Rule Investment Media Proudly Presents… Exclusive On-Demand Livestream of the Rule Symposium on Natural Resource Investing
JOIN THE ONLY INDUSTRY EVENT WHERE YOU CAN CONNECT 1-ON-1 WITH INDUSTRY INSIDERS, TOP EXECUTIVES, BILLIONAIRE INVESTMENT EXPERTS AND MORE!
THIS July 23-27 we’re livestreaming to give you every presentation… and the BIGGEST opportunities… live from the Rule Symposium. PLUS – special bonus content, too! You won’t want to miss out…
Email: info@grouptenmetals.com The Metallic Group of Companies: Metallic Minerals, Stillwater Critical Minerals, Granite Creek Copper
The Best Video on How to Buy Precious Metals (Bullion): https://bit.ly/3iR8Rq3 Website | www.provenandprobable.com🥇🥈Get Your Online Gold/ Silver HereCall Me Directly at 855.505.1900 or Email: Maurice@MilesFranklin.com
I’m a licensed broker for Miles Franklin Precious Metals Investments – The (ONLY) Online Dealer that is Licensed and Bonded (Period).- Physical Delivery- US Mint Authorized Precious Metals Dealer: https://catalog.usmint.gov/bullion-dealer-locator- BRINKS Depository Accounts- Precious Metals IRA’s#Provenandprobable
Rule Investment Media Proudly Presents… Exclusive On-Demand Livestream of the Rule Symposium on Natural Resource Investing
JOIN THE ONLY INDUSTRY EVENT WHERE YOU CAN CONNECT 1-ON-1 WITH INDUSTRY INSIDERS, TOP EXECUTIVES, BILLIONAIRE INVESTMENT EXPERTS AND MORE!
THIS July 23-27 we’re livestreaming to give you every presentation… and the BIGGEST opportunities… live from the Rule Symposium. PLUS – special bonus content, too! You won’t want to miss out…
Rule Investment Media Proudly Presents… Exclusive On-Demand Livestream of the Rule Symposium on Natural Resource Investing
JOIN THE ONLY INDUSTRY EVENT WHERE YOU CAN CONNECT 1-ON-1 WITH INDUSTRY INSIDERS, TOP EXECUTIVES, BILLIONAIRE INVESTMENT EXPERTS AND MORE!
THIS July 23-27 we’re livestreaming to give you every presentation… and the BIGGEST opportunities… live from the Rule Symposium. PLUS – special bonus content, too! You won’t want to miss out…
On behalf of Bob Moriarty, www.321gold.com will be back up and running 5 July 2023. Bob is doing just fine, There was a technical issue with the website,
India is imposing a 20% refundable tax on foreign expenses made in INR. While this money will theoretically be refunded in the following tax assessment, you will lose value because of high inflation. Moreover, most people will not claim this money, for they fear audits and harassment by rapacious tax officers. This fear has been a boon for Hawala transactions, which have drained the US dollar from the streets of India. Here are my thoughts:
India is imposing a 20% refundable tax on foreign expenses made in INR. While this money will theoretically be refunded in the following tax assessment, you will lose value because of high inflation. Moreover, most people will not claim this money, for they fear audits and harassment by rapacious tax officers. This fear has been a boon for Hawala transactions, which have drained the US dollar from the streets of India. Here are my thoughts:
As time has passed, corruption has become more blatant in India, and fanaticism is rapidly increasing. Previously, the US used to hold a higher moral ground. However, today, being woke and expedient, it hosts those it once used to ban from entry. Here are my thoughts on Modi’s recent visit to the US:
On Investments
I recently had a conversation with Maurice Jackson about why most people make a horrendous mistake by conflating resource companies with the underlying commodities they represent. We also discussed several coal companies:
Here are some more companies that have my attention:
Irving Resources (IRV; C$0.72): IRV has three drill rigs, with one operating 24 hours a day at the Omu project in Hokkaido. They have over $7 million in cash. Newmont is increasing its ownership in IRV by financing it at C$1.03 per share, a significant premium to the current share price.
Maritime Resources (MAE; C$0.04): They are buying the Point Rousee project from Signal Gold. And I wouldn’t be surprised if they bid for the now-defunct Rambler Mines. MAE can create good value if they do this combination right. To protect my downside, I wouldn’t buy it for more than C$0.04.
Rockcliff Metals (RCLF; C$0.035): RCLF is being acquired by Hudbay. At C$0.035, there would be a 19% arbitrage upside.
Nameson Holdings (HK:1982; HK$0.47): Nameson is a small knitwear manufacturing company catering to some of the top international brands. My clients and I have been invested in it for several years. The dividend yield is >10%. I expect the next dividend to be much higher.
The next Capitalism & Morality will be held on the 9th of September 2023. If this philosophy seminar interests you, please use the following coupon code to get a 10% discount rate: 1984. The ticket price will go up next week.
Disclaimer: All information found here, including any ideas, opinions, views, predictions, forecasts, commentaries, suggestions, or stock picks, expressed or implied herein, are for informational, entertainment, or educational purposes only and should not be construed as personal investment advice. While the information provided is believed to be accurate, it may include errors or inaccuracies. The sole purpose of these musings is to show my thinking process when analyzing a stock, not to provide any recommendations. I will not and cannot be held liable for any actions you take resulting from anything you read here. Conduct your due diligence, or consult a licensed financial advisor or broker before making any investment decisions. Any investments, trades, speculations, or decisions made based on any information found on this site, expressed or implied herein, are committed at your own risk, financial or otherwise.
Vancouver, British Columbia–(Newsfile Corp. – June 28, 2023) – EMX Royalty Corporation (NYSE American: EMX) (TSXV: EMX) (FSE: 6E9) (the “Company” or “EMX”) is pleased to report that all proposed resolutions were approved at the Company’s Annual General and Special Meeting of shareholders held on June 28, 2023, in Vancouver, British Columbia (the “Meeting“). The number of directors was set at 6 and all director nominees, as listed in the Management Information Circular dated May 13, 2023 (the “Information Circular”), were elected as directors of the Company at the Meeting to serve for a one-year term and hold office until the next annual meeting of shareholders. According to the proxy votes received from shareholders, the results were as follows:
Director
Votes FOR
Votes WITHHELD
David M. Cole
96.58%
3.42%
Sunny Lowe
96.01%
3.99%
Henrik Lundin
96.27%
3.73%
Larry M. Okada
93.66%
6.34%
Geoff Smith
96.44%
3.56%
Michael D. Winn
99.19%
0.81%
Shareholders voted 97.22% in favour of setting the number of directors at six, 99.11% in favour of appointing Davidson & Company LLP, Chartered Accountants as auditors, 94.50% in favour of ratifying and approving the Company’s Stock Option Plan, 94.46% in favor of approving certain amendments to the Company’s Stock Options Plan; and 94.51% in favor of approving certain amendments to the Company’s Restricted Share Unit Plan.
Voting results for all resolutions noted above are reported in the Report on Voting Results as filed under the Company’s SEDAR profile on June 28, 2023.
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.
North Vancouver, British Columbia–(Newsfile Corp. – June 28, 2023) – Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) (ASX: LLO) (“Lion One” or the “Company”) is pleased to provide an update on construction progress at its 100% owned Tuvatu Alkaline Gold Project in Fiji.
Highlights:
Mine construction is approximately 75% complete.
Earthworks and concrete works are substantially complete, structural steel is 70% complete.
The project is fully funded and on track for delivery of first gold in Q4 CY 2023.
Figure 1. Tuvatu Gold Mine Under Construction. See below for additional images.
Mine construction is approximately 75% complete and remains on track for delivery of first gold in Q4 2023. Earthworks and concrete works are substantially complete, with over 3,500 m3 of concrete poured to date. Structural steel is 70% complete and is progressing rapidly. All the components required to commission the processing plant are on site and a team of 350 contractors and employees are working together to bring the project towards completion. Once complete, Lion One plans to operate the processing plant at an initial production capacity of 300 tonnes per day for the first 18 months of operations before increasing the capacity to 500 tonnes per day in mid-2025. Lion One is fully funded to complete mine construction and bring the Tuvatu Alkaline Gold Project into production by the end of the year.
Videos of construction progress can be viewed on the company’s website (www.liononemetals.com). A summary of construction items that are in progress or complete is shown in Table 1 below.
Site Infrastructure
A large portion of the site infrastructure is complete, including the site office, the mine changeroom, the mine workshop, the fresh water supply system, the sewage treatment plant and the waste rock crusher and screener, all of which are commissioned and in use. The construction of the power plant, which consists of six 800 KW generators and one 1,500 KW generator for a total 6.3 MW, is in progress.
Crushing and Conveying
The Lion One processing plant will treat material using a two-stage crushing process, with a primary jaw crusher and a secondary cone crusher. A system of three conveyor belts will transport material between the two crushers and on to the processing plant. The jaw crusher, cone crusher, conveyor belt 1 and conveyor belt 2 are all in place while conveyor belt 3 has been fabricated and needs to be lifted into place. Piping and electrical work remains to be completed. The ROM pad has also been constructed and is in use, with minor upgrades remaining to be completed.
Grinding, Concentrating, Leaching and Recovery
Material from the crushing process will be fed to a two-stage grinding circuit, followed by an integrated two-stage gravity concentration circuit. Some concentrates will then be treated by an intensive cyanide leaching reactor and the remainder of the concentrates will be leached using conventional cyanide Carbon in Leach (CIL) technology. Gold will be recovered from the gold laden carbon using conventional absorption desorption recovery (ADR) technology and smelted on site to produce gold doré bars. Construction is advancing rapidly on the grinding, concentrating, and leaching circuits, as well as on the necessary supporting infrastructure such as warehouses and workshops. Ball Mills 1 and 2 are in place, the leaching tanks are in place, and Reagent Warehouse 1 is nearing completion. All other components of the processing plant are in progress at varying levels of completion. Electrical and piping work remains to be completed.
Tailings Storage Facility (TSF)
Tailings from the processing plant will be treated using the SO2/air process to remove any residual cyanide and will be filtered to produce filtered tailings which will then be transported to the TSF for storage. Stage 1 of the TSF will consist of a dam with a finish level at 115 m elevation, and a pond with enough capacity for 18 months of operation. The tailings dam has currently been built to an elevation of 107 m. TSF construction has been ongoing since June 2022 and the TSF is anticipated to be in operation in Q4 of 2023. Other components of the TSF, such as diversion channels, dam spillway, and liner installation are advancing simultaneously.
Underground Developments
Underground mining of the URA1 , URW1a and URW1b lodes is ongoing. The main decline has reached a vertical depth of 99.4 m below surface and a total length of 344 m from the mine portal. The link drive connecting the main decline to the historical exploration decline has been completed and measures 140 m from the junction with the main decline to the junction with the historical exploration decline. The link decline was driven from the main decline to the exploration decline and broke through the exploration decline on June 21st, 2023.
The completion of the link drive is a major milestone in the development of the mine as it enables the Stage 1 primary ventilation system to be installed. The Stage 1 primary ventilation system consists of four 55KW exhaust fans that are being installed at the entrance to the historical exploration decline, and which will provide ventilation throughout the mine. The Stage 1 primary ventilation system will provide sufficient ventilation to mine all the way down to the 500 zone, which is part of the high-grade feeder zone underlying Tuvatu and which comprises a major component of the mine plan. The completion of the link drive also enables mineralized lodes to be mined both from the historical exploration decline as well as from the main decline, thereby increasing the number of faces available to mine and adding considerable flexibility to the mining operations.
In addition to the link drive and ventilation system, a high voltage power plant and an underground compressor are also being installed to support underground mining operations.
Table 1. Status of Major Mine Components Under Construction.
Processing Plant
Item
Construction/Installation Progress
ROM Pad
Nearing Completion
Jaw Crusher
Complete
Cone Crusher
Complete
Conveyor Belt 1
Nearing Completion
Conveyor Belt 2
Nearing Completion
Conveyor Belt 3
In Progress
Ball Mill 1
Complete
Ball Mill 2
Complete
Gravity Circuit
In Progress
Intensive Leaching Circuit
In Progress
Leaching Tanks
Nearing Completion
Filter Press System
In Progress
Reagent Warehouse 1
Nearing Completion
Reagent Warehouse 2
In Progress
Electrowinning and Carbon Regeneration Workshop
In Progress
Gold Room
In Progress
Main Power Plant
In Progress
Supporting Infrastructure
Item
Construction/Installation Progress
Mine Changeroom
Complete
Mine Workshop
Complete
Site Office
Complete
Surface Magazine Storage
Complete
Mill Maintenance Workshop
Planning
Site CCTV and Fibre Optic Cable Installation
Nearing Completion
Fresh Water Supply System
Complete
Sewage Treatment Plant (STP)
Complete
Diesel Generator Power Plant Installation
In Progress
Waste Rock Crusher and Screener
In Production
Water Retention Pond
Complete
Coreshed Expansion
Complete
Tailings Storage Facility (TSF)
Item
Construction/Installation Progress
Tailings Dam (Stage 1)
In Progress
North Diversion Channel
Complete
South Diversion Channel
In Progress
TSF Basin Excavation
In Progress
TSF Dam Spillway
In Progress
HDPE Liner Installation
In Progress
Underground Developments/Upgrades
Item
Construction/Installation Progress
Link Drive Connecting Main and Exploration Declines
Complete
HV Power Plant
In Progress
UG Compressor Installation
In Progress
Stage 1 Primary Ventilation
In Progress
Images
Figure 2. Oblique aerial view of mine site under construction, June 16, 2023.
Figure 7. Location of link drive in relation to the main decline and the historical exploration decline. Mineralized lodes are shown in transparent grey. Connecting the main decline to the exploration decline enables the Stage 1 primary ventilation system to be installed and enables mining of the lodes accessed through the exploration decline.
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”), Patrick Hickey, Chief Operating Officer, is the Qualified Person for the Company and has reviewed and is responsible for the technical and scientific content of this news release.
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.
Edmonton, Alberta–(Newsfile Corp. – June 23, 2023) – Grizzly Discoveries Inc. (TSXV: GZD) (FSE: G6H) (OTCQB: GZDIF) (“Grizzly” or the “Company”) is pleased to announce that crews have started to mobilize back to the Rock Creek camp to commence work within the Greenwood Precious and Battery Metals Project.
Geological and prospecting crews have mobilized to the Greenwood Project to commence summer field work. Prospecting, rock and soil sampling, geological mapping, and ground geophysical surveys are immediately planned for the Midway and Imperial areas in preparation for drilling later this year. The Company is awaiting land use permits for conducting drilling and trenching at both projects as well as a number of other areas including Sappho and Copper Mountain.
The geological crew has and will be collecting a number of samples for assay. The samples will be submitted for assay and results will be reported when they become available.
The goal is to have a pipeline of high priority Ag-Au 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.
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 are 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 targets.
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. The Overlander area is being targeted for mesothermal to 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.
Director Resigns
Mr. V. Richard Rabbito has resigned from the Company’s Board of Directors. The 500,000 compensation stock options granted to Mr. Rabbito per the Company’s news release dated May 29, 2023 have been cancelled unexercised.
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
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.
Step-out hole APC-55 was drilled from Pad 6 to the northeast and intercepted continuous gold-silver-copper mineralization from surface over a significant core length as follows:
APC-55 returned 1,356 g/t gold equivalent on a grams X metres basis, which represents the largest grade accumulation drilled to date into the Apollo porphyry system.
APC-55 has extended the strike length of the Apollo system to the northeast with maximum known dimensions now measuring 455 metres by 395 metres by 915 metres.
Hole APC-49 was drilled from Pad 6 to the northwest and intersected continuous gold-silver-copper mineralization from surface over a significant core length as follows:
APC-49, which was drilled to depth in an area with no prior drilling, demonstrated excellent continuity of mineralization over its entire core length. The hole was terminated in mineralization due to a drilling related issue with the final 15.85 metres averaging 0.52 g/t gold equivalent.
Four rigs are now operating at the project with nine holes currently in the lab for analysis. Additional assay results are expected in the near term.
Ari Sussman, Executive Chairman commented: “The Apollo system continues to deliver unusually high-grade intercepts for a porphyry deposit over significant core lengths with today’s results being two of the longest holes ever drilled by the Company. I am most pleased that mineralization in both holes began directly from surface and the size of the Apollo system was once again expanded as a result of APC-55. I am excited about the prospect of what the Guayabales project will deliver in the second half of 2023 as we embark on the aggressive growth phase of our 2023 drilling program where expansion of the Apollo porphyry system and making a new discovery are our top priorities.”
TORONTO, June 27, 2023 /CNW/ – Collective Mining Ltd. (TSXV: CNL) (OTCQX: CNLMF) (“Collective” or the “Company”) is pleased to announce assay results from two drill holes designed to test depth extensions and high-grade mineralization within the Apollo porphyry system (“Apollo”) at the Guayabales project located in Caldas, Colombia. Apollo is a high-grade, bulk tonnage copper-silver-gold system, which owes its excellent metal endowment to an older copper-silver and gold porphyry system being overprinted by younger precious metal rich, carbonate base metal vein systems (intermediate sulphidation porphyry veins) within a magmatic, hydrothermal inter-mineral breccia and diorite porphyry bodies currently measuring 455 metres x 395 metres x 915 metres and open for expansion.
To watch a short video of David Reading, Special Advisor to Collective Mining, speak about the assay results announced today, please click here.
Details (See Table 1 and Figures 1-3)
The 2023 Phase II drilling program is advancing on schedule with 24 holes completed and results announced with an additional nine holes awaiting assay results from the lab. The objectives of the 2023 program are to define high-grade mineralization, the dimensions of the Apollo porphyry system near surface, expand the size of the system through step-out and directional drilling and drill test multiple new targets generated through grassroots exploration. Since the announcement of the discovery hole at Apollo in June 2022, a total of 55 drill holes (approximately 23,907 metres) has been completed and assayed.
This press release outlines results from two, long step out holes. APC-49 and APC-55 were drilled to test high grade, shallow mineralization, and depth extensions in previously undrilled areas. Both holes were drilled from Pad 6 with APC-49 directed steeply to the northwest and APC-55 drilled to the northeast. Results for these holes are summarized below:
APC-49 was drilled steeply to the northwest from Pad 6 to a maximum downhole depth of 852.90 metres (908 metres vertical due to topography). The hole was designed to test the northwestward continuity of the deposit at depth. The hole intercepted saprolite and oxidized sulphide material (transition zone) from 5.7 metres downhole until 28.6 metres. Below this the hole passed into fresh rock consisting of angular breccia with a sulphide cement matrix containing chalcopyrite (up to 0.8 %), pyrite (up to 1.2%) and 0.8% pyrrhotite and some areas of mineralized porphyry (without breccia). Various sheeted carbonate base metal veins (“CBM”) and veinlet zones associated with higher grade gold, which overprint and flood the matrix hosting the earlier breccia-porphyry mineralization, were observed and contain carbonate associated with sphalerite and galena. The hole bottomed in mineralization due to drilling problems with the last 15.85 metres from 837.1 metres downhole returning 0.52 g/t gold equivalent. Complete assay results for the hole are summarized in Table 1 with highlights as follows:
847.25 metres @ 1.09 g/t gold equivalent from 5.65 metres (consisting of 0.64 g/t gold, 16 g/t silver and 0.14% copper) including:
Importantly, APC-49 confirms that the system remains wide open at depth in the northwest area of the deposit and future directional drilling will look to expand the system and tighten up drill spacing.
APC-55 was drilled to the northeast from Pad 6 and was designed to test for an extension of shallow high-grade mineralization to depth within the northeast portion of the Apollo system. The hole was drilled to a maximum downhole depth of 909.45 metres (855 metres vertical) with mineralization beginning at surface. The hole intercepted saprolite and oxidized sulphide material (transition zone) from surface until 48.80 metres down hole. Below this depth, the hole passed into fresh rock consisting of angular breccia with a sulphide cement matrix containing chalcopyrite (up to 1.0 %), pyrite (up to 2.0%) and pyrrhotite (up to 1.2%) with some interfingering areas of mineralized porphyry (without breccia). Four sheeted CBM vein and veinlet zones at 184.7 metres, 364.2 metres, 431.8 metres and 591.5 metres downhole were observed with vein sulphides (sphalerite and galena) overprinting the earlier porphyry mineralization in the breccia matrix. Complete assay results for the hole are summarized in Table 1 with highlights as follows:
792.25 metres @ 1.71 g/t gold equivalent from surface (consisting of 0.88 g/t gold, 39 g/t silver and 0.18% copper) including:
APC-55 returned 1,356 g/t gold equivalent on a grams X metres basis, which represents the largest grade accumulation drilled to date into the Apollo porphyry system. APC-55 has also extended the strike length of the mineralized system to the northeast with maximum know overall dimensions now measuring 455 metres by 395 metres by 915 metres. The multiple north-west and east-west trending CBM vein systems intersected along the hole at both shallow and deeper elevations highlight an excellent opportunity for high grade mineralization to be found over significant vertical dimensions.
Apollo Drill Program Outline and Assay Update
Nine additional holes have been completed at the Apollo system with assay results expected in the near term with all holes except one intersecting bulk tonnage mineralization over significant core lengths.
With four diamond drill rigs now operating at site, the Company is focused on:
Expanding the Apollo porphyry system and the recently discovered high-grade Contact Zone
Stepping-out along the newly discovered high-grade Vein Zone situated above the Apollo porphyry system along a northwest to southeast corridor (where it does not come to surface)
Testing the six newly generated targets surrounding the Apollo porphyry system
Testing a new porphyry target named Plutus, which is located approximately one kilometre east of Apollo. Further details on Plutus will be announced shortly once all surface geochemistry assay results have been delivered, verified, and compiled.
The Apollo target area, as defined to date by surface mapping, rock sampling and copper and molybdenum soil geochemistry covers a 1,000 metres X 1,200 metres area and represents a large and unusually high-grade Cu-Ag-Au porphyry system. Mineralization styles include early-stage porphyry veins, inter-mineral breccia mineralization and multiple zones of porphyry related late stage, sheeted, carbonate-base metal veins with high gold and silver grades. The Apollo target area is still expanding as the Company’s geologists have found multiple additional outcrop areas with porphyry veining, breccia, and late stage, sheeted, carbonate base metal veins. (See press release dated April 18, 2023)
Table 1: Assay Results
Hole #
From (m)
To (m)
Length (m)
Au g/t
Ag g/t
Cu %
Mo %
AuEq g/t*
APC-49
5.65
852.90
847.25
0.64
16
0.14
0.001
1.09
incl
5.65
28.55
22.90
1.13
11
0.06
0.001
1.36
and incl
76.60
240.60
164.00
0.44
40
0.47
0.002
1.77
and incl
253.80
293.85
40.05
0.25
32
0.46
0.001
1.46
and incl
443.85
466.10
22.25
1.14
12
0.03
0.002
1.36
and incl
491.45
533.80
42.35
2.65
11
0.03
0.001
2.78
and incl
559.10
585.20
26.10
1.49
12
0.04
0.000
1.68
and incl
625.60
656.55
30.95
1.80
20
0.04
0.001
2.12
and incl
837.05
852.90
15.85
0.44
3
0.01
0.002
0.52
APC-55
0.00
792.25
792.25
0.88
39
0.18
0.001
1.71
incl
0.00
48.80
48.80
2.93
15
0.10
0.002
3.23
and incl
49.55
80.45
30.90
1.99
14
0.13
0.001
2.35
and incl
96.00
145.55
49.55
1.79
65
0.15
0.002
2.93
and incl
184.70
206.25
21.55
2.97
38
0.14
0.001
3.66
and incl
364.15
395.20
31.05
1.56
47
0.12
0.000
2.37
and incl
431.75
453.40
21.65
1.75
36
0.09
0.001
2.36
and incl
591.50
608.00
16.50
1.99
22
0.05
0.001
2.34
*AuEq (g/t) is calculated as follows: (Au (g/t) x 0.97) + (Ag g/t x 0.016 x 0.88) + (Cu (%) x 1.87 x 0.90)+ (Mo (%)*11.43 x 0.85) and CuEq (%) is calculated as follows: (Cu (%) x 0.90) + (Au (g/t) x 0.51 x 0.97) + (Ag (g/t) x 0.009 x 0.88)+ (Mo(%)x 6.10 x 0.85) utilizing metal prices of Cu – US$3.85/lb, Ag – $24/oz Mo – US$25.00/lb and Au – US$1,475/oz and recovery rates of 97% for Au, 88% for Ag, 85% for Mo, and 90% for Cu. Recovery rate assumptions are speculative as limited metallurgical work has been completed to date.
True widths are unknown, and grades are uncut.
Figure 1: Plan View of Drilling Highlighting Drill Holes APC-49 and APC-55 and Visual Intercepts for Holes for Which Assay Results are Anticipated in the Near Term (CNW Group/Collective Mining Ltd.)
Figure 3: Plan View of the Guayabales Project Highlighting the Apollo Target Area (CNW Group/Collective Mining Ltd.)
About Collective Mining Ltd.
To see our latest corporate presentation and related information, please visit www.collectivemining.com
Founded by the team that developed and sold Continental Gold Inc. to Zijin Mining for approximately $2 billion in enterprise value, Collective Mining is a copper, silver, and gold exploration company with projects in Caldas, Colombia. The Company has options to acquire 100% interests in two projects located directly within an established mining camp with ten fully permitted and operating mines.
The Company’s flagship project, Guayabales, is anchored by the Apollo target, which hosts the large-scale, bulk-tonnage and high-grade copper-silver-gold Apollo porphyry system. The Company’s near-term objective is to drill the shallow portion of the porphyry system while continuing to expand the overall dimensions of the system, which remains open in most directions.
Management, insiders and close family and friends own nearly 45% of the outstanding shares of the Company and as a result, are fully aligned with shareholders. The Company is listed on the TSXV under the trading symbol “CNL” and on the OTCQX under the trading symbol “CNLMF”.
Qualified Person (QP) and NI43-101 Disclosure
David J Reading is the designated Qualified Person for this news release within the meaning of National Instrument 43-101 (“NI 43-101”) and has reviewed and verified that the technical information contained herein is accurate and approves of the written disclosure of same. Mr. Reading has an MSc in Economic Geology and is a Fellow of the Institute of Materials, Minerals and Mining and of the Society of Economic Geology (SEG).
Technical Information
Rock, soils and core samples have been prepared and analyzed at SGS laboratory facilities in Medellin, Colombia and Lima, Peru. Blanks, duplicates, and certified reference standards are inserted into the sample stream to monitor laboratory performance. Crush rejects and pulps are kept and stored in a secured storage facility for future assay verification. No capping has been applied to sample composites. The Company utilizes a rigorous, industry-standard QA/QC program.
Information Contact:
Follow Executive Chairman Ari Sussman (@Ariski73) and Collective Mining (@CollectiveMini1) on Twitter.
FORWARD-LOOKING STATEMENTS
This news release contains certain forward-looking statements, including, but not limited to, statements about the drill programs, including timing of results, and Collective’s future and intentions. Wherever possible, words such as “may”, “will”, “should”, “could”, “expect”, “plan”, “intend”, “anticipate”, “believe”, “estimate”, “predict” or “potential” or the negative or other variations of these words, or similar words or phrases, have been used to identify these forward-looking statements. These statements reflect management’s current beliefs and are based on information currently available to management as at the date hereof.
Forward-looking statements involve significant risk, uncertainties, and assumptions. Many factors could cause actual results, performance, or achievements to differ materially from the results discussed or implied in the forward-looking statements. These factors should be considered carefully, and readers should not place undue reliance on the forward-looking statements. Although the forward-looking statements contained in this news release are based upon what management believes to be reasonable assumptions, Collective cannot assure readers that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this news release, and Collective assumes no obligation to update or revise them to reflect new events or circumstances, except as required by law.
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 news release.
Collective Mining Logo (CNW Group/Collective Mining Ltd.)
