Resolution Minerals reported that it had received assay results from a recently completed, shallow, reverse circulation drilling program conducted at prospects within the East Pogo block of the 64North Gold Project near Pogo Mine.
No significant gold intersections were realized, but Resolution Minerals reports strong gold pathfinder element signatures in a target area measuring 1,600 meters by 2000 meters.
Resolution states that pathfinder results from drill hole 21EP008 indicate potential for gold at depth and that a follow-up deeper drilling program is warranted.
Felix Gold Partnership
Major soil sampling program continues: 2,000 samples collected to date.
Drill plans are being formulated.
VANCOUVER, BRITISH COLUMBIA, August 5, 2021 – Millrock Resources Inc. (TSX-V: MRO, OTCQB: MLRKF) (“Millrock” or the “Company”) is pleased to provide an update on its exploration activities at its Goodpaster and Fairbanks gold district projects (Figure 1).
Figure 1. Millrock gold project locations within the Tintina Gold Province, Alaska.
Goodpaster District Projects
Millrock owns a 70% interest in a very large claim block surrounding the Pogo Mine in Alaska. Pogo is a high-grade gold mine operated by Northern Star Resources Ltd. The 64North claims, which are subdivided into eight different blocks, are the subject of an option agreement with Resolution Minerals Ltd (ASX: RML, “Resolution”). Recently, a 30% interest was earned by Resolution by virtue of exploration expenditures plus cash and share payments made to Millrock in the first year of the project.
64North Gold Project – East Pogo block: Millrock partner Resolution has recently completed a drilling program at gold prospects located on the East Pogo block (Figure 2). A reverse circulation drill was used to test shallow, gently-dipping conductive zones detected in 2020 by ZTEM and CSAMT geophysical surveys. A total of 1,663 meters was drilled over 12 holes. Gently-dipping altered, graphitic zones with quartz and sulfides were reported in several holes. Assay results indicate only anomalous gold values. However, gold pathfinder elements detected indicate possible proximity to a gold-bearing vein system. At the nearby Pogo Mine, rocks close to the gold-bearing veins are enriched in the pathfinder elements bismuth, tellurium, sulfur, and arsenic. From the recent drilling at East Pogo, Resolution has identified a target area measuring 1,600 meters by 2,000 meters for follow-up, with a CSAMT conductive zone beneath. Drill hole 21EP008 intersected sericite and biotite alteration including minor quartz veining with strongly elevated geochemical pathfinder elements. The hole had a trend of increasing gold and alteration intensity over the last 50 meters drilled with sericite alteration present in the last few meters. This signifies potential for gold mineralization at greater depth, perhaps at the level of the CSAMT conductor. The hole unfortunately had to be terminated prior to reaching target depth. Resolution indicates it is considering drilling deeper with a core rig to test the CSAMT target below the geochemical anomaly detected through the shallow reverse circulation drilling program (Figure 3).
Figure 2. Reverse circulation drill rig in operation on the East Pogo block, 64North Gold Project,Figure 3. CSAMT Line 2 Cross Section on the East Pogo block, 64North Gold Project, Goodpaster District, Alaska.
Fairbanks Gold District Projects
Millrock is in a strategic alliance agreement with Felix Gold Ltd. (“Felix Gold”), a private Australian company that intends to become a public company listed on the Australia Stock Exchange (“ASX”). Millrock is assigning its existing mineral rights in return for Felix Gold shares and royalty interests. Felix Gold is funding exploration work and paying the costs of acquiring claims by staking and by agreements with claim holders. All new properties within the strategic alliance Area of Interest become subject to royalties in favor of Millrock (Figure 4).
Figure 4. Blue shading indicates Millrock / Felix Gold mineral land holdings in the Fairbanks Gold District, Alaska.
A major soil sampling program is well underway. To date, 2,000 soil samples have been collected across the claim holdings. The planned work will be completed at the end of August. Samples are being collected using a small auger Figure 5). The goal is to get uniform, modern soil sample coverage across the claims. Once the soil data is merged with all historic data which has been compiled in a database, drill targeting will be done.
Figure 5. Soil sampling team in action, Fairbanks Gold District, Alaska.
Qualified Person The scientific and technical information disclosed within this document has been prepared, reviewed, and approved by Gregory A. Beischer, President, CEO, and a director of Millrock Resources. Mr. Beischer is a qualified person as defined in NI 43-101.
About Millrock Resources Inc. Millrock Resources Inc. is a premier project generator to the mining industry. Millrock identifies, packages, and operates large-scale projects for joint venture, thereby exposing its shareholders to the benefits of mineral discovery without the usual financial risk taken on by most exploration companies. The company is recognized as the premier generative explorer in Alaska, holds royalty interests in British Columbia, Canada, and Sonora State, Mexico, is a significant shareholder of junior explorer ArcWest Exploration Inc. and owns a large shareholding in Resolution Minerals Limited. Funding for drilling at Millrock’s exploration projects is primarily provided by its joint venture partners. Business partners of Millrock have included some of the leading names in the mining industry: EMX Royalty, Centerra Gold, First Quantum, Teck, Kinross, Vale, Inmet and, Altius as well as junior explorers Resolution, Riverside, PolarX, and Felix Gold.
ON BEHALF OF THE BOARD “Gregory Beischer” Gregory Beischer, President & CEO
FOR FURTHER INFORMATION, PLEASE CONTACT: Melanee Henderson, Investor Relations Toll-Free: 877-217-8978 | Local: 604-638-3164 Twitter | Facebook | LinkedIn
Some statements in this news release may contain forward-looking information (within the meaning of Canadian securities legislation) including without limitation the intention to mount further exploration including drilling in 2021. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements.
TORONTO, Aug. 05, 2021 (GLOBE NEWSWIRE) — Labrador Gold Corp. (TSX.V: LAB | OTCQX: NKOSF | FNR: 2N6) (“LabGold” or the “Company”) is pleased to announce the results of a till sampling program recently completed along the Appleton Fault Zone on its 100% controlled Kingsway project Newfoundland. The Kingsway project is located within the highly prospective Gander Gold District.
Highlights from the sampling program include:
Results of 59 till samples taken over the southern Kingsway property show contained gold grains ranging from 0 to 311 grains. Twelve of the 59 samples contain more than 50 gold grains, of which four contain more than 100 grains.
A sample containing 165 gold grains, of which 153 (93%) are pristine, occurs just down ice of Big Vein which is the likely source of the grains in this till sample.
Two samples containing 165 (96% pristine) and 311 (83% pristine) gold grains occur approximately 700 metres northeast (down ice) of Big Vein. The large number of pristine grains in these samples indicates a short transport distance suggesting a source other than Big Vein closer to the sample locations.
Similarly, a sample containing 101 gold grains, 28 of which are pristine, occurs a further 2.3km to the northeast, again suggesting a separate source.
The results from these till samples, together with anomalous soil geochemistry from the 2020 sampling survey, demonstrate the potential for the discovery of further gold mineralization along the Appleton Fault Zone.
“We are very excited by the possibility of additional gold occurrences to the northeast of Big Vein along the Appleton Fault Zone demonstrated by these sample results,” said Roger Moss, President and CEO of Labrador Gold. “While our primary focus remains to drill the Big Vein target and find more high-grade gold mineralization, our field crews will follow up these till results in the coming weeks to generate targets for drilling later this year.”
The Company is pleased to announce that President and CEO Roger Moss will be presenting an update from the Kingsway project in a live webinar taking place on Thursday, August 12th, 2021, at 1 p.m. PT / 4 p.m. ET. The webinar will be hosted by Focus Communications Investor Relations (“FCIR”) and Cory Fleck of the Korelin Economics Report. Participants are encouraged to submit any questions for the company prior to the event by emailing FCIR at info@fcir.ca .
Till samples comprised of 10kg of material were collected, placed in plastic bags and sealed with single use ties. Samples were shipped by transport truck in plastic totes to Overburden Drilling Management (ODM) of Nepean, Ontario for processing. ODM uses custom gravity concentration including shaking tables and micro-panning of the resulting heavy mineral concentrates to recover gold grains from the samples. Any gold grains present are extracted for microscopic study to determine the morphology and dimensions of the grains.
Roger Moss, PhD., P.Geo., President and CEO of LabGold, a Qualified Person in accordance with Canadian regulatory requirements as set out in NI 43-101, has read and approved the scientific and technical information that forms the basis for the disclosure contained in this release.
The Company gratefully acknowledges the Newfoundland and Labrador Ministry of Natural Resources’ Junior Exploration Assistance (JEA) Program for its financial support for exploration of the Kingsway property.
About Labrador Gold
Labrador Gold is a Canadian based mineral exploration company focused on the acquisition and exploration of prospective gold projects in Eastern Canada.
In early March 2020, Labrador Gold acquired the option to earn a 100% interest in the Kingsway project in the Gander area of Newfoundland. The property is along strike to the northeast of New Found Gold’s discovery of 92.86 g/t Au over 19.0 metres on their Queensway property. (Note that mineralization hosted on adjacent or nearby properties is not necessarily indicative of mineralization hosted on the Company’s property). In early July 2020, the Company signed an option agreement to acquire a third license to add to the property package which now covers approximately 77 km 2 . Infrastructure in the area is excellent located just 18km from the town of Gander with road access to the project, nearby electricity, and abundant local water.
The Hopedale gold property covers much of the Florence Lake greenstone belt that stretches over 60 km. The belt is typical of greenstone belts around the world but has been underexplored by comparison. Initial work by Labrador Gold has identified a 3 kilometre mineralized section of the northern portion of the belt in the vicinity of the known Thurber Dog gold showing where grab samples assayed up to 7.8g/t gold.
The Ashuanipi gold project is located just 35 km from the historical iron ore mining community of Schefferville, which is linked by rail to the port of Sept Iles, Quebec in the south. The claim blocks cover large lake sediment gold anomalies that, with the exception of local prospecting, have not seen a systematic modern day exploration program. Results of the exploration to date show gold anomalies in soils and lake sediments over a 15 kilometre long by 2 to 6 kilometre wide north-south trend and over a 14 kilometre long by 2 to 4 kilometre wide east-west trend.
The Company has 150,577,206 common shares issued and outstanding and trades on the TSX Venture Exchange under the symbol LAB.
Neither 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 .
Forward-Looking Statements: This news release contains forward-looking statements that involve risks and uncertainties, which may cause actual results to differ materially from the statements made. When used in this document, the words “may”, “would”, “could”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” and similar expressions are intended to identify forward-looking statements. Such statements reflect our current views with respect to future events and are subject to risks and uncertainties. Many factors could cause our actual results to differ materially from the statements made, including those factors discussed in filings made by us with the Canadian securities regulatory authorities. Should one or more of these risks and uncertainties, such as actual results of current exploration programs, the general risks associated with the mining industry, the price of gold and other metals, currency and interest rate fluctuations, increased competition and general economic and market factors, occur or should assumptions underlying the forward looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, or expected. We do not intend and do not assume any obligation to update these forward-looking statements, except as required by law. Shareholders are cautioned not to put undue reliance on such forward-looking statements.
VANCOUVER, British Columbia, Aug. 05, 2021 (GLOBE NEWSWIRE) — Novo Resources Corp. ( “Novo” or the “Company” ) (TSX: NVO, NVO.WT & NVO.WT.A) (OTCQX: NSRPF) is pleased to announce that Mr. Michael Spreadborough, currently one of the Company’s independent directors ( refer to the Company’s news release dated January 13, 2021 ), has been appointed by Novo’s board of directors to the role of executive co-chairman.
Dr. Quinton Hennigh, the Company’s long-serving chairman and president, is transitioning to non-executive co-chairman of the Company and will remain actively involved with Novo’s exploration teams as efforts continue across the Pilbara and with Novo’s Victorian joint venture partners. Dr. Hennigh will also continue to engage with Novo’s shareholders and stakeholders.
Mr. Rob Humphryson continues in his longstanding role as Chief Executive Officer and director, reporting to the executive co-chairman. Mr Humphryson has successfully transitioned Novo from a pure-play explorer to its exciting new phase as a producer and explorer, and he will continue in his role to drive progress across operations and including a heightened focus on Novo’s mechanical sorting programs.
The change to the executive team structure will drive the next phase of Novo’s growth as the premier producer and explorer in the Pilbara region, along with the full exploitation of Novo’s interests in Victoria, Australia.
Novo remains focused on sustaining long-life production using its Golden Eagle processing facility, developing mechanical sorting technology to transform the exploitation of Novo’s nuggety conglomerate deposits, and to continue its focused exploration programs on the highly prospective 14,000 km 2 Pilbara exploration tenements.
“Mr. Spreadborough joined the Company in January 2021 and immediately became an integral part of the team,” commented Dr. Hennigh. “Michael brings a wealth of Australian resource industry operational experience and international executive public company experience with both TSX and ASX-listed issuers to Novo. As the Company transitions to steady state operations, Michael’s operational expertise and guidance will be invaluable. The other directors and I look forward to advancing Novo’s operational efforts and future growth.”
“Dr. Hennigh has guided the Company from exploration to production in just over a decade, which is a rare feat in the industry,” commented Mr. Michael Spreadborough. “I would like to thank Quinton, the Board, and Novo’s management team for their support and I look forward to guiding the Company to operational excellence.”
About Novo
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 .
Continuing excellent safety record with no LTIs recorded at the Company’s Beatons Creek conglomerate gold project (the “ Nullagine Gold Project ”)
Record monthly gold production of 8,589 oz Au in July , a 46% increase over June
7,899 ounces of gold sold in July, generating revenue of C$17.8 million 1 (A$19.2 million) , a 50% increase over June
Record number of grade control assays processed in July (> 68,000 PhotonAssays) , expecting to clear the assay backlog by October 2021
Exploration drilling ongoing at near-mine and East Pilbara conglomerate and orogenic basement targets
July month-end cash balance of C$49 million , representing 6% growth since June
Fair value of Novo’s investments of approximately C$170 million 2
“I’m delighted with the continuing positive trajectory of the Nullagine Gold Project as the team adjusts to mining and processing this completely new style of conglomerate gold mineralization,” commented Rob Humphryson, CEO and a director of the Company. “The site team is functioning cohesively as they perfect the geological and mining methods required to underpin a sustained and successful operation.”
VANCOUVER, British Columbia, Aug. 05, 2021 (GLOBE NEWSWIRE) — Novo Resources Corp. ( “Novo” or the “Company” ) (TSX: NVO, NVO.WT & NVO.WT.A) (OTCQX: NSRPF) is pleased to provide an operations update from the Nullagine Gold Project after another record month of growth. Subsequent updates will be provided on a quarterly basis.
NULLAGINE GOLD PROJECT
Gold Production
Gold production at the Nullagine Gold Project for July 2021 was a record month of 8,589 ounces produced during July 2021 ( Figure 1 ).
Mill throughput continued to increase month-on-month. As anticipated in the Company’s news release dated June 8, 2021 , the processing plant’s annualized rate is increasing towards 1.8 mtpa ( Figure 2 ). A total of 148 kt of gold-bearing conglomerate material was processed in July. Recovery rates are also stabilizing around 95%. July’s processing head grade was 1.94 g/t Au.
Mining
Mined mineralized and waste material was lower in July with some of the Company’s contract mining fleet allocated to assist with initial preparatory works for an upcoming tailings storage facility expansion.
Intertek Testing Services (Australia) Pty Ltd (“ Intertek ”) has now fully commissioned two Chrysos PhotonAssay machines at its Maddington (Perth) facility ( Figure 3 ) ( refer to the Company’s news release dated May 18, 2021 ) and processed a total of 68,235 PhotonAssays (including QA/QC samples) in July. This compares favourably against average sample returns per month over the past six months. Assuming that July’s processing rates continue, the Company expects that its backlog of grade control samples will be cleared by the end of October 2021 which will significantly improve the Company’s ability to optimize recovery of mineralized material at the Nullagine Gold Project.
Intertek have also been selected to design and manage a site-based sample preparation laboratory at the Nullagine Gold Project. The lab setup is proceeding rapidly, with commissioning expected to be completed by mid-August. To date the crusher/dryer facility, ducting refurbishment, and pad extensions have all been completed, with lab personnel expected to arrive on site early next week.
Exploration
Exploration works at the Nullagine Gold Project accelerated during June as reverse circulation (“ RC ”) drilling was completed at several conglomerate (Beatons Extended and Skyfall) and orogenic basement (Margies, Cutlass and AU81 north) targets, all located within a 50 km radius of the Company’s Golden Eagle processing facility. A series of additional high priority targets more recently delineated within the Nullagine Gold Project area by detailed geological mapping, rock chip sampling and soil sampling are also scheduled for drill testing in the latter half of 2021 (Daisy Central, Red Ensign, GENNE, Parnell, Vulture).
Further afield, RC drilling commenced in July at one of Novo’s high priority orogenic vein targets at the Talga Project ( Figure 4 ), testing strike and depth potential, and grade continuity of the mineralised lode systems at McPhees and NW Australian. Rock samples collected by Novo combined with detailed mapping define a mineralized corridor approximately three kilometres long and include assay results with best grades of 81.4 g/t Au, 46.9 g/t Au, 35.1 g/t Au and 30.0 g/t Au (refer to the Company’s news release dated June 3, 2021 ). These results are not necessarily representative of mineralization at Talga Talga. This prospect is located some 30 km to the north of the town of Marble Bar (150km north of Nullagine) and is suitable for haulage to the Company’s Golden Eagle processing facility at the Nullagine Gold Project.
Novo’s cash position and working capital remains robust, with cash reserves of C$49 million as at July 31, 2021 as compared to cash reserves of C$46.3 million as at June 30, 2021. Operational cash inflows accounted for most of this increase, with only approximately C$0.6 million attributable to stock option exercises and asset dispositions.
In addition to its cash reserves, the Company’s portfolio of investments held a fair value of approximately C$170 million 2 as at July 31, 2021. Volatility in the value of the Company’s portfolio is mostly attributable to the Company’s 9.83% holdings in New Found Gold Corp. (TSXV: NFG).
Dr. Quinton Hennigh (P.Geo.) is the qualified person, as defined under National Instrument 43-101 Standards of Disclosure for Mineral Projects, responsible for, and having reviewed and approved, the technical information contained in this news release. Dr. Hennigh is a director of Novo and its president and chairman.
Cautionary Statement
The decision by the Company to produce at the Nullagine Gold Project was not based on a feasibility study of mineral reserves demonstrating economic and technical viability and, as a result, there is an increased uncertainty of achieving any particular level of recovery of minerals or the cost of such recovery, including increased risks associated with developing a commercially mineable deposit. Historically, such projects have a much higher risk of economic and technical failure. There is no guarantee that that anticipated production costs will be achieved. Failure to achieve the anticipated production costs would have a material adverse impact on the Company’s cash flow and future profitability.
About Novo
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
Chairman and President
Forward-looking information
Some statements in this news release contain forward-looking information (within the meaning of Canadian securities legislation) including, without limitation, planned mining and processing activities; that the backlog of PhotonAssays is expected to be cleared by October 2021; and that the processing plant’s annualized rate is expected to reach 1.8 mtpa. 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.
1 Converted to Canadian dollars using the July 1 – 31, 2021 average foreign exchange rate of 0.9294.
2 This value excludes the fair value of warrants held in GBM Resources Ltd. and Kalamazoo Resources Limited. Novo’s ability to dispose of its investments is subject to certain thresholds pursuant to its senior secured credit facility with Sprott Private Resource Lending II (Collector), LP. Please refer to the Company’s management’s discussion and analysis for the 11-month fiscal year ended December 31, 2020, which is available under Novo’s profile on SEDAR at www.sedar.com. Novo’s investment in New Found Gold Corp. is subject to escrow requirements pursuant to National Instrument 46-201 Escrow for Initial Public Offerings . The value of Novo’s holdings in Elementum 3D, Inc. (“ E3D ”) is based on E3D’s most recent financing price of US$2.50 per share. Except for its investment in E3D, the fair value of Novo’s investments is based on closing prices of its investments and relevant foreign exchanges rates as at July 31, 2021.
Last week, on 321gold‘s 20th anniversary I had the opportunity to spend an hour speaking with Bob Moriarty about some of his favorite junior resource stocks and why this is the greatest time in history to be a resource investor. Bob has been consistent in stating that the world needs a return to sound money, and natural resources will be at the forefront of this return to sound money once the Ponzi economy comes crashing down.
In July 2021’s Energy & Gold conversation with 321gold founder Bob Moriarty we discussed Eloro Resources, New Found Gold, Eskay Mining, and Bitterroot Resources among many other topics including the covid vaccines and why counterparty risk is going to become a much bigger problem for cryptocurrency investors….
Goldfinger: Good to speak with you today Bob, let’s start with Eloro Resources (TSX-V:ELO, OTC:ELRRF). That’s definitely some notable news, and a stock that we have talked about many times – we were very early in illuminating this company and its potential. So in this hole 18 at Iska Iska, ELO intersected 300 meters of 129 g/t silver-equivalent mineralization, or if you want to make it gold equivalent term, it’s almost two grams per tonne gold. So that is an excellent width and grade, extremely good intercept.
The main question is that it’s a polymetallic deposit so there are eight different metals comprising this 129 g/t silver-equivalent grade over 300 meters. There is silver, lead, zinc, tin, copper, gold, cadmium, and even some bismuth.
Bob Moriarty: Yeah, it’s a polymetallic deposit. They’ve got silver, they’ve got lead, they’ve got zinc, they’ve got tin, they’ve got indium, they’ve got a bismuth sample and a tiny bit of gold. The key is that all of those minerals can be floated and you can make a silver con, a zinc con, a lead con, and a tin con. But here’s what I do, I’m the only guy that has done this, but I think it’s an accurate way of doing it. Nobody understands what a long intercept means. I used the analogy a couple of weeks ago, they had one fair size interval and one long interval, the long interval has a lot more impact on the total value. What I do is I imagine a cube, 300 meters by 300 meters by 300 meters. Now, obviously that’s the maximum size that you could possibly have. However, it gives you the ability to measure that against a hundred meter cube. Are you with me?
Goldfinger: Yes.
Bob Moriarty: So I worked up the numbers. I even applied 300 meters by 2.7 (specific gravity) by 2 grams (Au instead of Ag) instead of 129 g/t of silver, you divide by 31.1 to get ounces, and you come up with a hole that is 4.7 million ounces of gold.
Goldfinger: A 4.7 million ounce hole? 4.7 million ounces of gold in one intercept?
Bob Moriarty: In one intercept.
Goldfinger: Ok, but you’re giving them credit for many meters of mineralization or tonnage that’s not intersected in that little cylinder (the diamond drill core). You’re assuming that the mineralization extends out into an entire cube, that’s a big assumption right?
Bob Moriarty: Yeah, but here’s the key, and your point is absolutely valid. The only purpose of calculating the hole like this is to give you the ability to measure one hole against another hole.
Goldfinger: That makes sense.
Bob Moriarty: But if you had a cube, and it was 300 meters by 300 meters by 300 meters and 129g/t silver, you would have 7.5 billion dollars worth of metal. And the key here, is if it’s 300 meters in one dimension, but it’s only 50 meters in the other two dimensions, that’s still a fucking big hole.
Now, one of the interesting arguments and periodically, I guess you agree with Quinton, and once in a blue moon I’m right. And I’ve told Quinton and I’ve told Tom Larsen, right from the very beginning, that everybody is underestimating the size of that deposit. It’s an enormous deposit, if you go to the website and you look at the maps and you see the caldera. The whole damn thing, it is filled with mineral pipes and it’s mineralized deep. So it is going to be an absolutely world-class project. It will get mined, there’s no question about it. If it was one gram gold, equivalent, it would be economic. They had some intercepts of tin, that are 0.4%, and that’s roughly $120 value to the tonne just for the tin. So it’s going to be a giant silver project, but the tin could well be the most valuable mineral they mine at Iska Iska.
ELO.V (Daily)
Goldfinger: So just wrapping up on Eloro, the comments by the VP of Exploration, Dr. Bill Pearson are notable. He makes a point that there’s a gap zone between the central breccia pipe and El Porco. So there’s an area that’s been undrilled and he’s suggesting that the magnetic data suggests the potential for a significant amount of mineralization in this gap zone and they haven’t drilled it yet. What do you think about that?
Bob Moriarty: You’re absolutely right and he’s absolutely correct. That’s one of those projects like, New Found Gold (TSX-V:NFG, OTC:NFGFF) in Newfoundland. You need to bring in a bunch of machines and get to work. I talked to Tom and said, “Tom, you could support 15 or 20 drills.” And he totally agrees with me, but the problem is, they have 26,000 assays they’re still waiting for because of COVID. The labs and crew have been backed up, and he said, it’s a waste of time for us to go drill because it might be a year before we have the data. And that’s absolutely valid. But if you step back, look at all of the technical data, look at the maps and look at the size of the pipes they already know exist, this is a BFD deposit.
Goldfinger: Okay, fair enough. And the stock is up nicely today, about $4.20 a share right now, and it traded as high as $4.59 earlier. And yeah, that is a problem, the backlog on the assays, that’s a challenge that they’re dealing with. And I think a lot of companies working in areas outside of North America, they’re just doing the best they can. If we look at Australia and how they’re dealing with this COVID situation. Mining is considered an essential industry, but when so many things are locked down, labs are operating short staffed, and there are various logjams in supply chains and you’re going to get big delays.
Bob Moriarty: Well, because Australia has effectively been totally locked down for 15 months now, they’ve got a giant labor problem. The iron companies are getting the equivalent of four gram gold, and they can sell every ton of the iron ore they can ship. So they are paying absurd salaries to people. Which means companies like Novo and everybody else in the spectrum, has to belly up to the bar. Believe it or not, one of Novo’s biggest problems is, they can’t hire enough truck drivers to go eight kilometers from the mine to the mill.
But everybody in Canada, in Nevada, everybody is backed up on the assays. Everybody’s trying to hire people and they can’t hire people. You’ve got companies like Irving in Japan, effectively the Japanese wouldn’t let anybody in for six months, so there’s been zero news. So a great company, with a great deposit, it’s just hovering at new lows. And what’s really important for investors to understand, this is not bad management, it isn’t the fault of bad management, there isn’t a damn thing they can do about it.
Goldfinger: So let’s talk about sector sentiment and some of the price action that we’ve seen. We’ve been through a few rodeos in this sector, for sure, and this definitely isn’t our first one. I think back to other times where sentiment was really, really poor in the junior mining sector. End of 2015, summer of 2018, you couldn’t give a gold stock away. Obviously last March was another example, but that was very, that was a very short, violent experience and then we had a tremendous bull market run. How does this market feel to you? Relative to some of the other major lows we’ve seen in the last 5-6 years?
Bob Moriarty: One of the things I’ve tried to point out in my books and to the very best of my knowledge, I don’t know anybody else who has made this point. At bull market tops, everybody is in the market and at bear market bottoms, you can’t give shares away. That is a sentiment indicator that gives a very valid signal of just where you are in the cycle. Now looking at the HUI and the DM side, you don’t see any clear signals, like we had in 2008 and like we had in 2015. However, I think that we’re going to have a bounce, I think you called that absolutely correctly. But I think that what everybody needs to pay attention to, I am absolutely convinced the overall market is going to tank between now and October. I mean, we got this giant soap bubble, bubble floating around looking for a pin to pop it. And lots and lots and lots of people see it and it will take the resource sector down with it. The resource sector will be first to recover, but when the margin clerks come calling, everything gets sold.
Goldfinger: So what you just described reminds me a lot of 2008. If you’re saying that, okay, well we’re going to get a little bounce here into August, the seasonal bounce, but then we’re going to crash in September, October, and everything’s going to crash. Well, that reminds me of 2008.
Bob Moriarty: I think it should remind you of 1929.
Goldfinger: Okay. 1929. Well, that was the great crash.
Bob Moriarty: Yeah. The Dow Jones peaked, I believe, on September 5th at 295 and then it declined at the end of October, and then it crashed at the end of October. Between September of 1929 and July of 1932, the Dow Jones and the general stock market declined 89% to 41. That’s going to happen again. But if you go back to the great depression, the number one stock during the entire depression was Homestake Mining.
10b Chart 1: Dow Jones Industrial Average 600×600
Goldfinger: Well, gold was hard money, a store of value, during a very, very tough economic time. And that was a very high grade gold mine.
Bob Moriarty: I absolutely want everybody to understand, who’s reading this, that the financial system is in more of a precarious position than I have ever seen or read about. And some things like Tether, Tether’s a $62 billion fraud.
Goldfinger: Yeah. Let’s talk a little bit about Tether and this ponzi scheme that’s hiding in plain sight.
Bob Moriarty: And it’s going to blow up.
Goldfinger: Let’s talk a little bit about Tether and cryptocurrency. So, can you think of another situation where a financial company or some sort of financial product supposedly had $62 billion in assets and it didn’t have to regularly submit to third party accounting and audits?
Bob Moriarty: Sure. Of course.
Goldfinger: Which one is that?
Bob Moriarty: Bernie Madoff.
Goldfinger: (Laughs) Yes, Bernie Madoff. But that’s not a good one.
Bob Moriarty: How about those idiots down in Houston. What was that?
Goldfinger: I think that was Enron, right?
Bob Moriarty: Enron, the energy company… people and the quotes they come up with. Warren Buffet is very well known for his quote about “Only when the tide goes out do you find out who’s been swimming naked.” And that’s such a wonderful line. But here’s what, there are some things that are so obvious, you just wonder why people don’t get it. There was a great celebration about Tether, and it’s a $62 billion fraud. I mean, there’s no fucking way those people are running anything except a scam. It is a giant shell game run by criminals, who’ve been caught in the past and they’re getting away with it. But it is important for investors to understand that the SEC was warned by a whistleblower that the numbers Madoff was quoting couldn’t possibly happen in the real world. And a fund manager told the SEC and the world that Enron was a fraud a year before they finally blew up.
Goldfinger: Yeah, this is the really amazing thing. Usually when people have been found guilty of fraud, or caught in different sorts of financial shenanigans, it’s hard for them to pull off another, especially in modern day. Right?
Bob Moriarty: It’s normal.
Goldfinger: Okay, so about Tether, if you look at the background of some of the main people involved, including the CFO, they have a pretty checkered past. Now, normally, in the financial industry, when people have a checkered past, especially in the realm of financial fraud, they’re not given many opportunities to pull it off again, especially not at a large scale. There’s always fools born everyday, but to pull off something in the billions, especially $62 billion, is pretty unheard of. This is incredible, that this is basically the biggest Ponzi scheme ever hiding in plain sight. It’s a Ponzi hiding in plain sight. Have you ever seen anything like this?
Bob Moriarty: Yeah, Bernie Madoff
Goldfinger: Well, yeah, but with Bernie Madoff, we didn’t know, or most people didn’t know that he was running a Ponzi until it was much too late.
Bob Moriarty: A guy went to the SEC, he took out a sheet of paper, he wrote down some numbers, and he said mathematically it is not possible to do what he claims he’s doing. The SEC said, “Oh, that’s interesting.” To call these Tether guys, to suggest they have a checkered past is like suggesting a hooker has a checkered past. It doesn’t quite qualify.
Goldfinger: So how does this end? This is a $62 billion financial fraud that is a really integral part of the cryptocurrency system. What happens here?
Bob Moriarty: Somebody pulls the plug, and the water comes out of the toilet. You know exactly what I feel about cryptocurrencies, I have never made any bones about it. There is no there there. Why anyone would speculate, and I acknowledge a lot of people have made a lot of money, but it’s a fraud, and, if it’s a fraud, why would you consider it an investment? It’s going to blow up. One day we’re going to pick up the Wall Street Journal, take a look at it, and see that Tether has imploded.
Goldfinger: It kind of reminds me of baseball cards. As a kid, I bought a lot of baseball, football, and basketball cards. I thought they were really cool. I thought they were going to be valuable one day, and I spent thousands of dollars of my parents’ money on these sports cards, and it’s been 30 years and many of them aren’t worth much still, but some of them suddenly became sought after. Suddenly people wanted some of these cards again, like some of the rarer ones of the better athletes, and so it’s kind of like baseball cards or football cards.
If somebody’s willing to pay a price for the Bo Jackson card from 1988, then that’s how much it’s worth. I kind of think the same thing about bitcoin or dogecoin. If there’s a fool who’s willing to pay for it, then so be it. But it’s very easy for, suddenly, these things to become out of favor, and for people to realize they’re not as rare as they once thought they were, and for the prices to crash. That’s what happened with most of the baseball cards from the early ’90s. The companies printed a ton of them, and suddenly they were all worthless.
Bob Moriarty: Let me give you an analogy, and you’re going to enjoy this analogy. Who was the most famous presidential stamp collector in US history?
Goldfinger: Stamp collector? Roosevelt?
Bob Moriarty: Roosevelt, okay. During the Depression, people needed things to do, and during the ’30s, the ’40s, and the ’50s, well into the ’60s, there were a lot of stamp collectors, and there were companies like Prudential Insurance that would go out and buy tens of thousands of dollars of sheets of new stamps because, one, they knew they were going to use stamps just to get the plate blocks. The interesting thing about it was the post office went to stamps with sticky backs, okay, so when you put a stamp on an envelope, that was it. You couldn’t do anything with the stamp anymore. And the post office didn’t realize it, but they killed what was a very big industry. There used to be $5 Alexander Hamilton plate blocks. They were worth hundreds or thousands of dollars, because they were relatively rare. I think now you can buy it for $150, because there’s no stamp collectors anymore. Lots of plate blocks, no collectors. I used to buy sheets of US stamps at a 25% discount from a dealer because no one wanted them any more and had no use for them.
The idea of cryptocurrency, it’s a perfect example of the greater fool theory. You’re thinking about, and focused on, the value of an investment, and the fact of the matter is, no investment has any value. It’s what somebody perceives, and that changes constantly, so what you’ve got to watch for is human behavior. Now, since Christ was a corporal, people have wanted to speculate. They love the idea of instant riches. They never get it, of course, but it’s really fun, and people get into it big time. They did it with Beanie Babies, they did it with baseball cards, they did it with postage stamps. Now they are doing it with imaginary numbers generated by tens of thousands of computers all churning away doing nothing practical.
Human behavior calls for people to act like a herd, and when the herd changes direction, all of a sudden they’re gone. Now, the beauty of the cryptocurrencies is, because Tether is so obviously a fraud, they’re just going to yank that plug and cryptocurrencies are going to disappear overnight.
Goldfinger: Yeah, it could honestly be the sort of thing where somebody yanks the plug, as you say, and suddenly there are no bids in the market. You could go to sleep one night and your crypto could be priced at $2 a coin, and wake up the next day and it’s priced at five cents, or maybe even less. It could literally be the sort of thing where the market goes “no bid”.
Bob Moriarty: Yeah, but how would you like to be short? If you were to short it at $2 and it went to five cents, how would you like to be in that position?
Goldfinger: That would be great.
Bob Moriarty: No, it wouldn’t.
Goldfinger: Why? Why is being short something that drops in value a bad idea?
Bob Moriarty: Because of counterparty risk. Okay, you have, right now, about a $1.2 trillion market in cryptocurrencies with no substance behind it. When they go from $2 to five cents, it’ll go no-bid, and all of the guys who were short at $2 are going to find out what counterparty risk is. Let me give you an analogy. Have you ever been to Vegas?
Goldfinger: Yes, more than a few times.
Bob Moriarty: Okay. You walk in, you’ve got a million dollars, you put it down on the crap table. You tell them, “I want to roll until I either make my point or I lose, and I want to bet a million dollars on that roll. Will they take the bet?”
Goldfinger: Yes.
Bob Moriarty: Okay. What are the only things that can happen?
Goldfinger: You lose your million dollars or you double your money.
Bob Moriarty: You win.
Goldfinger: Yeah.
Bob Moriarty: Yeah, okay. You happen to be from Saudi Arabia, and you walk in there with a certified check for a billion dollars, and you go to the biggest casino in Vegas, and after they’ve talked back and forth a little bit, they decide they’re going to take the bet. What are the only two things that can happen?
Goldfinger: You lose or you win and they still take your money.
Bob Moriarty: They give you your money if you win. They can handle billion dollar bets. That’s not the end of the world. But somebody from China, say, walks in, and he’s got a trillion dollar certified check, and he wants to make the same bet. Will the casino take the bet?
Goldfinger: A trillion dollars?
Bob Moriarty: Yeah.
Goldfinger: (launghs) I don’t think so.
Bob Moriarty: Sure, of course they’d take that bet. But what’s the only one thing that will happen?
You’d lose. How many casinos can pay off a trillion dollar bet?
Goldfinger: Zero.
Bob Moriarty: Okay, so you would just introduce counterparty risk, and counterparty risk is not a function of the bet, it’s a function of the size.
Goldfinger: Okay. Got it.
Bob Moriarty: In the cryptocurrency market, you’ve got $1.2 trillion worth of assets, but you’ve got $1.2 trillion worth of liabilities, and nobody can pay off the liabilities. Therefore, if you’re short at $2 and it goes to zero, you’re holding a used lottery ticket with zero value.
Goldfinger: That makes sense, so let’s talk about COVID a little bit. You posted a good article on Ivermectin, and it’s becoming increasingly clear that Ivermectin is a really important part of the COVID protocol, and the deadliness of this virus is clearly a lot less than we thought it was a year ago or a year and a half ago when we first heard about it. Mankind has figured out much better ways to treat this illness, yet the focus is purely on vaccination. What is going on here?
Bob Moriarty: It’s the biggest medical fraud in history. COVID is a damn flu. You do not want to catch COVID, it’s a bad flu. You can pretty much prevent COVID by taking vitamin D and zinc. People who catch COVID are old, or they’re fat, or they’re vitamin D deficient. It is a disease for people over 80. The government doesn’t want you to know that, so what the government did is they paid hospitals extra money for COVID patients. Everybody that walked in the door and died, if you said that they were positive for COVID, they gave you $13,000. Now, the beauty is they were counting people like 22-week old premature babies who died, and bullet wounds in people who were shot to death. Those must have been COVID. They were counting automobile accident victims. Those must have been COVID.
Now, here’s the problem: the CDC has finally come out and admitted, by the way, the PCR test is total bullshit. It generates a 80 to 90% false positive, however it gets you really big numbers of people who test positive. But if you had a flu a year ago, you test positive. If you had any influenza in the last year or two, you test positive. It is not a test for COVID. It is a test for any COVID or any cold. It is bullshit, they knew it was bullshit all along. It was a mass transfer of power to governments around the world.
Now, the funny thing is, I actually had a video removed from YouTube and an interview because I talked about HCQ and Ivermectin. In Tanzania, everybody takes HCQ, it’s a 35 cent pill that you take once a week to prevent malaria, and they’ve had 16 deaths in the last 19 months. And, by the way, you could take Ivermectin, which is another $5 or $6 drug, one of the safest drugs in the world’s history, and it’ll cure COVID. They don’t want people knowing.
They are killing people. Let’s go one better. Have you ever heard of anybody taking a vaccine for HIV?
Goldfinger: No.
Bob Moriarty: Why?
Goldfinger: There isn’t one.
Bob Moriarty: Right. Ever heard of anybody taking a vaccine for the cold?
Goldfinger: No.
Bob Moriarty: No. Because there isn’t one. They do come out with the flu vaccine every year, but it’s a vaccine based on last year’s flu. It protects you against last year’s flu this year for really simple reasons. Vaccines mutate constantly. I wrote an article a year ago, and I said they’re never going to have a successful so-called vaccine because the virus mutates on a constant basis. Therefore you would have to have a shot every three months or every six months, therefore it can’t happen. We have done exactly the wrong thing. Children are not at risk from the flu. Two out of 100,000 would catch the disease in the first place, yet they’re insisting that we use this experimental gene therapy on 12 and 15 year old children who were never at risk. People are waking up around the world. There’s been this giant seizure of power by governments, and people are very angry.
When this boils over it’s going to be pretty messy, because people have a right to be angry. What we have done to children by putting them in masks and keeping them from socializing with their peers for a year, a year and a half, it’s absolutely criminal. I hope people get hung for that. That’s a monstrous thing to do, and we’ve known all along that children are not at risk.
Goldfinger: Yeah. It’s really amazing some of what has taken place in the last year and a half. So now we’re dealing with delta, and surely there’s going to be another variant that will come about in the next couple of months. How long can we continue this futile exercise before everybody just says, “Okay, the virus is not going away,” and it’s, in fact, going to shape shift and morph over time, and we’re going to have to learn how to deal with it. We’re going to have to learn how to live with it. We have treatments that work very well, and the mortality rate is extremely low, and, as you said, it mainly threatens the elderly and the extremely obese, people with really high blood pressure, diabetes, and that’s it. It’s really that simple.
Bob Moriarty: Well, it’s been a monumental fraud on the part of Fauci and Bill Gates. It’s all about money. There is something evil in trying to force people into taking a vaccine. Do you have the current numbers on how many people the vaccine has killed?
Goldfinger: No.
Bob Moriarty: It’s about 19,000 in Europe and it’s about 12,000 in the United States. Now, there was a vaccine back in, I think, 1976, against the Hong Kong Flu, and when it killed 25 people, they said, “This is way too dangerous for us to give to people.” What they’re doing now with the vaccine is nothing short of cold-blooded murder.
Goldfinger: But Pfizer stock is breaking out to new highs right now. It’s up 2.6% today as they’re forecasting to generate over $30 billion in revenue from the vaccine this year.
Bob Moriarty: That’s evil. When you go to sleep at night and the bastards running Pfizer are like the cocksuckers that were running the tobacco companies. “Oh no, tobacco isn’t addictive. Tobacco doesn’t kill.” That’s bullshit. They knew it all along, and they were sued and they were pretty much put out of business in good form, but the vaccines can never work. They are exceptionally dangerous. It’s the most dangerous thing I have ever seen. I said this to you, remember when you asked, God, it must have been a year ago. You asked me for a one-liner of something that you think is important. You remember that?
Bob Moriarty: I said the vaccine was the most dangerous thing I had ever heard of.
Goldfinger: Yes. I remember, yeah. That was the end of 2020 article.
Bob Moriarty: Yeah.
Goldfinger: Are there any stocks that you really think are important to talk about today? Are there any companies that are on your radar that we should discuss?
Bob Moriarty: Yes, I’d like to, and I would certainly be interested in your comments about this. You were in the market in 2001, 2, 3, 5, 8, 12, 15. There were a lot of shit companies. Many of them disappeared, and they took all the investors’ money. There was a lot of crap in Toronto and in Vancouver, and the situation is pretty close to the opposite now. There are so many great companies out there with so much opportunity. How can you look at Eloro and not see a multibillion dollar company? How can you look at Newfound Gold or Labrador Gold and not see a multibillion dollar company? How can you look at Eskay Mining (TSX-V:ESK, OTC: ESKYF) and not see a multibillion dollar mine? Incredible opportunities, and right now they happen to be cheap. Now, there will come a time that they’re expensive, but right now all of these companies are cheap, and they offer a hell of an opportunity. I think, personally, this is just my opinion. I think this is the greatest opportunity to invest in resource stocks in history.
ESK.V (Daily)
Goldfinger: Yes, I would have to agree that some of the secular themes that exist today, like copper, battery metals, modern monetary theory, these factors are very bullish for resources. These are very bullish for metals. We’re not making new copper out of thin air. We’re not creating tin out of thin air. We’re not creating gold bars out of thin air, and, in fact, if you look at the data on head grade of some of the biggest mines in the world, the head grade of copper mines has gone from nearly 2% 25 years ago to less than 1%. In fact, some of the biggest copper mines in the world are mining .5, .6% copper. That means that it takes more tonnage to create the same number of pounds of copper. It’s more costly, it’s harder to extract. We’re not finding new deposits regularly, and permitting, dealing with governments, as we’re seeing in South America recently, is becoming even more challenging.
The fundamental secular themes are stronger than anything I’ve ever seen. Modern monetary theory, the theory that the government can spend, can go into debt as much as they wish, because they can print their own currency, everything is priced in fiat. If fiat is on a race to zero, well, the fiat price of those metals is going to go a hell of a lot higher, right?
Meanwhile, natural resources are becoming increasingly scarce and we are witnessing industrial battery metals like copper facing a looming supply crunch. There simply aren’t many new mines of any significant scale coming online in the next decade.
Bob Moriarty: Well, take a look at the price of gold in Zimbabwe dollars.
Goldfinger: Yeah, exactly. Exactly. So this is a helluva time to be a resource investor, it’s a remarkable time. But, just like we started the conversation, Bob, yes, bigger picture bullish as ever, but even you’re worried about the short term, right? There’s this constant wall of worry that we have to climb as investors.
Bob Moriarty: That’s true, but let me point something out. You need to cleanse the system periodically. Because everybody in the world is on fiat currencies, we haven’t had the cleansing that took place in the 1930s. The government stepped in, and the government made everything far worse. But we had another depression in 1922, and the government didn’t do a damn thing. The government sat back and said, “Okay, you lost your job. You lost your factory. Too bad. You lost your home. We’re not going to do anything about it.” 18 months later, the economy rebounded. Government action doesn’t cure things. It causes bad things. We need to cleanse the system, we need to go back to real money. We need to go back to real world economics where people create things of value and they sell them at a profit, and when we do that, it’s going to be a much better world to live in.
Goldfinger: I’d like to point out that copper had a correction after reaching nearly $5/lb, and it has started to move higher again. Nickel is also back up to around $9/lb. The battery metals revolution is still in its infancy and the US does not have much domestic nickel production, and other critical battery metals are also in short supply domestically. The nascent battery metals bull market got me looking for potential new discoveries of copper and nickel in the US. This led me to a tiny junior explorer called Bitterroot Resources (TSX-V:BTT, OTC:BITTF) that is exploring for conduit-hosted massive sulphides in the Upper Peninsula of Michigan.I have been accumulating a position in BTT and I wrote about the company in February.
Lundin Mining’s Eagle Mine is one of the few domestic sources of nickel. The Eagle Deposit is an extremely high grade copper/nickel/PGMs mine with a small environmental footprint. In the last quarter Eagle produced nickel at a NEGATIVE $1.62 per pound cash cost, this is due to the copper and PGM by-product credits. Bitterroot is exploring for an analog deposit to Eagle at its LM Project, which is 30 kilometers from Eagle. So far, Bitterroot has caught some sniffs of disseminated, sem-massive, and massive sulphides with a very high metal tenor (7-8% Ni, 7% Cu, and 2-3 g/t PGMs). The company is on the 4th hole of a 15-20 hole phase 3 drill program at LM, and it has a modest C$10 million market cap. This is a drill play with a lot of torque to a new discovery and I think the downside is pretty limited at this low valuation.
Pic of massive sulphide ‘rip-up clast’ (.08 meters) from hole LM21-07 that graded 7.13% nickel, 7.91% copper, and .63 g/t gold/PGMs
What are your thoughts on Bitterroot Bob, and how does the US find domestic sources of copper, nickel, cobalt and other battery metals?
Bob Moriarty: Interesting that you bring up Bitterroot. Quinton wanted me to talk to them and I did. That general area of the US used to be a big mining area but gradually mining companies moved to more friendly environments. There is a lot of metal still up there. Bitterroot has a great story and a great plan. They want to cookie cutter the Eagle deposit and should they accomplish that the shares are going a lot higher. Quinton and I differ on one important thing. He always focuses on the quality of the deposit and management. On the other hand, I get really excited when a good story is cheap. BTT is really cheap. I was buying in the open market at $.11 for a market cap of about $8 million. It can only go to zero or a lot higher on good results.
Goldfinger: I think that’s a great place to leave it for this month Bob. Before we depart I’d like to offer you congratulations on the 20th anniversary of 321gold, you have been an important voice for investors and the precious metals/junior mining world during the last twenty years. So thank you for all that you have contributed to the natural resources investing conversation, and thank you for your time and insights here today.
Disclosure: Author owns shares of Bitterroot Resources Ltd. and Eloro Resources Ltd. at the time of publishing and may choose to buy or sell at any time without notice. Author has been compensated for marketing services by Bitterroot Resources Ltd. and Eloro Resources Ltd.
Disclaimer
The article is for informational purposes only and is neither a solicitation for the purchase of securities nor an offer of securities. Readers of the article are expressly cautioned to seek the advice of a registered investment advisor and other professional advisors, as applicable, regarding the appropriateness of investing in any securities or any investment strategies, including those discussed above. The companies mentioned in this article are high-risk venture stocks and not suitable for most investors. Consult company’s SEDAR profiles for important risk disclosures.
EnergyandGold.com, EnergyandGold Publishing LTD, its writers and principals are not registered investment advisors and advice you to do your own due diligence with a licensed investment advisor prior to making any investment decisions.
This article contains certain forward-looking information and forward-looking statements within the meaning of applicable securities legislation (collectively “forward-looking statements”). Certain information contained herein constitutes “forward-looking information” under Canadian securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “expects”, “believes”, “aims to”, “plans to” or “intends to” or variations of such words and phrases or statements that certain actions, events or results “will” occur. Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made and they are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed by such forward-looking statements or forward-looking information, standard transaction risks; impact of the transaction on the parties; and risks relating to financings; regulatory approvals; foreign country operations and volatile share prices. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Actual results may differ materially from those currently anticipated in such statements. The views expressed in this publication and on the EnergyandGold website do not necessarily reflect the views of Energy and Gold Publishing LTD, publisher of EnergyandGold.com. Accordingly, readers should not place undue reliance on forward-looking statements and forward looking information. The Company does not undertake to update any forward-looking statements or forward-looking information that are incorporated by reference herein, except as required by applicable securities laws. Always thoroughly do your own due diligence and talk to a licensed investment adviser prior to making any investment decisions. Junior resource companies can easily lose 100% of their value so read company profiles on www.SEDAR.com for important risk disclosures. It’s your money and your responsibility.
A few months back, I had a discussion with Doug Casey and Matthew Smith. For some reason, the musings in which I mentioned it did not reach several people. So, I am taking the liberty of including it again:
On Investments
Aztec Minerals (AZT; C$0.30): They recently had some drill results from their property in Arizona. I find them very good and talked about them with Cory Fleck in the linked discussion.
Disclaimer: All information found here, including any ideas, opinions, views, predictions, forecasts, commentaries, suggestions, or stock picks, expressed or implied herein, are for informational, entertainment, or educational purposes only and should not be construed as personal investment advice. While the information provided is believed to be accurate, it may include errors or inaccuracies. The sole purpose of these musings is to show my thinking process when analyzing a stock, not to provide any recommendation. I will not and cannot be held liable for any actions you take as a result of anything you read here. Conduct your own due diligence, or consult a licensed financial advisor or broker before making any and all investment decisions. Any investments, trades, speculations, or decisions made on the basis of any information found on this site, expressed or implied herein, are committed at your own risk, financial or otherwise.
Lakewood Exploration Inc.Wed, August 4, 2021, 7:30 AM
Table 1
Select Samples
Select Samples
VANCOUVER, British Columbia, Aug. 04, 2021 (GLOBE NEWSWIRE) — Lakewood Exploration (CSE: LWD / OTC: LWDEF) (“Lakewood” or the “Company”) is pleased to provide an update to ongoing surface sampling and exploration activities at the Company’s recently acquired past-producing Silver Strand Mine located in the Coeur d’Alene Mining District of Idaho. Highlights from the sampling program include:
11.79 grams per tonne (g/t) gold one kilometre (km) beyond the previously sampled area
255 g/t silver along 5.5 km mineralized trend
Strong indications of multiple sub-parallel veins
The Company recently completed additional claim staking along the Osburn Fault-Burnt Cabin Fault Zone expanding the property from 60 claims to a total of 70 claims. Consulting geologists, Childs Geoscience are currently mapping and reconnaissance sampling the northwestern part of the Silver Strand property. Forty-one samples were collected along road cuts and logging trails revealing stratigraphic contacts, faults, widespread alteration and in places mineralized quartz veins and silicified Revett quartzite. Regionally, this thick sequence of quartzites and siltites strike northwest and dip to the northeast. Gold values ranged from less than detectable to a high of 11.79 g/t gold (Au), averaging 1.33 g/t Au. Silver values from the recent sampling ranged from a low of 1.71 g/t silver (Ag) to a high of 34.29 g/t Ag, averaging 5.48 g/t Ag. One of the better rock chip samples, PN614064, collected near the Burnt Cabin Mine reported 7.23 g/t Au and 7.54 g/t Ag. Another highly anomalous zone, central to the property position, sampled a one metre wide quartz-limonite vein, reporting 5.04 g/t Au and 6.17 g/t Ag.
*These are select samples, V993688- V993691 samples were previously reported June 28th.
The on-going surface work is being conducted from the Silver Strand mine through the Burnt Cabin Mine and up to 1 km beyond. This exploration work is examining areas that have not previously been explored due to the previously fractured ownership of the land package. Work is also continuing around the Silver Strand mine in support of drilling which is planned for the end of summer.
President Morgan Lekstrom stated: “We are very excited with these results which confirm widespread alteration and gold-silver mineralization throughout the property and along the 5.5 km strike. The recent work has also identified multiple sub-parallel veins to the past producing Silver Strand Mine. With drilling of Silver Strand expected to commence toward the end of summer, these results will help inform future exploration plans and step-outs from the historic mine.” We have also scheduled an airborne geophysical (magnetics) survey of the Silver Strand property using modern drone technology to provide more detail than previously available.
Qualified Person
Technical aspects of this press release have been reviewed and approved under the supervision of Philip Mulholland, P.Geo. Mr. Mulholland is a Qualified Person (QP) under National Instrument 43-101 Standards of Disclosure for Mineral Projects.
About Lakewood Exploration
Lakewood Exploration is a junior resource company that controls the Lacy Gold Project in British Columbia, Canada, and the past-producing Silver Strand Mine in the Coeur d’Alene Mining District in Idaho, USA. The Company is rapidly advancing towards an initial drill program at Silver Strand with the aim of defining a large silver resource within a belt that has produced more than 1.2 billion ounces of silver to-date. Geologic studies indicate that the Silver Strand Mine is hosted by the Revett formation, suggesting the potential for significant down dip extensions as demonstrated by other major mines in the district. Previous operators were solely interested in developing the known shallow mineralization, with the mine’s lowest level extending only 90 metres below surface. Lakewood strives to become a multi-mine silver producer.
*Mineralization hosted on adjacent and/or nearby properties is not necessarily indicative of mineralization hosted on the Company’s property.
On Behalf of the Board of Lakewood Exploration Inc.
Morgan Lekstrom, President
Corporate Office: 551 Howe Street, Vancouver, British Columbia V6C 2C2, Canada
The CSE has neither approved nor disapproved the contents of this news release. Neither the CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
NEWTOWN, PA and VANCOUVER, BC / ACCESSWIRE / August 4, 2021 /Jericho Energy Ventures (TSXV:JEV)(FRA:JLM0)(OTC PINK:JROOF) (“Jericho” or “JEV” or the “Company”) is pleased to announce its wholly owned subsidiary, Hydrogen Technologies (“HT”), has filed for a series of new provisional patents associated with the advancements of its second generation hydrogen boiler with the US Patent and Trademark Office.
On May 26, 2021, JEV announced the launch of HT’s newest Generation 2.0 cleanH2steam Dynamic Combustion Chamber™ (DCC™) Boiler 3000 Series design. The second generation DCC™ Boiler has an improved and streamlined fuel delivery system featuring high precision mass flow meters, increased process monitoring and remote management options. Improvements were also made to the ignitor design providing optimum combustion resulting in higher thermal efficiencies.
The enhanced engineering design was also accompanied by an active procurement strategy which led to metallurgy changes that address the current high cost and long lead time of stainless steel in global supply chains.
There is no pathway to Net Zero targets without a robust, efficient, zero-emission boiler. Currently, 37 percent of the fossil fuels burned by US industry alone is to produce steam. HT’s DCC™ is the only zero-emissions, closed-loop hydrogen boiler, which produces clean process steam without generating any air pollutants or emissions. The DCC™ system is designed to replace existing boilers that burn coal, natural gas, diesel, or fuel oil, which are estimated to account for over 20 percent of all global greenhouse gasses emitted each year.
“Our Hydrogen Technologies team has made significant advances with the DCC™ boiler, leveraging Jericho’s financial and strategic capabilities to drive innovation,” said CEO Brian Williamson. “The DCC™, designed without a smokestack for energy dissipating heat and gasses, is the only hydrogen-based boiler with ZERO greenhouse gas emissions. Our disruptive technology enables meaningful GHG emissions reduction for large users of heat and steam. With the filing of our recent patent application, we are preparing a broader marketing campaign targeting users with large thermal loads worldwide.”
About Jericho Energy Venture
Jericho Energy Ventures (JEV) is focused on advancing the low-carbon energy transition with investments in hydrogen technologies, energy storage, carbon capture and new energy systems. JEV’s wholly owned subsidiary, Hydrogen Technologies, delivers patented, zero-emission boiler technology to the $30 Billion Commercial & Industrial heat and steam industry in addition to its investment in H2U‘s electrocatalyst and low-cost electrolyser platform. JEV also owns and operates producing oil and gas assets in the US Mid-Continent, predominantly in Oklahoma.
This news release contains certain “forward-looking information” within the meaning of applicable Canadian securities legislation and may also contain statements that may constitute “forward-looking statements” within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Such forward-looking information and forward-looking statements are not representative of historical facts or information or current condition, but instead represent only Jericho’s beliefs regarding future events, plans or objectives, many of which, by their nature, are inherently uncertain and outside of Jericho’s control. Generally, such forward-looking information or forward-looking statements can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or may contain statements that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “will continue”, “will occur” or “will be achieved”. Although Jericho believes that the assumptions and factors used in preparing, and the expectations contained in, the forward-looking information and statements are reasonable, undue reliance should not be placed on such information and statements, and no assurance or guarantee can be given that such forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information and statements. Forward-looking information and statements are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking information and statements which include, but are not limited to: the effects of and risks associated with the ongoing COVID-19 pandemic, the impact of general economic conditions, industry conditions and current and future commodity prices including sustained low oil prices, significant and ongoing stock market volatility, currency and interest rates, governmental regulation of the oil and gas industry, including environmental regulation; geological, technical and drilling problems; unanticipated operating events; competition for and/or inability to retain drilling rigs and other services; the availability of capital on acceptable terms; the need to obtain required approvals from regulatory authorities; liabilities inherent in oil and gas exploration, development and production operations; and the other factors described in our public filings available at www.sedar.com. Readers are cautioned that this list of risk factors should not be construed as exhaustive.The forward-looking information and forward-looking statements contained in this news release are made as of the date of this news release, and Jericho does not undertake to update any forward-looking information and/or forward-looking statements that are contained or referenced herein, except in accordance with applicable securities laws.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Vancouver, British Columbia–(Newsfile Corp. – August 3, 2021) – EMX Royalty Corporation (NYSE American: EMX) (TSXV: EMX) (FSE: 6E9) (the “Company” or “EMX”) is pleased to announce the filing on SEDAR of an amended and restated Timok Project Technical Report entitled: “NI 43-101 Technical Report – Timok Copper-Gold Project Royalty, Serbia” dated July 21, 2021 and with an effective date of December 31, 2020 prepared by Mineral Resource Management LLC (“MRM”). The amended and restated Technical Report can be found under the Company’s profile at www.sedar.com. EMX holds an uncapped 0.5% net smelter return (“NSR”) royalty on Timok’s Brestovać license, which covers the Čukaru Peki copper-gold development project. The Timok Project is controlled and being developed by Zijin Mining Group Co., Ltd (“Zijin”).
The amended and restated Timok Technical Report: a) restates the Timok Project resources and reserves for the Upper Zone and the resources for the Lower Zone as adopted from public disclosures by Zijin, which is the current owner and operator of the Timok Project. Zijin’s Timok Project resources and reserves, disclosed in its 2020 Annual Report, have been conformed to the requirements of NI 43-101 and are materially identical to those of the previous operator Nevsun, which were referenced in the original Report; and b) removes the discussion of EMX’s Brestovać West and Durlan Potok royalty properties from the section of the original Report entitled “Adjacent Properties” to comply with the requirements of NI 43-101. The discussion of these two royalty properties has been moved to the “Property Description and Location” section of this amended and restated Technical Report to accompany the discussion of the Brestovać royalty property.
Zijin is on a fast-track schedule for Timok’s Čukaru Peki high sulfidation epithermal copper-gold development project. Recently, Zijin stated in a news release dated June 16, 2021, that it “recently obtained the trial production permit for the processing facilities issued by the Serbian Ministry of Mining and Energy, and have entered the trial production stage. At present, the construction of the processing facilities of the project has been completed, and trial production and operation, construction conclusion and greening, etc. are being conducted at full speed. It is planned that all work of the trial production stage shall be completed for submission to the Ministry of Mining for acceptance check before September of this year. This will achieve a smooth transition from mine infrastructure construction to production and operation“. In addition to the Upper Zone, Čukaru Peki also hosts the underlying Lower Zone porphyry copper-gold resource project, which provides substantial exploration upside to EMX’s Brestovać royalty asset.
The start of trial production and the imminent commencement of commercial production this year at the Upper Zone represents an important milestone for EMX which purchased its key 0.5% NSR royalty on the Timok Project in 2013, shortly after the discovery of the Čukaru Peki copper-gold deposit (see EMX News Release dated February 4, 2014). This acquisition serves as an example of how EMX leveraged its in-country expertise through early recognition of the potential value of the Čukaru Peki discovery, but also through the understanding of where key royalty interests were held by third parties that were available for acquisition.
EMX congratulates Zijin on its ongoing progress in developing the Timok Project, and looks forward to new advancements as the work programs progress.
Dr. Eric P. Jensen, CPG, a Qualified Person as defined by National Instrument 43-101 and employee of the Company, has reviewed, verified and approved the disclosure of the technical information contained in this news release.
About EMX. EMX is a precious, base, and battery metals royalty company. EMX’s investors are provided with discovery, development, and commodity price optionality, while limiting exposure to risks inherent to operating companies. The Company’s common shares are listed on the NYSE American Exchange and TSX Venture Exchange under the symbol EMX. Please see www.EMXroyalty.com for more information.
For further information contact:
David M. Cole President and Chief Executive Officer Phone: (303) 979-6666 Dave@EMXroyalty.com
Scott Close Director of Investor Relations Phone: (303) 973-8585 SClose@EMXroyalty.com
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.
Forward-Looking Statements
This news release may contain “forward looking statements” that reflect the Company’s current expectations and projections about its future results. These forward-looking statements may include statements regarding perceived merit of properties, exploration results and budgets, mineral reserves and resource estimates, work programs, capital expenditures, timelines, strategic plans, market prices for precious and base metal, or other statements that are not statements of fact. When used in this news release, words such as “estimate,” “intend,” “expect,” “anticipate,” “will”, “believe”, “potential”, “upside” and similar expressions are intended to identify forward-looking statements, which, by their very nature, are not guarantees of the Company’s future operational or financial performance, and are subject to risks and uncertainties and other factors that could cause the Company’s actual results, performance, prospects or opportunities to differ materially from those expressed in, or implied by, these forward-looking statements. These risks, uncertainties and factors may include, but are not limited to: unavailability of financing, failure to identify commercially viable mineral reserves, fluctuations in the market valuation for commodities, difficulties in obtaining required approvals for the development of a mineral project, increased regulatory compliance costs, expectations of project funding by joint venture partners and other factors.
Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this news release or as of the date otherwise specifically indicated herein. Due to risks and uncertainties, including the risks and uncertainties identified in this news release, and other risk factors and forward-looking statements listed in the Company’s MD&A for the quarter ended March 31, 2021 (the “MD&A”), and the most recently filed Annual Information Form (the “AIF”) for the year ended December 31, 2020, actual events may differ materially from current expectations. More information about the Company, including the MD&A, the AIF and financial statements of the Company, is available on SEDAR at www.sedar.com and on the SEC’s EDGAR website at www.sec.gov.
Cranbrook, B.C.; August 3rd, 2021: Taiga Gold Corp (CSE:“TGC”) (“Taiga” or the “Company”) has mobilized crew to commence exploration activity at the Company’s 100% owned Mari Lake property, located in Saskatchewan, approximately 20 km northwest of Flin-Flon, Manitoba. The property is located within the Trans-Hudson Corridor, a geological belt which has historically been significantly under-explored in Saskatchewan.
The Mari Lake property is host to 2 documented gold mineralized occurrences hosted by complexly folded rocks associated with iron sulphides and minor copper in stringer veins and micro-fracture infillings. The two showing are located approximately 2.8 kilometers apart and occur within the same stratigraphic unit. Historical grab samples taken by BHP Minerals Canada Ltd. returned values of up to 12.69 g/t Au from the Aga Showing and 14.4 g/t Au from the Naza Showing. Humus samples collected by BHP suggest near-surface gold anomalies for at least 1km to the north of the Aga showing. Rock grab samples are selective samples by nature and as such are not necessarily representative of the mineralization hosted across the property.
The Mari Lake area was first mapped by the Saskatchewan Government between 1949-51. The first recorded industry work was by Hudson’s Bay Exploration and Development who completed a ground electromagnetic geophysical survey in the vicinity in 1964. Work in the area by BHP Minerals Canada Ltd. between 1989 and 1992 included airborne and ground geophysical surveys, followed-up with geological mapping, rock, lake sediment, and humus sampling. The follow-up work resulted in the discovery of the Aga and Naza occurrences.
The property has been tested with two diamond drill holes located 1.4 kilometers north of the Naza Showing and 1.3 kilometers west of the Aga Showing. Neither drill hole tested the target stratigraphy that hosts the gold mineralization. The above results and information were taken directly from the SMDI descriptions and assessment reports filed with the Saskatchewan government. Management cautions that historical results were collected and reported by past operators and have not been verified nor confirmed by a Qualified Person, but form a basis for ongoing work in the Mari Lake property area.
Fieldwork will be carried out by TerraLogic Exploration Services of Cranbrook, BC
Charles C. Downie, P.Geo., a “qualified person” for the purposes of National Instrument 43-101 – Standards of Disclosure for Mineral Projects, and a Director of Taiga Gold Corp., has reviewed and approved the scientific and technical disclosure in the news release.
About Taiga Gold Corp
Taiga Gold Corp was created through a plan of arrangement with Eagle Plains Resources Ltd. and owns 6 projects targeting gold located within the Trans Hudson Corridor in the area near the Seabee Gold Operation, owned and operated by SSR Mining. Taiga’s flagship “Fisher” property is currently being explored by the Fisher Joint Venture between SSR Mining and Taiga. Taiga’s 100%-owned Leland, Chico and SAM properties are currently under option to partners SKRR Exploration, Aben Resources and DJ1 Capital, respectively. Taiga continues to advance its 100%-owned Orchid and Mari Lake projects.
Taiga’s objective is to focus on the exploration and development of its gold projects located adjacent to the Seabee Gold Operation and along the Tabbernor Fault structure in eastern Saskatchewan, a highly prospective mining jurisdiction which was recently recognized by the Fraser Institute as one of the best places in the world in terms of Investment Attractiveness. Throughout the exploration and development process, our mission is to help maintain prosperous communities by exploring for and discovering resource opportunities while building lasting relationships through honest and respectful business practices.
Neither the CSE Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release. This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.
