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Base Metals Energy Junior Mining Nevada Copper

Nevada Copper Announces Significant Financing Package Supporting Completion Of The Underground Mine Ramp-Up; Significant Debt Reduction

Nevada Copper Corp.

Nevada Copper Corp.

NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

ALL FIGURES BELOW EXPRESSED IN U.S. DOLLARS UNLESS OTHERWISE NOTED

Up to $70 million of restart and ramp-up financing supported by significant shareholders:

  • $35 million bought deal public equity offering of Units with subscription commitments from Pala Investments Limited (“Pala”) and Mercuria Energy Holdings (Singapore) Pte. Ltd. (“Mercuria”)
  • $10 million available under the existing senior credit facility; Nevada Copper to seek lender consent for a further $10 million expansion to the senior credit facility
  • Up to $10 million of new loan proceeds from Pala
  • $5 million cash proceeds from warrant exercise by Mercuria

Up to an additional $45 million of funding to support the ramp-up of the Underground Mine:

  • $25 million funding facility from Pala and Mercuria, accessible at Nevada Copper’s option
  • Up to $15 million of stream deliveries financed through Triple Flag Precious Metals Corp. (“Triple Flag”) commitments under the senior credit facility, at the election of Nevada Copper
  • $5 million copper option to Mercuria

Equitization of $82 million of debt:

  • Retirement of all currently outstanding Pala debt under its credit facility with the Company via exercise of warrants held by Pala

Key Benefits of Transaction include:

  • Provides funding towards nameplate production capacity for the Underground Mine (as defined below) by the end of 2023
  • Exercise of Pala warrants strengthens balance sheet through $82 million reduction in debt
  • Demonstrates key shareholder support and confidence in the Underground Mine and other opportunities across the Pumpkin Hollow land holdings
  • Allows immediate mobilization of leading US underground mining contractor, Small Mine Development, LLC (“SMD”)

YERINGTON, Nev., May 09, 2023 (GLOBE NEWSWIRE) — Nevada Copper Corp. (TSX: NCU) (OTC: NEVDF) (FSE: ZYTA) (“Nevada Copper” or the “Company”) is pleased to announce a financing package providing up to $115 million to advance the ramp-up of the Company’s Pumpkin Hollow underground mine (the “Underground Mine”), with the goal of achieving nameplate production capacity of 5,000 tons per day by the end of 2023.

Randy Buffington, President & CEO, commented, “We continue to make excellent progress on our capital and development projects in preparation for restart of mining in the second half of 2023. With significant progress delivered across capital projects, drilling and mine development, in addition to the mobilization of SMD as the underground mining contractor, we are moving swiftly to complete the ramp-up of the Underground Mine. With significant copper mineral reserves and resources and once operating at nameplate capacity, the Underground Mine will support the global drive towards electrification and a renewable energy future. This financing positions us to advance our ramp-up of the Underground Mine and meet our goal of achieving steady state operations by the end of 2023.”

The Company has entered into an agreement with Scotia Capital Inc. (“Scotiabank”), on behalf of a syndicate of underwriters (collectively, the “Underwriters”), pursuant to which the Underwriters have agreed to purchase on a bought deal basis 173,705,000 units of the Company (the “Units”) at a price of C$0.27 per Unit (the “Offering Price”) for aggregate gross proceeds of approximately C$47 million (the “Offering”).

Each Unit will consist of one common share of the Company (each a “Common Share”) and one-half of one Common Share purchase warrant (each full warrant, a “Warrant” and collectively the “Warrants”). Each Warrant will be exercisable for one Common Share (each a “Warrant Share”) at a price of C$0.34 per Warrant Share at any time for a period of 16 months following closing of the Offering.

The Company has granted the Underwriters an option, exercisable in whole or in part, at the sole discretion of the Underwriters, at any time for a period of 30 days from and including the closing of the Offering, to purchase from the Company up to an additional 15% of the Units sold under the Offering, on the same terms and conditions of the Offering to cover over-allotments, if any, and for market stabilization purposes (the “Over-Allotment Option”). The Over-Allotment Option may be exercised by the Underwriters to purchase additional Units, Common Shares, Warrants or any combination thereof. In the event the Over-Allotment Option is exercised in full, the aggregate gross proceeds of the Offering to the Company will be approximately C$54 million.

The Units will be offered by way of a short form prospectus to be filed in all provinces of Canada, except Quebec. The Offering is expected to close on or about May 30, 2023, subject to the receipt of all necessary regulatory and stock exchange approvals, including the approval of the Toronto Stock Exchange (the “TSX”) and applicable securities regulatory authorities.

The Company intends to use the net proceeds of the Offering and those contemplated under the Financing Agreement (as defined below) to continue funding the restart and ramp-up of the Company’s Pumpkin Hollow Underground Mine and for general corporate purposes, including working capital.

Pala, the Company’s largest shareholder, has agreed to purchase an aggregate of C$33.5 million of Units under the Offering (the “Pala Subscription Commitment”). If sufficient funds are raised in the Offering from third-party investors (other than Pala and Mercuria), Pala will not subscribe for its maximum Subscription Commitment, and may not subscribe for any Units if aggregate gross proceeds of C$40.2 million in the Offering are otherwise raised from such other third-party investors.

Mercuria, another significant shareholder of the Company, has agreed to subscribe for an aggregate of C$6.7 million of Units under the Offering (and together with the Pala Subscription Commitment, the “Subscription Commitments”) on the terms and conditions of the Offering.

Additionally, on May 9, 2023, the Company entered into a binding financing package agreement with Pala, Mercuria and TF R&S Canada Ltd., an affiliate of Triple Flag, the Company’s stream and royalty financing partner (the “Financing Agreement”), with respect to the transactions described below.

Warrant Exercises

In conjunction with the Offering, Pala has committed to the Company that it will exercise all of the Common Share purchase warrants (the “Pala Warrant Exercise”) that it has been issued in connection with the amendment and restatement of the credit facility (the “Credit Facility”) between the Company and Pala, entered into in October 2022 as part of the Company’s October 2022 financing (the “Pala Warrants”). Concurrent with closing of the Offering, Pala will exercise such maximum number of Pala Warrants such that, after giving effect to the Offering (including any subscription by Pala under the Subscription Commitment), Pala’s ownership interest in the Company will be 49.99% (the “Initial Pala Exercise”). The exercise price in respect of the Pala Warrant Exercise will be paid through the extinguishment of debt under the Credit Facility. Promptly following closing of the Offering (including the Initial Pala Exercise), Pala and the Company intend to submit customary filings to applicable U.S. governmental authorities pursuant to the United States Hart-Scott-Rodino Antitrust Improvements Act of 1976 to permit Pala to exceed a 49.99% ownership interest in the Company (the “HSR Filings”). Following submission of the HSR Filings, an approximate 30-day regulatory review period will commence. Pala has committed to exercise the balance of the remaining outstanding Pala Warrants (the “Subsequent Pala Exercise”) promptly following expiry of the review period or clearance by the applicable regulatory authorities, whichever occurs earliest (the “HSR Clearance”). Upon the completion of the Subsequent Pala Exercise, all amounts outstanding under the Credit Facility will be deemed fully repaid. This will result in the approximately $82 million currently outstanding principal amount and accrued interest under the Credit Facility being repaid.

Additionally, in conjunction with the Offering, Mercuria has agreed to exercise $5 million of the Common Share purchase warrants that it was issued in connection with the Company’s October 2022 financing (collectively, the “Mercuria Warrant Exercise”, and together with the Pala Warrant Exercise, the “Warrant Exercises”).

Upon the completion of the Warrant Exercises and after giving effect to the Offering (assuming there is no exercise of the Over-Allotment Option and no other issuances of Common Shares), Pala’s ownership interest in the Company on a non-diluted basis would increase from approximately 43% to approximately 64% (assuming Pala is required to fund its full Subscription Commitment in the Offering and receipt of applicable regulatory clearance) and Mercuria’s ownership interest in the Company on a non-diluted basis would decrease from approximately 24% to approximately 17%.

Additional $10 Million Committed under the KfW Facility Extension Tranche; Seeking further $10 million Expansion under the KfW Facility

On October 28, 2022, a new tranche of up to $25 million (the “Extension Tranche”) was added to the Company’s senior credit facility (the “KfW Facility”) with KfW IPEX-Bank GmbH (“KfW”), of which Pala, Mercuria, and Triple Flag committed, in aggregate, the first $15 million, which has since been drawn by the Company. Pursuant to the Financing Agreement, Pala, Mercuria and Triple Flag commit to provide the remaining $10 million undrawn amount under the Extension Tranche, with Pala, Mercuria and Triple Flag committing to each provide $3.33 million of the Extension Tranche (the “Extension Funding”), in accordance with the terms and conditions of the Extension Tranche.

Pursuant to the Financing Agreement, the Company, Pala, Mercuria and Triple Flag have agreed to support the expansion of the Extension Tranche by $10 million, to an aggregate amount of $35 million. Such extension is subject to the approval of KfW and the Company’s other lenders. If such approval is obtained, each of Pala, Mercuria and Triple Flag would provide $3.33 million of such extended tranche and any draws under such extension would be made in accordance with the terms and conditions of the KfW Facility.

Deliveries under Stream Agreement Temporarily Financed through Extension Tranche

The Company and Triple Flag have agreed that certain metal deliveries that become due to Triple Flag under the Company’s stream agreement with Triple Flag will be financed through loans or advances committed by Triple Flag under the Extension Tranche (subject to refreshed draw room becoming available thereunder) up to a maximum of $15 million for 2023, and, subject to certain conditions, for 2024.

Deferred Funding Agreement

Upon the closing of the Offering, Pala and Mercuria have agreed to enter into a deferred funding agreement in favour of the Company (the “Deferred Funding Agreement”), pursuant to which Pala and Mercuria will provide up to $15 million and $10 million, respectively, subject to certain conditions, to be drawn pro rata by the Company, if required, until June 30, 2024. To the extent that the gross proceeds of the Offering, including any exercise of the Over-Allotment Option, exceeds $39.5 million, the $25 million deferred funding amount will be reduced, pro rata, on a dollar-for-dollar basis. These funds, if required, will be advanced in exchange for Common Shares, convertible and/or non-convertible debt of the Company.

The closing of the Offering is conditional on the execution of the Deferred Funding Agreement, as well as the completion of the Initial Pala Exercise, the Mercuria Warrant Exercise and the Extension Funding.

Pala has also agreed to provide $10 million in debt funding to the Company (some of which has already been advanced).

Consistent with the Company’s stated plans and prior disclosure, the Company has retained SMD as its underground lateral development contractor.

Mercuria Copper Option

Pursuant to the Financing Agreement, the Company has agreed to grant Mercuria an option to acquire, for an aggregate purchase price of $5 million, call options on a portion of the Company’s copper production on market terms to be agreed between the Company and Mercuria (the “Copper Option”). The Copper Option is subject to compliance with regulatory requirements (including any required approvals by the TSX), any required third-party consents (including the Company’s lenders, if required) and the approval by the independent directors of the Company.

Concord Extension

On April 27, 2023, the Company and Concord Resources Limited (“Concord”) agreed to extend the term of the Company’s working capital facility with Concord (the “Working Capital Facility”) for 36 months upon satisfaction of certain completion conditions, which would allow the Company to re-commence draws under the Working Capital Facility upon the resumption of concentrate deliveries to Concord.

Delisting Review

In connection with the Company’s October 2022 financing, the Company was granted a “financial hardship” exemption from the TSX requirements to obtain shareholder approval of certain components of the financing package. As a consequence, the TSX placed the Company under remedial delisting review, which is normal practice when a listed issuer seeks to rely on this exemption. The TSX has since confirmed that no remedial action is required by the Company in respect of the delisting review and that it satisfied the TSX’s applicable requirements for continued listing. As a result of the foregoing, the delisting review has now been lifted by the TSX.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any securities in the United States. The securities have not been and will not be registered under the U.S. Securities Act or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

About Nevada Copper

Nevada Copper (TSX: NCU) is the owner of the Pumpkin Hollow copper project located in Nevada, USA with substantial mineral reserves and resources including copper, gold and silver. Its two permitted projects include the higher-grade Underground Mine and processing facility, which is undergoing a restart of operations, and a large-scale open pit PFS stage project.

Randy Buffington
President & CEO

For additional information, please see the Company’s website at www.nevadacopper.com, or contact:

Tracey Thom | Vice President, IR and Community Relations
tthom@nevadacopper.com
+1 775 391 9029

Cautionary Language on Forward Looking Statements
This news release contains “forward-looking information” and “forward-looking statements” within the meaning of applicable Canadian securities laws. All statements in this news release, other than statements of historical facts are forward-looking statements. Such forward-looking statements and forward-looking information specifically include, but are not limited to, statements that relate to the completion of the Offering and the timing thereof, the Subscription Commitments, the timing of the Warrant Exercises, the availability of the undrawn portion of the Extension Tranche, the execution of the Deferred Funding Agreement, the use of proceeds of the Offering and the Financing Agreement, regulatory matters relating to the HSR Clearance and the achievement of the nameplate capacity of the production at the Underground Mine and the timing thereof. There can be no assurance that the Offering or the Warrant Exercises or the other transactions referred to herein will be completed or that ramp-up of the Underground Mine and the achievement of nameplate production capacity will occur or will not cost more than expected and require the Company to raise additional financing. There can be no assurance that any such additional financing will be available on terms that are favourable to the Company or at all.

Forward-looking statements and information include statements regarding the expectations and beliefs of management. Often, but not always, forward-looking statements and forward-looking information can be identified by the use of words such as “plans”, “expects”, “potential”, “is expected”, “anticipated”, “is targeted”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or the negatives thereof or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. Forward-looking statements or information should not be read as guarantees of future performance and results. They are subject to known and unknown risks, uncertainties and other factors which may cause the actual results and events to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information.

Such risks and uncertainties include, without limitation, those relating to: the ability of the Company to complete the restart and ramp-up of the Underground Mine within the expected cost estimates and timeframe; the impact of COVID-19 on the business and operations of the Company; the state of financial markets; history of losses; dilution; adverse events relating to milling operations, construction, development and restart and ramp-up, including the ability of the Company to address underground development and process plant issues; ground conditions; cost overruns relating to development, construction restart and ramp-up of the Underground Mine; loss of material properties; interest rate increases; global economy; limited history of production; future metals price fluctuations; speculative nature of exploration activities; periodic interruptions to exploration, development and mining activities; environmental hazards and liability; industrial accidents; failure of processing and mining equipment to perform as expected; labor disputes; supply problems; uncertainty of production and cost estimates; the interpretation of drill results and the estimation of mineral resources and reserves; changes in project parameters as plans continue to be refined; possible variations in ore reserves, grade of mineralization or recovery rates from management’s expectations and the difference may be material; legal and regulatory proceedings and community actions; accidents; title matters; regulatory approvals and restrictions; increased costs and physical risks relating to climate change, including extreme weather events, and new or revised regulations relating to climate change; permitting and licensing; dependence on management information systems and cyber security risks; volatility of the market price of the Company’s securities; insurance; competition; hedging activities; currency fluctuations; loss of key employees; other risks of the mining industry as well as those risks discussed in the Company’s Management’s Discussion and Analysis in respect of the year ended December 31, 2022 and in the section entitled “Risk Factors” in the Company’s Annual Information Form dated March 20, 2023. The forward-looking statements and information contained in this news release are based upon assumptions management believes to be reasonable, including, without limitation: no adverse developments in respect of the property or operations at the project; no material changes to applicable laws; the restart and ramp-up of operations at the Underground Mine in accordance with management’s plans and expectations; no material adverse impacts from COVID-19 going forward; the Company will be able to obtain sufficient additional funding to complete the restart and ramp-up of the Underground Mine, no material adverse change to the price of copper from current levels; and the absence of any other factors that could cause actions, events or results to differ from those anticipated, estimated or intended.

The forward-looking information and statements are stated as of the date hereof. The Company disclaims any intent or obligation to update forward-looking statements or information except as required by law. Although the Company has attempted to identify important factors that could cause actual actions, events, or results to differ materially from those described in forward-looking information and statements, there may be other factors that could cause actions, events or results not to be as anticipated, estimated or intended. Specific reference is made to “Risks and Uncertainties” in the Company’s Management’s Discussion and Analysis in respect of the year ended December 31, 2022 and “Risk Factors” in the Company’s Annual Information Form dated March 20, 2023, for a discussion of factors that may affect forward-looking statements and information. Should one or more of these risks or uncertainties materialize, should other risks or uncertainties materialize or should underlying assumptions prove incorrect, actual results and events may vary materially from those described in forward-looking statements and information. For more information on the Company and the risks and challenges of its business, investors should review the Company’s filings that are available at www.sedar.com.

The Company provides no assurance that forward-looking statements and information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements or information. Accordingly, readers should not place undue reliance on forward-looking statements or information.

Categories
Base Metals Energy Exclusive Interviews Gold Shore Resources Junior Mining Precious Metals

GOLDSHORE RESOURCES – 6Moz Gold at 1.02 g/t Au within 183.6Mt at MOSS GOLD PROJECT

Press Release: https://bit.ly/3M56TOT

Goldshore Resources – (TSX.V: GSHR | OTCQB: GSHRF)
CEO: Brett Richards
Website: https://goldshoreresources.com/
3D Deck: https://goldshoreresources.com/investors/#corporate-presentation

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Categories
Base Metals Energy Gold Shore Resources Junior Mining Precious Metals

Goldshore Announces Inferred Mineral Resource Estimate of 6.00Moz Contained Gold at 1.02 g/t Au within 183.6Mt at the Moss Gold Project

Shear Domain at the Moss Deposit increases to 3.35Moz at 1.84 g/t Au within 56.5Mt

Vancouver, British Columbia–(Newsfile Corp. – May 8, 2023) – Goldshore Resources Inc. (TSXV: GSHR) (OTCQB: GSHRF) (FSE: 8X00) (“Goldshore” or the “Company“) is pleased to announce an updated mineral resource estimate (the “Moss MRE“) for the Moss deposit (“Moss” or the “Moss Deposit“) and a maiden mineral resource estimate (the “East Coldstream MRE” and, together with the Moss MRE, the “MRE“) for the East Coldstream deposit (“East Coldstream” or the “East Coldstream Deposit“), both located at its 100%-owned Moss Gold Project in Northwest Ontario, Canada (the “Moss Gold Project” or the “Project“).

  • Moss Gold Project global inferred resource grows 44% to 6.00Moz at 1.02 g/t, within 183.6Mt.
  • Moss MRE grows with 24% more contained gold ounces and 32% more tonnes from 4.17Moz Au in 121.7Mt (November 2022 mineral resource estimate) to 5.42Moz Au at 1.03 g/t Au within 163.6Mt (open pit and underground).
  • The shear domain has increased in contained metal and tonnage from the November 2022 mineral resource estimate by 52% and 63%, respectively, to 3.35M oz Au at 1.84 g/t Au within 56.5Mt (open pit only).
  • There is clear expansion potential over the 8km-long belt through strike extensions (in both directions) and parallel shears where gold mineralization has been intersected but is sparsely drilled.
  • East Coldstream MRE introduced at 580Koz at 0.91 g/t Au in 20.0Mt (open pit and underground).
  • Implied stripping ratios are 5.2:1 for Moss and 6.4:1 for East Coldstream.
  • This resource increase implied by the Moss Gold Project demonstrates the scale of the project and the opportunity for a high-grade open-pit gold project.
  • Work is well underway on studies to support a preliminary economic assessment (“PEA”) planned for later this year.
  • The Moss Gold Project is host to 29 additional targets over a 35 km trend, which the Company continues to evaluate, and prioritize for future drill campaigns.
  • The Company has incurred discovery costs of approximately CAD$10 per ounce of inferred Au resource (all-in) including acquisition costs and overheads. This can also be measured as approximately 76 ounces Au per meter drilled (all-in costs included) in the 78,000 meters drilled to date.

Summary of the MRE

Open-Pit and Underground Constrained Inferred MRE for the Moss Deposit and East Coldstream Deposit with an Effective Date of May 5, 2023:

Moss Open Pit
Inferred ResourcesTonnesGradeContained Metal
(Domains)(Mt)(g/t Au)(Moz Au)
Shear56.51.843.35
Intrusion104.50.551.83
Total161.01.005.18
 
Moss Underground
Inferred ResourcesTonnesGradeContained Metal
(Domains)(Mt)(g/t Au)(Moz Au)
All2.62.900.24
Total2.62.900.24
 
East Coldstream Open Pit
Inferred ResourcesTonnesGradeContained Metal
(Domains)(Mt)(g/t Au(Moz Au)
All19.80.890.57
Total19.80.890.57
 
East Coldstream Underground
Inferred ResourcesTonnesGradeContained Metal
(Domains)(Mt)(g/t Au(Moz Au)
All0.22.240.01
Total0.22.240.01
Grand Total183.61.026.00

Note: Based on a US$1,650 per ounce gold price and economic cut-off grade of 0.35 g/t Au for open pit and 2.07 g/t Au and 2.00 g/t Au for underground resources (Moss and East Coldstream, respectively). Please review “Notes to Accompany Moss MRE” and “Notes to Accompany East Coldstream MRE” for additional information.

President and CEO Brett Richards stated: “This announcement is an important milestone for Goldshore and the Moss Gold Project. We are pleased with the results of the MRE, as it illustrates the size, scale, and potential of the Moss Gold Project that we have been communicating for the past many months. This important step in the development of the Project will now shift to commencing a PEA by putting a mining project around the resource with the goal of understanding the economic outputs.

“Today’s MRE is a first step towards understanding a potential first phase of the Moss Gold Project, as we believe it represents only a small portion of the mineralization or potential mineralization on our land package. We still have 29 additional targets to drill test, including several gold targets, but also 4 interesting base metal and battery mineral targets.

“We will now start to run scenario planning for the PEA with respect to how we construct a Phase 1 project of a clearly larger mineral resource, while investigating various leaching methodologies, including heap leach. When we have a clear picture of the scope of the PEA, we will guide the market as to when we believe the results of it will be available to the market.”

Notes to Accompany Moss MRE

  • Numbers have been rounded to reflect the precision of an inferred mineral resource estimate. Totals may vary due to rounding.
  • Estimation has been completed within the two separate reported geological domains: a higher-grade shear domain which occurs within a larger lower-grade intrusive domain; modelling of domain boundaries has considered both geology and grade.
  • Gold cut-off for open pit has been calculated based on a gold price of US$1,650/oz, mining costs of US$2.70 per tonne, processing costs of US$12.50 per tonne, and mine-site administration costs of US$2.50 per tonne processed. Metallurgical recoveries of 92.5% are based on prior metallurgical test work.
  • Gold cut-off for underground MSO shapes have been calculated based on a gold price of US$1,650/oz, mining costs of US$86.25 per tonne, processing costs of US$12.50 per tonne, and mine-site administration costs of US$2.50 per tonne processed. Metallurgical recoveries of 92.5% are based on prior metallurgical test work.
  • An economic cut-off grade of 0.35 g/t Au was applied to mineralized rock in the optimized open pit for processing determination.
  • Mineral Resources conform to NI 43-101, and the 2019 CIM Estimation of Mineral Resources & Mineral Reserves Best Practice Guidelines and 2014 CIM Definition Standards for Mineral Resources & Mineral Reserves.
  • Neither the qualified person nor the Company are aware of any environmental, permitting, legal, title, taxation, socio-economic, marketing, or political factors that might materially affect the Moss MRE.
  • Mineral resources are not mineral reserves as they do not have demonstrated economic viability. The quantity and grade of reported inferred resources in the MRE are uncertain in nature and there has been insufficient exploration to define these inferred resources as indicated and/or measured resources. The Company will continue exploration intended to upgrade the inferred mineral resources to indicated mineral resources.

Notes to Accompany East Coldstream MRE

  • Numbers have been rounded to reflect the precision of the inferred mineral resource estimates. Totals may vary due to rounding.
  • Estimation has been completed within two geological zones: a strongly altered higher-grade shear zone surrounded by a lower-grade domain; modelling of domain boundaries has considered both geology and grade.
  • Gold cut-off has been calculated based on a gold price of US$1,650/oz, mining costs of US$2.70 per tonne, processing costs of US$12.50 per tonne, and mine-site administration costs of US$2.50 per tonne processed. Metallurgical recoveries of 96.5% are based on prior metallurgical test work.
  • Gold cut-off for underground MSO shapes have been calculated based on a gold price of US$1,650/oz, mining costs of US$86.25 per tonne, processing costs of US$12.50 per tonne, and mine-site administration costs of US$2.50 per tonne processed. Metallurgical recoveries of 96.5% are based on prior metallurgical test work.
  • An economic cut-off grade of 0.35 g/t Au was applied to mineralized rock in the optimized open pit for processing determination.
  • Mineral Resources conform to NI 43-101, and the 2019 CIM Estimation of Mineral Resources & Mineral Reserves Best Practice Guidelines and 2014 CIM Definition Standards for Mineral Resources & Mineral Reserves.
  • Neither the qualified person nor the Company are aware of any environmental, permitting, legal, title, taxation, socio-economic, marketing, or political factors that might materially affect the East Coldstream MRE.
  • Mineral resources are not mineral reserves as they do not have demonstrated economic viability. The quantity and grade of reported inferred resources in the East Coldstream MRE are uncertain in nature and there has been insufficient exploration to define these inferred resources as Indicated and/or measured resources. The Company will continue exploration intended to upgrade the inferred mineral resources to indicated mineral resources.



Figure 1: Location of Moss Deposit and East Coldstream Deposit in the Moss Gold Project

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8051/165166_6b56fc366482c801_002full.jpg

Technical Overview

Details of the MRE will be provided in a technical report with an effective date of May 5, 2023, prepared in accordance with National Instrument 43-101 (“NI 43-101“) standards, which will be filed under the Company’s SEDAR profile within 45 days of this news release. The MRE was prepared by independent mining consulting firm CSA Global Canada (“CSA Global“), a division of ERM Consultants Canada Ltd., in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum (“CIM“) Definition Standards on Mineral Resources and Reserves (2014).

Additional Exploration Potential

The modelled shear and intrusion domains extend to much greater depth below the optimized open pit constraining the reported Moss MRE. The shears are also open along strike, beyond the modelled strike length of 3.6 km. Historical drilling has intercepted gold mineralization over a total strike length of 8 km, which has been a focus of Goldshore’s summer soil geochemistry and structural mapping programs. Furthermore, there remains potential for additional parallel shears with gold mineralization in historical drill holes 500 m to the southeast of the Moss Deposit.



Figure 2: Upside along strike and through parallel shears at the Moss Deposit

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8051/165166_6b56fc366482c801_003full.jpg



Figure 3: Long section at the Moss Deposit showing gold mineralization in drillholes along strike and at depth looking northwest

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8051/165166_6b56fc366482c801_004full.jpg

Moss Deposit Geology and Model

The Moss Deposit is a structurally controlled gold deposit within the greenstone terrain of the Archean Superior Province. Mineralization is localized where the major NE-trending Wawiag Fault Zone cuts a dioritic to granodioritic intrusion complex. The deposit is defined by a series of anastomosing centimeter- to meter-scale NE-trending shear zones carrying higher-grade gold mineralization, and lower-grade gold mineralization associated with weaker shearing and a more brittle-style deformation and veining in the intrusion rock mass and adjacent wall rocks between the shear zones. Mineralization is associated with pyrite, sericite and chlorite alteration and millimeter- to centimeter-scale irregular quartz-carbonate veinlets.

Detailed geological logging and multi-element geochemical analysis of drill core from 120 new holes total 68,802m from the 2021-23 drilling has supported modelling of discrete shear domains within the larger altered and variably mineralized intrusion domain, which includes adjacent volcanic wall rocks. The shear domains have a different higher-grade gold population to the low-grade intrusion domain and these domains have been estimated separately using different search parameters. Importantly, this allows a more accurate representation of the true grade variability within the deposit than has been achieved in previous estimates.

CSA Global was provided with the wireframes for resource estimation by Goldshore. Goldshore modelled the shear zones domain using a combination of geological features, including core orientation data, and raw assay values above 1 g/t Au using explicit digitizing methods in Micromine 3D geological modelling software. CSA Global modelled the intrusion domain using implicit modelling techniques in Leapfrog using a cut-off grade of 0.20 g/t Au in 15-meter downhole composites. Statistical and geostatistical assessment of 1 m composites confirmed that the shear domains should be estimated within hard boundaries separating them from the intrusion domain. Statistical analysis was used to determine high-grade capping for each shear zone wireframe and ranged from 30 to 60 g/t Au.

The Moss MRE was estimated with a block size of 9 x 9 x 3 m utilizing subblocks and constrained within wireframes with a minimum width of 3 x 3 x 1 m. Gold content was estimated using ordinary kriging methods using dynamic anisotropy variogram models. Mineral resources are presented as undiluted and in situ. The historical underground voids from Noranda’s 1980’s exploration program have been removed from the geological model.



Figure 4: Moss Deposit resource model within the US$1650 pit shell

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Figure 5: Typical cross section through the Moss Deposit

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East Coldstream Deposit Geology and Model

The East Coldstream Deposit is a structurally controlled gold deposit located approximately 15 km northeast of the Moss Deposit within the Moss Gold Project area. The East Coldstream Deposit’s mineralized zones are located on the south margin of a shear zone which separates a gabbroic intrusion to the north from a mafic-intermediate volcanic suite to the south. Mineralization is found within sheared volcanic units, proximal to sills of quartz and quartz-feldspar porphyries and distinctive, brick-red syenites. The mineralized zones show silica, carbonate, and hematite alteration. Mineralization consists of fine disseminations of pyrite and lesser chalcopyrite throughout the silica-hematite zones as well as within quartz-carbonate veinlets. Iron carbonate is present in areas proximal to strong silicification. The two main mineralized zones have been cut by a north-south-trending diabase dike.

Sixteen new drill holes, totaling 7,973 m, were drilled in the East Coldstream Deposit to gather the required geological understanding of the deposit. Mineralization was modeled by CSA Global guided by alteration wireframes provided by Goldshore. Implicit modelling techniques were utilized in wireframing a NE-trending shear zones carrying higher-grade gold mineralization which is subdivided into two parallel domains (Z-2 and Z-4), and two satellite subparallel lenses (Z-1 and Z-3). A lower grade wireframe was developed surrounding the shear zone domains representing mineralization associated with more brittle-style veining in the felsic to intermediate metavolcanic rocks, gabbros, and porphyries between the main shear zones.

Exploratory data analysis was used to determine high-grade capping for composites of two of the shear zones, with top cuts ranging from 13 to 15 g/t Au. The East Coldstream MRE was estimated with a block size of 6 x 6 x 6 m utilizing sub-blocks and constrained within wireframes with a minimum width of 3 x 3 x 3 m. Gold content was estimated using ordinary kriging methods using dynamic anisotropy and informed by variogram models. Mineral Resources are presented as undiluted and in situ.



Figure 6: East Coldstream Deposit resource within the US$1650 open pit shell

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Figure 7: Typical cross section through East Coldstream Deposit

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Drill Hole Data and QA/QC Procedures

The Moss Deposit has been evaluated by several diamond drill programs since the 1970s and earlier. The greatest number of drill holes were completed between 1986 and early 1992 by Tandem/Storimin and Noranda Inc. (311 drill holes for 86,196 meters). A smaller drilling program in 2008 served to validate the older data and lead to the completion of the historical resource estimate by Moss Gold Mines Ltd. in 2013.

The East Coldstream Deposit has been evaluated by several diamond drill programs since 1987. Most of the historic drilling was conducted between 2010 and 2011 by Foundation Resources who completed total of 66 diamond drillholes in the Coldstream deposit, totaling 16,988 m.

There are little documented QA/QC procedures or data available for programs prior to 2008.

The ongoing Goldshore drilling program utilizes full industry-standard survey control and QAQC programs and is designed to systematically redrill the deposits and validate as much of the historical drilling as possible through collar surveys, re-logging, and re-sampling.

Mineral Resource Classification

The Moss MRE has been classified as an inferred mineral resource. This resource classification reflects the fact that much of the drill hole data used for the resource estimate is historical, and no QA/QC data or reports exist for the majority of these drill holes. Statistical assessment of historical data and recent data provided some support for the historical data, but also included some inconsistencies. Goldshore’s planned program of infill and confirmatory drilling is expected to support classification of indicated mineral resource in subsequent mineral resource updates.

Reasonable Prospects for Eventual Economic Extraction

To support reasonable prospects for eventual economic extraction for the MRE, CSA Global used the estimated block model to generate an optimized open pit using Datamine NPV Scheduler software and the following assumptions: a gold price of US$1,650/oz, plant recovery of 92.5% and 96.5% for Moss Deposit and the East Coldstream Deposit, respectively; processing costs of US$12.50/tonne, mine-site general and administration costs of US$2.50/tonne processed, mining costs of US$2.70/tonne moved, and an overall pit slope angle of 50 degrees. NPV Scheduler Software is widely used by mining engineers to apply the Lerchs-Grossman algorithm to block models in order to generate optimized pit shells upon which economic open pit mine designs may be based.

The MRE is are constrained within the selected optimized pit shells which reach a maximum depth of approximately 450m and 250m in the Moss Deposit and East Coldstream Deposit, respectively.

Next Steps

In late 2022, Goldshore commenced an extensive program of relogging and resampling of all historical drill holes whose collars have been located and accurately surveyed. Where possible, these drill holes are also being surveyed using modern downhole surveying equipment. Resampling of historical drill core is ongoing, although most core blocks are now illegible rendering resampling impossible.

Pete Flindell, VP Exploration for Goldshore, said, “This MRE has highlighted the larger scale of gold mineralization on the Moss Gold Project. It remains conservative in many areas because of the concerns over historical drill data and we look forward to updating the quality and quantity of the mineral resource inventory following a comprehensive infill drill program. In the meantime, our field programs continue to develop our better exploration targets with the potential to add significantly to our resource base. At the same time, we will be working on the PEA, which will optimize and evaluate the many mining and milling options available to us. These include a high recovery flotation-regrind-leach mill process, potential heap leaching of low-grade mineralization and mining at different scales to maximize gold grades fed to the mill.“

Qualified Person Statements

Dr. Matthew Field (Pr. Sci. Nat), Manager – Resources at CSA Global is an independent “qualified person” under NI 43-101 and responsible for the MRE. Dr. Field has prepared and approved the scientific and technical information related to the MRE contained in this news release.

Peter Flindell, P.Geo., MAusIMM, MAIG, Vice President – Exploration of the Company, and a “qualified person” under NI 43-101 has also reviewed and approved the scientific and technical information contained in this news release.

About Goldshore

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

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

For More Information – Please Contact:

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

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

Facebook: GoldShoreRes | Twitter: GoldShoreRes | LinkedIn: goldshoreres

Cautionary Note Regarding Forward-Looking Statements

This news release contains statements that constitute “forward-looking statements.” Such forward looking statements involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, performance or achievements, or developments to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects,” “plans,” “anticipates,” “believes,” “intends,” “estimates,” “projects,” “potential” and similar expressions, or that events or conditions “will,” “would,” “may,” “could” or “should” occur.

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

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.

Categories
Base Metals Energy Junior Mining Precious Metals

Terra Balcanica Confirms Epithermal Gold and Porphyry Copper Targets at Ceovishte in Serbia and Closes First Tranche of Financing

Terra Balcanica Resources Corp.
Terra Balcanica Resources Corp.

NOT FOR DISTRIBUTION TO THE U.S. NEWSWIRE OR FOR DISSEMINATION IN THE UNITED STATES

Vancouver, British Columbia, May 08, 2023 (GLOBE NEWSWIRE) — Terra Balcanica Resources Corp. (“Terra” or the “Company”) (CSE:TERA; FRA:UB1) is pleased to announce positive assay results from surface rock chip and soil sampling at its 80.4 km2 Ceovishte license in southern Serbia and closing of the 1st tranche of the previously announced non-brokered private placement financing of units (the ”Units”) for gross proceeds of $404,650 (the “Offering”).

Highlights

  • Surface rock sample include concentrations as high as 53.5 g/t Au, 78.6 g/t Ag and 2.47 % Cu with up to 0.39% Co and 0.45% Bi (Table 1);
  • > 900 m strike length of Au-Ag-As-Bi-Cu-Te anomalism in soil geochemistry defines new target, with soil assays returning up to 2.42 g/t Au (Figure 2);
  • Mineralization is controlled by potassic altered diorites hosting quartz-chalcopyrite veins with secondary copper mineralogy at surface (Figure 3) and a gold-bismuth-cobalt rich epithermal assemblage;
  • Drill-ready with both porphyry and epithermal mineralization visible at collar locations.

Terra Balcanica CEO, Dr. Aleksandar Mišković, commented: “Detailed prospecting, rock chip and soil sampling at our Serbian Ceovishte licence not only confirmed the existence of a sizable hydrothermal system responsible for multi-ounce gold assays at surface near the Medjurečje locality but also defined a new, 900-m-wide, topographically depressed, semi-circular gold-silver-copper soil anomaly northeast of the high-grade Au zone that is characterized by potassic altered andesites interpreting by Terra’s technical team to represent a previously neglected porphyry target. This confirms the potential of our Serbian assets and represents a significant diversification of the Company’s polymetallic portfolio already defined by our Viogor Zanik project. It sets the stage for drilling of the shallow high grade gold target later this year.”

The Ceovishte license totals over 80 km2 of highly prospective land for gold and copper exploration in the historic Raska mining district of southern Serbia (Figure1). The license area drapes southern slopes of the Golija Mountain, a part of the well-known Kopaonik metallogenic zone. This area features the Kiževak and Sastavci Pb-Zn-Ag mines including the Karadak deposit, all owned by Adriatic Metals plc. The historical Yugoslav GKZ, non-NI 43-101 compliant resource estimates for Kiževak is 3.9 Mt of ore grading 3.92 % Zn, 2.15 % Pb and 31 g/t Ag categorized according to the Yugoslav A+B+C1 resource nomenclature (www.adriaticmetals-serbia.com/our-projects/adriatic-metals-serbia-sastavci). The Raska mining district also holds the Rudnica Cu-Au porphyry target and is a northerly extension of the partially exploited, world class Trepča Pb-Zn-Ag skarn deposit of the norther Serbian province of Kosovo. Trepča features a non-NI 43-101 compliant resource of 60.5 Mt of ore grading over 8.0 % Pb+Zn and >159 Moz of Ag.

Figure 1. Geological map of the Ceovishte license area in southern Serbia. The black rectangle labelled Figure 2 is Terra’s primary area of interest within the license. It encapsulates Au-Cu mineralized Neogene volcanic rocks which intruded an ultramafic country rock of the West Vardar Ophiolite. Previous operators conducted work in the south of the Ceovishte license and overlooked the Au-Cu potential of the north where Terra has conducted a successful soil and rock chip sampling campaign and is planning a maiden drilling program in early Q3 of 2023 (click here to view image).

Figure 2. Map displaying Au in soil (ppb), and anomalous Au-Ag-As-Bi-Cu-Te signature. Sampling verifies the location of known mineralization and reveals > 900 m strike length of new prospective ground open to the NE. Rock sample IDs can be correlated with results in Table 1. The drill target is labelled where rock chips return up to 53.5 g/t Au and 1.45 % Cu. Note the location of anomalous Au in soil forming an arcuate pattern around the depressed centre, interpreted as possible concentric fractures around a porphyry intrusive which crops out in the south and northwest. (WGS84/UTM Zone 34N) (click here to view image).


Geology and Mineralization
The Company is focussed on exploring the overlooked Au-Ag-Cu (Bi-Co) occurrences in the northern extents of the license where Neogene intrusive rocks of intermediate composition are emplaced within ultramafic rocks of the west Vardar Ophiolite Belt. Field observations and microscopy confirms biotite-magnetite-k-feldspar potassic alteration within the diorites, which are observed controlling the distribution of mineralization and are thus inferred as the causative intrusion and target for further exploration. Intrusive contacts and vein-hosted sulphides in the south dip shallowly to the NNE below ultramafic cover into an annular topography low.

Both hypogene sulphide mineralization and supergene oxide zones are present at Ceovishte and returned very encouraging assay results of a well-endowed Au-Ag-Cu system. Quartz-chalcopyrite veins are partially oxidised at surface producing a mixture of malachite, azurite and tenorite (Figure 3) and occur within the same outcrops as quartz-arsenopyrite-bismuthinite veins. Chalcopyrite is also observed finely disseminated within the potassic altered intrusives. Gossans and vuggy silica host the highest Au values up to 53.5 g/t.

Figure 3. Macroscopically observed copper mineralization in samples 103281 and 103276 which returned 1.45 % and 2.47 % Cu, respectively. Mineralization is vein-hosted within potassic altered diorites and comprises quartz, chalcopyrite, malachite, azurite and tenorite (click here to view image).
Mineralized rock samples also return high bismuth and cobalt, which may have been stripped from the ultramafic country rocks by hydrothermal fluids and re-precipitated within the epithermal veins. Ceovishte therefore has characteristics of the 5-element vein (Ag-Bi-Co-Ni-As) style of mineralization.

SampleEastingNorthingAu (g/t)Ag (g/t)Bi (ppm)Cu (%)Co (ppm)
100851476500481518253.58.744900.0312
10083847555448161860.1978.620.0171
100839476417481518811.010.135700.14805
10327347638348152046.561.22990.011300
10327147633548151570.481.8200.1221
103282476479481517310.950.822990.023940
10326447660248151820.0918.960.015.7
10326747560648161960.020.69420.049
10326247562848160843.0911.84800.03336
10326947560548161580.101.70.4–9
10327647617948159870.0510.8202.4713
10327947637648151280.392.1650.0127
10328047638348151333.281.422240.01145
10327747618948159972.20.5690.0188
10328147651448151890.1621.51441.4550

Table 1. Rock chip locations and assay results for key commodity elements. Samples can be seen with anomalous Au in soil Figure 1. (WGS84/UTM Zone 34N).

Soil Geochemistry
Results from 386 B/C horizon soil samples successfully captured the signature of Au-Cu mineralization at Ceovishte. Two known occurrences were highlighted by the sampling, verifying the Au-Ag-As-Bi-Cu-Te grouping as representing mineralization, with a further 900 m strike length anomaly being generated for follow up in the north of the survey. The newly defined target area returned assays up to 2.42 g/t Au and 424 ppm Cu in soil. This area has not seen rock chip sampling and offers significant exploration upside for extending the footprint of known Au-Cu mineralization.

Elevated commodity and pathfinder elements in soil correlate to a K-Ba-Na element grouping, indicating sub cropping intermediate composition intrusives rather than the ultramafic country rock which has a strong Ni-Co-Cr-Mg signature. Soil anomalism generates an annular pattern which surrounds a central topographic depression with enclosing ridges of ultramafic rock. This correlation could indicate concentric and ring radial fractures, which have formed around a central porphyry intrusive and focussed hydrothermal fluid flow. Potassic altered, Au-Cu mineralized diorite intrusives have been observed and sampled at both the southern and northern extents of this annular feature, with over 900 m of untested strike length in the northeast.

Future Exploration Program
The norther Ceovishte licence is drill-ready with pad locations designed to test the depth extensions of the Au-Cu mineralization sampled on surface. Following positive results in maiden drilling geophysics will be considered to guide a larger phase II drilling program.

Follow up of the anomalous soil geochemistry will be undertaken in the northeast through geological/alteration mapping and rock chip assay. This will generate a pipeline of targets for drill testing. Further soil sampling will be completed in the northeast where the anomaly remains open to define its full spatial extent.

1st Tranche Private Placement Financing Closed
The Company issued an aggregate of 4,760,586 Units at a price of $0.085 per Unit for gross proceeds of $404,650 pursuant to the Offering announced on April 4th, 2023. Each Unit consists of one common share in the capital of the Company (each, a “Common Share”) and one Common Share purchase warrant (each whole warrant, a “Warrant”). Each Warrant entitles the holder to purchase one Common Share at an exercise price of $0.13 until May 5th, 2026.

The Company intends to use the net proceeds of the Offering for working capital and to fund the Phase II drilling across its portfolio of properties. Finders’ fees in the amount of $8,057 were paid.

Giulio Bonifacio, Chair of the board of directors, Steven Latimer, a director, and Kim Oishi, a director (the “Insiders”) purchased 1,194,117 Units as part of the Offering.  The issuance of the Units to the Insiders constitutes a “related party transaction” as this term is defined in Multilateral Instrument 61-101 – Protection of Minority Securityholders in Special Transactions (“MI 61-101”). The Company is relying on the exemption from valuation requirement and minority approval pursuant to subsection 5.5(a) and 5.7(a) of MI 61-101, respectively, as the securities do not represent more than 25% of the Company’s market capitalization, as determined in accordance with MI 61-101. The participation by Insiders in the Offering was approved by directors of the Company who are independent in connection with such transactions.

Pursuant to applicable Canadian securities laws, all securities issued and issuable in connection with the closing of the Private Placement will be subject to a four (4) month hold period ending September 6th, 2023.

This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws, and may not be offered or sold within the United States, or to or for the account or benefit of any U.S. person or any person in the United States, unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available. “United States” and “U.S. Person” are as defined in Regulation S under the U.S. Securities Act.

QAQC
Representative rock samples were taken from surface outcrops and sent to ALS Bor, Serbia for sample preparation and subsequent wet chemical analysis at the Loughrea laboratory in Ireland, and ISO/IEC 17025:2017 certified test facility. Sample preparation PREP-31BY method involved crushing the core to a 70% fraction less than 2 mm in size, rotary split 1.0 kg and pulverizing the split to greater than 85% passing 75 microns. Silver and base metals were analysed by ICP MS after a four-acid digest (ME-MS61). Gold was assayed by 30g fire assay with ICP AES finish (Au-ICP21). Over limit samples for base metals were re-analysed by the four-acid digest ICP-AES analyses termed ME-OG62. Over-limit gold analysis was conducted by fire assay and gravimetric finish (Au-GRA21). Soil samples were taken in the B/C horizon and sent to ALS Bor, Serbia. Analysis was undertaken after dry screening to 180 microns by method AuME-TL44 an aqua regia digest followed by ICP analysis on a 50g sample. Over-assays were conducted by the OG-46 (base metals) and Au-AROR44 (gold) techniques.

Qualified Person
Dr. Aleksandar Mišković, P.Geo, is the Company’s designated Qualified Person for this news release within the meaning of National Instrument 43-101 Standards of Disclosure of Mineral Projects (“NI 43-101”) and has reviewed and validated that the information contained in this news release as accurate.

About the Company
Terra Balcanica is a polymetallic exploration company targeting large-scale mineral systems in the Balkans of southeastern Europe. The Company has 90% interest in the Viogor-Zanik Project in eastern Bosnia and Herzegovina, 100% of the Kaludra and Ceovishte mineral exploration licences in southern Serbia. The Company emphasizes responsible engagement with local communities and stakeholders. It is committed to proactively implementing Good International Industry Practice (GIIP) and sustainable health, safety, and environmental management.

ON BEHALF OF THE BOARD OF DIRECTORS

Terra Balcanica Resources Corp.
“Aleksandar Mišković”

Aleksandar Mišković
President and CEO

For further information, please contact Alex Mišković at amiskovic@terrabresources.com, or visit our website at www.terrabresources.com.

Cautionary Statement

This news release contains certain forward-looking information and forward-looking statements within the meaning of applicable securities legislation (collectively “forward-looking statements”). The use of any of the words “will”, “intends” and similar expressions are intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Such forward-looking statements should not be unduly relied upon. Actual results achieved may vary from the information provided herein as a result of numerous known and unknown risks and uncertainties and other factors. The Company believes the expectations reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct. The Company does not undertake to update these forward-looking statements, except as required by law.

Categories
Base Metals Energy Junior Mining Metallic Group Precious Metals Stillwater Critical Minerals

Stillwater Critical Minerals Applies for Warrant Extension

VANCOUVER, BC / ACCESSWIRE / May 5, 2023 / Stillwater Critical Minerals (formerly Group Ten Metals) (TSXV:PGE)(OTCQB:PGEZF)(FSE:5D32) (the “Company” or “SWCM”) announces that the Company has applied for TSX Venture Exchange approval to extend the expiry date on certain warrants that are due to expire May 21, 2023 (the “Warrants”). Per the application, 5,233,824 Warrants that were originally issued as part of a financing completed in November 2019 (see news release dated November 21, 2019) will be extended to a new expiration date of November 21, 2023. Each Warrant entitles the holder to acquire one common share at an exercise price of CDN$ 0.25.

About Stillwater Critical Minerals Corp.

Stillwater Critical Minerals (TSX.V:PGE | OTCQB:PGEZF) is a mineral exploration company focused on its flagship Stillwater West Ni-PGE-Cu-Co + Au project in the iconic and famously productive Stillwater mining district in Montana, USA. With the recent addition of two renowned Bushveld and Platreef geologists to the team, the Company is well positioned to advance the next phase of large-scale critical mineral supply from this world-class American district, building on past production of nickel, copper, and chromium, and the on-going production of platinum group and other metals by neighboring Sibanye-Stillwater. An expanded NI 43-101 mineral resource estimate, released January 2023, delineates a compelling suite of critical minerals contained within five Platreef-style nickel and copper sulphide deposits at Stillwater West, which host a total of 1.6 billion pounds of nickel, copper and cobalt, and 3.8 million ounces of palladium, platinum, rhodium, and gold, and remains open for expansion along trend and at depth.

Stillwater Critical Minerals also holds the high-grade Black Lake-Drayton Gold project adjacent to Treasury Metals’ development-stage Goliath Gold Complex in northwest Ontario, currently under an earn-in agreement with Heritage Mining, and the Kluane PGE-Ni-Cu-Co critical minerals project on trend with Nickel Creek Platinum‘s Wellgreen deposit in Canada‘s Yukon Territory.

FOR FURTHER INFORMATION, PLEASE CONTACT:

Michael Rowley, President, CEO & Director
Email: info@criticalminerals.com
Web: http://criticalminerals.com
Phone: (604) 357 4790
Toll Free: (888) 432 0075

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.

SOURCE: Stillwater Critical Minerals



View source version on accesswire.com:
https://www.accesswire.com/753271/Stillwater-Critical-Minerals-Applies-for-Warrant-Extension

Categories
Base Metals Diamcor Mining Junior Mining

Diamcor to Begin Bulk Sampling into Greater Areas of its Krone-Endora at Venetia Diamond Mine Project

KELOWNA, BC / ACCESSWIRE / May 4, 2023 / Diamcor Mining Inc. (TSX-V.DMI)(OTCQB-DMIFF)(FRA:DC3A), (“Diamcor” or, the “Company”) a Canadian based diamond mining Company with a proven history in the mining, exploration, and sale of rough diamonds, announces today that it will be proceeding with an extensive drilling and bulk sampling program over the greater portions of its Krone-Endora at Venetia diamond mine project (the “Project”).

These efforts will be aimed at further identifying and locating additional material which is known to have shifted and eroded from the adjacent De Beers’ Venetia diamond mine. Diamcor’s establishment of infrastructure, two large processing plants, heavy equipment, and the extensive large-scale trial mining exercises completed to date in the initial area of 657 hectares of the Project’s total 5,888 hectares, have allowed Diamcor to refine unique approaches to mining using advanced technology and techniques to extract diamonds from the Project in a safe, efficient, and environmentally responsible manner. The previous establishment of these collective items will allow Diamcor to now advance these additional drilling and bulk sampling efforts in a very cost-effective and efficient manner.

“The considerable effort to date now allows us to proceed with this drilling and bulk sampling on the greater areas of the Project,” stated Mr. Dean Taylor, Diamcor’s CEO. “The knowledge gained from previous trial-mining and the sale of rough diamonds, along with recent modeling and initial input of some of the industry’s most respected geological experts, all point to the potential to identify significant additional material from the known shift and erosion off of Venetia.“

The initial trial-mining efforts undertaken to date have provided the Company with a better understanding of the shift and erosion of the estimated 1,000 vertical meters of material from the De Beers Venetia diamond mine kimberlite clusters that are known to have been displaced in the direction of Diamcor’s Krone and Endora properties. Both properties are co-located with De Beers Venetia mine, which is recognized as one of the top-producing diamond mines in the world. Trial mining exercises are expected to continue on portions of the initial area in conjunction with the additional drilling and bulk sampling exercises, with both items serving to further advance the recommended work programmes from the Project’s initial NI 43-101.

Further details on the parties involved in the management and independent oversight of these drilling and bulk sampling exercises will be outlined in a separate release to be issued by the Company in the coming days.

About Diamcor Mining Inc.

Diamcor Mining Inc. is a fully reporting publicly traded Canadian diamond mining company with a well-established history in the mining, exploration, and sale of rough diamonds. The Company is listed on the TSX Venture Exchange (V.DMI), and trades on the OTC QB International (DMIFF). The Company’s primary focus is on the development of its Krone-Endora at Venetia Project which is co-located and directly adjacent to De Beers’ Venetia Diamond Mine in South Africa. The Venetia diamond mine is recognized as one of the world’s top diamond-producing mines, and the deposits which occur on Krone-Endora have been identified as being the result of shift and subsequent erosion of an estimated 1,000 vertical meters of material from the higher grounds of Venetia to the lower surrounding areas in the direction of Krone and Endora. The Company focuses on the acquisition and development of mid-tier projects with near-term production capabilities and growth potential and uses unique approaches to mining that involves the use of advanced technology and techniques to extract diamonds in a safe, efficient, and environmentally responsible manner. The Company has a strong commitment to social responsibility, including supporting local communities and protecting the environment.

About the Tiffany & Co. Alliance

The Company has established a long-term strategic alliance and first right of refusal with Tiffany & Co. Canada, a subsidiary of world famous New York based Tiffany & Co., to purchase up to 100% of the future production of rough diamonds from the Krone-Endora at Venetia Project at market prices. In conjunction with this first right of refusal, Tiffany & Co. Canada also provided the Company with financing in an effort to advance the Project as quickly as possible. Tiffany & Co. is now owned by Moet Hennessy Louis Vuitton SE (LVMH), a publicly traded company which is listed on the Paris Stock Exchange (Euronext) under the symbol LVMH and on the OTC under the symbol LVMHF. For additional information on Tiffany & Co., please visit their website at www.tiffany.com.

About Krone-Endora at Venetia

In February 2011, Diamcor acquired the Krone-Endora at Venetia Project from De Beers Consolidated Mines Limited, consisting of the prospecting rights over the farms Krone 104 and Endora 66, which represent a combined surface area of approximately 5,888 hectares directly adjacent to De Beers’ flagship Venetia Diamond Mine in South Africa. On September 11, 2014, the Company announced that the South African Department of Mineral Resources had granted a Mining Right for the Krone-Endora at Venetia Project encompassing 657.71 hectares of the Project’s total area of 5,888 hectares. The Company has also submitted an application for a mining right over the remaining areas of the Project. The deposits which occur on the properties of Krone and Endora have been identified as a higher-grade “Alluvial” basal deposit which is covered by a lower-grade upper “Eluvial” deposit. The deposits are proposed to be the result of the direct-shift (in respect to the “Eluvial” deposit) and erosion (in respect to the “Alluvial” deposit) of material from the higher grounds of the adjacent Venetia Kimberlite areas. The deposits on Krone-Endora occur with a maximum total depth of approximately 15.0 metres from surface to bedrock, allowing for a very low-cost mining operation to be employed with the potential for near-term diamond production from a known high-quality source. Krone-Endora also benefits from the significant development of infrastructure and services already in place due to its location directly adjacent to the Venetia Mine, which is widely recognised as one of the top producing diamond mines in the world.

Qualified Person Statement:

Mr. James P. Hawkins (B.Sc., P.Geo.), is Manager of Exploration & Special Projects for Diamcor Mining Inc., and the Qualified Person in accordance with National Instrument 43-101 responsible for overseeing the execution of Diamcor’s exploration programmes and a Member of the Association of Professional Engineers and Geoscientists of Alberta (“APEGA”). Mr. Hawkins has reviewed this press release and approved of its contents.

On behalf of the Board of Directors:

Mr. Dean H. Taylor
President & CEO
Diamcor Mining Inc.
www.diamcormining.com

For further information contact:

Mr. Dean H. Taylor
Diamcor Mining Inc
DeanT@Diamcor.com
+1 250 862-3212

Mr. Rich Matthews
Integrous Communications
rmatthews@integcom.us
+1 (604) 355-7179

This press release contains certain forward-looking statements. While these forward-looking statements represent our best current judgement, they are subject to a variety of risks and uncertainties that are beyond the Company’s ability to control or predict and which could cause actual events or results to differ materially from those anticipated in such forward-looking statements. Further, the Company expressly disclaims any obligation to update any forward looking statements. Accordingly, readers should not place undue reliance on forward-looking statements.

WE SEEK SAFE HARBOUR

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

SOURCE: Diamcor Mining Inc.



View source version on accesswire.com:
https://www.accesswire.com/753016/Diamcor-to-Begin-Bulk-Sampling-into-Greater-Areas-of-its-Krone-Endora-at-Venetia-Diamond-Mine-Project

Categories
Energy Junior Mining Precious Metals Silver Bullet Mines

Silver Bullet Mines Corp. (SBMI) Receives Cash on First Order for Silver from Buckeye Mine in Arizona

Burlington, Ontario–(Newsfile Corp. – May 4, 2023) – Silver Bullet Mines Corp. (TSXV: SBMI) (OTCQB: SBMCF) (‘SBMI’ or ‘the Company’) is pleased to announce it has received the previously announced cash advance on its first order for its silver products from a third-party (the “Purchaser”).

SBMI has received the sum of USD$225,000 from the Purchaser as a cash advance against the order for 500 kg of silver, to be delivered to the Purchaser in tranches or all at once. At today’s pricing this first order represents more than USD$430,000 (more than CDN$570,000).

The Purchaser has indicated it intends to purchase 500 kg from SBMI each month for six months, including this order.

The first order is currently being processed from the stockpile at the mill and SBMI anticipates shipping it in whole or in part within 30 days. The Company continues to work with the Purchaser and other potential purchasers to develop a customer base for its silver/gold production.

At the Buckeye Mine, mining is ongoing. As per SBMI’s January 16, 2023 press release, SBMI continues to drift along the vein to an area believed to contain higher grade mineralization (see page 8 of the Geologic Report dated January 8, 2021). The Company expects to encounter that area in the near future, although given the uncertainties inherent in mining no exact date can be given.

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 mineralized material; the presence of mineable economic mineralized material; shareholder and regulatory approvals; activities and attitudes of communities local to the location of the SBMI’s properties; risks of future legal proceedings; income tax matters; fires, floods and other natural phenomena; the rate of inflation; availability and terms of financing; distribution of securities; commodities pricing; currency movements, especially as between the USD and CDN; effect of market interest rates on price of securities; and, potential dilution. SARS CoV-2 and other potential global pathogens create risks that at this time are immeasurable and impossible to define.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/164802

Categories
Base Metals Energy Gold Shore Resources Junior Mining Precious Metals

Goldshore Announces Preliminary Metallurgy Results for the Moss Gold Project; Gold Recoveries Increase to 93% for Moss and 98% for East Coldstream

Vancouver, British Columbia–(Newsfile Corp. – May 3, 2023) – Goldshore Resources Inc. (TSXV: GSHR) (OTCQB: GSHRF) (FSE: 8X00) (“Goldshore” or the “Company“), is pleased to announce the preliminary results from its PEA-level metallurgical test work at the Moss Gold Project in Northwest Ontario, Canada (the “Moss Gold Project“). The results were produced from the recent metallurgical testing program completed by Base Metallurgical Laboratories in Kamloops, British Columbia under the overall supervision of Ausenco Engineering Canada Inc. (“Ausenco”).

Highlights:

  • Test work shows significantly increased gold recoveries from a flotation-regrind-leach process averaging:
    • 93% recovery at Moss
    • 98% recovery at East Coldstream
  • These results represent an 8% to 13% increase in gold recoveries from previously conducted standard leach test work.
  • Coarse bottle roll leach test results returned gold recoveries between 53% and 64%, which encourage investigation of a low recovery heap leach solution for low-grade mineralization that may bring gold production forward and reduce tailings.

President and CEO Brett Richards stated: “We are very pleased with the early results from the metallurgical test program, as recoveries have increased from the InnovExplo’s 2011 mineral resource estimate and subsequent 2013 preliminary economic assessment by 8%-13%. This detailed testing being undertaken will enhance the economics of our new mineral resource estimate due out in the near future; and the new preliminary economic assessment due to commence immediately thereafter. As well, these results also appear to provide early support for heap leaching the low-grade material, which positively changes the dynamics of an economic analysis.”

Technical Overview

Figure 1 shows the location of the samples that make up the metallurgical composites.

Figure 1: Location map

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8051/164622_6b7cf742f4645943_002full.jpg

The metallurgical gold recovery test-work was conducted to assess the potential gold recoveries and potential process flowsheets for the Moss Gold Project, which include the Moss Gold Deposit (“Moss”) and East Coldstream Gold Deposit (“East Coldstream”). Testing started in early 2023 on composite and variability samples from the Main, QES and SW Zones at Moss, and from East Coldstream. The program included comminution testing, grind optimization for leaching and flotation, gravity concentration, and leach testing. Cyanide destruction and solid liquid separation testing are still ongoing and will be completed later in Q2 2023.

Gold Recovery Test Work Results Summary

The program evaluated 18 discrete composite samples representing the two gold deposits. Each composite consisted of multiple samples collected from diamond drill core and coarse rejects. Primary composites were selected for the Main / QES Zones (three samples), and one sample each for the SW Zone and East Coldstream deposits to reflect grade, spatial and lithological distributions. The composition of the primary pit composites was designed to have anticipated average grades that will be confirmed in a planned mineral resource estimate. Variability samples were selected to provide representation from higher grade shear zones and lower grade host rocks from the deposits.

Crushing and Grinding Testing

Comminution testing characterized sample hardness by Steve Morell Comminution (“SMC”) testing, Bond Rod Mill (“RWI”), Ball Mill Work Index (“BWI”) and Bond Abrasion Index (“Ai”) tests. Three samples from the Main QES deposit were used for this testing.

The results showed:

  • SMC Axb average value of 34.7, indicates the samples are competent.
  • Average RWI and BWI values of 18.4 and 19.5 (metric) respectively, considered hard to very hard range of hardness.
  • Average Ai value of 0.175 g, which is classified as low to moderately abrasive.

Gravity Concentration Testing

The Main and QES Zone composite samples were tested with the Extended Gravity Recoverable Gold protocol to determine their amenability to gravity concentration.

The results showed:

  • Moderate Gravity Recoverable Gold content totaling 40% gold.
  • At full scale, this would be in the 10% to 15% gold recovery range.

Leach Testing

Coarse Particle Size Leach Tests

Intermittent bottle rolls leach tests were conducted on the samples at crush sizes of -6.25 mm and -2 mm to evaluate potential for heap leaching. Tests were run over 8 days with bottles rolled for 1 minute per hour.

The results showed:

  • Average leach extraction for the -6.25 mm crush size samples is 52.6% Au.
  • Average leach extraction for the -2 mm crush size samples is 64.2% Au.

Standard Leach Tests

Initial standard bottle rolls leach tests were completed on the primary composites from Main and QES Zones, over a range of grind sizes with 48 hours leaching and without gravity concentration prior to leaching. The results showed a weak relationship between grind size and recovery. As a result, a grind of 80% passing 100 microns was selected for further testing. The selected retention time was 48 hours. Gold leach extractions averaged 84% for these tests.

A total of 25 leach tests were conducted including initial screening tests and a bulk leach test (pending) that will generate sample for cyanide detox testing. The results showed:

  • Gold leach extractions ranging from 74% to 93%, averaging 83%, with final residue values of 0.08 g/t to 0.32 g/t gold, averaging 0.20 g/t gold.
  • Calculated gold head grades ranging from 0.40 g/t to 3.06 g/t gold, averaging 1.36 g/t gold.
  • Shear Zone samples and low-grade Intrusion domain samples showed similar leach extractions to higher grade shear zone samples, based on leach residue grades as a function of head grades.
  • Sodium cyanide consumption averaged 0.50 kg/t.

Flotation-Leach Tests

Testing was also completed using a flotation-leach flowsheet which includes:

  • Grinding to 80% passing 100 microns.
  • Flotation of a sulphide concentrate.
  • Concentrate regrind to 80% passing 15 microns followed by 48 hours leaching.
  • Flotation tailings leach without regrinding for 48 hours.

Results were positive with higher extractions than the standard leach tests. Key results include:

  • Sulphide concentrate mass recoveries averaged 11%, ranging from 5% to 19%.
  • Concentrate leach extractions averaged 96%, ranging from 92% to 98%.
  • Flotation tailings leach extractions averaged 76%, ranging from 69% to 90%.
  • Combined leach extractions averaged 93%, ranging from 87% to 98%.
  • Calculated gold head grades ranging from 0.60 g/t to 2.77 g/t gold, averaging 1.46 g/t gold.
  • Sodium cyanide consumption averaged 0.75 kg/t.

A summary of the results from the primary composites with the two flowsheets evaluated are shown in Table 1.

Table 1: Moss Project Primary Composite Leach Extractions Based on Flowsheet

Composite IDHead Grade
(Au g/t)		Recovery (Au%)
Whole  Ore
Leach		Flotation
Leach
Main/QES West Composite1.488489
Main/QES Central Composite0.538087
Main/QES East Composite1.988696
Main/QES Combined Composite1.148293
Southwest Zone Composite0.837693
East Coldstream Composite2.649398

Plant recoveries will be estimated with typical plant losses for use in the planned mineral resource estimate.

Pete Flindell, VP Exploration for Goldshore, said, “These metallurgical test results affirm our belief that gold recoveries in the sulphide-bearing shear zone mineralization can be significantly improved by flotation, while the low sulphide-bearing low-grade intrusion domain mineralization may be amenable to heap leaching. Further test work is required to investigate the latter, but we have now established +90% gold recoveries for the bulk of the contained ounces at Moss and East Coldstream are achievable with a flotation-regrind-leach circuit.”

Qualified Persons

Peter Flindell, P.Geo., MAusIMM, MAIG, Vice President – Exploration of the Company and Tommaso Roberto Raponi, P.Eng., an independent consultant with Ausenco Engineering Canada Inc., are both “Qualified Persons” as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) have reviewed and verified the scientific and technical information contained in this news release.

About Goldshore

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

About Ausenco

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

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

For More Information – Please Contact:

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

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

Facebook: GoldShoreRes | Twitter: GoldShoreRes | LinkedIn: goldshoreres

Cautionary Note Regarding Forward-Looking Statements

This news release contains statements that constitute “forward-looking statements.” Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, performance or achievements, or developments to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects,” “plans,” “anticipates,” “believes,” “intends,” “estimates,” “projects,” “potential” and similar expressions, or that events or conditions “will,” “would,” “may,” “could” or “should” occur.

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

The forward-looking information contained in this news release represents the expectations of the Company as of the date of this news release and, accordingly, is subject to change after such date. Readers should not place undue importance on forward-looking information and should not rely upon this information as of any other date. The Company undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/164622