the west end of the Huayra Kasa underground workings at -50 degrees on section with hole DHK-18, which intersected 129.65 g Ag eq/t over 300.75m (see press release dated July 28, 2021), returned 234.19 g Ag eq/t (70.5 g Ag/t, 2.31% Zn, 2.74% Pb and 0.04% Sn) over 53.20m from 139.35m to 192.55m 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. Multiple additional significant mineralized intervals occur above and below this intercept. Mineralization occurs within the mineralized envelope east of SBBP in all host rock types.
Hole DHK-19, drilled to the southeast at -45 degrees from the west end of the Huayra Kasa underground workings, intersected 108.24 g Ag eq/t (3.14g Ag/t, 0.24 g Au/t, 2.02% Zn and 0.58% Pb) over 48.2m from 46.95m to 95.15m in altered dacite in the mineralized envelope of the SBBP. This includes a higher-grade interval grading 180.76 g Ag eq/t (4.46 g Ag/t, 0.35 g Au/t, 3.58% Zn and 1.04% Pb) over 15.02m. Multiple additional significant mineralized intervals occur above and below this intercept.
Hole DCN-04 was drilled at -80 degrees to the north from the northern radial platform of the CBP. This hole 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 .19% Sn) over 62.01m from 281.40m to 343.41m; 134.33 g Ag eq/t (70.42 g Ag/t and 0.16% Sn) over 22.59m from 417.05m to 439.64m; and 236.96 g Ag eq/t (92.21 g Ag/t and 0.25% Sn) over 17.45m from 659.55m to 677.00.m
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 (32.75 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. Mineralization in the southern part of the CBP is notable for containing significant Zn and Pb as well as Ag and Sn, a metal assemblage more comparable to SBBP and Porco. The northern part of the CBP is dominantly Sn-Ag suggesting a deeper origin for this part of the breccia pipe.
Major Potential Extension to Santa Barbara Breccia Pipe
Data from a ground magnetics survey conducted by Eloro (see press release of June 7, 2021) outlined a prominent area of anomalously low magnetic variability northwest of the SBBP, as shown in Figure 1, likely reflecting strong hydrothermal alteration. Subsequent 3D inversion modelling confirmed that this area warranted drill testing as this pattern is comparable to the SBBP and CBP, both marked by similar magnetic anomalies. Recently completed holes DSB-12 drilled southeast at -40 degrees and DSB-13 on section at -65 degrees intersected strongly altered dacite and breccia with widespread mineralization. As depicted in Figure 2, a north-south section, these holes substantially increase the potential strike length of the SBBP and surrounding mineralized envelope to more than 1.2km. Figure 3 shows pictures of representative boxes of mineralized drill core. Sulphide minerals identified include pyrite, galena, sphalerite and chalcopyrite accompanied by cassiterite. Assays are pending but visually the style of mineralization is similar to what has been intersected within drill holes in the mineralized envelope of the SBBP.
Tom Larsen, CEO of Eloro commented: “The Company is pleased to report that the Santa Barbara Breccia Pipe and its surrounding mineralized envelope is in fact much larger than initially envisioned. Our drilling campaign is now focused within this extensive area in order to define an inaugural NI 43-101 compliant mineral resource which we expect to have completed in Q1 2022. In addition, I am pleased to announce that, as a result of the continuing sampling backlog delays at the ALS Laboratory in Lima due to Covid-19 induced issues, the Company has recently commissioned Alfred H Knight (“AHK”) Laboratories of Great Britain along with ALS Laboratories to help alleviate this backlog. AHK is highly recognized, having a global network of accredited laboratories with operations in over 35 countries. They have recently opened facilities in Bolivia, due to the high demand taking place from mining companies in the region. This is a significant development which will improve the reporting of drilling results at Iska Iska going forward.”
Dr. Bill Pearson, P.Geo., Eloro’s Executive Vice President Exploration, commented: “The very encouraging mineralized intersections in the drill holes testing the magnetic anomaly northwest of the SBBP has opened up the potential for a major extension to this target resource area. The strike length of SBBP and its envelope which trends approximately north-northwest is now more than 1.2km and remains open in all directions. The present target area for mineral resource definition is approximately 1.2km along strike, 500m wide and extends to a depth of at least 600m. Drill holes in the CBP continue to return encouraging values but further drilling on this and the Porco target will be deferred until after drilling in the SBBP area is completed. The downhole IP/Res survey at the SBBP is moving along well and will provide important information to better confirm continuity of mineralization between drill holes especially higher-grade zones with greater sulphide content.”
Dr. Osvaldo Arce, P.Geo., General Manager of Eloro’s Bolivian subsidiary Minera Tupiza S.R.L., said: “Interpretation of Aster/Landsat satellite imagery and later, the magnetic survey in the northwestern sector of the SBBP, has outlined a substantial anomalous zone that likely reflects widespread hydrothermal alteration. The first diamond drillholes DSB-12 and DSB-13 holes have intercepted a number of well mineralized intervals in which measurement with the XRF gun confirm Ag, Sn, Pb, Zn and tungsten (W). This mineralization is hosted in dacitic volcanic domes which are cut by local sections of well-mineralized breccias with predominantly dacitic clasts surrounded by a tourmaline matrix that is replaced by sulphides and cassiterite. This discovery extends the SBBP and associated mineralized envelope along strike as much as 50% from its original size. The SBBP has characteristics of a large kilometre-scale and continuous near-surface mineralized body of enriched telescoped polymetallic mineralization.”
Dr. Quinton Hennigh, P.Geo., Senior Technical Advisor to Eloro, commented: “Once again, all recently assayed drill holes returned multiple long mineralized intervals at Iska Iska. The limits of the system keep expanding, the magnetic anomaly to the northwest of the SBBP being the most recent addition. Here, recently completed holes DSB-12 and DSB-13 display very promising long intervals of mineralization with an appearance similar to holes drilled closer to the SBBP. While the 1,200 x 500 x 600 m volume currently being targeted for a maiden resource is impressive, it is important to keep in mind that this is still just a subset of the much larger Iska Iska system that extends over a kilometre further south to the Porco breccia pipe along the southern margin of the caldera complex where Eloro recently drilled some visibly mineralized holes. In short, this major discovery is still in its early days.”
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: Summary of Diamond Drill Holes Completed with Assays Pending and Drill Holes in Progress at Iska Iska from press release of September 7, 2021.
Hole No.
Type
Collar Easting
Collar Northing
Elev
Azimuth
Angle
Hole Length m
Surface Drilling Northwest Extension Santa Barbara
DSB-12
205072.7
7656867.5
4165.0
225
-40
806.2
DSB-13
205072.7
7656867.5
4165.0
225
-60
696.5
Subtotal
1502.7
Underground Drilling Huayra Kasa – Santa Barbara Area
DHK-21
UG
205418.5
7656360.0
4151.9
235
-70
512.9
DHK-22
UG
205418.5
7656360.0
4151.9
210
-60
600.0
DHK-23
UG
205418.5
7656360.0
4151.9
270
-50
598.0
Subtotal
1710.9
Underground Drilling Santa Barbara Adit
DSBU-1
UG
205285.2
7656074.8
4165.0
90
-10
260.5
Subtotal
260.5
DSBU-2
UG
205285.2
7656074.8
4165.0
270
-20
In progress
Central Breccia Pipe – Surface Radial Drill Program – North Setup
DCN-05
S
204902.0
7655860.0
4420.0
90
-60
524.3
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
1831.1
Central Breccia Pipe – Surface Radial Drill Program – South Setup
DCS-03
S
204852.1
7655612.3
4429.7
225
-60
443.5
DCS-04
S
204852.1
7655612.3
4429.7
180
-60
644.4
Subtotal
1087.9
Porco Central – Surface Radial Drill Program
DPC-01
S
205457.2
7655110.9
4175.0
270
-60
767.5
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
2,571.6
TOTAL
10,088.6
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 26,982m in 58 holes (19 underground holes and 39 surface holes) with one underground in progress. One surface rig is being moving to a new hole location northwest of SBBP. The second surface drill rig is being exchanged for a more powerful machine which will arrive on site soon and commence drilling in the SBBP area.
Qualified Person
Dr. Osvaldo Arce, P. Geo., General Manager of Minera Tupiza S.R.L., and a Qualified Person in the context of National Instrument 43-101 (“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.
Unfortunately, the ALS Global laboratory in Lima where the Iska Iska samples are being analyzed has had major delays in turnaround time due to the impact of the COVID-19 lockdown of Lima by the Peruvian government. This has restricted availability of critical supplies necessary to carry out analytical work. As a result, there will be delays in reporting of assay results.
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 will be contracting AHK to provide 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.
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. The SBBP thus far extends 800m along strike by 400+m wide and extends to at least 700m depth. CBP extends for 700m along strike by 400+m wide and extends to at least 900m deep.
A substantive mineralized envelope which is open along strike and down-dip extends around the 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.
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.
On May 26, 2021 Eloro released results from Hole DSB-07 drilled at -60 degrees to a depth of 683.4m to the southeast from the radial drill platform on SBBP which intersected multiple mineralized intercepts including:
122.66 grams silver equivalent/tonne (“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 from 236.60m to 360.21m 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, from 317.21m to 349.53m.
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 from 449.87m to 623.45m 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, from 551.19m to 590.27m.
146.19 g Ag eq/t (1.70 g Ag/t, 0.00% Zn, 0.01% Pb, 0.42% Sn and 0.02 g Au/t) over 10.20m from 171.60m to 181.80m in the oxide zone indicating potential for significant Sn mineralization in this strongly leached nearer surface zone.
In aggregate, 64% of this 683.4m long hole returned reportable mineralized intervals.
Eloro reported additional multiple holes with significant silver-tin polymetallic Intercepts in the SBBP and CBP on July 6, 2021 including:
Hole DSB-08, testing the northeast quadrant of the SBBP, encountered eighteen reportable mineralized intercepts beginning near surface to its terminus at 614.4 m. The longest intercept was 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.
Hole DSB-10, testing the southwest quadrant of the SBBP and northern part of the CBP, encountered twenty-nine reportable mineralized intercepts beginning near surface to its terminus at 1,019.4m. Tin was notably elevated in many intervals suggesting proximity to a mineralizing intrusive source in this area. Notable intercepts include 114.96 Ag eq/t including 0.325% tin (Sn) over 56.2m from 322.18m to 378.30m 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 from 474.86 to 549.25m and 118.69 g Ag eq/t over 10.77m from 829.97 to 840.74m.
On July 28, 2021 Eloro reported results from hole DHK-18, drilled due south at -10 degrees from the west drill bay in the Huayra Kasa underground workings to test the mineralized envelope of the SBBP. This hole intersected 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. This hole intersected significant mineralization approximately 230m below the eastern part of the Santa Barbara adit from which continuous channel sampling previously reported returned 442 g Ag eq/t over 166m (see press release April 13, 2021). 82% of this 446.5m long hole contained reportable intervals.
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 is 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 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. This target is currently being drill tested. 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. 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.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
Figure 3: Pictures of Diamond Drill Core Samples from Hole DSB-12
Hole DSB-12 496.27m to 503.44m. Deformed moderately alunitized dacite locally interbedded with minor sandstone, showing flow banding and cut by intrusive breccia composed of dacite clasts cemented with tourmaline matrix (partially replaced by sulphides as pyrite, sphalerite and, silver sulphosalts). There are two vein breccias (20/30 cm in width) along with pyrite, sphalerite, and alunite-bearing cross-cutting veinlets and disseminated pyrite (3%). https://www.globenewswire.com/NewsRoom/AttachmentNg/efe4f19e-c81d-4e5f-a197-ea16c95cb6c2
Hole DSB-12 664.64m to 671.63m. Deformed intrusion breccia locally intercalated with aphanitic dacite. Breccia is polymictic, clast-supported with subangular to subrounded clasts of fine-grained dacite in a milled granodiorite matrix, partially replaced by tourmaline. Mineralization is principally as three vein breccias consisting of pyrite, chalcopyrite, alunite and quartz. Locally there are sulphide veinlets (3-5 per m) and disseminated pyrite (3%). https://www.globenewswire.com/NewsRoom/AttachmentNg/d2563ee0-770c-4c19-9734-786c8ed54677
North Vancouver, British Columbia–(Newsfile Corp. – September 7, 2021) – Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) (ASX: LLO) (“Lion One” or the “Company”) is pleased to announce further high grade intercepts from ongoing deep extensional step-out drilling and near-surface infill drilling from the Company’s 100% owned Tuvatu gold project in Fiji.
Highlights include:
10.24 g/t Au over 8.48m from downhole depth of 111.20m from TUDDH539 (near surface infill) -incl. 33.26 g/t Au over 2.44m from 111.20m, and 13.49 g/t Au over 3.30m from 115.40m
24.92 g/t Au over 3.70m from downhole depth of 415.70m from TUG135 (Deep Feeder Zone 500) -incl. 83.63 g/t Au over 0.30m from 415.70m, and 159.30 g/t Au over 0.30m from 417.20m
Sergio Cattalani, Lion One’s Senior Vice President Exploration, commented, “High grade mineralization in Deep Feeder Zone 500 has now been demonstrated to extend over an area approximately 150m along strike and 250m vertically, completely outside the existing resource model. We have planned additional drilling to test the lateral extent of this zone and infill the shallowest part of this zone with the base of the existing resource.”
Deep Feeder Zone 500 These most recent intercepts are believed to be the continuation of the interpreted deep feeder structure that encountered 55.43 g/t Au over 12.70m in TUDDH500 (see July 24, 2020 News Release) and 55.44 g/t Au over 2.30m in TUDDH533. Multiple new high-grade gold intercepts have been encountered in underground hole TUG135 drilled from the Tuvatu decline, as well as in hole TUDDH533W1, a wedge hole to TUDDH533 reported previously (see July 26, 2021 News Release). These include 24.92 g/t Au over 3.70m (including 159.30 g/t over 0.30m) from a downhole depth of 415.70m, 2.89 g/t Au over 2.50m from a downhole depth of 508.10m in hole TUG135, and 3.34 g/t Au over 1.80m from a downhole depth of 613.90m in hole TUDDH533W1. This same gold-bearing structure has now been intersected by multiple holes, including TUDDH500, 500W1, 500W2, TUDDH533, 533W1, TUDDH528, TUDDH517, 517W1, TUDDH514, 514W1, and TUG135 (see Figure 1). These additional deep intercepts significantly increase our degree of confidence that the Tuvatu orebody extends to considerable depth, and that it remains fully open, laterally and at depth. It is clear that the current Tuvatu resource represents but a fraction of a much larger and considerably more extensive, high-grade Au deposit for which additional drilling is warranted to further define its true extent.
Figure 1: Longitudinal Section of the UR4 Lode Showing Block Model and 2020 and selected 2021 Drill Intercepts. The grid is 100m, the bright yellow is indicated and the darker yellow is inferred. Intercepts are expressed as g/t Au over downhole width in meters.
Resource Infill/Definition Drilling In addition to expanding the high-grade feeder zone underlying the UR4 lode, several bonanza-grade intercepts have also been returned from the ongoing near-surface infill/definition drill program which will add significantly to the resource earmarked for early production. The aim of this drill program was to infill areas of low data density within parts of the resource currently categorized as Inferred. A complete set of results for all previously unreported drill holes is included as Appendix 1.
The Company is currently undertaking three tiers of drilling: 1) shallow resource infill drilling from surface and underground, 2) deep exploration drilling looking for lode extensions under the Tuvatu resource and 3) other target areas within the Navilawa caldera such as Banana Creek, 3.5 km NE of Tuvatu where drilling is underway.
Highlights from shallow infill/definition drilling include: TUG 135: 7.53 g/t Au over 5.80m from 28.60m, incl. 13.64 g/t Au over 2.60m TUDDH 540: 97.40 g/t Au over 1.30m from 103.90m, incl. 210.29 g/t Au over 0.60m TUDDH 539: 10.24 g/t Au over 8.48m from 111.20m, incl. 33.26 g/t Au over 2.44m, and 13.49 g/t Au over 3.30m TUDDH 534: 5.52 g/t Au over 3.71m from 123.23m, incl. 15.59g/t Au over 0.34m and 18.4 g/t Au over 0.47m TUDDH 537: 12.23 g/t Au over 1.33m from 134.15m, incl. 30.50 g/t Au over 0.35m, and 16.07 g/t Au over 0.35m TUDDH 537: 6.52 g/t Au over 3.51m from 138.93m, incl. 19.46 g/t Au over 0.38m TUDDH 538: 103.5g/t Au over 0.28m from 177.78m in TUDDH538 Note: true width of intersections have yet to be accurately determined for these numerous lodes reported in this release.
Table 1: Drilling Intervals Reported (intervals greater than 3.0 g/t Au cutoff are bolded)
Drill Hole
From (m)
To (m)
Interval (m)
Au (g/t)
TUDDH533
12.45
13.65
1.20
10.45
incl
13.00
13.30
0.30
36.69
15.35
15.65
0.30
2.18
17.50
17.80
0.30
2.91
20.30
23.80
3.50
2.72
incl
20.60
20.90
0.30
9.23
25.85
26.15
0.30
0.89
27.40
28.00
0.60
1.04
28.57
28.95
0.38
0.54
30.00
31.80
1.80
1.41
36.00
39.00
3.00
3.47
incl
37.60
38.20
0.60
10.06
162.20
162.50
0.30
1.19
266.80
267.40
0.60
437.13
306.35
307.35
1.00
1.20
309.35
310.80
1.45
16.14
incl
310.15
310.80
0.65
31.93
335.24
335.64
0.40
12.84
370.89
371.23
0.34
0.56
385.60
386.00
0.40
1.10
390.79
391.09
0.30
1.47
437.84
438.26
0.42
0.95
439.30
439.60
0.30
0.58
453.15
453.60
0.45
0.67
459.25
459.80
0.55
3.73
464.10
464.91
0.81
1.82
487.40
488.33
0.93
0.92
539.45
540.30
0.85
1.33
550.06
550.43
0.37
0.76
551.20
551.50
0.30
0.61
575.70
578.00
2.30
55.44
incl
576.68
578.00
1.32
96.13
incl
577.60
578.00
0.40
221.60
TUDDH533w1
536.30
540.86
4.56
1.50
546.94
549.44
2.50
1.85
612.10
613.90
1.80
3.34
614.50
614.80
0.30
0.56
TUDDH534
66.69
67.08
0.39
0.67
71.40
71.72
0.32
4.03
90.95
94.19
3.24
2.95
incl
90.95
91.42
0.47
7.72
and
93.80
94.19
0.39
14.76
100.57
100.84
0.27
0.66
120.49
121.10
0.61
1.97
123.23
126.94
3.71
5.52
incl
124.66
125.00
0.34
15.59
and
125.47
125.94
0.47
18.44
TUDDH537
83.56
83.90
0.34
1.91
126.57
127.36
0.79
3.99
128.50
129.78
1.28
4.04
134.15
135.48
1.33
12.23
incl
134.15
134.50
0.35
30.50
and
135.17
135.48
0.31
16.07
138.93
142.44
3.51
6.52
incl
142.06
142.44
0.38
19.46
144.62
146.39
1.77
3.50
incl
145.31
145.53
0.22
14.13
TUDDH538
143.81
144.24
0.43
0.68
177.78
178.04
0.26
103.50
TUDDH539
86.27
88.28
2.01
4.26
102.82
103.14
0.32
10.78
111.20
119.68
8.48
10.24
incl
111.20
113.64
2.44
33.26
and
115.40
118.70
3.30
13.49
121.65
122.31
0.66
26.55
TUDDH540
97.95
98.25
0.30
79.65
103.90
105.20
1.30
97.40
incl
103.90
104.50
0.60
210.29
which incl
103.90
104.20
0.30
41.58
and
104.20
104.50
0.30
379.00
109.20
110.20
1.00
1.12
TUG135
4.60
4.90
0.30
1.12
28.60
34.40
5.80
7.53
incl
29.40
32.00
2.60
13.64
66.10
67.00
0.90
2.37
95.40
95.70
0.30
0.69
105.10
105.40
0.30
0.69
106.60
107.20
0.60
20.70
incl
106.90
107.20
0.30
40.55
108.90
110.70
1.80
1.37
178.20
178.50
0.30
0.53
260.50
261.30
0.80
1.83
263.10
263.70
0.60
1.18
265.00
265.30
0.30
1.84
276.40
280.40
4.00
3.59
284.30
285.60
1.30
1.49
288.40
288.70
0.30
2.77
294.90
295.20
0.30
1.26
299.55
299.85
0.30
2.02
346.70
350.10
3.40
3.61
374.60
374.90
0.30
0.96
415.70
419.40
3.70
24.92
incl
415.70
416.00
0.30
83.63
and
417.20
417.50
0.30
159.30
and
418.10
418.40
0.30
17.68
508.10
510.60
2.50
2.89
incl
508.10
508.80
0.70
8.93
511.50
511.90
0.40
0.56
Table 2: Survey details of diamond drill holes referenced in this release (Fiji Map Grid)
Hole No
coordinates
RL
final depth
dip
azimuth
N
E
m
(TN)
TUDDH533
3920795
1876351
209.4
818.7
-60
130
TUDDH533W1
3920795
1876351
209.4
773.8
-60
130
TUDDH534
3920736.01
1876267
225.83
179.4
-70
16
TUDDH537
3920735.17
1876267
225.98
206.5
-80
11
TUDDH538
3920735
1876267
225.98
239.60
-83
80
TUDDH539
3920731
1876300
228.00
186.20
-72
0
TUDDH540
3920731
1876300
228.00
168.20
-60
0
TUG135
3920761
1876454
139.28
underway
-64.00
131
Drilling and Assay Processes and Procedures The Company is utilizing its own diamond drill rig, using PQ, HQ and ultimately NQ sized drill core rods. Drill core is logged by Company geologists and then is sawn in half and sampled by Lion One staff.
Samples are analyzed at the Company’s own geochemical laboratory in Fiji, whilst pulp duplicates of samples with results >0.5g/t Au are sent to ALS Global Laboratories in Australia for check assay determinations. Samples for assays reported here will be sent to ALS Global Laboratories for check assays shortly. All samples are pulverized to 80% passing through 75 microns. Gold analysis is carried out using fire assay with an AA finish. Samples that have returned grades greater than 10g/t Au are then re-analyzed by gravimetric method. Lion One’s laboratory can also assay for a range of 71 other elements through Inductively Coupled Plasma Optical Emission Spectrometry (ICP-OES), but currently focuses on a suite of 9 important pathfinder elements. All duplicate anomalous samples sent to ALS Townsville, Queensland, Australia are analyzed by the same methods (Au-AA26, and also Au-GRA22 where applicable). ALS also analyze for 33 pathfinder elements by HF-HNO3-HClO4 acid digestion, HCl leach and ICP-AES. (method ME-ICP61).
Qualified Person The scientific and technical content of this news release has been reviewed, prepared, and approved by Mr. Sergio Cattalani, P. Geo, who is a qualified person pursuant to National Instrument 43-101 – Standards of disclosure for Mineral Projects (“NI-43-101).
About Tuvatu The Tuvatu gold deposit is located on the island of Viti Levu in the South Pacific island nation of Fiji. The mineral resource for Tuvatu as disclosed in the technical report “Tuvatu Gold Project PEA”, dated June 1, 2015, and prepared by Mining Associates Pty Ltd of Brisbane Qld, comprises 1,120,000 tonnes indicated at 8.17 g/t Au (294,000 oz. Au) and 1,300,000 tonnes inferred at 10.60 g/t Au (445,000 oz. Au) at a cut-off grade of 3 g/t Au. The technical report is available on the Lion One website at www.liononemetals.com and on the SEDAR website at www.sedar.com.
About Lion One Metals Limited Lion One’s flagship asset is 100% owned, fully permitted high grade Tuvatu Alkaline Gold Project, located on the island of Viti Levu in Fiji. Lion One envisions a low-cost high-grade underground gold mining operation at Tuvatu coupled with exciting exploration upside inside its tenements covering the entire Navilawa Caldera, an underexplored yet highly prospective 7km diameter alkaline gold system. Lion One’s CEO Walter Berukoff leads an experienced team of explorers and mine builders and has owned or operated over 20 mines in 7 countries. As the founder and former CEO of Miramar Mines, Northern Orion, and La Mancha Resources, Walter is credited with building over $3 billion of value for shareholders.
On behalf of the Board of Directors of Lion One Metals Limited “Walter Berukoff“ Chairman and CEO
Neither the TSX Venture Exchange nor its Regulation Service Provider
accepts responsibility for the adequacy or accuracy of this release.
This press release may contain statements that may be deemed to be “forward-looking statements” within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein are forward looking information. Generally, forward-looking information may be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “proposed”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases, or by the use of words or phrases which state that certain actions, events or results may, could, would, or might occur or be achieved. This forward-looking information reflects Lion One Metals Limited’s current beliefs and is based on information currently available to Lion One Metals Limited and on assumptions Lion One Metals Limited believes are reasonable. These assumptions include, but are not limited to, the actual results of exploration projects being equivalent to or better than estimated results in technical reports, assessment reports, and other geological reports or prior exploration results. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Lion One Metals Limited or its subsidiaries to be materially different from those expressed or implied by such forward-looking information. Such risks and other factors may include, but are not limited to: the stage development of Lion One Metals Limited, general business, economic, competitive, political and social uncertainties; the actual results of current research and development or operational activities; competition; uncertainty as to patent applications and intellectual property rights; product liability and lack of insurance; delay or failure to receive board or regulatory approvals; changes in legislation, including environmental legislation, affecting mining, timing and availability of external financing on acceptable terms; not realizing on the potential benefits of technology; conclusions of economic evaluations; and lack of qualified, skilled labour or loss of key individuals. Although Lion One Metals Limited has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information. Lion One Metals Limited does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
YERINGTON, Nev., Sept. 03, 2021 (GLOBE NEWSWIRE) — Nevada Copper Corp. (TSX: NCU) (OTC: NEVDF) (“Nevada Copper” or the “Company”) announces implementation of the 10:1 consolidation (the “ShareConsolidation”) of the Company’s common shares (“Common Shares”), which was previously approved by the Company’s shareholders at the Company’s annual and special meeting of shareholders held on June 30, 2021 (the “Meeting”). The Toronto Stock Exchange (the “TSX”) has conditionally approved the Share Consolidation, subject to the filing of certain customary documents. The Share Consolidation will become effective on September 17, 2021 and the Common Shares are expected to commence trading on the TSX on a post-consolidation basis on or about September 21, 2021.
Following the Share Consolidation, the number of outstanding Common Shares will be reduced from approximately 1,850,635,602 outstanding Common Shares to approximately 185,063,560 outstanding Common Shares. The Common Shares will continue to be listed on the TSX under the symbol “NCU”. Following the Share Consolidation, the new CUSIP number for the Common Shares will be 64128F703 and the new ISIN for the Common Shares will be CA64128F7039.
No fractional Common Shares will be issued as a result of the Share Consolidation. Any fractional interest in Common Shares that would otherwise result from the Share Consolidation will be rounded up to the next whole Common Share, if the fractional interest is equal to or greater than one-half of a Common Share, and rounded down to the next whole Common Share if the fractional interest is less than one-half of a Common Share. In all other respects, the post-consolidation Common Shares will have the same attributes as the pre-consolidation Common Shares.
Common Share purchase warrants issued by the Company in connection with the Company’s July 2020 public offering of units (the “July Warrants”) and the Company’s January 2021 public offering of units (the “January Warrants”), respectively, are listed for trading on the TSX. As a result of the Share Consolidation (i) the July Warrants will be adjusted in accordance with the terms of the warrant indenture dated July 28, 2020 such that ten July Warrants will now be exercisable for one post-consolidation Common Share following the payment of an adjusted exercise price of C$2.00, and (ii) the January Warrants will be adjusted in accordance with the terms of the warrant indenture dated January 29, 2021 such that ten January Warrants will now be exercisable for one post-consolidation Common Share following the payment of an adjusted exercise price of C$2.20.
The Company’s transfer agent, Computershare Investor Services Inc. (“Computershare”), will act as the exchange agent for the Share Consolidation. Letters of transmittal were mailed to registered shareholders in connection with the Meeting and a copy is available on www.sedar.com. Registered shareholders are requested to submit their share certificates, or DRS advices, as applicable, together with their completed letters of transmittal, to Computershare. Until surrendered, each share certificate (or DRS advice) representing pre-consolidation Common Shares will be deemed to represent the number of whole post-consolidation Common Shares to which the shareholder is entitled as a result of the Share Consolidation.
Beneficial shareholders who hold their Common Shares through intermediaries (securities brokers, dealers, banks, financial institutions, etc.) and who have questions regarding how the Share Consolidation will be processed should contact their intermediaries.
About Nevada Copper Nevada Copper (TSX: NCU) is a copper producer and owner of the Pumpkin Hollow copper project. Located in Nevada, USA, Pumpkin Hollow has substantial reserves and resources including copper, gold and silver. Its two fully permitted projects include the high-grade underground mine and processing facility, which is now in the production stage, and a large-scale open pit project, which is advancing towards feasibility status.
NEVADA COPPER CORP. www.nevadacopper.com Mike Brown, Interim President and CEO
For further information contact: Rich Matthews, Investor Relations Integrous Communications rmatthews@integcom.us +1 604 757 7179
Cautionary Language
This news release includes certain statements and information that constitute forward-looking information within the meaning of applicable Canadian securities laws. All statements in this news release, other than statements of historical facts are forward-looking statements. Such forward-looking statements and forward-looking information specifically include, but are not limited to, statements that relate to the timing and completion of the Share Consolidation.
Forward-looking statements and information include statements regarding the expectations and beliefs of management. Often, but not always, forward-looking statements and forward-looking information can be identified by the use of words such as “plans”, “expects”, “potential”, “is expected”, “anticipated”, “is targeted”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or the negatives thereof or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. Forward-looking statements or information should not be read as guarantees of future performance and results. They are subject to known and unknown risks, uncertainties and other factors which may cause the actual results and events to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information.
Such risks and uncertainties include, without limitation, those relating to: the ability of the Company to complete the ramp-up of its underground mine (the “Underground Mine”) within the expected cost estimates and timeframe; requirements for additional capital and no assurance can be given regarding the availability thereof; the impact of the COVID-19 pandemic on the business and operations of the Company; the state of financial markets; history of losses; dilution; adverse events relating to milling operations, construction, development and ramp-up, including the ability of the Company to address underground development and process plant issues; failure to obtain extensions under and amendments to the Company’s amended and restated senior credit facility with KfW IPEX-Bank; ground conditions; cost overruns relating to development, construction and ramp-up of the Underground Mine; loss of material properties; interest rates increase; global economy; limited history of production; future metals price fluctuations; speculative nature of exploration activities; periodic interruptions to exploration, development and mining activities; environmental hazards and liability; industrial accidents; failure of processing and mining equipment to perform as expected; labor disputes; supply problems; uncertainty of production and cost estimates; the interpretation of drill results and the estimation of mineral resources and reserves; changes in project parameters as plans continue to be refined; possible variations in ore reserves, grade of mineralization or recovery rates from management’s expectations and the difference may be material; legal and regulatory proceedings and community actions; accidents; title matters; regulatory approvals and restrictions; increased costs and physical risks relating to climate change, including extreme weather events, and new or revised regulations relating to climate change; permitting and licensing; volatility of the market price of the Company’s securities; insurance; competition; hedging activities; currency fluctuations; loss of key employees; other risks of the mining industry as well as those risks discussed in the Company’s Management’s Discussion and Analysis in respect of the year ended December 31, 2020 and in the section entitled “Risk Factors” in the Company’s Annual Information Form dated March 18, 2021. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements and information. The forward-looking information and statements are stated as of the date hereof. Nevada Copper disclaims any intent or obligation to update forward-looking statements or information except as required by law. Readers are referred to the additional information regarding Nevada Copper’s business contained in Nevada Copper’s reports filed with the securities regulatory authorities in Canada. Although the Company has attempted to identify important factors that could cause actual actions, events, or results to differ materially from those described in forward-looking statements, there may be other factors that could cause actions, events or results not to be as anticipated, estimated or intended. For more information on Nevada Copper and the risks and challenges of its business, investors should review Nevada Copper’s filings that are available at www.sedar.com.
Nevada Copper provides no assurance that forward-looking statements and information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements or information. Accordingly, readers should not place undue reliance on forward-looking statements or information.
Figure 1: Target corridors at the East Preston Uranium Project, Western Athabasca Basin Saskatchewan
Figure 1: Target corridors at the East Preston Uranium Project, Western Athabasca Basin Saskatchewan
Figure 1: Target corridors at the East Preston Uranium Project, Western Athabasca Basin Saskatchewan
Figure 2: 2021 Drill Target areas at the East Preston Uranium Project
Figure 2: 2021 Drill Target areas at the East Preston Uranium Project
Figure 2: 2021 Drill Target areas at the East Preston Uranium Project
Figure 3: 2021 Radiometric survey coverage at East Preston Uranium Project
Figure 3: 2021 Radiometric survey coverage at East Preston Uranium Project
Figure 3: 2021 Radiometric survey coverage at East Preston Uranium Project
Figure 4: Project Location – Western Athabasca Basin, Saskatchewan, Canada
Figure 4: Project Location – Western Athabasca Basin, Saskatchewan, Canada
Figure 4: Project Location – Western Athabasca Basin, Saskatchewan, Canada
VANCOUVER, British Columbia, Sept. 07, 2021 (GLOBE NEWSWIRE) — AZINCOURT ENERGY CORP. (“Azincourt” or the “Company”) (TSX.V: AAZ, OTC: AZURF), is pleased to report the completion of the airborne radiometric survey and provide an update on preparations for the upcoming 2021-2022 drill program at the East Preston uranium project, located in the western Athabasca Basin, Saskatchewan, Canada.
The primary target area for the 2021-2022 program continues to be the conductive corridor from the A-Zone through to the G-Zone (Figures 1 and 2). The selection of this trend is based on a compilation of results from the 2018 through 2020 ground-based EM and gravity surveys, property wide VTEM and magnetic surveys, and the 2019 through 2021 drill programs. The 2020 HLEM survey completed in December indicates multiple prospective conductors and structural complexity along the eastern edge of this corridor.
Airborne Radiometric Survey Complete
Terralogic Exploration Inc. was contracted to facilitate an airborne radiometric survey over the previously unsurveyed southern portion of the property and conduct field investigations of resulting anomalies. Special Project Inc. (SPI) of Calgary, Alberta conducted the survey using a fixed wing aircraft to complete the airborne radiometric survey, which consisted of 2,514 km of survey lines flown at a low minimum altitude and 50 m line spacing to ensure good data collection and a high survey resolution. The survey commenced on August 4th and was completed by August 14th. Preliminary results have been received (Figure 3) and ground-based follow-up of identified anomalies is currently underway.
An airborne radiometric survey uses a gamma ray scintillometer mounted on an airborne platform to measure and map the natural radiation emitted by the rocks and soil the aircraft is flying over. Gamma radiation occurs from the natural decay of elements such as uranium, thorium, and potassium. Locations that have a higher radiation signature (anomalies) than the normal values for the surrounding area (background) would then be examined by crews on the ground for the potential presence of radioactive bedrock if there is not much glacial till cover, or boulders in the till that could be traced back to a source. Many uranium deposits in the Athabasca Basin, including the nearby Triple-R deposit, have been found by following trails of radioactive boulders in the glacial till back to their source.
“The radiometric survey coverage has further highlighted the G-zone and the Q-zone to the east, reinforcing our decision to focus on these conductive packages at this stage of the project. I’m eager to see what boots on the ground may yet show based on these results,” said VP, Exploration, Trevor Perkins.
Updated Exploration Plans
The planned early fall diamond drilling program to complete approximately 1,000 meters of drilling remaining from the shortened winter 2021 program has been rescheduled after consultation with local communities and contractors. As a result, this meterage will be used to further expand the upcoming extensive winter drill program. This program will now consist of approximately 7,000 meters in 30-35 drill holes. Preparations are set to begin in early December. Target selection is ongoing and will be refined based on the ground-based follow-up of anomalies identified from the recently completed airborne survey.
“We don’t want our activities to negatively impact traditional activities by members of the local communities in the area at this critical time of year. There are number of concerns, including the impact of this summer’s heightened fire conditions on the environment,” said VP Exploration, Trevor Perkins. “In consideration of this, we made the decision in consultation with the community to push the scheduled 1000 meters out 90 days into an expanded winter program, which is due to commence in December. We are looking forward to the upcoming drill campaign,” continued Mr. Perkins.
“The radiometric survey has successfully increased our potential target inventory at East Preston,” said Alex Klenman, President and CEO. “In addition, in a matter of weeks we’ll be starting the largest drill campaign yet at East Preston. We are heading towards discovery, with all previous work programs contributing critical data and creating what is now a very compelling exploration case. With renewed life in the sector, our timing appears to be really good. The next couple of years could be very exciting for both the Company and our shareholders,” continued Mr. Klenman.
Permits and funding are in place to complete all the planned work through the winter of 2022, and consultations and information sessions with local communities will continue throughout.
Figure 1: Target corridors at the East Preston Uranium Project, Western Athabasca Basin Saskatchewan
Azincourt controls a majority 70% interest in the 25,000+ hectare East Preston project as part of a joint venture agreement with Skyharbour Resources (TSX.V: SYH), and Dixie Gold. Three prospective conductive, low magnetic signature corridors have been discovered on the property. The three distinct corridors have a total strike length of over 25 km, each with multiple EM conductor trends identified. Ground prospecting and sampling work completed to date has identified outcrop, soil, biogeochemical and radon anomalies, which are key pathfinder elements for unconformity uranium deposit discovery.
The East Preston Project has multiple long linear conductors with flexural changes in orientation and offset breaks in the vicinity of interpreted fault lineaments – classic targets for basement-hosted unconformity uranium deposits. These are not just simple basement conductors; they are clearly upgraded/enhanced prospectivity targets because of the structural complexity.
The targets are basement-hosted unconformity related uranium deposits similar to NexGen’s Arrow deposit and Cameco’s Eagle Point mine. East Preston is near the southern edge of the western Athabasca Basin, where targets are in a near surface environment without Athabasca sandstone cover – therefore they are relatively shallow targets but can have great depth extent when discovered. The project ground is located along a parallel conductive trend between the PLS-Arrow trend and Cameco’s Centennial deposit (Virgin River-Dufferin Lake trend).
Qualified Person
The technical information in this news release has been prepared in accordance with the Canadian regulatory requirements set out in National Instrument 43-101 and reviewed on behalf of the company by C. Trevor Perkins, P.Geo., Vice President, Exploration of Azincourt Energy, and a Qualified Person as defined by National Instrument 43-101.
About Azincourt Energy Corp.
Azincourt Energy is a Canadian-based resource company specializing in the strategic acquisition, exploration, and development of alternative energy/fuel projects, including uranium, lithium, and other critical clean energy elements. The Company is currently active at its majority controlled joint venture East Preston uranium project in the Athabasca Basin, Saskatchewan, Canada, and the Escalera Group uranium-lithium project located on the Picotani Plateau in southeastern Peru.
ON BEHALF OF THE BOARD OF AZINCOURT ENERGY CORP.
“Alex Klenman” Alex Klenman, President & CEO
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.
This press release includes “forward-looking statements”, including forecasts, estimates, expectations and objectives for future operations that are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of Azincourt. Investors are cautioned that any such statements are not guarantees of future performance and that actual results or developments may differ materially from those projected in the forward-looking statements. Such forward-looking information represents management’s best judgment based on information currently available. No forward-looking statement can be guaranteed, and actual future results may vary materially.
Sep 6, 2021 In response to the clusterfuck going on in Afghanistan recently a US Marine Lieutenant Colonel posted a video asking why no one had been held responsible for the biggest military failure in American history surrounding the poorly planned and executed withdrawal. He demanded accountability. So his superiors fired him. He has since resigned leaving a multi-million dollar retirement on the table. Wouldn’t it be wonderful if we had more than one guy in the military demanding accountability?
I was in the service, the Marines, for almost six years. I served from July of 1968 until March of 1970 in Vietnam. I’m reminded today of a mission flown by a Huey Gunship squadron out of the Hue Phu Bai air field in March of 1970. The CIA had these Marine gunships escort some troop choppers into Laos where they inserted a small recon team made up of SOG people. The intent was to determine what the NVA troops were up to as they strolled down the Ho Chi Minh trail. One of the gunships took heavy fire and crashed in flames. A roommate of one of the two pilots kept flying out to the site in the hopes of finding survivors. Nearly a week after the crash he was flying over the scene and someone almost naked, just wearing green skivvies shorts ran out of the trees and waved his hands back and forth. The chopper pilot flew over the man and recognized his roommate and friend.
The lieutenant flew back to the Marine base and reported what he found. He wanted to launch an immediate rescue mission. The request literally went to the top of the CIA and the decision was made to leave the survivor alone in the jungle to die. After all, lives of Marine chopper pilots were pretty cheap to the CIA. And while boots are taught in Boot Camp that the Marines never leave their dead behind, in this case it didn’t mean anything because after all, the pilot wasn’t dead yet.
The Marine pilot who found his friend out in the jungle hit the roof. He grabbed a crew chief and the first fully armed Huey he could put his hands on. He took off and immediately called the tower and told them he was going to blow the headquarters building up with all his rockets and then strafe any survivors unless a rescue mission was launched. The Group Commander, a bird Colonel realized the Lieutenants had a lot of experience shooting up the jungle so blowing up a nice command post was not a problem.
The mission was launched. They rescued the downed pilot and returned him to the base. For keeping his mouth shut he continued to be promoted until his retirement. The lieutenant who threatened the base headquarters was never again promoted and he left the service. But there was at least one brave Marine who would stand up and demand accountability and forced people into doing what they should have done in the first place.
While it’s true that when people sign up for the service they have certain legal obligations to their superiors, their superiors have unwritten but just as meaningful obligations to the troops under them. Today the PINO, the President In Name Only, cannot speak a paragraph without reading from a card in front of him. He came into office fully senile and everyone simply ignores it. Years ago he was confusing his granddaughter with his dead son. I suspect that the plan was for him to hold the position for a few months only to be replaced by his Vice President, Kamala Harris. She is the closest thing to a hooker that has ever held such high office. She climbed the ladder of political success one rung at a time, on her knees. Her sole talent seems to be a propensity to giggle at inappropriate moments. It’s what happens at end of empire when people take office as a result of the most corrupt election in US history. I’m not supposed to mention that, of course. Arizona held a full audit of the vote. The Democrats were so concerned about the integrity of the election in Arizona that they fought the recount at every step of the way. We don’t have the full results yet but the recount has pointed out that there were 74,000 more ballots by mail counted than were mailed out. In an election where about 7,000 total votes made the difference between winning and losing it seems to me that 74,000 mystery ballots pretty much proves fraud on someone’s part.
There are people today who believe the US had a moral obligation to invade a country that was no threat to them and kill as many people as possible in the name of making sure Lockheed Martin and Northrop Grumman could continue to increase their dividends and share price. There was the additional advantage to the US generals that there were always directorships in the massive companies supplying military equipment opening up. A nice fat paycheck comes their way after their retirement for selling crap to the same guys they used to command while on active duty.
I should point out here that a clump of goat herders just kicked the butts of “THE MOST POWERFUL AND WELL EQUIPPED MILITARY IN WORLD HISTORY.” With units no bigger than an average girl scout troop and armed with little more than AK-47 rifles and RPGs they whipped the US with all their space age toys and F-35s. It would almost be tacky of me to point out that I was an F-4B pilot in actual combat. The F-35 procurement program is not only the most expensive weapons program in history, it is also the biggest piece of shit airplane the US has ever built. No one supporting the program ever flew a single mission in combat.
There are people who approved of the war. That would include the Neocons who never saw a useless war they didn’t think just spiffy. You can toss in the NYT, Washington Post and Wall Street Journal. The WP even had the gall to print a series of articles about Afghanistan in 2019 where they showed that the Pentagon and politicians in Washington DC had been lying all along about progress in the war. They, of course, were prime supporters of the war back in 2001.
A lot of people always against the US involvement in Afghanistan would be those who had read history books. While a reputation of being “The Graveyard of Empires” has an interesting ring to it, none of our generals had read it before. And after all while a single defeat in a meaningless and useless war in far off areas doesn’t directly lead to the collapse of an empire it does give a powerful hint about the future. No one ever won any war. All that happens is that one side loses more than the other. But when an empire begins to engage in military adventurism, the end is nigh. It was true of Alexander the Great, the British, the USSR and now the US.
Lt Colonel Stuart Scheller wasn’t directly being critical of the US involvement in the war. He was responding to the utter chaos of the last month or so in the US withdrawal. The war was begun in 2001 by a president who was a drunk, a draft dodger and a crack head until his forties. Naturally he thought of himself as a latter day Alexander the Great. Crack heads tend to think that way.
People still argue about who really ran the White House. From the actions of Vice President Dick Cheney on 911, it would appear Cheney was really the brains in the White House. He was another draft dodger. Indeed I can’t find a record of a single person in the Bush administration who ever spent even a day in combat. Bush is a contemporary of mine, he being six weeks older. While I was flying fighter missions over North Vietnam he was down in Mexico snorting coke.
Then we had the Obama administration. The Military Industrial Complex was firmly in control of his administration. We continued to pour hundreds of billions of dollars into the cesspool we call the Afghan War. I’ve read figures that said that the cost of keeping one American soldier in the country for one year was a cool $1 million. Fuel had to be ferried in from Pakistan and would cost $75 to $100 a gallon. Wars aren’t cheap, you know. Not a single US General stood up and demanded accountability. Hell, they didn’t even point out it was an expensive and meaningless war against people who were no threat to the US. Not a single one.
In turn Trump continued the war for the longest time. The number of dead Americans was up to over 4,000 but no one was really counting. Granted, Trump, another draft dodger, did come to the understanding that when you have been in a war for nearly twenty years, you lost. The cost climbed to over $2.3 trillion. Trump wanted the US out of the country. The US sat down with representatives of the Taliban in something called the Doha Agreement. Trump wanted all Americans out of the country by May 1, 2021 but the CIA and warmongers at the Pentagon dragged their heels.
PINO Biden takes office in January of 2021 with the intention of removing all US forces by September 11, 2021. By the 8th of July 2021 his so-called administration changed the date to August 31st.
The Secretary of Defense, the Chairman of the Joint Chiefs, all of the chain of command in the military down to the lowest E-1 knew for eighteen months that the US forces were going to be pulled out of Afghanistan. After twenty years of losing a war to goat herders, was anyone really so stupid as to not understand the Taliban were going to march right back into Kabul and begin their Reign of Terror?
Lt Colonel Stuart Scheller believes those responsible for planning and executing the withdrawal of US forces should be held responsible for the biggest military disaster in American history. The US left Americans behind who couldn’t get to the airport. We utterly failed to even consult with our allies who contributed both gold and the blood of their children to what was a fool’s game from the very beginning. We totally deserted those in Afghanistan who worked with American forces. We spent over $85 billion on the worthless Afghan Army and delivered billions worth of munitions to the Taliban. It is far worse than a failure. It was a mistake.
We just proved the mighty US, the Exceptional Nation, is nothing more than a paper tiger led by a gang of fools and incompetents. Lt Colonel Scheller hasn’t gone far enough even though he just threw away seventeen years of his life for nothing in return. It is not sufficient to bemoan a total failure of leadership in Washington up and down the chain of command with regards to the disaster in Afghanistan.
While crocodile tears are being poured in gallons from the MSM about the poor Afghans trapped in the Taliban Reign of Terror, we have our own Reign of Terror in America led by Bill Gates, Tony Fauci, and the legions of liars at the CDC, FDA, NIH and MSM.
There has been an effective coup d’état on the part of the WEF and the elites on we, the peasants, since the fall of 2019. Bill Gates held a planning secession called Event 201 at exactly the same moment the first delivery of the gain of function virus was made in Wuhan. Pure chance no doubt just as it was pure chance that the French outlawed over the counter sales of HCQ on January 1, 2020 just when it would have been most useful.
Afghanistan is a direct analog of the Covid Cult. In Asia we attacked a country that had not attacked us on the basis that they gave shelter to someone who might have participated in an attack on the US. The Taliban had the audacity to ask for proof of the involvement of OBL. Naturally the US promised to deliver. And never did. Later we learned that the attack on Afghanistan was planned years in advance and had far more to do with an intended pipeline. In other words, from the very beginning of the conflict everything the world was told was a bold faced lie.
In March of 2020 we were told that 50 million people would die from one of the deadliest medical disasters in all of recorded history. If we would agree to a two-week lockdown we could “flatten the curve” and the virus would be under control until a “vaccine” could be produced. It was all a lie. Even today the inflated number of total deaths is only 4.5 million and it includes gunshots, premature birth, suicides, car accidents, strokes, heart attacks, cancer and any other potential cause of death. Even the CDC admits only 6% of deaths came “from” Covid as opposed to “with” Covid. It was a massive propaganda campaign of “fear porn” over what is and was no more than a bad flu that you don’t want to catch.
The PCR test was being misused according to the inventor and Nobel Prize winner Kary Mullis who outright calls Fauci a fraud. Of course Fauci is a fraud and has never told the truth to the American people from the beginning. He is the head of the NIH that funneled $3.7 million to the Wuhan Lab for gain of function research and another $39 million of DOD funds. It was his position that while there was some risk to the gain of function research, it was worth it.
That’s very similar to the voice of Secretary of State Albright talking about the 500,000 children who died in Iraq as a result of US sanctions. “We think the price is worth it.” I wonder if Fauci would be so casual about the deaths of millions if the question were asked again. The PCR test has been obviously flawed for eighteen months and anyone with eyes would have noticed. The cycle rate was set far too high to be accurate yet was the basis for shutting down the economy of the world. Elon Musk questioned the validity of the test so took exactly the same test four times on the same day and same conditions. Two tests proved that he had Covid. Two tests showed he didn’t have Covid. That’s a fifty percent error rate. Many real doctors have concluded the error rate is far higher.
Anyone who can both think and add would have questioned just how it would have been possible for the US with 5% of the world’s population to have 25% of the world’s cases and deaths. It is not possible unless we were really doing something different from the rest of the world. Even the CDC now admits the PCR tests are meaningless and will no longer be allowed to be used after December 31st of this year. Well no shit, we shut down the world’s economy, bankrupted millions of people and killed an untold number of people as a result of a worthless lockdown based on bad data from the beginning.
Fauci and Bill Gates have a hidden vested interest in pimping the so-called “vaccine” that every day seems to have another headline about how it has killed tens of thousands of people and doesn’t actually protect those who took it. Also it probably puts them at greater risk from Covid and we have yet to determine the longer-term effects. Gates brags about his 20-fold return from his investment in “vaccines” even though his foundation has been thrown out of both India and Africa for the unknown at the time damages to those people used in the experimental “vaccine” trials.
Fauci, Gates, the CDC and the NIH own a piece of the pie for both Remdesivir and the various “vaccines”. That gives them a giant financial self interest in prescribing medicine that they know doesn’t work and a reason to put down any cheap and inexpensive alternatives. Indeed if Fauci actually admitted both HCQ and Ivermectin can cure Covid, the “vaccines” with their EUA would be forbidden. Fauci himself co-authored a paper in 2005 praising HCQ for its antiviral potential. But when Trump repeated the results obtained by a French doctor in mid-2020 Fauci immediately went on the attack and mocked the same sixty-five year old inexpensive alternative that he supported in 2005. In May of 2020 the FDA issued an EUA for use of Remdesivir. Fauci pimped the far more expensive Remdesivir without disclosing his own personal financial interest. The drug had been through a trial for antiviral potential against Ebola in 2018 and the drug dropped from the trial due to the number of patients it killed through kidney failure. True to its nature, tens of thousands of the dead in both New York and New Jersey credited to Covid actually died of kidney failure due to poor medical treatment. Fauci doesn’t bother mentioning that. By November of 2020 the WHO recommended against the use of Remdesivir for Covid “ as there is currently no evidence that remdesivir improves survival.”
Later in 2020 it turned out that some doctors were treating patients successfully with a miracle drug named Ivermectin used in both human and animals for its anti-parasite values. Over 40 studies showed a decrease of up to 90% or more in fatalities by use of the cheap medicine. A two-day course in Mexico costs $120 pesos or $6 USD. So Fauci, the pimps in the media and even the FDA mocked use of the inexpensive alternative to “vaccines” that don’t work and have killed many thousands and injured millions more.
If the lies and deceit sound like an instant repeat of those told in the Afghan war it is because it is identical. The world has been lied to every step of the way. Covid is not and never was an accident. The NIH and Fauci financed the gain of function we now see. Fauci forced Remdesivir on the medical community despite knowing the high death rate from the drug. At least and at last the WHO has removed its recommendation for use of the drug. The WHO also no longer supports the idea of booster shots.
We were told we didn’t need masks. Then we were told we did need masks, then we were told we not only needed masks, we needed face shields. Then Fauci claimed two masks were better before retreating to only suggesting one. So if you “follow the science” what do you do? Now we know by comparing countries that didn’t use masks to those that did, masks accomplish nothing.
We were told we needed to lockdown for fifteen days to “flatten the curve.” It accomplished nothing.
We then locked down for many months while the governors and mayors went on their vacations to exotic locals while we stayed trapped in our homes. Do as I say, not as I do, I suppose. The lockdowns didn’t work. The demolishment of our economy took the lives of thousands of American through youth suicide, murders, and premature deaths due to a lack of prompt medical care even while hospitals sat idle, alcoholism and drug abuse. The list of “collateral damage” could go on for pages.
The WEF, the Military Industrial Complex, all of social media, the MSM, Bill Gates, Fauci, the NIH, CDC and FDA have been lying all along and they knew it. Just like the Afghan war.
Part of the problem is sheer greed on the part of Fauci, Gates and Big Pharma on a new massive historic scale but by refusing to even try cheap and effective solutions the entire medical community has by and large participated in mass murder.
The American experiment in freedom and democracy ends on September 15th, 2021. That fat fraud that claims to be Secretary of Defense has ordered the entire US military to be “vaccinated” by the middle of September. If the gutless and useless generals commanding our 2.2 men and women on active duty and in the reserves bend over and follow what is obviously an illegal order, the US is finished. This is a coup and we will know on Sept 15th just who runs the country. It is time to man the barricades.
A former Navy surgeon did a short two-minute clip and pointed out that the young men and women who make up our military have a hundreds of percent higher risk of dying from the “vaccine” than from Covid. If those young people are jabbed, it will kill fifty to sixty times more of them than have died of Covid. All for Big Pharma, Bill Gates and Fauci.
Congress has authorized up to sixty general grade officers in the US Marine Corps. If every swinging dick wearing stars stood up and said, “not on my watch” and “I demand accountability” we could retake our country and end eighteen months of Covid Cult stupidity overnight. Biden, Harris, Austin, Milley all need to go. We need to defend our borders and go back to the reasonable concept of one man, one vote. In the end this coup on behalf of the Elite and the WEF will fail. It’s merely a question of just how many people will die in this insane wet dream first.
### Bob Moriarty President: 321gold Archives 321gold Ltd
TORONTO, Sept. 3, 2021 /PRNewswire/ – Magna Gold Corp. (TSXV: MGR) (OTCQB: MGLQF) (“Magna” or the “Company”) announced today that, pursuant to the Company’s stock option plan, it has granted a total of 1,000,000 stock options to officers and employees of the Company. Each option is exercisable at CAD $0.90 per common share of the Company until September 3, 2026 with the stock options vesting immediately. The closing price of the Company’s common shares on September 2, 2021, the date prior to the grant of the stock options, was CAD $0.94 per share.
Magna Gold Corp (CNW Group/Magna Gold Corp.)
About Magna Gold Corp Magna is a Mexico focused gold/silver production company focused on acquiring, exploring, developing and operating quality precious metals properties in Mexico. It is committed to advancing its 100% owned flagship San Francisco Mine and other highly prospective mineral properties located in Sonora and in Chihuahua. The primary strength of the Company is the team of highly experienced mining professionals with a proven track record of developing properties in Mexico from discovery to production. Magna employs community members and services in its operations.
ON BEHALF OF THE BOARD OF DIRECTORShttps://s.yimg.com/rq/darla/4-9-0/html/r-sf-flx.html
Arturo Bonillas
President and CEO
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Statements
This News Release includes certain “forward-looking statements” which are not comprised of historical facts. Forward-looking statements include estimates and statements that describe the Company’s future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as “believes”, “anticipates”, “expects”, “estimates”, “may”, “could”, “would”, “will”, or “plan”. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to the Company, the Company provides no assurance that actual results will meet management’s expectations. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward-looking information in this news release includes, but is not limited to, the Company’s objectives, goals or future plans. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to failure to identify mineral resources, failure to convert estimated mineral resources to reserves, the inability to complete a feasibility study which recommends a production decision, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects, capital, operating and reclamation costs varying significantly from estimates and the other risks involved in the mineral exploration and development industry, risks related to the effects of COVID-19 on the Company; and those risks set out in the Company’s public documents filed on SEDAR. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.
Joining us for conversation is Kyle Floyd, the CEO and Chairman of Vox Royalty(TSX.V: VOX | OTCQX: VOXCF). Sir, it’s a pleasure to speak with you today, as we deep dive into the value proposition of Vox Royalty, which offers a smart way to invest in commodities. Before we begin, Mr. Floyd, please introduce us to Vox Royalty and the opportunity the company presents to shareholders.
Kyle Floyd:
Vox Royalty Corp has been around since 2014. Our business model focuses on buying third-party royalties, which we believe is the most value-enhancing way to play the commodity sector. And so, we have built what is the fastest-growing royalty company on the planet. We also believe one of the royalty companies trading at the most attractive valuations, and we have a management team and business entirely engaged and finding deep value by buying these third-party royalties all around the world. And we’ve been very, very successful in building Vox Royalty for our investors over the last eight years.
Maurice Jackson:
Before we take a step forward, let’s take a step back. What are some of the merits of royalty companies for shareholders?
Kyle Floyd:
Well, royalty companies offer a better risk-adjusted way to play commodity exposure. And there are a couple of key reasons for that. Royalties typically are revenue interests essentially that run with the mining assets. And so you take a top-line percentage interest in these projects. You’re not exposed to a lot of the costs and the risks that these mining companies face, which can be quite significant. If there’s a cost overrun, the royalty company gets to continue to generate its revenue from the project without having to fund any of the projects or being diluted. If that underlying entity needs to raise capital.
The other costs that the mining that the roads and conveys are not associated with the mining companies face are the general input costs, the variable cost structure, whether it’s for fuel people, you name it, all the inputs that go into mining companies, all those costs are increasing and royalty companies are exposed to that.
The other benefit, then, on the upside is there’s a lot of diversification you get from royalty companies. Vox Royalty has 5 production stage assets going to 10 production stage assets and beyond means that we’re diversified across a suite of assets. And so we don’t have single asset risks that you have in a lot of mining companies. So a lot less risk, but a lot of the same upside, if not better upside that you realize in mining companies in the form of metal prices going up helps increase the value of royalty companies, increase in production, increases in reserves, increasing resources. All of that goes to fuel royalty company growth. And we’re not on the hook for any of those costs in terms of building out those assets further. So that’s a quick synopsis on why we’re so bullish on royalties and we believe that’s backed up in the market as well to companies that outperform for the better part of the last two decades.
Maurice Jackson:
One of the virtues of royalty companies, several embedded optionality. And speaking of royalties, to truly appreciate the value proposition of Vox Royalty, Mr. Floyd, what is a royalty juxtaposed to a stream? We hear those terms often, but they get co-mingled, but they’re not the same.
Kyle Floyd:
That’s a great question. Royalties are these third-party interests. So, interest not held by the operating party of the mining company, they’re the prospector or the junior mining company or the family that owned a ranch that sold the asset eventually to the mining company and typically retained a royalty, which was that right in the upside of revenue generated for these mines typically for the life of those mines. A stream is a structure where you’re typically financing a mining company, and the counterparty is the mining company. You’re giving them capital and in return, you are taking a percentage of a certain metal that’s generated from that opportunity.
And you’re continuing to remit payments to get that metal over the life or over the term of that commercial arrangement. The big difference is typically on streams. You’re giving money to a mining company, so you need them to meet capital versus our royalty model. We’re not giving money to the mining company. We’re purchasing a right held by a third party. And typically those are non-core assets for these groups. Therefore, we’re not restricted by mining companies needing capital to find really interesting deals for our investors.
Maurice Jackson:
Now that we have a better understanding of the merits of royalty companies, Mr. Floyd, what differentiates Vox Royalty?
Kyle Floyd:
There are a few things that differentiate Vox Royalty and we built a business model to be differentiated, to offer better risk-adjusted exposure for investors. And one of the key differentiators is we focus exclusively on buying third-party royalties. We don’t compete at the big end of town trying to finance multi-billion dollar projects with streams. Our niche is finding third-party royalties all over the globe. We have a database that has 8,000 proprietary royalties that provide us a roadmap for finding great royalties in jurisdictions that range from West Africa to Australia, to North America, to South America. And we use a technical team made up of mining engineers and geologists that help screen for good projects that have these amazing royalties over them. And then we connect with these owners of these projects, with our deal sourcing agents all around the world to be able to transact on these opportunities.
Vox Royalty built this ecosystem, this business model around finding third-party royalties, where we think the best value is generated. And if you look at the historical returns of the Franco’s and the Royals, that’s where they’ve generated the best returns, buying these third party royalties, much less the streams and the financing of mining companies that have been completed over the last decade. That being said, they performed very, very well overall. And so that is our business model. Third-party royalties finding amazing assets with great royalties over them, all around the world. And those three kind of key pillars of that stool, the deal sourcing agent network that I think goes farther than probably anybody in our range, the technical team, and intellectual property in the form of a database. And all those combined to make us what has been the fastest-growing royalty company. And I believe also at the best value over the last three years.
Maurice Jackson:
Speaking of the database, Vox Royalty owns one of the world’s largest proprietary royalty databases, consisting of over 8,000, most of which are located in Australia, Canada, and the USA. Mr. Floyd, please introduce us to Vox Royalties property bank.
Kyle Floyd:
It’s a very exciting asset for us, and it’s a huge competitive advantage. Our database has been built over the better part of the last 10 years. Vox was building our database and building our intellectual property. But one of the things that we were acutely aware of is there was the potential that someone was farther ahead of us in terms of this effort to build out proprietary advantages in finding third-party royalties. And sure enough, there was a company that was farther ahead, and that was a company called Mineral Royalties Online.
So they had, at that time, it was a database of 7,000 third-party royalties in their database, all around the world. They had built this database bottoms-up through first principles and first-party data. They went into different mining ministries and exploration offices all around the world and made deals to essentially get this hard copy data and then translate that into data that was online. And so we purchased that database in 2019, that has underpinned a lot of our success and our growth rate. And so that database gives us an edge all around the globe in terms of finding these third-party royalties and being able to transact and closes and bring those into the portfolio.
Maurice Jackson:
I see that Vox has undertaken a keen interest in Australia. Why Australia?
Kyle Floyd:
Well, there’s not just one reason for Australia. There’s a lot of reasons for us in Australia. Australia is, and we’re slightly biased, but it’s also backed up by a lot of the third-party rating agencies, is one of the best, if not the best, mining jurisdictions on the planet. According to the Fraser Institute, Western Australia, which is home to most of our royalties, is the best mining jurisdiction. Investors understand the value of Nevada royalties because Australia is a better mining jurisdiction, in our opinion. We believe Australia is the place that you want to have significant exposure to, complimented by our IP, which has a very strong basis in Australian royalties, and technical team, three of our four key Business Development Executives are also Australian citizens. We understand what we believe is the best major mining market, as well as anybody, if not better than anybody else.
We’ve accumulated what is now the second-largest holding of hard rock mining royalties in Australia. And that’s significant because Australia, beyond just being a fundamentally great jurisdiction with great golden endowments, it has had a very buoyant gold price in Aussie dollar terms. It’s been trading at almost all-time high prices in Aussie dollars for the last almost four years. And so what’s happened is a lot of the exploration development projects that we forecasted would do well have exceeded expectations because the buoyant equity markets have allowed these companies to raise as much capital as needed to advance these projects. And so it’s been a huge boon to our business in terms of the growth of assets already in the portfolio, and having them grow ahead of expectations and realizing tremendous value for our investors. And so, us picking Australia as a place to focus on has paid off for our shareholders.
Maurice Jackson:
Sounds quite intriguing. Now within the property bank, Vox Royalty has producing assets and a pipeline of growth assets. Sir, please acquaint us with your top three key producing assets beginning in Australia.
Kyle Floyd:
This year we acquired the Janet Ivy, and we were engaged on it before it goes back into production. It’s now in production, but it has a huge expansion plan ahead of it, which we expect to take place late next year and that’ll make it a very, very significant cash flow for us. We also have the Koolyanobbing Royalty, which we bought from a telecom business, If you can believe that. It was held in one of their subsidiaries for a very long time, and we’re engaged on a pre at going into production.
That’s had a huge run and huge growth, obviously with the iron ore up in prices. And then we also have a host of other royalties that are in production, Coure Resources, Higginsville operations. We have three open-pits that feed that mill. And so that’s been running at a record pace for us. And then one that we’re excited about is the Segiolola Project that we bought pre-production. It is the highest-grade open-pit gold project in West Africa, and they just announced the first gold pour. So we expect to see revenue from that asset in Q4. So really a tremendous amount of growth in our portfolio from producing and production stage assets.
Maurice Jackson:
We’ve covered the key producing assets. Sir, please introduce us to the growth assets of your property bank.
Kyle Floyd:
I could go on for days about our growth assets. I’ve got to work hard to kind of narrow it down for the readers. I’ll name a couple that I’m excited about. The Ashburton is one. When we bought that royalty, which was in the portfolio of Northern Star. It was a little bit sleepy, but we saw a huge potential in the asset. And what we believed would eventually happen was that other Northern Star would start upping the development curve on this and the timeline on it, or it would transact to a more nimble junior. And sure enough, that happened just a few months after the acquisition of this royalty. The Ashburton is a 1.65 million-ounce gold resource in Western Australia. It’s owned by Calamos Resources now. They’ve got 12,000 meters of drilling going on and their target is three plus million ounces for this asset. So that’s a really exciting NSR royalty for us.
The other one that I’m excited about is The Bowdens Project, which is the largest developing primary silver project in all of Australia. It’s got great fundamentals. The Bowdens Project is an open-pit that’s now exploring the very strong potential to go underground either after the open-pit is exhausted or contemporaneous with open-pit mining. And that is a royalty that has a very multi-decade mine life potential. So those are a couple of the key development stage assets that we’re excited about.
We also have a host of royalties that are going to be coming into production in the very near term. The Pitombeiras is a Vanadium Project in Brazil that they are expecting to come into production in the first half of next year. The Bulong Gold Project is a development stage, production stage asset that’s expected to go into production in mid, next year, over Western Australia Gold Project. And then there’s many more that we can get into without belaboring the point that we have a tremendous amount of growth assets. We have 20 plus development-stage assets, many of which are aggressively moving forward. So it’s a fantastic portfolio of assets with real growth in front of it that’s being delivered to the market every quarter. And that’s increasing value for shareholders.
Maurice Jackson:
Realizing this is a forward-looking statement. We’re going to get into some members later in this discussion, but how much revenue potential is before us under the current market conditions, if we combine the producing and the growth assets?
Kyle Floyd:
And it’s very much a forward-looking statement. I would caution on that. We’ve done a fantastic job of finding royalties 3 to 24 months out before production, where we find the really good value we’re able to bring in those assets that are good fits within our portfolio. We take away the risk from the disparate holders of these third-party royalties all around the world on their non-core assets. So there’s risk asymmetry. They fit better in our portfolio. They don’t fit as one-off assets. And so we’re able to find really good value all around the world, finding these near-production assets. We came out and I think we’ve validated that business over the last 12, 18 months. We recently doubled revenue guidance. We’ll probably talk about that more, but that’s really on the basis that we’re finding these royalties pre-production and then allowing them the time. And usually, it’s not a very long time to go to get into production.
And so when we step out and look at our portfolio, I believe that there’s $15 to $20 million of long-life revenue potential in the portfolios. There’s reason for tremendous upside on that number as well. And that there are 15, 20 exploration stage assets. Some that are generating bonanza grade drill hits are increasing the possibility that those are going to become mines. So very active exploration projects that would kind of fuel growth on top of that. But I believe it’s one of the most undervalued royalty portfolios out there as very strong potential to generate that type of cash flow over the medium and long term. But again, I caution that it was a forward-looking statement. Those are numbers based on operator guidance. They’re based on the technical engineering studies that, that coincide with these assets. But we feel very good about the revenue-generating capability of this portfolio.
Maurice Jackson:
Now germane to revenue, how do mergers and acquisitions impact your portfolio?
Kyle Floyd:
Vox Royalty has a very disciplined approach to acquisitions. We have not the best of our knowledge have not won a single royalty in a sales process. Most royalty companies, in fact, almost all royalty companies, have been growing their business by winning sales processes. So that’s royalties that are being shopped by investment banks and they’re paying top dollar pretty much in every scenario to bring those royalties in the portfolio. What we do is we’ve built a business around finding, these third-party royalties, and disparate shareholders all around the world where these are non-core assets. And so we’ve been able to transact it a really good value. We’re very disciplined on what good value looks like. It has to be accretive across kind of three different key metrics: absolute return on investment basis, relative net asset value, and relative cash flow multiples. Most royalty companies cannot stack up to what Vox is accomplishing in terms of acquisition that’s bringing in across those three metrics. Usually, one, if not two, if not all, three of those metrics break down when other royalty companies are purchasing third-party royalties like we are.
Maurice Jackson:
Now, before we leave the property bank. The multilayered question, what is the next unanswered question for Vox Royalty? When can we expect a response and what will determine success?
Kyle Floyd:
Well, the next step for Vox is we continue to invest in our loyalty database. We will continue to build on that competitive advantage. It’s fueled a lot of our growth and given us a huge leg up on the competition. So we continue to invest in that asset for us, we continue to expand our relationships around the globe. We are finding interesting royalties from Australia to South America, to West Africa and everywhere, pretty much in between. And so, from Vox and what you’ll continue to see on us is expanding on that competitive advantage, expanding on the capability to find really good value for our investors on really exciting projects, where our mining engineers and our geologists understand the quality of those assets so that your readers and the generalist audience out there does not have to do that work. And I think that’s a big advantage that we present for investors is this competitive advantage, that’s good to find a good value.
Maurice Jackson:
Leaving the property bank. Let’s discuss the people responsible for increasing shareholder value. Mr. Floyd, please introduce us to your management team.
Kyle Floyd:
I’m excited about our management team, we’ve handpicked and recruited the management team that we have to fill the roles that we believe needed to be filled over the years to create shareholder value. I founded the concept back in 2013, 2014, and with the belief that we needed to have competitive advantages and skillsets that increase shareholder value and the capability to do so. And so, a few of our key management team members, Spencer Cole is our Chief Investment Officer with a background as a mining engineer, previously worked at South 32 and BHP, and BHP is where the Mineral Royalties Online business, the inspiration was found. Riaan Esterhuizen, who is one of our Executive Vice-Presidents out of Australia. Riaan’s a geologist, Riaan’s led some of the most interesting grassroots exploration campaigns for the who’s who of majors. They went about building Mineral Royalties Online. They built that business. They came into Vox and we acquired that business. And that’s been a huge part of our success. Simon Cooper has been with us for a very long time. Simon’s a mining engineer, a geologist, entrepreneurial, and brings a significant amount of technical capability. He’s worked with some of the most interesting projects all around the world, but also has a very good skill set in terms of finding acquisitions to bring in those acquisitions into our portfolio. And then we have a great CFO in Pascal Attard, and a great General Counsel in Adrian Cochrane. So we believe that we’ve built one of the most exciting and capable management teams in the small-cap royalty space. And it’s a huge asset for our business and our investors.
Maurice Jackson:
And here’s an opportunity to brag on yourself, who is Kyle Floyd, and what makes him qualified for the task at hand?
Kyle Floyd:
It’s always hard to talk about yourself. I’m supposed to be talking about others. But just a little bit about my background. I ran the Mining Investment Banking Division for a firm called Roth Capital. And the inspiration to build Vox was around helping mining companies raise capital, but then seeing that capital not get deployed in the right means and the right ways. And at the end of the day, not generating great risk-adjusted results for investors. And so I’d advise multiple companies on selling streams and royalties and acquiring streams and royalties.
And I believe that was the best business model for the generalist investor to get exposure to commodities. And I went about building a business model for investors, by investors? We started with a seven and a half million dollar investment and began building this company around generating better risk-adjusted returns in the commodity sector. And we’ve been very successful at doing so. And so that’s a little bit of my background. I graduated in Finance from the University of Washington, then a stint at Colorado School of Mines in the Mineral and Energy Economics Department, but a business built around achieving great risk-adjusted returns for our investors.
Maurice Jackson:
Switching gears, let’s look at some numbers, Mr. Floyd, please provide the capital structure for Vox Royalty.
Kyle Floyd:
Vox Royalty has a tight share structure of 39 million shares issued. We, when we went public in May of last year, we had to forward split the stock, which I would tell you, is almost an anomaly in the resource sector. We have 5 million warrants outstanding, at this stage they have a strike at $4.50, which is out of the money as we speak today, and no debt and a very, very strong working capital position. Vox is very well-financed. We have a tight capital structure. We have no intentions of going back to the equity markets anytime soon, and we will continue to be able to build our asset portfolio combination of debt and strategic acquisitions and minimize dilution in doing so. So I’m excited about where our capital structure is today for investors. I think it’s a very unique opportunity from that perspective,
Maurice Jackson:
Who are some of the major shareholders?
Kyle Floyd:
We’ve done a pretty good job of cultivating a nice institutional shareholder base. Management owns 15%. The founding investors own another 15% to 30%. And then we’ve got a nice institutional shareholder roster made up of Konwave, US Global, Adrian day, EuroPacific Gold Fund, and many others that have taken positions in us over the last year and a half.
Maurice Jackson:
In closing. Mr. Floyd, for current and prospective shareholders, why Vox and why now?
Kyle Floyd:
Vox, I believe is a tremendous opportunity emboldened by the fact that we are trading at the very low end, the relative valuation spectrum versus our peers. If you look at some of our closest comps, I’ll refrain from naming them, but they’re trading at multiples of our relative valuation. Yet we’re growing faster, we’re growing at a better value. We’re growing with better fundamentals. And we have competitive advantages that a lot of the industry wishes that they had. And so I believe we’re a tremendous growth opportunity. There is a lot lower risk given our lower relative multiple. So the risk of return upside, I think is there. We’re very optimistic about what we’re going to be achieving for investors over the immediate future and the long term. You have a management team that’s committed to the success of this business owning 15% combined. We look at this as solely an opportunity to create long-term shareholder wealth. And I think our business model is achieving that for our shareholders every day.
Maurice Jackson:
Last question. What did I forget to ask?
Kyle Floyd:
I think we’ve covered just about everything, and it’s really about finding the best risk-adjusted way to play commodities. That’s why we’re here. I believe we’re offering that for investors. We’ve continued to demonstrate that with our recent quarterly results and investors expect more of that as we continue to progress and build this business. And what I believe is realized a re-rating for our shareholders. And even if we don’t, we’re going to continue realizing and create value for our shareholders, and it should also be reflected in the share price and our share value at the end of the day.
Maurice Jackson:
Mr. Floyd, for someone that wants to learn more about Vox Royalty, please share the contact details.
Kyle Floyd:
Absolutely. Voxroyalty.com. We’re on all the social media channels as well. We are happy to engage. There’s also, IR@voxroyalty.com. Please, feel free to be in touch. We love engaging with our investors, and we’ll be happy to share more information.
Maurice Jackson:
Mr. Floyd, it’s been a pleasure to speak with you. Wishing you and Fox Royalty the absolute best sir.
And as a reminder, I am a licensed representative to buy and sell precious metals through Miles Franklin Precious Metals Investments, where we have several options to expand your precious metals portfolio, from physical delivery of gold, silver, platinum, palladium, and rhodium, to offshore depositories, and precious metals IRA’s. Give me a call at 855.505.1900 or you may email: Maurice@MilesFranklin.com. Finally, please subscribe to www.provenandprobable.com, where we provide: Mining Insights and Bullion Sales, subscription is free.
Joining us for conversation is Morgan Lekstrom, the president of Lakewood Exploration (CSE: LWD | OTC: LWDEF). Glad to have you join us today, as Lakewood Exploration has been busy on several fronts in its resolve to become the next pure silver play in the United States. Sir, I understand you have several updates for us regarding the release of the 43-101 on the flagship Silver Strand, along with exploration successes, portfolio expansion, and pending catalysts. Before we begin, Mr. Lekstrom, please introduce us to Lakewood Exploration and the opportunity the company presents to shareholders.
Morgan Lekstrom:
Lakewood Exploration was listed on the stock exchange, the Canadian securities exchange four months ago. We’re a newly formed silver company with what we call a triple-pronged approach, where we look to have a large exploration payoff, near-term production potential, and meaningful acquisitions. We have three assets in the United States, one in Idaho in the prolific Silver Valley, two in Nevada, in the Silver Alley, which are all high-grade, past-producing mines. We have a very tightly held share structure with just under 50 million shares out and only 37.6 of them on the market right now. A lot of room to grow as a company and large exploration payoff for shareholders.
Maurice:
Mr. Lekstrom, let’s get right to it. Take us to Idaho, to the flagship Silver Strand, where Lakewood exploration has a pending NI 43-101. Lakewood has just provided the market with some important updates. What can you share with us?
Morgan Lekstrom:
Lakewood Exploration is very exciting about Silver Strand. We just finished the 43-101 and in the filing process, and we are looking forward to moving into exploration. Our plans right now are being enacted. We’re actively in our existing underground. It was always called a historic underground, but we’re actively in there. Finished rehabilitation and now we’re moving into mining the Silver Strand for creating an exploration cutting. We’re looking to get in there, drove right from the underground and from surface. Still planning and drilling to 2,700 meters. That in conjunction with the 43-101, in conjunction with what we’re looking at for our drill program and our surface programs, it’s leading for pretty exciting times at Silver Strand.
Maurice:
Speaking of that drill program, you’re going underground and near-surface. Talk to us about the method first. Are you going underground first or near-surface?
Morgan Lekstrom:
We’re working on getting into our underground. We have a mining crew in there right now creating that new drill bay, a more strategic drill location for hitting the ore body at deeper depths and at better angles. We’re looking at mobilizing that drill crew in there in September, by the end of the summer, and just waiting and looking at strategic targets for the surface program as well.
Maurice:
Now, I realized the labs are backed up and you’re just beginning. But do you have any anticipation of when the market may receive the next set of assay results?
Morgan Lekstrom:
I think you’ll be pleasantly surprised.
Maurice:
We’ll read into that one just as it is, sir.
Morgan Lekstrom:
Exactly.
Maurice:
All right. Leaving Idaho, let’s visit Nevada, where Lakewood Exploration is looking to further extend its footprint in two project acquisitions. Sir, what can you share with us?
Morgan Lekstrom:
Lakewood Explration is working on two transformative acquisitions which are the Eliza Silver Project and the Silverton Mine. I think we’ve touched on them before, Maurice, around Eliza and Silverton, Eliza being that prolific Hamilton historic area, 1860-1870 mine, 40 million ounces out of the area. Very high-grade. One of the mines on our claim block had 5,600 to 18,500 thousand grams per tonne silver, mineralization across surface, had no modern exploration done. We’re coming up with exploration plans there right now.
Lakewood has hired a separate geologist for this work so that we’re keeping focused on all three assets in the right way. Silverton being up in Nevada as well. These are all in that Tonopah to Ely area. A lot of prolific mine around there. Round Mountain is one of them. The Silverton mine itself exhibits the same infrared ASTER signatures as Round Mountain. We have some very good geology work that was preliminarily done to the transaction, as well as this is a past-producing silver mine of 933 grams a ton in the 1930s. Again, similar geology to Eliza. There’s an ability there to utilize the exploration techniques, as well as having a large exploration payoff between the two for our shareholders.
Maurice:
It sounds like a lot of blue sky potential there, sir. When will the transaction become finalized?
Morgan Lekstrom:
We’re looking at doing that most likely this week.
Maurice:
Talking about full speed ahead.
Morgan Lekstrom:
We are. Like I said four months ago, where we were to where we are now, it’s pretty transformative.
Maurice:
Now, once the transaction has been consummated, how will you leverage the intellectual capital that is onsite for both projects?
Morgan Lekstrom:
I’m glad you brought that up. I’m heading down to Nevada with the gentlemen that we transacted with Dave Forest, and we’re going to be putting in our boots on the ground with a geologist that we just hired. We’re going to get that tribal knowledge transfer right away. We’re going to make sure we have a concrete plan. I have that geologist already starting.
He’s already heading down there right now to put boots on the ground and get his feet wet down there, or as they say in Nevada, keep your feet dry, and come up with that methodical plan, utilizing that knowledge in the background. We want to make sure that when we are coming up with drill targets, that they’re utilizing these old existing mines. There’s uniform mineralization in that old California mine. We’re able to see maybe a little more info than what just a standard exploration project allows us.
Maurice:
Now, before we leave the property bank, multilayered question, what is the next unanswered question for Lakewood Exploration? When can we expect a response, and what will determine success?
Morgan Lekstrom:
The real catalyst will be getting underground at Silver Strand and getting modern exploration going on Eliza and Silverton. We’re well on our way to doing both. I need to highlight that four months ago, we vended in Silver Strand and we were able to take that from having almost a very bare-bones plan to re-opening our underground, starting to blast as of today, and putting an underground drill program and a surface program together within four months is pretty impressive for the team. A true demonstration of our geological and business acumen.
Maurice:
Switching gears, let’s look at some numbers. Sir, please provide us the capital structure for Lakewood Exploration.
Morgan Lekstrom:
With vending in Eliza and Silverton, we’re at 37.4 million shares outstanding. We have 2.7 million options, 7.8 million warrants, and then fully diluted sets us right around 44.9 million shares. Tightly held about. 42% insider held right now. A lot of room to grow. As we grow these assets, as we grow our share structure, there’s a lot of value to be seen there for shareholders.
Maurice:
Before we close, Mr. Lekstrom, what would you like to say to shareholders?
Morgan Lekstrom:
Stay tuned. We feel there are some real exciting times are happening in silver space and Lakewood Exploration portfolio expansion with key assets in two of most prolific silver states and silver places to mine in the world, in Nevada and Idaho is exciting. We are looking forward to getting the results out as we get them, but also coming up with these plans for Nevada. Stay tuned to what we’re doing.
Maurice:
Last question, what did I forget to ask?
Morgan Lekstrom:
I think you covered it.
Maurice:
Mr. Lekstrom, for someone that wants to learn more about Lakewood Exploration, please share the contact details.
Mr. Lekstrom, it’s been a pleasure to speak with you. Wishing you and Lakewood Exploration the absolute best, sir.
And as a reminder, I am a licensed representative to buy and sell precious metals through Miles Franklin Precious Metals Investments, where we have several options to expand your precious metals portfolio, from physical delivery of gold, silver, platinum, palladium, and rhodium, to offshore depositories, and precious metals IRA’s. Give me a call at 855.505.1900 or you may email: Maurice@MilesFranklin.com. Finally, please subscribe to www.provenandprobable.com, where we provide: Mining Insights and Bullion Sales, subscription is free.
Lakewood Exploration is focused on building a multi mine silver production company. Its growing asset portfolio includes the recently acquired past-producing Silver Strand and Burnt Cabin mines located in the renowned Coeur d’Alene mining district in Idaho, USA, one of the most prolific silver districts in the world and the earlier stage Lacy Gold-Silver project in British Columbia, Canada.
The Silver Strand Project
The Silver Strand Mine has a 5.5km strike length in the Coeur d’ Alene mining district in Idaho.
Located in North Idaho’s Silver Valley along Interstate 90.
The district is known for its depth potential with numerous deposits and has produced over 1.2 billion ounces of silver.
Lakewood Exploration is partner and we are shareholders.
