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Base Metals Energy Junior Mining Precious Metals Uncategorized

Stillwater Critical Minerals Announces 9.99% Strategic Investment by Glencore

VANCOUVER, BC / ACCESSWIRE / June 23, 2023 / Stillwater Critical Minerals Corp. (TSXV:PGE)(OTCQB:PGEZF) (the “Company” or “Stillwater”) announced today that it has executed a definitive agreement for a strategic equity investment by Glencore Canada Corporation, a wholly-owned subsidiary of Glencore plc (“Glencore”) in the form of a non-brokered private placement financing (the “Placement) for exploration and development activities at the Company’s North American nickel projects, as well as for working capital and general and administrative expenses.

Pursuant to the Placement, Glencore has agreed to purchase 19,758,861 units of Stillwater at a price of $0.25 per unit for gross proceeds of $4.94 million, with each unit comprising one common share and 0.70 of a common share purchase warrant. Each full warrant shall entitle Glencore to purchase one common share at an exercise price of $0.375, providing up to approximately $5.2 million additional funding, if exercised in full. The warrants shall be exercisable for three years from the date of issue and contain a customary acceleration provision, which shall be effective if the volume weighted average trading price of the common shares on the TSX-V is greater than $0.5625 for a period of 20 consecutive trading days.

Following closing of the investment, Glencore will have ownership and control of 9.99% of the outstanding common shares of Stillwater on a non-diluted basis and, including the warrants, 15.87% of the outstanding common shares on a partially diluted basis. Glencore does not currently own or control any securities of the Company.

Stillwater Critical Minerals President and CEO, Michael Rowley, stated, “We are very pleased to welcome Glencore, one of the top five largest mining companies in the world, as a major investor. This represents a major step forward for Stillwater as we advance our flagship Stillwater West project with the vision of becoming a large-scale source of battery and precious minerals that are now listed as critical in the US, and elsewhere. There are very few projects globally, and especially located within the United States, that offer the combination of grade and scale in a producing district that we see at Stillwater West. We are now booking drills and crews for our 2023 drill campaign with a focus on expansion of the high-grade nickel-copper sulphides identified in our past campaigns. We look forward to announcing further details in the coming weeks, along with the start of drilling.”

In connection with the Placement, Stillwater and Glencore have agreed to enter into an investor rights agreement, pursuant to which Glencore will be entitled to certain customary rights including participation in future equity issuances and a right to maintain its pro-rata position in Stillwater.

In addition, a technical committee will be formed with representatives from each company.

Net proceeds of the private placement are intended to be used for exploration and development activities at the Company’s North American nickel projects, as well as for working capital and general and administrative expenses.

The Placement is expected to close, subject to customary conditions, upon acceptance by the TSX Venture Exchange. All securities issued pursuant to the Placement will be subject to a four-month hold period from the date of issuance in accordance with applicable securities laws.

This press release is not an offer or a solicitation of an offer of securities for sale in the United States of America. The common shares of Stillwater Critical Minerals have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration.

About Glencore and its Holdings in the Company

Glencore is one of the world’s largest global diversified natural resource companies and a major producer and marketer of more than 60 commodities that advance everyday life. Through a network of assets, customers and suppliers that spans the globe, Glencore produces, processes, recycles, sources, markets and distributes the commodities that support decarbonisation while meeting the energy needs of today.

With around 140,000 employees and contractors and a strong footprint in over 35 countries in both established and emerging regions for natural resources, Glencore’s marketing and industrial activities are supported by a global network of more than 40 offices.

Glencore’s customers are industrial consumers, such as those in the automotive, steel, power generation, battery manufacturing and oil sectors. Glencore also provides financing, logistics and other services to producers and consumers of commodities.

Glencore is proud to be a member of the Voluntary Principles on Security and Human Rights and the International Council on Mining and Metals. Glencore is an active participant in the Extractive Industries Transparency Initiative and is working to decarbonise its operational footprint.

Certain information in this news release is provided by Glencore in satisfaction of the early warning requirements of National Instrument 62-104 – Take-Over Bids and Issuer Bids. Glencore is acquiring the common shares and warrants for investment purposes and will continue to monitor the business, prospects, financial condition and potential capital requirements of the Company. Depending on its evaluation of these and other factors, Glencore may from time to time in the future decrease or increase its direct or indirect ownership, control or direction over securities of the Company through market transactions, private agreements, subscriptions from treasury or otherwise, or may in the future develop plans or intentions relating to any of the other actions listed in (a) through (k) of National Instrument 62-103F1- Required Disclosure Under the Early Warning Requirements.

For the purposes of this press release and early warning disclosure, the number and percentages of outstanding common shares owned and controlled by Glencore following completion of the investment is based on 197,786,398 outstanding common shares following completion of the investment.

Glencore’s address is 100 King Street West, Suite 6900, P.O. Box 403, Toronto, Ontario, Canada, M5X 1E3. Glencore is incorporated under the laws of Ontario. An early warning report in respect of the investment will be filed under the Company’s profile on SEDAR at www.sedar.com. For a copy of the report or for further Glencore information, please contact Peter Fuchs at (416) 305-9273, peter.fuchs@glencore.ca.

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 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.

The Company’s address is 904, 409 Granville Street, Vancouver, British Columbia, V6C 1T2.

FOR FURTHER INFORMATION, PLEASE CONTACT:

Michael Rowley, President, CEO & Director – Stillwater Critical Minerals

Email: info@criticalminerals.com
Web: http://criticalminerals.com
Phone: (604) 357 4790
Toll Free: (888) 432 0075

Forward-Looking Statements

This news release includes certain statements that may be deemed “forward-looking statements”. All statements in this release, other than statements of historical facts including, without limitation, statements regarding potential mineralization, historic production, estimation of mineral resources, the realization of mineral resource estimates, interpretation of prior exploration and potential exploration results, the timing and success of exploration activities generally, the timing and results of future resource estimates, permitting time lines, metal prices and currency exchange rates, availability of capital, government regulation of exploration operations, environmental risks, reclamation, title, and future plans and objectives of the company are forward-looking statements that involve various risks and uncertainties. Although Stillwater 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 Stillwater 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.

SOURCE: Stillwater Critical Minerals



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Categories
Uncategorized

Terra Balcanica Closes Second Tranche Of Financing And Starts Phase II Drilling At Brezani Porphyry Target In Bosnia

Vancouver, British Columbia, June 22, 2023 (GLOBE NEWSWIRE) — Terra Balcanica Resources Corp. (“Terra” or the “Company”) (CSE:TERA; FRA:UB1) is pleased to announce closing of the 2nd tranche of the non-brokered private placement financing (the “Offering”) of units (the ”Units”) and recommences drilling of the 1.2 km wide Brezani porphyry target at its flagship Viogor-Zanik project in Bosnia and Herzegovina.

Second Tranche Private Placement Financing Closed
The Company issued an aggregate of 3,620,564 Units at a price of $0.085 per Unit for gross proceeds of $307,748 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 June 22nd, 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 $10,465 were paid.

Aleksandar Mišković, President, CEO and a director (the “Insider”), purchased 147,059 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 an Insider 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 October 22nd, 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.
Shares for Debt
The Company has agreed to settle outstanding debt in the amount of CDN$50,000 (the “Debt”) owing to a creditor (the “Creditor”) by issuing an aggregate of 588,236 common shares in the capital of the Company (the “Common Shares”) at a price of $0.085 per Common Share (the “Shares for Debt Transaction”). The Creditor is a private company 100% owned by Aleksandar Ilic, a director and shareholder of the Company.   The Board of Directors has determined it is in the best interests of the Company to settle the outstanding Debt through the issuance of the Common Shares in order to preserve the Company’s cash for ongoing operations.

The issuance of the Common Shares to the Creditor 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.

Closing of the Shares for Debt Transaction is subject to customary closing conditions and intended to close as soon as practicable. The Common Shares to be issued pursuant to the Shares for Debt Transaction will be subject to a hold period of four (4) months and one (1) day from the date of issuance.

Shares for Services
The Company entered into an arm’s length shares for services agreement dated April 18th, 2023 (the “Agreement“) with a company providing drilling services at Terra’s Viogor-Zanik property (the “Service Provider”). For completion of services rendered under the Agreement between April 18th, 2023 and June 19th, 2023 the Company intends to issue (i) 984,378 units of the Company (“Consideration Units”) to the Service Provider, with each Consideration Unit consisting of one common share in the capital of the Company (a “Share”) and one common share purchase warrant (a “Warrant”). Each Warrant will entitle the holder thereof to acquire one additional Share for a period of 36 months from the date of issuance at an exercise of $0.13. Each Consideration Unit will be issued at a deemed price of $0.085.

Closing of the distribution of Consideration Units pursuant to the Agreement is subject to customary closing conditions and intends to close as soon as practicable. The Common Shares to be issued pursuant to the Shares for Debt Transaction will be subject to a hold period of four (4) months and one (1) day from the date of issuance.

Phase II Drilling Starts at Brezani Target
The Company is recommencing diamond core drilling of the Brezani porphyry system to test a > 600 m wide conductivity anomaly at the centre of a 1.2 km wide anomalously magnetic volume of rock overprinted by potassic alteration under a gold-bearing skarn discovered in 2022 (Figure 1). Drilling within this electrically resistive unit returned 88.0 m of 0.61 g/t AuEq from surface (see company news release dated 24th of January 2023).

Concurrently with the Phase 2 Cumavici drilling program at Viogor-Zanik Terra’s geology team has expanded the strike length of calc-silicate hornfels at Brezani to over 800 m NW-SE and 275 m NE-SW thus expanding the volume of gold-bearing rock to drill test. Sulphide content and grain size increases to the south of the trend, indicating a possible proximity indicator to intrusive contact. The package of calc silicates is interpreted as a mineralized shoulder to the porphyry intrusion.

Figure 1. Conductivity profile of the Brezani target with >95th percentile magnetic anomaly. BREDD002 tested the resistive volume above an abrupt change into coincident high magnetic and elevated electrical conductivity response below 300 m depth which culminates at >60 mS/m at 450 m of depth. Dashed line represents distance from the end of BREDD002 to the top of conductor. (Click here to view image)

Moving 700 m NE from the centre of the calc-silicates, pervasive argillic alteration of a granodioritic unit crops out over 600 m strike length representing the shallowest part of the porphyry system. Within this argillic alteration newly recognized massive specular hematite veining is present, indicative of oxidized hydrothermal fluids, adjacent to gold-bearing hydrothermal breccias. The alteration consists of a silicified groundmass and clay or vugs present after plagioclase feldspar destruction. Secondary, euhedral quartz and arsenopyrite-pyrite-galena-sphalerite can be seen infilling these vugs, offering yet another style of mineralization at the Brezani target.

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 Copper Bullet Mines Energy

AIM6 Enters into Binding Letter of Intent for Qualifying Transaction

Copper Bullet Mines, Proven and Probable

​TORONTO, ONTARIO – April 17, 2023 – AIM6 Ventures Inc. (TSXV: AIMF.P) (“AIM6” or the “Company”) and Copper Bullet Mines Inc. (“CBMI”) are pleased to announce that they have entered into a binding letter of intent dated April 17, 2023, pursuant to which AIM6 and CBMI intend to complete a business combination or other similarly structured transaction which will constitute a reverse take-over of AIM6 (the “Transaction”). It is intended that the Transaction will be an arm’s length “Qualifying Transaction” for AIM6, as such term is defined in Policy 2.4 of the Corporate Finance Manual of the TSX Venture Exchange (the “TSXV”).

Upon consummation of the definitive agreement (the “Definitive Agreement”), a comprehensive news release will be issued setting out the terms of the Transaction and the proposed financing of CBMI in connection with the Transaction.

About Copper Bullet Mines Inc.

Since its incorporation on April 10, 2021, CBMI has acquired, through staking and option, a significant land package in the heart of Arizona’s Copper Triangle. CBMI’s Copper Springs Project (the “Property”) has more than 96 historic drills holes and a historic, non-43-101 compliant inferred mineral resource of 47 million tonnes grading 0.4% copper (NI 43-101 Technical Report Copper Springs Project, Gila County, Arizona. Feinstein, 2022), equating to over 400 million lbs of copper contained. This historic resource is one of many exploration targets across the Property and represents approximately 10% of the Historic Supergene Oxide Blanket (HSOB) footprint which was identified by wide spaced drilling in the 1960s.

The Property is adjacent to Arizona State highway 60, located 1 hour east of Phoenix. High voltage power lines cross the project and water is available from perennial springs. The Property is surrounded by producing mines, including Capstone’s Pinto Valley, KGHM’s Carlotta mine, Group Mexico’s Ray Mine, and various other mines and projects owned by South 32, BHP, Rio Tinto and Freeport-McMoRan.

The Globe-Miami, Arizona area, where the Property is situated, has produced over 37 billion lbs of copper. A recent report published by the Arizona Geological Study suggests unmined resources to be over 94 billion lbs of copper (Geology and History of the Globe-Miami Region, Gila and Pinal County, Arizona. Briggs, 2022). The Copper Triangle is also home to 2 of the 3 copper smelters in the USA.

From exploration through discovery, development, capital raising, and successful execution of commercial mining and milling operations, CBMI’s team includes a full-range of experienced industry professionals. Additional information about CBMI may be found on its website: www.copperbulletmines.com.

Any reference to historical estimates and resources should not be relied upon. These historical estimates are not current and a “Qualified Person” under National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”) has not done sufficient work to classify the historical estimate and CBMI is not treating the historical estimate as a current resource estimate.

AIM6 Ventures

AIM6 was incorporated under the Business Corporations Act (Ontario) on February 13, 2021 and is a Capital Pool Company (as defined in the policies of the TSXV) listed on the TSXV. AIM6 has no commercial operations and no assets other than cash.

Qualified Person

Michael Feinstein, is the “Qualified Person” under NI 43-101 and he has reviewed and approved the scientific and technical disclosure contained in this press release.

Cautionary Note Regarding Forward Looking Information


This press release contains statements that constitute “forward-looking information” (“forward-looking information”) within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking information and are based on expectations, estimates and projections as at the date of this news release. Any statement that discusses predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information. In disclosing the forward-looking information contained in this press release, the Company has made certain assumptions, including that: all applicable shareholder, and regulatory approvals for the Transaction will be received. Although the Company believes that the expectations reflected in such forward-looking information are reasonable, it can give no assurance that the expectations of any forward-looking information will prove to be correct. Known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information. Such factors include, but are not limited to: availability of financing; delay or failure to receive board, shareholder or regulatory approvals; and general business, economic, competitive, political and social uncertainties. Accordingly, readers should not place undue reliance on the forward-looking information contained in this press release. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking information to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking information or otherwise.

              
For further information contact:

AIM6 Ventures Inc.                                                                   

Zachary Goldenberg                                                                   

zach@libertyvp.co                                                                      

Not for distribution to United States newswire services or for dissemination in the United States. This news release does not constitute an offer to sell or a solicitation of an offer to buy 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 U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

All information provided in this press release relating to CBMI, including any information about its property and the surrounding area and information on its website, has been provided by management of CBMI and has not been independently verified by management of the Company. As the date of this press release, the Company has not entered into a Definitive Agreement with CBMI in connection with the Transaction, and readers are cautioned that there can be no assurances that a Definitive Agreement will be executed.

Completion of the Transaction is subject to a number of conditions, including but not limited to, TSXV acceptance and if applicable pursuant to TSXV requirements, majority of the minority shareholder approval. Where applicable, the Transaction cannot close until the required shareholder approval is obtained. There can be no assurance that the Transaction will be completed as proposed or at all.

Investors are cautioned that, except as disclosed in the management information circular or filing statement to be prepared in connection with the Transaction, any information released or received with respect to the Transaction may not be accurate or complete and should not be relied upon. Trading in the securities of a capital pool company should be considered highly speculative.

The TSXV has in no way passed upon the merits of the proposed Transaction and has neither approved nor disapproved the contents of this press 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.

Categories
Junior Mining Precious Metals

Goldshore Announces Filing of Updated Technical Report for the Moss Lake Project

Vancouver, British Columbia–(Newsfile Corp. – June 20, 2023) – Goldshore Resources Inc. (TSXV: GSHR) (OTCQB: GSHRF) (FSE: 8X00) (“Goldshore” or the “Company“), further to its press release of May 8, 2023, confirms that it has filed pursuant to National Instrument 43-101 Standards of Disclosure for Mineral Projects a technical report titled “NI 43-101 Technical Report – Mineral Resource Estimate for the Moss Lake Project, Ontario, Canada” (the “Technical Report“) in connection with the 100%-owned Moss Gold Project in Northwest Ontario, Canada (the “Moss Gold Project“). The Technical Report was prepared by Neal Reynolds, FAusIMM, MAIG and Matthew Field, Pr.Sci. Nat of CSA Global Consultants Canada Ltd. The Technical Report has an effective date of May 5, 2023. The Technical Report is available on SEDAR at www.SEDAR.com and is posted on the Company’s website at www.goldshoreresources.com.

In addition, further to its press release of May 17, 2023, Goldshore is working with Ausenco Engineering Canada Inc. (“Ausenco“) as its lead engineering firm to conduct the preliminary economic assessment (“PEA“) at the Moss Gold Project. Goldshore’s VP Exploration, Pete Flindell, stated, “Goldshore is reviewing high level scoping studies with Ausenco in order to identify the optimum project for the PEA. With high grade shears in low-grade altered wall rock, three viable process routes, and varying mining scales and rates, there are dozens of options that are being carefully evaluated, as the likely optimum project will be a staged hybrid rather than a simple mine-to-mill operation. We look forward to final PEA results in Q4 of this year.”

About Goldshore
Goldshore is an emerging junior gold development company and owns 100% of the Moss Gold Project located in Ontario. Wesdome Gold Mines Ltd. is currently a large shareholder of Goldshore, and the Company is supported by an industry-leading management group, board of directors and advisory board. Goldshore is 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

FacebookGoldShoreRes | Twitter: GoldShoreRes | LinkedInGoldshoreres

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 information herein includes, but is not limited to, statements that address activities, events or developments that Goldshore expects or anticipates will or may occur in the future including conduct and timing of the PEA.

Forward-looking statements in this news release include, among others, statements relating to expectations regarding the exploration and development of the Moss Gold Project, 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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/170665

Categories
Base Metals Energy Junior Mining

Nevada Copper Provides Results of 2023 Annual General and Special Meeting of Shareholders

Nevada Copper Corp.
Nevada Copper Corp.

YERINGTON, Nev., June 20, 2023 (GLOBE NEWSWIRE) — Nevada Copper (TSX: NCU) (OTC: NEVDF) (FSE: ZYTA) (“Nevada Copper” or the “Company”) provides the results from its 2023 Annual General and Special Meeting of shareholders (the “Meeting”), held today in Toronto. Shareholders holding a total of 419,941,084 common shares of the Company (“Common Shares”) were represented by proxy at the Meeting, representing approximately 58.04% of the total 723,508,700 Common Shares outstanding as of the record date. Shareholders voted in favour of all items of business before the Meeting.

Voting Details
The following eight nominees were elected as directors of the Company until the next annual shareholder meeting of the Company or until their successors are elected or appointed, with the detailed voting results as follows:

NomineeVotes For% ForVotes Withheld% Withheld
Tom Albanese405,053,99099.64%1,461,6050.36%
Michael Brown404,802,02299.58%1,713,5730.42%
Randy Buffington404,007,54799.38%2,508,0480.62%
Guillaume de Dardel403,883,02999.35%2,632,5660.65%
Raffaele (Lucio) Genovese403,618,25299.29%2,897,3430.71%
Stephen Gill403,990,21699.38%2,525,3790.62%
Evgenij Iorich404,002,05899.38%2,513,5370.62%
G. Ernest (Ernie) Nutter404,360,92099.47%2,154,6750.53%

At the Meeting, the shareholders of the Company also (i) fixed the number of directors at eight for the ensuing year, (ii) voted to appoint PricewaterhouseCoopers LLP as the Company’s auditor and authorized the directors to fix their remuneration, and (iii) approved the omnibus equity incentive plan of the Company. A report on all matters voted on at the meeting has been filed on SEDAR.

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 more 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

Categories
Junior Mining Precious Metals

Lion One Announces Completion of CSAMT Survey at Tuvatu

North Vancouver, British Columbia–(Newsfile Corp. – June 20, 2023) – Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) (ASX: LLO) (“Lion One” or the “Company”) is pleased to announce that it has completed a CSAMT (Controlled Source Audio-frequency Magnetotellurics) survey at its 100% owned Tuvatu Alkaline Gold Project in Fiji.

Highlights:

  • 14 new CSAMT survey lines were completed, including 7 across the main Tuvatu deposit area.
  • 3 lines from the 2019 CSAMT survey were extended.
  • Station density has doubled from 100 m in the 2019 survey to 50 m in the 2022-23 survey.
  • Line spacing has halved from an average of 560 m in 2019 to an average of 300 m in 2023.
  • A total of approximately 33 line-kms were surveyed (11 km in 2022 and 22 km in 2023).
  • CSAMT processing and interpretation is expected to be complete in July; increased resolution of the CSAMT data will be used to generate high quality drill targets across the Navilawa caldera.

Lion One Chairman and CEO Walter Berukoff commented: “We’re thrilled to have completed our CSAMT survey and we eagerly await the results of the survey, which we hope to have available later in July. The 2019 survey was invaluable in helping us to discover the feeder zone underlying Tuvatu and led us directly to the 500 Zone, where we intersected 75.9 m of 20.86 g/t Au.1 The 2022-2023 survey will complement the 2019 survey and will dramatically improve survey resolution across the property, where we have already identified numerous exciting and untested prospects. The CSAMT data will help us to identify and refine drill targets underlying those prospects and we look forward to drill testing select targets later in 2023.”



Figure 1. Location of 2022-2023 CSAMT Survey Lines.

To view an enhanced version of this graphic, please visit:
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CSAMT Overview

CSAMT is a ground geophysical method used for obtaining information about subsurface resistivity in a survey area. It measures the electrical resistivity of rocks down to depths of approximately 1.2 to 1.5 km, which is much deeper than alternative resistivity techniques. The survey identifies areas of bedrock with contrasting electrical properties, often due to variations in lithology, porosity, or alteration. Abrupt changes in resistivity occur when two rock types with differing resistivity characteristics are juxtaposed against one another, or when an area is highly fractured and allows groundwater to penetrate resistive rocks thereby producing an area of lower resistivity. CSAMT surveys are highly beneficial in identifying subsurface structures, such as lithological contact zones, faults, and fracture systems, especially if these are deep-rooted structures.

In alkaline gold deposits such as Tuvatu, it is these deep-rooted structures that provide the conduits for fluid flow to rise up in the earth’s crust and in which gold is deposited. When interpreting CSAMT data, the main focus is on steep resistivity gradients that may indicate the presence of such structures. CSAMT surveys are the pre-eminent geophysical tool in identifying mineralized structures and drill targets in alkaline gold deposits.

2022-2023 Survey

Lion One’s 2022-2023 CSAMT survey was designed to complement the 2019 survey by adding infill and extension lines to the previous survey area. The 2019 survey was moderate to widely spaced, with line spacing ranging from 300 m to 800 m, and station spacing every 100 m. Line and station spacing has improved significantly across the Navilawa Caldera following the 2022-2023 CSAMT survey, with line spacing ranging from 100 m to 400 m, and station spacing only 50 m apart on all new lines (Figure 1). The increased line and station density will provide greater resolution across the property and will assist in refining and generating new drill targets in the caldera.

The 2022-2023 CSAMT survey was conducted by Zonge Engineering and Research Organization of Adelaide, Australia. The 2022 portion of the survey was completed on October 8th, 2022 and the 2023 portion was completed on June 10th, 2023. A total of 33 line-km were surveyed, with 11 km completed in 2022 and 22 km completed in 2023. In addition to the 22.5 line-km surveyed in 2019, Lion One has now surveyed a total of 55.5 line-km of CSAMT across the Navilawa Caldera. Notably, the 2022-2023 survey included 5 survey lines oriented north-south across the main Tuvatu deposit, providing a high-density grid of coverage across the Tuvatu area. This will provide high-quality resistivity data for the Tuvatu deposit and all near-mine exploration targets, such as the West Zone.

Lion One has also identified numerous regional prospects throughout the Navilawa Caldera, with multiple surface samples returning grades of over 100 g/t Au (Figure 2). One of the goals of the 2022-2023 CSAMT survey was to improve coverage and understanding of the structural architecture underlying these prospects, some of which are located on the edge of the 2019 survey lines where results can be less reliable. The 2022-2023 infill and extension lines will dramatically improve survey resolution and reliability in these areas and will help refine drill targets underlying those prospects.

The 2022-2023 CSAMT survey was originally planned for 2021 but was delayed by the COVID-19 pandemic. The 2022-2023 survey was completed under budget.



Figure 2. Select Regional Prospects. Select regional prospects covered by the CSAMT survey area. The goal of the CSAMT survey is to define high resolution structures underlying these prospects and to thereby identify high priority drill targets. All grades shown are peak results from surface samples, either rock chips or channel samples. Refer to the November 15th, 2022 news release and the April 22nd, 2022 technical report for full contextualization of data.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2178/170646_a5b62d02c4482a0c_002full.jpg



Figure 3. Example 2019 CSAMT Interpretation, West Zone. The 2019 CSAMT survey identified several resistivity gradients in the area of the West Zone which may indicate a potential new feeder zone. The 2022-2023 CSAMT infill and extension lines in this area will increase resolution and help to refine drill targets in the West Zone. Warm colors indicate areas of high resistivity, cool colors indicate areas of low resistivity. Inset map shows the location of this interpretation section in relation to the Navilawa caldera, with the D-D’ line highlighted in yellow and the main Tuvatu deposit indicated by the star. The 2019 survey, including this figure, is the subject of a news release dated February 5, 2020.

To view an enhanced version of this graphic, please visit:
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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.

About Lion One Metals Limited

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

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

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

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

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

1Refer Company news release dated 6 June 2022.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/170646

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Uncategorized

Silver Bullet Mines Corp. Provides Arizona Operational Update

Burlington, Ontario–(Newsfile Corp. – June 15, 2023) – Silver Bullet Mines Corp. (TSXV: SBMI) (OTCQB: SBMCF) (‘SBMI’ or ‘the Company’) provides an operational update on its Arizona activities.

The mill in Globe, Arizona has been operating on a single shift of ten hours per day at its rated capacity with no major issues. It is running at optimal efficiency processing mineralized material from the lower grade stockpiles of vein material. Higher grade material from the mine should be introduced as it arrives at the mill. Videos of the mill can be seen at SBMI’s website www.silverbulletmines.com.

SBMI intends to increase the operating hours by adding another shift, which should happen as the mill crew becomes more familiar with the running of the mill and is able to onboard a second shift.

The mill has processed approximately 350 tons of vein material over the last seven days. The 350 tons of feed produced 418 pounds of both magnetic and non-magnetic concentrates from the concentrating table. As can be seen in the photograph below, there was a line of goldish coloured material on the right end of the shaker table when recent material was processed. Management believes this material could be gold, given its location on the table, gold’s specific gravity being higher than silver’s and copper’s, the history of the mineralized material from the Buckeye Mine, and management’s experience with processing. This material was not assayed for gold and readers are warned this material might not contain gold or such material may not be representative of other material from the Buckeye Mine.



Shaker table from SBMI’s mill in Arizona

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From the 418 pounds of concentrate roughly 226 pounds of iron alloy were removed using a magnetic separation circuit, to remove the material which may host some silver, gold, and platinum group elements. This removed material is retained for future processing to recover any potential precious metals.

The 192 pounds of non-magnetic material was moved to the Company’s refinery where dore bars are poured. These dore bars contain silver and minor amounts of gold, copper, nickel and other metals. Based upon the report from SBMI’s customer, none of the material is deleterious in nature so it should not negatively impact the value of the bar. Slag material removed in the upgrading process will be retained for further processing and possible future sale.

The poured dore bars have been prepared for transportation.

Transportation of dore bars is handled by a specialized carrier permitted to transport precious metals to Europe requiring importation documentation. Working closely with the purchaser SBMI intends to make a smaller test run of product (proof of concept) to ensure the shipping process functions as expected. That proof of concept shipment should take place soon. The total number of paid ounces for silver and gold will be determined by assay after the bars’ arrival at the refinery.

At the Buckeye Silver Mine the mine team is carrying out screening and rock bolting as the team drifts along the vein. As noted in previous press releases, the goal of drifting along the vein is to intercept the historical higher mineralized zone behind the Treasure Room, which management believes should happen in the near future.

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 or absence 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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Uncategorized

Stillwater Critical Minerals Announces Participation in THE Mining Investment Event of the North, Canada’s First Tier I Mining Conference, June 19-21 Quebec City

Vancouver, British Columbia–(Newsfile Corp. – June 15, 2023) – Stillwater Critical Minerals (TSXV: PGE), focused on critical minerals in the iconic Stillwater District of Montana, USA, is pleased to announce that it will be participating in THE Mining Investment Event of the NorthJune 19-21, 2023, (“THE Event”) at the Fairmont Chateau Frontenac and Voltigeurs de Quebec Armoury in Quebec City, Canada.

Michael Rowley, President & CEO, will be presenting at 8:50am ET on June 21st. Management from Stillwater Critical Minerals will also be holding one-on-one investor meetings throughout the three-day conference. Interested parties should contact Jennifer Choi at jchoi@vidconferences.com to inquire about registering to attend.

Information regarding THE Event including investor registration details, a list of participating companies, panelists and keynote speakers and a preliminary agenda can be found here: https://vidconferences.com/conferences-events/tier-1-mining-conference/

About Stillwater Critical Minerals

Stillwater Critical Minerals is 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 remain 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.

THE Mining Investment Event of the North is Canada’s only tier 1 Global Mining Investment Conference and hosted annually in Quebec City, Canada. THE Event is invitation only and is independently sponsored by the Government of Quebec, and financial and mining communities at large. THE Event is designed to specifically facilitate privately arranged meetings between mining companies, international investors, and various mining government authorities. THE Event is committed to promoting sustainability in the mining industry through education and innovation through unique Student Sponsorships, She-Co Initiatives, highlighting ESG and equality issues and by providing a platform for some of most influential thought leaders in the sector. The agenda, brochure, participating companies, speakers & panelists, initiatives and registration applications for issuers and investors may be found here: https://vidconferences.com/conferences-events/tier-1-mining-conference/

Interested parties please contact Jennifer Choi, jchoi@vidconferences.com

Joanne Jobin
Principal & Founder
IR.INC & VID Media Incorporated
jjobin@irinc.ca

Jennifer Choi
Vice President, Operations
IR.INC & VID Media Incorporated
jchoi@vidconferences.com

Brhett Booker
Associate
VID Media Incorporated
bbooker@vidconferences.com

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Junior Mining Precious Metals Uncategorized

Lion One Reports High-Grade Gold Results at Tuvatu

Grade Control Drilling in URW1 and Zone 5 Areas Returns Grades over 100 g/t Au

North Vancouver, British Columbia–(Newsfile Corp. – June 14, 2023) – Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) (ASX: LLO) (“Lion One” or the “Company”) is pleased to report significant high-grade gold results from ongoing grade control drilling at its 100% owned Tuvatu Alkaline Gold Project in Fiji.

Assay results are presented here for grade control drilling completed on both the URW1 lode system as well as the Zone 5 area of the deposit, which encompasses the upper portion of lodes UR1, UR2, UR3, UR4, URW2, URW3, URW1A, and UR2A (Figure 1). As reported on May 18, 2023, initial mining of the URW1 lode system has already commenced and grade control drilling is being completed in advance of mining. The Zone 5 area of the deposit is scheduled for mining in early 2024 and thus the grade control drilling in this area is being conducted in anticipation of future mining, as well as to increase the knowledge of the deposit in that area. Additional high-grade intersections peripheral to both the URW1 and the Zone 5 areas are also included in this release as part of the grade control program.

Highlights of new grade control drilling:

  • 7.14 g/t Au over 21.6 m (including 18.61 g/t Au over 5.1 m) (TGC-0042, from 73.6 m depth)
  • 52.05 g/t Au over 2.1 m (including 345.3 g/t Au over 0.3m) (TGC-0042, from 118.0 m depth)
  • 23.11 g/t Au over 3.6 m (including 125.31 g/t Au over 0.3 m) (TGC-0040, from 65.4 m depth)
  • 19.43 g/t Au over 3.3 m (including 80.87 g/t Au over 0.6 m) (TGC-0051, from 49.5 m depth)
  • 21.15 g/t Au over 2.7 m (including 67.59 g/t Au over 0.6 m) (TGC-0047, from 123.3 m depth)
  • 9.39 g/t Au over 4.2 m (including 67.30 g/t Au over 0.3 m) (TGC-0050, from 26.7 m depth)
  • 10.13 g/t Au over 3.9 m (including 38.58 g/t Au over 0.6 m) (TGC-0043, from 66.3 m depth)
  • 33.99 g/t Au over 0.9 m (including 100.89 g/t Au over 0.3 m) (TGC-0045, from 62.1 m depth)
  • 78.03 g/t Au over 0.3 m (TGC-0052, from 40.2 m depth)

Grade control drilling is being conducted on 5-10 m centers and is designed to provide a much higher resolution of the lode arrays than compared to infill drilling, which is being conducted on approximately 20 m centers. This increased resolution provides a much better understanding of the geometry and mineralization of the lodes and helps to optimize mine development and extraction. The grade control drilling program is currently on schedule and the results to date confirm the local understanding of the URW1 and Zone 5 geological models.



Figure 1. Plan View of the Main Tuvatu Deposit with Reported Grade Control Drilling. Plan view image illustrating the location of the most recent grade control drillholes in relation to the Tuvatu lode system. Grade control holes are shown in black, currently modelled mineralized lodes are shown in light grey, the main decline is shown in red, and the historical exploration decline in blue. Previous grade control, infill and exploration drillholes are not shown.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2178/169899_3d3cc54d143c3b7b_001full.jpg

URW1 Grade Control Drilling
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. Current modelling suggests that there are multiple separate lodes within the URW1 lode system. The first two of these lodes, URW1a and URW1b, are currently being mined. The URW1 lode system has a current strike length of approximately 300 m in the N-S direction, and a vertical extent of approximately 300 m.

A total of 52 grade control holes have been completed to date in the grade control drill program. Results from the first 36 drillholes (TGC-0001 to TGC-0036) were reported on April 25, 2023, and the next 16 drillholes (TGC-0037 to TGC-0052) are reported here. Ten of the most recent grade control drillholes targeted the URW1 area. Figure 2 shows the location of the most recent drillholes in relation to the URW1a and URW1b lodes, as well as to the main Tuvatu decline. Grade control drilling on the URW1 lode system has been conducted from underground from both the main decline and the historical exploration decline, and has been designed to target an 80 m strike section within the overall 300 m strike length of the URW1 system.



Figure 2. Plan View of URW1 Lode System. Plan view image illustrating the location of the most recent grade control holes in relation to the URW1 lode system. The URW1 lode system consists of multiple separate lodes, two of which are highlighted here; URW1a in purple and URW1b in green. The remaining URW1 lodes are shown in brown. The main decline is shown in red, the historical exploration decline in blue, and the grade control drillholes in black.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2178/169899_3d3cc54d143c3b7b_002full.jpg



Figure 3. Long Section View of URW1 Lode System. Long section view showing recent high-grade drill intercepts of URW1 with URW1a highlighted in pink and URW1b highlighted in green. All other URW1 lodes are shown in brown. Composite intervals with grades between 3 and 10 g/t Au are shown in yellow, intervals with grades over 10 g/t Au are shown in red. Image is looking north.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2178/169899_3d3cc54d143c3b7b_003full.jpg



Figure 4. Example URW1 Drill Core. LEFT: TGC-0040 at 67.3 m depth. Monzonite-hosted stockwork-style veining with a narrow high-grade silica vein containing coarse grained visible gold. RIGHT: TGC-0042 at 91.60 m depth. Vuggy silica vein with narrow bleached alteration halo in monzonite. Width of core is 4.76 cm in each photo.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2178/169899_liononefigure4.jpg

Zone 5 Grade Control Drilling
The Zone 5 area of the Tuvatu deposit consists of the upper portion of a series of closely spaced lode systems. The lode systems targeted by the most recent grade control drilling in Zone 5 are the UR1, UR2, and URW3 lodes. These three lodes are located just east of the historical exploration decline, strike approximately N-S, and dip sub-vertically to steeply east, similar to the URW1 lodes. As currently modelled, the UR1, UR2, and URW3 lodes have vertical extents ranging from approximately 700 m to approximately 900 m, and strike lengths ranging from 300 m to 600 m. All three of the lodes are open both along strike and at depth.

A total of six Zone 5 grade control drillholes are included in this report. These are the first six grade control drillholes to target the Zone 5 area and they follow upon the initial results from an ongoing infill drill program in the area. Figure 5 shows the location of these drillholes in relation to the UR1, UR2, and URW3 lodes, as well as to the historical exploration decline. Grade control drilling in the Zone 5 area has been conducted from the historical exploration decline and has been designed to target a 60 m strike section within the overall 300 m to 600 m strike length of these lodes.



Figure 5. Zone 5 Grade Control Drilling in Relation to Targeted Zone 5 Lodes. Image shows the Zone 5 grade control holes in relation to the targeted UR1, UR2, and URW3 lodes. These lodes are slightly concave with URW3 on the inside (left side on image), closest to the exploration decline, and UR1 on the outside. UR1 is shown in pink, UR2 in green, and URW3 in blue. The historical exploration decline is shown in bright blue, and the grade control drillholes are partially visible in black within the circle.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2178/169899_3d3cc54d143c3b7b_007full.jpg



Figure 6. Zone 5 Grade Control Intercepts. Section view facing north, showing a 60 m slice of lodes UR1, UR2, and URW3 within Zone 5. Composite intervals with grades between 3 and 10 g/t Au are shown in yellow, while intervals with grades over 10 g/t Au are shown in red and purple.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2178/169899_3d3cc54d143c3b7b_008full.jpg



Figure 7. Examples of Zone 5 Drill Core. LEFT: UR2 lode in TGC-0049 at 35.15 m depth. Coarse grained honey sphalerite and pyrite in variable light to dark grey quartz vein with narrow potassic alteration halo. RIGHT: URW3 lode in TGC-0050 at 29.6 m depth. Abundant coarse honey sphalerite rimmed by fine grained sooty pyrite +/- galena and narrow potassic alteration halo, within a larger zone of stockwork style mineralization. Width of core is 4.76 cm in each photo.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2178/169899_liononefigure7.jpg

Table 1. Highlights of composited drill results in the URW1 area. Only new grade control drilling results are included here. For previous results see news release from April 25, 2023. For full results see Table 3 in the appendix.

Hole IDFromToInterval (m)Au (g/t)
TGC-003977.478.30.98.37
TGC-0039101.7102.91.27.18
including102.3102.60.315.64
TGC-004030.331.51.24.7
TGC-004051.353.11.812.63
including51.952.50.627.05
TGC-004065.4693.623.1
including6666.30.385.87
and67.267.50.3125.31
and68.468.70.313.93
and68.7690.346.89
TGC-004082.582.80.364.65
TGC-004116.819.831.52
TGC-004247.4513.63.96
including50.7510.331.99
TGC-004252.854.61.811.82
including53.7540.364.24
TGC-0042606335.52
including61.8631.211.1
TGC-004264.566.62.17.19
including64.565.10.617.34
TGC-004268.572.43.94.46
including68.569.71.28.25
TGC-004273.695.221.67.14
including76.378.11.87.47
and8292.510.512.06
which includes83.283.50.319.99
and85.986.20.311.88
and88.688.90.319.92
and89.590.10.615.26
and90.491.91.542.05
which includes90.4910.619.98
and9191.30.324.93
and91.391.90.672.68
TGC-0042118120.12.152.05
including118.6119.20.6177.66
which includes118.9119.20.3345.34
TGC-004333.334.51.25.72
including33.333.60.39.15
TGC-004366.370.23.910.13
including66.368.11.819.74
which includes66.366.90.638.58
and66.967.50.612.69
TGC-004436.6392.48.87
including36.637.50.916.81
TGC-004562.1630.933.99
including62.7630.3100.89
TGC-00457575.60.65.94
including7575.30.39.3
TGC-0047100.5101.40.923.16
TGC-0047100.5100.80.359.63
TGC-0047102.6107.75.11.54
TGC-0047123.31262.721.14
including124.51261.537.08
which includes124.5124.80.345.88
and124.8125.40.667.59
TGC-005116.219.2310.15
including16.817.40.619.15
and1818.60.616.29
and18.619.20.69.57
TGC-005149.552.83.319.43
including49.550.10.68.35
and50.150.70.680.87
and51.952.80.98.69

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

Hole IDFromToInterval (m)Au (g/t)
TGC-004929.435.15.74.07
including3032.12.19.15
which includes30.330.90.616.71
and31.231.80.68.88
TGC-004943.345.11.87.59
including43.944.50.616.87
TGC-005026.730.94.29.39
including27.630.6312.78
which includes27.929.71.818
which includes29.429.70.367.3
TGC-005240.240.50.378.03

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

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

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

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

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

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

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

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

Appendix 1: Full Drill Results and Collar Information

Table 3. Composited results from grade control drillholes in the URW1 area (grade >0.5 g/t Au)

Hole IDFromToInterval (m)Au (g/t)
TGC-003977.478.30.98.37
TGC-003986.1870.91.1
TGC-0039101.7102.91.27.18
TGC-0039including102.3102.60.315.64
TGC-0039106.5107.10.60.99
TGC-0039112.5113.10.61.09
TGC-0039117.3117.60.35.86
TGC-004010.812.31.52.05
TGC-004030.331.51.24.7
TGC-004049.850.10.30.85
TGC-004051.353.11.812.63
TGC-0040including51.952.50.627.05
TGC-004056.156.70.61.44
TGC-004065.4693.623.1
TGC-0040including6666.30.385.87
TGC-0040and67.267.50.3125.31
TGC-0040and68.468.70.313.93
TGC-0040and68.7690.346.89
TGC-004082.582.80.364.65
TGC-004085.5871.52.47
TGC-004090.991.20.34.66
TGC-004116.819.831.52
TGC-004151.952.80.90.82
TGC-00422425.21.20.92
TGC-00423939.60.61.94
TGC-004247.4513.63.96
TGC-0042including50.7510.331.99
TGC-004252.854.61.811.82
TGC-0042including53.7540.364.24
TGC-004256.157.31.22.32
TGC-0042606335.52
TGC-0042including61.8631.211.1
TGC-004264.566.62.17.19
TGC-0042including64.565.10.617.34
TGC-004268.572.43.94.46
TGC-0042including68.569.71.28.25
TGC-004273.695.221.67.14
TGC-0042including76.378.11.87.47
TGC-0042and8292.510.512.06
TGC-0042which includes83.283.50.319.99
TGC-0042and85.986.20.311.88
TGC-0042and88.688.90.319.92
TGC-0042and89.590.10.615.26
TGC-0042and90.491.91.542.05
TGC-0042which includes90.4910.619.98
TGC-0042and9191.30.324.93
TGC-0042and91.391.90.672.68
TGC-004297.699.72.10.96
TGC-0042110.8112.31.52.49
TGC-0042118120.12.152.05
TGC-0042including118.6119.20.6177.66
TGC-0042which includes118.9119.20.3345.34
TGC-0042122.5122.80.30.61
TGC-0042124124.60.62.88
TGC-004333.334.51.25.72
TGC-0043including33.333.60.39.15
TGC-004366.370.23.910.13
TGC-0043including66.368.11.819.74
TGC-0043which includes66.366.90.638.58
TGC-0043and66.967.50.612.69
TGC-00438485.51.51.02
TGC-00441.82.70.92.37
TGC-004436.6392.48.87
TGC-0044including36.637.50.916.81
TGC-00444040.30.31.19
TGC-004447.647.90.30.57
TGC-004464.465.30.91.3
TGC-00447474.60.61.02
TGC-004476.176.40.30.94
TGC-00448080.30.30.66
TGC-00453.34.51.21.48
TGC-004539.339.60.31.2
TGC-004544.144.70.61.78
TGC-004557.958.80.92.74
TGC-004562.1630.933.99
TGC-0045including62.7630.3100.89
TGC-004567.868.70.92.47
TGC-00457575.60.65.94
TGC-0045including7575.30.39.3
TGC-004582.583.10.61.09
TGC-004586.188.52.41.33
TGC-004593.394.20.92.29
TGC-0045105.6105.90.30.87
TGC-00474.85.40.62.55
TGC-004741.744.42.71.41
TGC-004748.649.20.61.12
TGC-004753.1540.91.83
TGC-004761.561.80.30.67
TGC-004769.970.20.32.68
TGC-004772.373.81.50.94
TGC-004777.778.60.92.71
TGC-00478181.90.91.44
TGC-004784.384.90.60.89
TGC-004791.591.80.30.56
TGC-00479696.60.62.8
TGC-004798.498.70.30.61
TGC-0047100.5101.40.923.16
TGC-0047100.5100.80.359.63
TGC-0047102.6107.75.11.54
TGC-0047110.41110.61.08
TGC-0047113.1114.91.80.94
TGC-0047123.31262.721.14
TGC-0047including124.51261.537.08
TGC-0047which includes124.5124.80.345.88
TGC-0047and124.8125.40.667.59
TGC-0047127.2128.41.20.99
TGC-0047131.7132.30.60.54
TGC-0047134.7138.33.61.39
TGC-0047143.7144.30.62.44
TGC-005116.219.2310.15
TGC-0051including16.817.40.619.15
TGC-0051and1818.60.616.29
TGC-0051and18.619.20.69.57
TGC-005123.724.30.61.77
TGC-005149.552.83.319.43
TGC-0051including49.550.10.68.35
TGC-0051and50.150.70.680.87
TGC-0051and51.952.80.98.69

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

Hole IDFromToInterval (m)Au (g/t)
TGC-003724.827.22.40.95
TGC-003729.629.90.30.57
TGC-003730.530.80.30.56
TGC-003827.527.80.30.53
TGC-003830.530.80.30.61
TGC-004621.221.50.33.33
TGC-004929.435.15.74.07
TGC-0049including3032.12.19.15
TGC-0049which includes30.330.90.616.71
TGC-0049and31.231.80.68.88
TGC-004941.542.10.61.77
TGC-004943.345.11.87.59
TGC-0049including43.944.50.616.87
TGC-004947.247.80.60.87
TGC-005026.730.94.29.39
TGC-0050including27.630.6312.78
TGC-0050which includes27.929.71.818
TGC-0050which includes27.928.20.310.04
TGC-0050and28.829.10.312.83
TGC-0050and29.429.70.367.3
TGC-005034.535.71.20.83
TGC-005227.328.81.50.77
TGC-005234.534.80.30.67
TGC-005240.240.50.378.03
TGC-005250.150.40.31.62

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

Hole IDDate CompletedEastingNorthingElevationAzimuthDipDEPTH
TGC-003720-Apr-231876438392058511782.5-0.555.4
TGC-003825-Apr-231876439392058411795.20.050.0
TGC-003927-Apr-2318764373920744139294.28.0120.1
TGC-00405-Apr-231876269392075615392.3-13.092.3
TGC-00418-Apr-231876269392075615292.1-24.5101.7
TGC-004213-Apr-231876269392075715390.40.0155.2
TGC-004317-Apr-231876269392075715387.1-13.495.6
TGC-004420-Apr-231876269392075715481.420.086.0
TGC-004525-Apr-231876269392075715376.45.3122.1
TGC-004628-Apr-231876439392058411895.413.661.7
TGC-00472-May-231876269392075715472.415.4170.7
TGC-00488-May-2318764373920744139296.22.042.4
TGC-00494-May-231876438392058611766.60.589.5
TGC-00505-May-231876438392058611866.514.256.5
TGC-005110-May-231876269392075715287.2-26.6125.6
TGC-00528-May-2318764393920583118121.120.461.2

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