HALIFAX, Nova Scotia, Nov. 01, 2023 (GLOBE NEWSWIRE) — Morien Resources Corp. (“Morien” or the “Company“) (TSX-V:MOX), is pleased to announce that Vulcan Materials Company (“Vulcan”), owner of the Black Point Quarry Project (“BPQ Project” or the “Project”) in Guysborough County, Nova Scotia, is now advancing the Project. Vulcan has indicated a tentative, directional time goal of 18-months to complete various permit-related monitoring plans and commitments as outlined in the Project’s approved environmental assessment.
Morien owns an industry competitive production royalty (“Royalty”) payable on all material sold from the Project.
The BPQ Project hosts a large granite deposit along the southern shore of Chedabucto Bay in Guysborough County, Nova Scotia, with suitable characteristics for the development of a crushed stone marine export operation for supplying markets in the eastern United States. The expected mine life of the Project exceeds 50-years allowing for long-term, multi-generational economic prosperity in the Guysborough region. It is anticipated the operation will create 50-70 direct, full-time jobs in addition to creating multiple spin-off economic impacts in the region.
Since 2017, Morien has received an advanced minimum royalty payment of $25,000 per quarter from Vulcan, subjected to annual inflationary adjustments according to the Producer Price Index for crushed stone. All advanced payments are recorded by Morien as unearned revenue and will be credited against future production royalties from the Project. As at June 30, 2023, Morien’s total recorded unearned revenue amounted to $679,000. Morien is due a milestone payment from Vulcan in the amount of $400,000, to be paid upon the completion of related and pending permitting agreements for the Project.
About Vulcan
Vulcan Materials Company, a member of the S&P 500 Index with headquarters in Birmingham, Alabama, is the United States largest producer of construction aggregates – primarily crushed stone, sand and gravel – and a major producer of aggregates-based construction materials, including asphalt and ready-mixed concrete.
About Morien
Morien is a Nova Scotia based, mining development company created in 2012 to be a vehicle of direct prosperity for Nova Scotians, its largest shareholder group. Led by Nova Scotians, Morien’s primary assets are a royalty on the sale of coal from the producing Donkin Mine in Cape Breton, Nova Scotia, and a royalty on the sale of crushed stone from the permitted Black Point Quarry Project, in Guysborough County, Nova Scotia. Morien’s management team exercises ruthless discipline in managing both the assets and liabilities of the Company. The Company’s management and its Board of Directors consider shareholder returns to be paramount over corporate size, number or scale of assets and industry recognition. The Company has 51,292,000 issued and outstanding common shares and a fully diluted position of 54,192,000. Further information is available at www.MorienRes.com.
Forward-Looking Statements
Some of the statements in this news release may constitute “forward-looking information” as defined under applicable securities laws. These statements reflect Morien’s current expectations of future revenues and business prospects and opportunities and are based on information currently available to Morien. Morien cautions that actual performance will be affected by a number of factors, many of which are beyond its control, and that future events and results may vary substantially from what Morien currently foresees. Factors that could cause actual results to differ materially from those in forward-looking statements include risks and uncertainties described in documents filed by Morien with the Canadian securities regulators on SEDAR (www.sedar.com) from time to time. Morien cautions that its royalty revenue will be based on production by third party property owners and operators who will be responsible for determining the manner and timing for the properties forming part of Morien’s royalty portfolio. These third party owners and operators are also subject to risk factors that could cause actual results to differ materially from those predicted herein including: volatility in financial markets or general economic conditions; capital requirements and the need for additional financing; fluctuations in the rates of exchange for the currencies of Canada and the United States; prices for commodities including coal and aggregate; unanticipated changes in production, mineral reserves and mineral resources, metallurgical recoveries and/or exploration results; changes in regulations and unpredictable political or economic developments; loss of key personnel; labour disputes; and ineffective title to mineral claims or property. There are other business risks and hazards associated with mineral exploration, development and mining. Although Morien believes that the forward-looking information contained herein is based on reasonable assumptions (including assumptions relating to economic, market and political conditions, the Company’s working capital requirements and the accuracy of information supplied by the operators of the properties in which the Company has a royalty interest), readers cannot be assured that actual results will be consistent with such statements. Morien expressly disclaims any intention or obligation to update or revise any forward-looking information in this news release, whether as a result of new information, events or otherwise, except in accordance with applicable securities laws. All dollar values discussed herein are in Canadian dollars. Any financial outlook or future-oriented financial information in this news release, as defined by applicable securities laws, has been approved by management of Morien as of the date of this news release. Such financial outlook or future-oriented financial information is provided for the purpose of providing information about management’s current expectations and plans relating to the future. Readers are cautioned that such outlook or information should not be used for purposes other than for which it is disclosed in this news release.
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.
For more information, please contact:
Dawson Brisco, President & CEO Phone: (902) 403-3149 dbrisco@MorienRes.com or John P.A. Budreski, Executive Chairman Phone: (416) 930-0914 www.MorienRes.com
Vancouver, British Columbia–(Newsfile Corp. – October 30, 2023) – Dolly Varden Silver Corporation (TSXV: DV) (OTCQX: DOLLF) (the “Company” or “Dolly Varden“) is pleased to announce that the Company has today entered into an agreement (“Subscription Agreement“) for a further strategic investment by Hecla Canada Ltd. (“Hecla“) whereby Hecla has agreed to subscribe for 15,384,616 common shares of the Company (“Common Shares“) at a price of $0.65 per Common Share for gross proceeds of $10 million (“Offering“). Upon completion of the Offering, Hecla will increase its shareholding in the Company to 15.7% from 10.6%, calculated on an undiluted basis.
Closing of the Offering is anticipated to occur on or about November 1, 2023. Closing of the Offering remains subject to customary closing conditions, including the approval of the TSX Venture Exchange (the “TSXV“).
Shawn Khunkhun, Chief Executive Officer of Dolly Varden Silver remarked, “Hecla’s support for Dolly Varden Silver’s high-grade Kitsault Valley Project in BC’s prolific Golden Triangle is validated with today’s financing news. Hecla is the world’s fastest growing established silver producer, the largest in the US and soon to be in Canada. We celebrate Hecla agreeing to increase their stake in Dolly from 10% to 15% and want to extend our gratitude for their financial and technical support of the Company and the project.”
In connection with the Offering, Dolly Varden has agreed with Hecla that the Company will not complete any further debt or equity financings for the remainder of 2023. Additionally, Dolly Varden has agreed that between January 1, 2024 and September 1, 2024, without the prior consent of Hecla, it will not complete any debt or equity financings other than equity financings for net proceeds to the Company of up to $15 million and provided that the issue price under such financing is greater than $0.65 per security. These restrictions do not capture customary exceptions such as the issuances of securities related to the Company’s equity based incentive compensation, the exercise of existing convertible securities and strategic transactions for non-cash consideration.
$6 million of the net proceeds from the Offering will be used for exploration expenditures, mineral resource expansion and related costs in the Kitsault Valley project, located in northwestern British Columbia, Canada, with the balanced to be used for working capital and G&A costs.
No bonuses, finder’s fee or commissions were paid in connection with the Offering. The Common Shares issued pursuant to the Offering will be subject to a four-month hold period from the closing of the Offering in addition to any other restrictions under applicable law.
Hecla is considered a related party of the Company under Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101“) as a result of its ownership of more than 10% of the currently issued and outstanding Common Shares. As a result, the issuance of Common Shares to Hecla pursuant to the Offerings would be considered a related party transaction. The Company intends to rely on exemptions from the formal valuation and minority shareholder approval requirements provided under sections 5.5(a) and 5.7(1)(a) of MI 61-101 on the basis that participation in the Offering by Hecla does not exceed 25% of the fair market value of the Company’s market capitalization. The Company did not file a material change report in respect of the related party transaction 21 days prior to the closing of the Offering as the details of the participation of insiders of the Company had not been confirmed at that time. Further details will be provided in a material change report to be filed by the Company subsequent to the dissemination of this news release.
The Common Shares to be acquired by Hecla will be acquired for investment purposes by Hecla. Hecla does not have any present intention to acquire ownership of, or control over, additional securities of Dolly Varden. It is the intention of Hecla to evaluate its investment in Dolly Varden on a continuing basis and such holdings may be increased or decreased in the future.
On October 30, 2023, Hecla entered into the Subscription Agreement. The 15,384,616 Common Shares to be acquired by Hecla represent approximately 6.04% of the 254,681,283 Common Shares outstanding immediately prior to when the Subscription Agreement was entered into (calculated on an undiluted basis). Prior to entering into the Subscription Agreement, Hecla held 27,040,880 Common Shares representing 10.62% of the outstanding Common Shares. Hecla does not hold any securities convertible into Common Shares. After completion of the subscription, Hecla will hold 42,425,496 Common Shares, representing 15.71% of the then outstanding 270,065,899 Common Shares (calculated on an undiluted basis). The change in Hecla’s percentage ownership is therefore an increase of 5.09% on an undiluted basis.
Pursuant to the investor rights agreement between Fury Gold Mines Ltd. (“Fury“) and the Company dated February 25, 2022, Fury has waived its anti-dilution right in respect of the Offering.
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, 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 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, the intended use of proceeds from the Offering, the intended release of drilling information, the anticipated closing of the Offering and other statements that are not historical facts. These forward-looking statements are based on management’s current expectations and beliefs and assume, among other things, the receipt of approval of the Offering from the TSXV, use of proceeds of the Offering, the adequacy of the Company’s current financial position, the ability of the Company to successfully pursue its current development plans, that future sources of funding will be available to the Company on desirable and permitted terms, 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.
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 risk that the Company may not be able to complete the Offering on the terms described herein or at all; 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; and 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. The risk factors identified herein are not intended to represent a complete list of factors that could affect the Company. For additional information on risks and uncertainties, see the Company’s annual information form dated April 11, 2023 for the year ended December 31, 2022 and the Company’s base-shelf prospectus dated April 25, 2023, both available on SEDAR+ at www.sedarplus.ca.
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.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
Emperor Metals Inc. is a gold exploration company focused on proving and developing the substantial resource potential of the Duquesne West Gold project, located in Rouyn-Noranda, Québec, Canada. The project hosts a 727,000 oz Au historical resource.
A phase I, ~8,000m drill campaign is underway, which includes resource confirmation and exploration drilling, focusing on delineating and growing the resource towards development.
The company is led by a dynamic group of resource sector professionals who have a strong record of success in evaluating and advancing mining projects from exploration through to production, attracting capital and overcoming adversity to deliver exceptional shareholder value.
The flagship Duquesne West Gold Property is located 32 km northwest of the city of Rouyn-Noranda and 10 km east of the town of Duparquet. The property lies within the historic Duparquet gold mining camp in the southern portion of the Abitibi Greenstone Belt and is a high-grade Archean Lode Gold Deposit.
The property hosts a historical inferred mineral resource estimate of 727,000 ounces of gold in 4.17 million tonnes of material grading 5.42 g/t gold with an average thickness of 5.7 meters. The resource is distributed across eight zones, with the majority occurring in two zones, Fox and Liz. The resource is a greenstone-hosted mesothermal vein system, which occurs throughout the Abitibi gold belt.
Emperor Metals is part of the Metals Group.
Investor Relations
Alex Horsley Director – Corporate Development Mobile 778.323.3058 Email alexh@emperormetals.com
Check out why Grizzly Discoveries is a must-buy! With 160K acres of precious and battery metals in the Republic-Greenwood Gold District, this company is poised for success. Hecla Mining’s success in the same area is a promising sign for Grizzly Discoveries shareholders. Don’t miss out!
two sets of high grade assay results from the Treasure Room
initial assay results from the targeted mineralized zone at the Buckeye Mine in Arizona (Zone1),
a financing, and
the re-pricing of warrants.
The Treasure Room is located roughly 310 feet from the portal, or roughly halfway to Zone1 along the vein structure. On March 1, 2022 SBMI reported assay results from grab samples from the Treasure Room as follows:
GRAB SAMPLES
SAMPLE I.D
Silver
Silver
[oz/ton]
[ppm]
1
14.0
480.2
2
15.2
521.4
3
12.2
418.5
4
13.6
466.5
5
13.8
473.3
6
35.2
1207.4
7
125.0
4287.5
8
20.2
692.9
9
21.2
727.2
Additional selected grab samples were recently taken from the Treasure Room area, whose assay results were 8.6, 90.3, 90.6, and 229.7 ounces per ton silver. Paper thin plates of native silver, analyzed with a hand held XRF, were also observed along certain fractures.
Historically mining was carried out in the Treasure Room, resulting in stopes and drifts. A third set of selected grab samples from various stopes in the Treasure Room were assayed on October 23, 2023 and returned as follows:
from stope 25 – 74.0 Ozs./Ton silver
from stope 32 – 11.6 Ozs./Ton silver
from stope 33 – 212.2 Ozs./Ton silver
from stope 34 – 101.8 Ozs./Ton silver
Readers are cautioned that such samples may not be representative of the Treasure Room or the Buckeye Mine as a whole.
SBMI intends to stabilize the Treasure Room and provide other safety measures to allow access to the higher grade material located within the Treasure Room’s continuation of the vein. This will provide an additional supply of mineralized material for the mill and will also assist in refining a plan to mine that section of vein material. The Company believes the Treasure Room likely hosts more higher grade material at depth.
Zone1 begins roughly 700 feet from the portal. Twelve samples were assayed from the body of Zone1, with assay results from these preliminary samples averaging 2 oz per ton silver. Earlier assay results from the contact right edge with Zone1 over an initial width of 4 feet averaged 1 oz silver/t. Both of these averages are in line with management’s expectations. From past observations and past assays, the Company anticipates the silver grade to increase with further penetration into Zone1. Mineralized material will be shipped from Zone1 to the Company’s mill in Globe, Arizona when the grade is high enough to justify the cost of transportation.
Historically gold and copper values were also reported in Zone1. Current visual inspection of the vein material shows materials other than silver, for which SBMI cannot assay at its own onsite assay facility. SBMI has sent multiple samples of such material to an independent ISO 9001 certified lab for multielement analysis including gold and PGM.
The Company suffered through aberrant extremely hot weather in Arizona throughout most of August, 2023. For example, the temperature on the concrete ball mill pad during this period on occasion exceeded 150 degrees Fahrenheit. A wildfire proximate to the Buckeye Mine during that period caused by lightning further impeded SBMI’s efforts. The Company was unable to carry out work at the mill or at the Buckeye Mine during that period, and as a result was not able to generate cash flow. The Company now intends to bolster its financial position as it continues with operations.
SBMI intends to carry out a non-brokered financing (the “Financing”) of $500,000.00 by way of a private placement of units (each, a “Unit”) priced at $0.12 cents per Unit, resulting in the issuance of 4,166,666 shares. Each Unit will consist of one common share and a full warrant exercisable into one common share at $0.17 for a term of 2 years. There is no acceleration clause on these $0.17 warrants.
The Company also announces its intention to re-price previously issued warrants. SBMI intends to re-price all previously issued $0.60 warrants to $0.24, all previously issued $.50 warrants to $0.20, and all previously issued $0.30 warrants to $0.13. Regulatory approval is required for the Financing and to re-price warrants.
The Financing and the re-pricing of warrants are subject to regulatory approval.
QA/QC
All samples above were analyzed by SBMI at its facility near Globe, Arizona. They were processed through the Lab Jaw Crusher, Lab Hammer Mill and Splitter Box into an aliquot. Most of the pulverized aliquot was mixed with a flux and flour combination and melted in a crucible at 1,850 degree Fahrenheit, with the remainder being logged and archived. Upon cooling, the poured melt was in the form of a metal button and slag, following which a bone ash cupel was utilized to eliminate the lead in the button to form a bead. The bead was then weighed, following which a solution of 6 to 1 distilled water to nitric acid was utilized to dissolve the silver in the bead at approximately 175 degrees Fahrenheit. A much more detailed description of the process and a picture of the assay lab can be found at https://www.silverbulletmines.com/qaqcassaylab.
The SBMI facilities have been designed for quick production grade control and are not ISO compliant; however, duplicate sampling with other ISO labs has been done on past samples with good correlation.
Mr. Robert G. Komarechka, P.Geo., an independent consultant, has reviewed and verified SBMI’s work referred to herein, and is the Qualified Person for this release.
For further information, please contact:
John Carter Silver Bullet Mines Corp., CEO cartera@sympatico.ca +1 (905) 302-3843
Peter M. Clausi Silver Bullet Mines Corp., VP Capital Markets pclausi@brantcapital.ca +1 (416) 890-1232
Cautionary and Forward-Looking Statements
This news release contains certain statements that constitute forward-looking statements as they relate to SBMI and its subsidiaries. Forward-looking statements are not historical facts but represent management’s current expectation of future events, and can be identified by words such as “believe”, “expects”, “will”, “intends”, “plans”, “projects”, “anticipates”, “estimates”, “continues” and similar expressions. Although management believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that they will prove to be correct.
By their nature, forward-looking statements include assumptions, and are subject to inherent risks and uncertainties that could cause actual future results, conditions, actions or events to differ materially from those in the forward-looking statements. If and when forward-looking statements are set out in this new release, SBMI will also set out the material risk factors or assumptions used to develop the forward-looking statements. Except as expressly required by applicable securities laws, SBMI assumes no obligation to update or revise any forward-looking statements. The future outcomes that relate to forward-looking statements may be influenced by many factors, including but not limited to: the impact of SARS CoV-2 or any other global virus; reliance on key personnel; the thoroughness of its QA/QA procedures; the continuity of the global supply chain for materials for SBMI to use in the production and processing of ore; shareholder and regulatory approvals; activities and attitudes of communities local to the location of the SBMI’s properties; risks of future legal proceedings; income tax matters; fires, floods and other natural phenomena; the rate of inflation; availability and terms of financing; distribution of securities; commodities pricing; currency movements, especially as between the USD and CDN; effect of market interest rates on price of securities; and, potential dilution. SARS CoV-2 and other potential global pathogens create risks that at this time are immeasurable and impossible to define.
VANCOUVER, BC / ACCESSWIRE / October 19, 2023 / Metallic Minerals Corp. (TSXV:MMG)(OTCQB:MMNGF) (“Metallic Minerals” or the “Company”) is pleased to announce the completion of field activities at the Company’s 100%-owned, 166 square kilometer Keno Silver project, adjacent to Hecla Mining in the high-grade Keno Hill silver district of Canada’s Yukon Territory. The 2023 exploration program included 1,112 meters in four diamond drill holes focused on resource expansion at the Formo target, the highest-grade and largest target area to be included in an inaugural NI 43-101 mineral resource estimate for the property expected in Q4 2023. The Company also conducted additional soil geochemical sampling on open-ended earlier-stage targets for future drill campaigns.
Metallic Minerals holds the second largest land position in the Keno district with claims covering the east, and parts of central and western Keno Hill, including eight high-grade, shallow past-producing deposits. Hecla Mining holds the western portion of the Keno district and has recently started production from its Keno Hill mining operations, with full production expected by year-end.
Metallic Minerals President, Scott Petsel, stated: “We were very pleased to return to our Keno Silver project and complete this important new phase of exploration which focused on drilling mineralized extensions of our “resource-ready” target at Formo. With the key milestone of an inaugural resource estimate for Keno Silver on the near-term horizon, the team is already looking ahead to working from those initial deposit models to continue to add additional ounces with this and subsequent future programs. One of the major advantages the upcoming resources will have are their shallow depth which makes them amenable to low-cost bulk tonnage mining methods. The blueprint for rapid and dramatic resource growth in the Keno district, as demonstrated by prior operators, is to first identify the dominant mineralized vein structures and their orientations, then vector along trend and depth with successive drill campaigns. This tried-and-true methodology is being employed by Metallic Minerals to expand the Keno Silver project which is located within one of the world’s highest grade silver producing districts.”
Mr. Petsel continued, “In addition to our work at the Keno Silver project, drilling continues at our La Plata copper-silver-gold-PGE project in Colorado, where we have just passed 3,000 meters of a targeted 5,000-meter drill program. The first two drill holes reached 909 meters and 1,350 meters depth, respectively, and intersected continuous porphyry style mineralization. Our target is to complete two to three more step-out, expansion drill holes from the discovery hole announced in February 2023. Core is being processed and sent to the lab for assaying with initial results expected to come in through the fall of this year. The results of this drilling will be used to calculate a new mineral resource estimate for La Plata in 2024.”
About the Keno Silver Project
Keno Hill is one of the world’s highest-grade silver districts, with nearly 300 million ounces (“Moz”) of silver in past production and current M&I resources1,2 and featuring excellent existing infrastructure, including grid power, road access and nearby community services. In July 2022, Hecla Mining announced the acquisition of Alexco Resource Corp, which held the western portion of the district. Hecla Mining has started production at Keno Hill, which is now their highest-grade silver operation, and is expecting to be at full production by year end with a stated goal of producing 4-5 Moz of silver per year3. Metallic Minerals’ Keno Silver project is adjacent and contiguous with Hecla Mining ground, covering the east, and parts of the central and western Keno silver district and includes eight high-grade, shallow past-producing mines. Prior to the Company’s consolidation of the land package, very little modern exploration had been completed in these parts of the district due to fragmented, private land ownership. Metallic Minerals has advanced four targets in the district from discovery to resource definition stage with several additional targets at drill-ready status along the known historically productive trends. In addition, recent exploration has defined and expanded 12 priority multi-kilometer-scale early-stage targets for reconnaissance drilling in the under-explored parts of the district where highly elevated silver, lead and zinc in soils and high-grade rock samples have been identified.
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.
The Company’s 100%-owned La Plata project in southwestern Colorado hosts a porphyry copper-silver resource consisting of 1.21 billion pounds of copper and 17.6 Moz of silver4. Drilling in 2022 provided the basis for the expanded 2023 resource estimate, including 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 (acquired by Newmont Mining in Q4 2023) to fund the current 2023 drill campaign and accelerate the overall advancement of the project. Colorado ranked 5th globally for investment attractiveness and 2nd in the USA in the Fraser Institute’s 2023 Annual Survey of Mining Companies.
Metallic Minerals has consolidated a 176 square kilometer land position directly adjacent to Hecla Mining’s operations in the historic high-grade Keno Hill silver district of Canada’s Yukon Territory, a region which has more than 300 Moz of high-grade silver in past production and current M&I resources. Hecla Mining, the largest primary silver producer in the USA and third largest in the world, is anticipating full production at its Keno Hill operations by the end of 2023. Metallic Minerals is targeting release of an inaugural mineral resource estimate on the Keno Silver project in Q4 2023, with an expansion drill program completed in September.
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 Discovery Channel television show, Gold Rush.
All of the districts in which Metallic Minerals operates have seen significant mineral production and have existing infrastructure, including power and road access. The Company 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.
Cathro, R. J., Great Mining Camps of Canada 1. The History and Geology of the Keno Hill Silver Camp, Yukon Territory. Geoscience Canada, Sept. 2006. ISSN 1911-4850.
Alexco Resource Corp Technical Report, titled “NI 43-101 Technical Report on Updated Mineral Resource and Reserve Estimate of the Keno Hill Silver District” with an effective date of April 1, 2021 and issue date of May 26, 2021.
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.
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.
Vancouver, British Columbia–(Newsfile Corp. – October 24, 2023) – Riverside Resources Inc.(TSXV: RRI) (OTCQB: RVSDF) (FSE: 5YY) (“Riverside” or the “Company”), Riverside is pleased to announce that it has acquired part of the Mount Grace Carbonatite known to host Rare Earth Elements (“REEs”). The Company continues to expand its presence in British Columbia adding this a prospective REE project to its critical metals’ portfolio. The Company has staked 2538 ha. (25 km²) of terrain that hosts carbonatites mapped by the British Columbia Geologic Survey and confirmed by subsequent explorers. The Project has been named “Revel” and is located 20 km from the community of Seymour Arm within a highly prospective carbonatite belt north of Revelstoke, BC. The Project is 100% owned by Riverside with no underlying royalties or encumbrances.
Rare Earth Elements, or REEs, have become important metals worldwide as countries race to usher in a green economy, with less reliance on fossil fuels and more reliance on electrical grids and EV’s. Most countries have begun protecting these elements and listing them as strategic or critical, acknowledging the importance of these metals to future economic growth and even sovereignty. Canada and particularly BC have geological environments that host several different types of rare earth element deposits. REE carbonatites are discrete layers of either of material being depositing on the surface during volcanic activity or intrusive layers of magma injected between layers of existing rock. At Revel the property has high values of niobium and light rare earth elements similar to those found and mined in the USA at Mountain Pass. Revel geology with carbonatite has both intrusive and volcanic styles of REE with the Company’s mapping and on-going sampling shown below and on the website site.
John-Mark Staude, President and CEO, commented on the recent acquisition: “we are excited to have acquired Revel, a quality REE project with no underlying royalties or encumbrances in a geologically prospective area within a stable political jurisdiction. The new Project compliments Riverside’s growing portfolio in British Columbia and positions the company well in this rapidly evolving space. Recent announcements by the Canadian government signal that Canada is serious about securing a steady and stable supply of critical elements within its borders and the Revel acquisition is part of the Company’s diversification expanding corporate strategy.”
Revel Project Geological Summary:
The claims are partly located on Mount Grace on the northeast margin of Frenchman Cap Gneiss Dome comprising part of the Shuswap Metamorphic Terrain. These core gneisses are overlain by allochthonous cover rocks which host both extrusive and intrusive carbonatites and are part of the Monashee cover sequence. The property is centred on the Mount Grace syncline which is a northwest trending isoclinal fold. The allochthonous rocks comprise a succession of pure quartzites, feldspathic quartzites and mica schists above this basal unit lies a series of pelitic schist, marble, calc-silicate paragneiss and the Mount Grace Carbonatite layer. This provides both intrusive and volcanic units that are targeted for REE concentrations and discovery potential making possible broad and easily traceable host units which could rapidly develop substantial tonnages.
The map and cross section below modified from the work of the BC Geological Survey, Hoy and others, for the carbonatite and Rare Earth Element target geologic units is shown below and more extensively on the Company website. The regional map shows the Revel claim areas in the regional context with other known REE locations as part of a north-south trending belt which where the Company has been working.
Figure 1. Regional location map of the Mount Grace Carbonatite and other REE locations superimposed on geologic quadrangle map from Hoy and Kwong (1986).
Figure 2. Map with the Revel mineral claims on the Mount Grace Carbonatite from Hoy and Kwong (1986) with location of target Carbonatite horizon shown in blue and Riverside claim areas marked in red.
Mount Grace and surrounding area was first mapped by government geologists where two types of carbonatites were identified. Type I intrusive carbonatites were noted to have a metasomatized contacts being conformable to the bedding within their metasedimentary host rocks, and commonly contacting either a syenite or nepheline syenite gneiss. Conversely Type II extrusive carbonatites, believed to be of volcanic origin and lacking any kind of metasomatic boundary, were linked with the occurrence of a prominent marble horizon that was stratigraphically above the carbonatite bodies and used as a regional marker (McMillan and Moore, 1974). Later mapping of the Mount Grace area by Hoy and McMillan (1979) revealed that the discontinuous extrusive carbonatites of the Perry River area were likely related to the extrusive Mount Grace Carbonatite, which has a lateral extent of over 60 km. A study by Hoy and Kwong (1986) revealed that the Mount Grace carbonatite is strongly enriched in the elements barium, manganese, and strontium, with high concentrations of niobium, lanthanum, neodymium and cerium relative to other carbonatites of its nature.
Figure 3. Cross sections for the Mount Grace Carbonatite from Hoy and Kwong (1986) with location of target Carbonatite horizon shown in blue and Riverside claim areas marked in black arrows. Refer to the legend in Figure 2 above for rock descriptions.
In 1983, Duval International Corporation conducted a geological and geochemical survey in the area that led to the discovery of the Ren carbonatite, south of Mount Grace; samples of the Ren carbonatite rendered anomalous values of niobium, cerium and lanthanum (Pilcher, 1983). Teck Exploration Ltd. carried out further work on carbonatites at Ratchford Creek in 1987, which included trenching and silt, rock, and soil sampling programs as well as radiometric and magnetic surveys (Betmanis and Lovang, 1988). Results from Teck’s program indicated anomalous values of niobium and light rare earth elements. At the present, these carbonatite exposures and associated alkaline rocks are contiguously staked by the Company along the western margin of the Frenchman Cap gneiss dome providing a guide for delineating the system so far.
In the early 2010’s field work in the project area found more well-defined carbonatite and in 2018 exploration work located zones of layered and also intrusive carbonatite which during the 2023 field season Riverside was able to work up and sample.
Qualified Person:
This news release was reviewed and approved by Freeman Smith, P.Geo., a non-independent qualified person to Riverside Resources, who is responsible for ensuring that the geologic information provided within this news release is accurate and who acts as a “qualified person” under National Instrument 43-101 Standards of Disclosure for Mineral Projects.
About Riverside Resources Inc.:
Riverside is a well-funded exploration company driven by value generation and discovery. The Company has over $7M in cash, no debt and less than 75M shares outstanding with a strong portfolio of gold-silver and copper assets and royalties in North America. Riverside has extensive experience and knowledge operating in Mexico and Canada and leverages its large database to generate a portfolio of prospective mineral properties. In addition to Riverside’s own exploration spending, the Company also strives to diversify risk by securing joint-venture and spin-out partnerships to advance multiple assets simultaneously and create more chances for discovery. Riverside has properties available for option, with information available on the Company’s website at www.rivres.com.
ON BEHALF OF RIVERSIDE RESOURCES INC.
“John-Mark Staude”
Dr. John-Mark Staude, President & CEO
For additional information contact:
John-Mark Staude President, CEO Riverside Resources Inc. info@rivres.com Phone: (778) 327-6671 Fax: (778) 327-6675 Web: www.rivres.com
Certain statements in this press release may be considered forward-looking information. These statements can be identified by the use of forward-looking terminology (e.g., “expect”,” estimates”, “intends”, “anticipates”, “believes”, “plans”). Such information involves known and unknown risks — including the availability of funds, the results of financing and exploration activities, the interpretation of exploration results and other geological data, or unanticipated costs and expenses and other risks identified by Riverside in its public securities filings that may cause actual events to differ materially from current expectations. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release.
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.
Edmonton, Alberta–(Newsfile Corp. – October 23, 2023) – Grizzly Discoveries Inc. (TSXV: GZD) (FSE: G6H) (OTCQB: GZDIF) (“Grizzly” or the “Company”) is pleased to announce that it has engaged Matthews Investments Ltd. to provide capital market consulting services to the Company.
The Company has entered into an agreement (the “Agreement”) with Matthews Investments Ltd. (“Matthews”) whereby Matthews will provide capital market consulting services to the Company for consideration including the issuance of 250,000 stock options under the Company’s Stock Option Plan with a strike price of $0.09 per option and expiring no later than five years from the date of issuance. In addition, Matthews will be compensated for a) any completed merger or acquisition transaction with a party introduced by Matthews within 2 years from the commencement of the Agreement and b) for any successful financing transaction with parties introduced to the Company by Matthews, at a rate of 5% of the total transaction value. The stock options to be granted to Matthews and transaction referral fees are subject to approval or acceptance by the TSX Venture Exchange.
Matthews Investments Ltd. is a consulting firm with a history of advising private and public companies through their growth initiatives. With a focus on extractable commodities and energy, Matthews engages its’ vast network of industry professionals to help companies establish an effective blueprint for corporate success.
Rich Matthews, principal of Matthews Investments Ltd., is a highly experienced capital markets advisor with a strong background in the resource sector, serving at the executive and board levels. His experience includes business development and capital markets expertise across multiple countries. Rich has worked for public companies, including award-winning Fission Uranium Corp, advising CEO’s and Board of Director members, while liaising directly with investors and stakeholders. Mr. Matthews is currently Director of Matthews Investments Ltd, Vancouver, BC, and Managing Partner at Integrous Communications LLC, Austin, Texas.
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 72,000 ha (approximately 178,500 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
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.sedarplus.ca. Grizzly disclaims any obligation to update or revise any forward-looking information or statements except as may be required by law.
North Vancouver, British Columbia–(Newsfile Corp. – October 19, 2023) – Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) (ASX: LLO) (“Lion One” or the “Company”) is pleased to report significant new 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 2 area of Tuvatu, focusing primarily on the Murau lode system. Mining of the Murau lode system has commenced and grade control drilling is being conducted in advance of further mining in this area. Infill drilling is being conducted to target the up-dip and down-dip extensions of the Murau lodes. The results reported here represent material that is scheduled to be mined in Q4 2023 and throughout 2024.
Lion One Chairman and CEO Walter Berukoff commented: “After celebrating our first gold pour at Tuvatu on October 10th, we now turn our focus back to grade control and infill drilling. These drill programs continue to yield positive results and to strengthen our understanding of the mineralization at Tuvatu. We are pleased to present yet another batch of high-grade results from the Zone 2 area of Tuvatu, an area which will serve to feed our brand-new mill in the mid-to-near term future.”
Highlights of Zone 2 drilling (3.0 g/t cutoff):
84.96 g/t Au over 1.2 m (TGC-0092, from 4.5 m depth)
20.69 g/t Au over 4.2 m (including 40.22 g/t Au over 0.9 m) (TUDDH-677, from 76.5 m depth)
13.60 g/t Au over 5.1 m (including 98.87 g/t Au over 0.3 m) TUDDH-663, from 89.1 m depth)
13.22 g/t Au over 5.1 m (including 50.54 g/t Au over 0.3 m) (TGC-0085, from 56.5 m depth)
15.64 g/t Au over 3.9 m (including 23.48 g/t Au over 1.2 m) (TUDDH-680, from 140.9 m depth)
38.26 g/t Au over 1.5 m (including 41.99 g/t Au over 0.6 m) (TUDDH-663, from 177.3 m depth)
34.77 g/t Au over 0.9 m (including 35.67 g/t Au over 0.3 m) (TUDDH-680, from 146.6 m depth)
31.25 g/t Au over 1.2 m (TUDDH-680, from 148.7 m depth)
15.12 g/t Au over 2.1 m (including 22.42 g/t Au over 1.2 m) (TUDDH-678, from 135.3 m depth)
13.61 g/t Au over 2.1 m (including 42.48 g/t Au over 0.6 m) (TUDDH-666, from 184.6 m depth)
11.19 g/t Au over 2.4 m (including 30.75 g/t Au over 0.6 m) (TGC-0090, from 45.3 m depth)
9.26 g/t Au over 2.7 m (including 13.11 g/t Au over 0.9 m) (TGC-0089, from 48.8 m depth)
82.33 g/t Au over 0.3 m (TGC-0092, from 28.2 m depth)
Figure 1. Location of Zone 2 Grade Control and Infill Drillholes. Plan view of Tuvatu showing the Zone 2 grade control and infill drillholes included in this news release in relation to the mineralized lodes at Tuvatu. Drillholes are shown in black, mineralized lodes in grey, and underground developments in red.
Table 1. Highlights of composited grade control and infill drill results in the Zone 2 area. Composites are calculated using a 3 g/t Au cutoff with maximum internal dilution intervals of 1 m at <3 g/t Au. For full results see Table 2 in the appendix.
Hole ID
From
To
Interval (m)
Au (g/t)
TGC-0092
4.5
5.7
1.2
84.96
TUDDH-677
76.5
80.7
4.2
20.69
including
78.3
80.7
2.4
32.81
which includes
78.3
79.2
0.9
40.22
and
79.2
79.8
0.6
13.08
and
79.8
80.7
0.9
38.56
TUDDH-663
89.1
94.2
5.1
13.6
including
89.1
90.6
1.5
35.51
which includes
89.1
89.4
0.3
13.99
and
89.4
89.7
0.3
40.56
and
89.7
90
0.3
12.09
and
90
90.3
0.3
12.03
and
90.3
90.6
0.3
98.87
and also including
93.6
94.2
0.6
15.25
TGC-0085
56.5
61.6
5.1
13.22
including
57.1
57.7
0.6
35.68
and
58.6
59.5
0.9
20.89
and
60.1
60.4
0.3
50.54
TUDDH-680
140.9
144.8
3.9
15.64
including
140.9
142.1
1.2
21.38
and
143.6
144.8
1.2
23.48
TUDDH-663
177.3
178.8
1.5
38.26
including
177.3
178.2
0.9
35.78
and
178.2
178.8
0.6
41.99
TUDDH-680
146.6
147.5
0.9
34.77
including
146.6
147.2
0.6
34.33
and
147.2
147.5
0.3
35.67
TUDDH-680
148.7
149.9
1.2
31.25
TUDDH-678
135.3
137.4
2.1
15.12
including
136.2
137.4
1.2
24.63
TUDDH-666
184.6
186.7
2.1
13.61
including
186.1
186.7
0.6
42.48
TGC-0090
45.3
47.7
2.4
11.19
including
47.1
47.7
0.6
30.75
which includes
47.1
47.4
0.3
25.52
and
47.4
47.7
0.3
35.89
TGC-0089
48.8
51.5
2.7
9.26
including
48.8
49.7
0.9
13.11
and
50.6
51.5
0.9
10.21
TGC-0092
28.2
28.5
0.3
82.33
TUDDH-663
169.2
171.6
2.4
7.96
including
170.1
171.3
1.2
11.92
which includes
170.7
171.3
0.6
15.55
TGC-0095
60.3
60.6
0.3
62.38
Murau Lodes
The Murau lodes are located within the Zone 2 area of Tuvatu, along the upper portion of the western decline in the northwest part of the deposit. The Zone 2 area encompasses a number of distinct lode systems, including the URW1, URA1, and Murau lode systems. The Zone 2 area was the first to commence mining at Tuvatu and mining is ongoing in all three of these lode systems.
The current round of infill and grade control drilling in the Zone 2 area is focused on the Murau lode system, which is modelled as a series of stacked relatively flat lying lodes that strike approximately east-west and dip moderately to the south. The portion of the Murau lode system that is currently targeted for mining consists of a vertical extent of 55 m, an east-west strike length of 110 m, and a down-dip extension of 100 m.
Figure 2. Murau Lode System. Oblique section of the Murau lode system in relation to the infill and grade control drillholes reported here. View is to the ESE and slightly down dip along the Murau lodes. The stacked nature of the Murau lodes is visible in the image. Grade control drilling is focused on near-term mining whereas infill drilling is focused on the up-dip and down-dip extensions of the lodes.
A total of 10 infill and 11 grade control drillholes are included in this release. The infill drill program was conducted from surface and was designed to target the up-dip and down-dip extension of the Murau lodes on approximately 20 m centers. The goal of the program is to provide an increased understanding of the system’s mineralization and geometry in these areas. The grade control drill program was conducted from underground on 5-10 m centers and was designed to provide much higher resolution of the Murau lode system in advance of mine development and extraction. The location of high-grade intercepts is shown in Figure 3 while examples of Murau lode mineralization are shown in Figure 4. The Zone 2 infill and grade control drill programs are ongoing. Previous drill results from the Zone 2 area can be seen in the news releases dated September 14, 2023, June 14, 2023, and April 25, 2023.
Figure 3. Location of High-Grade Intercepts from Zone 2 Infill and Grade Control Drilling, 3.0 g/t Au cutoff. Oblique section view of the Murau lode system highlighting the high-grade intercepts from the Zone 2 infill and grade control drill program in the Murau system. View is to the ESE and slightly down dip along the Murau lodes. Downhole composite intervals with grades between 3 and 10 g/t Au are shown in orange, intervals with grades between 10 and 30 g/t Au are shown in red, and intervals over 30 g/t Au are shown in purple. Select high-grade intervals are identified. Grades shown are gold grades in g/t.
Figure 4. Example Mineralization from Zone 2 Infill and Grade Control Drilling. Top left: Monzonite-hosted quartz vein with coarse grained pyrite and honey-sphalerite (TUDDH-678, 136.3 m). Top right: Vuggy chalcedony-pyrite veinlet with well-developed alteration selvage (TUDDH-667, 156.3 m). Bottom left: Vuggy quartz vein with coarse-grained pyrite and honey sphalerite within a 5.1 m zone of 13.22 g/t Au (TGC-0085, 60.2 m). Bottom right: Monzonite-hosted quartz-pyrite-sphalerite vein (TUDDH-661, 131.7 m). Core diameter is 4.76 cm in each photo.
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.sedarplus.ca.
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
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 2. Composited results from grade control and infill drillholes in the Zone 2 area (grade >3.0 g/t Au)
Hole ID
From
To
Interval (m)
Au (g/t)
TGC-0085
45.7
46.6
0.9
3.3
TGC-0085
47.5
48.7
1.2
4.69
TGC-0085
50.5
51.7
1.2
4.7
TGC-0085
54.4
54.7
0.3
15.23
TGC-0085
56.5
61.6
5.1
13.22
including
57.1
57.7
0.6
35.68
and
58.6
59.5
0.9
20.89
and
60.1
60.4
0.3
50.54
TGC-0087
23.4
24
0.6
10.82
including
23.7
24
0.3
14.44
TGC-0087
39.6
40.8
1.2
3.12
TGC-0087
49.8
50.1
0.3
3.72
TGC-0089
38.7
39.6
0.9
3.49
TGC-0089
41.6
41.9
0.3
12.45
TGC-0089
44.6
45.5
0.9
6.26
TGC-0089
48.8
51.5
2.7
9.26
including
48.8
49.7
0.9
13.11
and
50.6
51.5
0.9
10.21
TGC-0090
0
0.9
0.9
3.86
TGC-0090
34.8
35.4
0.6
6.74
TGC-0090
45.3
47.7
2.4
11.19
including
47.1
47.7
0.6
30.75
which includes
47.1
47.4
0.3
25.52
and
47.4
47.7
0.3
35.89
TGC-0091
27
27.3
0.3
7.94
TGC-0091
33.6
34.2
0.6
5.59
TGC-0091
44.1
44.4
0.3
14.89
TGC-0092
4.5
5.7
1.2
84.96
TGC-0092
28.2
28.5
0.3
82.33
TGC-0092
39
39.6
0.6
11.7
including
39.3
39.6
0.3
15.64
TGC-0092
42.6
43.5
0.9
5.18
TGC-0094
12.2
13.1
0.9
5.11
TGC-0094
49.1
50.3
1.2
15.29
TGC-0095
39
40.2
1.2
13.7
including
39.3
39.6
0.3
20.22
and
39.9
40.2
0.3
30.52
TGC-0095
42.6
43.5
0.9
15.49
TGC-0095
54.9
55.2
0.3
6.72
TGC-0095
60.3
60.6
0.3
62.38
TGC-0100
8.4
9.3
0.9
3.64
TGC-0100
48.6
48.9
0.3
35.93
TGC-0100
60.9
61.2
0.3
9.85
TGC-0100
68.4
68.7
0.3
15.02
TGC-0100
72.9
73.5
0.6
5.3
TUDDH-661
118.9
120.1
1.2
3.03
TUDDH-661
131.5
132.1
0.6
7.09
including
131.5
131.8
0.3
10.38
TUDDH-663
50.7
51.3
0.6
4.01
TUDDH-663
89.1
94.2
5.1
13.6
including
89.1
90.6
1.5
35.51
which includes
89.1
89.4
0.3
13.99
and
89.4
89.7
0.3
40.56
and
89.7
90
0.3
12.09
and
90
90.3
0.3
12.03
and
90.3
90.6
0.3
98.87
and also including
93.6
94.2
0.6
15.25
TUDDH-663
101.1
102
0.9
10.98
TUDDH-663
154.5
154.8
0.3
16.89
TUDDH-663
159.9
160.2
0.3
3.43
TUDDH-663
162
162.3
0.3
8.37
TUDDH-663
164.7
165
0.3
15.64
TUDDH-663
169.2
171.6
2.4
7.96
including
170.1
171.3
1.2
11.92
which includes
170.7
171.3
0.6
15.55
TUDDH-663
173.1
175.5
2.4
3.87
TUDDH-663
177.3
178.8
1.5
38.26
including
177.3
178.2
0.9
35.78
and
178.2
178.8
0.6
41.99
TUDDH-664
73.7
74.3
0.6
3.07
TUDDH-664
76.7
77.3
0.6
20.79
TUDDH-664
121.8
122.7
0.9
18.99
TUDDH-664
124.5
126
1.5
8.17
including
125.4
126
0.6
11.44
TUDDH-666
101.8
102.1
0.3
3.55
TUDDH-666
167.5
170.2
2.7
6.65
including
169.3
170.2
0.9
13.33
which includes
169.3
169.6
0.3
27.99
TUDDH-666
184.6
186.7
2.1
13.61
including
186.1
186.7
0.6
42.48
TUDDH-666
193.3
193.9
0.6
4.73
TUDDH-667
153.1
154.9
1.8
9.99
including
153.7
154.9
1.2
11.87
which includes
153.7
154
0.3
29.47
TUDDH-667
156.1
156.4
0.3
15.89
TUDDH-670
69.4
70
0.6
25.68
TUDDH-670
74.5
75.4
0.9
4.37
TUDDH-673
87.2
87.8
0.6
20.26
TUDDH-673
150.8
151.7
0.9
15.73
TUDDH-673
157.7
158.6
0.9
3.4
TUDDH-673
162.2
162.8
0.6
12.27
TUDDH-677
69.6
70.5
0.9
4.41
TUDDH-677
76.5
80.7
4.2
20.69
including
78.3
80.7
2.4
32.81
which includes
78.3
79.2
0.9
40.22
and
79.2
79.8
0.6
13.08
and
79.8
80.7
0.9
38.56
TUDDH-677
82.2
82.8
0.6
4.35
TUDDH-678
67.4
67.7
0.3
4.14
TUDDH-678
83.4
84
0.6
19.71
including
83.7
84
0.3
35.99
TUDDH-678
135.3
137.4
2.1
15.12
including
136.2
137.4
1.2
24.63
TUDDH-678
144.6
144.9
0.3
3.13
TUDDH-680
135.5
136.7
1.2
3.6
TUDDH-680
138.8
139.7
0.9
5.91
TUDDH-680
140.9
144.8
3.9
15.64
including
140.9
142.1
1.2
21.38
and
143.6
144.8
1.2
23.48
TUDDH-680
146.6
147.5
0.9
34.77
including
146.6
147.2
0.6
34.33
and
147.2
147.5
0.3
35.67
TUDDH-680
148.7
149.9
1.2
31.25
Table 3. Collar coordinates for grade control drillholes reported in this release. Coordinates are in Fiji map grid.
Hole ID
Easting
Northing
Elevation
Azimuth
Dip
Depth
TGC-0085
1876267
3920759
151
77.3
-62.0
81.7
TGC-0087
1876264
3920768
152
353.3
-52.3
65.6
TGC-0089
1876264
3920768
152
356.2
-67.4
65.5
TGC-0090
1876264
3920768
153
357.2
-38.6
65.7
TGC-0091
1876264
3920768
152
8.1
-46.1
71.7
TGC-0092
1876265
3920768
152
17.4
-37.1
71.6
TGC-0094
1876266
3920767
151
48.0
-79.6
60.8
TGC-0095
1876266
3920768
152
42.1
-27.6
77.1
TGC-0097
1876267
3920768
153
42.1
-8.2
80.6
TGC-0099
1876267
3920768
153
48.1
-12.4
80.2
TGC-0100
1876267
3920768
153
46.6
-19.2
76.4
Table 4. Collar coordinates for infill drillholes reported in this release. Coordinates are in Fiji map grid.
Vancouver, British Columbia–(Newsfile Corp. – October 17, 2023) – Emperor Metals Inc. (CSE: AUOZ) (OTC Pink: EMAUF) (FSE: 9NH) (“Emperor“) is pleased to announce additional assay results from the ongoing summer 2023 drilling campaign at the Duquesne West Gold Project. Drilling continues at the property and, with the recent completion of hole DQ23-13, drilling has reached 8,239 metres of a planned +8,000 metres program.
Highlights
10.8 metres (m) of 15.8 grams per tonne (g/t) gold (Au), including 3.4 m of 27.24 g/t Au in DQ23-05 (see Image 1, 2 and 3),
Drilling confirms open-pit potential with bulk tonnage grades in traditionally unsampled intervals, distinct from known underground potential (see Image 4 and 5).
Intersections are predicted to expand the Historical Resource of 727,000 ounces of gold at a grade of 5.42 g/t Au.1,2,
Drilling confirms the reliability of strategic AI Model, for example, DQ23-05 exceeds the average thickness and grade of the deposit and extends the mineralization along plunge as predicted.
CEO John Florek commented:
What is so impressive is the robustness of mineralization we are encountering. Our findings suggest a shift from a sole focus on high-grade gold to also include an open-pit potential knowing that these thick mineralized zones probably extend to the surface. Previous explorers were only focused on high-grade gold and ignored bulk tonnage opportunities. An approximate estimate of 70% of the historical core near surface has not been sampled.
Our strategic direction now encompasses the development of both pit-constrained and underground resources, which has the potential to substantially elevate the project’s prospects. The appeal of this property grows weekly as the assay results return from the lab.
The application of our AI Geological Model has been pivotal in facilitating a deeper understanding and potential expansion of the deposit. We are committed to the continued growth of this deposit in collaboration with our investors, employing targeted drilling and innovative approaches. We are clearly envisioning the ability to develop a multimillion-ounce potential with the addition of multiple mining scenarios on the property.
The proximity to multiple mills and infrastructure in a Tier 1 mining district makes this project highly valuable compared to its competitors.”
Summary of Drill Results:
DQ23-05 intersection (10.8 m of 15.8 g/t Au) was designed to extend mineralization +100 meters westward down plunge of high-grade mineralization. It intersected higher grade and thickness than predicted by the model, which will help to increase the grade and add ounces laterally to the mineralized stopes model (Images 1, 2 and 3).
Due to multiple zones of mineralization of both high-grade and lower grade bulk tonnage we have focused our remaining drilling towards the open pit concept that has been envisioned over the 2023 summer drilling program (Image 4). This is a significant milestone after examining the results of the 2023 drilling program, coupled with the lack of sampling in the near-surface historical drilling (Image 5). The partial results and the visuals from our 2023 campaign suggest broader mineralized zones potentially amenable for open pit mining (See Table 1 and previous press release dated Sept 12, 2023).
The open pit concept in images 4 and 5 show an ultimate pit with a depth extent to 400 meters; the footprint is 1.8 km by 0.8 km. Initial exploration will strategically focus on a phase 1 pit design. This will allow us to determine the economics as we progress through the phases having the necessary assay results for resource evaluation. Currently Emperor is sampling available, near-surface, core that was not assayed by previous explorers located in the historical core library. Up to 70% of this core has not been assayed.
Partial assays for these reported drillhole results continue to increase confidence to consider an open pit potential to the Duquesne West deposit. Lab results for other mineralized zones intersected in holes DQ23-02, 03, 04, and 05 are in progress.
Samples were sent to SGS Laboratories in Lakefield, ON.
Hole No.
From (m)
To (m)
Interval (m)
Au (g/t Au)
1DQ23-01
659.7
661.8
2.1
0.88
661.8
663
1.2
0.47
663
663.85
0.85
10.7
Wt. Avg.
4.15
2.77
794.4
817
22.6
0.62
Wt. Avg.
22.6
0.62
914.15
942.95
28.8
0.33
Wt. Avg.
28.8
0.33
1DQ23-02
517.2
518.2
1
3.29
518.2
519.2
1
0.69
Wt. Avg.
2
1.99
677.1
679.6
2.5
2.69
1DQ23-03
417.75
418.85
1.1
5.09
941.2
942.2
1
11.68
942.2
943.2
1
0.59
Wt. Avg.
2
6.14
1DQ23-04
318.5
336
17.5
0.45
Wt. Avg.
17.5
0.45
433.7
434.2
0.5
0.78
434.2
435
0.8
1.81
435
435.7
0.7
12.24
435.7
436.45
0.75
8.98
Wt. Avg.
2.75
6.23
449
450
1
2.59
450
451
1
0.22
451
452
1
9.92
Wt. Avg.
3
4.24
548.3
549.5
1.2
19.01
571.3
606
34.7
0.45
Wt. Avg.
34.7
0.45
651.35
651.95
0.6
0.58
651.95
652.6
0.65
5.14
Wt. Avg.
1.25
2.95
2DQ23-05
133
135.5
2.5
5.01
257.2
281.6
24.4
0.50
Wt. Avg.
24.4
0.50
391.9
393
1.1
3.25
393
393.85
0.85
0.42
393.85
395
1.15
1.98
Wt. Avg.
3.1
2.00
556
556.6
0.6
2.51
556.6
557.3
0.7
1.53
557.3
558
0.7
12.08
558
558.65
0.65
12.58
558.65
559.35
0.7
22.54
559.35
560.15
0.8
1.29
560.15
560.9
0.75
0.02
560.9
561.7
0.8
0.06
561.7
562.7
1
1.47
562.7
563.4
0.7
3.67
563.4
563.9
0.5
110
563.9
564.55
0.65
32.15
564.55
565.1
0.55
23.07
565.1
565.8
0.7
0.05
565.8
566.3
0.5
0.45
566.3
566.8
0.5
84.42
Wt. Avg.
10.8
15.85
Including:
3.4
27.24
575.65
594
18.35
0.52
Wt. Avg.
18.35
0.52
1Host Structures are interpreted to be steeply dipping and true widths are generally estimated to be 90%.
2Host Structures are interpreted to be steeply dipping and true widths are generally estimated to be 80-90%.
Image 1: Figure showing DQ23-05 intercept-expanding ounces +100 meters along plunge of deposit. This intercept should continue building mineable stopes along this trend.
Image 2: Representation of mineralized and altered core from DQ23-05 (10.8 m of 15.8 g/t Au (includes 3.4 m of 27.24 g/t Au)). Highly altered breccia zone containing quartz veinlets, sericite, and ankerite.
The Quality Assurance and Quality Control (QAQC) was conducted by Technominex, a geological contractor hired by Emperor Metals, which adheres to CIM Best Practices Guidelines for exploration related activities conducted at its facility in Rouyn Noranda, Quebec. The QA/QC procedures are overseen by a Qualified Person on site.
Emperor Metals QA/QC protocols are maintained through the insertion of certified reference material (standards), blanks and lab duplicates within the sample stream totaling approximately one QA/QC sample per 7 samples. Drill core is cut in-half with a diamond saw, with one-half placed in sealed bags with appropriate tags and shipped to the SGS Lakefield laboratory and the other half retained on site in the original core box. A dispatch list consists of 88 or 176 samples along with their corresponding QA/QC samples for a single batch. This allows complete batches (88 samples) for fire assay. A file for sample tracking records tags used and weights of sample bags shipped to the SGS Lakefield. Shipment is done by Manitoulin Transport and coordination by Technominex staff in Rouyn-Noranda.
The third-party laboratory, SGS prep laboratory in Lakefield Ontario, processes the shipment of samples using standard sample preparation (code PRP91) and produces pulps from the specified samples. The pulps are then sent off to SGS Burnaby for analysis. Chain of custody is maintained from the drill to the submittal into the laboratory preparation facility all the way to analysis at the SGS Burnaby B.C. laboratory.
Analytical testing is performed by SGS laboratories in Burnaby, British Columbia. The entire sample is crushed to 75% passing 2mm, with a split of 500g pulverized to 85% passing 75 microns. Samples are then analyzed using Au – ore grade 50g Fire Assay, ICP-AES with reporting limits of 0.01 -100 part per million (ppm). High grade gold analysis based on the presence of visible gold or a Fire assay result exceeding 100 ppm, are analyzed by Au – metallic screening, 1kg screened to 106μm, 50g fire assay, gravimetric, AAS or ICP-AES of entire plus fraction and duplicate analysis of minus fraction. Reporting limit 0.01ppm.
About the Duquesne West Gold Project
The Duquesne West Gold Property is located 32 km northwest of the city of Rouyn-Noranda and 10 km east of the town of Duparquet. The property lies within the historic Duparquet gold mining camp in the southern portion of the Abitibi Greenstone Belt in the Superior Province.
Under an Option Agreement, Emperor agreed to acquire a one hundred percent (100%) interest in a mineral claim package comprising 38 claims covering approximately 1,389 ha, located in the Duparquet Township of Quebec (the “Duquesne West Property”) from Duparquet Assets Ltd., a 50% owned subsidiary of Globex Mining Enterprises Inc. (GMX-TSX). For further information on the Duquesne West Property and Option Agreement, see Emperor’s press release dated October 12, 2022, available on SEDAR.
The Property hosts a historical inferred mineral resource estimate of 727,000 ounces of gold at a grade of 5.42 g/t Au.1,2 The mineral resource estimate predates modern CIM guidelines and a Qualified Person on behalf of Emperor has not reviewed or verified the mineral resource estimate, therefore it is considered historical in nature and is reported solely to provide an indication of the magnitude of mineralization that could be present on the property. The gold system remains open for resource identification and expansion.
Reinterpretation of the existing geological model was created using Artificial Intelligence (A.I) and Machine Learning. This model shows the opportunity for additional discovery of ounces by revealing gold trends unknown to previous workers and the potential to expand the resource along significant gold-endowed structural zones.
1 Watts, Griffis, and McOuat Consulting Geologists and Engineers, Oct 20, 2011, Technical Report and Mineral Resource Estimate Update for the Duquesne-Ottoman Property, Quebec, Canada for XMet Inc.
2 Power-Fardy and Breede, 2011. The Mineral Resource Estimate (MRE) constructed in 2011 is considered historical in nature as it was constructed prior to the most recent Canadian Institute of Mining and Metallurgy (CIM) standards (2014) and guidelines (2019) for mineral resources. In addition, the economic factors used to demonstrate reasonable prospects of eventual economic extraction for the MRE have changed since 2011. A qualified person has not done sufficient work to consider the MRE as a current MRE. Emperor is not treating the historical MRE as a current mineral resource. The reader is cautioned not to treat it, or any part of it, as a current mineral resource.
QP Disclosure
The technical content for the Duquesne West Project in this news release has been reviewed and approved by John Florek, M.Sc., P.Geol., a Qualified Person pursuant to CIM guidelines.
About Emperor Metals Inc.
Emperor Metals Inc. is an innovative Canadian mineral exploration company focused on developing high-quality gold properties situated in the Canadian Shield. For more information, please refer to SEDAR (www.sedar.com), under the Company’s profile.
ON BEHALF OF THE BOARD OF DIRECTORS
s/ “John Florek”
John Florek, M.Sc., P.Geol President, CEO and Director Emperor Metals Inc.
CERTAIN STATEMENTS MADE AND INFORMATION CONTAINED HEREIN MAY CONSTITUTE “FORWARD-LOOKING INFORMATION” AND “FORWARD-LOOKING STATEMENTS” WITHIN THE MEANING OF APPLICABLE CANADIAN AND UNITED STATES SECURITIES LEGISLATION. THESE STATEMENTS AND INFORMATION ARE BASED ON FACTS CURRENTLY AVAILABLE TO THE COMPANY AND THERE IS NO ASSURANCE THAT ACTUAL RESULTS WILL MEET MANAGEMENT’S EXPECTATIONS. FORWARD-LOOKING STATEMENTS AND INFORMATION MAY BE IDENTIFIED BY SUCH TERMS AS “ANTICIPATES”, “BELIEVES”, “TARGETS”, “ESTIMATES”, “PLANS”, “EXPECTS”, “MAY”, “WILL”, “COULD” OR “WOULD”.
FORWARD-LOOKING STATEMENTS AND INFORMATION CONTAINED HEREIN ARE BASED ON CERTAIN FACTORS AND ASSUMPTIONS REGARDING, AMONG OTHER THINGS, THE ESTIMATION OF MINERAL RESOURCES AND RESERVES, THE REALIZATION OF RESOURCE AND RESERVE ESTIMATES, METAL PRICES, TAXATION, THE ESTIMATION, TIMING AND AMOUNT OF FUTURE EXPLORATION AND DEVELOPMENT, CAPITAL AND OPERATING COSTS, THE AVAILABILITY OF FINANCING, THE RECEIPT OF REGULATORY APPROVALS, ENVIRONMENTAL RISKS, TITLE DISPUTES AND OTHER MATTERS. WHILE THE COMPANY CONSIDERS ITS ASSUMPTIONS TO BE REASONABLE AS OF THE DATE HEREOF, FORWARD-LOOKING STATEMENTS AND INFORMATION ARE NOT GUARANTEES OF FUTURE PERFORMANCE AND READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON SUCH STATEMENTS AS ACTUAL EVENTS AND RESULTS MAY DIFFER MATERIALLY FROM THOSE DESCRIBED HEREIN. THE COMPANY DOES NOT UNDERTAKE TO UPDATE ANY FORWARD-LOOKING STATEMENTS OR INFORMATION EXCEPT AS MAY BE REQUIRED BY APPLICABLE SECURITIES LAWS.
