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Lion One Drills 6.6 m of 80.78 g/t Au in the Main Zone at Tuvatu, Fiji

Post author By admin
Post date August 10, 2023

Exceptional results include 1839.55 g/t, 779.81 g/t, and 300.47 g/t Au from Zone 5

North Vancouver, British Columbia–(Newsfile Corp. – August 10, 2023) – Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) (ASX: LLO) (“Lion One” or the “Company”) is pleased to report exceptional high-grade gold results from ongoing infill and grade control drilling at its 100% owned Tuvatu Alkaline Gold Project in Fiji.

Assay results are presented here for infill and grade control drilling completed in the Zone 5 area of the deposit, which encompasses the near-surface portions of lodes UR1 to UR8, as well as URW2A and URW3. The Zone 5 area of the deposit is scheduled for mining in early 2024. Grade control drilling is being conducted in anticipation of future mining and is therefore focused on the first part of Zone 5 to be mined whereas infill drilling is focused on the parts of Zone 5 scheduled to be mined later. Zone 5 includes the main north-south oriented lodes at Tuvatu (UR1, UR2, and UR3), and represents the upward extension of the Zone 500 feeder zone, which includes intercepts such as 20.86 g/t Au over 75.9 m (TUG-141), 12.22 g/t Au over 54.90 m (TUDDH-601), and 17.52 g/t Au over 23.7 m (TUDDH-608) (see June 6, 2022, August 15, 2022 and November 7, 2022 news releases). Zone 5 will be the second major part of Tuvatu to commence mining after mining in the URW1 area began on May 18, 2023. Once Zone 5 is in production, Tuvatu will have two major zones of very high-grade, near surface mineralization developing and producing simultaneously.

Highlights of new Zone 5 drilling:

80.78 g/t Au over 6.6 m (including 793.24 g/t Au over 0.6 m) (TUDDH-643, from 242.7 m depth)
261.93 g/t Au over 1.8 m (including 1839.55 g/t Au over 0.3 m) (TGC-0067, from 48.2 m depth)
93.05 g/t Au over 0.9 m (including 300.47 g/t Au over 0.3 m) (TGC-0067, from 53.3 m depth)
9.96 g/t Au over 6.8 m (including 165.95 g/t Au over 0.3 m) (TUDDH-653, from 89.5 m depth)
17.48 g/t Au over 3.3 m (including 95.63 g/t Au over 0.6 m) (TUDDH-643, from 111.6 m depth)
17.2 g/t Au over 2.7 m (including 124.52 g/t Au over 0.3 m) (TUDDH-651, from 194.5 m depth)
11.84 g/t Au over 3.9 m (including 48.27 g/t Au over 0.6 m) (TUDDH-650, from 203.5 m depth)
9.53 g/t Au over 3.9 m (including 55.08 g/t Au over 0.3 m) (TUDDH-653, from 53.0 m depth)
15.96 g/t Au over 1.5 m (including 72.46 g/t Au over 0.3 m) (TUDDH-637, from 161.7 m depth)
14.93 g/t Au over 1.5 m (including 23.89 g/t Au over 0.9 m) (TUDDH-650, from 192.6 m depth)

Infill drilling is being conducted from surface on approximately 20 m centers while grade control drilling is being conducted from underground on 5-10 m centers. Infill drilling is considered an intermediate stage of drilling and is designed to increase understanding of the deposit in targeted areas whereas grade control drilling is designed to provide much higher resolution and detailed understanding of the geometry and mineralization of lode arrays in advance of underground development.

Figure 1. Location of Zone 5 Infill and Grade Control Drillholes. Left image: Plan view of Tuvatu showing Zone 5 infill and grade control drillholes in relation to the mineralized lodes. Drillholes are shown in black, mineralized lodes in pale grey, and underground developments in red. The yellow dashed square represents the area illustrated in the image on the right. Right image: Oblique view of Zone 5 infill and grade control drilling looking approximately northeast. Infill drilling was conducted from surface whereas grade control drilling was conducted from underground.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2178/176686_500e14428483aaf2_001full.jpg

Table 1. Highlights of composited infill drill results in the Zone 5 area. For full results see Table 4 in the appendix.

Hole ID		From	To	Interval (m)	Au (g/t)
TUDDH-634		123.4	124	0.6	25.95
TUDDH-637		161.7	163.2	1.5	15.96
	including	161.7	162.3	0.6	38.62
	which includes	161.7	162	0.3	72.46
TUDDH-637		198.2	202.1	3.9	5.38
	including	198.2	198.5	0.3	10.02
	and	201.2	202.1	0.9	16.13
	which includes	201.8	202.1	0.3	40.21
TUDDH-643		111.6	114.9	3.3	17.48
	including	111.6	113.7	2.1	28.44
	which includes	113.1	113.7	0.6	95.63
TUDDH-643		242.7	249.3	6.6	80.78
	including	242.7	246.3	3.6	17.39
	which includes	243.9	245.7	1.8	55.49
	which includes	243.9	244.5	0.6	79.84
	and	245.1	245.7	0.6	14.89
	and also including	247.5	249.3	1.8	271.14
	which includes	247.5	247.8	0.3	40.03
	and	248.7	249.6	0.6	793.24
TUDDH-643		254.7	257	2.3	9.41
	including	254.7	255.3	0.6	35.54
TUDDH-650		192.6	194.1	1.5	14.93
	including	192.6	193.5	0.9	23.89
TUDDH-650		203.5	207.4	3.9	11.84
	including	203.5	204.7	1.2	35.18
	which includes	203.5	204.1	0.6	48.27
	and	204.1	204.7	0.6	22.09
TUDDH-651		184.6	185.2	0.6	32.65
TUDDH-651		194.5	197.2	2.7	17.2
	including	194.5	196	1.5	25.92
	which includes	195.4	195.7	0.3	124.52
	and also including	196.9	197.2	0.3	25.22
TUDDH-653		53	56.9	3.9	9.53
	including	55.1	56.9	1.8	19.47
	which includes	56	56.3	0.3	46.92
	and	56.6	56.9	0.3	55.08
TUDDH-653		89.5	96.3	6.8	9.96
	including	91.3	92.2	0.9	66.62
	which includes	91.6	91.9	0.3	165.95
	and	91.9	92.2	0.3	30.46
TUDDH-656		101.9	103.1	1.2	13.13
	including	101.9	102.5	0.6	19.73
	and	102.5	103.1	0.6	6.54

Table 2. Highlights of composited grade control drill results in the Zone 5 area. For full results see Table 4 in the appendix.

Hole ID		From	To	Interval (m)	Au (g/t)
TGC-0059		57.4	58.3	0.9	6.88
	including	57.4	57.7	0.3	12.89
	and	58	58.3	0.3	8.14
TGC-0061		55.8	58.2	2.4	3.4
	including	57.3	37.6	0.3	12.84
TGC-0065		45.3	45.6	0.3	36.2
TGC-0065		49.2	50.7	1.5	5.68
	including	49.2	49.5	0.3	9.59
	and	50.4	50.7	0.3	15.76
TGC-0065		52.2	52.5	0.3	33.51
TGC-0067		48.2	50	1.8	261.93
	including	48.8	49.4	0.6	934.91
	which includes	48.8	49.1	0.3	1839.55
	and	49.1	49.4	0.3	30.26
TGC-0067		53.3	54.2	0.9	93.05
	including	53.3	53.9	0.6	155.68
	which includes	53.3	53.6	0.3	10.89
	and	53.6	53.9	0.3	300.47

Zone 5

Zone 5 is located along the main north-south corridor of Tuvatu and represents the shallower portions of the UR lodes, occurring between the surface and the exploration decline. It encompasses a series of closely spaced, narrow, high-grade to locally bonanza-grade vein arrays that strike approximately north-south to northeast-southwest and dip sub-vertically to steeply east. The lodes in the center of the corridor (UR1, UR2, UR3, URW2, URW3) are very closely spaced and strike north-south. They have an east-west width of approximately 75 m and a strike length of approximately 600 m. The lodes in the east and southeast (UR4, UR5, UR6, UR7, UR8) strike approximately northeast-southwest, are slightly wider spaced, and fan out to the east. They have a northwest-southeast width of approximately 250 m and a strike length of approximately 600 m (see Figure 2).

The lodes within the main corridor at Tuvatu have a vertical extent in excess of 1000 m and appear to coalesce at approximately 450 m depth where they transition to Zone 500 – the very high-grade feeder zone at Tuvatu. Zone 5 is located approximately 250 m directly above Zone 500. The results reported in this news release therefore represent high-grade mineralization that is the direct vertical upward extension of the Zone 500 feeder zone. The region between Zone 5 and Zone 500 has only been tested by relatively wide-spaced exploration drilling. The results reported here represent the initial stages of a more systematic infill and locally grade control drilling program in Zone 5, which has a strike length in excess of 300 m in the north-south direction and a vertical extent of approximately 250 m (see Figure 3).

Figure 2. Main Zone at Tuvatu. Left image: Plan view of Tuvatu identifying the lodes referenced in this report. Right image: Section view looking approximately northeast, showing the location of Zone 5 and Zone 500 relative to the lodes. Drillholes reported in this news release are shown in yellow for visibility.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2178/176686_500e14428483aaf2_002full.jpg

Figure 3. Location of High-Grade Intercepts from Zone 5 Drilling. High-grade intervals are shown for Zone 5 infill and grade control drillholes reported in this news release. Composite intervals with grades between 3 and 10 g/t Au are shown in yellow, intervals with grades between 10 and 30 g/t Au shown in red, and intervals over 30 g/t Au are shown in purple. Select high-grade intervals are identified. Image is looking approximately north-northeast, grades are gold grades in g/t.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2178/176686_500e14428483aaf2_003full.jpg

Infill Drilling

A total of 14 Zone 5 infill drillholes are included in this news release. The infill drill program was drilled from surface and was designed to target the near-surface portions of the main UR lodes. The goal of the program is to increase the understanding of mineralization and lode geometry in this part of the deposit, which is scheduled for mining in late 2024 and beyond. Zone 5 mining will progress upwards from the exploration decline and thus the lower portions of Zone 5 are the first scheduled for extraction. The Zone 5 infill drill program is ongoing. Examples of mineralization observed in the Zone 5 infill drillholes are shown in Figure 4.

Figure 4. Example Mineralization from Zone 5 Infill Drilling. Top left: UR5 lode. Colloform quartz vein with abundant coarse grained honey sphalerite rimmed by fine-grained sooty pyrite (TUDDH-637, 162.0 m). Top center: UR2 lode. Narrow chalcedonic quartz vein with fine grained pyrite and sphalerite, weak potassic alteration halo (TUDDH-644, 220.3 m). Top right: Banded, vuggy and colloform chalcedonic quartz vein with coarse grained sphalerite and fine-grained pyrite and galena. Strong chocolate brown alteration halo (TUDDH-637, 220.3m). Bottom left: UR1/UR2 lodes. Wide variable white to grey silica vein with coarse grained sphalerite and pyrite (TUDDH-643, 243.9 m). Bottom center: UR1/UR2 lodes. Vuggy white silica vein with coarse grained sphalerite and pyrite (TUDDH-643, 247.6 m). Bottom right: UR1/UR2 lodes. Quartz-sphalerite-pyrite vein with abundant coarse-grained sphalerite and narrow potassic alteration halo. The inset image identifies a speck of visible gold within the yellow circle (TUDDH-643. 249.0 m). Pen used for scale.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2178/176686_500e14428483aaf2_004full.jpg

Grade Control Drilling

A total of 12 grade control drillholes have been completed to date in the Zone 5 area of Tuvatu, six of which are reported here. Results from the first six grade control drillholes completed in Zone 5 were reported in the news release from June 14, 2023. The grade control drillholes were drilled from underground and were designed to target the Zone 5 blocks scheduled for near-term production. This area is planned to be mined in early 2024 and results from the grade control drill program will provide increased understanding of the geometry and continuity of mineralization in those blocks and will help to optimize mine development and extraction in the near future. The grade control drill program is on schedule and the results to date confirm the local understanding of the Zone 5 geological model. Zone 5 grade control drill programs are ongoing. Examples of mineralization observed in the grade control drillholes are shown in Figure 5.

Figure 5. Example Mineralization from Zone 5 Grade Control Drilling. Left: URW3 lode. Monzonite hosted hydrothermal breccia with coarse grained sphalerite and pyrite (TGC-0056, 29.1 m). Center: Vuggy hydrothermal breccia with colloform silica, coarse grained sphalerite and pyrite, and strong potassic alteration halo (TGC-0067, 48.3 m). Right: Hydrothermal breccia with grey chalcedonic silica, coarse grained pyrite and sphalerite rimmed by fine grained sooty pyrite. Strong potassic alteration halo (TGC-0067, 49.0 m). Width of core is 4.76 cm in each photo.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2178/176686_500e14428483aaf2_005full.jpg

About Tuvatu

The Tuvatu Alkaline Gold Project is located on the island of Viti Levu in Fiji. The January 2018 mineral resource for Tuvatu as disclosed in the technical report “Technical Report and Preliminary Economic Assessment for the Tuvatu Gold Project, Republic of Fiji”, dated September 25, 2020, and prepared by Mining Associates Pty Ltd of Brisbane Qld, comprises 1,007,000 tonnes indicated at 8.50 g/t Au (274,600 oz. Au) and 1,325,000 tonnes inferred at 9.0 g/t Au (384,000 oz. Au) at a cut-off grade of 3.0 g/t Au. The technical report is available on the Lion One website at www.liononemetals.com and on the SEDAR website at www.sedar.com.

Qualified Person

In accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43- 101”), Sergio Cattalani, P.Geo, Senior Vice President Exploration, is the Qualified Person for the Company and has reviewed and is responsible for the technical and scientific content of this news release.

QAQC Procedures

Lion One adheres to rigorous QAQC procedures above and beyond basic regulatory guidelines in conducting its sampling, drilling, testing, and analyses. The Company utilizes its own fleet of diamond drill rigs, using PQ, HQ and NQ sized drill core rods. Drill core is logged and split by Lion One personnel on site. Samples are delivered to and analyzed at the Company’s geochemical and metallurgical laboratory in Fiji. Duplicates of all samples with grades above 0.5 g/t Au are both re-assayed at Lion One’s lab and delivered to ALS Global Laboratories in Australia (ALS) for check assay determinations. All samples for all high-grade intercepts are sent to ALS for check assays. All samples are pulverized to 85% passing through 75 microns. Gold analysis is carried out using fire assay with an AA finish. Samples that have returned grades greater than 10.00 g/t Au are then re-analyzed by gravimetric method. For samples that return greater than 0.50 g/t Au, repeat fire assay runs are carried out and repeated until a result is obtained that is within 10% of the original fire assay run. Lion One’s laboratory can also assay for a range of 71 other elements through Inductively Coupled Plasma Optical Emission Spectrometry (ICP-OES), but currently focuses on a suite of 9 important pathfinder elements. All duplicate anomalous samples are sent to ALS labs in Townsville QLD and are analyzed by the same methods (Au-AA26, and Au-GRA22 where applicable). ALS also analyses 33 pathfinder elements by HF-HNO3-HClO4 acid digestion, HCl leach and ICP-AES (method ME-ICP61).

About Lion One Metals Limited

Lion One’s flagship asset is 100% owned, fully permitted high grade Tuvatu Alkaline Gold Project, located on the island of Viti Levu in Fiji. Lion One envisions a low-cost high-grade underground gold mining operation at Tuvatu coupled with exciting exploration upside inside its tenements covering the entire Navilawa Caldera, an underexplored yet highly prospective 7km diameter alkaline gold system. Lion One’s CEO Walter Berukoff leads an experienced team of explorers and mine builders and has owned or operated over 20 mines in 7 countries. As the founder and former CEO of Miramar Mines, Northern Orion, and La Mancha Resources, Walter is credited with building over $3 billion of value for shareholders.

On behalf of the Board of Directors of
Lion One Metals Limited
“Walter Berukoff“, Chairman and CEO

Contact Investor Relations
Toll Free (North America) Tel: 1-855-805-1250
Email: info@liononemetals.com
Website: www.liononemetals.com

Neither the TSX Venture Exchange nor its Regulation Service Provider accepts responsibility for the adequacy or accuracy of this release

This press release may contain statements that may be deemed to be “forward-looking statements” within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein are forward-looking information. Generally, forward-looking information may be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “proposed”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases, or by the use of words or phrases which state that certain actions, events or results may, could, would, or might occur or be achieved. This forward-looking information reflects Lion One Metals Limited’s current beliefs and is based on information currently available to Lion One Metals Limited and on assumptions Lion One Metals Limited believes are reasonable. These assumptions include, but are not limited to, the actual results of exploration projects being equivalent to or better than estimated results in technical reports, assessment reports, and other geological reports or prior exploration results. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Lion One Metals Limited or its subsidiaries to be materially different from those expressed or implied by such forward-looking information. Such risks and other factors may include, but are not limited to: the stage development of Lion One Metals Limited, general business, economic, competitive, political and social uncertainties; the actual results of current research and development or operational activities; competition; uncertainty as to patent applications and intellectual property rights; product liability and lack of insurance; delay or failure to receive board or regulatory approvals; changes in legislation, including environmental legislation, affecting mining, timing and availability of external financing on acceptable terms; not realizing on the potential benefits of technology; conclusions of economic evaluations; and lack of qualified, skilled labour or loss of key individuals. Although Lion One Metals Limited has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information. Lion One Metals Limited does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

Appendix 1: Full Drill Results and Collar Information

Table 3. Composited results from infill drillholes in the Zone 5 area (grade >0.5 g/t Au)

Hole ID		From	To	Interval (m)	Au (g/t)
TUDDH-634		92.2	92.8	0.6	0.52
TUDDH-634		93.7	94.3	0.6	0.5
TUDDH-634		123.4	124	0.6	25.95
TUDDH-634		125.2	125.5	0.3	1
TUDDH-634		128.5	129.4	0.9	6.8
TUDDH-634	including	129.1	129.4	0.3	10.89
TUDDH-634		148.5	149.1	0.6	1.46
TUDDH-637		48.2	48.8	0.6	0.6
TUDDH-637		68.8	69.4	0.6	0.81
TUDDH-637		161.7	163.2	1.5	15.96
TUDDH-637	including	161.7	162.3	0.6	38.62
TUDDH-637	which includes	161.7	162	0.3	72.46
TUDDH-637		173.1	177.6	4.5	2.69
TUDDH-637	including	173.1	174	0.9	8.59
TUDDH-637		180	182.1	2.1	2.7
TUDDH-637		183.9	187.5	3.6	2.76
TUDDH-637	including	185.7	187.5	1.8	5.03
TUDDH-637		198.2	202.1	3.9	5.38
TUDDH-637	including	198.2	198.5	0.3	10.02
TUDDH-637	and	199.7	200.6	0.9	3.42
TUDDH-637	and	201.2	202.1	0.9	16.13
TUDDH-637	which includes	201.8	202.1	0.3	40.21
TUDDH-637		219.2	220.4	1.2	8.32
TUDDH-637	including	219.5	220.4	0.9	12.79
TUDDH-637		222.2	222.5	0.3	2.29
TUDDH-637		224	226.4	2.4	1.87
TUDDH-637		243.5	245	1.5	1.13
TUDDH-637		251.3	253.7	2.4	2.46
TUDDH-637		258.5	259.1	0.6	0.94
TUDDH-637		281.9	282.5	0.6	5.96
TUDDH-637		290.9	292.1	1.2	1.97
TUDDH-637		298.7	299.6	0.9	6.68
TUDDH-638		14.2	14.8	0.6	1.31
TUDDH-638		29.8	30.4	0.6	1.29
TUDDH-638		106.9	107.2	0.3	0.99
TUDDH-638		123.1	123.7	0.6	1.44
TUDDH-638		154.9	155.2	0.3	15.17
TUDDH-638		162.4	163.3	0.9	3.19
TUDDH-638		166.3	167.5	1.2	6.23
TUDDH-638	including	166.3	166.9	0.6	8.43
TUDDH-638		169.9	171.7	1.8	3.6
TUDDH-638	including	170.8	171.7	0.9	6.07
TUDDH-638		179.8	181.3	1.5	1.62
TUDDH-638		235.9	236.5	0.6	0.87
TUDDH-638		241.3	242.5	1.2	4.8
TUDDH-638	including	241.9	242.5	0.6	9.06
TUDDH-639		50.3	50.6	0.3	5.17
TUDDH-641		153	153.7	0.7	2.78
TUDDH-641	including	153	153.3	0.3	5.1
TUDDH-641		174.5	174.8	0.3	0.57
TUDDH-641		176.9	178.7	1.8	2.32
TUDDH-641	including	176.9	177.5	0.6	5.1
TUDDH-643		111.6	114.9	3.3	17.48
TUDDH-643	including	111.6	113.7	2.1	28.44
TUDDH-643	which includes	113.1	113.7	0.6	95.63
TUDDH-643		133.4	133.7	0.3	10.37
TUDDH-643		158.8	159.1	0.3	0.83
TUDDH-643		163.3	163.9	0.6	5.3
TUDDH-643		173.6	173.9	0.3	10.14
TUDDH-643		213.7	214.6	0.9	0.61
TUDDH-643		216.4	217	0.6	10.99
TUDDH-643		233.8	234.4	0.6	5.48
TUDDH-643		242.7	249.3	6.6	80.78
TUDDH-643	including	242.7	246.3	3.6	17.39
TUDDH-643	which includes	243.9	245.7	1.8	55.49
TUDDH-643	which includes	243.9	244.5	0.6	79.84
TUDDH-643	and	245.1	245.7	0.6	14.89
TUDDH-643	and also including	247.5	249.3	1.8	271.14
TUDDH-643	which includes	247.5	247.8	0.3	40.03
TUDDH-643	and	248.7	249.6	0.6	793.24
TUDDH-643		251.7	252.9	1.2	0.97
TUDDH-643		254.7	257	2.3	9.41
TUDDH-643	including	254.7	255.3	0.6	35.54
TUDDH-643		260.4	261.3	0.9	0.69
TUDDH-643		262.8	266.1	3.3	1.63
TUDDH-643		268.3	268.8	0.5	1.3
TUDDH-644		172.3	175	2.7	2.33
TUDDH-644	including	173.8	174.4	0.6	5.83
TUDDH-644		208.6	208.9	0.3	4.37
TUDDH-644		220.3	220.6	0.3	12.85
TUDDH-644		237.1	237.7	0.6	1.19
TUDDH-646		116.7	117.3	0.6	1.65
TUDDH-646		154.8	155.1	0.3	0.67
TUDDH-646		181.5	183.3	1.8	2.41
TUDDH-646	including	183	183.3	0.3	13.29
TUDDH-646		223.9	224.5	0.6	8.98
TUDDH-646	including	224.2	224.5	0.3	15.09
TUDDH-646		231.1	233.2	2.1	4.23
TUDDH-646	including	232	232.6	0.6	10.27
TUDDH-646		252.3	252.7	0.4	2.81
TUDDH-646		253.9	254.2	0.3	2.16
TUDDH-649		24.9	25.2	0.3	1.93
TUDDH-649		153.6	154.2	0.6	0.74
TUDDH-649		161.7	162.3	0.6	0.52
TUDDH-649		188.1	190.8	2.7	1.21
TUDDH-649		248.7	249.3	0.6	1.17
TUDDH-649		251.4	252.3	0.9	0.86
TUDDH-649		257.1	257.4	0.3	3.31
TUDDH-650		53.6	53.9	0.3	0.61
TUDDH-650		76.7	77	0.3	0.62
TUDDH-650		104.1	104.4	0.3	0.67
TUDDH-650		148.5	149.1	0.6	0.51
TUDDH-650		179.1	179.4	0.3	1.62
TUDDH-650		180.6	181.2	0.6	0.51
TUDDH-650		192.6	194.1	1.5	14.93
TUDDH-650	including	192.6	193.5	0.9	23.89
TUDDH-650		199	199.3	0.3	1.66
TUDDH-650		203.5	207.4	3.9	11.84
TUDDH-650	including	203.5	204.7	1.2	35.18
TUDDH-650	which includes	203.5	204.1	0.6	48.27
TUDDH-650	and	204.1	204.7	0.6	22.09
TUDDH-650		210.4	210.7	0.3	2.05
TUDDH-651		18.25	18.85	0.6	0.93
TUDDH-651		80.55	81.15	0.6	2.09
TUDDH-651		100.65	100.95	0.3	1.46
TUDDH-651		118.65	119.25	0.6	1.46
TUDDH-651		139.95	140.55	0.6	4.39
TUDDH-651		184.6	185.2	0.6	32.65
TUDDH-651		194.5	197.2	2.7	17.2
TUDDH-651	including	194.5	196	1.5	25.92
TUDDH-651	which includes	195.4	195.7	0.3	124.52
TUDDH-651	and also including	196.9	197.2	0.3	25.22
TUDDH-651		222.4	224.8	2.4	2.22
TUDDH-653		0	0.6	0.6	3.37
TUDDH-653		21.9	22.2	0.3	1.26
TUDDH-653		53	56.9	3.9	9.53
TUDDH-653	including	55.1	56.9	1.8	19.47
TUDDH-653	which includes	56	56.3	0.3	46.92
TUDDH-653	and	56.6	56.9	0.3	55.08
TUDDH-653		64.4	65	0.6	0.56
TUDDH-653		89.5	96.3	6.8	9.96
TUDDH-653	including	91.3	92.2	0.9	66.62
TUDDH-653	which includes	91.6	91.9	0.3	165.95
TUDDH-653	and	91.9	92.2	0.3	30.46
TUDDH-653		111.6	111.9	0.3	6.53
TUDDH-653		116.7	118.8	2.1	1.59
TUDDH-653		120	120.6	0.6	0.59
TUDDH-655		59.7	61.5	1.8	2.74
TUDDH-656		27.2	28.4	1.2	0.89
TUDDH-656		77	77.6	0.6	1.05
TUDDH-656		80.6	81.2	0.6	0.7
TUDDH-656		101.9	103.1	1.2	13.13
TUDDH-656	including	101.9	102.5	0.6	19.73
TUDDH-656	and	102.5	103.1	0.6	6.54
TUDDH-656		106.7	107	0.3	0.58
TUDDH-656		119.6	119.9	0.3	1.71

Table 4. Composited results from grade control drillholes in the Zone 5 area (grade >0.5 g/t Au)

Hole ID		From	To	Interval (m)	Au (g/t)
TGC-0056		26.7	29.4	2.7	1.52
TGC-0056		38.1	38.4	0.3	2.31
TGC-0056		39.6	39.9	0.3	0.73
TGC-0058		34.2	34.8	0.6	0.66
TGC-0058		35.4	35.7	0.3	0.51
TGC-0058		48.3	48.6	0.3	4.83
TGC-0058		53.1	55.2	2.1	3.82
TGC-0058	including	53.1	54	0.9	8.74
TGC-0058		56.4	57	0.6	1.1
TGC-0059		39.4	40.3	0.9	0.53
TGC-0059		50.5	50.8	0.3	3.1
TGC-0059		53.2	54.4	1.2	0.88
TGC-0059		57.4	58.3	0.9	6.88
TGC-0059	including	57.4	57.7	0.3	12.89
TGC-0059	and	58	58.3	0.3	8.14
TGC-0061		34.2	34.5	0.3	0.69
TGC-0061		35.4	36	0.6	0.75
TGC-0061		45.6	46.8	1.2	0.56
TGC-0061		49.8	50.4	0.6	0.84
TGC-0061		55.8	58.2	2.4	3.4
TGC-0061	including	57.3	37.6	0.3	12.84
TGC-0065		29.7	30	0.3	0.61
TGC-0065		32.4	33.6	1.2	2.44
TGC-0065		45.3	45.6	0.3	36.2
TGC-0065		49.2	50.7	1.5	5.68
TGC-0065	including	49.2	49.5	0.3	9.59
TGC-0065	and	50.4	50.7	0.3	15.76
TGC-0065		52.2	52.5	0.3	33.51
TGC-0067		23.6	23.9	0.3	1.06
TGC-0067		48.2	50	1.8	261.93
TGC-0067	including	48.8	49.4	0.6	934.91
TGC-0067	which includes	48.8	49.1	0.3	1839.55
TGC-0067	and	49.1	49.4	0.3	30.26
TGC-0067		53.3	54.2	0.9	93.05
TGC-0067	including	53.3	53.9	0.6	155.68
TGC-0067	which includes	53.3	53.6	0.3	10.89
TGC-0067	and	53.6	53.9	0.3	300.47
TGC-0067		63.2	63.8	0.6	2.89
TGC-0067		67.1	67.4	0.3	9.18

Table 5. Collar coordinates for grade control and infill drillholes reported in this release. Coordinates are in Fiji map grid.

Hole ID	Easting	Northing	Elevation	Azimuth	Dip	DEPTH
TGC-0056	1876439	3920583	117	79.6	121.2	9.5
TGC-0058	1876438	3920583	116	62.2	124.6	-11.3
TGC-0059	1876438	3920583	116	74.1	122.5	-22.0
TGC-0061	1876438	3920582	118	82.8	142.6	20.1
TGC-0065	1876438	3920582	117	71.2	133.2	10.6
TGC-0067	1876437	3920581	118	86.9	155.6	12.4
TUDDH-634	1876528	3920501	310	182.5	257.6	-55.3
TUDDH-637	1876557	3920389	352	320.3	292.0	-60.5
TUDDH-638	1876509	3920445	349	257.5	294.3	-66.4
TUDDH-639	1876556	3920389	352	56.6	297.3	-57.0
TUDDH-641	1876477	3920293	402	185.7	309.3	-66.1
TUDDH-643	1876556	3920389	352	274.8	297.1	-63.4
TUDDH-644	1876476	3920293	402	248.5	307.0	-64.3
TUDDH-646	1876557	3920388	352	270.5	283.6	-63.1
TUDDH-649	1876476	3920294	402	262.3	315.7	-66.5
TUDDH-650	1876539	3920395	352	230.8	283.0	-52.0
TUDDH-651	1876539	3920395	352	240.3	293.5	-53.3
TUDDH-653	1876496	3920546	296	131.4	281.2	-46.3
TUDDH-655	1876496	3920546	296	151.7	282.7	-51.5
TUDDH-656	1876539	3920395	352	215.3	306.9	-52.2

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/176686

Gold Shore Resources Junior Mining Precious Metals

Goldshore Resources Provides Corporate Update

Post author By admin
Post date August 10, 2023

Preliminary Economic Assessment On-Schedule; Robust Mineral Resource Independently Confirmed

Vancouver, British Columbia–(Newsfile Corp. – August 10, 2023) – Goldshore Resources Inc. (TSXV: GSHR) (OTCQB: GSHRF) (FSE: 8X00) (“Goldshore” or the “Company“), is pleased to share a corporate update in regards to its ongoing activities.

Highlights:

The Preliminary Economic Assessment (“PEA”) on the Moss Gold Project is progressing well and is on schedule for release mid Q4 2023.
The PEA is being managed by an independent multidisciplinary team at Ausenco Engineering Canada Inc. (“Ausenco”).

Base Metallurgical Laboratories Ltd. (“BaseMet”) has completed a gold deportment study with positive results and additional heap leach metallurgical test work is in progress at Kappes, Cassaday and Associates (“KCA”) to maximize potential gold recoveries.
Independent review of the May 5, 2023 Mineral Resource Estimate for the Moss Gold Project recently completed by SRK Consulting (Canada) Ltd. (“SRK”) confirms that the resource meets the CIM guidelines for the reporting of inferred mineral resources.
Independent review of project permitting paths by CSL Environmental & Geotechnical Ltd. (“CSL”) confirms that the permitting process is on-track for development with significant studies already completed and no major information or timeline hurdles expected.
Goldshore continues to take a proactive approach to community engagement, with regular information sharing meetings with host indigenous communities and benefiting greatly from feedback on all aspects of the PEA process.
The Company has been approved to receive an Ontario Junior Exploration Program grant of $200,000.
An additional >8,000 ha of new mineral claims have been staked 15-25 km north of the Moss Gold Project.

President and CEO Brett Richards stated: “In the wake of this market turbulence, we continue to pursue our goals of establishing the economic viability of the Moss Gold Project; as well as increasing our footprint in the region in a responsible manner. We continue to see great potential for the Moss Gold Project to grow well beyond the scope of the PEA we are currently conducting, but appreciate we need to establish the Project as an economically viable resource in its existing size, grade, and metallurgy. Initial indications are extremely encouraging, and we are looking forward to releasing the complete economic results in mid Q4 2023.”

PEA Update

Ausenco has completed Phase One of the ongoing PEA for the Moss Gold Project. Phase One was an initial high-level review of various mining and milling rates and different plant processes that is conducted to select the optimal configuration for the detailed PEA (Phase Two). While not definitive in and of itself, Phase One indicated that the most effective method to process mineralized material from the Moss Gold Project is conventional cyanide leaching with stockpiling of low-grade material for processing at the end of mine life. The Phase One results also indicated that an alternate (though more complex) flotation-leach process with heap-leaching of low-grade material provided similar returns, but size and scope of this approach needs to be studied in the future for project scoping on a larger resource (in both geological domains).

During Phase Two, further test work will be conducted to better define the cost and recovery profile entailed by the alternative of heap-leaching low-grade material. To this end, the Company will soon commence column leach testing of mineralization with KCA, who are recognized leaders in heap leach technology.

Alternate processing options highlight the flexibility of the Moss Gold Project, and future test work may unlock potential opportunity for upside on creating a different size scoped project in the future, with different recovery methods.

Mineral Deportment Study

Sixteen samples were submitted to BaseMet in Kamloops, BC, for gold deportment studies that evaluated the gold associations, gold particle size distribution, degree of gold liberation and gold mineralogy. The samples are composites from shear and intrusion domains, plus combined composites, from the Main, Central and QES Zones (the “Moss Pit”), Moss Southwest Zone and East Coldstream. Within the Moss Pit, combined samples were prepared for the three zones as well as an overall pit composite.

In general, observed gold grains in all samples are ultrafine, predominantly in -20 µm size fraction. This is at the very bottom end where centrifugal gold concentrators operate, hence the low recoveries observed in the E-GRG test. The strong association with pyrite in several samples shows why flotation was successful and, with regrind, leach extractions improved significantly. The bulk mineralogy shows high amounts of quartz and plagioclase in all samples which corelate to the high competency and hardness seen in the comminution results.

Mineral Resource Audit

Following the inclusion of external comments within the technical report drafted by CSA Global; Goldshore retained SRK to conduct an independent review of the mineral resource estimate and its reliability. Dr. Gilles Arseneau, Principal Consultant at SRK, conducted an independent review of the May 2023 mineral resource estimate reported by CSA. He also completed an in-depth review of the drill data and wireframes used for this estimate.

Dr. Arseneau concluded that, “the mineral resource reported by CSA Global effective May 5, 2023, meets the criteria under CIM guidelines for reporting inferred mineral resources.”

Although Dr. Arseneau noted concerns with the historical drilling data, they were fewer than those noted by CSA, and he also noted that with further analysis it may be possible to reclassify part of the Mineral Resource as indicated mineral resources under CIM guidelines.

Goldshore has concluded that the mineral resource estimate is suitable for the purpose of advancing the current PEA.

Independent Outlook for Permitting

CSL are Goldshore’s independent environmental site auditors as well as project managers for current baseline studies. CSL have considerable experience in this field through their work on the permitting for Impala’s Lac des Iles mine, north of Thunder Bay. This positions them perfectly to manage the Section 20 environmental studies for the PEA. As part of this, CSL produced an independent position paper on the steps required to permit the Moss Gold Project.

CSL has used the rigour around site layout and engineering to identify additional baseline studies that will need to be undertaken and completed as part of the permitting and approvals process. This includes future engagement with indigenous communities on site layout as well as long lead time permits (federal and provincial).

Key permits that Goldshore will be seeking include:

Federally, an Impact Assessment and a Fisheries Habitat Compensation Plan, and various approvals, authorizations and licenses; and
Provincially, a Closure Plan, various Environmental Compliance Approvals and several standard work permits. All of these permits have been factored into internal planning timelines.

Chris Perusse, P.Geo., President and Senior Geoscientist with CSL, noted, “there are no major informational or timeline hurdles to permitting the Moss Gold Project and a relatively straightforward path with Goldshore well on track with studies completed to date. There is no major lake remediation process, rather a diversion of the Wawiag River, which broadens into the very shallow Snodgrass Lake, around the proposed mine site.”

Goldshore is taking a proactive approach to consultation with our host indigenous communities through regular meetings to share information and benefit from feedback on all aspects of the PEA process.

Hillcrest Project

As part of the Company’s strategy for an exploration and development pipeline, Goldshore has acquired 390 cell claims covering 8,261 hectares in the Quetico Subprovince, 15-25km kilometres north of Moss. This has been named the Hillcrest Project.

The Hillcrest Project represents a blue-sky approach to gold exploration. Fault systems cutting the area appear to be deep-seated structures, “plumbing” the mantle, that were active in the same timeframe as the “Timiskaming-type” deformation zones which have a known, close association with gold mineralization within the Shebandowan Belt (specifically, the high-grade Delta-1 and Tower gold deposits, held by Delta Resources and Thunder Gold, respectively). The interpreted tectonic regime predicts a relatively high density of subvertical second-order deformation zones which acted as fluid conduits. Lake sediment geochemistry is anomalous in gold and other pathfinder elements, which highlights the unrecognized prospectivity of the area.

The Hillcrest Project is also prospective for critical minerals – specifically, Alaska-type Ni-Cu-PGE±Au and lithium pegmatites – as suggested by pre-staking prospecting conducted by Goldshore’s geologists.

The current focus remains on the Moss Gold Project and fieldwork is not planned on the Hillcrest Project until 2024-25.

Hillcrest Project

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Ontario Junior Exploration Program Funding

The Company applied for a $200,000 grant under Ontario’s Junior Exploration Program (OJEP), which was approved on July 13, 2023. Goldshore has been using these funds to conduct geological mapping and geochemical sampling that is focused on potential copper-cobalt targets within the Moss Gold Project. The Company has received approval for the full $200,000 grant under OJEP which consists of a 50% rebate on $400,000 of grassroots focused exploration expenses incurred in 2023.

The Company mobilized field crews in May which have been actively exploring the northern tenement of the project targeting favourable geological horizons and alteration envelopes associated with VMS mineralization as identified at the Vanguard and North Coldstream deposits. The program will progressively move south exploring regional targets around the Moss deposit and Hamlin prospect identified through the earlier completed airborne geophysics survey including many unexplained EM anomalies.

The Company looks forward to continuing its partnership with the Ontario government through OJEP and will be monitoring the program for additional opportunities for funding.

President and CEO Brett Richards stated: “I would like send a note of thanks to the Minister of Mines, for the creation of the Ontario Junior Exploration Program funding, and for our acceptance to receive the generous grant to continue our field work.”

Pete Flindell, VP Exploration for Goldshore, said, “Goldshore remains active with field mapping and geochemical sampling programs to prioritize scout drilling targets for when the drill rigs return later this year. At the same time, we are pursuing studies to determine the economic value of the Moss Gold Project. Initial results are highly encouraging, exceeding all of the Company’s economic metrics given to Ausenco as the framework for scoping the project.”

Qualified Persons

Peter Flindell, P.Geo., MAusIMM, MAIG, Vice President – Exploration of the Company is a “Qualified Person” as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects. He has reviewed and verified the scientific and technical information contained in this news release.

Dr Gilles Arseneau, P. Geo. is an associate with SRK Consulting (Canada) Inc. SRK Consulting is an independent, global network of consulting practices in over 45 countries on six continents. Its experienced engineers and scientists work with clients in multi-disciplinary teams to deliver integrated, sustainable solutions across a range of sectors – mining, water, environment, infrastructure, and energy. He has reviewed and verified the information regarding the Mineral Resource audit on the Moss Gold Project disclosed in this news release.

Robert Raponi, P.Eng is a Senior Mining Engineer Specialist with Ausenco Engineering Canada Inc. He has reviewed and verified the information regarding the metallurgical and processing results on the Moss Gold project disclosed in the news release.

Chris Perusse, P.Geo, is President and Senior Geoscientist with CSL Environmental and Geotechnical Ltd. He has reviewed and verified the information regarding the independent outlook on permitting on the Moss Gold project disclosed in the news release.

About Goldshore

Goldshore is an emerging junior gold development company, and owns 100% of the Moss Gold Project located in Ontario. Wesdome is currently a large shareholder of Goldshore, and the Company is supported by an industry-leading management group, board of directors and advisory board. Goldshore is well positioned to advance the Moss Gold Project through the next stages of exploration and development.

About Ausenco

Ausenco is a global diversified engineering, construction and project management company providing consulting, project delivery and asset management solutions to the resources, energy and infrastructure sectors. Ausenco’s experience in gold projects ranges from conceptual, pre-feasibility and feasibility studies for new project developments to project execution with EPCM and EPC delivery. Ausenco is currently engaged on a number of global projects with similar characteristics and opportunities to the Moss Gold Project.

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

For More Information – Please Contact:

Brett A. Richards
President, Chief Executive Officer and Director
Goldshore Resources Inc.

P. +1 604 288 4416 M. +1 905 449 1500
E. brichards@goldshoreresources.com
W. www.goldshoreresources.com

Facebook: GoldShoreRes | Twitter: GoldShoreRes | LinkedIn: goldshoreres

Cautionary Note Regarding Forward-Looking Statements

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 the Company’s actual results, performance or achievements, or developments 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.

Forward-looking statements in this news release include, among others, statements relating to expectations regarding the exploration and development of the Moss Gold Project and the Hillcrest Project, the release of an updated mineral resource estimate and preliminary economic assessment, and other statements that are not historical facts. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors and risks include, among others: the Company may require additional financing from time to time in order to continue its operations which may not be available when needed or on acceptable terms and conditions acceptable; compliance with extensive government regulation; domestic and foreign laws and regulations could adversely affect the Company’s business and results of operations; the stock markets have experienced volatility that often has been unrelated to the performance of companies and these fluctuations may adversely affect the price of the Company’s securities, regardless of its operating performance; and the impact of COVID-19.

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. The Company undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/176639

Dolly Varden Silver Exclusive Interviews Junior Mining Precious Metals

Dolly Varden Silver – 2,270 G/T Silver, Resource Expansion, Extends Drill Program to 55,000 Meters

Post author By admin
Post date August 8, 2023

Energy Junior Mining Precious Metals

Dolly Varden Silver Intersects Near-Surface Kitsol Vein Extension with 342 g/t Ag over 18m, Including 2,270 g/t Ag over .5m and Adds Fifth Drill Rig

Post author By admin
Post date August 8, 2023

Vancouver, British Columbia–(Newsfile Corp. – August 8, 2023) – Dolly Varden Silver Corporation (TSXV: DV) (OTCQX: DOLLF) (the “Company” or “Dolly Varden“) is pleased to announce initial drill results from expansion drilling at Kitsol and Torbrit as part of the 2023 exploration program on the 100%-owned Dolly Varden property in BC’s Golden Triangle. Due to drilling success and efficiencies, a fifth drill has been mobilized to site and the 2023 program has been expanded by approximately 10,000m to 55,000m of drilling. Over 70 drill holes have been completed to-date this season.

Highlights from the Kitsol Vein in the Torbrit Deposit area include*:

DV23-334: 297 g/t Ag over 8.32 meters including 1,090 g/t Ag over 0.90 meters at Kitsol
DV23-336: 342 g/t Ag over 18.00 meters including 2,270 g/t Ag over 0.50 meters and 995 g/t Ag with 3.6% Pb over 0.60 meters at Kitsol
DV23-337: 496 g/t Ag over 9.57 meters including 1,100 g/t Ag over 0.73 meters at Kitsol

DV23-348: 334 g/t Ag over 3.50 meters including 672 g/t Ag over 1.34 meters at Torbrit Main, south extension

* Intervals are core length; true widths vary from 64 to 87% of core length interval (see table 1), assays are uncut

“As the flow of results from our fully funded 2023 exploration drill program have started, we continue to see successful resource expansion drilling at the Kitsol Vein, intersecting high grade silver mineralization over wide intervals, that is potentially amenable to bulk underground mining methods,” said Shawn Khunkhun, President and CEO of Dolly Varden Silver. “We are excited to have the fifth drill turning as it will allow us to allocate extra meters to exploration drilling on our priority list of targets along the Kitsault Valley trend.”

Figure 1. Area of results released relative to Silver and Gold Deposits of Dolly Varden’s Kitsault Valley Trend

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1728/176403_f2166cb9649c5aed_002full.jpg

Holes DV23-334 and 336 extended the plunge extent of the wide, high grade, silver mineralization at the Kitsol vein for an additional 40m towards surface. The plunge direction has been extended to over 250m from the furthest southwest intercept, down plunge in drill hole DV22-323 (Figure 2). Drilling has identified a consistent, high-grade interval within the wide vein interval, associated with multiple phases of brecciation (DV23-334: 1,090 g/t Ag over 0.90 meters and DV23-336: 2,270 g/t Ag over 0.50 meters).

Drill holes DV23-335, 337, 341 and 343 tested the high-grade shoot along strike; hole DV23-337 was a 41 meter step-out, up plunge from DV18-131, confirming the consistent vertical dimension of the shoot to be of 50-75 meters, along the length of the plunge. The remaining holes intersected the Kitsol vein, either above or below the higher grade mineralized shoot.

Exploration holes to the west, testing for new structures in the hanging wall of the Moose Lamb fault encountered a block of the Kitsol vein in drill hole DV23-338 within a fault splay. Further modelling with the new oriented core data will guide targeting of the possible offset of the Kitsol Vein across the Moose Lamb fault.

At the southern end of the Torbrit Main deposit, drill holes DV23-348 and 350 were collared as a 31m step outs testing for the mineralized horizon. DV23-348 intersected mineralization consistent with the lower sequence of the basin fill-style silver zone at Torbrit, within potassic and chlorite altered volcanic tuff.

Figure 2. Kitsol Vein Longitudinal section with plunge of high grade silver shoot and 2023 results

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1728/176403_f2166cb9649c5aed_003full.jpg

Figure 3. Drill hole DV22-336 (74.00m to 85.55m) from the Kitsol Vein deposit showing breccia vein style mineralization with argentite, native silver in a dark silica matrix and vein breccia fragments

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1728/176403_dollyvardenfig3.jpg

Addition of fifth Diamond Drill and start of Geophysical Survey

The 15km long extent of the prospective Hazelton rocks on the property is host to numerous surface occurrences of alteration and silver mineralization that have been prioritized for drill testing. With the addition of approximately 10,000 meters to the initial 45,000 meter planned program, the extra drilling will be allocated to discovery-focused exploration targets. Efficiencies and excellent drill production have allowed for the additional drilling within the current budget.

In addition, a MT geophysical survey conducted by Simcoe Geoscience has commenced. The ground survey will be run over post-mineralization sedimentary rocks over the centre of the valley. Additional surveys will be performed to the area west and north of Homestake Ridge, where extensive gold in soil anomalies coincident with strong quartz-sericite-pyrite (QSP) alteration in interpreted to suggest a possible source at depth for the structurally-controlled gold-silver mineralization at Homestake Main and Homestake Silver deposits.

Figure 4. Kitsol Vein Plan View showing Drill Hole locations with Lithology, this release.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1728/176403_f2166cb9649c5aed_005full.jpg

Table 1. Drill Hole Assays from 2023 Kitsol and Torbrit drill holes.

Hole ID	From (m)	To (m)	Length (m)	True Width (m)	Ag* (g/t)	Pb* (%)	Zn* (%)	Au* (g/t)
DV23-334	63.00	71.32	8.32	7.21	297	0.28	0.22
including	65.10	66.00	0.90	0.78	1090	1.59	0.90
DV23-335	159.50	160.50	1.00	0.72	118	0.24	0.06
and	174.00	175.00	1.00	0.72	104	0.24	0.50
and	176.70	177.61	0.91	0.65	176	0.12	0.09
DV23-336	70.00	88.00	18.00	15.59	342	0.58	0.57
including	75.40	75.90	0.50	0.42	2270	0.10	1.13
including	79.65	80.25	0.60	0.51	995	3.60	1.48
DV23-337	122.33	131.90	9.57	7.94	496	0.78	0.38
including	122.33	123.06	0.73	0.61	1100	0.14	0.37
and	171.00	172.00	1.00	0.83	129	0.03	0.09
DV23-338	123.27	123.74	0.47	0.33	14	0.02	1.02
DV23-341	176.90	177.40	0.50	0.32	310	1.20	0.11	0.80
and	184.14	184.64	0.50	0.32	208	1.48	0.11
and	187.03	187.53	0.50	0.32	22	0.11	0.09	0.16
and	272.50	275.50	3.00	1.92	115	0.21	0.06	0.11
DV23-342					NSV
DV23-343	216.45	217.36	0.91	0.52	107	0.02	0.11
and	299.00	300.00	1.00	0.57	140	0.18	0.32
DV23-346					NSV
DV23-348	86.00	89.50	3.50	3.50	334	0.03	0.05	0.13
including	86.00	87.34	1.34	1.34	672	0.02	0.07	0.24
DV23-350					NSV

* Assays reported are uncut. NSV denotes ‘No Significant Values’

Table 2. Drill Hole Collars for 2023 Dolly Varden Kitsol – Torbrit Area Drilling (this release)

Hole ID	Easting UTM83 (m)	Northing UTM83 (m)	Elev. (m)	Azimuth	Dip	Length (m)
DV23-334	467617	6172166	380	100	-45	130
DV23-335	467569	6172125	408	113	-59	201
DV23-336	467617	6172166	380	81	-45	130
DV23-337	467569	6172125	408	104	-49	228
DV23-338	467482	6172082	410	108	-60	401
DV23-341	467543	6172134	405	122	-55	321
DV23-342	467482	6172082	410	130	-60	326
DV23-343	467543	6172134	405	121	-70	396
DV23-346	467482	6172082	410	120	-50	276
DV23-348	468321	6171190	562	45	-55	168
DV23-350	468321	6171190	562	45	-72	186

Quality Assurance and Quality Control

The Company adheres to CIM Best Practices Guidelines for exploration related activities conducted on its property. Quality Assurance and Quality Control (QA/QC) procedures are overseen by the Qualified Person.

Dolly Varden QA/QC protocols are maintained through the insertion of certified reference material (standards), blanks and field duplicates within the sample stream. Drill core is cut in-half with a diamond saw, with one-half placed in sealed bags and shipped to the laboratory and the other half retained on site. Third party laboratory checks on 5% of the samples are carried out as well. Chain of custody is maintained from the drill to the submittal into the laboratory preparation facility.

Analytical testing was performed by ALS Canada Ltd. in North Vancouver, British Columbia. The entire sample is crushed to 70% minus 2mm (10 mesh), of which a 500 gram split is pulverized to minus 200 mesh. Multi-element analyses were determined by Inductively Coupled Plasma Mass Spectrometry (ICP-MS) for 48 elements following a 4-acid digestion process. High grade silver testing was determined by Fire Assay with either an atomic absorption, or a gravimetric finish, depending on grade range. Au is determined by Fire Assay on a 30g split.

Qualified Person

Rob van Egmond, P.Geo., Vice-President Exploration for Dolly Varden Silver, the “Qualified Person” as defined by NI43-101 has reviewed, validated and approved the scientific and technical information contained in this news release and supervises the ongoing exploration program for Dolly Varden on the Kitsault Valley Project.

About Dolly Varden Silver Corporation

Dolly Varden Silver Corporation is a mineral exploration company focused on advancing its 100% held Kitsault Valley Project (which combines the Dolly Varden Project and the Homestake Ridge Project) located in the Golden Triangle of British Columbia, Canada, 25kms by road to tide water. The 163 sq. km. project hosts the high-grade silver and gold resources of Dolly Varden and Homestake Ridge along with the past producing Dolly Varden and Torbrit silver mines. It is considered to be prospective for hosting further precious metal deposits, being on the same structural and stratigraphic belts that host numerous other, on-trend, high-grade deposits, such as Eskay Creek and Brucejack. The Kitsault Valley Project also contains the Big Bulk property which is prospective for porphyry and skarn style copper and gold mineralization, similar to other such deposits in the region (Red Mountain, KSM, Red Chris).

Forward Looking Statements

This release may contain forward-looking statements or forward-looking information under applicable Canadian securities legislation that may not be based on historical fact, including, without limitation, statements containing the words “believe”, “may”, “plan”, “will”, “estimate”, “continue”, “anticipate”, “intend”, “expect”, “potential”, and similar expressions. Forward-looking statements involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of Dolly Varden to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements. Forward looking statements or information in this release relates to, among other things, the 2022 drill program at the Kitsault Valley Project, the results of previous field work and programs and the continued operations of the current exploration program, interpretation of the nature of the mineralization at the project and that that the mineralization on the project is similar to Eskay and Brucejack, results of the mineral resource estimate on the project, the potential to grow the project, the potential to expand the mineralization and our beliefs about the unexplored portion of the property.

These forward-looking statements are based on management’s current expectations and beliefs and assume, among other things, the ability of the Company to successfully pursue its current development plans, that future sources of funding will be available to the company, that relevant commodity prices will remain at levels that are economically viable for the Company and that the Company will receive relevant permits in a timely manner in order to enable its operations, but given the uncertainties, assumptions and risks, readers are cautioned not to place undue reliance on such forward-looking statements or information. The Company disclaims any obligation to update, or to publicly announce, any such statements, events or developments except as required by law.

For additional information on risks and uncertainties, see the Company’s most recently filed annual management discussion & analysis (“MD&A“) and management information circular dated January 21, 2022 (the “Circular“), both of which are available on SEDAR at www.sedar.com. The risk factors identified in the MD&A and the Circular are not intended to represent a complete list of factors that could affect the Company.

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

For further information: Shawn Khunkhun, CEO & Director, 1-604-609-5137, www.dollyvardensilver.com.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/176403

Base Metals Emx Royalty Energy Junior Mining Precious Metals Project Generators

EMX Royalty Sells Two Additional Battery Metal Projects to Kendrick Resources PLC

Post author By admin
Post date August 8, 2023

Vancouver, British Columbia–(Newsfile Corp. – August 8, 2023) – EMX Royalty Corporation (TSXV: EMX) (NYSE American: EMX) (the “Company” or “EMX”) is pleased to announce the execution of an agreement (the “Agreement”) to add its Mjövattnet and Njuggträskliden nickel-copper-PGE-cobalt projects in Sweden (the “Swedish Projects”) to an existing arrangement with Kendrick Resources PLC (“Kendrick”), a current EMX partner. Mjövattnet and Njuggträskliden battery metals projects will follow the same schedule of work commitments, advance royalty payments and milestone payments as the Espedalen battery metals project in Norway, another EMX royalty property being advanced by Kendrick. EMX will retain a 3% NSR royalty on the Swedish Projects along with other considerations summarized below. Kendrick is a Scandinavian focused energy metal exploration and development company currently listed on the London Stock Exchange (“LSE”) under the trading symbol “KEN”. See Figure 1 for project locations.

Each of the Swedish Projects contain nickel-copper-cobalt-PGE (Ni-Cu-Co-PGE) sulfide deposits associated with mafic-ultramafic intrusive complexes in the Skellefteå region of north-central Sweden, and both contain historical mineral resources. The Skellefteå area is known for its mining culture and heritage and is home to multiple actives mines, processing facilities and Boliden AB’s Rönnskär smelting complex.

The addition of the Swedish Projects follows Kendrick’s recent announcement of compelling drill results from the Espedalen battery metals project in Norway, a key EMX royalty property. Kendrick recently announced drill reported but Espedalen, including 11.60 meters averaging 2.85% nickel, 1.04% copper and 0.08% cobalt from 52.4 meters depth in drill hole ESP23-08, drilled at the Stormyra prospect on the Espedalen license (true width not reported, but can be estimated at 70-80% according to published cross sections)¹. Please see www.EMXroyalty.com for more information on these and other battery metal projects in EMX’s portfolio.

Commercial Terms Overview. In accordance with the Agreement, Kendrick will issue to EMX 15,000,000 options exercisable at a strike price of 1.3 pence (GBX) for 60 months. EMX currently holds an 8.8% equity stake in Kendrick, and the options will allow EMX to maintain its equity position for the foreseeable future. Additional provisions include:

A 3% NSR royalty in favor of EMX, 1% of which can be bought down by Kendrick by paying EMX $1,000,000 by the fifth anniversary of the agreement (leaving EMX with a minimum 2% NSR royalty).
Annual work commitments of 1,000 meters of drilling on each of the Swedish Projects.

Annual Advance Royalty Payments (“AAR’s”) on each of the Swedish Projects beginning at $30,000 in 2024 and escalating by $5,000 per year.

Overview of the Swedish Projects. Regional nickel exploration became a focus of the Swedish Geological Survey (“SGU”) and other state-run mining concerns in the 1970’s and early 1980’s, leading to the discoveries of the Mjövattnet and Njuggträskliden nickel-copper-cobalt-PGE deposits along what became known as the “Nickel Line” in north central Sweden. The Nickel Line is broadly coincident with a belt of similar aged volcanogenic massive sulfide (“VMS”) type deposits and orogenic gold deposits that comprise the greater Skellefteå Mining Region.

Mjövattnet Project. The translation of Mjövattnet is “mead water” in English, which was one of the first nickel sulfide discoveries made along the Nickel Line. Discovered in 1971, the Mjövattnet nickel sulfide deposit occurs along a structural corridor of similar mineralized bodies, including the Lappvattnet Brannorna, and Lappbacken zones to the southwest, each of which have drill defined zones of mineralization, with the latter two also lying within the EMX license (See Figure 2; note that Lappvattnet is currently held by a third party). Notes from the Swedish Geological Company (“NSG”) in 1987 state that Mjövattnet has only been partly explored and its depth potential remains unknown². Likewise, several clusters of nickel sulfide bearing boulders lie to the northeast and southeast (the Frangsmyran, Holmsvattnet, Långbacken and Vallen occurrences), the bedrock sources of which have yet to be identified.

This combination of known, drilled defined nickel sulfide mineralization which remains open in multiple directions, and the upside potential in the vicinities of the clusters of mineralized boulders makes the Mjövattnet project particularly attractive for further exploration.

Njuggträskliden Project. This deposit was discovered in the early 1970’s via boulder tracing, which led to the identification of several mineralized outcrops. Multiple drill defined zones of nickel sulfide mineralization were delineated in the early 1980’s, many of which were recognized as being enriched in PGE’s, but only some of the collected drill core samples were analyzed for PGE’s.

The drill defined zones of mineralization at Njuggträskliden remain open at depth, and the NSG noted in their summary report that a 10 kilometer corridor of similar boulder clusters with nickel sulfide mineralization remains to be explored at Njuggträskliden (see Figure 3)³. These occurrences all lie within the EMX license and represent considerable upside exploration potential. Since being drilled by the NSG, a few smaller companies have conducted limited exploration in the area, including twinning of some of the historic holes and reanalyzing the historic drill core for PGE’s. However, little to no systematic exploration has taken place.

Recent exploration programs conducted by EMX have identified numerous new copper and nickel soil anomalies on the Njuggträskliden project. Some of these newly recognized anomalies coincide with clusters of mineralized glacially transported boulders, the source(s) of which have not yet been discovered.

Exploration Plans for 2023. Permitting for drill testing has already begun, and Kendrick expects to commence a maiden drill program at Mjövattnet in later 2023 or early 2024.

Comments on Nearby and Adjacent Properties. The mines and deposits discussed in this news release provide context for EMX’s Projects, which occur in a similar geologic setting, but this is not necessarily indicative that the Projects host similar quantities, grades or styles of mineralization.

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 March 31, 2023 (the “MD&A”), and the most recently filed Annual Information Form (“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.sedarplus.ca and on the SEC’s EDGAR website at www.sec.gov.

Figure 1: Location map of the Swedish Projects.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1508/176252_c1e423f684f889d1_002full.jpg

Figure 2: Mineralized trends, occurrences and geophysical map of the Mjövattnet project.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1508/176252_c1e423f684f889d1_003full.jpg

Figure 3: Mineralized trends, occurrences and geophysical map of the Njuggträskliden project.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1508/176252_c1e423f684f889d1_004full.jpg

¹ See Kendrick Resources PLC News Release dated May 4, 2023: “Stormyra Second Batch Assay Results Maiden Diamond Drill Programme”. EMX has not performed sufficient work to verify the published assay results, and these data cannot be verified as being compliant with NI43-101 standards. However, EMX believes these results to be reliable and relevant.
² Information from the Geological Survey of Sweden archives in Malå., Sweden.
³ Information from the Geological Survey of Sweden archives in Malå., Sweden., including report BRAP 81007, 1981, Nickelmineraliseringarna i Njuggtraskliden.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/176252

Base Metals Breaking Emx Royalty Energy Exclusive Interviews Junior Mining Precious Metals Project Generators

(16 Min.) EMX Royalty and Franco Nevada Announce $10M Acquisition Agreement for New Royalties

Post author By admin
Post date August 5, 2023

Website| https://provenandprobable.com/
Call Me |855.505.1900 or email: Maurice@MilesFranklin.com
Precious Metals – https://www.milesfranklin.com/

Tags #DavidCole, #EMX, #EMXRoyalty, #GoldMiningCompanies, #GoldMiningStocks, #ProvenAndProbable, #RickRule, #RoyaltyGenerator, #ScottClose, #Timok

Base Metals Energy Precious Metals

Hot Chili Commences 30,000m Drill Programme at Costa Fuego

Post author By admin
Post date August 2, 2023

Hot Chili Limited (ASX: HCH) (TSXV: HCH) (OTCQX: HHLKF) (“Hot Chili” or the “Company”) is pleased to announce that drilling has re-commenced across the western extension of the Cortadera porphyry resource, part of the Company’s Costa Fuego Copper-Gold Project (“Costa Fuego” or “the Project”) located 600 km north of Santiago, at low elevation (<1,000 m) in the coastal range of the Atacama Region, Chile.

Drilling operations have been underway for five days with one reverse circulation rig in operation and further diamond drill rigs to be added as the Company ramps up its fully-funded 30,000m expansion drilling programme across Costa Fuego.

Given the Company’s significant advance on its Pre-Feasibility Study for Costa Fuego (over 80% complete) and high Indicated categorisation of the current Mineral Resource (82% Indicated), the majority of planned drilling is being directed toward exploration and mineral resource growth.

A mineral resource update for Costa Fuego is planned to be completed in H2 2023 and will include drilling from the current 30,000m programme as well as significant drilling undertaken across Costa Fuego since the beginning of 2022.

The Company is well funded with approximately A$26 million in treasury following closing of its recent investment agreement with Osisko Gold Royalties for US$15 million (as announced 26^th July 2023).

A PEA technical report prepared in accordance with NI 43-101 (as defined below) will be filed on SEDAR+ by 11^th August 2023.

The Company looks forward to providing further updates on results from drilling activities and ongoing development study workstreams.

To access the announcement please click on the link below.

Download Full Announcement

Base Metals Emx Royalty Energy Junior Mining Precious Metals

EMX Announces an Acquisition Agreement for New Royalties with Franco-Nevada

Post author By admin
Post date August 1, 2023

Vancouver, British Columbia–(Newsfile Corp. – August 1, 2023) – EMX Royalty Corporation (NYSE American: EMX) (TSXV: EMX) (FSE: 6E9) (the “Company” or “EMX”) is pleased to announce the execution of a binding term sheet with Franco-Nevada Corporation (“Franco-Nevada”) for the joint acquisition of newly created precious metals and copper royalties sourced by EMX (the “Agreement”). Franco-Nevada will contribute 55% (up to US$5.5 million) and EMX will contribute 45% (up to US$4.5 million) towards the royalty acquisitions, with the resulting royalty interests equally split (i.e. 50/50). The initial term is for three years from the signing date, or until the maximum contributions totaling US$10 million from both companies have been met, and may be extended if mutually agreed by both companies.

EMX and Franco-Nevada believe that royalty financing capital is sorely needed in an exploration sector where equity capital is difficult to source. The Agreement allows EMX to direct a large amount of capital towards the royalty generation aspect of its business model, and Franco-Nevada to participate in exploration stage royalty financing opportunities identified by EMX. Franco-Nevada is already an EMX shareholder (6.1% fully diluted), having made a $10 million private placement to facilitate the Company’s purchase of additional royalty interests in the Caserones copper (molybdenum) mine in Chile last year (see EMX news release dated April 14, 2022). In parallel with EMX’s royalty acquisition, Franco-Nevada also purchased a royalty interest in Caserones.

Commercial Terms Overview. Pursuant to the terms of the Agreement dated June 27, 2023, EMX will source newly created precious metals royalties (“Precious Metals Royalties”) and/or copper royalties (“Copper Royalties”, and together with Precious Metals Royalties, “Royalties” and each a “Royalty”) exclusively for the benefit of EMX and Franco-Nevada (jointly the “Parties”). The Royalties will be for all minerals from mining projects having primary economic metal(s) that are precious metals or copper, but the Agreement will not apply to the purchase of existing third-party royalty interests or exploration lands.

The material Agreement terms are (all dollar amounts are in U.S. dollars (USD)):

Franco-Nevada will contribute 55% and EMX will contribute 45% of the purchase price of all Royalties, with such Royalties being equally split (i.e. 50/50) between each Party. Franco-Nevada will commit up to $5.5 million and EMX will commit up to $4.5 million for the acquisition of Royalties, totaling $10 million from both Parties (the “Capital Commitment”).
To illustrate the above, for a new 1% Royalty with a $1 million dollar purchase price, Franco-Nevada would contribute $550 thousand and EMX would contribute $450 thousand, with each Party receiving a 0.5% Royalty.
EMX will be responsible for managing all Royalty transaction sourcing, asset analysis, due diligence review, contract negotiations and other related activities in connection with the acquisition of Royalties.
The Agreement will expire upon the earlier of: (i) the contribution of the full Capital Commitment; or (ii) the date that is three years after the execution of the Agreement (the “Initial Term”), subject to extension upon mutual agreement of the Parties.

Discussion. The Agreement with Franco-Nevada is expected to accelerate the growth of the Company’s royalty portfolio by allowing EMX to direct a larger amount of capital towards new royalty acquisitions through exploration royalty financing or other entrepreneurial means. EMX’s assets currently include over 250 exploration and early stage royalty generation projects, in addition to six producing and eleven advanced royalty properties. The Company has active programs and important assets in North America (the western U.S., Canada, and Mexico), South America (Chile, Peru, and Argentina), Europe (Fennoscandia, Serbia and the other Balkans), western Asia (Turkey), Africa (Morocco and Botswana), and Australia. From these countries and regions, the Company manages its portfolio utilizing in-country or in-region exploration teams, consultants, and advisers. EMX’s search for new royalty opportunities will be led in the western hemisphere by Chief Geologist, Dr. David Johnson, in the eastern hemisphere by General Manager of Exploration, Dr. Eric Jensen, and globally by General Manager of Corporate Development, Thomas Mair.

The precious metals and copper focused search for new royalties leverages EMX’s experience in assessing opportunities for these commodities. The Company’s portfolio is principally comprised of gold (59%) and copper (21%) assets, with battery (e.g., cobalt, nickel, etc.) and other metals (e.g., lead, zinc, etc.) accounting for the remaining 20%. The Company’s current portfolio provides a strong base from which to source new royalties for both companies.

EMX is well positioned to source new royalty opportunities under the Agreement. In particular, the EMX – Franco-Nevada initiative well-suited for the acquisition of new royalties from companies that have promising precious metals or copper projects, but are confronted by the current challenging environment for exploration funding. Interested third parties are encouraged to see www.EMXroyalty.com for more information regarding key management contacts, as well as the Company’s portfolio and business strategy.

Qualified Person. Michael P. Sheehan, CPG, a Qualified Person as defined by National Instrument 43-101 and employee of the Company, has reviewed, verified and approved the disclosure of the technical information contained in this news release.

About EMX. EMX is a precious, base and battery metals royalty company. EMX’s investors are provided with discovery, development, and commodity price optionality, while limiting exposure to risks inherent to operating companies. The Company’s common shares are listed on the NYSE American Exchange and TSX Venture Exchange under the symbol “EMX”, and also trade on the Frankfurt exchange under the symbol “6E9”. Please see www.EMXroyalty.com for more information.

About Franco-Nevada. Franco-Nevada Corporation is the leading gold-focused royalty and streaming company with the largest and most diversified portfolio of cash-flow producing assets. Its business model provides investors with gold price and exploration optionality while limiting exposure to cost inflation. Franco-Nevada uses its free cash flow to expand its portfolio and pay dividends. It trades under the symbol FNV on both the Toronto and New York stock exchanges.

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

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 March 31, 2023 (the “MD&A”), and the most recently filed Annual Information Form (“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.sedarplus.ca and on the SEC’s EDGAR website at www.sec.gov.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/175578

Base Metals Energy Junior Mining Precious Metals

Grizzly Makes New Discovery and Provides Exploration Update and Future 2023 Plans for Its Greenwood, BC Precious and Battery Metals Project

Post author By admin
Post date July 31, 2023

Grizzly Discoveries, Proven and Probable

Edmonton, Alberta–(Newsfile Corp. – July 31, 2023) – Grizzly Discoveries Inc. (TSXV: GZD) (FSE: G6H) (OTCQB: GZDIF) (“Grizzly” or the “Company”) is pleased to announce that crews have been mobilized to the Rock Creek camp and have commenced work at Midway, Copper Mountain and the Imperial target areas within the Greenwood Precious and Battery Metals Project.

Geological and prospecting crews have commenced prospecting, geological mapping, rock and soil sampling within the Greenwood Project. The intent is to prepare these target areas for drilling later this year. The Company is awaiting land use permits for conducting drilling and trenching at the Midway Mine area as well as drilling at Copper Mountain, Imperial and potentially the Sappho target areas (Figure 1).

Figure 1: Exploration Targets 2023.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/4488/175436_7ecbab4574189b01_002full.jpg

The geological and prospecting crew has made a new discovery of sulphide in a quartz vein zone on an extension to the Mabel Jenny structural zone in the Copper Mountain project area. Figures 2 and 3 outline a new road cut from which a rock grab sample collected in 2022 returned 7.5 grams per tonne gold (g/t Au), 54 g/t silver (Ag), 2.04% zinc (Zn) and 0.067% Cu. The new logging road cut has been dug out and cleaned up with a number of new samples collected (Figure 2). The road cut is approximately 150 m northwest of the Mabel Jenny historical workings (Figure 3). Another 2022 rock grab sample collected about 100 m further northwest yielded 1.01 g/t Au.

Figure 2: New discovery of a quartz vein breccia zone with sulphide about 150 m northwest of Mabel Jenny. Click here for video clip: Quartz vein breccia zone with sulphide

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/4488/175436_7ecbab4574189b01_003full.jpg

A single drillhole in the area of the Mabel Jenny workings intersected a propylitic to argillic altered quartz diorite with pervasive pyrite, quartz veining and localized breccia zones. The 178 m hole returned up to 0.21 g/t Au over 42.8 m with a core of 0.4 g/t Au across 18.2 m core length, but more importantly every sample was anomalous with gold, with not a single sample returning less than detection background gold.

The geological crews have collected approximately 1,200 soil samples and 200 rock samples from the Midway and Copper Mountain areas to date. Assays results will be reported as they become available.

Figure 3: Samples and drillholes on backdrop of HLEM and Geology.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/4488/175436_7ecbab4574189b01_004full.jpg

The goal of the current fieldwork is to improve the targeting for the late summer – fall drilling campaigns at a number of precious metal and battery metal targets across the property and continue to develop a pipeline of high priority precious metal and battery metal targets that are all permitted and ready for a long 2023 drilling campaign in order to prioritize these assets into those that can deliver future mineral resources with additional drilling, eventually leading to some form of economic studies and scenarios that might be able to take advantage of local toll treating opportunities that exist in the Greenwood – Republic region.

Brian Testo, President and CEO of Grizzly Discoveries stated, “We are extremely excited with the progress that our prospecting team has made to date. The new discovery of a quartz vein breccia zone near the Mable Jenny target is an excellent start to the 2023 exploration season. Grizzly plans to pursue this and a number of high grade gold – silver showings and historical mines within our current 160,000+ acre land holdings in the Greenwood District. We have numerous prospective zones that could potentially result in additional new discoveries along with the multiple historical mining production showings that Grizzly intends to drill and advance.”

2023 Exploration Update for Greenwood

Additional drilling is warranted in 2023 at both the Dayton and Motherlode North target areas in order to follow-up the anomalous results of the 2022 drilling program. In addition, there other targets at Motherlode North in the vicinity of the Motherlode Pit, the Greyhound Pit and the Great Hopes crown grant that have yet be drill tested.
Drilling and trenching permit applications have been submitted for the 2023 season for the Midway, Sappho, Copper Mountain and Imperial target areas.
Additional permit applications for drilling at the Crown Point and the Overlander-Mt Attwood areas are in preparation and will be submitted in the near future.
The Midway area is being targeted for copper-gold skarn and epithermal gold-silver.
At Midway, selective rock grab and composite rock grab samples from outcrop collected from the Midway Mine-Picturestone area, with 4 of 7 rock grab samples from outcropping mineralization

in the Midway Mine historical pit yielded a range of 12.05 g/t (or 0.351 ounces per ton [oz/t]) Au up to 70.8 g/t (2.065 oz/t) Au (See Company news release dated October17, 2022).

Three (3) of the 7 selective rock grab samples from the Midway Mine pits yielded from 1,360 g/t Ag (39.7 oz/t Ag) up to 2,140 g/T Ag (62.4 oz/t Ag) (see the Company news release dated October 17, 2022).
All highly anomalous samples are from outcrop and characterized by the presence of abundant pyrite, arsenopyrite with visible galena and sphalerite in a siliceous chalcedonic host. The mineralization is hosted in polymetallic veins that display the presence of Pb, Zn, Cu, arsenic (As) and antimony (Sb) and are likely epithermal in nature.
A selective rock grab sample from outcrop 200 m west of the main Midway Mine yielded 15.85 g/t Au (0.462 oz/t Au) and 1,530 g/T Ag (44.6 oz/t Ag), illustrating that there is potential for additional high-grade mineralization in the area.
The Sappho area is being targeted for copper-gold-PGEs skarn and porphyry type targets associated with an alkalic intrusion and several diorite intrusions south of Greenwood near the US border.
At least five new showings of copper oxide/sulphide mineralization were found during the 2022 program at the Sappho Target.
Previous surface sampling and drilling by Grizzly at the Sappho area has yielded significant anomalous copper, gold, silver along with platinum and palladium.
Numerous rock grab samples have yielded greater than 1% copper, 1 g/t gold, 1 g/t platinum and 1 g/t palladium (see Company news release dated November 3, 2022).
Historical drilling (by the Company) has yielded up to 0.31% Cu, 0.75 g/t Au, 0.34 g/t Pt, 0.39 g/t Pd and 6.57 g/t Ag over 6.5 m core length in skarn at Sappho in 2010.

Quality Assurance and Control

Rock and soil samples were analyzed at ALS Global Laboratories (Geochemistry Division) in Vancouver, Canada (an ISO/IEC 17025:2017 accredited facility). Gold was assayed using a fire assay with atomic emission spectrometry and gravimetric finish when required (+10 g/t Au). Rock grab and rock chip samples from outcrop/bedrock are selective by nature and may not be representative of the mineralization hosted on the project.

The sampling program was undertaken by Company personnel under the direction of Michael B. Dufresne, M.Sc., P.Geol., P.Geo. A secure chain of custody is maintained in transporting and storing of all samples.

The technical content of this news release and the Company’s technical disclosure has been reviewed and approved by Michael B. Dufresne, M. Sc., P. Geol., P.Geo., who is the Qualified Person as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects.

ABOUT GRIZZLY DISCOVERIES INC.

Grizzly is a diversified Canadian mineral exploration company with its primary listing on the TSX Venture Exchange focused on developing its approximately 66,000 ha (approximately 165,000 acres) of precious and base metals properties in southeastern British Columbia. Grizzly is run by a highly experienced junior resource sector management team, who have a track record of advancing exploration projects from early exploration stage through to feasibility stage.

On behalf of the Board,

GRIZZLY DISCOVERIES INC.
Brian Testo, CEO, President

Suite 363-9768 170 Street NW
Edmonton, Alberta T5T 5L4

For further information, please visit our website at www.grizzlydiscoveries.com or contact:

Nancy Massicotte
Corporate Development
Tel: 604-507-3377
Email: nancy@grizzlydiscoveries.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.

Caution concerning forward-looking information

This press release contains “forward-looking information” and “forward-looking statements” within the meaning of applicable securities laws. This information and statements address future activities, events, plans, developments and projections. All statements, other than statements of historical fact, constitute forward-looking statements or forward-looking information. Such forward-looking information and statements are frequently identified by words such as “may,” “will,” “should,” “anticipate,” “plan,” “expect,” “believe,” “estimate,” “intend” and similar terminology, and reflect assumptions, estimates, opinions and analysis made by management of Grizzly in light of its experience, current conditions, expectations of future developments and other factors which it believes to be reasonable and relevant. Forward-looking information and statements involve known and unknown risks and uncertainties that may cause Grizzly’s actual results, performance and achievements to differ materially from those expressed or implied by the forward-looking information and statements and accordingly, undue reliance should not be placed thereon.

Risks and uncertainties that may cause actual results to vary include but are not limited to the availability of financing; fluctuations in commodity prices; changes to and compliance with applicable laws and regulations, including environmental laws and obtaining requisite permits; political, economic and other risks; as well as other risks and uncertainties which are more fully described in our annual and quarterly Management’s Discussion and Analysis and in other filings made by us with Canadian securities regulatory authorities and available at www.sedar.com. Grizzly disclaims any obligation to update or revise any forward-looking information or statements except as may be required by law.

Base Metals Energy Junior Mining Metallic Group Metallic Minerals Precious Metals

Metallic Minerals Expands Resource at La Plata Copper-Silver-Gold-PGE Project in Southwestern Colorado, USA

Post author By admin
Post date July 31, 2023

VANCOUVER, BC / ACCESSWIRE / July 31, 2023 / Metallic Minerals Corp. (TSX.V:MMG)(OTCQB:MMNGF) (“Metallic Minerals” or the “Company”) is pleased to announce an updated National Instrument 43-101 Mineral Resource Estimate representing a 25% increase in contained metal based on an additional 1,730 meters of diamond drilling completed at its La Plata project in 2022. Inferred mineral resources at the Allard deposit now total 1,211 million pounds of copper (“Mlbs”) and 17.6 million ounces (“Moz”) of silver in a constrained model with 147.3 million tonnes at an average grade of 0.41% Copper Equivalent (“CuEq”) (0.37% Cu and 3.72 g/t Ag) using a 0.25% CuEq cut-off grade (See Table 1 notes).

Metallic Minerals Corp., Monday, July 31, 2023, Press release picture

The expansion from the inaugural resource to the current 1,317 Mlbs CuEq is largely driven by the major discovery in drill hole LAP22-04 (drilled in 2022), which intersected 816 meters of 0.41% CuEq recovered (0.30% Cu, 2.47 g/t Ag, 0.038 g/t Au, 0.055 g/t Pd and 0.093 g/t Pd) bottoming in 5.39% CuEq recovered over 5.2 m (2.44% Cu, 18.7 g/t Ag, 5.0 g/t Au+PGE). Follow-up drilling is currently underway to test the extent of this newly discovered high-grade mineralization, and at the time of this news release, the first offset drill hole was drilling in porphyry mineralization and had reached approximately 500 m depth.

The Allard deposit resource remains completely open to expansion laterally and to depth. Future mineral resource estimates will add gold, platinum and palladium to the copper and silver resource with additional drilling. These metals were not previously assayed for in historic drilling but add significant value to the recent drill intercepts. Furthermore, the greater La Plata copper-silver-gold-PGE project remains underexplored and open to new discoveries of both additional copper porphyry centers, as well as high-grade epithermal silver, gold and telluride mineralization that were the focus of historic mining in the district.

Highlights

Inferred mineral resources at the Allard deposit now total 1,211 million pounds of copper and 17.6 million ounces of silver in a constrained model with 147.3 million tonnes at an average grade of 0.41% CuEq (0.37% Cu and 3.72 g/t Ag) using a 0.25% CuEq cut-off grade.
Contained copper equivalent metal has increased by 25% to 1,317 million pounds and the overall grade of the deposit also increased 5% to 0.41% CuEq.
Significant upside exists for both increases in equivalent grade and precious metal ounces due to limited historic assaying for gold, platinum and palladium. These metals, which are found in high concentrations in the 2022 drilling but are not included in the current resource estimate, are anticipated to be added with additional drilling. The precious metals component of LAP22-04 (silver, gold, platinum, and palladium) can add 50% or more in equivalent value above the copper only values in that hole.
The Allard resource remains open to expansion at depth and along strike with the discovery drill hole LAP22-04 being the easternmost hole drilled in the deposit.
Sixteen (16) untested potential porphyry centers have been identified on the greater La Plata project area, as well as target areas with potential for significant high-grade epithermal silver, gold and telluride mineralization.
Resource expansion drilling in 2022 totaled 1,780 m bringing the project total to 16,930 m in 59 drill holes.

An NI 43-101-compliant technical report on the 2023 La Plata Resource will be filed on Sedar.com within 45 days.

Scott Petsel, Metallic Minerals’ President, states, “The current expansion of the La Plata resource is an early first step in realizing the true potential of the project and the fact that we were able to achieve a 25% increase over the inaugural resource with a modest amount of drilling in 2022 speaks to the well mineralized yet underexplored nature of the project. Hole LAP22-04 resulted in the discovery of new, extremely rich mineralization that is unconstrained to the east, north and at depth and clearly requires follow-up drilling to understand the true size and nature of the Allard resource. Metallic Minerals in collaboration with our strategic investor Newcrest Mining is excited to pursue expansion on this discovery in 2023 and have secured a drill capable of penetrating well beyond the current resource extent. The continuity of mineralization starting from surface, coupled with the very high grades at depth, represent significant upside to both scale and grade in future resource updates. We expect considerable expansion of the contained precious metals and copper with subsequent drilling and envision the potential scale for a Tier 1 asset. In addition, numerous high-priority untested targets have been identified outside of the resource area that we hope to begin testing in 2023.”

Table 1 – 2023 Updated La Plata Inferred Mineral Resource Estimate at a Base Case Cut-off Grade of 0.25% CuEq with Grade and Contained Metal Sensitivity Analysis at Various CuEq Cut-off Grades.

Class	CuEq (%)	Tonnes	Cu		Ag		CuEq (%)
Class	Cut-off	Tonnes	Grade (%)	Mlbs	Grade (g/t)	Ounces	Grade (%)	Mlbs
Inferred	0.15	212,243,000	0.32	1,480	3.24	22,131,000	0.34	1,613
Inferred	0.20	187,173,000	0.34	1,391	3.42	20,597,000	0.37	1,515
Inferred	0.25	147,344,000	0.37	1,211	3.72	17,604,000	0.41	1,317
Inferred	0.30	116,438,000	0.41	1,041	3.95	14,783,000	0.44	1,130
Inferred	0.35	87,871,000	0.44	854	4.20	11,861,000	0.48	925

The Allard deposit mineral resource estimate (the “2023 Resource Estimate”) generally respects industry standard practices as recently established by the CIM in the Estimation of Mineral Resources and Mineral Reserves Best Practice Guidelines (2019). The classification of the 2023 Resource Estimate is consistent with current CIM Definition Standards for Mineral Resources and Mineral Reserves (2014).
Completion of the 2023 Resource Estimate involved the assessment of a validated database, which included all data for surface and underground sampling completed through the fall of 2022, as well as a three-dimensional (“3D”) mineral resource model, a topographic surface model, models of the underground workings and underground channel samples, and available written reports. SGS used 59 drillholes and 2 channels, and 17,215 m of data from 1959 to 2022 to delineate the Allard deposit.
Inverse Distance squared (“ID²“) restricted to a mineralized domain is used to Interpolate grades for the main elements of interest including Cu (ppm) and Ag (g/t) into a block model.
Based on a review of the project location and size, geometry, and continuity of mineralization of the Allard deposit, and its spatial distribution, it is envisioned that the Allard deposit may be mined using a large-scale underground bulk mining method.
The 2023 Resource Estimate is reported at a base case cut-off grade of 0.25% CuEq, based on metal prices of $3.75/lb Cu and $22.50/oz Ag, assumed metal recoveries of 90% for Cu and 65% for Ag, a mining cost of US$5.30/t rock and processing and G&A cost of US$11.50/t mineralized material. CuEq % = Cu % + (Ag g/t x Ag price/gram).
The values in the 2023 Resource Estimate table reported above and below the base-case cut-off 0.25% CuEq should not be misconstrued with a Mineral Resource Statement. The values are only presented to show the sensitivity of the block model estimates to the selection of the base case cut-off grade.
All figures are rounded to reflect the relative accuracy of the estimate. Totals may not add or calculate exactly due to rounding.
The 2023 Resource Estimate is presented undiluted and in situ, constrained by a continuous 3D wireframe model (the constraining volume) and below topography, and is considered to have reasonable prospects for eventual economic extraction.
The 2023 Resource Estimate is not a Mineral Reserve as it does not have demonstrated economic viability. The Inferred Mineral Resource in the 2023 Resource Estimate has a lower level of confidence than that applied to an Indicated Mineral Resource and must not be converted to a Mineral Reserve. It is reasonably expected that the majority of the Inferred Mineral Resource could be upgraded to an Indicated Mineral Resource with continued exploration.
A fixed specific gravity value of 2.60 g/cm3 is used to estimate the Mineral Resource tonnage from a block model volume.
Composites of 3.05 m in length, constrained to the Allard domain, are used for the resource estimation procedure. Grades for Cu and Ag were interpolated into blocks by the ID² calculation method.
Mineral resources which are not mineral reserves do not have demonstrated economic viability. An Inferred Mineral Resource has a lower level of confidence than that applying to an Indicated Mineral Resource and must not be converted to a Mineral Reserve. It is reasonably expected that most of the Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.
The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues.

La Plata Property Overview

Metallic Minerals’ La Plata project covers 44 square kilometers 20 km north of Mancos, Colorado, within the historic La Plata mining district, that is in the southwest portion of the prolific Colorado Mineral Belt. The La Plata project is easily accessible by highways and improved gravel roads and is near significant power transmission lines.

The La Plata district has a long and rich history of mining with the first silver deposits discovered in the 1700s by Spanish explorers. High-grade silver and gold production has been documented from the 1870s through the early 1940s from mineralized deposits at over 90 individual mines and prospects¹. From the 1950s to 1970s, major miners, including Rio Tinto (Bear Creek) and Freeport-McMoRan (Phelps Dodge), explored the district focusing on the significant potential for bulk-tonnage disseminated and stockwork hosted mineralization². Freeport-McMoRan retained ownership of claims in the district until 2002 when they sold their holdings to the current underlying vendors during the lows of the last metal price cycle.

A total of 17,215 meters in 59 drill holes has been drilled on the property from the 1950s to present, this drilling has demonstrated the presence of a large multi-phase porphyry system with copper, silver, gold with more recent discoveries highlighting the potential for significant PGEs, rare earth minerals and tellurium. This large-scale mineralized system is associated with a 10 km² strongly magnetic signature with intense hydrothermal alteration. Surrounding the central porphyry system is an associated high-grade silver and gold-rich epithermal system measuring at least 8 km by 2 km that hosts 56 identified mineralized veins, replacement, and breccia structures. Historical production from some of these high-grade structures included bonanza grades for silver and gold.

Copper mineralization with associated silver, gold, platinum, and palladium is hosted by a large-scale, Late Mesozoic age, alkalic porphyry system with related silver, gold, telluride epithermal vein, breccia and replacement deposits hosted in adjacent sedimentary rocks. Porphyry copper systems are some of the largest sources of copper and precious metals production worldwide and are frequently cornerstone Tier 1 assets for the major mining companies. The sub-type of porphyry systems, known as alkalic porphyry deposits, commonly contain higher-grade precious metal content like at La Plata and can demonstrate significant scale.

Figure 1 – La Plata Cross Section with Significant Drill Intervals and Mineralized Grade Shells

Critical Minerals

The Allard deposit at La Plata is a significant potential source of copper and silver, both important industrial metals used for modern technologies broadly and particularly in renewable and clean energy applications. Recent and historical work has also demonstrated that the broader La Plata district is also a potential source of other critical minerals identified by the U.S. Government as requirements for economic and national security³. Drilling by Metallic Minerals in 2022 returned multi-gram intervals of platinum group elements with individual grades up to 5 g/t platinum and palladium, as well as critical minerals such as vanadium, and rare earth elements. Tellurium, another element on the critical mineral list, was a by-product of historic high-grade gold and silver production in the district. The potential for these critical minerals to add additional economic value to the La Plata project will be evaluated as part of ongoing exploration efforts.

U.S. Geological Survey Earth Mapping Resources Initiative

The U.S. Geological Survey (“USGS”) is funding the Colorado Geological Survey for geological studies in the La Plata Mountains as part of the Earth Mapping Resources Initiative. The work to be carried out by the Colorado Geological Survey includes geologic mapping as well as geochemical and mineralogical studies in the La Plata Mining District to generate a greater understanding of the area’s potential to host critical minerals. See USGS news release dated January 25, 2023.

About SGS Geological Services

SGS Geological Services has an experienced and respected mining team focused on the domestic and international mining industry. The team has considerable experience in estimation and modeling of deposits of all types and practical and theoretical experience having realized hundreds of assessments for clients. The SGS team consists of a multi-disciplinary group of qualified persons with a strong understanding of the disclosure requirements for Mineral Resources set out in the NI 43-101 Standards of Disclosure for Mineral Projects (2016), CIM Definition Standards for Mineral Resources and Mineral Reserves (2014) and a strong understanding of the CIM Estimation of Mineral Resources & Mineral Reserves Best Practice Guidelines 2019.

About Metallic Minerals

Metallic Minerals Corp. is a leading exploration and development stage company focused on copper, silver, gold, and other critical minerals in the La Plata mining district in Colorado, and silver and gold in the high-grade Keno Hill and Klondike districts of the Yukon. Our objective is to create shareholder value through a systematic, entrepreneurial approach to making exploration discoveries, growing resources, and advancing projects toward development.

At the Company’s La Plata project in southwestern Colorado, the new 2023 NI 43-101 mineral resource estimate identifies a significant porphyry copper-silver resource containing 1,211 Mlbs copper and 17.6 Moz of silver. Results from 2022 expansion drilling providing the basis for the updated resource, included the longest and highest-grade interval ever encountered at La Plata and one of the top intersections for any North American copper project in the past several years. In May 2023, the Company announced a 9.5% strategic investment by Newcrest Mining Limited to accelerate the advancement of the Company’s La Plata project. In the 2023 Fraser Institute’s Annual Survey of Mining Companies, Colorado ranked 5^th globally for investment attractiveness and 2^nd in the USA.

In Canada’s Yukon Territory, Metallic Minerals has consolidated the second-largest land position in the historic high-grade Keno Hill silver district, directly adjacent to Hecla Mining Company’s (“Hecla”) operations, with more than 300 Moz of high-grade silver in past production and current M&I resources. Hecla, the largest primary silver producer in the USA and third largest in the world, completed the acquisition of Alexco Resource Corp and its Keno Hill operations in September 2022. Hecla is targeting to start production at the Keno Hill operations by Q3 2023. Metallic Minerals is anticipating the announcement of inaugural mineral resource estimate at Keno Silver in the second half of 2023.

The Company is also one of the largest holders of alluvial gold claims in the Yukon and is building a production royalty business by partnering with experienced mining operators, including Parker Schnabel of Little Flake Mining from the hit television show, Gold Rush, on the Discovery Channel.

All of the districts in which Metallic Minerals operates have seen significant mineral production and have existing infrastructure, including power and road access. Metallic Minerals is led by a team with a track record of discovery and exploration success on several major precious and base metal deposits in the region, as well as having large-scale development, permitting and project financing expertise. The Metallic Minerals team has been recognized for its environmental stewardship practices and is committed to responsible and sustainable resource development.

FOR FURTHER INFORMATION, PLEASE CONTACT:

Website: www.mmgsilver.com Phone: 604-629-7800
Email: cackerman@mmgsilver.com Toll Free: 1-888-570-4420

Footnotes:

1) Eckel, USGS Prof Paper 219, Geology and Ore Deposits of the La Plata Mining District, 1949.
2) Bear Creek Mining (now Rio Tinto), Humble Oil (now Exxon) and Phelps Dodge (now Freeport-McMoRan) company reports.
4) The US Geological Survey has released a list of 50 critical minerals that the US economy requires for economic and national security. Earth Mapping Resources Initiative.

Qualified Persons

The La Plata copper-silver project 2023 mineral resource estimate was prepared by Allan Armitage, P. Geo., of SGS Geological Services, an independent Qualified Person, in accordance with the guidelines of the Canadian Securities Administrators’ National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) with an effective date of July 10, 2023. Armitage conducted a site visit to the property on August 13, 2021, and again on April 18 and 19, 2023. Jeff Cary, CPG, a qualified person for the purposes of National Instrument 43-101, has reviewed and approved the technical disclosure not pertaining to the resource estimate contained in this news release. Mr. Cary is a Senior Geologist and La Plata Project Manager for Metallic Minerals.

Forward-Looking Statements

This news release includes certain statements that may be deemed “forward-looking statements”. All statements in this release, other than statements of historical facts including, without limitation, statements regarding potential mineralization, historic production, estimation of mineral resources, the realization of mineral resource estimates, interpretation of prior exploration and potential exploration results, the timing and success of exploration activities generally, the timing and results of future resource estimates, permitting time lines, metal prices and currency exchange rates, availability of capital, government regulation of exploration operations, environmental risks, reclamation, title, statements about expected results of operations, royalties, cash flows, financial position and future dividends as well as financial position, prospects, and future plans and objectives of the Company are forward-looking statements that involve various risks and uncertainties. Although Metallic Minerals believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Forward-looking statements are based on a number of material factors and assumptions. Factors that could cause actual results to differ materially from those in forward-looking statements include failure to obtain necessary approvals, unsuccessful exploration results, unsuccessful operations, changes in project parameters as plans continue to be refined, results of future resource estimates, future metal prices, availability of capital and financing on acceptable terms, general economic, market or business conditions, risks associated with regulatory changes, defects in title, availability of personnel, materials and equipment on a timely basis, accidents or equipment breakdowns, uninsured risks, delays in receiving government approvals, unanticipated environmental impacts on operations and costs to remedy same and other exploration or other risks detailed herein and from time to time in the filings made by the Company with securities regulators. Readers are cautioned that mineral resources that are not mineral reserves do not have demonstrated economic viability. Mineral exploration, development of mines and mining operations is an inherently risky business. Accordingly, the actual events may differ materially from those projected in the forward-looking statements. For more information on Metallic Minerals and the risks and challenges of their businesses, investors should review their annual filings that are available at www.sedar.com.

SOURCE: Metallic Minerals Corp.

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