Proven Probable
- APC-64 intersected 451.40 metres grading 2.67 g/t gold equivalent from near surface, including 98.50 metres @ 3.36 g/t gold equivalent in the sheeted CBM vein zone located above and contiguous to the Apollo porphyry system. On a gram x metre basis, APC-64 returned 1,206 g/t gold equivalent, which represents the second largest grade accumulation drilled to date at Apollo. The hole bottomed in mineralization with the final 10 metres grading 0.76 g/t AuEq.
- APC-63 intersected 593.65 metres grading 1.69 g/t gold equivalent including 353.10 metres @ 1.39 g/t gold equivalent from surface in the same sheeted CBM vein zone before transitioning into the brecciated porphyry system. The hole bottomed in mineralization with the final 11.85 metres grading 0.75 g/t AuEq.
- As a result of hole APC-63 and APC-64, the overall maximum known area of outcropping mineralization (combined brecciated porphyry and sheeted CBM vein zones) has expanded to 320 metres by 220 metres (previously 260 metres by 220 metres) and remains open for expansion to the north. New drill pads are nearing completion and are designed to test for extensions to the shallow mineralization, with drilling set to commence before the end of September 2023.
- Drill hole APC-67 was designed to test Target 2 to the northeast of the Apollo system and cut significant shallow mineralization grading 53.55 metres @ 1.31 g/t gold equivalent from 109.25 metres down hole. Based on new modelling, the Company believes that this intercept is an extension to the Apollo system and as a result the maximum known strike length of the system has been increased by 65 metres and now measures 520 metres in strike (previously 455 metres) by 395 metres width by 915 metres vertical. Apollo remains open for further expansion in various directions.
- Eleven new holes have been completed in the Apollo system with assays pending including APC-65 and APC-72, which cut long mineralized and continuous zones of the sheeted CBM vein system and the brecciated porphyry.
Ari Sussman, Executive Chairman commented: “The Apollo system continues to shine with the system continuing to expand. Our corporate strategy for the Guayabales project for the balance of 2023 and into 2024 is to focus on growth through the drill bit by looking to grow the sheeted vein and brecciated porphyry systems at Apollo and testing the six targets which surround it. In fact, we have already discovered new mineralization through reconnaissance drilling at Targets 1 and 2 with assay results outstanding for hole APC-68, which tested Target 3. Over the next few days, we will begin testing Target 6 for the first time and are excited about its potential given we have sampled oxidized mineralized sheeted CBM veins within a brecciated porphyry body at surface. Lastly, we have completed the initial two holes at the Plutus system’s northern corridor with a third hole about to start. It is a busy and exciting time for the Company with five drill rigs now operating at site.”
TORONTO, Sept. 7, 2023 /CNW/ – Collective Mining Ltd. (TSX: CNL) (OTCQX: CNLMF) (“Collective” or the “Company”) is pleased to announce assay results for four holes drilled at the Apollo area, which is part of the Guayabales project located in Caldas, Colombia. Apollo already hosts an outcropping high-grade, bulk tonnage copper-silver-gold porphyry system and six newly generated targets surrounding it. The porphyry system at Apollo owes its excellent metal endowment to an older copper-silver and gold porphyry system being overprinted by younger precious metal rich, carbonate base metal veins (intermediate sulphidation porphyry veins) within a magmatic, hydrothermal inter-mineral breccia and diorite porphyry bodies currently measuring 520 metres x 395 metres x 915 metres and open for expansion.
Details (See Table 1 and Figures 1-4)
This press release outlines results from four holes testing the Apollo system. Step out holes APC-63 and APC-64 were drilled northeastwards to test an upper zone of sheeted CBM veining and continued, directly below, within depth extensions to the main brecciated porphyry body. Exploratory holes APC-66 and APC-67 were drilled to test potential extensions to the Apollo system in previously undrilled areas in the northwest and at exploration Target 2 in the northeast.
APC-63 was drilled northeastwards from Pad 10 to a maximum downhole depth of 593.65 metres (557 metres vertical due to topography). The hole commenced in grade within oxides from surface and was drilled in continuous mineralization to the end of the hole. The first 353.10 metres downhole cut the recently discovered outcropping sheeted CBM vein zone located above the main brecciated porphyry body. The sheeted CBM vein zone hosts chalcopyrite, sphalerite, and galena up to 0.8% while the brecciated porphyry zone below consisted of sulphides filling the cement matrix hosting 0.2% chalcopyrite, 1.2% pyrite, 0.5% sphalerite, 0.3% galena and pyrrhotite (up to 0.7%). The hole bottomed in mineralization with the final 11.85 metres averaging 0.75 g/t gold equivalent with assay results as follows:
- 593.65 metres @ 1.69 g/t gold equivalent from surface (consisting of 1.46 g/t gold, 15 g/t silver and 0.03% copper) including:
APC-64 was drilled to the east-northeast from Pad 9 to a maximum downhole depth of 484.8 metres (435 metres vertical due to topography) and was designed to test the shallow, high grade, sheeted CBM zone and the main brecciated porphyry zone contiguous and below it. The drill hole intercepted 451.40 metres of continuous mineralization beginning at 33.40 metres downhole within the upper sheeted CBM vein zone for 98.50 metres with mineralization associated to sphalerite (up to 5%), galena (up to 3%), pyrite and chalcopyrite (up to 1%). Below this sheeted CBM zone, the hole transitioned into the brecciated porphyry zone until the end of the hole at 484.80 metres. At 309.40 metres downhole, a high-grade 70.95 metres long zone of brecciated porphyry with a strong CBM vein sulphide overprint was intercepted containing a sulphide cement matrix of chalcopyrite (0.5% to 1.5%), pyrite (up to 2%), pyrrhotite (up to 0.6%) and sphalerite and galena (up to 1%). The hole bottomed in mineralization with the final ten metres yielding 0.76 g/t gold equivalent. The following assay results are highlighted:
- 451.40 metres @ 2.67 g/t gold equivalent from 33.40 metres downhole (consisting of 1.48 g/t gold, 57 g/t silver and 0.26% copper) including:
As a result of holes APC-63 and APC-64, the zone of outcropping mineralization (combined brecciated porphyry and sheeted CBM vein zones), has expanded to 320 metres by 220 metres (previously 260 metres by 220 metres) and remains open for expansion to the north. New drill pads are nearing completion with drilling designed to test for further expansions to the shallow mineralization and scheduled to commence before the end of September 2023.
APC-66 was drilled steeply to the southwest from Pad 1 to a final downhole depth of 514.05 metres (503 metres vertical due to topography) and intercepted a much shallower projection to the brecciated porphyry zone in this area compared to what the model previously predicted. An upper zone at 245.20 metres downhole consists of 22.25 metres of CBM vein mineralization overprinting quartz diorite porphyry rock. A 101.05 metres zone of brecciated porphyry, commencing at 292.50 metres downhole, contains a sulphide cement matrix of chalcopyrite (0.1% to 0.2%), pyrite (up to 1.5%), pyrrhotite (up to 1.0%) and sphalerite (up to 0.3%). The following assay results are highlighted:
- 22.25 metres @ 0.51 g/t gold equivalent from 245.15 metres downhole (consisting of 0.28 g/t gold, 12 g/t silver and 0.04% copper), and
- 101.05 metres @ 0.87 g/t gold equivalent from 292.50 metres downhole (consisting of 0.62 g/t gold, 14 g/t silver and 0.04% copper) including:
APC-67 was drilled to the east from Pad 5 to test Target 2, located to the northeast of Apollo and which is one of the six recently generated new targets within the Apollo area. The hole was drilled to a downhole depth of 225.65 metres (149 metres vertical due to topography) and encountered 53.55 metres of mineralization from 109.25 metres downhole related to brecciated porphyry with its cement matrix consisting of chalcopyrite traces, pyrite (1.2%), sphalerite (1.0%) and galena (0.5%). Based on new interpretation by the Company, this intercept confirms an extension of the Apollo porphyry system to the northeast with maximum known dimensions now measuring 520 metres x 395 metres x 915 metres (previously 455 metres x 395 metres x 915 metres). The system remains open for expansion in the north, southeast and at depth with assay results as follows:
- 53.55 metres @ 1.31 g/t gold equivalent from 109.25 metres downhole (consisting of 1.13 g/t gold, 11 g/t silver and 0.02% copper) including:
Apollo Drill Program and Assay Update
The 2023 Phase II drilling program is advancing on schedule with assay results reported for 36 holes and an additional eleven holes awaiting assay results from the lab. Since the announcement of the discovery hole at Apollo in June 2022, a total of 67 drill holes (approximately 29,109 metres) have been completed and assayed.
With five diamond drill rigs now operating at site, the Company is focused on:
- Expanding the Apollo porphyry system including depth extensions and high-grade sub-zones.
- Further drill testing to expand the newly discovered, east-west trending, shallow and outcropping, sheeted CBM vein zone.
- Testing the remaining three of six newly generated targets surrounding the Apollo porphyry system. Three targets have been drill tested to date with new mineralization being discovered at Targets 1 and 2 with assay results pending for a hole which tested Target 3.
- Testing Plutus, a new large-scale porphyry target located up to 1.5 kilometres east of Apollo.
- Generating new exploration targets for future drilling.
The Apollo area, as defined to date by surface mapping, rock sampling and copper and molybdenum soil geochemistry covers a 1,000 metres X 1,200 metres area and represents a large and unusually high-grade copper-silver-gold porphyry system. Mineralization styles include early-stage porphyry veins, inter-mineral brecciated porphyry mineralization and multiple zones of late stage, sheeted, carbonate-base metal veins with high gold and silver grades. The Apollo area is still expanding as the Company’s geologists have found multiple additional outcrop areas with porphyry veining, breccia, and late stage, sheeted, carbonate base metal veins. (See press release dated April 18, 2023)
Results for holes outlined in this press release are summarized below:
Table 1: Assay Results for APC-63, APC-64, APC-66 and APC-67
| Hole # | From (m) | To (m) | Length (m) | Au g/t | Ag g/t | Cu % | Mo % | AuEq g/t* |
| APC-63** | – | 593.65 | 593.65 | 1.46 | 15 | 0.03 | 0.001 | 1.69 |
| Incl | – | 353.10 | 353.10 | 1.16 | 15 | 0.02 | 0.002 | 1.39 |
| and incl | 353.10 | 593.65 | 240.55 | 1.90 | 15 | 0.03 | 0.001 | 2.12 |
| APC-64** | 33.40 | 484.80 | 451.40 | 1.48 | 57 | 0.26 | 0.001 | 2.67 |
| Incl | 34.65 | 133.15 | 98.50 | 3.13 | 16 | 0.05 | 0.001 | 3.36 |
| and incl | 309.40 | 380.35 | 70.95 | 2.05 | 104 | 0.38 | 0.001 | 4.10 |
| APC-66 | 245.15 | 267.40 | 22.25 | 0.28 | 12 | 0.04 | – | 0.51 |
| And | 292.50 | 393.55 | 101.05 | 0.62 | 14 | 0.04 | 0.001 | 0.87 |
| Incl | 348.10 | 362.25 | 14.15 | 0.89 | 19 | 0.04 | 0.001 | 1.21 |
| and incl | 384.00 | 393.55 | 9.55 | 2.27 | 39 | 0.10 | 0.005 | 2.96 |
| APC-67 | 109.25 | 162.80 | 53.55 | 1.13 | 11 | 0.02 | 0.002 | 1.31 |
| Incl | 112.20 | 136.85 | 24.65 | 2.21 | 19 | 0.03 | 0.002 | 2.47 |
| *AuEq (g/t) is calculated as follows: (Au (g/t) x 0.97) + (Ag g/t x 0.016 x 0.88) + (Cu (%) x 1.79 x 0.90)+ (Mo (%)*11.62 x 0.85) utilizing metal prices of Cu – US$3.85/lb, Ag – $24/oz Mo – US$25/lb and Au – US$1,475/oz and recovery rates of 97% for Au, 88% for Ag, 85% for Mo, and 90% for Cu. Recovery rate assumptions are speculative as limited metallurgical work has been completed to date. True widths are unknown, and grades are uncut. |
| ** Hole bottomed in strong mineralization |
About Collective Mining Ltd.
To see our latest corporate presentation and related information, please visit www.collectivemining.com
Founded by the team that developed and sold Continental Gold Inc. to Zijin Mining for approximately $2 billion in enterprise value, Collective Mining is a copper, silver, and gold exploration company with projects in Caldas, Colombia. The Company has options to acquire 100% interests in two projects located directly within an established mining camp with ten fully permitted and operating mines.
The Company’s flagship project, Guayabales, is anchored by the Apollo system, which hosts the large-scale, bulk-tonnage and high-grade copper-silver-gold Apollo porphyry system. The Company’s near-term objective is to drill the shallow portions of the Apollo system, continue to expand the overall dimensions of the system, which remains open in most directions and test newly generated grassroots targets.
Management, insiders and close family and friends own nearly 45% of the outstanding shares of the Company and as a result, are fully aligned with shareholders. The Company is listed on the TSX under the trading symbol “CNL” and on the OTCQX under the trading symbol “CNLMF”.
Qualified Person (QP) and NI43-101 Disclosure
David J Reading is the designated Qualified Person for this news release within the meaning of National Instrument 43-101 (“NI 43-101”) and has reviewed and verified that the technical information contained herein is accurate and approves of the written disclosure of same. Mr. Reading has an MSc in Economic Geology and is a Fellow of the Institute of Materials, Minerals and Mining and of the Society of Economic Geology (SEG).
Technical Information
Rock, soils and core samples have been prepared and analyzed at SGS laboratory facilities in Medellin, Colombia and Lima, Peru. Blanks, duplicates, and certified reference standards are inserted into the sample stream to monitor laboratory performance. Crush rejects and pulps are kept and stored in a secured storage facility for future assay verification. No capping has been applied to sample composites. The Company utilizes a rigorous, industry-standard QA/QC program.
Information Contact:
Follow Executive Chairman Ari Sussman (@Ariski73) and Collective Mining (@CollectiveMini1) on Twitter
FORWARD-LOOKING STATEMENTS
This news release contains “forward-looking information” within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking information and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussion with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often, but not always using phrases such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or variations (including negative variations) of such words and phrases, or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved) are not statements of historical fact and may be forward-looking information. In this news release, forward-looking information relate, among other things, to: anticipated advancement of mineral properties or programs; future operations; future growth potential of Collective; and future development plans.
These forward-looking statements, and any assumptions upon which they are based, are made in good faith and reflect our current judgment regarding the direction of our business. Management believes that these assumptions are reasonable. Forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include, among others: risks related to the speculative nature of the Company’s business; the Company’s formative stage of development; the Company’s financial position; possible variations in mineralization, grade or recovery rates; actual results of current exploration activities; conclusions of future economic evaluations; fluctuations in general macroeconomic conditions; fluctuations in securities markets; fluctuations in spot and forward prices of gold, precious and base metals or certain other commodities; fluctuations in currency markets; change in national and local government, legislation, taxation, controls regulations and political or economic developments; risks and hazards associated with the business of mineral exploration, development and mining (including environmental hazards, industrial accidents, unusual or unexpected formation pressures, cave-ins and flooding); inability to obtain adequate insurance to cover risks and hazards; the presence of laws and regulations that may impose restrictions on mining; employee relations; relationships with and claims by local communities and indigenous populations; availability of increasing costs associated with mining inputs and labour; the speculative nature of mineral exploration and development (including the risks of obtaining necessary licenses, permits and approvals from government authorities); and title to properties, as well as those risk factors discussed or referred to in the annual information form of the Company dated April 7, 2022. Forward-looking information contained herein are made as of the date of this news release and the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results, except as may be required by applicable securities laws. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements and there may be other factors that cause results not to be anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information.
SOURCE Collective Mining Ltd.
View original content to download multimedia: http://www.newswire.ca/en/releases/archive/September2023/07/c3353.html
Burlington, Ontario–(Newsfile Corp. – September 7, 2023) – Silver Bullet Mines Corp. (TSXV: SBMI) (OTCQB: SBMCF) (‘SBMI’ or ‘the Company’) announces the continuation of mining operations at the Buckeye Mine in Arizona and a cash infusion.
The aberrant extremely hot weather continued in Arizona throughout most of August, preventing work from then being carried out at the mill or at the Buckeye Mine. The temperature on the concrete mill pad during this period on occasion exceeded 150 degrees Fahrenheit. Running the mill in such hot weather would have been a danger to the proper functioning of the equipment. Mining, whether during the day or at night, would have been an unacceptable safety risk to the field team.
The hot weather has finally abated and the Company is pleased to announce the continuation of mining operations at the Buckeye Mine. Processing material at the mill should continue within roughly one month.
SBMI has been advised by the United States Forest Service that in August, 2023 lightning caused a fire near the Buckeye Mine. The USFS graded the road leading to the Buckeye Mine to allow it to bring in equipment needed to fight the fire.
The annual taxes on the BLM lands comprising part of the Black Diamond property, which surrounds the Buckeye Mine, have been paid.
SBMI is pleased to announce it has entered into an agreement with an arm’s length third party (the “Investor”) for the amount of USD$350,000. This investment is structured as a loan having a five year term and a zero per cent interest rate. The first tranche of this investment is USD$225,000 which has been received by SBMI, and the second tranche of USD$125,000 is contemplated to be forwarded to SBMI five days after the first shipment of silver dore has been received by the Investor. The loan is secured by two pieces of equipment onsite in Arizona.
This relationship with the Investor should allow SBMI to better execute its business model, substantially increase its revenue and expand its operations.
The Investor carried out an extensive due diligence review on SBMI, including a site visit to the Buckeye Mine and the mill, and including metallurgy on sample dore bars from the Buckeye. As a result of such extensive review, the Investor has asked SBMI to work with it to advance other projects in which the Investor is involved. The first two such projects under consideration are in Arizona and Colorado. It is intended that SBMI will provide mining, metallurgical and processing services to the Investor using SBMI’s state-of-the-art milling infrastructure and facilities. The SBMI mill should be capable of handling any of the Investor’s products under consideration, and being modular, can be expanded to increase its capacity as required.
The Investor is also a potential purchaser of dore bars to be produced at the mill. As the relationship evolves, it is likely the Investor will become SBMI’s largest customer.
On July 7, 2023 SBMI announced the extension of the silver purchase agreement with the Purchaser described in its April 27, 2023 and May 4, 2023 press releases. Effective June 30, 2023, the Purchaser and SBMI verbally agreed to extend the term of such agreement to August 31, 2023, and worked towards reducing such verbal agreement to writing. The Purchaser and SBMI continue in good faith to try to reduce the June 30, 2023 verbal agreement to writing including a new extension date.
The test-run shipment of silver, as described in the Company’s June 14, 2023 press release, from SBMI to the Purchaser was received and tested by the Purchaser. The 102 ounces comprising the test-run contained dore bars consisting of varying amounts of silver, copper, and other materials. The Purchaser has tested the dore bars to determine what composition is best suited for its purposes.
As for further detail in the mining activities, the Company reached the Treasure Room in March, 2022. Higher grade material was found in the wall rock, and the Company’s intention at the time was to commence mining on the other side of the Treasure Room where the vein is clearly visible. Unfortunately, unsafe working conditions due to ceiling instability meant the Company could not cross the Treasure Room and instead had to mine around the Treasure Room into the diabase. This added roughly 150 feet of drifting through harder host rock. During this time, encouraging values were obtained from samples but were not of sufficient volume to run the mill efficiently.
Until paused by the unusual heat wave, such mining activity had advanced approximately 600 feet from the portal entrance to the Treasure Room, then around the Treasure Room, and then along the vein. The team now continues to drift along the vein towards a targetted area. The Company estimates that it is relatively close to drifting into historical drill holes which can be traced from the casings on surface. The Company’s information related to those historical drill holes and the historical assaying of them do not meet NI43-101 standards and cannot be disclosed.
In furtherance of its understanding of the vein and the host rock, a Lidar survey of the Buckeye Mine was recently carried out.
At some time in the future, the Company will return to the Treasure Room (once fully safetied) and will develop the lower levels where the Company believes there to be more higher grade material. The cost and timing of such activities have not been determined at this time.
For further information, please contact:
John Carter
Silver Bullet Mines Corp., CEO
cartera@sympatico.ca
+1 (905) 302-3843
Peter M. Clausi
Silver Bullet Mines Corp., VP Capital Markets
pclausi@brantcapital.ca
+1 (416) 890-1232
Cautionary and Forward-Looking Statements
This news release contains certain statements that constitute forward-looking statements as they relate to SBMI and its subsidiaries. Forward-looking statements are not historical facts but represent management’s current expectation of future events, and can be identified by words such as “believe”, “expects”, “will”, “intends”, “plans”, “projects”, “anticipates”, “estimates”, “continues” and similar expressions. Although management believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that they will prove to be correct.
By their nature, forward-looking statements include assumptions, and are subject to inherent risks and uncertainties that could cause actual future results, conditions, actions or events to differ materially from those in the forward-looking statements. If and when forward-looking statements are set out in this new release, SBMI will also set out the material risk factors or assumptions used to develop the forward-looking statements. Except as expressly required by applicable securities laws, SBMI assumes no obligation to update or revise any forward-looking statements. The future outcomes that relate to forward-looking statements may be influenced by many factors, including but not limited to: the impact of SARS CoV-2 or any other global virus; reliance on key personnel; the thoroughness of its QA/QA procedures; the continuity of the global supply chain for materials for SBMI to use in the production and processing of ore; shareholder and regulatory approvals; activities and attitudes of communities local to the location of the SBMI’s properties; risks of future legal proceedings; income tax matters; fires, floods and other natural phenomena; the rate of inflation; availability and terms of financing; distribution of securities; commodities pricing; currency movements, especially as between the USD and CDN; effect of market interest rates on price of securities; and, potential dilution. SARS CoV-2 and other potential global pathogens create risks that at this time are immeasurable and impossible to define.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/179793
Vancouver, British Columbia –News Direct– West Red Lake Gold Mines Ltd.
September 7, 2023 – TheNewswire – Global Stocks News – On September 6, 2023 West Red Lake Gold Mines (TSXV:WRLG) (OTC:WRLGF) CEO Shane Williams sent part one of seven communications to WRLG shareholders.
Williams has designed, built and operated mines around the world – for Skeena Resources, Eldorado Gold and Rio Tinto.
CEO Message Part 1: An Introduction to West Red Lake Gold Mines and its properties.
By Shane Williams – CEO of West Red Lake Gold Mines
Thank you for your interest in West Red Lake Gold Mines.
I know that you are busy and bandwidth is squeezed, so let’s cut to the chase.
Our flagship Ontario asset – The Madsen Gold Mine – is debt free, fully permitted, and has a brand new 800+ tonne per day mill, a tailings and water treatment facility.
The “lower-grade” near surface zone is about 3.5 grams/tonne gold, the higher-grade zone at 500 meters averages 9 grams/tonne gold.
At its peak, the asset was valued at over a billion dollars, 10X our current market cap. There is smart money heavily invested in the current project – Frank Guistra (10%); Sprott Resource (24%).
The previous operator was under-capitalised. Debt repayment obligations forced the company into a quick-to-cash-flow mine model that was ultimately expensive and inefficient.
I have designed, built and operated mines (open pit and underground) in Greece, Turkey and Canada – for Skeena Resources, Eldorado Gold and Rio Tinto. Under Frank Guistra’s guidance, my team conducted three months intense due-diligence on this project. It is clear to me and our technical team, the problems with this mine had to do with management strategies, not the asset itself.
Geologically, metallurgically, politically and environmentally we are not aware of any big negatives with this mine.
We purchased this asset for pennies on the dollar when nobody cared about gold. Investors are starting to care now. With global debt levels reaching $305 trillion, we anticipate the gold price reaching new highs.
The Red Lake District is one of the most prolific gold districts on the planet with over 30 million ounces produced. Our 47 Km2 land package is 13 X bigger than NYC’s Central Park.
Next week in Part 2 of my message to shareholders, I will explain how the previous operators got it wrong, and how we are getting it right.
Sincerely,
Shane Williams
We invite you to click on this button to learn more about West Red Lake Gold Mines.
On September 6, 2023 WRLG announced the beginning of surface drilling at the Wedge target, located about two kilometres southwest from its 100% owned Madsen Mine in the prolific Red Lake Gold District of Northwestern Ontario, Canada.
“The drilling program will consist of up to 3,000 metres with the goal of growing and upgrading the existing mineral resources at Wedge,” stated WRLG. “Which currently contain an Indicated mineral resource of 56,100 ounces grading 5.6 grams per tonne gold, with an additional Inferred resource of 78,700 oz grading 5.7 g/t gold.
HIGHLIGHTS:
- Surface exploration drilling to commence at the Wedge target – located 2 km southwest from the Madsen Mine
- Drilling will be focused on extending high-grade zones at Wedge and increasing confidence in the overall mineral resource
- Wedge currently hosts an Indicated resource of 56,100 oz of gold grading 5.6 g/t Au1 and an Inferred resource of 78,700 oz of gold grading 5.7 g/t Au1
- The Wedge resource sits adjacent to the past-producing Starratt-Olsen Mine which historically processed 823,554 tonnes grading 6.16 g/t Au for approximately 163,000 oz of gold[2]
- Previous drilling highlights from the Wedge target include:
- Hole PG17-486 Intersected 10.33 m @ 24.94 g/t Au, from 16.67 m to 27 m
- Hole PG17-467 Intersected 16.6 m @ 17.49 g/t Au, from 11.45 m to 28 m
- Hole PG17-482 Intersected 14.4 m @ 8.35 g/t Au, from 28 m to 42.4 m
- Hole PG19-643 Intersected 1 m @ 108.5 g/t Au, from 103 m to 104 m
“Our team is very excited to be back drilling near the Madsen Mine asset,” stated Williams. “We view Wedge as a key component in our overall vision of staying committed to exploration and unlocking the full potential of all our high-grade assets in the Red Lake Mining District.”
“With Wedge being located just 2 km away from the existing mill facilities at Madsen,” continued Williams. “On fully patented claims and directly adjacent to the past-producing Starratt-Olsen mine, we can see a clear path forward for permitting at Wedge and view it as a high-caliber candidate for a future mill-feed source at Madsen.”
West Red Lake Gold has sold off heavily this week during a “pan-sell-off” that included bonds, metals, oil and crypto.
“A strong U.S. dollar and elevated U.S. Treasury yields are bearish outside market elements working against the precious metal [gold],” reported Kitco.com on September 6, 2023.
GSN is not aware of any negative material change to the company’s operations or its ability to build a profitable gold mine.
Contact: guy.bennett@globalstocksnews.com
View source version on newsdirect.com: https://newsdirect.com/news/west-red-lake-gold-mines-wrlg-v-ceo-message-part-1-an-introduction-to-wrlg-and-its-properties-514170854
VANCOUVER, BC / ACCESSWIRE / September 7, 2023 / Rover Metals Corp. (TSXV:ROVR)(OTCQB:ROVMF)(FSE:4XO) (“Rover” or the “Company“) is pleased to announce that further to its release of August 1, 2023, management of the Company, including Mr. James Ingraffia, have completed a successful field visit and surface sampling program at the Let’s Go Lithium (“LGL”) project, NV, USA.
Summer 2023 Work Program
Management, including Mr. Ingraffia, spent a week in the field this summer at the LGL program. The purpose of the field visit was to orient Mr. Ingraffia with the project as well as confirm previously reported high-grade lithium surface samples at the project, with the goal of starting work on a geological map of the clay body at LGL. Mr. Ingraffia will work with Rover’s CEO, in the coming weeks and months, on a Plan of Operations For Exploration and any necessary environmental assessment that may be required under the U.S. National Environmental Policy Act (“NEPA”).
James Ingraffia
James is a senior lithium geologist specializing in Nevada. Mr. Ingraffia is the founder of Lithium Arrow LLC. He has seven years of experience in lithium economic geology, and is a highly trained specialist in lithium claystone and experienced in lithium brines and pegmatites. He got his start with the United States Geological Survey in lithium brine and claystone geochemistry, in partnership with Pure Energy Minerals before its purchase by Schlumberger. He then characterized the Thacker Pass lithium claystone deposit, from the atomic to kilometer scale, and published the results in partnership with Lithium Americas Corporation and the Nevada Bureau of Mines and Geology. He holds a Master’s Degree of Geology, with training in Business Administration, from the University of Nevada Reno and a Bachelor’s of Geology from California State University Northridge. Mr. Ingraffia is based in Reno, NV.
Surface Sampling Results
The results of Mr. Ingraffia’s surface sampling work is provided in the below table. Lithium grades have been analyzed using a SkiAps 903 Handheld Laser Induced Breakdown Spectroscopy (“HH LIBS”):
| Sample ID | Method | Grade (ppm Li) |
| 348222 averaged | HH LIBS | 850.35 |
| 348421 | HH LIBS | 680.1 |
| 348420 averaged | HH LIBS | 1,032.75 |
| 348419 | HH LIBS | 371.9 |
| 348418 | HH LIBS | 606.9 |
| 348417 | HH LIBS | 436.6 |
| 348416 | HH LIBS | 631.4 |
| 348415 | HH LIBS | 253.4 |
| 348414 | HH LIBS | 417.3 |
A SkiAps LIBs 903 analyzer was used to assay these samples. The QA/QC protocols for the LIBs are as follows: (a) it was calibrated for Claystones; (b) it was tested on a known Claystones lithium sample prior to fieldwork; and (c) the field samples were shot in a controlled environment, inside, with proper cleansing of the lens, and sample separation. The highest grades were shot several times to try to eliminate any nugget affect; (d) fine ground particulates were not tested, so no pucking was necessary.
Picture of Sample 348420
An initial geological map of the LGL project, including all new and historic surface samples reporting higher then 400 ppm Li (including historic laboratory assays and historical HH LIBS work) can be accessed at the following link:
Geological Map
https://rovermetals.com/summer-2023-sampling-program
Technical information has been approved by David White, P.Geo., QP for the purposes of NI 43-101.
Judson Culter, CEO at Rover Metals, states “the results of the summer 2023 work program reinforces managements’ working model of the LGL project. We believe the project to be an at, or very near to surface clay deposit, with open pit mine potential. Although claystone lithium deposits typically have higher grades at depth, we’re getting high grades of lithium near to surface at LGL. Lhoist North America has been open pit mining specialty clays in the area since the 1970s. Management believes that mining exploration and mining activities can co-exist along side the national parks in the vast rural area of the Amargosa Valley of Nevada. Management has been working through the summer to short-list preferred environmental consulting firms, and we hope to finalize the consultant for our NEPA process within the next few weeks.”
About Rover Metals
Rover is a publicly traded junior mining company that trades on the TSXV under symbol ROVR, on the OTCQB under symbol ROVMF, and on the FSE under symbol 4XO. The Company has a diverse portfolio of mining resource development projects with varying exploration timelines. Its critical mineral projects include lithium, zinc, and copper. Its precious metals projects include gold and silver. The Company is exclusive to the mining jurisdictions of the U.S. and Canada.
You can follow Rover on its social media channels:
Twitter: https://twitter.com/rovermetals
LinkedIn: https://www.linkedin.com/company/rover-metals/
Facebook: https://www.facebook.com/RoverMetals/
for daily company updates and industry news, and
YouTube: https://www.youtube.com/channel/UCJsHsfag1GFyp4aLW5Ye-YQ?view_as=subscriber
for corporate videos.
Website: https://www.rovermetals.com/
ON BEHALF OF THE BOARD OF DIRECTORS
“Judson Culter”
Chief Executive Officer and Director
For further information, please contact:
Email: info@rovermetals.com
Phone: +1 (778) 754-2617
Statement Regarding Forward-Looking Information
This news release contains statements that constitute “forward-looking statements.” Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause Rover’s actual results, performance or achievements, or developments in the industry to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects,” “plans,” “anticipates,” “believes,” “intends,” “estimates,” “projects,” “potential” and similar expressions, or that events or conditions “will,” “would,” “may,” “could” or “should” occur. There can be no assurance that such statements prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements, and readers are cautioned not to place undue reliance on these forward-looking statements. Any factor could cause actual results to differ materially from Rover’s expectations. Rover undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.
THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS NEWS RELEASE REPRESENTS THE EXPECTATIONS OF THE COMPANY AS OF THE DATE OF THIS NEWS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY OTHER DATE. WHILE THE COMPANY MAY ELECT TO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME EXCEPT AS REQUIRED IN ACCORDANCE WITH APPLICABLE LAWS.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OF THIS RELEASE.
SOURCE: Rover Metals Corp.
View source version on accesswire.com:
https://www.accesswire.com/781371/rover-metals-announces-results-of-expanded-phase-1-surface-exploration-program-at-its-lgl-lithium-project-nevada-usa
(Bloomberg) — China’s Zijin Mining Group Co. is developing plans to expand its copper mine in eastern Serbia due to demand for the metal considered vital to the global energy transition — an effort that could cost billions of dollars.
The company opened the Cukaru Peki copper and gold mine almost two years ago, with a $678 million investment allowing it to reach reserves a few hundred meters deep. Now it wants to drill down almost 2 kilometers (1.25 miles) to make the most of assets acquired in a takeover spree.
“These are vast reserves, which require additional infrastructure, additional investment of around $3.5 billion to $3.8 billion,” said Branko Rakocevic, the top Serbian official at the mine, whom the Chinese company authorized to speak with reporters.
Across the globe, companies and governments are racing to produce materials considered key to the shift toward a greener economy. Copper in particular is used in wind turbines, power grids and electric vehicles. China is the world’s top-supplier of so-called critical minerals, but the European Union and US are seeking to boost domestic supplies to ensure that they don’t fall further behind in the transition.
Read more: Why the Fight for ‘Critical Minerals’ Is Heating Up: QuickTake
Serbia, a candidate for EU membership, has embraced foreign investors including China as it looks to revitalize an ailing sector of its economy. Australia-based BHP Group, the world’s biggest mining company, is also looking more closely, signing an agreement earlier this year to explore for new copper deposits in the country.
Cukaru Peki is located in the town of Bor, where copper, gold and silver have been mined for over a century. The mine’s lower zone, at depths of more than 460 meters (1,508 feet), is believed to hold 2.2 million tons of copper, more than in the upper zone. Its gold content is thought to be lower at the deeper depths.
The upper zone may be exhausted of its deposits around 2034, while deeper operations could start in 7 to 10 years, according to Rakocevic. Zijin’s long-term plans for the site include building roads, and expanding power supply and flotation facilities, he said.
Zijin’s Expansion
Zijin bought Serbia’s sole copper and gold complex in 2018, when the government auctioned off the debt-laden business in an effort to save thousands of jobs in an impoverished mining region. Following a string of takeovers, the Chinese company developed full control of what is now Cukaru Peki.
The acquisition — and further investments to expand mines in Congo and Tibet — are helping to transform Zijin into one of the world’s largest copper miners, leapfrogging western producers like Rio Tinto, Anglo American and Antofagasta. By 2025, it expects to produce about 1.2 million tons of copper, a six-fold increase over levels seen in 2017.
Zijin now runs two units in Serbia. One produces copper cathodes, gold, silver and sulfuric acid at facilities co-owned with the government. The other, Serbia Zijin Mining — which operates the Cukaru Peki mine — exports copper concentrate to China, Canada, Bulgaria, Spain and Korea.
The companies have been among Serbia’s top exporters for the last two years, riding a wave of demand for metals. Benchmark copper futures soared earlier this year, though prices have cooled in recent months, largely over concerns about the health of China’s economy.
“Still, copper is in demand always and everywhere” which justifies the long-term investment, Rakocevic said. “The market is stable enough. Prices declined from last year, but we don’t expect much volatility.”
–With assistance from Mark Burton.
©2023 Bloomberg L.P.
Original Source: https://www.bnnbloomberg.ca/china-s-zijin-mulls-3-8-billion-expansion-of-serbia-copper-mine-1.1964102
Vancouver, British Columbia–(Newsfile Corp. – September 6, 2023) – Ridgeline Minerals Corp. (TSXV: RDG) (OTCQB: RDGMF) (FSE: 0GC0) (“Ridgeline” or the “Company“) is pleased to announce the staking of an additional one hundred and forty-one (“141”) Bureau of Land Management (“BLM“) lode claims (2,913 acres) at the Big Blue project (“Big Blue” or “Project”) in Elko County, Nevada. Big Blue now comprises 502 contiguous lode claims totaling 10,168 acres or 41 square kilometers (“km”) (Figure 1), and is 100% owned by the Company with no underlying work commitments or royalty obligations. The property includes the past producing Delker Mine and Skarn Hill Adit, which collectively produced a reported 94,434 pounds of copper (“Cu”) at an average grade of 6.2% Cu between 1916-19171 (Figure 1). The Project has not seen a sustained exploration effort in decades and exhibits excellent potential to make new porphyry copper and Carbonate Replacement (“CRD”) style polymetallic discoveries.
The property expansion followed the Company’s recently announced acquisition of an extensive historical database for Big Bluesee (August 24, 2023 press release HERE), which has highlighted additional geophysical targets located to the northwest of the original claim block. This kilometer-scale target exhibits overlapping gravity and magnetic geophysics anomalies and is interpreted as a potential porphyry signature that may be the deeper source to the known Cu-skarn mineralization outcropping at the historical Delker Mine (Figure 2). As a result, Ridgeline staked all open and locatable claims surrounding the porphyry target and will continue advancing Big Blue towards a maiden drill program in 2024.
Chad Peters, President & CEO, commented, “Big Blue continues to be a rapidly evolving project in our exploration pipeline. Our team is very encouraged by the scale of the geophysical anomaly’s located on our new claim block, which suggests potential for a blind porphyry copper target at depth and distal CRD targets along strike. Until now, the Delker area has never been explored as a consolidated porphyry district and with this expansion we now control a target-rich land position with a robust geologic dataset to support our exploration model. We will continue to advance low-cost targeting and permitting initiatives through the remainder of this year while we prepare for a maiden drill campaign in 2024.”
Big Blue Project
Big Blue is located in Elko County, Nevada, approximately seventy-five kilometers (“km”) southeast of the city of Elko, NV. The Project includes the past producing Delker Mine, which produced a reported 94,434 pounds of copper at an average grade of 6.2% Cu between 1916-19171 and shares its southern boundary with Reyna Silver’s Medicine Springs Ag-Pb-Zn Carbonate Replacement (“CRD”) project. Mineralization occurs as outcropping, high-grade Cu occurrences located proximal to northeast trending felsic dikes that are interpreted as the zoned manifestations off a potential porphyry source, located in the northwest corner of the Big Blue property. Importantly, this target has never been drill-tested. The primary target at Big Blue is porphyry-skarn Cu ± Au-Ag mineralization, with potential to discover polymetallic, carbonate replacement deposit (CRD) style mineralization as the system zones outward over 6 kilometers of strike towards the Medicine Springs project. This target model is analogous to the Butte Valley porphyry Cu-Au system, which is inferred to be the source of CRD mineralization at the Company’s nearby Selena project. Big Blue is 100% owned by the Company and is comprised of a total of 41 square kilometers of highly prospective exploration ground that has seen limited exploration since the early 1900’s and will benefit from Ridgeline’s systematic approach to discovery (view Ridgeline’s Corporate Deck HERE).
Figure 1: Plan view map showing the location of the 141 new claims (shaded blue) staked by Ridgeline to increase claims by ~33% to 502 contiguous lode claims.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7298/179674_1f511761d4096991_002full.jpg
Figure 2: Plan view map on the left showing reduced to pole (“RTP”) airborne magnetics highlighting kilometer scale magnetic “highs” at both the Delker Mineand to the northwest on Ridgeline’s new claims. The map on the right shows Residual Gravity with a coincident high over proposed porphyry centers. Gravity also highlights a lower amplitude anomaly interpreted as a northeast trending structural corridor that trends southwest to the historical Golden Pipe mine (Ag-Pb-Zn) owned by Reyna Silver.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7298/179674_1f511761d4096991_003full.jpg
To view X-Section A-A’ showing magnetics anomaly beneath the Delker Mine, click HERE.
To view plan view maps showing Total Horizontal Gradient Magnetics and Residual gravity, click HERE.
QAQC Procedures
Samples are submitted to American Assay Laboratories (AAL) of Sparks, Nevada, which is a certified and accredited laboratory, independent of the Company. Samples are prepared using industry-standard prep methods and analysed using FA-PB30-ICP (Au; 30 g fire assay) and ICP-5AM48 (48 element Suite; 0.5 g 5-acid digestion/ICP-MS) methods. AAL also undertakes its own internal coarse and pulp duplicate analysis to ensure proper sample preparation and equipment calibration. Ridgeline’s QA/QC program includes regular insertion of CRM standards, duplicates, and blanks into the sample stream with a stringent review of all results completed by the Company’s Qualified Person, Michael T. Harp, Vice President, Exploration.
Technical information contained in this news release has been reviewed and approved by Michael T. Harp, CPG. the Company’s Vice President, Exploration, who is Ridgeline’s Qualified Person under National Instrument 43-101 and responsible for technical matters of this release.
About Ridgeline Minerals Corp.
Ridgeline is a discovery focused gold-silver explorer with a proven management team and a 204km² exploration portfolio across six projects in Nevada and Idaho, USA. More information about Ridgeline can be found at www.RidgelineMinerals.com.
On behalf of the Board
“Chad Peters”
President & CEO
Further Information:
Chad Peters, P.Geo.
President & CEO
Ridgeline Minerals Corp.
(775) 304-9773 | info@ridgelineminerals.com
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
Cautionary Note regarding Forward-Looking Statements
Statements contained in this press release that are not historical facts are “forward-looking information” or “forward-looking statements” (collectively, “Forward-Looking Information”) within the meaning of applicable Canadian securities legislation and the United States Private Securities Litigation Reform Act of 1995. Forward-Looking Information includes, but is not limited to, the anticipated benefits of the Earn-In Agreement and the transaction contemplated thereby. The words “potential”, “anticipate”, “meaningful”, “discovery”, “forecast”, “believe”, “estimate”, “expect”, “may”, “will”, “project”, “plan”, “historical”, “historic” and similar expressions are intended to be among the statements that identify Forward-Looking Information. Forward-Looking Information involves known and unknown risks, uncertainties and other factors which may cause the actual results to be materially different from any future results expressed or implied by the Forward-Looking Information. In preparing the Forward-Looking Information in this news release, Ridgeline has applied several material assumptions, including, but not limited to, assumptions that TSX Venture Exchange approval will be granted in a timely manner subject only to standard conditions; the current objectives concerning the Project can be achieved and that its other corporate activities will proceed as expected; that general business and economic conditions will not change in a materially adverse manner; and that all requisite information will be available in a timely manner. Forward-Looking Information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements of Ridgeline to be materially different from any future results, performance or achievements expressed or implied by the Forward-Looking Information. Such risks and other factors include, among others, risks related to dependence on key personnel; risks related to unforeseen delays; risks related to historical data that has not been verified by the Company; as well as those factors discussed in Ridgeline’s public disclosure record. Although Ridgeline has attempted to identify important factors that could affect Ridgeline and may cause actual actions, events, or results to differ materially from those described in Forward-Looking Information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that Forward-Looking Information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on Forward-Looking Information. Except as required by law, Ridgeline does not assume any obligation to release publicly any revisions to Forward-Looking Information contained in this news release to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
Sources
1Delker Mine Historic Production (Page 57): Smith, R.M., 1976, Mineral resources of Elko County, Nevada: U.S. Geological Survey Open-File Report 76-56, 201 p.
2Medicine Springs Results: https://reynasilver.com/system/uploads/RS-PressRelease-20230117.pdf
Wedge Plan View Location Map
2022 SRK Block Model
West Red Lake Gold Mines Property Location Map
VANCOUVER, British Columbia, Sept. 06, 2023 (GLOBE NEWSWIRE) — West Red Lake Gold Mines Ltd. (“West Red Lake Gold” or “WRLG” or the “Company”) (TSXV:WRLG) (OTCQB: WRLGF) is pleased to announce the commencement of surface drilling at the Wedge target, located approximately 2 kilometres (“km”) southwest from its 100% owned Madsen Mine in the prolific Red Lake Gold District of Northwestern Ontario, Canada. The drilling program will consist of up to 3,000 metres (“m”) with the goal of growing and upgrading the existing mineral resources at Wedge, which currently contain an Indicated mineral resource of 56,100 ounces (“oz”) grading 5.6 grams per tonne (“g/t”) gold (“Au”), with an additional Inferred resource of 78,700 oz grading 5.7 g/t Au1.
HIGHLIGHTS:
- Surface exploration drilling to commence at the Wedge target – located 2 km southwest from the Madsen Mine
- Drilling will be focused on extending high-grade zones at Wedge and increasing confidence in the overall mineral resource
- Wedge currently hosts an Indicated resource of 56,100 oz of gold grading 5.6 g/t Au1 and an Inferred resource of 78,700 oz of gold grading 5.7 g/t Au1
- The Wedge resource sits adjacent to the past-producing Starratt-Olsen Mine which historically processed 823,554 tonnes grading 6.16 g/t Au for approximately 163,000 oz of gold2
- Previous drilling highlights from the Wedge target include:
- Hole PG17-486 Intersected 10.33 m @ 24.94 g/t Au, from 16.67 m to 27 m
- Hole PG17-467 Intersected 16.6 m @ 17.49 g/t Au, from 11.45 m to 28 m
- Hole PG17-482 Intersected 14.4 m @ 8.35 g/t Au, from 28 m to 42.4 m
- Hole PG19-643 Intersected 1 m @ 108.5 g/t Au, from 103 m to 104 m
Shane Williams, President & CEO, stated, “Our team is very excited to be back drilling near the Madsen Mine asset. We view Wedge as a key component in our overall vision of staying committed to exploration and unlocking the full potential of all our high-grade assets in the Red Lake Mining District. With Wedge being located just 2 km away from the existing mill facilities at Madsen, on fully patented claims and directly adjacent to the past-producing Starratt-Olsen mine, we can see a clear path forward for permitting at Wedge and view it as a high-caliber candidate for a future mill-feed source at Madsen.”
FIGURE 1. Plan view map showing location of Wedge deposit relative to the Madsen Mine.
FIGURE 2. Oblique view of Wedge resource showing 2022 SRK Block Model and location of previous drilling highlights noted in this press release.1
DISCUSSION
The Wedge deposit comprises four resource zones (DV, CK, MJ and OL) and one mineralized zone (86) that remains at the exploration target stage. All five zones generally correspond with historical surface showings and mineralized areas (Branson, 2019a).
The DV and CK Zones lie within the same structure that hosts the Fork Main Zone, but about 900 m along strike to the southwest. The intervening area is prospective for potential resource expansion and this area includes the 86 Zone exploration target. The 86 Zone was explored in 1998 by mechanical stripping and recent mapping of these outcrops (Cooley and Leatherman, 2015) suggests that 86 Zone may represent the southern extension of the Fork deposit as the host rocks are continuous and the style of mineralization is similar. At 86 Zone, rock sampling by previous workers of outcropping iron formation characterized by banded magnetite, pyrrhotite and amphibole has returned highly anomalous gold values. Drilling directly underneath this surface mineralization in 2017 returned multiple intercepts exceeding 5 g/t Au (up to 22.9 g/t Au over 1.1 m). Gold is hosted in quartz veins spatially associated with both iron formation and altered basalt.
In detail, the DV and CK Zones comprise a series of up to three concordant resource shapes across a collective width of 70 m and a maximum strike length of 700 m. At the DV Zone, gold is hosted within discontinuous quartz ± chlorite-amphibole veins (VBGQ veins) with biotite-amphibole-diopside selvedges and minor pyrite, pyrrhotite, chalcopyrite and arsenopyrite (Branson, 2019b). These veins are hosted in weakly altered mafic volcanic rocks or more commonly within moderately to strongly altered mafic volcanic rock (BSLA or SAFZ). At the CK Zone, the geology and mineralization are comparable to the DV Zone, though the host basalt rocks have been cut by quartz porphyry. A key relationship is that the veins and the enveloping alteration zones are transected by and transposed into the main S2 foliation of the host rocks – an identical relationship to the Madsen deposit.
The OL Zone exploration target lies about 450 m southwest along strike from the edge of the CK Zone resource shape in an area characterized by deformed gold-bearing quartz veins hosted in zones of deformed quartz porphyry (QZPY) and strongly altered foliated zones (SAFZ). Outcrop stripping, surface rock sampling and diamond drilling by previous workers have delineated two parallel trends of alteration and veining separated by approximately 25 m and extending for a strike length of 200 m. The zone is open both along strike and at depth.
The MJ Zone is hosted by two concordant shear zones up to 40 m in width characterized by deformed gold-bearing quartz veins hosted within altered and deformed basalt and peridotite within the Russet Lake Ultramafic. Current drilling has delineated these shear zones over 500 m of strike length and to 320 m depth with the structure remaining open along strike and down-dip.
In addition to being a part of the recognized property-wide structural architecture associated with gold mineralization responsible for mineralization at Madsen, Fork and Russet, the Wedge deposit exhibits similar high-level characteristics to the Madsen deposit (same alteration and structural timing), however gold tends to be more often hosted in discrete quartz veins rather than disseminated within intervals of pervasively silicified rock, as is more common in the Madsen deposit.
The apparent plunge of mineralization along these structures – best demonstrated at the well-tested DV Zone – appears to be associated with the intersection of the structures and major rheological and geochemical contrasts between relatively rigid and massive basalt and adjoining IRFM and ultramafic units (Branson, 2019b). This architecture is comparable to the plunge at the Austin and South Austin zones in the Madsen deposit which are defined by intersection of the mineralized zones and mafic/ultramafic contacts.
MARKETING AGREEMENT
The Company has entered into an agreement with OGIB Corporate Bulletin Ltd. (“OGIB”) dated August 23, 2023 (the “OGIB Agreement”), whereby OGIB has agreed to provide marketing services to the Company, including the publication of a series of online articles about the Company. The term of the OGIB Agreement is 6 months, commencing on September 1, 2023.
The Company paid OGIB a cash fee of CAD $125,000 upon entry into the OGIB Agreement.
OGIB is a subscription service based out of Victoria, British Columbia which provides research on public companies and is wholly-owned by Keith Schaefer. OGIB and Keith Schaefer are arm’s length from the Company and hold directly, or indirectly 171,429 common shares of the Company.
QUALITY ASSURANCE/QUALITY CONTROL
West Red Lake Gold’s Wedge target presently hosts a National Instrument 43-101 (“NI 43-101”) Indicated Mineral Resource of 56,100 oz grading 5.6 g/t Au and an Inferred Mineral Resource of 78,700 oz grading 5.7 g/t Au. Mineral resources are estimated at a cut-off grade of 3.38 g/t Au and a gold price of US1,800/oz. Please refer to the technical report entitled “Independent NI 43-101 Technical Report and Updated Mineral Resource Estimate for the PureGold Mine, Canada”, prepared by SRK Consulting (Canada) Inc. and dated June 16, 2023. A full copy of the SRK report is available on the Company’s website and on SEDAR.
The technical information presented in this news release has been reviewed and approved by Will Robinson, P.Geo., Vice President of Exploration for West Red Lake Gold and the Qualified Person for exploration at the West Red Lake Project, as defined by NI 43-101 “Standards of Disclosure for Mineral Projects”.
ABOUT WEST RED LAKE GOLD MINES
West Red Lake Gold Mines Ltd. is a mineral exploration company that is publicly traded and focused on advancing and developing its flagship Madsen Gold Mine and the associated 47 km2 highly prospective land package in the Red Lake district of Ontario. The highly productive Red Lake Gold District of Northwest Ontario, Canada has yielded over 30 million ounces of gold from high-grade zones and hosts some of the world’s richest gold deposits. WRLG also holds the wholly owned Rowan Property in Red Lake, with an expansive property position covering 31 km2 including three past producing gold mines – Rowan, Mount Jamie, and Red Summit.
ON BEHALF OF WEST RED LAKE GOLD MINES LTD.
“Shane Williams”
Shane Williams
President & Chief Executive Officer
FOR FURTHER INFORMATION, PLEASE CONTACT:
Amandip Singh, VP Corporate Development
Tel: 416-203-9181
Email: investors@westredlakegold.com or visit the Company’s website at https://www.westredlakegold.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Certain statements contained in this news release constitute “forward-looking statements”. When used in this document, the words “anticipated”, “expect”, “estimated”, “forecast”, “planned”, and similar expressions are intended to identify forward-looking statements or information. These statements are based on current expectations of management, however, they are subject to known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from the forward-looking statements in this news release. Readers are cautioned not to place undue reliance on these statements. West Red Lake Gold Mines Ltd. does not undertake any obligation to revise or update any forward- looking statements as a result of new information, future events or otherwise after the date hereof, except as required by securities laws.
___________________________________
1 Mineral resources are estimated at a cut-off grade of 3.38 g/t Au and a gold price of US$1,800/oz. Please refer to the technical report entitled “Independent NI 43-101 Technical Report and Updated Mineral Resource Estimate for the PureGold Mine, Canada”, prepared by SRK Consulting (Canada) Inc. and dated June 16, 2023. A full copy of the SRK report is available on the Company’s website and on SEDAR.
2 http://www.geologyontario.mndm.gov.on.ca/mndmfiles/mdi/data/records/MDI52K13NW00011.html
Photos accompanying this announcement are available at
Vancouver, British Columbia–(Newsfile Corp. – September 5, 2023) – EMX Royalty Corporation (NYSE American: EMX) (TSXV: EMX) (FSE: 6E9) (the “Company” or “EMX”) is pleased to announce the execution of an amended and restated royalty agreement on September 1, 2023 for its Timok royalty property with Zijin (Europe) International Mining Company Ltd., a wholly owned subsidiary of Zijin Mining Group Ltd (“Zijin”). EMX and Zijin have agreed that the Timok royalty will consist of a 0.3625% Net Smelter Return (“NSR”) royalty that is uncapped and cannot be repurchased or reduced. The royalty covers Zijin’s Brestovac exploration permit area (including the Cukaru Peki Mining licenses), as well as portions of Zijin’s Jasikovo-Durlan Potak exploration license north of the currently active Bor Mine (Figure 1).
EMX’s Timok royalty property is located in the Bor Mining District of Serbia and covers the Cukaru Peki copper-gold deposits which have recently been put into production by Zijin. Cukaru Peki represents one of the premier copper and gold discoveries in the world in the past 10 years and is a top tier royalty asset for EMX. The Cukaru Peki deposits consist of a high-level body of high-grade, epithermal-style copper-gold mineralization referred to as the “Upper Zone”, and a deeper body of porphyry-style copper-gold mineralization known as the “Lower Zone”.
Zijin is currently producing copper and gold from the Upper Zone deposit at Cukaru Peki, while concurrently developing the Lower Zone. The Cukaru Peki deposits and operations are summarized in Zijin’s annual reports and in various Zijin disclosures. An NI-43-101 technical report for the Timok royalty was filed by EMX on SEDAR on March 31, 2022.
As part of the execution of the revised royalty agreement, EMX will receive approximately US$6.68 million. This includes royalty payments of $1.59 million from July-December, 2021, royalty payments of $3.20 million from the calendar year 2022, and $1.89 million for the period of January-June, 2023. From that point forward EMX will continue to receive quarterly production royalty payments on an ongoing basis. EMX is appreciative of Zijin’s cooperative and amicable approach throughout the process of achieving this resolution and looks forward to working with Zijin as the projects advance.
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 the TSX Venture Exchange under the symbol EMX, and also trade on the Frankfurt exchange under the symbol “6E9”. Please see www.EMXroyalty.com for more information.
For further information contact:
David M. Cole
President and Chief Executive Officer
Phone: (303) 973-8585
Dave@emxroyalty.com
Scott Close
Director of Investor Relations Phone: (303) 973-8585
SClose@emxroyalty.com
Isabel Belger
Investor Relations (Europe)
Phone: +49 178 4909039
IBelger@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 reserve 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 June 30, 2023 (the “MD&A”), and the most recently filed Revised Annual Information Form (the “AIF”) for the year ended December 31, 2022, 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.
Figure 1. Locations of EMX royalty interests and key geological features in the Timok Magmatic Complex in the Bor Mining District of Serbia.
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Vancouver, British Columbia, Sept. 05, 2023 (GLOBE NEWSWIRE) — Terra Balcanica Resources Corp. (“Terra” or the “Company”) (CSE:TERA; FRA:UB1) is pleased to announce the discovery of a new mineralized structure over 600 m northwest from the 2022 discovery made at the Cumavici Ridge epithermal vein target within its principal Viogor-Zanik project in eastern Bosnia and Herzegovina.
Highlights
- Shallow, polymetallic mineralization has been intersected over 600 m northwest of the 2022 high grade, silver discovery at Cumavici Ridge through drill testing of a new parallel structure (Figure 1);
- All 5 drill holes hit the target structure, with drill holes CMV23007, CMV23009 and CMV23010 macroscopically displaying polymetallic mineralization (Figure 2);
- Step out structure is continuous for 193 m northwest-southeast and open along strike and down-dip;
- Geochemical assay results from the Phase II drilling at the Cumavici polymetallic prospect are pending laboratory release and will be imminently reported.
Terra Balcanica CEO, Dr. Aleksandar Mišković, comments: “The 2023 drill campaign started off on the right foot with a significant step out from the centre of the mineralized zone discovered at Cumavici Ridge in 2022. The footprint of silver–dominated, polymetallic mineralization now extends over 700 m along the NW-SE corridor at this locality, only one of five separate targets along the 7.2 km long Cumavici corridor. The laboratory assays from these step-out drill holes and the central part of Cumavici Ridge are expected to come back shortly. We will continue to carry on further drilling at the Cumavici Ridge target in our Phase II drilling.”
The Company commenced its Phase II drilling program at Cumavici Ridge, which was the location of the 2022 high-grade polymetallic discovery which returned up to 505 g/t Ag Eq. over 11 m (see Company news release dated 18th April 2023). Over 600 m to the northwest Drillholes CMV23006-010 successfully discovered another mineralized structure, attesting to the prospectivity of the Cumavici Ridge target. Much of the > 7 km strike length structural corridor remains untested, with several mineralized structures outcropping at surface, offering Terra significant exploration opportunity to discover more polymetallic epithermal veins.
Drill Core Observations
Drill hole CMV23007 is situated 520 m northwest of CMV23001 and targets another shallow structure prospective for polymetallic mineralization. Between 39.1 and 41.8 m a series of fault hosted veins, dominated by radiating aggregates of stibnite are observed within a silicified lapilli tuff.
Figure 1. Geological map illustrating the newly discovered structure > 600 m northwest of the Cumavici Ridge discovery. 2022 discovery holes are also illustrated alongside the 4 previously released 2023 drillholes to the southeast, which all intercepted massive sulphide mineralization. See company news release 18th April 2023 (click here to view image).
Figure 2. HQ3 diameter drill core from drillhole CMV23007 illustrating silicified lapilli tuffs with sulphide veinlets and interval of semi-massive sulphide comprising stibnite, sphalerite, and quartz within white, dashed squares (click here to view image).
Drill hole CMV23009 collared 74.0 m northwest of CMV23007 intercepted a zone of sulphide mineralization within a tuffaceous breccia between 39.4 and 45.7 m downhole. Within the mineralized structure there are intervals of complete replacement of the breccia matrix by sulphide and a 10 cm sulphide vein comprising stibnite-sphalerite-galena.
Drill hole CMV23010 stepped 59.0 m west-northwest and intersected a mineralized zone between 83.8 and 90.3 m downhole with aggregates of sphalerite within the structure. A sulphide vein is present at 86.85 m depth consisting of stibnite, banded sphalerite, and galena. Confirmation of sulphide mineralization in CMV23010 extends the Cumavici Ridge system 642 m to the northwest and the system remains open.
Ongoing Exploration Program
Further drilling at the Cumavici Ridge target will be focused on extending strike length towards the northwest from the 2022 drillholes (CMVDD001-004). It is interpreted that where the northwest-southeast structure is intersected by a 2nd order northeast-southwest structure a dilation zone is present, resulting in thicker intervals of mineralization. The down-dip section of the high-grade, polymetallic intercepts released in 2022 will also be tested with further drilling to target the mineralization potential at depth.
| Hole ID | Easting | Northing | Elevation (m) | Dip | Azimuth | Depth (m) | Recovery (%) |
| CMV23006 | 359918 | 4888823 | 621.3 | -64 | 047 | 82.2 | 99.15 |
| CMV23007 | 359868 | 4888877 | 637.3 | -63 | 046 | 59.7 | 99.35 |
| CMV23008 | 359866 | 4888914 | 640.6 | -66 | 053 | 65.8 | 98.71 |
| CMV23009 | 359828 | 4888939 | 640.1 | -58 | 041 | 73.8 | 100.00 |
| CMV23010 | 359770 | 4888949 | 650.2 | -50 | 045 | 91.5 | 97.49 |
Table 1. Collar locations for reported Phase II drillholes. Coordinates and elevation were taken by local consultant surveyors using a differential GPS unit. (WGS84/UTM Zone 34N).
Qualified Person
Dr. Aleksandar Mišković, P.Geo, is the Company’s designated Qualified Person for this news release within the meaning of National Instrument 43-101 Standards of Disclosure of Mineral Projects (“NI 43-101”) and has reviewed and validated that the information contained in this news release as accurate.
About the Company
Terra Balcanica is a polymetallic exploration company targeting large-scale mineral systems in the Balkans of southeastern Europe. The Company has 90% interest in the Viogor-Zanik Project in eastern Bosnia and Herzegovina, 100% of the Kaludra and Ceovishte mineral exploration licences in southern Serbia. The Company emphasizes responsible engagement with local communities and stakeholders. It is committed to proactively implementing Good International Industry Practice (GIIP) and sustainable health, safety, and environmental management.
ON BEHALF OF THE BOARD OF DIRECTORS
Terra Balcanica Resources Corp.
“Aleksandar Mišković”
Aleksandar Mišković
President and CEO
For further information, please contact Alex Mišković at amiskovic@terrabresources.com, or visit our website at www.terrabresources.com.
Cautionary Statement
This news release contains certain forward-looking information and forward-looking statements within the meaning of applicable securities legislation (collectively “forward-looking statements”). The use of any of the words “will”, “intends” and similar expressions are intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Such forward-looking statements should not be unduly relied upon. Actual results achieved may vary from the information provided herein as a result of numerous known and unknown risks and uncertainties and other factors. The Company believes the expectations reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct. The Company does not undertake to update these forward-looking statements, except as required by law.