Platinum prices have shot up as speculators bet that power outages at South African mines and rising demand from auto makers and the hydrogen industry will create supply shortages.
Platinum is used to neutralize harmful engine emissions, as well as in other industries and jewellery. Prices leaped from just above $900 an ounce in late February to $1,132.17 on April 21 — the highest in more than a year — before easing to around $1,050 by Tuesday.
Speculative investors have expanded their net long position in NYMEX platinum futures to 1.5 million ounces from 145,000 ounces in late February, exchange data show.
Exchange traded funds (ETFs) storing platinum for their shareholders meanwhile bought around 120,000 ounces in just a few days in late April, according to the World Platinum Investment Council (WPIC), which tracks funds.
Charting platinum prices and the net speculative position in NYMEX platinumExchange traded funds have increased their holdings of platinum
“We think this is the first year of serial deficits in the platinum market,” said Standard Chartered analyst Suki Cooper.
However, Cooper said prices could weaken in the short term before supply risks worsen later in the year.
South Africa produces 70-75% of mined platinum supply. Miners there have said rolling power cuts could cut their output by 5-15% this year, Cooper said, adding that Russian production may also disappoint.
“We’re now entering the winter period in South Africa and getting more frequent alerts on power outages,” she said. “The market is concerned.”
Demand from the auto industry — the biggest consumer of platinum — should rise by 8% this year as vehicle production increases, said StoneX analyst Rhona O’Connell.
O’Connell forecasts a 900,000 ounce deficit in the roughly 8 million ounce a year platinum market this year. The WPIC predicts a shortfall of around 500,000 ounces.
Investors also hope that large amounts of platinum will be used in the production and use of hydrogen.
But analysts at Macquarie said this could take years. “In our base case, the sector (across fuel cells and PEM electrolysers) would account for around 220,000 of demand in 2030 but be approaching 2 million ounces by 2040,” they wrote in a note.
Analysts at Macquarie expect the auto industry to use more than 3 million ounces of platinum a year in the coming years.
VANCOUVER, BC / ACCESSWIRE /May 2, 2023 / Granite Creek Copper Ltd. (TSX.V:GCX)(OTCQB:GCXXF) (“Granite Creek” or the “Company” is pleased to provide additional detail on the acquisition of a 100% interest in the Lucky Ship molybdenum project (“LS Project”) from two arm’s-length vendors (“Vendors“), (see news release dated March 22,2023). The LS Project is located within the traditional territory of the Wet’suwet’en First Nation in central British Columbia and is in a region with a long history of mining, including the Endako molybdenum mine, the Huckleberry copper-molybdenum mine, the Equity silver mine, and others. The project is accessible year-round along a well-developed network of forestry roads, with a high-capacity power line within 50 kilometres and paved highway and rail line access within 85 kilometres.
Under the terms of the option agreement, the Company can acquire a 100% interest in the LS Project for the following consideration:
1. Issue the Vendors 3,7500,000 common shares as follows:
500,000 shares within 10 days following TSXV approval;
750,000 shares on or before the 12 month anniversary of TSXV approval (“Year One”);
1,000,000 shares on or before the 24 month anniversary of TSXV approval (“Year Two”); and
1,500,000 shares on or before the 36 month anniversary of TSXV approval (“Year Three”).
Keep the LS Project in good standing by completing work, filing Portable Assessment Credit or paying cash in lieu thereof of: (i) a minimum number of work credits equal to two years’ assessment credit on or before the conclusion of Year One; (ii) a minimum number of work credits equal to two years’ assessment credit on or before the conclusion of Year Two; and (iii) a minimum number of work credits equal to four years’ assessment credit on or before the conclusion of Year Three (the “Work”).
On completion of the share issuances and the Work, if the total aggregate cash value of the share issuances totals less than $300,000, then the Company will make a cash payment to the Vendors equal to the difference between the aggregate cash value of the share issuances and $300,000.
On exercise of the option agreement, the Company will grant the Vendors from and after commercial production an aggregate 2.0% net smelter returns royalty on the LS Project(the “NSR Royalty”). The Company shall have the right at any time to purchase the first 1% of the NSR Royalty for $500,000 and the remaining 1% NSR Royalty for $1,000,000.
The acquisition of the LS Project is subject to approval by the TSX Venture exchange.
Option Grant
Granite Creek further announces it has granted 300,000 incentive stock options (the “Options”) to a Director of the Company. The Options are exercisable for up to five years, expiring on May 2, 2028, and each Option will allow the holder to purchase one common share of the Company at a price of C$0.08 per share.
About Granite Creek Copper
Granite Creek, a member of the Metallic Group of Companies, is a Canadian exploration company focused on the exploration and development of critical minerals projects in North America. The company’s projects consist of its flagship 176 square kilometer Carmacks project in the Minto copper district of Canada’s Yukon Territory on trend with the high-grade Minto copper-gold mine, operated by Minto Metals Corp., the advance staged LS Molybdenum project and the copper-nickel-PGM Star project both located in central British Columbia. More information about Granite Creek Copper can be viewed on the Company’s website at www.gcxcopper.com.
This news release includes certain statements that may be deemed “forward-looking statements”. All statements in this release, other than statements of historical facts including, without limitation, statements regarding potential mineralization, historic production, estimation of mineral resources, the realization of mineral resource estimates, interpretation of prior exploration and potential exploration results, the timing and success of exploration activities generally, the timing and results of future resource estimates, permitting time lines, metal prices and currency exchange rates, availability of capital, government regulation of exploration operations, environmental risks, reclamation, title, and future plans and objectives of the company are forward-looking statements that involve various risks and uncertainties. Although Granite Creek Copper believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Forward-looking statements are based on a number of material factors and assumptions. Factors that could cause actual results to differ materially from those in forward-looking statements include failure to obtain necessary approvals, unsuccessful exploration results, changes in project parameters as plans continue to be refined, results of future resource estimates, future metal prices, availability of capital and financing on acceptable terms, general economic, market or business conditions, risks associated with regulatory changes, defects in title, availability of personnel, materials and equipment on a timely basis, accidents or equipment breakdowns, uninsured risks, delays in receiving government approvals, unanticipated environmental impacts on operations and costs to remedy same, and other exploration or other risks detailed herein and from time to time in the filings made by the companies with securities regulators. Readers are cautioned that mineral resources that are not mineral reserves do not have demonstrated economic viability. Mineral exploration and development of mines is an inherently risky business. Accordingly, the actual events may differ materially from those projected in the forward-looking statements. For more information on Granite Creek Copper and the risks and challenges of their businesses, investors should review their annual filings that are available at www.sedar.com.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
VANCOUVER, British Columbia, May 02, 2023 (GLOBE NEWSWIRE) — Rover Metals Corp. (TSXV: ROVR) (OTCQB: ROVMF) (FSE:4XO) (“Rover” or the “Company”) provides global geopolitical news on the lithium mining industry and announces the appointment of new consultants.
Geopolitical News On April 21, 2023, Chile’s President, Gabriel Boric, announced plans to nationalize Chile’s lithium mining industry. Chile is the world’s second largest producer of lithium, and the country with the largest lithium reserves. Albemarle, a lithium miner, is one of the largest stakeholders in Chilean lithium production. Albemarle is also the owner of the Silver Peak lithium brine mine in southwest Nevada. Rover’s Let’s Go Lithium project is also located in the prolific southwest Nevada lithium jurisdiction, approximately 240 km (150 miles) from the Silver Peak lithium mine.
Judson Culter, CEO at Rover Metals, states, “Albemarle may start looking in their backyard in Nevada for future expansion opportunities. We certainly hope that they do. The news out of Chile in late April re-emphasizes the importance of developing lithium projects closer to EV manufacturing centres, in jurisdictions like Nevada. The ultimate goal here is to support the EV industry by bringing consistent raw material lithium supply to market. Lithium demand is forecasted to continually grow through to 2040.”
Appointment of Hybrid Financial Hybrid Financial (“Hybrid”) has been engaged by the Company for a twelve-month period, commencing on May 1, 2023. Hybrid has been engaged to heighten market and brand awareness for Rover and to broaden the Company’s reach within the investment community. Hybrid is a sales and distribution company that actively connects issuers to the investment community across North America. Using a data driven approach, Hybrid provides its clients with comprehensive coverage of both American and Canadian markets. Hybrid Financial has offices in Toronto and Montreal.
Consultant Appointment and Stock Option Grant The Company has hired a Zurich, Switzerland, based consultant to provide business development consulting services in the key markets of London, England, Paris, France, and Zurich, Switzerland. Pursuant to the consulting agreement, a stock option grant of 250,000 stock options with an exercise price of $0.12 under the standard terms of the Company’s stock option plan (4-year life), has been awarded.
About Rover Metals Rover is a publicly traded junior mining company that trades on the TSXV under symbol ROVR, on the OTCQB under symbol ROVMF, and on the FSE under symbol 4XO. Rover is currently focussed on the development of a claystone lithium project in southwest Nevada, USA. Plans for 2023 include a reverse circulation drill program at the Let’s Go Lithium project.
The Company has a diverse portfolio of mining resource development projects with varying exploration timelines. Its critical mineral projects include lithium, zinc, and copper. Its precious metals projects include gold and silver. The Company is exclusive to the mining jurisdictions of Canada and the U.S.
You can follow Rover on its social media channels:
ON BEHALF OF THE BOARD OF DIRECTORS “Judson Culter” Chief Executive Officer and Director
For further information, please contact: Email: info@rovermetals.com Phone: +1 (778) 754-2855
Statement Regarding Forward-Looking Information This news release contains statements that constitute “forward-looking statements.” Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause Rover’s actual results, performance or achievements, or developments in the industry to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects,” “plans,” “anticipates,” “believes,” “intends,” “estimates,” “projects,” “potential” and similar expressions, or that events or conditions “will,” “would,” “may,” “could” or “should” occur. There can be no assurance that such statements prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements, and readers are cautioned not to place undue reliance on these forward-looking statements. Any factor could cause actual results to differ materially from Rover’s expectations. Rover undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.
THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS NEWS RELEASE REPRESENTS THE EXPECTATIONS OF THE COMPANY AS OF THE DATE OF THIS NEWS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY OTHER DATE. WHILE THE COMPANY MAY ELECT TO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME EXCEPT AS REQUIRED IN ACCORDANCE WITH APPLICABLE LAWS.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OF THIS RELEASE.
Company invites individual and institutional investors, as well as advisors and analysts, to attend in person or online at VirtualInvestorConferences.com
VANCOUVER, British Columbia, May 02, 2023 (GLOBE NEWSWIRE) — Dolly Varden Silver Corporation (TSXV: DV) (OTC: DOLLF), based in Vancouver, BC., focused on silver and gold exploration, today announced that Shawn Khunkhun, CEO & Director, will present live at the Metals and Mining Hybrid Virtual Investor Conference, hosted by VirtualInvestorConferences.com, on May 11th, 2023.
DATE: May 11th TIME: 10:00am EST LINK:https://bit.ly/433RPaN Available for 1×1 meetings: May 11th, 2023.
This will be a live, interactive in-person and online event where investors are invited to ask the company questions in real-time. If attendees are not able to join the event live on the day of the conference, an archived webcast will also be made available after the event. If you would like to attend the conference in-person at OTC Markets New York office, please contact events@otcmarkets.com
It is recommended that online investors pre-register and run the online system check to expedite participation and receive event updates.
Dolly Varden Silver Corporation is a mineral exploration company focused on advancing its 100% held Kitsault Valley Project (which combines the Dolly Varden Project and the Homestake Ridge Project) located in the Golden Triangle of British Columbia, Canada, 25kms by road to tide water. The 163 sq. km. project hosts the high-grade silver and gold resources of Dolly Varden and Homestake Ridge along with the past producing Dolly Varden and Torbrit silver mines. It is considered to be prospective for hosting further precious metal deposits, being on the same structural and stratigraphic belts that host numerous other, on-trend, high-grade deposits, such as Eskay Creek and Brucejack. The Kitsault Valley Project also contains the Big Bulk property which is prospective for porphyry and skarn style copper and gold mineralization, similar to other such deposits in the region (Red Mountain, KSM, Red Chris).
About Virtual Investor Conferences®
Virtual Investor Conferences (VIC) is the leading proprietary investor conference series that provides an interactive forum for publicly traded companies to seamlessly present directly to investors.
Providing a real-time investor engagement solution, VIC is specifically designed to offer companies more efficient investor access. Replicating the components of an on-site investor conference, VIC offers companies enhanced capabilities to connect with investors, schedule targeted one-on-one meetings and enhance their presentations with dynamic video content. Accelerating the next level of investor engagement, Virtual Investor Conferences delivers leading investor communications to a global network of retail and institutional investors.
CONTACTS:
Dolly Varden Silver Corporation Shawn Khunkhun President & CEO +1 604 609 5137 sk@dollyvardensilver.com
Virtual Investor Conferences John M. Viglotti SVP Corporate Services, Investor Access OTC Markets Group (212) 220-2221 johnv@otcmarkets.com
Vancouver, British Columbia, May 2, 2023 (NYSE American: EMX; TSX Venture: EMX; Frankfurt: 6E9) – EMX Royalty Corporation (the “Company” or “EMX”) is pleased to announce the execution of an exploration and option agreement for EMX’s Yarrol and Mt Steadman Projects in Queensland, Australia (the “Projects”) to Many Peaks Gold (ASX:”MPG”). The agreement provides EMX with cash payments, additional equity interests in MPG and work commitments during a fifteen month option period. Upon exercise of the option EMX will receive additional payments of cash and shares of MPG along with annual advance royalty payments, royalty interests and other considerations.
The Yarrol Project contains zones of gold and copper mineralization in addition to newly discovered areas with cobalt-enriched manganese oxide mineralization and heavy mineral sands deposits (see Figures 1 and 2). The Mount Steadman Project contained historically defined zones of gold mineralization in addition to areas of historic gold mining activities (see Figures 1 and 3). Both projects were acquired by EMX as part of recent regional assessments of prospectivity in eastern Australia via purchase agreements with third parties, and then greatly expanded by EMX via filing of exploration license applications.
MPG is currently an EMX partner on the Company’s nearby Queensland Gold project. Together with the Queensland Gold project, the addition of Yarrol and Mt Steadman to MPG’s portfolio builds a substantial property package with a diverse suite of mineral deposits and occurrences in central Queensland.
Commercial Terms Overview: All terms in US Dollars unless otherwise indicated. Upon execution, MPG will make a cash payment of $150,000, issue 850,000 shares of MPG stock to EMX and 1,000,000 stock options, with each option being exercisable for one share of MPG at a price of AUD $0.34 for 36 months.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
This news release may contain “forward looking statements” that reflect the Company’s current expectations and projections about its future results. These forward-looking statements may include statements regarding perceived merit of properties, exploration results and budgets, mineral reserve and resource estimates, work programs, capital expenditures, timelines, strategic plans, market prices for precious and base metal, or other statements that are not statements of fact. When used in this news release, words such as “estimate,” “intend,” “expect,” “anticipate,” “will”, “believe”, “potential” and similar expressions are intended to identify forward-looking statements, which, by their very nature, are not guarantees of the Company’s future operational or financial performance, and are subject to risks and uncertainties and other factors that could cause the Company’s actual results, performance, prospects or opportunities to differ materially from those expressed in, or implied by, these forward-looking statements. These risks, uncertainties and factors may include, but are not limited to: unavailability of financing, failure to identify commercially viable mineral reserves, fluctuations in the market valuation for commodities, difficulties in obtaining required approvals for the development of a mineral project, increased regulatory compliance costs, expectations of project funding by joint venture partners and other factors.
Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this news release or as of the date otherwise specifically indicated herein. Due to risks and uncertainties, including the risks and uncertainties identified in this news release, and other risk factors and forward-looking statements listed in the Company’s MD&A for the quarter ended December 31, 2022 (the “MD&A”), and the most recently filed Revised Annual Information Form (the “AIF”) for the year ended December 31, 2022, actual events may differ materially from current expectations. More information about the Company, including the MD&A, the AIF and financial statements of the Company, is available on SEDAR at www.sedar.com and on the SEC’s EDGAR website at www.sec.gov.
Figure 1. Location map for the Yarrol and Mt Steadman projects
Figure 2. Geological Map and Drill Hole Locations at Yarrol
Figure 3. Gold mineralization, historic soil anomalies and mine workings in the Chowey Goldfield, Mt Steadman Project
Historic soils results were collected by Probe Resources in 1995 and additional soils were collected by MGT Mining in 2019 to refine the anomaly.[6]
[6] Soil results are reported in MGT Mining Annual Report EPM 12834 for reporting period ending in December 2019. EMX has not performed sufficient work to verify the published assay data, and these data should not be relied upon until they can be confirmed. However, EMX considers the results to be reliable and relevant.
TORONTO, May 1, 2023 /CNW/ – Collective Mining Ltd. (TSXV: CNL) (OTCQX: CNLMF) (“Collective” or the “Company”) will be presenting at the OTC Markets Group Inc. Battery and Precious Metals Virtual Investor Conference on Wednesday, May 3, 2023, at 10:00am ET.
Collective Mining Logo (CNW Group/Collective Mining Ltd.)
Using the link below, investors can register and listen to the presentation, and take part in a question and answer session at the end. The presentation is expected to last 30 minutes.
An archived webcast will also be made available after the event.
Ari Sussman, Executive Chairman of Collective Mining will be presenting on the Apollo discovery at the Guayabales project in Colombia and will be focusing on the most recent drill results and outlining plans for the balance of 2023. The Apollo system is an outcropping, high-grade and bulk tonnage copper-silver-gold porphyry system. On April 25, 2023, the Company announced the discovery of a new subzone of high-grade mineralization beginning at surface with assay results yielding 104.8 metres @ 5.56 g/t gold equivalent including a 44.6 zone of oxide mineralization averaging 6.99 g/t gold equivalent. (see press release dated April 25, 2023 for AuEq calculation)
The Company’s Guayabales project is located in the mining-friendly department of Caldas, Colombia, in the heart of a long-established mining camp with ten fully permitted and operating mines located within three kilometres of the project. As a result, the Guayabales project is blessed with excellent infrastructure with roads and hydroelectric powerlines traversing the project and an abundant labour force located nearby in the townships of Supia and Marmato.
Three rigs continue to drill at Apollo with a fourth one expecting to be added by the end of Q2, 2023. Additional assay results are anticipated in the near term.
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 and test newly generated targets.
Management, insiders and close family and friends own nearly 45% of the outstanding shares of the Company and as a result, are fully aligned with shareholders. The Company is listed on the TSXV under the trading symbol “CNL” and on the OTCQX under the trading symbol “CNLMF”.
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, 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.
Burlington, Ontario–(Newsfile Corp. – April 27, 2023) – Silver Bullet Mines Corp. (TSXV: SBMI) (OTCQB: SBMCF) (‘SBMI’ or ‘the Company’) is pleased to provide an update on its first order for its silver products from a third-party (the “Purchaser”).
The first order, announced in detail on April 17, 2023, and the attendant USD$225,000 cash advance from the Purchaser empowers SBMI to fund the cost of processing the mineralized material from the Buckeye Mine without dilution to the shareholders. The Purchaser advises it carried out a detailed analysis of the silver dore bar sent earlier and advises it believes there are no material impurities in that bar. If the bar is representative of the silver to be delivered, SBMI would incur a minimal discount to spot prices and there would be no reduction in the amount payable to SBMI due to deleterious metals.
The current order is for 500 kg (17,600 ounces), and the Purchaser has indicated it intends to order that same amount per month for the foreseeable future. Each such monthly order would represent roughly USD$400,000 in revenue to SBMI at current spot price for silver.
The Debenture referred to in the April 17, 2023 press release would bear interest at the rate of 2% per month on the outstanding principal for one month, which interest begins to accrue after 30 days. If the conversion feature of the Debenture is triggered, the conversion price would be $0.22 per share.
There are approximately 2500 tons of mineralized material on surface at the Buckeye Mine site to be shipped to the mill on an as needed basis. Mining is ongoing. As per SBMI’s January 16, 2023 press release, SBMI is drifting along the vein to an area believed to contain higher grade mineralization (see page 8 of the Geologic Report dated January 8, 2021). At the current rate of mining that zone should be intercepted in approximately 4 weeks, although that timing may vary subject to the usual risks attendant on mining.
SBMI anticipates starting to process the current order this week by processing the material on hand at the mill/mine site, which has earlier returned high grades (see March 3, 2023 press release). Management believes the mill is operating at optimum efficiency.
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.
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North Vancouver, British Columbia–(Newsfile Corp. – April 25, 2023) – Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) (ASX: LLO) (“Lion One” or the “Company”) reports significant new high-grade results from grade control drilling at the Company’s 100% owned Tuvatu Alkaline Gold Project in Fiji.
Following on the initial mining and extraction of the URA1 lode, the Company is here reporting new high-grade results from grade control drilling on the URW1 lode system, approximately 120m further east. Mining of URW1 is expected to begin over the next 2-4 weeks. Strike drive development on URW1 has commenced.
Highlights of new high-grade gold mineralization intersected by grade control drilling:
Multiple bonanza grade zones have been intersected including:
88.07g/t Au over 5.7m (including 1,396g/t Au over 0.3m) (TGC-0034)
27.52g/t Au over 5.55m (TUG-056)
20.93g/t Au over 7.2m (TGC-0003)
16.12g/t Au over 9.3m (TGC-0014)
16.48g/t Au over 9.6m (TGC-0002)
14.6g/t Au over 6.6m (TGC-0032)
14.97g/t Au over 5.4m (TGC-0018)
10.85g/t Au over 6.9m (TGC-0013)
Visible was gold observed in several drill holes.
Figure 1. Plan map showing the locations of the URA1 and URW1 lodes (in red) relative to the main Tuvatu decline. The gray outlines indicate planned development to reach the URW1 lodes.
Close spaced grade control drilling has resulted in much higher resolution of the lode arrays as compared to previous infill drilling, including the identification of bonanza grade (>50g/t Au) zones.
The tightened drill pattern will facilitate optimised development and extraction of high-grade gold mineralization from the URW1 lodes while minimizing dilution. High-grade gold mineralization extracted from the URW1 lode system will contribute significantly to the growing high-grade stockpile constituting the initial feed for the Company’s plant and processing facility, on schedule for start-up in Q4 2023.
Mineralization Mineralization consists of abundant free gold, typically in association with light to dark gray chalcedonic quartz and roscoelite, locally accompanied by minor amounts of pyrite, sphalerite, galena and lesser chalcopyrite (Figure 3).
Figure 2. Long section view west of grade control drilling at URW1. Intersections >5m and 10g/t Au highlighted in red.
Figure 3. A) Coarse disseminated gold in a quartz-roscoelite veinlet, TGC-0034 67.5m. Sample returned 1396.3 g/t Au over 0.3m. B) Coarse gold in gray quartz veinlet, TGC-0034 81.6m. Sample returned 166.2 g/t Au over 0.9m. C) Coarse honey sphalerite rimmed by dark pyrite in variable light to dark gray quartz vein, TGC-0032 71.0m. Sample returned 112.9 g/t Au over 0.3m. D) Banded chalcedonic quartz-roscoelite-pyrite-fine native gold, TGC-0002 77.4m. Sample returned 44.3 g/t Au over 0.3m.
URW1 Lode System The URW1 lode system consists of narrow, high-grade to locally bonanza-grade vein arrays and vein swarms that strike approximately N-S and dip sub-vertically to steeply east and is located approximately 120m east of the URA1 lode (Figure 1, 2, 4).
As currently modelled based on earlier drilling, the URW1 lode measures approximately 300m in the NS-direction by approximately 300m of vertical extent, thus forming one of the major N-S trending lodes that have been recognized in this part of the Tuvatu deposit. The URW1 lode intersects with numerous flat-lying to moderately south-dipping EW veins referred to as the Murau lode system (Figure 4).
Grade control drilling has been conducted from both the new decline and the historic exploration adit (Figures 1 & 2). This drilling is targeting a 60m strike section of the URW1 system, within the >300m strike of the overall URW1 system. Detailed drilling of this nature is the first conducted at the project and has served to confirm both the location of structures and the extent of some of the higher-grade zones within the overall mineralized envelope. These bonanza zones (>50g/t Au * true width) have been intersected that show a considerably higher-grade than the previous wide-spaced resource drilling in the area. The high-grade zones are interpreted to relate to the intersection of the N-S URW1 lode with E-W striking structures such as the Murau lodes.
Figure 4. Plan view of 3D models illustrating the earlier interpretation of the URA1 and URW1 lodes (blue). The lighter pink shapes are the flat-lying stacked Murau lodes (left) and SKL lodes (right). Underground development is shown in red.
The URW1 lode system is interpreted as a series of parallel vein arrays.
This interpretation has come by way of a series of closely spaced grade control drill holes, drilled from two separate locations, east-directed drilling from the main decline, as well as west-directed drilling from the exploration decline (Figure 1). To date, a total of 34 diamond drill holes totalling approximately 3538m have been completed resulting in 5m to 10m spacing between adjacent holes covering a limited extent of the URW1 lode system. Despite the relatively limited size of the area drilled thus far, the grade control program has significantly increased the level of confidence in the geometry, widths, and grade distribution of the URW1 lodes, thereby allowing for detailed development planning.
Composited assay results for mineralized intervals interpreted as URW1 lodes in holes completed to date are presented in Table 1, with Tables 2 and 3 in the appendix containing full drill hole details. The URW1 lode system represents the next main area of mining and extraction of high-grade mineralization at Tuvatu. Development has commenced with first grade control and mapping expected shortly.
Table 1. Summary of composited drill results intersecting mineralization from the area of URW1 in this release. (TGC = new grade control drilling ordered by strongest intersections; TUDDH and TUG indicates previous exploration drilling (surface and underground) targeting this zone). For full results refer Table 2 in the appendix.
Hole ID
Grade (g/t Au)
Drill intersection width (m)
True Width (m)
TGC-0034
88.07
5.7
5.1
TUG-056
27.52
5.55
5.5
TGC-0003
20.93
7.2
6.5
TGC-0014
16.12
9.3
8.4
TGC-0002
16.48
9.6
8.2
TUG-058
100.21
0.85
0.85
TGC-0032
14.6
6.6
5.3
TGC-0018
14.97
5.4
4.9
TGC-0013
10.85
6.9
6.2
TGC-0011
11.04
5.4
4.6
TGC-0035
6.6
6.55
6.2
TGC-0019
11.57
3.6
3.4
TGC-0028
11.52
4.8
3.4
TGC-0031
8.86
5.1
4.1
TUDDH-350
21.11
2.7
1.7
TUDDH-349
14.37
9.73
2.4
TGC-0016
4.35
8.1
7.7
TUDDH-409
7.83
6.77
4.1
TGC-0005
10.14
3
2.4
TUDDH-219
8.33
14.15
2.9
TGC-0008
10.29
3
2.3
TUG-057
17.7
1.2
1.1
TURC-167
8.88
3
1.8
TGC-0009
4.58
3.6
3.2
TGC-0017
2.22
6.9
6.2
TGC-0036
5.16
3
2.3
TGC-0025
5.04
3
2.3
TGC-0029
1.6
3.3
2.6
TGC-0030
3.22
1.5
1.2
TGC-0015
2.39
1.8
1.4
TUDDH-225
0.73
0.9
0.9
TUG-123
0.32
0.95
0.8
TUDDH-075
0.84
0.35
0.25
TUG-125
0.2
0.54
0.3
About Tuvatu
The Tuvatu Alkaline Gold Project is located on the island of Viti Levu in Fiji. The January 2018 mineral resource for Tuvatu as disclosed in the technical report “Technical Report and Preliminary Economic Assessment for the Tuvatu Gold Project, Republic of Fiji”, dated September 25, 2020, and prepared by Mining Associates Pty Ltd of Brisbane Qld, comprises 1,007,000 tonnes indicated at 8.50 g/t Au (274,600 oz. Au) and 1,325,000 tonnes inferred at 9.0 g/t Au (384,000 oz. Au) at a cut-off grade of 3.0 g/t Au. The technical report is available on the Lion One website at www.liononemetals.com and on the SEDAR website at www.sedar.com.
Qualified Person In accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43- 101”), Sergio Cattalani, P.Geo, Senior Vice President Exploration, is the Qualified Person for the Company and has reviewed and is responsible for the technical and scientific content of this news release.
QAQC Procedures Lion One adheres to rigorous QAQC procedures above and beyond basic regulatory guidelines in conducting its sampling, drilling, testing, and analyses. The Company utilizes its own fleet of diamond drill rigs, using PQ, HQ and NQ sized drill core rods. Drill core is logged and split by Lion One personnel on site. Samples are delivered to and analyzed at the Company’s geochemical and metallurgical laboratory in Fiji. Duplicates of all samples with grades above 0.5 g/t Au are both re-assayed at Lion One’s lab and delivered to ALS Global Laboratories in Australia (ALS) for check assay determinations. All samples for all high-grade intercepts are sent to ALS for check assays. All samples are pulverized to 85% passing through 75 microns. Gold analysis is carried out using fire assay with an AA finish. Samples that have returned grades greater than 10.00 g/t Au are then re-analyzed by gravimetric method. For samples that return greater than 0.50 g/t Au, repeat fire assay runs are carried out and repeated until a result is obtained that is within 10% of the original fire assay run. Lion One’s laboratory can also assay for a range of 71 other elements through Inductively Coupled Plasma Optical Emission Spectrometry (ICP-OES), but currently focuses on a suite of 9 important pathfinder elements. All duplicate anomalous samples are sent to ALS labs in Townsville QLD and are analyzed by the same methods (Au-AA26, and Au-GRA22 where applicable). ALS also analyses 33 pathfinder elements by HF-HNO3-HClO4 acid digestion, HCl leach and ICP-AES (method ME-ICP61).
About Lion One Metals Limited Lion One’s flagship asset is 100% owned, fully permitted high grade Tuvatu Alkaline Gold Project, located on the island of Viti Levu in Fiji. Lion One envisions a low-cost high-grade underground gold mining operation at Tuvatu coupled with exciting exploration upside inside its tenements covering the entire Navilawa Caldera, an underexplored yet highly prospective 7km diameter alkaline gold system. Lion One’s CEO Walter Berukoff leads an experienced team of explorers and mine builders and has owned or operated over 20 mines in 7 countries. As the founder and former CEO of Miramar Mines, Northern Orion, and La Mancha Resources, Walter is credited with building over $3 billion of value for shareholders.
On behalf of the Board of Directors of Lion One Metals Limited “Walter Berukoff“, Chairman and CEO
Neither the TSX Venture Exchange nor its Regulation Service Provider accepts responsibility for the adequacy or accuracy of this release
This press release may contain statements that may be deemed to be “forward-looking statements” within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein are forward-looking information. Generally, forward-looking information may be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “proposed”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases, or by the use of words or phrases which state that certain actions, events or results may, could, would, or might occur or be achieved. This forward-looking information reflects Lion One Metals Limited’s current beliefs and is based on information currently available to Lion One Metals Limited and on assumptions Lion One Metals Limited believes are reasonable. These assumptions include, but are not limited to, the actual results of exploration projects being equivalent to or better than estimated results in technical reports, assessment reports, and other geological reports or prior exploration results. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Lion One Metals Limited or its subsidiaries to be materially different from those expressed or implied by such forward-looking information. Such risks and other factors may include, but are not limited to: the stage development of Lion One Metals Limited, general business, economic, competitive, political and social uncertainties; the actual results of current research and development or operational activities; competition; uncertainty as to patent applications and intellectual property rights; product liability and lack of insurance; delay or failure to receive board or regulatory approvals; changes in legislation, including environmental legislation, affecting mining, timing and availability of external financing on acceptable terms; not realizing on the potential benefits of technology; conclusions of economic evaluations; and lack of qualified, skilled labour or loss of key individuals. Although Lion One Metals Limited has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information. Lion One Metals Limited does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
Appendix 1: full drill results and drill details
Table 2. Composited results from grade control drillholes targeting the URW1 lodes
Hole ID
From (m)
To (m)
Interval (m)
Au (g/t)
TGC-0001
33.0
33.9
0.9
0.64
TGC-0002
77.1
77.4
0.3
44.25
TGC-0002
80.1
84.9
4.8
8.03
TGC-0002
including
80.1
82.2
2.1
11.60
TGC-0002
which includes
81.6
81.9
0.3
72.20
TGC-0002
and including
83.1
84.9
1.8
7.86
TGC-0002
89.4
97.5
8.1
13.07
TGC-0002
including
89.4
91.2
1.8
4.68
TGC-0002
including
92.1
97.5
5.4
17.97
TGC-0002
which includes
93.6
93.9
0.3
41.54
TGC-0002
and
93.9
94.2
0.3
45.40
TGC-0002
and
94.2
94.5
0.3
74.38
TGC-0002
and
94.5
94.8
0.3
38.43
TGC-0002
and
94.8
95.1
0.3
56.89
TGC-0002
100.2
103.8
3.6
7.93
TGC-0002
108.3
111.9
3.6
10.09
TGC-0002
including
108.3
109.2
0.9
4.05
TGC-0002
including
110.1
111.9
1.8
18.15
TGC-0002
which includes
111.0
111.3
0.3
77.72
TGC-0002
113.7
114.6
0.9
17.11
TGC-0003
52.5
53.4
0.9
2.79
TGC-0003
77.4
80.4
3.0
3.84
TGC-0003
including
77.4
77.7
0.3
5.34
TGC-0003
and
78.6
78.9
0.3
4.40
TGC-0003
and
79.2
79.5
0.3
27.18
TGC-0003
89.7
95.7
6.0
9.57
TGC-0003
including
89.7
93.3
3.6
14.63
TGC-0003
which includes
90.6
91.2
0.6
81.18
TGC-0003
98.0
99.2
1.2
0.95
TGC-0003
102.2
110.6
8.4
5.73
TGC-0003
including
102.2
107.0
4.8
7.97
TGC-0003
which includes
105.8
106.1
0.3
35.58
TGC-0003
and includes
107.3
108.5
1.2
6.84
TGC-0003
112.4
112.7
0.3
1.15
TGC-0003
115.1
116.0
0.9
59.85
TGC-0004
3.4
4.3
0.9
2.93
TGC-0005
75.3
75.9
0.6
2.11
TGC-0005
91.5
99.0
7.5
2.77
TGC-0005
including
93.3
94.2
0.9
10.67
TGC-0005
102.6
102.9
0.3
2.10
TGC-0005
104.1
104.7
0.6
21.01
TGC-0005
107.1
108.0
0.9
1.65
TGC-0005
109.8
110.4
0.6
0.78
TGC-0005
120.0
122.1
2.1
2.51
TGC-0005
including
121.8
122.1
0.3
14.83
TGC-0007
28.2
28.5
0.3
1.31
TGC-0008
74.8
76.9
2.1
10.51
TGC-0008
82.3
82.9
0.6
25.57
TGC-0008
94.0
94.3
0.3
4.20
TGC-0008
96.4
101.2
4.8
3.77
TGC-0008
including
96.4
98.5
2.1
3.73
TGC-0008
and
99.1
101.2
2.1
4.78
TGC-0008
105.1
105.7
0.6
2.78
TGC-0008
108.7
109.3
0.6
1.05
TGC-0008
110.8
111.4
0.6
2.16
TGC-0008
122.5
123.1
0.6
61.39
TGC-0009
18.6
21.3
2.7
0.91
TGC-0009
28.5
29.1
0.6
1.61
TGC-0009
30.9
31.5
0.6
8.33
TGC-0009
32.7
34.2
1.5
33.38
TGC-0009
49.5
49.8
0.3
10.54
TGC-0009
53.4
56.4
3.0
1.07
TGC-0009
61.2
61.5
0.3
1.97
TGC-0009
65.4
65.7
0.3
3.06
TGC-0009
66.9
67.8
0.9
6.10
TGC-0009
69.0
75.0
6.0
5.01
TGC-0009
including
69.6
70.2
0.6
4.66
TGC-0009
and
70.5
72.3
1.8
6.62
TGC-0009
and
72.9
73.5
0.6
6.80
TGC-0009
and
73.8
75.0
1.2
8.78
TGC-0009
76.5
78.0
1.5
0.97
TGC-0010
17.1
18.9
1.8
6.52
TGC-0010
including
17.1
17.4
0.3
37.04
TGC-0010
20.1
21.0
0.9
2.54
TGC-0010
23.4
30.3
6.9
2.67
TGC-0010
including
24.9
27.6
2.7
4.71
TGC-0010
36.0
36.9
0.9
8.92
TGC-0011
19.0
19.3
0.3
0.89
TGC-0011
22.3
23.8
1.5
7.56
TGC-0011
27.1
29.3
2.2
2.49
TGC-0011
including
27.1
28.0
0.9
5.34
TGC-0011
31.1
31.4
0.3
1.26
TGC-0011
32.6
35.3
2.7
7.64
TGC-0011
including
32.6
34.1
1.5
11.33
TGC-0011
and
34.4
35.3
0.9
4.04
TGC-0011
40.4
40.7
0.3
1.22
TGC-0011
52.7
53.3
0.6
1.91
TGC-0011
54.8
56.9
2.1
2.18
TGC-0011
58.7
59.9
1.2
2.62
TGC-0011
including
59.3
59.9
0.6
4.09
TGC-0011
63.2
66.5
3.3
2.68
TGC-0011
including
64.1
66.5
2.4
3.58
TGC-0011
68.6
75.8
7.2
6.72
TGC-0011
including
68.6
69.2
0.6
19.95
TGC-0011
which includes
68.9
69.2
0.3
37.28
TGC-0011
and
69.5
73.4
3.9
8.84
TGC-0011
which includes
71.0
71.3
0.3
59.70
TGC-0012
79.5
81.9
2.4
7.86
TGC-0012
including
79.5
79.8
0.3
59.46
TGC-0012
85.2
85.5
0.3
2.79
TGC-0012
87.3
88.5
1.2
5.11
TGC-0012
92.1
92.4
0.3
2.47
TGC-0012
98.4
99.6
1.2
1.32
TGC-0012
102.3
104.1
1.8
0.63
TGC-0012
105.9
106.2
0.3
4.67
TGC-0013
19.2
19.5
0.3
1.55
TGC-0013
23.1
23.7
0.6
1.28
TGC-0013
32.4
34.5
2.1
3.36
TGC-0013
including
32.4
33.0
0.6
6.97
TGC-0013
and
33.9
34.5
0.6
4.67
TGC-0013
42.9
43.5
0.6
1.16
TGC-0013
47.1
47.7
0.6
0.80
TGC-0013
50.4
51.3
0.9
13.58
TGC-0013
55.6
56.2
0.6
1.37
TGC-0013
67.6
70.3
2.7
5.70
TGC-0013
72.7
73.6
0.9
4.09
TGC-0013
75.1
79.3
4.2
11.03
TGC-0013
including
75.1
76.6
1.5
4.86
TGC-0013
and
77.2
78.1
0.9
8.51
TGC-0013
and
78.4
79.3
0.9
34.87
TGC-0013
which includes
78.7
79.3
0.6
49.52
TGC-0013
81.1
83.8
2.7
5.97
TGC-0013
94.3
97.6
3.3
1.21
TGC-0014
10.8
11.1
0.3
1.21
TGC-0014
19.2
19.5
0.3
1.03
TGC-0014
34.5
36.3
1.8
2.47
TGC-0014
including
34.5
35.4
0.9
3.38
TGC-0014
and
36.0
36.3
0.3
4.72
TGC-0014
42.6
42.9
0.3
3.21
TGC-0014
52.2
53.1
0.9
0.57
TGC-0014
56.1
56.4
0.3
1.69
TGC-0014
66.0
75.6
9.6
13.28
TGC-0014
including
66.0
66.9
0.9
54.81
TGC-0014
which includes
66.3
66.6
0.3
95.47
TGC-0014
and
66.6
66.9
0.3
67.96
TGC-0014
and
67.5
69.0
1.5
7.83
TGC-0014
and
69.3
72.6
3.3
9.89
TGC-0014
and
72.9
73.2
0.3
3.32
TGC-0014
and
74.1
75.0
0.9
32.29
TGC-0014
which includes
74.4
74.7
0.3
57.95
TGC-0014
and
74.7
75.0
0.3
38.34
TGC-0014
and
75.3
75.6
0.3
9.41
TGC-0014
80.7
84.6
3.9
7.69
TGC-0014
85.8
88.8
3.0
1.86
TGC-0014
92.4
95.1
2.7
1.10
TGC-0015
71.1
71.4
0.3
0.54
TGC-0015
87.3
87.9
0.6
2.17
TGC-0015
105.6
106.2
0.6
2.50
TGC-0016
38.7
43.5
4.8
6.22
TGC-0016
including
38.7
41.4
2.7
9.67
TGC-0016
which includes
40.8
41.1
0.3
45.75
TGC-0016
68.1
68.7
0.6
2.16
TGC-0016
70.8
71.4
0.6
2.55
TGC-0016
72.6
73.5
0.9
6.50
TGC-0016
81.0
83.4
2.4
14.23
TGC-0016
including
81.0
81.6
0.6
19.42
TGC-0016
and
81.9
83.4
1.5
14.99
TGC-0016
which includes
83.1
83.4
0.3
45.51
TGC-0016
84.6
85.5
0.9
1.86
TGC-0016
92.4
94.5
2.1
4.83
TGC-0016
95.7
97.8
2.1
3.58
TGC-0017
5.1
5.7
0.6
1.28
TGC-0017
17.4
17.7
0.3
4.32
TGC-0017
36.0
36.6
0.6
1.26
TGC-0017
38.7
44.1
5.4
9.39
TGC-0017
69.3
69.9
0.6
9.60
TGC-0017
72.3
73.8
1.5
3.03
TGC-0017
including
73.2
73.8
0.6
7.01
TGC-0017
76.8
77.4
0.6
65.63
TGC-0017
82.5
84.0
1.5
3.08
TGC-0018
78.9
79.5
0.6
0.92
TGC-0018
85.8
86.1
0.3
11.42
TGC-0018
88.5
90.6
2.1
5.67
TGC-0018
94.2
95.1
0.9
0.54
TGC-0018
96.3
97.2
0.9
0.63
TGC-0018
102.0
105.9
3.9
15.62
TGC-0018
109.2
111.0
1.8
2.74
TGC-0019
10.8
12.0
1.2
0.86
TGC-0019
13.8
16.5
2.7
2.31
TGC-0019
31.2
32.7
1.5
3.21
TGC-0019
40.2
45.0
4.8
16.05
TGC-0019
including
41.4
45.0
3.6
21.18
TGC-0019
which includes
42.6
42.9
0.3
49.70
TGC-0019
and
43.2
43.5
0.3
166.81
TGC-0019
51.0
52.2
1.2
2.60
TGC-0019
65.1
66.3
1.2
0.85
TGC-0019
70.5
79.8
9.3
4.92
TGC-0019
including
70.5
75.0
4.5
6.70
TGC-0019
and
75.3
76.5
1.2
7.69
TGC-0019
83.7
84.0
0.3
15.22
TGC-0019
95.7
96.9
1.2
9.13
TGC-0020
16.8
18.3
1.5
3.09
TGC-0020
24.3
26.4
2.1
0.92
TGC-0020
28.2
29.7
1.5
4.10
TGC-0021
4.4
5.0
0.6
1.40
TGC-0021
24.5
26.9
2.4
2.86
TGC-0021
including
24.5
25.4
0.9
6.34
TGC-0021
44.3
44.9
0.6
1.36
TGC-0021
74.0
74.3
0.3
0.65
TGC-0022
28.2
29.4
1.2
1.36
TGC-0022
54.6
54.9
0.3
1.04
TGC-0022
57.9
58.8
0.9
1.22
TGC-0022
66.9
70.5
3.6
2.31
TGC-0022
75.0
75.6
0.6
2.23
TGC-0023
90.2
90.8
0.6
1.71
TGC-0023
100.7
101.3
0.6
0.63
TGC-0024
13.8
14.4
0.6
0.50
TGC-0024
58.8
59.7
0.9
1.30
TGC-0024
65.4
65.7
0.3
0.54
TGC-0025
7.5
9.3
1.8
2.79
TGC-0025
including
7.5
8.4
0.9
5.22
TGC-0025
13.5
14.1
0.6
4.33
TGC-0025
15.6
16.5
0.9
0.68
TGC-0025
78.6
83.1
4.5
3.76
TGC-0025
including
78.6
79.2
0.6
4.69
TGC-0025
and
79.5
80.7
1.2
3.07
TGC-0025
and
81.0
83.1
2.1
4.91
TGC-0025
84.6
84.9
0.3
1.77
TGC-0025
87.0
87.3
0.3
6.55
TGC-0026
14.7
15.3
0.6
0.58
TGC-0026
28.8
29.7
0.9
2.28
TGC-0026
33.9
34.8
0.9
5.94
TGC-0026
39.9
40.8
0.9
10.20
TGC-0026
42.3
42.9
0.6
3.72
TGC-0026
71.7
72.0
0.3
0.65
TGC-0027
70.2
70.8
0.6
2.41
TGC-0027
80.7
82.2
1.5
3.75
TGC-0027
87.9
88.5
0.6
1.72
TGC-0027
93.6
94.2
0.6
2.46
TGC-0027
96.6
99.0
2.4
0.79
TGC-0027
104.4
105.9
1.5
4.98
TGC-0027
107.7
109.8
2.1
1.99
TGC-0027
including
109.5
109.8
0.3
11.28
TGC-0027
112.8
114.0
1.2
0.63
TGC-0028
8.7
9.6
0.9
1.02
TGC-0028
13.2
16.2
3.0
11.27
TGC-0028
78.0
78.9
0.9
0.63
TGC-0028
83.4
83.7
0.3
1.17
TGC-0028
85.2
85.8
0.6
0.55
TGC-0028
92.1
97.5
5.4
10.86
TGC-0028
including
92.1
93.6
1.5
26.67
TGC-0028
which includes
92.1
92.4
0.3
45.29
TGC-0028
and
92.4
92.7
0.3
72.80
TGC-0028
and
94.5
95.7
1.2
12.97
TGC-0028
and
96.6
97.5
0.9
3.44
TGC-0028
101.1
102.6
1.5
9.53
TGC-0029
14.7
16.2
1.5
10.82
TGC-0029
74.4
75.0
0.6
4.93
TGC-0029
83.7
86.7
3.0
1.00
TGC-0029
95.7
96.9
1.2
3.14
TGC-0030
18.0
19.2
1.2
56.88
TGC-0030
22.8
25.2
2.4
4.87
TGC-0030
including
24.0
25.2
1.2
9.62
TGC-0030
51.9
52.2
0.3
1.47
TGC-0030
54.6
54.9
0.3
3.60
TGC-0030
61.2
61.5
0.3
3.75
TGC-0030
71.4
72.0
0.6
20.01
TGC-0030
83.1
84.6
1.5
3.65
TGC-0030
88.8
92.4
3.6
0.97
TGC-0030
94.2
95.4
1.2
1.40
TGC-0031
13.5
20.4
6.9
6.60
TGC-0031
including
13.5
15.3
1.8
17.28
TGC-0031
which includes
14.1
14.7
0.6
34.62
TGC-0031
and
15.6
18.3
2.7
4.76
TGC-0031
and
19.2
19.5
0.3
3.25
TGC-0031
62.0
63.8
1.8
3.21
TGC-0031
including
62.9
63.8
0.9
5.88
TGC-0031
72.5
73.4
0.9
1.27
TGC-0031
74.9
75.8
0.9
6.93
TGC-0031
77.0
77.6
0.6
3.30
TGC-0031
82.4
85.1
2.7
3.12
TGC-0031
86.9
95.6
8.7
13.73
TGC-0031
including
86.9
89.9
3.0
10.80
TGC-0031
which includes
87.2
87.5
0.3
39.53
TGC-0031
and
87.5
87.8
0.3
36.62
TGC-0031
and including
90.5
91.1
0.6
28.85
TGC-0031
and
92.0
94.7
2.7
24.94
TGC-0031
which includes
92.6
92.9
0.3
116.56
TGC-0031
and
93.8
94.1
0.3
64.28
TGC-0031
and
95.3
95.6
0.3
6.90
TGC-0032
10.2
10.8
0.6
0.68
TGC-0032
18.0
18.3
0.3
32.02
TGC-0032
22.8
23.7
0.9
20.11
TGC-0032
52.2
52.8
0.6
2.66
TGC-0032
58.2
58.5
0.3
9.18
TGC-0032
69.6
72.0
2.4
19.46
TGC-0032
76.5
80.1
3.6
4.58
TGC-0032
85.2
87.3
2.1
14.59
TGC-0032
88.5
91.5
3.0
2.80
TGC-0032
including
88.5
89.7
1.2
5.59
TGC-0032
98.4
98.7
0.3
16.30
TGC-0032
106.2
107.1
0.9
41.62
TGC-0032
108.9
109.5
0.6
4.20
TGC-0034
21.6
23.7
2.1
24.84
TGC-0034
24.0
32.1
8.1
25.96
TGC-0034
including
24.0
24.9
0.9
14.30
TGC-0034
which includes
24.0
24.3
0.3
33.61
TGC-0034
and
25.2
32.1
6.9
28.61
TGC-0034
which includes
25.2
25.8
0.6
47.66
TGC-0034
and
30.3
30.6
0.3
59.31
TGC-0034
and
30.6
31.5
0.9
118.95
TGC-0034
56.1
56.4
0.3
0.90
TGC-0034
60.3
61.2
0.9
4.33
TGC-0034
66.3
69.9
3.6
120.76
TGC-0034
including
66.3
68.1
1.8
237.52
TGC-0034
which includes
67.5
67.8
0.3
1396.31
TGC-0034
and
69.0
69.9
0.9
7.92
TGC-0034
72.6
73.2
0.6
0.61
TGC-0034
74.7
75.6
0.9
5.70
TGC-0034
80.7
83.1
2.4
22.46
TGC-0034
including
81.6
82.5
0.9
57.46
TGC-0034
which includes
81.6
81.9
0.3
166.16
TGC-0034
and
82.8
83.1
0.3
4.25
TGC-0034
86.1
90.3
4.2
3.06
TGC-0034
including
88.8
90.3
1.5
7.06
TGC-0034
91.5
91.8
0.3
1.42
TGC-0034
93.0
94.2
1.2
1.06
TGC-0034
95.4
99.9
4.5
3.10
TGC-0034
including
98.7
99.9
1.2
9.10
TGC-0035
33.0
33.6
0.6
8.28
TGC-0035
36.0
37.5
1.5
6.21
TGC-0035
39.3
40.5
1.2
10.55
TGC-0035
48.0
51.9
3.9
4.33
TGC-0035
including
50.1
51.9
1.8
8.72
TGC-0035
which includes
51.0
51.3
0.3
46.28
TGC-0035
53.7
54.3
0.6
1.71
TGC-0035
56.1
65.1
9.0
3.70
TGC-0035
including
61.5
62.1
0.6
7.65
TGC-0035
and
62.7
63.9
1.2
11.80
TGC-0035
which includes
63.0
63.3
0.3
31.89
TGC-0035
and including
64.2
65.1
0.9
11.36
TGC-0035
67.5
72.9
5.4
3.44
TGC-0035
including
69.0
72.9
3.9
4.03
TGC-0035
74.7
77.7
3.0
4.38
TGC-0035
78.9
82.5
3.6
2.54
TGC-0035
including
80.1
82.5
2.4
3.24
TGC-0035
91.5
92.7
1.2
1.16
TGC-0036
11.4
12.0
0.6
2.50
TGC-0036
18.0
19.2
1.2
4.08
TGC-0036
52.5
53.4
0.9
0.74
TGC-0036
57.3
59.7
2.4
51.58
TGC-0036
70.5
71.4
0.9
11.52
TGC-0036
86.1
88.2
2.1
2.43
TGC-0036
including
87.0
88.2
1.2
3.84
TGC-0036
95.1
98.4
3.3
0.83
Table 3. Collar coordinates and dates of completion for grade control drillholes reported in this release. Coordinates are in Fiji map grid.
Vancouver, British Columbia–(Newsfile Corp. – April 25, 2023) – Goldshore Resources Inc. (TSXV: GSHR) (OTCQB: GSHRF) (FSE: 8X00) (“Goldshore” or the “Company“), is pleased to announce assay results from its 100,000-meter drill program at the Moss Gold Project in Northwest Ontario, Canada (the “Moss Gold Project” or “Moss Gold Deposit“).
Highlights:
Results from nine holes drilled to infill poorly tested parts of the Southwest Zone have delineated multiple high-grade structures within the broader mineralized envelope with best intercepts of:
Drill results prove that the Southwest Zone is a continuation of the Main Zone and not a fault offset as previously interpreted. Mapping and geophysical data, together with historical scout drilling, show that mineralization continues intermittently for another 3 kilometers to the southwest and that many of the better targets are yet to be drilled.
With drilling recently completed, the Company is preparing an updated mineral resource expected in May (“May 2023 MRE“). The May 2023 MRE will use data from an additional 72 holes compared to the November 2022 mineral resource estimate (“November 2022 MRE“). Mineralization in the resource area remains open in multiple directions.
President and CEO Brett Richards stated: “These results continue to support our thesis that the size and scale of the Moss Gold Project will be large enough to support a material and meaningful update to the mineral resource estimate, which is expected in early May 2023.
“These additional results highlighting the mineralization in the south-west zone augment the press release of April 20, 2023, and continue to expand the zone well outside the historical resource, still open in several directions and at depth. In addition to the May 2023 MRE, we still have 30 quality drill targets to be tested. These include gold, coppercobalt, and polymetallic prospects. We have drilled less than 10% of the identified targets on our land package and are currently building a plan to drill test the better targets. It will be an exciting period when we are ready to evaluate the additional resource potential of the larger inventory of targets within our land package.
“We have focused on the currently defined portion of the Moss Gold Deposit as a meaningful Phase One Project that Goldshore itself can build. The Moss Gold Deposit remains open at depth and through several yet-to-be drilled parallel structures; and it is part of an overall 8-kilometer strike length of gold mineralization in drill holes. This strongly suggests that the Phase One Project is part of a much larger total project.”
Technical Overview
Figure 1 shows the location of the drill holes in this press release and Figure 2 shows a close up of the drilled area with significant intercepts. Figure 3 is a typical section through hole MMD-23-116, -118A. Table 1 shows the significant intercepts. Table 2 shows the drill hole locations.
Figure 1: Location of drill holes in this release relative to the November 2022 MRE and $1,500 open pit shell constraint.
Figure 3: Drill section through holes MMD-23-116 and -118A showing the significant expansion of the mineralized model beneath the November 2022 MRE and $1,500 open pit shell constraint, which should add to mineral resources in the May 2023 MRE.
The Southwest Zone was previously considered to be a small fault-offset extension of the Main Zone. As a result, it was poorly drilled, which led to the definition of only a small open pit-constrained Mineral Resource (Figure 1 and 2).
Oriented core measurements from earlier drilling showed a significant change in strike of the Southwest Zone, revealing it to be 035º rather than the assumed 065º strike based on the known orientation of the Main and QES Zones. The nine holes reported herein were drilled perpendicular to the new strike to infill a poorly drilled volume in the center of the Southwest Zone at a closer spacing (30 meters) along each section to confirm the continuity of high-grade shears. This should enable greater confidence in the resource and an expansion of the open pit constraints at depth.
Holes MMD-22-111, MMD-23-116, -118A, and -119 intersected several high-grade shears (e.g., 0.65m @ 36.8 g/t Au in MMD-23-116) hosting quartz-carbonate veinlets with up to 3-5% pyritechalcopyrite within a strongly albite-hematite and silica-sericite-pyrite and carbonate altered diorite intrusion complex (Figure 4). The shears anastomose along the same orientation of the zone and trend beyond the area explored by historical drilling.
Holes MMD-22-107, -110, MMD-23-115, -117, -120 intersected wide intervals of low-grade mineralization within the altered intrusion containing localized narrow higher-grade shears. The results are similar to those encountered in the historic drilling and include:
0.58 g/t Au over 37.7m from 11.3m depth in MMD-22-107
0.41 g/t Au over 50.95m from 7.0m depth in MMD-22-110
0.38 g/t Au over 55.1m from 231.9m depth in MMD-23-116
0.43 g/t Au over 122.3 from 24.7m depth in MMD-23-117
0.58 g/t Au over 81.8 from 369.2m depth in MMD-23-118A
0.51 g/t Au over 122.8m from 116.0m depth in MMD-23-119 and
0.61 g/t Au over 33.2m from 447.85m depth
Hole MMD-22-107, -110, and -111 represent the most western holes drilled to date in the Southwest Zone, including historical drilling. They illustrate the continued potential to expand the Moss Gold Deposit beyond the original footprint with the newly understood orientation of the shear structures trending southwest of the historical exploration drilling. Gold has been intersected in scout drill holes over a further three kilometers along strike. Our airborne VTEM/magnetics data show that more favourable targets exist along this corridor in areas that have yet to be drilled.
Figure 4: Drill core from 416.4 – 417.05m (0.65 m @ 36.8 g/t Au) in MMD-23-116 highlighting a pyrite + chalcopyrite mineralized quartz-carbonate vein within the sheared, altered intrusion.
Pete Flindell, VP Exploration for Goldshore, said, “These results show that the Southwest Zone is much better mineralized than historical drillholes suggested. They also show that the Moss Gold Deposit is yet to be closed off, confirming our belief that this is a much bigger mineralized system than is appreciated.”
Table 1: Significant downhole gold intercepts
HOLE ID
FROM
TO
LENGTH (m)
TRUE WIDTH (m)
CUT GRADE (g/t Au)
UNCUT GRADE (g/t Au)
MMD-22-107
11.30
49.00
37.70
24.4
0.58
0.58
including
25.30
30.70
5.40
3.5
2.93
2.93
97.10
101.80
4.70
3.2
0.40
0.40
113.20
122.45
9.25
6.3
0.35
0.35
175.20
177.50
2.30
1.6
0.95
0.95
193.60
201.50
7.90
5.5
0.33
0.33
210.10
217.00
6.90
4.9
0.30
0.30
222.05
225.50
3.45
2.4
0.43
0.43
236.00
251.00
15.00
10.7
0.32
0.32
334.00
344.00
10.00
7.5
0.65
0.65
including
334.00
336.00
2.00
1.5
1.77
1.77
MMD-22-110
7.00
57.95
50.95
33.3
0.41
0.41
73.05
83.55
10.50
7.0
0.35
0.35
88.15
97.00
8.85
6.0
0.38
0.38
104.45
112.00
7.55
5.2
0.53
0.53
127.00
132.90
5.90
4.1
0.49
0.49
166.00
169.00
3.00
2.1
0.39
0.39
174.00
182.00
8.00
5.7
0.68
0.68
202.95
208.00
5.05
3.6
0.35
0.35
241.80
255.00
13.20
9.8
0.31
0.31
273.60
277.00
3.40
2.5
0.82
0.82
301.00
319.00
18.00
13.6
0.57
0.57
including
315.05
319.00
3.95
3.0
1.83
1.83
336.00
342.00
6.00
4.6
0.34
0.34
379.00
388.00
9.00
7.1
1.37
1.37
including
379.00
381.00
2.00
1.6
4.02
4.02
MMD-22-111
83.00
101.15
18.15
12.6
0.30
0.30
102.80
109.60
6.80
4.8
0.31
0.31
115.40
122.90
7.50
5.3
0.60
0.60
133.00
148.90
15.90
11.5
0.51
0.51
161.70
166.00
4.30
3.1
0.32
0.32
180.00
184.10
4.10
3.0
0.42
0.42
231.00
240.85
9.85
7.4
0.30
0.30
290.00
293.00
3.00
2.3
0.50
0.50
375.30
392.20
16.90
13.5
1.47
1.47
including
386.00
391.60
5.60
4.5
3.88
3.88
including
391.00
391.60
0.60
0.5
16.1
16.1
456.00
458.05
2.05
1.7
0.32
0.32
487.90
490.00
2.10
1.7
0.36
0.36
MMD-23-115
56.00
77.60
21.60
15.2
0.48
0.48
88.40
97.35
8.95
6.3
0.69
0.69
including
93.40
96.00
2.60
1.8
1.50
1.50
111.00
113.25
2.25
1.6
0.50
0.50
120.30
132.60
12.30
8.7
0.53
0.53
207.00
210.00
3.00
2.2
0.42
0.42
215.00
219.00
4.00
2.9
0.66
0.66
241.60
251.00
9.40
7.0
0.32
0.32
257.00
259.55
2.55
1.9
0.33
0.33
280.20
282.50
2.30
1.7
0.44
0.44
MMD-23-116
65.00
67.00
2.00
1.4
0.55
0.55
176.00
178.00
2.00
1.5
0.32
0.32
221.15
226.70
5.55
4.2
0.33
0.33
231.90
287.00
55.10
42.8
0.38
0.38
297.30
307.00
9.70
7.6
0.44
0.44
316.60
348.40
31.80
25.3
0.47
0.47
359.00
377.00
18.00
14.4
0.58
0.58
including
374.00
377.00
3.00
2.4
1.61
1.61
400.85
437.85
37.00
30.1
1.34
1.46
including
405.55
418.60
13.05
10.6
3.25
3.59
including
416.40
417.05
0.65
0.5
30.0
36.8
MMD-23-117
24.70
147.00
122.30
82.7
0.43
0.43
including
45.00
47.00
2.00
1.3
2.22
2.22
and
67.05
71.00
3.95
2.7
1.30
1.30
and
106.00
114.00
8.00
5.5
1.79
1.79
165.65
182.75
17.10
11.8
0.41
0.41
217.35
258.00
40.65
28.5
0.35
0.35
including
217.35
219.40
2.05
1.4
1.86
1.86
307.00
310.00
3.00
2.1
0.45
0.45
353.00
388.00
35.00
25.3
0.31
0.31
404.65
414.10
9.45
6.9
0.99
0.99
including
404.65
412.90
8.25
6.0
1.03
1.03
446.00
448.00
2.00
1.5
0.62
0.62
MMD-23-118A
35.85
45.00
9.15
5.5
0.88
0.88
101.00
109.00
8.00
5.1
0.96
0.96
202.00
220.00
18.00
12.3
0.31
0.31
241.30
249.10
7.80
5.4
0.30
0.30
261.05
279.00
17.95
12.6
0.68
0.68
including
271.55
274.10
2.55
1.8
3.66
3.66
290.20
310.00
19.80
14.1
0.67
0.67
including
306.90
309.00
2.10
1.5
1.79
1.79
369.20
451.00
81.80
60.7
0.58
0.58
including
374.80
379.00
4.20
3.1
1.03
1.03
and
389.45
391.90
2.45
1.8
1.45
1.45
and
409.00
423.00
14.00
10.4
1.63
1.63
461.95
467.10
5.15
3.9
0.59
0.59
483.00
485.00
2.00
1.5
2.44
2.44
495.05
516.55
21.50
16.4
0.37
0.37
MMD-23-119
84.75
96.00
11.25
7.8
0.30
0.30
116.00
238.80
122.80
87.8
0.51
0.51
including
157.00
167.95
10.95
7.8
1.97
1.97
including
165.20
165.90
0.70
0.5
19.4
19.4
and
189.80
192.95
3.15
2.3
1.48
1.48
305.00
329.50
24.50
18.2
0.41
0.41
362.00
365.05
3.05
2.3
0.51
0.51
414.00
417.00
3.00
2.3
0.43
0.43
431.20
437.20
6.00
4.6
0.31
0.31
439.00
441.05
2.05
1.6
0.32
0.32
447.85
481.05
33.20
25.6
0.61
0.61
including
479.00
481.05
2.05
1.6
3.45
3.45
508.00
514.40
6.40
5.0
0.58
0.58
MMD-23-120
12.90
31.95
19.05
12.4
0.59
0.59
43.65
61.10
17.45
11.4
0.30
0.30
63.00
125.00
62.00
40.9
0.32
0.32
137.85
154.30
16.45
11.0
0.33
0.33
165.90
170.00
4.10
2.7
0.37
0.37
175.00
178.85
3.85
2.6
0.80
0.80
208.20
211.55
3.35
2.3
0.43
0.43
241.15
263.20
22.05
15.2
0.30
0.30
276.00
282.10
6.10
4.2
0.61
0.61
352.00
377.00
25.00
17.7
0.47
0.47
including
368.00
370.05
2.05
1.5
1.15
1.15
Intersections calculated above a 0.3 g/t Au cut off with a top cut of 30 g/t Au and a maximum internal waste interval of 10 metres. Shaded intervals are intersections calculated above a 1.0 g/t Au cut off. Intervals in bold are those with a grade thickness factor exceeding 20 gram x metres / tonne gold. True widths are approximate and assume a subvertical body.
Table 2: Location of drill holes in this press release
HOLE
EAST
NORTH
RL
AZIMUTH
DIP
EOH
MMD-22-107
668,208
5,378,030
442
127°
-50°
450
MMD-22-110
668,166
5,378,056
448
126°
-50°
402
MMD-22-111
668,147
5,378,114
445
143°
-50°
552
MMD-23-115
668,388
5,378,145
429
125°
-45°
324
MMD-23-116
668,387
5,378,392
446
124°
-49°
525
MMD-23-117
668,334
5,378,203
435
124°
-49°
450
MMD-23-118a
668,375
5,378,401
444
126°
-54°
552
MMD-23-119
668,277
5,378,239
447
126°
-50°
525
MMD-23-120
668,255
5,378,123
436
125°
-49°
450
Analytical and QA/QC Procedures
All samples were sent to ALS Geochemistry in Thunder Bay for preparation and analysis was performed in the ALS Vancouver analytical facility. ALS is accredited by the Standards Council of Canada (SCC) for the Accreditation of Mineral Analysis Testing Laboratories and CAN-P-4E ISO/IEC 17025. Samples were analyzed for gold via fire assay with an AA finish (“Au-AA23”) and 48 pathfinder elements via ICP-MS after four-acid digestion (“ME-MS61”). Samples that assayed over 10 ppm Au were re-run via fire assay with a gravimetric finish (“Au-GRA21”).
In addition to ALS quality assurance / quality control (“QA/QC”) protocols, Goldshore has implemented a quality control program for all samples collected through the drilling program. The quality control program was designed by a qualified and independent third party, with a focus on the quality of analytical results for gold. Analytical results are received, imported to our secure on-line database and evaluated to meet our established guidelines to ensure that all sample batches pass industry best practice for analytical quality control. Certified reference materials are considered acceptable if values returned are within three standard deviations of the certified value reported by the manufacture of the material. In addition to the certified reference material, certified blank material is included in the sample stream to monitor contamination during sample preparation. Blank material results are assessed based on the returned gold result being less than ten times the quoted lower detection limit of the analytical method. The results of the on-going analytical quality control program are evaluated and reported to Goldshore by Orix Geoscience Inc.
Grant of Stock Options and RSUs
In addition, the Company announces that it has granted a total of 4,100,000 stock options (“Options“) to purchase common shares of the Company to certain directors, officers, employees and consultants. Such Options are exercisable into common shares of the Company at an exercise price of $0.25 per common share for a period of five years from the date of grant. Of the Options, 3,900,000 will vest 1/3 on October 24, 2023, 1/3 on October 24, 2024, and 1/3 on October 24, 2025; and 200,000 will vest 1/3 immediately and 1/3 annually thereafter. All Options expire on April 24, 2028.
The Company has also issued a total of 1,673,968 restricted share units (“RSUs“) to certain directors and officers of the Company. The RSUs will fully vest on the date that is one year from the date of grant. Once vested, each RSU represents the right to receive one common share of the Company, the equivalent cash value thereof, or a combination of the two, at the Company’s discretion. The grant of Options and issuance of RSUs have been made in accordance with the Company’s Omnibus Incentive Plan (the “Plan“) that was approved by the Company’s directors on November 8, 2022. The Plan remains subject to the approval of the shareholders of the Company at its next Annual General and Special Meeting. Any grants of share-based compensation made under the Plan will also be subject to the approval of disinterested shareholders at the next Annual General and Special Meeting of the Company.
In addition, certain directors and officers of the Company have agreed to forgive an aggregate of $168,833 of debt, representing accrued consulting fees incurred during the period from January 2023 to March 2023 and directors’ fees incurred during the period from July 2022 to March 2023.
About Goldshore
Goldshore is an emerging junior gold development company and owns 100% of the Moss Gold Project located in Ontario, with Wesdome Gold Mines Ltd. being a large shareholder. 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.
Peter Flindell, P.Geo., MAusIMM, MAIG, Vice President – Exploration of the Company, a qualified person under NI 43-101 has approved the scientific and technical information contained in this news release.
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.
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, 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.
