I think depreciation is like magic.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proven Probable
Original Source: Click Here
Vancouver, British Columbia–(Newsfile Corp. – November 30, 2018) – Rise Gold Corp. (CSE: RISE) (OTCQB: RYES) (“Rise Gold” or the “Company“) announces the grant of 2,900,000 stock options to employees and directors of the Company pursuant to the terms of the Company’s Stock Option Plan. The options are exercisable at $0.10 per share for a period of five (5) years and expire on November 29, 2023.
About Rise Gold Corp
Rise Gold is an exploration-stage mining company. The Company’s principal asset is the historic past-producing Idaho-Maryland Gold Mine located in Nevada County, California, USA. The Idaho-Maryland Gold Mine is a past producing gold mine with total past production of 2,414,000 oz of gold at an average mill head grade of 17 gpt gold from 1866-1955. Historic production at the Idaho-Maryland Mine is disclosed in the Technical Report on the Idaho-Maryland Project dated June 1st, 2017 and available on www.sedar.com. Rise Gold is incorporated in Nevada, USA and maintains its head office in Vancouver, British Columbia, Canada.
On behalf of the Board of Directors:
Benjamin Mossman
President, CEO and Director
Rise Gold Corp.
For further information, please contact:
RISE GOLD CORP.
Suite 650, 669 Howe Street
Vancouver, BC V6C 0B4
T: 604.260.4577
info@risegoldcorp.com
www.risegoldcorp.com
The CSE has not reviewed, approved or disapproved the contents of this news release.
Forward-Looking Statements
This press release contains certain forward-looking statements within the meaning of applicable securities laws. Forward-looking statements are frequently characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate” and other similar words or statements that certain events or conditions “may” or “will” occur.
Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. Such forward-looking statements are subject to risks, uncertainties and assumptions related to certain factors including, without limitation, obtaining all necessary approvals, meeting expenditure and financing requirements, compliance with environmental regulations, title matters, operating hazards, metal prices, political and economic factors, competitive factors, general economic conditions, relationships with vendors and strategic partners, governmental regulation and supervision, seasonality, technological change, industry practices, and one-time events that may cause actual results, performance or developments to differ materially from those contained in the forward-looking statements. Accordingly, readers should not place undue reliance on forward-looking statements and information contained in this release. Rise undertakes no obligation to update forward-looking statements or information except as required by law.
Vancouver, British Columbia–(Newsfile Corp. – November 30, 2018) – EMX Royalty Corporation (TSXV: EMX) (NYSE American: EMX) (the “Company” or “EMX”)provides additional disclosure regarding the US$3.8 million in bonuses announced in its asset portfolio and corporate update on November 28, 2018. This additional disclosure includes a summary of the rationale, approval process, recipients, and allocations related to the bonus.
Bonus Rationale
The Board awarded the bonuses to EMX’s management and staff in respect of their seven years of effort to monetize the Company’s investment in IG Copper LLC (“IGC”). Their efforts included:
(1) identification of the investment opportunity;
(2) providing significant technical oversight towards the discovery of a world class copper deposit at Malmyzh;
(3) raising the capital necessary to advance Malmyzh despite challenging markets and jurisdictional risks;
(4) coordinating the sales effort for Malmyzh over a period of several years;
(5) managing an exit with Freeport, including arranging an US$18.5 million bridge loan, which led to a greater return for all of IGC’s shareholders, not the least of which was EMX 40% shareholding; and
(6) assisting IGC with the successful sale of Malmyzh to a wholly owned subsidiary of Russian Copper Company (“RCC”) in October for US$200 million.
The transaction with RCC took 10 months to complete and required numerous complicated steps, including obtaining approval from the Russian Federal Anti-Monopoly Service. The successful outcome was due, in large part, to the significant efforts of EMX’s team, IGC’s team, and IGC’s advisors, Scotia Bank Europe plc and the London office of Norton Rose Fulbright LLP. In the opinion of EMX’s Board of Directors, this was sound and proper rationale for the bonuses paid.
Bonus Approval Process
Prior to the Malmyzh sales transaction, EMX’s management had developed a bonus plan for strategic investments whereby 7.5% of the after-tax profits of an individual investment could be paid as a bonus to EMX’s management and staff. As part of the bonus calculation, the Company’s cost basis was increased annually by 10% to reflect the time value of the investment.
The strategic investment bonus calculation, along with management’s recommended allocation of bonuses, was then submitted to the Compensation Committee of EMX’s Board for its review. The Compensation Committee is comprised of three independent directors. The Committee met several times over the past four months, both with management and independently of management, as part of the approval process. The Committee recommended the US$3.8 million bonus pool and allocation to the Company’s Board. The independent members of the Board unanimously approved the bonus pool and allocation with Dave Cole and Michael Winn abstaining from voting.
Bonus Allocation
The Board has awarded the bonuses to EMX’s Chairman and all of EMX’s management and staff (which includes support staff in Vancouver provided by Seabord Services Corp). Bonuses were not paid outside the Company.
The two largest awards were paid to David Cole and Michael Winn as they actively managed the Company’s investment in IGC for the past seven years. The Compensation Committee also felt it was important to award significant bonuses to senior management regardless of time spent on the investment as a win of this type is a team effort. The bonus allocations are as follows:
| Name | Position |
Amount
(US$)
|
| David M. Cole1 | President & CEO | 1,100,000 |
| Michael Winn1 | Chairman of the Board | 1,000,000 |
| Eric Jensen1 | General Manager – Exploration | 400,000 |
| Dave Johnson1 | Chief Geologist | 400,000 |
| Christina Cepeliauskas | Chief Financial Officer | 175,000 |
| Jan Steiert | Chief Legal Officer | 175,000 |
| Other EMX Staff | 560,000 | |
| TOTAL | 3,810,000 | |
1 A portion of the bonuses to be paid to Dave Cole, Michael Winn, Eric Jensen,and Dave Johnson will be paid once the Company receives the final distribution by IGC related to escrowed funds.
About EMX. EMX leverages asset ownership and exploration insight into partnerships that advance our mineral properties, with EMX receiving pre-production payments and retaining royalty interests. EMX complements its royalty generation initiatives with royalty acquisitions and strategic investments.
The recent advancements of the Company’s asset portfolio underscore EMX’s focus on steadily increasing global revenue streams from strategic investments, royalties, and other payments. The Company’s goal is to substantially grow our cash flowing royalty portfolio while providing multiple opportunities for exploration and production success.
For further information contact:
David M. Cole
President and Chief Executive Officer
Phone: (303) 979-6666
Email: Dave@EMXroyalty.com
Scott Close
Director of Investor Relations
Phone: (303) 973-8585
Email: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” 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 September 30, 2018 (the“MD&A”), and the most recently filed Form 20-F for the year ended December 31, 2017, actual events may differ materially from current expectations. More information about the Company, including the MD&A, the 20-F 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.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vancouver, British Columbia–(Newsfile Corp. – November 29, 2018) – Great Bear Resources (TSXV: GBR) (the “Company” or “Great Bear”, TSX-V: GBR) today reported results from drilling of the Dixie Limb Zone (“DLZ”) completed during the Company’s summer 2018 drill program, and designed to test continuity of gold mineralization to depth. The DLZ is a multi-kilometre gold-mineralized contact that is located north of Great Bear’s recent high grade gold discoveries at the Hinge and South Limb Zones, and was the target of most historical drilling.
Great Bear also reports that 15 additional drill holes have now been completed in the Hinge and South Limb Zones (“SLZ”). Results are expected in one to two weeks and are not included in this news release.
Great Bear has systematically surveyed 108 historical drill collars and completed gyroscopic downhole surveys of 66 historical drill holes within the DLZ to-date. Results indicate many historical holes were mis-located, with maximum deviations approaching 100 metres, and historical drill directions deviated significantly from plan due to magnetic host rocks. These errors led to incorrect historical interpretations including that gold mineralization in the DLZ occurred in en-echelon lens-like zones lacking vertical continuity.
The Company tested vertical continuity of the DLZ’s gold mineralization with a series of 9 drill holes from 26 metres to 365 metres depth. All holes tested areas previously interpreted as unmineralized and cited as lacking geological continuity. All holes successfully intersected gold mineralization.
Highlights of the latest 9 drill holes testing the DLZ include:
- Intercepts of 6.71 g/t gold over 3.10 metres and 6.16 g/t gold over 2.30 metres, establishing continuity of gold mineralization into areas previously deemed to be unmineralized
- DLZ mineralization generally increases in thickness and gold grade with depth
- Intervals of higher grades (>6 g/t gold) were intersected in 5 of the 9 holes
- A newly identified parallel mineralized zone was intersected in one of the two deepest holes at 307 metres vertical depth in drill hole DL-031
Chris Taylor, President and CEO of Great Bear said, “While much of the past exploration work at Dixie was high quality, later interpretations of zone geometries were hampered by incorrect data. Using oriented drill core and gyroscopic surveys, we have cut through the effects of the magnetic background rocks which skewed past drilling and observe a consistent mineralized zone at the DLZ structure, including several steeply-plunging high-grade zones. This mineralization is open along strike and at depth. While more than 360 metres of continuity is a strong start, gold deposits in Red Lake often extend to kilometres of depth, and from that perspective we are only just scratching the surface of this zone’s potential.”
The most recent drill results are provided in Table 1. Highlighted results from the 2.3 kilometres of strike length of the DLZ drilled to-date are provided in Table 2. A summary of results of ongoing historical drill hole surveying is provided in Table 3. An updated long section of the DLZ including names and locations of various high-grade zones that will be targeted during the current drill program are provided in Figure 1. A map of current drill collars is provided in Figure 2.
Table 1: New drill results from the DLZ, showing vertical depth of intercepts. Drilling targeted previously interpreted unmineralized areas. Drilling is insufficient to determine true widths.
| Drill Hole | From (m) | To (m) | Width (m) | Gold (g/t) | Vert. Depth (m) | |
| DL-028 | 34.60 | 39.70 | 5.10 | 4.34 | 26 | |
| DL-028 | including | 35.60 | 38.70 | 3.10 | 6.71 | |
| DL-028 | and including | 36.10 | 38.20 | 2.10 | 8.10 | |
| DL-032 | 61.95 | 67.35 | 5.40 | 1.06 | 40 | |
| DL-029 | 46.70 | 50.70 | 4.00 | 3.23 | 41 | |
| DL-029 | including | 47.70 | 49.60 | 1.90 | 4.44 | |
| DL-029 | and | 76.00 | 78.00 | 2.00 | 3.33 | 69 |
| DL-026 | 81.55 | 84.00 | 2.45 | 2.48 | 69 | |
| DL-026 | 83.40 | 84.00 | 0.60 | 4.59 | ||
| DL-030 | 74.20 | 76.50 | 2.30 | 2.64 | 69 | |
| DL-027 | 382.70 | 403.50 | 20.80 | 1.60 | 304 | |
| DL-027 | and including | 387.30 | 388.30 | 1.00 | 6.09 | |
| DL-027 | and including | 387.30 | 387.80 | 0.50 | 10.70 | |
| DL-027 | and including | 397.50 | 399.00 | 1.50 | 4.46 | |
| DL-031 | Zone 1 | 335.20 | 337.50 | 2.30 | 6.16 | 257 |
| DL-031 | including | 336.30 | 337.50 | 1.20 | 9.27 | |
| DL-031 | Zone 2 | 423.25 | 433.85 | 10.60 | 1.39 | 324 |
| DL-031 | including | 432.00 | 433.85 | 1.85 | 3.84 | |
| DL-031 | and including | 432.00 | 432.60 | 0.60 | 6.03 | |
| DL-037 | 334.70 | 349.60 | 14.90 | 1.85 | 321 | |
| DL-037 | including | 335.30 | 335.85 | 0.55 | 7.74 | |
| DL-037 | and | 344.90 | 346.85 | 1.95 | 6.32 | |
| DL-036a | 358.50 | 362.10 | 3.60 | 2.50 | 346 | |
| DL-036a | including | 360.50 | 362.10 | 1.60 | 5.12 | |
| DL-036a | and including | 361.60 | 362.10 | 0.50 | 10.17 | |
| DL-036a | and | 368.45 | 377.90 | 9.45 | 2.38 | |
| DL-036a | and including | 369.60 | 371.25 | 1.65 | 4.07 | |
| DL-036a | and including | 377.40 | 377.90 | 0.50 | 15.67 | 365 |
Table 2: Highlighted results from previous DLZ drilling to-date
| Drill Hole | From(m) | To(m) | Width(m) | Gold(g/t) | Vertical Depth (m) | |
| DL-04-04 | 228.15 | 232.77 | 4.62 | 9.75 | 190 | |
| DL-04-06 | 333.3 | 345.67 | 12.34 | 7.54 | 323 | |
| including | 335.42 | 342.49 | 7.07 | 12.26 | ||
| and incl. | 335.42 | 336.88 | 1.46 | 40.27 | ||
| DL-11-05 | 132.2 | 138.5 | 6.30 | 10.78 | 116 | |
| including | 134.7 | 138.5 | 3.80 | 14.76 | ||
| and incl. | 135.8 | 137 | 1.20 | 30.48 | ||
| DL-005 | 162.6 | 173 | 10.40 | 16.84 | 128 | |
| including | 164.6 | 172.45 | 7.85 | 21.53 | ||
| and including | 171.4 | 172.45 | 1.05 | 130.10 | ||
| DNW-001 | 52.6 | 58.2 | 5.60 | 3.52 | 38 | |
| including | 56.8 | 58.2 | 1.40 | 12.74 | ||
| DL-013 | 47.7 | 88 | 40.30 | 1.73 | 40 | |
| including | 47.7 | 50 | 2.30 | 6.01 | ||
| including | 58 | 70.3 | 12.30 | 3.13 |
Table 3: Surveying results to-date showing deviations in historical results
| Type |
Number of Holes
Completed To-Date
|
Results |
| Differential GPS survey of drill collar locations |
225 (104 historic) |
Average horizontal shift of 4.39 m. Maximum horizontal shift of +/- 83.0 m E and +/- 51.72 m N. Average vertical shift of 4.03 m. Maximum vertical shift of +/- 51.67 m. |
| Non-magnetic (gyroscopic) downhole survey |
66 | Average deviation change of 7.95 m at the end of each drill hole. Maximum shift of 148 m at end of drill hole. Significant errors were also observed by Great Bear geologists when using a compass at surface. |
| Re-logging and sampling of historic core |
35 | Identified key lithological units and collected 1,566 samples for gold and ICP analysis |
Figure 1: Long section through the DLZ as drilled to-date showing currently reported drill results and locations of planned drill holes. The “88-4”, “5”, “Gap” and “88-4 Extension” zones are shown. All drill holes that intersect the DLZ contact in this area are shown. Areas without pierce points or composite intervals have not yet been drilled. Zone is open along strike and at depth.
Cannot view this image? Visit: http://media.zenfs.com/en-US/homerun/newsfile_64/0a3ee59eb2f7784731541703b3919009
To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/5331/41347_d19702c8b4f2abf0_002full.jpg
The Company is now conducting a 30,000 metre, 150 drill hole drill program that is expected to continue through 2018 and 2019. Targets to be drilled include the Hinge Zone, SLZ and DLZ, as well as a number of newly defined, highly prospective geological and structural targets across the project. Results will continue to be released in batches as received.
Highlights of all of Great Bear’s drill results can be viewed at the Company’s web site at www.greatbearresources.ca
Figure 2: Plan map showing updated collar locations of current and pending drill results
Cannot view this image? Visit: http://media.zenfs.com/en-US/homerun/newsfile_64/80a39ba4918c35e40bdb91bc77c7d941
To view an enhanced version of Figure 2, please visit:
https://orders.newsfilecorp.com/files/5331/41347_d19702c8b4f2abf0_003full.jpg
About Great Bear
The Dixie property is located approximately 15 minutes’ drive along Highway 105 from downtown Red Lake, Ontario. The Red Lake mining district has produced over 30,000,000 ounces of gold and is one of the premier mining districts in Canada, benefitting from major active mining operations including the Red Lake Gold Mine of Goldcorp Inc., plus modern infrastructure and a skilled workforce. The Dixie property covers a drill and geophysically defined multi-kilometre gold mineralized structure similar to that hosting other producing gold mines in the district. In addition, Great Bear is also earning a 100% royalty-free interest in its West Madsen properties which total 3,860 hectares and are contiguous with Pure Gold Mining Inc.’s Madsen property. All of Great Bear’s Red Lake projects are accessible year-round through existing roads.
Drill core is logged and sampled in a secure core storage facility located in Red Lake Ontario. Core samples from the program are cut in half, using a diamond cutting saw, and are sent to Activation Laboratories Ltd. in Ancaster Ontario, and SGS Canada Inc. in Red Lake, Ontario, both of which are accredited mineral analysis laboratories, for analysis. All samples are analyzed for gold using standard Fire Assay-AA techniques. Samples returning over 3.0 g/t gold are analyzed utilizing standard Fire Assay-Gravimetric methods. Certified gold reference standards, blanks and field duplicates are routinely inserted into the sample stream, as part of Great Bear’s quality control/quality assurance program (QAQC). No QAQC issues were noted with the results reported herein.
Mr. R. Bob Singh, P.Geo, Director and VP Exploration for Great Bear, is the Qualified Person as defined by National Instrument 43-101 responsible for the accuracy of technical information contained in this news release.
For further information please contact Mr. Chris Taylor, P.Geo, President and CEO at 604-646-8354, or Mr. Knox Henderson, Investor Relations, at 604-551-2360.
ON BEHALF OF THE BOARD
“Chris Taylor”
Chris Taylor, President and CEO
Inquiries:
Tel: 604-646-8354
Fax: 604-646-4526
info@greatbearresources.ca
www.greatbearresources.ca
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.
This new release may contain forward-looking statements. These statements are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could differ materially because of factors discussed in the management discussion and analysis section of our interim and most recent annual financial statement or other reports and filings with the TSX Venture Exchange and applicable Canadian securities regulations. We do not assume any obligation to update any forward-looking statements.
We seek safe harbor
TORONTO and NUCLA, Colo., Nov. 28, 2018 (GLOBE NEWSWIRE) — Western Uranium & Vanadium Corp. (CSE:WUC) (WSTRF) (“Western” or the ”Company”) wishes to provide an update regarding its announced re-opening of the Sunday Mine Complex (“SMC”) to address shareholder questions with respect to Western’s ore processing. Western is commencing this program with the goals of further defining its large vanadium resource and monetizing that resource. Western is in discussions with a number of large offshore companies who have the existing facilities to recover the vanadium contained in the SMC ore. The worldwide shortage of vanadium is impacting many companies around the world and thus making offtake agreements available for ore production. Initially ore will be shipped to existing offshore processing facilities with a longer term plan to build facilities in the United States. Once the SMC is opened, ore samples will be sent to the various interested parties for testing in their facilities. After testing, Western will negotiate offtake agreements to base load commercial production from the SMC.
As Western advances with its plans for re-opening of the SMC and is able to report on the timing of preparations, anticipated start dates and other milestones, Western will provide shareholders and investors with further updates.
In conjunction with the recent name change which reflects the increased importance of vanadium for the Company and the revised strategic approach to initiating production, Western has made updates to its website and corporate presentation. Further, a replay of George Glasier’s Silver & Gold Summit 2018 presentation has been uploaded to the media section of Western’s website. Please visit the Company website located at www.western-uranium.com for these updates.
About Western Uranium & Vanadium Corp.
Western Uranium & Vanadium Corp. is a Colorado based uranium and vanadium conventional mining company focused on low cost near-term production of uranium and vanadium in the western United States, and development and application of ablation mining technology.
Cautionary Note Regarding Forward-Looking Information: Certain information contained in this news release constitutes “forward-looking information” or a “forward-looking statement” within the meaning of applicable securities laws (collectively, “forward-looking statements”). Statements of that nature include statements relating to, or that are dependent upon: the Company’s expectations, estimates and projections regarding exploration and production plans and results; the timing of planned activities; whether the Company can raise any additional funds required to implement its plans; whether regulatory or analogous requirements can be satisfied to permit planned activities; and more generally to the Company’s business, and the economic and political environment applicable to its operations, assets and plans. All such forward-looking statements are subject to important risk factors and uncertainties, many of which are beyond the Company’s ability to control or predict. Please refer to the Company’s most recent Management’s Discussion and Analysis, as well as its other filings at www.sec.gov and/or www.sedar.com, for a more detailed review of those risk factors. Readers are cautioned not to place undue reliance on the Company’s forward-looking statements, and that these statements are made as of the date hereof. While the Company may do so, it does not undertake any obligation to update these forward-looking statements at any particular time, except as and to the extent required under applicable laws and regulations.
FOR ADDITIONAL INFORMATION, PLEASE CONTACT:
George Glasier
President and CEO
970-864-2125
gglasier@western-uranium.com
Robert Klein
Chief Financial Officer
908-872-7686
rklein@western-uranium.com
Bob Moriarty
Archives
Nov 27, 2018
| Lorimer Wilson January 24, 2011 $5,000 Gold Bandwagon Now Includes 85 Analysts! More and more economists, analysts and financial writers, 125 in fact, have taken the bold step of projecting the price at which gold will achieve its parabolic peak with 5 individuals claiming that the peak price will be realized sometime in 2011. Some have adjusted their previous prognostications higher given gold’s strong advance again in 2010 while others have jumped aboard what has become a bandwagon of optimism. The majority (85) maintain that $5,000 or more for gold is possible. These 5 Analysts Believe Gold Will Reach Parabolic Peak Sometime in 2011
These 6 Analysts See Gold Price Going Parabolic to +$10,000
These 46 Analysts See Gold Price Peaking Between $5,001 and $10,000
These 34 Analysts Believe Gold Price Could Go As High As $5,000
These 27 Analysts Believe Gold Will Achieve a Parabolic Peak Price Between $3,000 and $4,999
Source:- http://www.munknee.com |
There seems to be one name missing from the list. All those SWAGS have missed one important element. When you are talking about the price of gold, you are talking about two commodities, gold and whatever currency you are quoting the price in.
If you can’t predict the value of the dollar in the future with accuracy, you cannot predict the price of gold either.
Maybe they should have read what I think about “Experts” and “Gurus” in Nobody Knows Anything.
You should buy gold when it is cheap and unloved. You should then sell it when it is expensive and everyone loves it.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Vancouver, Canada, November 28, 2018 – Group Eleven Resources Corp. (TSX.V: ZNG; OTCQB: GRLVF; FRA: 3GE) (“Group Eleven” or the “Company”) is pleased to announce an updated Mineral Resource Estimate (“MRE”) for the Company’s Ballinalack zinc project in Ireland. The estimate was prepared by CSA Global (UK) Ltd. (“CSA Global”) under contract to SLR Environmental Consulting (Ireland) Ltd. (“SLR”) and was based on recent drilling by Group Eleven, as well as, historic drilling from the 1970s onwards. Ballinalack is a joint venture between Group Eleven (60%-interest) and Shenzhen Zhongjin Lingnan Nonfemet Company Limited (“Nonfemet”, 40%-interest), one of the largest zinc producers in China. The Project is located 50 kilometres from Boliden’s substantial Navan (Tara) zinc mine.
“We are very pleased with this first NI43-101 Mineral Resource estimate on the project as it demonstrates concrete progress at Ballinalack. Specifically, we are delighted that the average grade of the MRE is significantly higher than the historic estimate from 1991 and that the metal content, despite a higher cut-off, remains above a billion pounds of zinc and lead” stated Bart Jaworski, CEO. “Furthermore, the deposit is open along and across strike, corroborating our recent drilling which helped identify four targets in the lower Navan Beds, three of which already contain strongly mineralized historic intercepts.”
“Strategically, it is important to remember that Ballinalack is located only 50 kilometres from Boliden’s giant Navan zinc mine – the largest zinc mine in Europe. With the Ballinalack MRE completed, we now have a springboard from which to focus on significant discovery both near the deposit and regionally as part of our ongoing ‘Big Think’ initiative.”
The Ballinalack project contains estimated Inferred Mineral Resources of 5.4 million tonnes grading 8.7% Zn+Pb combined (7.6% zinc and 1.1% lead) and 9.0 g/t silver (see Exhibit 1). This represents the Company’s second resource after the maiden Inferred Mineral Resource announced on the 76.56%-interest Stonepark project, also located in Ireland (see news release dated April 17, 2018).
Exhibit 1. Summary table of Mineral Resource at Ballinalack zinc project, Ireland
| Resource Category | Tonnes | Grades | Metal Content (pounds) | ||||
| (‘000) | Zn (%) | Pb (%) | Zn+Pb (%) | Zn (mln) | Pb (mln) | Zn+Pb (mln) | |
| Inferred | 5,400 | 7.6 | 1.1 | 8.7 | 898 | 136 | 1,034 |
Note: See ‘Important Notes’ on Page 2 for additional notes regarding Mineral Resource reporting parameters and assumptions.
Mineralization is near-surface, occurring at depths ranging from 10 metres to 300 metres, and dips 15° to 20° to the north. The deposit shows reasonable continuity of mineralization and consists of sub-horizontal, strata-bound (5 to >30 metres thick) lenses of massive and semi-massive sphalerite and galena within the Waulsortian limestone. SLR and CSA Global comment that the deposit is open along and across strike and recommend additional step-out drilling to potentially augment the resource estimate. The study also states that the ‘greenfields’ exploration ground at the Ballinalack project has significant potential for further discovery.
The updated NI 43-101 technical report on the Ballinalack project will be published and submitted to SEDAR within 45 days of this news release.
Further Details on Ballinalack Mineral Resource Estimate
The MRE was based on 102 diamond drill holes totalling 26,042 metres. The average drill spacings are 40m by 40m. The MRE has an effective date of August 30, 2018 and is reported at a zinc equivalent (ZnEq) cut-off grade of 5.2%, based on NSR (net smelter return) calculations of conceptual operating costs and metal revenue, and indicates reasonable prospects for eventual economic extraction. NSR-based cut-off grades tend to fluctuate based on changes in global metal prices. For reference, the cut-off in the historic estimate from 19911 was 4% zinc.
Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. No economic study has been completed over the project and NSR calculations are conceptual in nature and used only as the basis for determining reasonable chances of eventual economic extraction, a requirement of mineral resource disclosure.
The average grade of silver as part of the MRE was 9.0 g/t. This is a conservative estimate based on the fact that a portion of intercepts used to define the MRE were not historically assayed for silver. These were recorded as 0 g/t silver in the database and as such were assumed by CSA Global to be below detection limit and set to 0.25 g/t silver (representing half of detection limit) during estimation.
For further information on the four Navan Bed targets identified by Group Eleven after recent drilling, please refer to news release dated August 7, 2018.
Important Notes (Mineral Resource at Ballinalack zinc project, Ireland)
Classification of the Ballinalack MRE was completed based on the guidelines presented by Canadian Institute for Mining (CIM), adopted for Technical reports which adhere to the regulations defined in Canadian National Instrument 43-101 (NI 43-101).
- Inferred Mineral Resources are at 5.2% zinc equivalent cut-off grade.
- Zinc Equivalent (ZnEq%) = (NSRPb + NSRZn + NSRAg in Pb + NSRAg in Zn)*100/(RZn*PZn* (PrZn-ScZn) – RZn*PZn*PrZn*(RoyZn/100))
- ZnEq cut-off grade (calculated from Net Smelter Return) using the following parameters:
- RZn: Metallurgical recovery of Zn, PZn: Zn price, ScZn: Selling cost for Zn, RoyZn: Royalty.
- Mining recovery of 95%; Mining dilution of 10%
- Mining cost of US$60.00/t; Processing cost of US$13.63/t
- Treatment charges of US$400/t of Zn concentrate and US$270/t of Pb concentrate; Refining charges of US$1.00/oz for Ag
- Concentrate transport to smelter: US$100/t of wet concentrate.
- Processing recovery 92.7% Zn; 54.1% Pb; 82.6% Ag in Zn; 9.4% Ag in Pb.
- Zinc price of US$2,954/t; Lead price of US$2,325/t; Silver price of US$15.79/oz
- Concentrate grade 64.4% Zn, 45% Pb, 98 g/t Ag in Zn, 104 g/t Ag in Pb; Concentrate moisture of 9%
- Payable Zn 85%, Pb 93%, Ag in Zn 49%, Ag in Pb 51.9%, with selling cost Zn US$1,259/t metal, Pb US$1,026/t metal, Ag in Zn US$6.73/t metal, and Ag in Pb US$6.97/t metal.
- Royalty of 4.5%.
- The Inferred Mineral Resource classification is based on geology, trends in mineralisation, drilling spacing, sampling QA/QC, estimation search pass number and number of samples, and zinc equivalent grade.
- Tonnages and metal are rounded to the nearest 100,000 to reflect this as an estimate.
- Assumed average in situ dry bulk density for mineralised material is 3.05 t/m3.
- Mineralisation wireframes were constructed using a minimum true thickness of 2.0 m, at 3% Zn+Pb natural cut-off.
- CSA Global is not aware of any known environmental, permitting, legal, title, taxation, socio-economic, marketing, political, or other relevant factors that could materially affect the MRE.
Qualified Person
Dr Belinda van Lente, a Qualified Person as defined by NI 43-101, independent of the Company, has reviewed and approved the scientific and technical information as related to the preparation and reporting of the Mineral Resource set out in this news release. Dr van Lente is a resource geologist with over 13 years of industry experience, both in a consulting and production environment. Her experience includes Mineral Resource Estimates and audits on various commodities. She has extensive experience in the practical application of estimation methods, standards and procedures used in the creation and declaration of Mineral Resource estimates and is a Member of the Geological Society of South Africa (GSSA) and the South African Council for Natural Scientific Professions (SACNASP).
Quality Assurance / Quality Control (QA/QC)
CSA Global’s Qualified Person has reviewed the QA/QC data and considers that the data support the use of the drillhole data in a Mineral Resource estimate to be reported specific to the standards dictated by NI 43-101 and Form 43-101F1 (Standards of Disclosure for Mineral Projects).CSA Global’s Qualified Person has reviewed the QA/QC data and considers the data to be fit-for-purpose to support reporting of a Mineral Resource in accordance with NI 43.101.
About Group Eleven Resources
Group Eleven Resources Corp. (TSX.V: ZNG; FRA: 3GE and OTC: GRLVF) is focused on zinc exploration in Ireland. The Company’s large land package (99 prospecting licenses totalling 3,200 square kilometres) allows Group Eleven to leverage new geological thinking and geophysical technology to systematically rethink key aspects of the Irish zinc district. Key projects include Ballinalack (with Joint Venture partner Nonfemet), Stonepark (with Joint Venture partner Connemara Mining), Silvermines and Tralee. The Company’s team includes accomplished mining professionals with direct experience in finding mines, building companies and exploring Irish zinc deposits.
Additional information about the Company is available at www.groupelevenresources.com.
ON BEHALF OF THE BOARD OF DIRECTORS
Bart Jaworski, P.Geo.
Chief Executive Officer
For more information, please contact:
Spiros Cacos, MA
Vice President, Investor Relations
E: s.cacos@groupelevenresources.com | T: +1 604 630 8839
Cautionary Note Regarding Forward-Looking Information
This press release contains forward-looking statements within the meaning of applicable securities legislation. Such statements include, without limitation, statements regarding the future results of operations, performance and achievements of the Company, including the timing, content, cost and results of proposed work programs, the discovery and delineation of mineral deposits/resources/ reserves and geological interpretations. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are typically identified by words such as: believe, expect, anticipate, intend, estimate, postulate and similar expressions, or are those, which, by their nature, refer to future events. The Company cautions investors that any forward-looking statements by the Company are not guarantees of future results or performance, and that actual results may differ materially from those in forward looking statements as a result of various factors, including, but not limited to, variations in the nature, quality and quantity of any mineral deposits that may be located. All of the Company’s public disclosure filings may be accessed via www.sedar.com and readers are urged to review these materials, including the technical reports filed with respect to the Company’s mineral properties, and particularly the technical report entitled “NI 43-101 Independent Report on a Base Metal Exploration Project at Ballinalack, Co. Westmeath, Ireland” with an effective date of November 20, 2017 by John Kelly and Paul Gordon (SLR Consulting Ireland) with respect to the Ballinalack project.
1 A historical estimate of 7.7 million tonnes grading 6.3% zinc + 1.0% lead (7.3% combined) was previously disclosed on the Ballinalack project. The historical estimate is described in a report prepared by the Robertson Group plc in 1991 and is classified under the “IMM Definition of Terms for Reporting Assets” as an “Indicated Mineral Resource,” using a 4.0% zinc cut-off.