Categories
Base Metals Energy Junior Mining

Terra Balcanica Announces Private Placement Financing

Vancouver, British Columbia, May 17, 2024 (GLOBE NEWSWIRE) — Terra Balcanica Resources Corp. (“Terra” or the “Company”) (CSE:TERA; FRA:UB1) is pleased to announce the intent to complete a non-brokered private placement (the “Private Placement”) for gross proceeds of up to C$600,000 through the issuance of up to 6,000,000 units (each a “Unit”) at a purchase price of C$0.10 per Unit. Each Unit will be comprised of one common share in the capital of the Company (“Common Share”) and a Common Share purchase warrant (“Warrant”) to purchase an additional one common share of the Company (“Warrant Share”) at an exercise price of C$0.15 per Warrant Share for a period of 36 months from the closing date of the Private Placement (the “Closing Date”).

The Units will be offered by way of prospectus exemptions in Canada, in the United States pursuant to available exemptions from the registration requirements and in certain jurisdictions outside of Canada and the United States, as determined by the Company. The Common Shares, Warrants and Warrant Shares, if issued within four months of the Closing Date, will be subject to a hold period of four months plus one day from the Closing Date in accordance with applicable Canadian securities laws. The Closing Date is expected to occur on or before June 14th, 2024, subject to regulatory approvals, including the approval of the Canadian Securities Exchange and certain other customary conditions including, but not limited to, execution of subscription agreements between the Company and the subscribers. In certain circumstances, the Company may pay finder’s fees in cash and warrants on a portion of the Private Placement. The Company intends to use the proceeds of the Private Placement for land holding costs, project payments, to continue drilling the Company’s portfolio of mineral exploration properties in the western Balkans and for general corporate and working capital purposes.

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.

About the Company
Terra Balcanica is a polymetallic and energy metals exploration company targeting large-scale mineral systems in the Balkans of southeastern Europe and northern Saskatchewan, Canada. The Company has 90% interest in the Viogor-Zanik Project in eastern Bosnia and Herzegovina and owns 100% of the Ceovishte mineral exploration licence in southern Serbia. The Canadian assets comprise a 100% optioned portfolio of uranium-prospective licences at the outskirts of the world-renowned Athabasca basin: Charlot-Neely Lake, Fontaine Lake, Snowbird, and South Pendleton. 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 the complete information on this news release, please contact Aleksandar Mišković at amiskovic@terrabresources.com, +1 (514) 796-7577, or visit www.terrabresources.com/en/news.

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. Forward-looking statements contained in this press release include, but are not limited to, the terms and completion of the Private Placement, the anticipated Closing Date, the payment of finder’s fees and the use of proceeds for the Private Placement. 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. These forward-looking statements are based on a number of assumptions which may prove to be incorrect including, but not limited to, the ability to obtain regulatory approval for the Private Placement; the state of the equity financing markets in Canada and other jurisdictions; volatility and sensitivity to market prices; volatility and sensitivity to capital market fluctuations; and fluctuations in metal prices. Such forward-looking statements should not be unduly relied upon. Actual results achieved may vary from the information provided herein as a result of numerous known and unknown risks and uncertainties and other factors. The Company believes the expectations reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct. The Company does not undertake to update these forward-looking statements, except as required by law.

Categories
Base Metals Energy Junior Mining

F3 Announces Revised Pricing of Bought Deal Private Placement for Gross Proceeds of Over C$10.0 Million

Kelowna, British Columbia–(Newsfile Corp. – May 16, 2024) – F3 Uranium Corp. (TSXV: FUU) (OTCQB: FUUFF) (“F3 Uranium” or the “Company“) announces that it has revised the pricing of its previously announced private placement for gross proceeds of C$9,059,531.83 (the “Underwritten Offering“). Under the revised Underwritten Offering, the Company will issue 6,820,784 federal flow-through units of the Company (the “FFT Units“) at a price of C$0.5355 per FFT Unit (the “FFT Offering Price“); and 9,250,645 Saskatchewan flow-through units of the Company (the “SFT Units“, and together with the FFT Units, the “FT Units“) at a price of C$0.5845 per SFT Unit (the “SFT Offering Price“), for an aggregate of 16,071,429 FT Units of the Company at a blended price of C$0.5642 per FT Unit on a “bought deal” basis. Red Cloud Securities Inc. is acting as lead underwriter and sole bookrunner on behalf of a syndicate of underwriters (collectively, the “Underwriters“).

Each FT Unit will consist of one common share of the Company (each, a “Common Share“) to be issued as a “flow-through share” within the meaning of the Income Tax Act (Canada) (each, a “FT Share“) and one half of one Common Share purchase warrant (each whole warrant, a “Warrant“). Each whole Warrant shall entitle the holder to purchase one Common Share at a price of C$0.56 at any time on or before that date which is 24 months after the Closing Date (as defined below).

The Company will grant to the Underwriters an option, exercisable up to 48 hours prior to the Closing Date, to purchase for resale up to an additional 589,124 FFT Units at the FFT Offering Price and up to an additional 1,196,590 SFT Units at the SFT Offering Price for additional gross proceeds of up to C$1,014,882.76 (the “Over-Allotment Option“, and together with the Underwritten Offering, the “Offering“). If the Over-Allotment Option is exercised in full, the total gross proceeds of the Offering will be C$10,074,414.59.

The Company will have the right to include a list of subscribers to purchase up to 892,857 FT Units under the Offering (the “President’s List“). The President’s List will be allocated under the Over-Allotment Option and, for greater certainty, all purchasers under the Over-Allotment Option will receive FT Units on the terms of the Offering and subject to certain resale restrictions as described below.

A total of 8,928,571 FT Units, to be sold under the Underwritten Offering, representing gross proceeds of up to C$4,999,999.74, will be offered by way of the “listed issuer financing” exemption under Part 5A under National Instrument 45-106 – Prospectus Exemptions (“NI 45-106“) in all the provinces of Canada with the exception of Quebec (the “Selling Jurisdictions“). The Common Shares issuable pursuant to the sale of these FT Units are expected to be immediately freely tradeable under applicable Canadian securities legislation if sold to purchasers’ resident in Canada. The remaining FT Units to be sold under the Offering, including the FT Units sold under the Over-Allotment Option and President’s List, will be offered by way of the “accredited investor” and “minimum amount investment” exemptions under NI 45-106 in the Selling Jurisdictions. The Common Shares issuable from the sale of such FT Units will be subject to a restricted period in Canada ending on the date that is four months plus one day following the closing of the Offering as defined in Subsection 2.5(2) of Multilateral Instrument 45-102 – Resale of Securities.

The Offering is expected to close on May 28, 2024 (the “Closing Date“). The Company will pay to the Underwriters a cash commission of 5.5% of the gross proceeds raised in respect of the Offering (the “Underwriters’ Commission“). In addition, the Company will issue to the Underwriters warrants of the Company (each warrant, a “Broker Warrant“), exercisable for a period of 24 months following the Closing Date, to acquire in aggregate that number of Common Shares which is equal to 5.5% of the number of FT Units sold under the Offering at an exercise price equal to C$0.56 per Common Share. All FT Units sold to purchasers under the President’s List will be subject to a reduced Underwriters’ Commission of 2.75% and that number of Broker Warrants equal to 2.75% of the number of FT Units sold to purchasers under the President’s List.

The proceeds of the Offering will be used by the Company to fund exploration of the Company’s projects in the Athabasca Basin.

There is an offering document related to the Offering that can be accessed under the Company’s profile at www.sedarplus.ca and at the Company’s website at www.f3uranium.com. Prospective investors should read this offering document before making an investment decision.

About F3 Uranium Corp.

F3 Uranium is a uranium project generator and exploration company, focusing on projects in the Athabasca Basin, home to some of the world’s largest high grade uranium discovery. F3 Uranium currently has 18 projects in the Athabasca Basin. Several of F3’s projects are near large uranium discoveries including Triple R, Arrow and Hurricane.

The TSX Venture Exchange has not reviewed, approved or disapproved the contents of this press release, and do not accept responsibility for the adequacy or accuracy of this release.

F3 Uranium Corp.
750-1620 Dickson Avenue
Kelowna, BC V1Y9Y2

Contact Information
Investor Relations
Telephone: 778 484 8030
Email: ir@f3uranium.com

ON BEHALF OF THE BOARD

“Dev Randhawa”
Dev Randhawa, CEO

Cautionary Statement: F3 Uranium Corp.

This press release contains “forward-looking information” within the meaning of applicable Canadian and United States securities laws, which is based upon the Company’s current internal expectations, estimates, projections, assumptions and beliefs. The forward-looking information included in this press release are made only as of the date of this press release. Such forward-looking statements and forward-looking information include, but are not limited to, statements concerning the Company’s expectations with respect to the Offering; the use of proceeds of the Offering; completion of the Offering and the date of such completion. Forward-looking statements or forward-looking information relate to future events and future performance and include statements regarding the expectations and beliefs of management based on information currently available to the Company. Such forward-looking statements and forward-looking information often, but not always, can be identified by the use of words such as “plans”, “expects”, “potential”, “is expected”, “anticipated”, “is targeted”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or the negatives thereof or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved.

Forward-looking statements or forward-looking information are subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those reflected in the forward-looking statements or forward-looking information, including, without limitation, risks and uncertainties relating to: general business and economic conditions; regulatory approval for the Offering; completion of the Offering; changes in commodity prices; the supply and demand for, deliveries of, and the level and volatility of the price of uranium and other metals; changes in project parameters as exploration plans continue to be refined; costs of exploration including labour and equipment costs; risks and uncertainties related to the ability to obtain or maintain necessary licenses, permits or surface rights; changes in credit market conditions and conditions in financial markets generally; the ability to procure equipment and operating supplies in sufficient quantities and on a timely basis; the availability of qualified employees and contractors; the impact of value of the Canadian dollar and U.S. dollar, foreign exchange rates on costs and financial results; market competition; exploration results not being consistent with the Company’s expectations; changes in taxation rates or policies; technical difficulties in connection with mining activities; changes in environmental regulation; environmental compliance issues; other risks of the mining industry; and risks related to the effects of COVID-19. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements or forward-looking information. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that could cause results not to be as anticipated, estimated or intended. For more information on the Company and the risks and challenges of its business, investors should review the Company’s annual filings that are available at www.sedarplus.ca. The forward-looking statements included in this press release are made as of the date of this press release and F3 Uranium Corp. disclaim any intention or obligation to update or revise any forward-looking statements, whether as a result of newinformation, future events or otherwise, except as expressly required by applicable securities legislation.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/209487

Categories
Base Metals Energy Junior Mining Precious Metals

Terra Balcanica Announces Share Consolidation Effective Date

Vancouver, British Columbia, May 15, 2024 (GLOBE NEWSWIRE) — Terra Balcanica Resources Corp. (“Terra” or the “Company”) (CSE:TERA; FRA:UB1) announces that, further to the Company’s press release on May 8th, 2024, the consolidation of the outstanding common shares of the Company (each, a “Common Share”) on the basis of one post-Consolidation Common Share for every three pre-Consolidation Common Shares is anticipated to be made effective for trading purposes on Friday, May 17th, 2024 (the “Effective Date”). It is anticipated that the Common Shares will begin trading on the CSE on a post-Consolidation basis at market open on the Effective Date. The new CUSIP of the Common Shares will be 88089G202 and the new ISIN will be CA88089G2027.

Shareholders with physical certificates will receive a letter of transmittal from Computershare Trust Company of Canada, the Company’s transfer agent. All registered shareholders will be required to send their certificate(s) representing pre-Consolidation shares, along with a properly executed letter of transmittal, to the Company’s transfer agent, in accordance with the instructions provided in the letter of transmittal. Shareholders who hold their shares through a broker, investment dealer, bank or trust company should contact that nominee or intermediary on the procedures for processing the Consolidation of their shares, and for determining their post-Consolidation positions. Further details regarding the Consolidation are provided in the press release of the Company dated May 8th, 2024.

About the Company
Terra Balcanica is a polymetallic and energy metals exploration company targeting large-scale mineral systems in the Balkans of southeastern Europe and norther Saskatchewan, Canada. The Company has 90% interest in the Viogor-Zanik Project in eastern Bosnia and Herzegovina and owns 100% of the Ceovishte mineral exploration licence in southern Serbia. The Canadian assets comprise a 100% optioned portfolio of uranium-prospective licences at the outskirts of the world-renowned Athabasca basin: Charlot-Neely Lake, Fontaine Lake, Snowbird South Pendleton. 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 the complete information on this news release, please contact Aleksandar Mišković at amiskovic@terrabresources.com, +1 (514) 796-7577, or visit www.terrabresources.com/en/news.

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. Forward-looking statements contained in this press release include, but are not limited to, the terms and completion of the Consolidation. 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. These forward-looking statements are based on a number of assumptions which may prove to be incorrect including, but not limited to, the ability to obtain regulatory approval for the Consolidation. Such forward-looking statements should not be unduly relied upon. Actual results achieved may vary from the information provided herein as a result of numerous known and unknown risks and uncertainties and other factors. The Company believes the expectations reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct. The Company does not undertake to update these forward-looking statements, except as required by law.

Categories
Base Metals Energy Junior Mining

Sprott Physical Copper Trust Files Preliminary Prospectus for Proposed Initial Public Offering

Sprott Physical Copper Trust
Sprott Physical Copper Trust

TORONTO, May 13, 2024 (GLOBE NEWSWIRE) — Sprott Asset Management LP (“Sprott Asset Management”), on behalf of Sprott Physical Copper Trust (the “Trust”), announced that on May 13, 2024 a preliminary prospectus for the Trust was filed and receipted by the securities regulatory authorities of all the Canadian provinces and territories for an initial public offering (the “Offering”) of transferable units (the “Units”) at a price of US$10.00 per Unit. The number of Units to be sold has not yet been determined.

The Trust is a closed-end trust established to invest and hold substantially all of its assets in physical copper metal (“Copper”). The net proceeds of the Offering will be used to purchase Copper.

The Trust’s investment objectives are to provide a secure, convenient and exchange-traded investment alternative for investors interested in holding Copper without the inconvenience that is typical of a direct investment in Copper. The Trust does not anticipate making regular cash distributions to holders of the Units.

Canaccord Genuity Corp., BMO Nesbitt Burns Inc. and Cantor Fitzgerald Canada Corporation are acting as joint bookrunners for the Offering. RBC Dominion Securities Inc. and TD Securities Inc. are also acting as underwriters for the Offering.

WMC Energy B.V. is acting as technical advisor to Sprott Asset Management and will arrange all procurement and handling of Copper.

About Sprott Asset Management and the Trust

Sprott Asset Management, a subsidiary of Sprott Inc. (NYSE/TSX: SII), is the investment manager to the Trust. Sprott Asset Management’s head office is located at Royal Bank Plaza, South Tower, Suite 2600, 200 Bay Street, Toronto, Ontario, Canada M5J 2J1.

Contact:
Glen Williams
Managing Partner
Investor and Institutional Client Relations and
Head of Corporate Communications
Direct: 416-943-4394
gwilliams@sprott.com

A preliminary prospectus containing important information relating to these securities has been filed with securities commissions or similar authorities in each of the provinces and territories of Canada. The prospectus is still subject to completion or amendment. Copies of the preliminary prospectus may be obtained from any one of the underwriters noted above. There will not be any sale or any acceptance of an offer to buy the securities until a receipt for the final prospectus has been issued.

The Units have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or the securities laws of any state of the United States, and may not be offered or sold, directly or indirectly, in the United States (as defined in Regulation S under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable securities laws of any state of the United States or in reliance on an exemption from such registration requirements. This news release does not constitute an offer to sell, or a solicitation of an offer to buy any of the Trust’s securities referred to herein in the United States.

This is not an offer to sell these securities and not a solicitation of an offer to buy these securities in any state where the offer or sale is not permitted and should be accompanied by the preliminary prospectus. Investors should carefully consider the Trust’s investment objectives, risks, charges and expenses before investing. The preliminary prospectus, which contains this and other information about the Trust, should be read carefully before investing.

You could lose some or all of your investment. For a summary of the risks of an investment in the Trust, please see the “RISK FACTORS” section of the preliminary prospectus. Consult your financial advisor before investing.

This material may contain certain statements which constitute “forward-looking information”. Forward-looking information includes, among other things, projections, estimates, and information about possible or future results related to the Trust, market, or regulatory developments. The views expressed herein are not guarantees of future performance or economic results and involve certain risks, uncertainties, and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed herein are subject to change at any time based upon economic, market, or other conditions and the Trust undertakes no obligation to update the views expressed herein.

Categories
Base Metals Energy Junior Mining

Rover Provides Permitting Update on Let’s Go Lithium Project, NV, USA

VANCOUVER, BC / ACCESSWIRE / May 13, 2024 / Rover Critical Minerals Corp. (TSXV:ROVR)(OTCQB:ROVMF)(FSE:4XO) (“Rover” or the “Company“) is pleased to announce that environmental baseline surveys at its Let’s Go Lithium (“LGL”) project, Amargosa Valley, NV, USA, commenced in March, and continue through to the date hereof.

Judson Culter, CEO at Rover, states: “We continue to work through the NEPA permitting process for the LGL project. Our valued partners at the UES, Reno office, have been out in the field doing the work needed to move the project to the next level. Management is satisfied with the fieldwork to date and feel confident that exploration drilling can be achieved in the area, with less than five acres of planned disturbance.”

Paddy Moylan, Rover’s President comments: “It is exciting to see the progress made. We look forward to further news flow as the work continues. We are a company that will always ensure that our work is conducted in an environmentally sensitive and aware way. Our partners are presently ensuring that is reflected in our permitting plans.”

President’s Compensation

Further to its news release of March 6, 2024, the Company will issue 150,000 common shares to its President, Paddy Moylan, for services rendered from February 1, 2024, through to April 30, 2024. The common shares have been issued with a deemed price per share of $0.05, for the settlement of $7,500 worth of services. A new control person will not be created as a result of this issuance. The shares shall bear the standard four-month regulatory hold period from the date of issuance The issuance is subject to final approval by the TSXV.

About Rover Critical Minerals

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. The Company is focussed on the permitting and exploration of a claystone lithium project in the Amargosa Valley of Nevada, USA.

You can follow Rover on its social media channels:

Twitter: https://twitter.com/rovermetals

LinkedIn: https://www.linkedin.com/company/rover-critical-minerals/mycompany/?viewAsMember=true

for daily company updates and industry news, and

YouTube: https://www.youtube.com/channel/UCJsHsfag1GFyp4aLW5Ye-YQ?view_as=subscriber

for corporate videos.

Website: https://www.rovercriticalminerals.com/

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) 754-2617

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, 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, 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.

SOURCE: Rover Critical Minerals Corp.



View the original press release on accesswire.com

Categories
Base Metals Junior Mining Precious Metals

Grizzly Reports Exploration Results for the Midway Mine Area, Part of the Greenwood District Precious and Battery Metals Project, BC and Plans for 2024

Edmonton, Alberta–(Newsfile Corp. – May 13, 2024) – Grizzly Discoveries Inc. (TSXV: GZD) (FSE: G6H) (OTCQB: GZDIF) (“Grizzly” or the “Company”) is pleased to provide an update and plans for an initial drill and trenching program at the Company’s Midway Mine Area within the Company’s Greenwood District Precious and Battery Metals Project, British Columbia (BC). All assay results for the 2023 rock and soil samples, including the Midway Mine Area, collected from the Company’s 172,000 acre Greenwood District have been received. Significant and important high grade results for gold (Au), silver (Ag), copper (Cu), lead (Pb) and zinc (Zn) have been received from a number of important areas and targets at the Midway Mine area, explored during 2023 and prior to that in 2022. The priority list of targets includes the Midway Mine, a faulted area west of the Midway Mine (Midway West Fault), to the northeast of the Midway Mine (Midway Northeast), the Picturestone Quarry area and the Lois – Burce area to the south of the Midway Mine area (Figures 1 to 4).

Brian Testo, President and CEO of Grizzly Discoveries, stated“We are excited with the new results and discoveries to date from the Midway area and we are planning follow-up exploration including ground geophysical surveys to be followed by drilling and trenching. Our drilling and trenching permit for Midway is imminent. We also are looking forward to pursuing a number of other high grade gold  silver  copper showings and historical mines with drilling in 2024 along with additional exploration for significant battery metals in our current 170,000+ acre land holdings in the Greenwood District. We have barely scratched the surface in terms of exploration!”

The focus of the 2023 program was ground work for assessment and follow up work on a number of targets that returned excellent results during prior years including 2022. In addition, work was also conducted on a number of new targets acquired by staking and/or acquisition in the area while the Company waits for drilling and trenching permits. Highlights of the 2023 work are as follows:

Highlights:

  • The 2023 program saw the collection of a total of 755 rock grab or rock chip samples (with 347 from the Midway area) across the property (Figure 1) from May to November, 2023 along with a total of 4,065 soil samples (with 1,617 from the Midway area).
  • Land acquisition during 2023 included new mineral claims at Beaverdell, Westbridge and in the Greenwood area at Midway, north of Midway, east of the town of Greenwood in the Marshall Lake area adjacent to the historical Phoenix Mine (Figure 1).

Figure 1: Land position and targets of interest for future exploration, Greenwood Project.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/4488/208948_57fb37bc94d8eab7_002full.jpg

Midway Mine Area

  • An extensive sampling program was conducted at the Midway area during 2023 with the discovery of several new showings in the immediate area around the Midway Mine and in the Lois – Bruce area.
  • At Midway Mine area, selective rock grab and composite rock grab samples collected during 2022 and 2023 from outcrop yielded a range of 12.05 grams per tonne (g/t) or 0.351 ounces per ton (opt) Au up to 70.8 g/t (2.065 opt) Au, along with 3 of 7 selective rock grab samples from the Midway Mine yielding from 1,360 g/t Ag (39.7 opt) up to 2,140 g/t Ag (62.4 opt) (See Company news release dated October17, 2022 and Figures 2 to 4).
  • A selective rock grab sample from outcrop 200 m west of the main Midway Mine yielded 15.85 g/t Au (0.462 opt) and 1,530 g/t Ag (44.6 opt), illustrating that there is potential for additional high-grade mineralization in the area (Figure 4). This target has not been drilled.
  • Two new showings were identified in 2023 near the historical Midway Mine including up 5.64 g/t Au (0.165 opt) from a showing 400 m to the northeast of Midway (Midway Northeast) and up to 4.19 g/t Au (0.122 opt) from a grab sample collected about 375 m to the west of the Midway Mine (Midway West Fault on Figure 4). These targets have not been drilled.
  • All highly anomalous samples are from outcrop and characterized by the presence of abundant pyrite, arsenopyrite with visible galena and sphalerite in a siliceous chalcedonic host. The mineralization is hosted in polymetallic veins that display the presence of Pb, Zn, Cu, arsenic (As) and antimony (Sb) and are likely epithermal in nature.
  • At least 6 new areas with anomalous gold (> 100 parts per billion [ppb]), copper (>200 parts per million [ppm]) and silver in soils have been identified at Midway (Figures 2 to 4).
  • A number of rock grab samples collected from the Lois – Bruce area have yielded from >1 g/t Au up to 3.56 g/t Au and from >1% Cu up to 5.92% Cu along with a number of soils with >100 ppb Au and >100 ppm Cu (Figures 2 and 3).
  • The Midway area is being targeted for copper-gold skarn, porphyry and epithermal gold-silver.
  • A number of drillholes and trenches in the area of the Midway Mine and associated showings are being permitted for work during 2024 with the permit expected shortly (Figure 4).

Figure 2: Midway Area Geology and Showings with Gold in Soils and Rocks.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/4488/208948_57fb37bc94d8eab7_004full.jpg

Figure 3. Midway Vertical Derivative Magnetics and Showings with Gold in Soils and Rocks.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/4488/208948_57fb37bc94d8eab7_005full.jpg

Figure 4. Midway Mine Geology and Showings with Gold in Soils and Rocks.

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The Midway Mine and the Picturestone (aka Picture Rock) Quarry area have seen intermittent exploration and mining since the late 1800’s through to as recent as 2012. In the case of the historical Midway Mine, limited underground and open pit development has occurred. The Midway Mine and the Picturestone Quarry are situated within the “Midway Window”, a structural zone within the Toroda Graben exposing Late Paleozoic to Jurassic sediments, volcanics and intrusions, including the Knob Hill and Brooklyn formations, centered on an old thrust fault in a similar setting to the Golden Crown and Lexington Mine area near Greenwood, BC as displayed in Figures 2 and 3. The presence of serpentinite and listwanite in a thrust fault setting along with what is likely Jurassic aged quartz-feldspar porphyry and diorite has been noted.

Prior owners and operators describe significant epithermal mineralization in the form vertical polymetallic sulphide veins enriched in pyrite, arsenopyrite, galena, sphalerite and stibnite and significant alteration at the Midway Mine and Picturestone Quarry. The Midway Mine is spatially associated with a northeast trending gold (Au), silver (Ag), lead (Pb), zinc (Zn) and arsenic (As) soil geochemical anomaly that is approximately 300 m in length and 100 m in width in the area of the Midway Mine. Historical trench sampling yielded 2.8 g/t Au and 218 g/t Ag over a 4.5 m interval in chip/channel sampling at the Midway Mine. Limited drilling with some significant intercepts was carried out in the 1980’s to 1990 at the Midway and Picturestone prospects.

Minnova Inc. conducted a 7 hole core drilling program for a total of 1,170 m 1990 in the Midway Mine area. No drilling has been conducted since. A total of 274 m of core was sampled and two holes tested the actual historical Midway Mine. Hole 90-1 drilled to a depth of 84.45 m intersected 23 m of altered quartz-feldspar porphyry with pyrite and some pyrite-galena veins. The best result obtained in sampling was 1.14 g/t Au (0.033 oz/t Au) and 208 g/t Ag (6.1 oz/t Ag) over 1.5 m core length. A 10.5 m interval of strongly altered quartz-feldspar porphyry returned an average grade of 0.33 g/t Au (0.001 oz/t Au) and 52.7 g/t Ag (1.54 oz/t Ag). A number of the drillholes completed intersected serpentinite, listwanite, diorite and then bottomed in Triassic Brooklyn Formation sharpstone conglomerate with pyrite and skarnified limestone clasts. A number of the other holes intersected similar geology, alteration and gold – silver values as hole 90-1. Additional trenching and drilling were recommended.

The most recent work in 2012 resulted in a recommendation of ground geophysical surveys, additional soil sampling and drilling. The work was never completed.

Plans For 2024 Exploration at Greenwood:

An extensive rock and soil sampling program along with new geological mapping during 2023 has been completed in preparation for drilling at a number of locations in the Greenwood Area in 2024. Drilling is warranted at Midway but also at a number of other targets.

The Company currently has active drilling permits for Ket 28, Dayton and the Motherlode target areas. The Company is awaiting permits for drilling +/- trenching at the Midway, Imperial, Sappho and the Copper Mountain target areas. Depending upon funding, the Company is planning for an aggressive drilling campaign for 2024 in order to take advantage of the outstanding metal prices.

Quality Assurance and Control

Rock and soil samples were analyzed at ALS Global Laboratories (Geochemistry Division) in Vancouver, Canada (an ISO/IEC 17025:2017 accredited facility). Gold was assayed using a fire assay with atomic emission spectrometry and gravimetric finish when required (+10 g/t Au). Rock grab and rock chip samples from outcrop/bedrock are selective by nature and may not be representative of the mineralization hosted on the project.

The sampling program was undertaken by Company personnel under the direction of Michael B. Dufresne, M.Sc., P.Geol., P.Geo. A secure chain of custody is maintained in transporting and storing of all samples.

The technical content of this news release and the Company’s technical disclosure has been reviewed and approved by Michael B. Dufresne, M. Sc., P. Geol., P.Geo., who is the Qualified Person as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects.

ABOUT GRIZZLY DISCOVERIES INC.

Grizzly is a diversified Canadian mineral exploration company with its primary listing on the TSX Venture Exchange focused on developing its approximately 72,700 ha (approximately 180,000 acres) of precious and base metals properties in southeastern British Columbia. Grizzly is run by a highly experienced junior resource sector management team, who have a track record of advancing exploration projects from early exploration stage through to feasibility stage.

On behalf of the Board,

GRIZZLY DISCOVERIES INC.
Brian Testo, CEO, President

Suite 363-9768 170 Street NW
Edmonton, Alberta T5T 5L4

For further information, please visit our website at www.grizzlydiscoveries.com or contact:

Nancy Massicotte
Corporate Development
Tel: 604-507-3377
Email: nancy@grizzlydiscoveries.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.

Caution concerning forward-looking information

This press release contains “forward-looking information” and “forward-looking statements” within the meaning of applicable securities laws. This information and statements address future activities, events, plans, developments and projections. All statements, other than statements of historical fact, constitute forward-looking statements or forward-looking information. Such forward-looking information and statements are frequently identified by words such as “may,” “will,” “should,” “anticipate,” “plan,” “expect,” “believe,” “estimate,” “intend” and similar terminology, and reflect assumptions, estimates, opinions and analysis made by management of Grizzly in light of its experience, current conditions, expectations of future developments and other factors which it believes to be reasonable and relevant. Forward-looking information and statements involve known and unknown risks and uncertainties that may cause Grizzly’s actual results, performance and achievements to differ materially from those expressed or implied by the forward-looking information and statements and accordingly, undue reliance should not be placed thereon.

Risks and uncertainties that may cause actual results to vary include but are not limited to the availability of financing; fluctuations in commodity prices; changes to and compliance with applicable laws and regulations, including environmental laws and obtaining requisite permits; political, economic and other risks; as well as other risks and uncertainties which are more fully described in our annual and quarterly Management’s Discussion and Analysis and in other filings made by us with Canadian securities regulatory authorities and available at www.sedar.com. Grizzly disclaims any obligation to update or revise any forward-looking information or statements except as may be required by law.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/208948

Categories
Base Metals Emx Royalty Junior Mining Precious Metals

EMX Royalty Announces First Quarter 2024 Results

Vancouver, British Columbia–(Newsfile Corp. – May 13, 2024) – EMX Royalty Corporation (NYSE American: EMX) (TSXV: EMX) (FSE: 6E9) (the “Company” or “EMX”) is pleased to report results for the three months ended March 31, 2024 (in U.S. dollars unless otherwise noted).

In Q1 2024, EMX continued on a strong uptrend to start the year due to robust royalty production and increasing metal prices, particularly for gold and copper. We increased our (effective) NSR royalty at the flagship Caserones property to 0.8306%, while strong performance was marked from Timok, Gediktepe, and Leeville. EMX continued to invest capital generating and acquiring royalties around the world while our partners invested significant capital to expand operations at existing mines, advance towards the development of new mines (e.g., positive Pre-feasibility studies at Diablillos and Parks-Salyer), and explore for new opportunities.

Summary of Financial Highlights for the Quarter Ended March 31, 2024 and 2023:

Three months ended March 31,
20242023
Statement of Income
Revenue and other income$6,240$2,742
General and administrative costs2,1481,722
Royalty generation and project evaluation costs, net2,9342,822
Net loss$(2,227)$(3,726)
  
Statement of Cash Flows  
Cash flows from operating activities$1,027$(3,333)
  
Non-IFRS Financial Measures1  
Adjusted revenue and other income$8,293$4,968
Adjusted royalty revenue$7,657$3,943
GEOs sold3,6962,088
Adjusted cash flows from operating activities$2,661$(2,435)
Strong Revenue Growth
Adjusted revenue and other incomeincreased by 67% compared to Q1 2023Adjusted royalty revenue1 increased by 94% compared to Q1 2023
Development of Flagship Assets
Significant investment by Zijin Mining Group at Timok through continued development of upper and lower zonesLundin Mining commenced the first significant exploration drill program at Caserones since 2013
Record Quarterly Revenue from Flagship Asset
Timok generated royalty revenue of $1,267,000 in Q1 2024 for a record single quarter of production from the upper zone
Consistent and Steady Cash Flows
Fourth consecutive quarter with positive adjusted cash flows from operating activities1

____________________

1 Refer to the “Non-IFRS financial measures” section below or on page 33 of the Q1 2024 MD&A for more information on each non-IFRS financial measure. These financial measures do not have any standardized meaning prescribed under IFRS, and therefore may not be comparable to other issuers.

Outlook

The Company is maintaining its 2024 guidance of GEOs sales of 11,000 to 14,000, adjusted royalty revenue of $22,000,000 to $27,500,000 and option and other property income of $2,000,000 to $3,000,000.

The Company is excited about the prospect for continued growth in the portfolio for 2024 and the coming years. The driver for near and long term growth in cash flow will come from the large deposits of Caserones in Chile and Timok in Serbia. At Caserones, Lundin has initiated an exploration program which is intended to expand mineral resources and mineral reserves while at the same time looking to increase throughput at the plant. At Timok, Zijin Mining Group Co. continues to advance the upper zones while developing the lower zone, which we believe will be one of the more important block cave development projects in the world.

Regarding the gold royalty portfolio, we expect Gediktepe, Leeville, and Gold Bar South to mirror what occurred in 2023. In Türkiye, the operator of Sisorta is nearing completion of construction of the mine and we look forward to seeing the plant commissioned. We are excited about the advancement of Diablillos in Argentina by AbraSilver Resource Corp. where the company continues to expand the mineral resource.

The Company will continue to evaluate and work to acquire mineral rights and royalties in 2024. The Company expects it will invest similar amounts as in 2023 towards the royalty generation business. As in previous years, production royalties will continue to be supplemented by option, advance royalty, and other pre-production payments from partnered projects across the global asset portfolio. Efforts and programs are underway to optimize and control costs as the Company continues to grow. EMX believes it is well positioned to identify and pursue new royalty and investment opportunities, while further filling a pipeline of royalty generation properties that provide opportunities for additional cash flow, as well as exploration, development, and production success.

The Company will also strive towards continuing to strengthen its balance sheet over the course of the year. As part of this effort we will look to refinance our outstanding debt of $34,660,000, which comes due at the end of 2024. The Company has actively been engaged with several parties and believes that it will be in a position to provide an update to this process in Q2 2024.

First Quarter Results for 2024:

In Q1 2024, the Company recognized $8,293,000 and $7,657,000 in adjusted revenue and other income1 and adjusted royalty revenue1, respectively, which represented a 67% and 94% increase, respectively, compared to Q1 2023. The significant increase is due to the commencement of royalty payments in Q3 2023 from the Timok royalty property, as well as a 223% increase in royalty revenue from Gediktepe and 62% increase in royalty revenue from Leeville when compared to Q1 2023.

The following table is a summary of GEOs1 sold and adjusted royalty revenue1 for the year ended March 31, 2024 and 2023:

20242023
GEOs SoldRevenue
(in thousands)
GEOs Sold
Revenue
(in thousands)
Caserones991$2,0531,179$2,226
Timok6121,267
Gediktepe1,4432,990490926
Leeville417864283534
Balya9519781153
Gold Bar South3675
Advanced royalty payments10221155104
Adjusted royalty revenue3,696$7,6572,088$3,943

Net royalty generation and project evaluation costs increased from $2,822,000 in Q1 2023 to $2,934,000 in the first quarter of 2024. Royalty generation costs include exploration related activities, technical services, project marketing, land and legal costs, as well as third party due diligence for acquisitions. The increase in expenditures and recoveries was predominately attributable to an increase in property costs in Fennoscandia and South America, and an increase in overall costs in Eastern Europe and Morocco. The increased costs are attributed to the expansion of the generative business into Morocco and the Balkan region.

____________________

Refer to the “Non-IFRS financial measures” section below and on page 33 of the Q1 2024 MD&A for more information on each non-IFRS financial measure.

These cost increases were offset by a 993,000 decrease in net expenditures in the USA. The decrease was primarily related to drilling costs that were incurred in 2023, through a former subsidiary of the Company, Scout Drilling LLC., in exchange for future royalty opportunities. Additionally, the USA operations saw a $463,000 decrease in property costs when compared to Q1 2023.

Not inclusive of the net royalty generation and project evaluation cost, EMX earned $452,000 in royalty generation revenue in Q1 2024 (Q1 2023 – $$793,000).

First Quarter Corporate Updates

Acquisition of Additional Royalty Interest on Caserones

In Q1 2024, EMX acquired an additional 0.0531% (effective) NSR royalty interest in the Caserones property, increasing the Company’s NSR royalty interest to 0.8306%, for cash consideration of $4,742,000 pursuant to an agreement with Franco Nevada Corporation.

Commencement of Normal Course Issuer Bid

In Q1 2024, EMX announced that it has received approval from the TSX Venture Exchange of its Notice of Intention to Make a Normal Course Issuer Bid (the “NCIB”). Under the NCIB, EMX may purchase for cancellation up to 5,000,000 common shares over a twelve-month period commencing on February 13, 2024. The NCIB will expire no later than February 12, 2025. Subsequent to period end, the Company purchased 20,300 Shares on the TSX-V and alternative Canadian trading systems at a weighted average price per Share of C$2.62 for an aggregate value of approximately C$53,000, and 84,776 Shares on the NYSE American and alternative U.S. trading systems at a weighted average price per Share of $1.93 for an aggregate value of approximately $164,000. The total shares purchased on their respective trading systems have been cancelled and returned to treasury.

Appointment of Two New Members to the Board of Directors

Subsequent to the end of the period, the Company announced the appointment of Dawson Brisco and Chris Wright to the Board of Directors.

Cyber Event

In April 2024, the Company became aware that one of the Company’s subsidiaries in Türkiye was the subject of a cyber event resulting in a potential loss of up to $2,325,000. The Company is pursuing recovery of its funds through all legally available means as appropriate, in order to mitigate the loss amount to the fullest extent possible. The Company has evaluated its cyber security risk profile in response, and is addressing issues, including personnel and operational changes in Türkiye related to the event and bolstering existing controls throughout the organization. The impact of this event is evolving, and the Company is monitoring for additional measures that can be taken, and is ensuring its cyber incident response protocols are effective. As cyber threats continue to evolve, the Company may be required to expend additional resources to continue to modify or enhance protective measures or to investigate and remediate any security vulnerabilities.

Qualified Persons

Michael P. Sheehan, CPG, a Qualified Person as defined by NI 43-101 and employee of the Company, has reviewed, verified, and approved the above technical disclosure on North America and Latin America, except for Caserones. Consulting Chief Mining Engineer Mark S. Ramirez, SME Registered Member #04039495, a Qualified Person as defined by NI 43-101 and consultant to the Company, has reviewed, verified and approved the above technical disclosure with respect to the Caserones Mine. Eric P. Jensen, CPG, a Qualified Person as defined by NI 43-101 and employee of the Company, has reviewed, verified, and approved the above technical disclosure on Europe, Türkiye and Australia.

Shareholder Information – The Company’s filings for the year are available on SEDAR+ at www.sedarplus.ca, on the U.S. Securities and Exchange Commission’s EDGAR website at www.sec.gov, and on EMX’s website at www.EMXroyalty.com. Financial results were prepared in accordance with International Financial Reporting Standards, as issued by the International Accounting Standards Board.

About EMX – EMX is a precious, and base metals royalty company. EMX’s investors are provided with discovery, development, and commodity price optionality, while limiting exposure to risks inherent to operating companies. The Company’s common shares are listed on the NYSE American Exchange and TSX Venture Exchange under the symbol “EMX”. Please see www.EMXroyalty.com for more information.

For further information contact:

David M. Cole
President and CEO
Phone: (303) 973-8585
Dave@EMXroyalty.com

Scott Close
Director of Investor Relations
Phone: (303) 973-8585
SClose@EMXroyalty.com

Isabel Belger
Investor Relations (Europe)
Phone: +49 178 4909039
IBelger@EMXroyalty.com

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 information” or “forward-looking statements” that reflect the Company’s current expectations and projections about its future results. These forward-looking statements may include statements regarding the future price of copper, gold and other metals, the estimation of mineral reserves and resources, realization of mineral reserve estimates, the timing and amount of estimated future production, the Company’s growth strategy and expectations regarding the guidance for 2024 and future outlook, including revenue and GEO estimates, refinancing outstanding debt and the timing thereof, the acquisition of additional royalty interests and partnerships, the purchase of securities pursuant to the Company’s NCIB or other statements that are not statements of fact. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, identified by words or phrases such as “expects,” “anticipates,” “believes,” “plans,” “projects,” “estimates,” “assumes,” “intends,” “strategy,” “goals,” “objectives,” “potential,” “possible” or variations thereof or stating that certain actions, events, conditions or results “may”, “could”, “would”, “should”, “might” or “will” be taken, occur or be achieved, or the negative of any of these terms and similar expressions) are not statements of historical fact and may be forward-looking statements.

Forward-looking statements are based on a number of material assumptions, including those listed below, which could prove to be significantly incorrect, including disruption to production at any of the mineral properties in which the Company has a royalty, or other interest; estimated capital costs, operating costs, production and economic returns; estimated metal pricing (including the estimates from the CIBC Global Mining Group’s Consensus Commodity Price Forecasts published on January 2, 2024), metallurgy, mineability, marketability and operating and capital costs, together with other assumptions underlying the Company’s resource and reserve estimates; the expected ability of any of the properties in which the Company holds a royalty, or other interest to develop adequate infrastructure at a reasonable cost; assumptions that all necessary permits and governmental approvals will remain in effect or be obtained as required to operate, develop or explore the various properties in which the Company holds an interest; and the activities on any on the properties in which the Company holds a royalty, or other interest will not be adversely disrupted or impeded by development, operating or regulatory risks or any other government actions.

Certain important factors that could cause actual results, performances or achievements to differ materially from those in the forward-looking statements include, amongst others, failure to maintain or receive necessary approvals, changes in business plans and strategies, market conditions, share price, best use of available cash, copper, gold and other commodity price volatility, discrepancies between actual and estimated production, mineral reserves and resources and metallurgical recoveries, mining operational and development risks relating to the parties which produce the gold or other commodity the Company will purchase, regulatory restrictions, activities by governmental authorities (including changes in taxation), currency fluctuations, the global economic climate, dilution, share price volatility and competition.

Forward-looking statements are subject to known and unknown risks, uncertainties and other important factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: the impact of general business and economic conditions, the absence of control over mining operations from which the Company will receive royalties from, and risks related to those mining operations, including risks related to international operations, government and environmental regulation, actual results of current exploration activities, conclusions of economic evaluations and changes in project parameters as plans continue to be refined, risks in the marketability of minerals, fluctuations in the price of gold and other commodities, fluctuation in foreign exchange rates and interest rates, stock market volatility, as well as those factors discussed in the Company’s MD&A for the quarter ended March 31, 2024, and the most recently filed Annual Information Form (“AIF”) for the year ended December 31, 2023, 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.sedarplus.ca and on the SEC’s EDGAR website at www.sec.gov. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company does not undertake to update any forward-looking statements that are contained or incorporated by reference, except in accordance with applicable securities laws.

Future-Oriented Financial Information

This news release may contain future-oriented financial information (“FOFI”) within the meaning of Canadian securities legislation, about prospective results of operations, financial position, GEOs and anticipated royalty payments based on assumptions about future economic conditions and courses of action, which FOFI is not presented in the format of a historical balance sheet, income statement or cash flow statement. The FOFI has been prepared by management to provide an outlook of the Company’s activities and results and has been prepared based on a number of assumptions including the assumptions discussed under the headings above entitled “2024 Guidance”, “Outlook” and “Forward-Looking Statements” and assumptions with respect to the future metal prices, the estimation of mineral reserves and resources, realization of mineral reserve estimates and the timing and amount of estimated future production. Management does not have, or may not have had at the relevant date, or other financial assumptions which may have been used to prepare the FOFI or assurance that such operating results will be achieved and, accordingly, the complete financial effects are not, or may not have been at the relevant date of the FOFI, objectively determinable.

Importantly, the FOFI contained in this news release are, or may be, based upon certain additional assumptions that management believes to be reasonable based on the information currently available to management, including, but not limited to, assumptions about: (i) the future pricing of metals, (ii) the future market demand and trends within the jurisdictions in which the Company or the mining operators operate, and (iii) the operating cost and effect on the production of the Company’s royalty partners. The FOFI or financial outlook contained in this news release do not purport to present the Company’s financial condition in accordance with IFRS, and there can be no assurance that the assumptions made in preparing the FOFI will prove accurate. The actual results of operations of the Company and the resulting financial results will likely vary from the amounts set forth in the analysis presented in any such document, and such variation may be material (including due to the occurrence of unforeseen events occurring subsequent to the preparation of the FOFI). The Company and management believe that the FOFI has been prepared on a reasonable basis, reflecting management’s best estimates and judgments as at the applicable date. However, because this information is highly subjective and subject to numerous risks including the risks discussed under the heading above entitled “Forward-Looking Statements” and under the heading “Risk Factors” in the Company’s public disclosures, FOFI or financial outlook within this news release should not be relied on as necessarily indicative of future results.

Non-IFRS Financial Measures

We have included certain non-IFRS financial measures in this press release, as discussed below. We believe that these measures, in addition to conventional measures prepared in accordance with IFRS, provide investors an improved ability to evaluate the underlying performance of the Company. These non-IFRS financial measures are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. These financial measures do not have any standardized meaning prescribed under IFRS, and therefore may not be comparable to other issuers.

Non-IFRS financial measures are defined in National Instrument 52-112 – Non-GAAP and Other Financial Measures Disclosure (“NI 52-112”) as a financial measure disclosed that (a) depicts the historical or expected future financial performance, financial position or cash flow of an entity, (b) with respect to its composition, excludes an amount that is included in, or includes an amount that is excluded from, the composition of the most directly comparable financial measure disclosed in the primary financial statements of the entity, (c) is not disclosed in the financial statements of the entity, and (d) is not a ratio, fraction, percentage or similar representation. A non-IFRS ratio is defined by NI 52-112 as a financial measure disclosed that (a) is in the form of a ratio, fraction, percentage or similar representation, (b) has a non-IFRS financial measure as one or more of its components, and (c) is not disclosed in the financial statements. The following table outlines the non-IFRS financial measures, their definitions, the most directly comparable IFRS measures and why we use these measures.

Non-IFRS financial measure
DefinitionMost directly comparable IFRS measureWhy we use the measure and why it is useful to investors
Adjusted revenue and other incomeDefined as revenue and other income including the Company’s share of royalty revenue related to the Company’s effective royalty on Caserones.Revenue and other incomeThe Company believes these measures more accurately depict the Company’s revenue related to operations as the adjustment is to account for revenue from a material asset.
Adjusted royalty revenueDefined as royalty revenue including the Company’s share of royalty revenue related to the Company’s effective royalty on Caserones.Royalty revenue
Adjusted cash flows from operating activitiesDefined as cash flows from operating activities plus the cash distributions related to the Company’s effective royalty on Caserones.Cash flows from operating activitiesThe Company believes this measure more accurately depicts the Company’s cash flows from operations as the adjustment is to account for cash flows from a material asset.
Gold equivalent ounces (GEOs)GEOs is a non-IFRS measure that is based on royalty interests and calculated on a quarterly basis by dividing adjusted royalty revenue by the average gold price during such quarter. The gold price is determined based on the LBMA PM fix. For periods longer than one quarter, GEOs are summed for each quarter in the period.Royalty revenueThe Company uses this measure internally to evaluate our underlying operating performance across the royalty portfolio for the reporting periods presented and to assist with the planning and forecasting of future operating results.

Reconciliation of Adjusted Revenue and Other Income and Adjusted Royalty Revenue:

During the three months ended March 31, 2024 and 2023, the Company had the following sources of revenue and other income:

Three months ended March 31,
20242023
Royalty revenue$5,604$1,717
Option and other property income188689
Interest income448336
Total revenue and other income$6,240$2,742

The following is the reconciliation of adjusted revenue and other income and adjusted royalty revenue:

Three months ended March 31,
20242023
Revenue and other income$6,240$2,742
SLM California royalty revenue$4,805$5,899
The Company’s ownership %42.737.7
The Company’s share of royalty revenue$2,053$2,226
Adjusted revenue and other income$8,293$4,968
  
Royalty Revenue$5,604$1,717
The Company’s share of royalty revenue2,0532,226
Adjusted royalty revenue$7,657$3,943

Reconciliation of Adjusted Cash Flows from Operating Activities:

Three months ended March 31,
20242023
Cash provided by operating activities$1,027$(3,333)
Caserones royalty distributions1,634898
Adjusted cash flows from operating activities$2,661$(2,435)

Reconciliation of GEOs:

Three months ended March 31,
20242023
Adjusted Royalty Revenue$7,657$3,943
Average gold price per ounce$2,072$1,889
Total GEOs3,6962,088

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/208877

Categories
Base Metals Junior Mining Precious Metals

Nickel industry – Part 1 – Processing nickel laterites and sulfides

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NICKEL MAGAZINERAW MATERIALS

Nickel industry – Part 1 – Processing nickel laterites and sulfides

MAY 03 – 2024

Let’s dive into this new series of articles on sustainability, treatment processes and innovations in nickel production, starting with nickel ores.

Nickel is primarily used in two areas today: stainless steel and other alloys, and chemical uses including batteries. Stainless steel is the largest part of the nickel market, while batteries are the fastest growing.

To meet the global nickel demand, nickel is produced from two main sources: fresh ores and recycled materials. Recycling (whether stainless steel and nickel alloys or batteries) is an important part of the nickel value chain. The very high recylability of nickel is a critical part of its sustainability profile, but most of the nickel market is focused on the fresh material put into the supply chain, now about 3 million tonnes/year.

Two broad ore types

Nickel occurs in two broad ore types:

  1. laterite (oxide) ores, principally located in tropical and sub-tropical areas, and
  2. sulfide ores, principally located in the temperate to sub-Arctic regions.

Major nickel mining locations are depicted in the map – but some of these locations have many operations, and some only one. More than 50 % of nickel produced today is mined in Indonesia. Ore is often processed near the mine site, but there is substantial regional and global trade in nickel laterite ores, and some trade in nickel sulfide concentrates.

Laterite ores

Laterite ores occur as surface deposits and are traditionally separated into two main types: limonites (lower nickel, high iron) and saprolites (higher nickel, low iron). Limonites typically have cobalt as an additional value component, while saprolite is treated for its nickel value only.

Today, limonite ores are mostly treated by leaching, where the ore is reacted with sulfuric acid and the dissolved nickel and cobalt are recovered as nickel-cobalt intermediate products. These intermediates can be refined to nickel metal or directly into the battery supply chain. This processing based on dissolution in water is called hydrometallurgy.Saprolite ores are treated by smelting, where the ore is dried and melted using energy from coal and electricity – often coal-based – to recover the nickel as an iron-nickel alloy. The iron-nickel alloy is generally used directly to make stainless steel. With growing battery demand, we have seen a resurgence of a past practice to convert the alloy into a higher-grade material (nickel matte) for refining. The  processing based on melting materials at high temperatures is called pyrometallurgy.

Sulfide ores

Sulfide ores can be at (or near) the surface or deep underground, and often have additional value  streams beyond cobalt such as copper, platinum, and palladium. Together, these can be worth more than the nickel.

These ores are treated differently to laterites. They can almost always be upgraded at the mine site to a shippable nickel concentrate. The concentrate can then be treated at centralised facilities. Most of these are nickel smelters, where the concentrate is melted  using the energy from the contained sulfur and electricity to create nickel matte which is subjected to further refining, but there are also direct hydrometallurgical approaches in use.

General industry flowchart for fresh nickel materials

General industry flowchart for fresh nickel materials

This is the first in a new series of articles on the nickel industry, written from an inside perspective to offer a deeper view of what we do, how we do it, and some of the challenges in the production of this important and versatile element. 

Future articles will unpack technologies a little bit further, identifying some of the historical and ongoing improvements, some of the sustainability challenges faced by the industry, and some of the potential alternative routes which might come to fruition alongside the current commercial approaches.

This article was first published in our Nickel Magazine VOL 39-1, in April 2024.

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Base Metals Junior Mining

Cobalt Institute Manifesto: Cobalt can boost EU’s competitiveness, strategic support and cutting red tape is key

Empowering the cobalt industry to supercharge the EU’s industrial goals, facilitate green transition, and enhance economic security is crucial to strengthening European industry competitiveness ahead of the new policy cycle – Cobalt Institute Manifesto

Cobalt Institute – the global industry association covering the entire cobalt value chain – calls on the new European leadership to strengthen its industrial policy by establishing higher-incentives and promoting lower-barrier economies that will help the EU cobalt industry thrive. A new legislative mandate focusing on growth and eliminating red tape presents an opportunity to enable the cobalt industry to supercharge the EU’s industrial goals, facilitate green and digital transitions, and enhance economic security.

Dinah McLeod, Cobalt Institute Director General, said: “While competitors abroad offer attractive incentives and investment opportunities, cobalt businesses operating in the EU face an uphill battle to secure funding and expand their operations. The new European leadership urgently needs to up its game to harness the EU’s industry potential.”

Cobalt will help ensure Europe’s economic security and green prosperity. To this end, Cobalt Institute has released a manifesto outlining concrete actions for achieving competitiveness through strategic support and unleashing the potential of the cobalt industry. As Europe faces increasing geopolitical tensions and supply chain disruptions, the recommended actions underscore the urgent need to bolster Europe’s cobalt industry to safeguard the continent’s security and prosperity.

Original Source: https://www.cobaltinstitute.org/news/cobalt-institute-manifesto-cobalt-can-boost-eus-competitiveness-strategic-support-and-cutting-red-tape-is-key/

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Base Metals Energy Junior Mining

Chakana Confirms Another Mineralized Breccia Pipe with 23.0m of 0.61 g/t Gold, 1.02% Copper and 26.1 g/t Silver (1.65% Cu-Eq) at Estremadoyro – Soledad, Peru

2024 Highlights at Soledad Project Include:

  • Two shallow holes completed to test the grade of the Estremadoyro tourmaline breccia pipe with mineralized intercepts of:
    • 17.7 m @ 0.55 g/t Au, 0.77% Cu, and 39.7 g/t Ag (1.48% Cu-EQ) in hole SDH24-284
    • 23.0 m @ 0.61 g/t Au, 1.02% Cu, and 26.1 g/t Ag (1.65% Cu-EQ) in hole SDH24-285
  • First reported occurrence of:
    • bornite associated with chalcopyrite in breccia mineralization
    • low-grade copper halo in wall rock of breccia
  • Drilling is now underway 900 m southwest in the Mega-Gold target area with 2 holes completed and the third hole in progress (assays pending)

Vancouver, British Columbia–(Newsfile Corp. – May 8, 2024) – Chakana Copper Corp. (TSXV: PERU) (OTCQB: CHKKF) (FSE: 1ZX) (the “Company” or “Chakana“), is pleased to report results from two exploration holes drilled in the Estremadoyro breccia pipe and provide an update on drilling in the Mega-Gold target area at the Soledad project, Ancash, Peru. These are the first drill results reported for the southern half of the Soledad project based on a new expanded drill permit that was approved in June 2023 and is part of the ongoing fully funded 3,000 m drill program that started April 5, 2024.

“We are excited to see excellent grades at Estremadoyro, comparable to the grade of our published resource from 2022. We are also very encouraged to see bornite mineralization and mineralization extending into the wall rock away from the breccia contact. We know from our drilling that the breccia pipes are vertically extensive so these grades certainly support additional drilling in the future to determine what tonnage potential the Estremadoyro breccia may have. In addition, the drilling at Meg-Gold is progressing well with extensive alteration identified in the drilling to date. Importantly, we have confirmed that the strong induced polarization chargeability response is related to sulfides and chalcopyrite-molybdenite mineralization has been identified in all three holes thus far,” stated President and CEO David Kelley.

Results

Estremadoyro Breccia

DDH #From – To (m)Core Length (m)Au
g/t
Ag
g/t
Cu %Cu-eq
%*
Au-eq g/t*
SDH24-28454.271.917.70.5539.70.771.482.24
and73.085.1512.150.0859.760.160.300.46
SDH24-28512.0035.0023.000.6126.11.021.652.50
* Cu_eq and Au_eq values were calculated using copper, gold, and silver. Long-term CIBC metal prices (January 2, 2024) were utilized for the calculations: Cu – US$3.81/lb, Au – US$1,724/oz, and Ag – US$22.71/oz. No adjustments were made for recovery as the project is an early-stage exploration project and metallurgical data to allow for estimation of recoveries are not yet available. The formulas utilized to calculate equivalent values are Cu-eq (%) = Cu% + (Au g/t * 0.65977) + (Ag g/t * 0.00869) and Au-eq (g/t) = Au g/t + (Cu% * 1.51567) + (Ag g/t * 0.01317).

Estremadoyro Breccia Pipe

The Estremadoyro breccia pipe is road-accessible and located in the central part of the project at an elevation of 3,860 m within the new drill permit area for the southern half of the Soledad project (Figure 1). The breccia pipe is exposed at the lowest elevation of any breccia tested to date, is strongly mineralized at surface in gold, copper, and silver, and is the closest mapped breccia to the Mega-Gold porphyry target area currently being drilled.

Two shallow holes totaling 142.8m were completed to determine the grade of mineralization hosted within the breccia pipe (Figures 2 and 3). Hole SDH24-284 was collared west of the exposed breccia pipe and drilled back to the east, intersecting the breccia at 54.2 m depth and cutting 17.7 m of mineralized breccia. Hole SDH24-285 was collared on the east side of the exposed breccia and drilled steeply to the west. This hole cut 19.45 m of breccia from 14.2 m depth with mineralization extending 2.2 m into the wall rock on the east side, and 1.35 m on the west side. Examples of mineralized drill core from these holes are shown in Figure 4.

Chakana’s previous drilling on seven breccia pipes on the north half of the project led to an initial inferred resource (see news release dated January 11, 2022) and showed that the breccias are vertically extensive features with additional drilling warranted if the grade profile is considered significant. Based on the mineralized intercepts reported here, additional drilling should be conducted to determine the tonnage potential and grade of this discovery.

In addition to the significant grades encountered in drilling, the Estremadoyro breccia has the first identified occurrence of bornite intergrown with chalcopyrite in drilling to date at Soledad. Bornite has a copper content of 63.3% compared to Chalcopyrite with 34.6%. Another notable difference at Estremadoyro is a low-grade copper halo in the wall rock adjacent to the breccia pipe. Normally the grade drops abruptly at the contact between breccia and wall rock due to the permeability contrast, but in the case of drill hole SDH24-284, a zone of chalcopyrite-pyrite mineralization in wall rock was encountered from 73.00 m to 85.15 m (12.15 m) with a grade of 0.30% copper-equivalent. This indicates the potential for a greater volume of mineralization surrounding the breccia pipe at depth.

Exploration Drill Program Update

Two drill holes have been completed to date at Mega-Gold with the third hole in progress (Figure 5, assays pending). The Mega-Gold target covers a very large area occupying 2.5 km2 with anomalous gold and molybdenum in soil overlying pervasive tourmaline-quartz-white mica alteration, overprinted by localized advanced argillic alteration zones and tourmaline breccias. Within the soil anomaly are distinct Offset (3D) induced polarization chargeability responses.

Hole MGDH24-001 was drilled to the northeast to a depth of 353.8 metres. The hole targeted strong soil geochemistry responses up to 0.325 g/t gold and 54 ppm molybdenum. Both gold and molybdenum are stable in acid oxidizing conditions and useful for drill targeting purposes. The hole also targeted a strong induced polarization chargeability response of >40 millivolts per second, interpreted to indicate the presence of sulfides. Volcanic units of the Calipuy Formation were encountered along the entire extent of the drill hole, consisting predominantly of andesitic tuff, with lessor amounts of porphyritic dacite and volcanic breccia. The hole is notable for having moderate to intense alteration along its entire length, with deep oxidation to 92 m depth consisting of moderate to intense argillic alteration and up to 70% iron oxides. This alteration is interpreted to be supergene in origin owing to the weathering of a sulfide-rich parent rock. At 113 m depth, moderate to strong quartz-sericite-pyrite alteration occurs and continues to the end of the hole. Pyrite occurs as disseminations and in association with quartz veins, and quartz-tourmaline veins. Pyrite varies from 3% to 15% to the end of the hole. Molybdenite-pyrite in association with sugary-textured quartz veins occur sporadically from 181 m depth to the end of the hole. Chalcopyrite-pyrite occurs sporadically in quartz and quartz-tourmaline veins from 228 m depth to the end of the hole.

Hole MGDH24-002 was drilled to the south from the same platform as MGDH24-001 to a depth of 453.15 metres. This hole targeted a magnetic body surrounded by strong induced polarization chargeability to the north and south (Figure 5). The hole cut a similar volcanic rock sequence as MGDH24-001 to a depth of 225.8 where younger granodiorite is in contact with the andesitic tuff. Oxidation from surface to 54.15 m depth is associated with moderate to intense argillic alteration with up to 80% iron oxides. The alteration transitions to quartz-sericite-pyrite beneath the zone of oxidation with pyrite reaching 10% in pyrite veinlets, quartz-pyrite-tourmaline veinlets, and disseminations. Quartz-pyrite-molybdenite veinlets are noted below 118.8m depth. Tourmaline breccia cuts the andesitic tuff at 167.65 m depth over 9.4 m associated with pyrite and traces of molybdenite. The granodiorite exhibits chlorite alteration overprinted by quartz-sericite-tourmaline-pyrite in veins and zones of replacement with molybdenite and chalcopyrite as disseminations and in quartz-tourmaline veins. The granodiorite is cut by 105.1 m of tourmaline breccia with highly altered quartz-tourmaline-replaced granodiorite clasts with pyrite and traces of chalcopyrite and molybdenite. Beneath the breccia the granodiorite exhibits zones of strong tourmaline replacement and veining with 0.5-1.0% chalcopyrite in quartz-tourmaline veinlets and disseminations from 399.85-409.05 m depth. Trace chalcopyrite and molybdenite associated with quartz-tourmaline veinlets occurs to the end of the hole.

Hole MGDH24-003 is being drilled from a platform 100 m south of MDGH24-001/002, testing a moderate strength chargeability response adjacent to the same magnetic high (Figure 5). The hole is currently at 137.65 m depth with oxidation to 46.3 m depth and up to 80% iron oxides in argillic alteration. Andesitic tuff occurs from surface to 130.5 m depth, with moderate to strong quartz-sericite-pyrite alteration. Chalcopyrite is associated with quartz-pyrite-tourmaline veinlets starting at 99.15 m depth and traces of disseminated molybdenite starting at 120.4 m depth. At 130.5 m depth the tuff is cut by a mineralized structure with 70% pyrite and a hydrothermal breccia to the current depth.

About Chakana Copper

Chakana Copper Corp is a Canadian-based minerals exploration Company that is currently advancing the Soledad Project located in the Ancash region of Peru, a highly favorable mining jurisdiction with supportive communities. The Soledad Project is notable for the high-grade copper-gold-silver mineralization that is hosted in tourmaline breccia pipes. An initial mineral resource estimate for seven breccia pipes was announced in Q1 2022 (see news release dated February 23, 2022), with an Inferred Resource of 4.8 million tonnes grading 0.72 g/t gold, 61 g/t silver and 0.97% copper assumed to be extractable by underground mining methods, plus an additional Inferred Resource of 1.9 million tonnes grading 1.29 g/t gold, 37.1 g/t silver and 0.65% copper assumed to be extractable by open pit mining methods. The total initial Inferred Resource contains 191,000 ounces of gold, 11.7 million ounces of silver, and 130 million pounds of copper.

In addition, extensive multidisciplinary exploration has defined 154 exploration targets, 28 of which have been tested to date (18%), confirming that Soledad is a large, well-endowed mineral system with strong exploration upside. Chakana’s investors are well positioned as the Soledad Project provides exposure to copper and precious metals. For more information on the Soledad project, please visit the website at www.chakanacopper.com.

Results of an initial inferred mineral resource estimate and additional information concerning the Project, including a technical report prepared in accordance with National Instrument 43-101, are available on Chakana’s profile at www.sedar.com.

Sampling and Analytical Procedures

Chakana follows rigorous sampling and analytical protocols that meet or exceed industry standards. Core samples are stored in a secured area until transport in batches to the ALS facility in Callao, Lima, Peru. Sample batches include certified reference materials, blank, and duplicate samples that are then processed under the control of ALS. All samples are analyzed using the ME-MS41 (ICP technique that provides a comprehensive multi-element overview of the rock geochemistry), while gold is analyzed by AA24 and GRA22 when values exceed 10 g/t by AA24. Over-limit silver, copper, lead and zinc are analyzed using the OG-46 procedure. Over-limit sulfur is determined by oxidation, induction furnace and infrared spectroscopy (S-IR08). Soil samples are analyzed by 4-acid (ME-MS61) and for gold by Fire Assay on a 30g sample (Au-ICP21).

Results of previous drilling and additional information concerning the Project, including a technical report prepared in accordance with National Instrument 43-101, are made available on Chakana’s SEDAR profile at www.sedar.com.

Qualified Person

David Kelley, an officer and a director of Chakana, and a Qualified Person as defined by NI 43-101, reviewed and approved the technical information in this news release.

ON BEHALF OF THE BOARD

(signed) “David Kelley
David Kelley
President and CEO

For further information contact:
Phone: 720-233-2166
Email: info@chakanacopper.com

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

Forward-looking Statement Advisory: This release may contain forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of Chakana to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements. Forward looking statements or information relates to, among other things, the interpretation of the nature of the mineralization at the Soledad copper-gold-silver project (the “Project”), the potential to expand the mineralization, and to develop and grow a resource within the Project, the planning for further exploration work, the ability to de-risk the potential exploration targets, and our belief in the potential for mineralization within unexplored parts of the Project. These forward-looking statements are based on management’s current expectations and beliefs but given the uncertainties, assumptions and risks, readers are cautioned not to place undue reliance on such forward- looking statements or information. The Company disclaims any obligation to update, or to publicly announce, any such statements, events or developments except as required by law.

Figure 1 – Map showing defined targets by type for the Soledad project. Principal target areas on the south side that are being drill tested in the current campaign include the Estremadoyro tourmaline breccia pipe, the Mega-Gold porphyry target area, and the La Joya high-sulfidation epithermal alteration zone. Breccia pipes included in the initial inferred resource estimate labeled in dark blue.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2172/208343_0a67672894061b21_001full.jpg

Figure 2 – Map showing drill holes reported in this release and modeled breccia pipe at Estremadoyro (light red shape) based on surface outcrop and drill intercepts. Light grey topography contours are at 5m intervals. Blue rectangle in the inset map shows the area of Figure 2 within the overall Soledad property.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2172/208343_0a67672894061b21_002full.jpg

Figure 3 – 3D sectional view of Estremadoyro looking north. Light red 3D shape shows inferred breccia pipe geometry based on surface outcrops and drill intercepts.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2172/208343_0a67672894061b21_003full.jpg

Figure 4 – Select core photos from Estremadoyro reported in this release: SDH24-284 (65.0-67.3m) sulfide-tourmaline-cemented mosaic breccia with chalcopyrite-pyrite-arsenopyrite; SDH24-284 (84.9m) chalcopyrite-pyrite mineralization in granodiorite wall rock adjacent to breccia pipe; SDH24-285 (14.2m) semi-massive sulfide with chalcopyrite-pyrite-arsenopyrite in matrix of mosaic breccia; SDH24-285 (18.9-23.4m) chalcopyrite-pyrite cemented tourmaline breccia. Core diameter is 6.35cm (HQ) in all instances.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2172/208343_0a67672894061b21_004full.jpg

Figure 5 – Plan view and section for Mega-Gold drilling to date. Plan view shows location of drill holes and section lines overlain on gold in soil. Section shows fence diagram for completed holes (MGHD24-001 and MGDH24-002) and hole in progress (MGDH24-003) overlain on induced polarization chargeability. Assays pending.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2172/208343_0a67672894061b21_005full.jpg

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/208343