Vancouver, British Columbia–(Newsfile Corp. – August 9, 2024) – EMX Royalty Corporation (NYSE American: EMX) (TSXV: EMX) (FSE: 6E9) (the “Company” or “EMX“) is pleased to announce that it has completed the closing and drawn down the $35 million loan (the “Loan“) contemplated in the credit agreement (the “Credit Agreement“) between the Company, its subsidiary, EMX Chile SpA (“EMX Chile“), and a wholly-owned subsidiary (the “Lender“) of Franco-Nevada Corporation (“Franco-Nevada“) (NYSE and TSX:FNV), which was previously announced in the Company’s news release dated June 20, 2024. The Company used the proceeds of the Loan to repay the $34.42 million outstanding balance of the loan owed to a Fund managed by Sprott Resource Lending Corp. (“Sprott“), to pay the Lender a commitment fee equal to 1% of the principal amount of the Loan and for general working capital purposes.
The Company is pleased to further develop its working relationship with Franco-Nevada, a key EMX shareholder. In addition to the Loan arrangement, EMX and Franco-Nevada have jointly syndicated royalty purchases (e.g., Caserones) and are actively engaged in a joint venture seeking new royalty financing opportunities.
Credit Agreement – The Loan is structured as a $35 million senior secured term loan facility which matures on July 1, 2029. Interest is payable monthly at a rate equal to the three-month SOFR (i.e., Secured Overnight Financing Rate) plus the applicable margin based on the ratio of the Company’s net debt to adjusted EBITDA (see table below), adjusted quarterly.
Ratio of Net Debt / AdjustedEBITDA:
Applicable Interest Rate (per annum):
< 1.00:1
Term SOFR plus 300 basis points
>= 1.00:1 and <1.50:1
Term SOFR plus 325 basis points
>= 1.50:1 and <2.00:1
Term SOFR plus 350 basis points
>= 2.00:1 and <3.00:1
Term SOFR plus 375 basis points
>= 3.00:1
Term SOFR plus 425 basis points
During each year, up to $10 million of the Loan may be voluntarily prepaid without penalty, on a cumulative basis.
The Loan is secured by a general security agreement over the assets of EMX and share pledges by EMX and EMX Chile of certain of their subsidiaries or other equity interests, with the Lender retaining the ability, at any time, to designate certain material subsidiaries of the Company to be guarantors of the Loan and provide similar security. Certain covenants under the Credit Agreement, including restrictions on incurring indebtedness and encumbrances, shall apply to the Company and its subsidiaries.
All amounts referred to herein are to United States dollars.
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.
About Franco-Nevada – Franco-Nevada Corporation is the leading gold-focused royalty and streaming company with the most diversified portfolio of cash-flow producing assets. Its business model provides investors with gold price and exploration optionality while limiting exposure to cost inflation. Franco-Nevada is debt free and uses its free cash flow to expand its portfolio and pay dividends. It trades under the symbol “FNV” on both the Toronto and New York stock exchanges.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release
Forward-Looking Statements
This news release may contain “forward-looking statements” that reflect the Company’s current expectations and projections about its future results, but which are not statements of fact. When used in this news release, words such as “estimate,” “intend,” “expect,” “anticipate,” “will”, “believe”, “potential” and similar expressions are intended to identify forward-looking statements, which, by their very nature, are not guarantees of the Company’s future operational or financial performance, and are subject to risks and uncertainties and other factors that could cause the Company’s actual results, performance, prospects or opportunities to differ materially from those expressed in, or implied by, these forward-looking statements. These risks, uncertainties and factors may include, but are not limited to the Company being unable to comply with the covenants under the Credit Agreement, including the repayment of any amounts owing under the Loan, and other factors.
Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this news release or as of the date otherwise specifically indicated herein. Due to risks and uncertainties, including the risks and uncertainties identified in this news release, and other risk factors and forward-looking statements listed in the Company’s MD&A for the quarter ended March 31, 2024 (the “MD&A”), 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.caand on the SEC’s EDGAR website atwww.sec.gov.
Kelowna, British Columbia–(Newsfile Corp. – August 12, 2024) – F3 Uranium Corp (TSXV: FUU) (OTCQB: FUUFF) (“F3” or “the Company“) is pleased to announce the distribution of common shares of F4 Uranium Corp. to F3 shareholders of record as of August 14, 2024, based on one F4 common share for each common share of F3 held. The F4 shares will then be rolled back at a rate of 10 to 1. The distribution will be considered a dividend for tax purposes.
The Arrangement remains subject to final approval of the Supreme Court of British Columbia (the “Court”) scheduled for August 13, 2024, and acceptance from the TSX Venture Exchange, and is expected to be completed on or about August 15, 2024. F4 will apply to list its common shares on the TSX Venture Exchange and the OTC.
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 discoveries. F3 Uranium currently has 20 projects in the Athabasca Basin. Several of F3’s projects are near large uranium discoveries including Triple R, Arrow and Hurricane. F3 has announced a transaction pursuant to which it will transfer 17 of its prospective uranium exploration properties to F4 in exchange for common shares of F4 which will be distributed to F3 shareholders based on one F4 Share for every common share of F3 held; the F4 shares will then be rolled back at a rate of 10 to 1. F3 will retain the PLN Project consisting of the PLN, Misto and Broach properties. The Broach property incorporates the PW property which it obtained from CanAlaska as the result of a property swap.
Forward-Looking Statements:
This news release contains certain forward-looking statements within the meaning of applicable securities laws. All statements that are not historical facts, including without limitation, statements regarding future estimates, plans, programs, forecasts, projections, objectives, assumptions, expectations or beliefs of future performance, including statements regarding the suitability of the Properties for mining exploration, future payments, issuance of shares and work commitment funds, entry into of a definitive option agreement respecting the Properties, are “forward-looking statements.” These forward-looking statements reflect the expectations or beliefs of the management of the Company based on information currently available to it. Forward-looking statements are subject to a number of risks and uncertainties, including those detailed from time to time in filings made by the Company with securities regulatory authorities, which may cause actual outcomes to differ materially from those discussed in the forward-looking statements. These factors should be considered carefully and readers are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements and information contained in this news release are made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
The TSX Venture Exchange and the Canadian Securities Exchange have 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
Kelowna, British Columbia–(Newsfile Corp. – August 9, 2024) – F3 Uranium Corp (TSV: FUU) (OTCQB: FUUFF) (“F3” or “the Company“) is pleased to announce the outcome of the Special Meeting of F3 Securityholders held on Thursday August 8, 2024, at 10am PT in Kelowna BC at 750 1620 Dickson Avenue, V1Y 9Y2. At the meeting, shareholders voted in favor of the spin-out of F4 Uranium Corp. (‘F4”) pursuant to the statutory plan of arrangement (the “Arrangement”) under Section 192 of the Canada Business Corporations Act.
The total number of eligible votes was 493,352,709 and the total number voted was 177,908,715 being 36.06% of the total number of eligible votes. Three resolutions were voted upon by F3 Securityholders. The Arrangement Resolution involves, among other things, the distribution of common shares of F4 Uranium Corp. to shareholders of F3 Uranium Corp. based on one F4 common share for each common share of F3 held on the effective date of the Arrangement. The F4 shares will then be rolled back at a rate of 10 to 1. The Arrangement Resolution was approved without variation with 79.81% voting FOR. The F4 Option Plan Resolution was not approved with 53.64% voting AGAINST, and the F4 Equity Incentive Plan was approved with 78.41% voting FOR.
The Arrangement remains subject to final approval of the Supreme Court of British Columbia (the “Court”) scheduled for August 13, 2024, and acceptance from the TSX Venture Exchange, and is expected to be completed on or about August 15, 2024. F4 has applied to list its common shares on the TSX Venture Exchange.
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 discoveries. F3 Uranium currently has 20 projects in the Athabasca Basin. Several of F3’s projects are near large uranium discoveries including Triple R, Arrow and Hurricane. F3 has announced a transaction pursuant to which it will transfer 17 of its prospective uranium exploration properties to F4 in exchange for common shares of F4 which will be distributed to F3 shareholders based on one F4 Share for every common share of F3 held; the F4 shares will then be rolled back at a rate of 10 to 1. F3 will retain the PLN Project consisting of the PLN, Misto and Broach properties. The Broach property incorporates the PW property which it obtained from CanAlaska as the result of a property swap.
Forward Looking Statements
This news release contains certain forward-looking statements within the meaning of applicable securities laws. All statements that are not historical facts, including without limitation, statements regarding future estimates, plans, programs, forecasts, projections, objectives, assumptions, expectations or beliefs of future performance, including statements regarding the suitability of the Properties for mining exploration, future payments, issuance of shares and work commitment funds, entry into of a definitive option agreement respecting the Properties, are “forward-looking statements.” These forward-looking statements reflect the expectations or beliefs of the management of the Company based on information currently available to it. Forward-looking statements are subject to a number of risks and uncertainties, including those detailed from time to time in filings made by the Company with securities regulatory authorities, which may cause actual outcomes to differ materially from those discussed in the forward-looking statements. These factors should be considered carefully and readers are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements and information contained in this news release are made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
The TSX Venture Exchange and the Canadian Securities Exchange have 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
Vancouver, British Columbia–(Newsfile Corp. – August 8, 2024) – EMX Royalty Corporation (NYSE American: EMX) (TSXV: EMX) (FSE: 6E9) (the “Company” or “EMX“) is pleased to announce the execution of an exploration and option agreement for its Sulitjelma Project in Norway to Alpha Future Funds S.C.S, a private Luxembourg based company (“Alpha”). The agreement provides EMX with a cash payment and work commitments during a one-year option period, and upon exercise of the option, EMX will receive additional deferred option payments, advance royalty payments, milestone payments and a 2% NSR royalty.
The Sulitjelma project is a past producer of copper-rich polymetallic mineralization from a cluster of volcanogenic massive sulfide (“VMS”) style deposits in the greater Sulitjelma district of north-central Norway. Alpha is a well-capitalized investment fund with its own technical team that seeks to revitalize the Sulitjelma district through additional investment and exploration. Alpha is also reviewing other EMX projects throughout the region for additional acquisition opportunities.
Commercial Terms Overview. EMX will receive US$50,000 upon execution of the agreement, and Alpha can acquire a 100% interest in the project by satisfying specified work commitments by the end of the first anniversary of the agreement. Upon exercising the option Alpha will:
Make additional cash payments to EMX as deferred option payments.
Spend a cumulative of $4,000,000 on the project by the 5th anniversary of the agreement.
Pay annual advance royalty payments commencing after the deferred option payments are complete.
Grant EMX an uncapped 2% NSR royalty on the project.
Deliver certain milestone payments tied to anniversary dates and the commencement of commercial production.
Overviews of the project. The Sulitjelma polymetallic project in Norway is located in the early Paleozoic VMS belt in north-central Norway, which saw numerous districts and mines in operation from the 1600’s through the 1990’s.
Sulitjelma District, Central Norway: The Sulitjelma VMS district was discovered in 1858 and was mined continuously from 1891-1991. The Sulitjelma mines were some of the last operating base metal mines in Norway and one of its most significant historic mining areas. VMS style mineralization occurs along a trend that extends for over 20 kilometers and is developed along multiple stratigraphic horizons and structurally repeated sections. The district produced over 25 million tonnes averaging 1.84% copper, 0.86% zinc, 10 grams per tonne silver and 0.25 grams per tonne gold1. Significant historical resources were left unmined at the time of closure in the early 1990’s.
The district has seen very little work since the mines closed. Reinterpretation of airborne geophysical surveys, including a Versatile Time Domain Electromagnetics (VTEM) survey collected in 2014, highlighted multiple conductive anomalies along the main trend of mineralization that have not yet been drill tested, and EMX geologists have found outcropping expressions of VMS style mineralization, also along trend, that have not been developed or drill tested.
Over the past few years EMX has compiled and digitized the available historical data to create 3D models of the historical mine workings on the property. EMX also conducted extensive soil sampling campaigns and identified drill targets for the next phase of exploration. These targets include projections of mineralization down dip and along strike of the historic mine workings as well as newly identified electromagnetic (“EM”) anomalies. Additionally, EMX recognized that the VMS horizon appears to be repeated in fold limbs to the west of the original property position, which has since been expanded.
This transaction is another example of the execution of EMX’s business model in providing turn-key and drill ready exploration projects to its partner companies in exchange for royalty interests.
Nearby Mines and Deposits. The mines and deposits discussed in this news release provide context for EMX’s projects, which occur in similar geologic settings, but this is not necessarily indicative that the Company’s projects host similar tonnages or grades of mineralization.
Dr. Eric P. Jensen, CPG, a Qualified Person as defined by National Instrument 43-101 and employee of the Company, has reviewed, verified and approved the disclosure of the technical information contained in this news release.
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.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release
Forward-Looking Statements
This news release may contain “forward-looking statements” that reflect the Company’s current expectations and projections about its future results. These forward-looking statements may include statements regarding perceived merit of properties, exploration results and budgets, mineral reserves and resource estimates, work programs, capital expenditures, timelines, strategic plans, market prices for precious and base metal, or other statements that are not statements of fact. When used in this news release, words such as “estimate,” “intend,” “expect,” “anticipate,” “will”, “believe”, “potential” and similar expressions are intended to identify forward-looking statements, which, by their very nature, are not guarantees of the Company’s future operational or financial performance, and are subject to risks and uncertainties and other factors that could cause the Company’s actual results, performance, prospects or opportunities to differ materially from those expressed in, or implied by, these forward-looking statements. These risks, uncertainties and factors may include, but are not limited to unavailability of financing, failure to identify commercially viable mineral reserves, fluctuations in the market valuation for commodities, difficulties in obtaining required approvals for the development of a mineral project, increased regulatory compliance costs, expectations of project funding by joint venture partners and other factors.
Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this news release or as of the date otherwise specifically indicated herein. Due to risks and uncertainties, including the risks and uncertainties identified in this news release, and other risk factors and forward-looking statements listed in the Company’s MD&A for the quarter ended March 31, 2024 (the “MD&A”), 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.
Upcoming exploration to focus on new magnetic anomaly.
Vancouver, British Columbia–(Newsfile Corp. – August 7, 2024) – Riverside Resources Inc.(TSXV: RRI) (OTCQB: RVSDF) (FSE: 5YY) (“Riverside” or the “Company”), is pleased to update progress on the Cecilia project where Riverside is working with Fortuna Mining Corp (TSX: FVI) (see March 13, 2024 press release). The Company has completed detailed magnetic susceptibility data acquisition for the entire project area and identified a new magnetic anomaly area of 6 x 2 km² in the southwest part of the project. The company believes this area displays many classic structural controls similar to the mineralization found at the main Cerro Magallanes target area of the project and can become an additional focus of the upcoming exploration activities as well as the already permitted and planned upcoming drill program that is fully funded and scheduled to start in early Q4, 2024.
The current technical work program is completing now as the project moves next to drill testing. The work that has been completed for evaluating and improving drill targets includes geophysics, geochemistry and geology being integrated. The Cecilia Project has good road access with the project located 40 km southwest of Agua Prieta (Mexico-USA border) and 250 km northeast of the capital city of Hermosillo. The project is a titled and 100% Riverside-owned, with drill permits and the ability to progress the drilling in the coming months. The property is a district-scale gold and silver, low-sulfidation epithermal system and is currently optioned with Fortuna Mining earning an initial ownership position through a series of payments and work commitments where Riverside remains as the operator of the exploration program as disclosed in March. The project covers over 60 km² and has over 10 different exploration targets, with at least two nested dome complexes similar to those in Peru at the Yanacocha Mining District and in Bolivia at the Korri Kollo Mine, which have produced well over 25M and 5M oz of gold respectively. The use of aeromagnetics helps further distinguish these targets.
John-Mark Staude, CEO of Riverside, states, “We are delighted to receive this excellent and detailed aeromagnetic survey for the entire 60 km² area from our work with Fortuna Mining on the Cecilia district exploration. We had full access to the surface for conducting field follow-up allowing the project to progress significantly over the past 6 months. Further, the discovery of a new anomaly is an exciting development and we look forward to undertaking additional exploration work on this discovery over the coming months as well as the fully funded drilling. Having the drill permit, mineral title and funding with a partner aligned in our exploration creates the platform for potential success with drilling activities proceeding in the near term. We look forward to the drill turning and having results from this project as well as updates on other activities that are underway into the fourth quarter of 2024.”
Riverside has completed the acquisition of aeromagnetic data expanding on an earlier and more focused survey where Riverside drilled and intersected gold mineralization. The new UAV magnetic data now covers the entire Cecilia project area of 60 km² with Riverside having full access to the entire property featuring a total flying of 658 line kilometers. Using this new, higher resolution magnetic data aids in interpreting and refining previous targets identified by Riverside. The results identified strong NW-trending magnetic lineaments in the southwestern corner of the project area (Figure 1). This data was not available in earlier results whereby the Company now has access to this region for the first time. This new magnetic anomalous area reflects a strong NW-trend which is similar to the main previously mined and drilled Au-mineralization structural trends like the San Jose Structural trend and Mesa Target (Figure 1A). Additionally, these lineaments bound the Magallancito dome and may be related to sharp contacts or fault-related contacts of intrusions around this target. Such strong structural features are typical of other major mining dome districts including Yanacocha, Peru and Mulatos, Sonora.
Some perpendicular magnetic lineaments in the project appear to define NE-trending zones along strike that generally serve as the main mineralization controls in the district and at surface have associated occurrences of Au-Ag mineralization (e.g. Agua Prieta Trend, Figure 1B). The new areas provide additional future focuses further expanding the planned program and continuing to grow the targeting of the project. Structural intersections in the mineralized dome districts of Mexico and other countries such as in Peru, Bolivia and USA often define focused locations of geologic faults which can provide fluid pathways for higher grade hydrothermal breccias and mineralization.
The acquisition and processing of the magnetic data were completed by Zonge International, Inc. This resulted in the merging and leveling of the historic UAV databases acquired recently by Riverside in the Magallanes Target, producing various merged data interpretations including; total magnetic intensity, reduction to the pole, 1st vertical derivative, and tilt derivative of the reduction to the pole processing’s. The updated 3D inversion model helps delineate the targets at depth and is being used for modeling drill collars and plans for upcoming drilling. This drilling is expected to start in the fourth quarter of 2024, with Fortuna Mining as the funding partner.
Figure 1. A. Updated 1:10.000 geological map of the Cecilia project. B. New target area at Magallancito over Total Magnetic Intensity (TMI) Reduced to North Pole map. The target areas dashed with scales of multiple kilometers.
Riverside Resources owns the project and has undertaken comprehensive exploration efforts at the property, including drilling activities that have yielded significant gold intercepts. Notably, drill results have intersected near surface promising intercepts such as 24.2 meters at 1.51 grams per ton of gold (April 15, 2021 press release) within the rhyodacite dome, showcasing the property’s gold at shallow depths which also has been mined in over a dozen locations including some substantial small scale underground prospect mining. The project has potential to follow these intercepts and go for larger targets at depth is the next planned drilling activity.
One distinguishing aspect of this project is the potential to preserve a fertile dome system. The Magallanes Target, situated at the central part of the project, exhibits interaction within extensive NE and NW structures, presenting a compelling opportunity for the discovery of epithermal gold-silver style mineralization. This geological scheme of the Cecilia Project resembles the Tertiary-age rhyolite systems, like the La Pitarrilla Ag-Pb-Zn project (~800M oz AgEq*) and Fresnillo’s San Julian Ag-Au Mine (~350M oz AgEq**), both situated in Durango, Mexico in the similar Sierra Madre Volcanic Province to Cecilia.
*Mineral Resource estimate for the Pitarrilla Ag Pb Zn Project, Durango, Mexico, SSR Mining, March, 2023.
**Obtained from Fresnillo public presentation, Hermosillo, October, 2016
Qualified Person & QA/QC:
The scientific and technical data contained in this news release pertaining to the Cecilia Project was reviewed and approved by Julian Manco, P.Geo, a non-independent qualified person to Riverside Resources focusing on the work in Sonora, Mexico, who is responsible for ensuring that the information provided in this news release is accurate and who acts as a “qualified person” under National Instrument 43-101 Standards of Disclosure for Mineral Projects.
About Riverside Resources Inc.:
Riverside is a well-funded exploration company driven by value generation and discovery. The Company has over $5M in cash, no debt and less than 75M shares outstanding with a strong portfolio of gold-silver and copper assets and royalties in North America. Riverside has extensive experience and knowledge operating in Mexico and Canada and leverages its large database to generate a portfolio of prospective mineral properties. In addition to Riverside’s own exploration spending, the Company also strives to diversify risk by securing joint-venture and spin-out partnerships to advance multiple assets simultaneously and create more chances for discovery. Riverside has properties available for option, with information available on the Company’s website at www.rivres.com.
ON BEHALF OF RIVERSIDE RESOURCES INC.
“John-Mark Staude”
Dr. John-Mark Staude, President & CEO
For additional information contact:
John-Mark Staude President, CEO Riverside Resources Inc. info@rivres.com Phone: (778) 327-6671 Fax: (778) 327-6675 Web: www.rivres.com
Eric Negraeff Investor Relations Riverside Resources Inc. Phone: (778) 327-6671 TF: (877) RIV-RES1 Web: www.rivres.com
Certain statements in this press release may be considered forward-looking information. These statements can be identified by the use of forward-looking terminology (e.g., “expect”,” estimates”, “intends”, “anticipates”, “believes”, “plans”). Such information involves known and unknown risks — including the availability of funds, the results of financing and exploration activities, the interpretation of exploration results and other geological data, or unanticipated costs and expenses and other risks identified by Riverside in its public securities filings that may cause actual events to differ materially from current expectations. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release.
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.
Edmonton, Alberta–(Newsfile Corp. – July 31, 2024) – Grizzly Discoveries Inc. (TSXV: GZD) (FSE: G6H) (OTCQB: GZDIF) (“Grizzly” or the “Company”) announces that it has closed on an initial tranche of the private placement (the “Offering”) of Units and Flow-Through Units originally announced on June 20, 2024 and extended on July 19, 2024.
The Company issued a total of 6,157,668 Units and 700,000 FT Units, each at a price of $0.03, for aggregate gross proceeds of $205,730.
Each Unit consists of one common share of the Company (“Common Share”) and one non-transferrable common share purchase warrant (“Warrant”) entitling the warrant holder to purchase an additional Common Share for $0.05 and expiring on the earlier of a) 30 days following written notice by the Company to the warrant holder that the volume-weighted average trading price of the Common Shares on the TSX Venture Exchange is at or greater than CA$0.10 per Common Share for 10 consecutive trading days; and (b) 24 months from the date of issuance. Each Flow-Through Unit consists of one Common Share and one half of one Warrant, each of which shall be issued as a “flow through share” for the purposes of the Income Tax Act (Canada). The Offering is being offered to qualified subscribers in the Provinces of Alberta, British Columbia and Ontario and in other jurisdictions as the Company may in its discretion determine, in reliance upon exemptions from the registration and prospectus requirements of applicable securities legislation.
The proceeds of $184,730 from the sale of Units in this tranche are intended to be used for general working capital and corporate overhead, including the payment of management fees to officers of the Company, and the proceeds of $21,000 from the sale of FT Units will be reserved for mineral property exploration.
No commissions or finder’s fees were paid with respect to this tranche of the Offering.
The Offering remains open, with 10,509,000 Units and 16,966,668 FT Units remaining under the maximum Offering, until August 18, 2024.
The Offering is subject to final approval from the TSX Venture Exchange.
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
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 under the Company’s SEDAR+ profile at www.sedarplus.ca. Grizzly disclaims any obligation to update or revise any forward-looking information or statements except as may be required by law.
NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES AND DOES NOT CONSTITUTE AN OFFER OF THE SECURITIES DESCRIBED HEREIN
Security officials are sounding the alarm that the U.S.’s post-Cold War approach to countering a nuclear Russia is no longer enough as China, North Korea and Iran look to bolster their nuclear capabilities.
Related to this article is our interview regarding Nuclear/Uranium.
“For far too long, the United States has ignored revitalizing its nuclear arsenal. China and Russia have expanded their nuclear arsenals to achieve nuclear parity – if not advantage – over the United States by the 2030s,” Robert Peters, former special adviser for countering weapons of mass destruction within the Obama administration’s Office of the Secretary of Defense told Fox News Digital.
“Inaction is not an option. A world where the United States suffers nuclear disadvantage, while our adversaries enjoy nuclear advantage, is a world where nuclear war is more likely.”
In the Heritage Foundation report titled “Building the Nuclear Arsenal of the 21st Century,” first obtained by Fox News Digital before its release Tuesday, Peters highlights the dangers the U.S. faces in the wake of failed nuclear agreements and the increasingly tense geopolitical reality that Washington and its Western allies must confront.
Peace activists wearing masks of Russian President Vladimir Putin and President Biden pose with mock nuclear missiles in front of Berlin’s Brandenburg Gate on Jan. 29, 2021. (John MacDougall/AFP via Getty Images)
Peters, now a research fellow for nuclear deterrence with Heritage, argued the U.S. needs to abandon its long sought after policy of global nuclear disarmament, and instead Washington needs to “expand and diversify” its strategic arsenal.
The nuclear expert said expansions to the U.S.’s nuclear force posture should include creating a larger ballistic missile submarine force and increasing warheads on ground-based strategic deterrents.
Peters also said Washington should immediately “upload non-strategic nuclear warheads” from its ready reserve stockpiles for “existing theater capabilities.”
The U.S. has over 1,300 “retired” warheads that have been removed from the active stockpile, but which have not yet been dismantled, according to the Arms Control Association. Russia has 1,200 “retired” warheads.
“These immediate steps are stopgap measures until the nuclear enterprise is able to produce plutonium pits and nuclear warheads at scale – at a rate of 80 per year by 2030 and 200 per year by 2035 – for the next generation of non-strategic nuclear weapons that are fit to purpose and meet military requirements,” Peters detailed in his report
A mushroom cloud rises during a nuclear weapons test on Bikini Atoll, Marshall Islands, in 1946. (U.S. Library of Congress/Handout via Reuters)
The report also encouraged updates to U.S. force posture by “potentially” stationing additional U.S. nuclear weapons across Europe, as well as introducing them to the Western Pacific.
Concerns over nuclear security have been mounting for more than a year after Moscow pulled out of the 2010 New START treaty signed by President Obama and Russian President Vladimir Putin in 2023.
The 2010 treaty expanded the original Strategic Arms Reduction Treaty (START) signed in 1991 by President George H. W. Bush and Soviet Union leader Mikhail Gorbachev – which began clearing out nuclear stockpiles.
The treaty signed in 2010 limited the number of warheads the U.S. and Russia could have deployed on delivery systems like intercontinental ballistic missiles, submarine-launched ballistic missiles or heavy bombers to no more than 1,550.
Putin’s decision to pull out of the nuclear agreement came after security officials had been flagging Moscow’s failure to adhere to the deal and coincided with a visit from Chinese President Xi Jinping, who has repeatedly refused to engage in any nuclear negotiations with the U.S.
This photo taken from video provided by the Russian Defense Ministry Press Service on Feb. 19, 2022, shows a Yars intercontinental ballistic missile being launched from an air field during military drills in Russia.
The U.S. and Russia still account for 90% of the world’s nuclear stockpiles, with Washington accounting for 5,044 warheads while Russia has 5,580.
China’s unchecked nuclear expansion has been drawing concern for years, though for now Beijing is still believed to have just 500 warheads in its stockpiles.
North Korea is reported to have 50 nuclear warheads.
France, the U.K., India, Pakistan and Israel all reportedly contribute to the more than 12,100 warheads worldwide.
The strategy of deterrence was established during the Cold War between Washington and Moscow due to the threat of mutually assured destruction should there ever be a nuclear conflict.
This strategy still persists today, but thanks to technological advances of low-yield nuclear weapons, other strategic factors now affect nuclear force posture.
“Deterrence through threats of punishment is necessary, but not sufficient for the threats the United States faces,” the report said, arguing a new approach will strengthen U.S. deterrence by also eliminating potential “escalation pathways” for Washington’s adversaries.
Since the end of the Cold War, American leaders on both sides of the political spectrum have sought nuclear disarmament with Russia and other nations as the safest path forward in preventing a catastrophic nuclear event.
But Peters argued this strategy is no longer viable given an increasingly hostile international reality.
Russia’s President Vladimir Putin and North Korea’s leader Kim Jong Un visit the Vostochny Сosmodrome in the far eastern Amur region, Russia, Sept. 13, 2023. (Sputnik/Mikhail Metzel/Kremlin via Reuters/File Photo)
“The United States will not abandon arms control or nonproliferation goals – but it must recognize that for the time being, the global security environment does not lend itself to treaty-based arms control or other non-treaty-based risk reduction or confidence building measures,” the report said.
The report, which is intended to be shared with the incoming administration following the November election no matter who is the victor, acknowledges that nuclear deterrence is an expensive aspect of U.S. national security, but one that is far more affordable than countering a nuclear war.
“None of this will be inexpensive. Nuclear weapons currently account for between 5 and 6% of the Department of Defense budget,” the report said, detailing that the proposed changes would likely add another 1% to 2% to total defense budget.
“Ultimately, deterring great power war – particularly nuclear war – is far less expensive than actually fighting one.,” the report said. “To prevent a war and ultimately prevent strategic attack… the United States must build and field a nuclear arsenal that is credible.”
VANCOUVER, BC, July 30, 2024 /CNW/ – Nations Royalty Corp. (“Nations Royalty” or the “Company“) (TSXV: NRC) is pleased to be informed that the British Columbia Provincial Government has granted ‘Substantially Started’ designation for Seabridge Gold Inc.’s (“Seabridge“) KSM Project, located in the Golden Triangle of northwest British Columbia.
The Substantially Started designation allows for the KSM Project’s Provincial Environmental Assessment Certificate (“EAC“) to be valid in perpetuity over the life of the KSM Project and is no longer subject to expiry. With this designation, KSM is the largest, permitted copper-gold development project in the world. The deposit hosts 47.3M ounces of Au and 7.3B pounds of Cu in Proven and Probable Reserves1. According to Seabridge’s news release dated July 26, 2024, Seabridge has spent over $800 million to advance the KSM Project since the EAC was issued. Development completed to date includes significant work such as road and power infrastructure, as well as camp construction.
Nations Royalty holds the right to receive an annual benefit payment entitlement on the KSM Project that is calculated by reference to the amount of tax payable by the project operator under the Mineral Tax Act (British Columbia) for the life of the KSM Project (the “KSM Payment Entitlement“). The KSM Payment Entitlement was negotiated by the Nisga’a Nation and recently contributed to Nations Royalty as part of a royalty portfolio (see the Company’s news release dated June 20, 2024). The Nisga’a Nation is a founder and the major shareholder of Nations Royalty.
“Nations Royalty wishes to congratulate Seabridge and acknowledge the work completed by the Government of British Columbia, as well as the thorough consultation with Indigenous Groups and nearby communities, including Nisga’a and Tahltan,” said Kody Penner, Vice President of Corporate Development for Nations Royalty. “We look forward to all groups continuing to work together to advance the KSM Project and fruitful outcomes to Seabridge’s joint venture discussions. Our Payment Entitlement, on the large, long-life copper-gold-silver-molybdenum Deposit, is a core piece of the foundation for the future success of Nations Royalty.”
KSM Project Proven and Probable Mineral Reserves as of May 26, 20221
Diluted Grades
Contained Metal
Ore (Mt)
Au(g/t)
Cu (%)
Ag (g/t)
Mo (ppm)
Au (Moz)
Cu (Mlb)
Ag (Moz)
Mo (Mlb)
Proven
1,297
0.71
0.15
2.4
75
29.6
4,203
98
215
Probable
995
0.55
0.14
1.9
77
17.7
3,116
62
170
Total Proven & Probable
2,292
0.64
0.14
2.2
76
47.3
7,320
160
385
1.
Source KSM (Kerr-Sulphurets-Mitchell) Prefeasibility Study and Preliminary Economic Assessment, Prepared for Seabridge Gold Inc. August 8, 2022. The Mineral Reserve Estimates were reviewed by Jim Gray, P.Eng. (who is also the Independent Qualified Person for these Mineral Reserve Estimates) reported using the 2014 CIM Definition Standards and 2019 CIM Estimation of Mineral Resources and Mineral Reserves Best Practice Guidelines and have an effective date of May 26, 2022.
About Nations Royalty Corp.
The Company’s vision is to unite First Nations and Indigenous groups across Canada, welcoming external investors to join the Company as shareholders. Together, they will combine royalties, income and commodity streams and annual benefit payment entitlements from resource projects, tapping into the growth, diversification and value potential typical of publicly traded royalty companies. As a leader in the spirit of economic reconciliation, Nations Royalty’s mission includes capacity building of Indigenous People in public companies and capital markets.
Nations Royalty’s foundation begins with the right to receive five annual payment entitlements in place in respect of the following properties in Canada:
The high-grade Brucejack gold mine operated by Pretium Resources Inc., a wholly-owned indirect subsidiary of Newmont Corporation, a large underground gold mine;
The KSM Copper-Gold-Silver-Molybdenum deposit, currently in development by Seabridge Gold Inc.;
The Premier Gold Project, currently being commissioned by Ascot Resources Ltd. with first gold pour completed in April 2024;
The Red Mountain Gold Deposit, owned by Ascot Resources Ltd.; and
The Kitsault Molybdenum Deposit, a large, fully permitted brownfield site owned and being actively advanced by New Moly LLC, majority-owned by Resource Capital Fund VI L.P.
Qualified Person
Andrew Hamilton, P.Geo, a “qualified person” within the meaning of National Instrument 43-101 Standards of Disclosure for Mineral Projects and has reviewed and approved the technical disclosure in this press release.
On behalf of the Board of Directors of Nations Royalty Corp.
“Robert McLeod” Chief Executive Officer
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.
Technical and Third-Party Information
Except where otherwise stated, the disclosure in this news release relating to the KSM Project is based on information publicly disclosed by the owners or operators of this property and information/data available in the public domain as at the date hereof and none of this information has been independently verified by Nations Royalty or its qualified person. Specifically, as the holder of the KSM Payment Entitlement, Nations Royalty has limited, if any, access to the KSM Project. Although Nations Royalty does not have any knowledge that such information may not be accurate, there can be no assurance that such third-party information is complete or accurate.
Cautionary Statement Regarding Forward-Looking Information
Except for the statements of historical fact, this news release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. When used in this news release, the words “estimate”, “project”, “belief”, “anticipate”, “intend”, “expect”, “plan”, “predict”, “may” or “should” and the negative of these words, or variations thereon or comparable terminology are intended to identify forward-looking statements and information. The forward-looking statements and information in this news release include information relating to: the business plans, mineral reserves, objectives and expected outcomes of Nations Royalty and the projects in which Nations’ Royalty holds an interest, including the advancement of the KSM Project. Such forward-looking information is based on the Company’s expectations, estimates and projections as at the date of this news release.
By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause actual results, performance or achievements to differ materially from those expressed or implied by such statements, including but not limited to: the potential inability of the Company to continue as a going concern, risks associated with potential governmental and/or regulatory action with respect to the Company’s operations and the potential inability of the Company to implement its business plan going forward, risks of mineral reserve estimates not being accurate, risks related to the absence of control over mining operations from which Nations Royalty will receive annual benefit payments and risks related to those mining operations, with respect to the KSM Project, the risk that the opportunities for the advancement of the KSM Project may not materialize, the KSM Project does not ultimately go into production, and potential joint venture partners not favourably concluding joint venture discussions, and the other risks and uncertainties applicable to the Company’s business as set forth in the Company’s management discussion and analysis and its Filing Statement dated June 14, 2024, both of which are available for viewing under the Company’s profile at www.sedarplus.ca. Such statements and information reflect the current view of the Company and are based on information currently available to the Company. In connection with the forward-looking information contained in this news release, the Company has made assumptions about the advancement of the KSM Project and receipt of the annual benefit payment. The Company has also assumed that no significant events will occur outside the Company’s normal course of business. Although the Company believes that the assumptions inherent in the forward-looking information are reasonable, forward-looking information is not a guarantee of future performance and accordingly undue reliance should not be put on such information due to the inherent uncertainty therein.
Any forward-looking information speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise.
Kelowna, British Columbia–(Newsfile Corp. – July 30, 2024) – F3 Uranium Corp(TSXV: FUU) (OTCQB: FUUFF) (“F3” or “the Company“) is pleased to announce final assay results from the winter 2024 drill program, including PLN24-137 which was cored in the JR Zone (see NR April 16, 2024) and which returned 15.0m of 3.2% U3O8, including a high grade 2.5m interval averaging 18.6% U3O8, further including the ultra-high grade core with 1.5m of 30.3% U3O8.
Exploration geochemistry for the continuing summer drill program has also been received up to hole PLN24-152 which focused on drill testing both the A1 main shear, as well as a related fault splay termed the “North Horse” grid south of the cross-cutting Harrison Fault, a significant structure corresponding to a vertical offset of approximately 130m. Two radioactive intervals (see NR June 12, 2024) corresponding to the main A1 and North Horse structures respectively yielded the strongest exploration geochemistry results outside of JR Zone to date, with the main A1 intersect assaying 0.045% U3O8, and the North Horse intersect assaying 0.014% U3O8 over 7 meters including 0.051% U3O8 over 0.5m (see Photo 1).
A series of shorter exploration drill holes have been completed on the main A1 shear infilling gaps, and although there are multiple areas warranting follow up, exploration drilling in the near term will focus on the areas near Harrison Fault, and to the southeast.
Sam Hartmann, Vice President Exploration, commented:
“We are very pleased with these ongoing results. Drillhole PLN24-152 stands out with the strongest geochemistry signatures to date outside of the JR Zone and represents one of the highest priority exploration targets for follow up. This hole targeted the intersect of the Harrison Fault and the A1 Main shear zone just south of the Harrison Fault. Targeting in this area now includes the Harrison Fault itself, and the areas of shear intersections with it. We are persistent in our efforts to hone in on potential high-grade mineralization indicated by encouraging results from our systematic drilling in this area.”
Table 1. Drill Hole Summary and Uranium Assay Results
Collar Information
Assay Results
Hole ID
Grid Line
Easting
Northing
Elevation
Az
Dip
From (m)
To (m)
Interval (m)
U3O8 weight %
PLN24-132
090S
587708.0
6410637.5
545.6
55.0
-58.1
no mineralization >0.05
PLN24-133
2850S
589506.9
6408515.5
529.3
55.0
-71.7
B1 Exploration; no mineralization >0.05
PLN24-134
435S
587868.1
6410326.1
530.7
53.6
-64.6
B1 Exploration; no mineralization >0.05
PLN24-135
3240S
589630.4
6408142.8
535.4
52.1
-70.3
B1 Exploration; no mineralization >0.05
PLN24-136
630S
588165.6
6410302.3
536.3
54.4
-58.7
A1 Exploration; no mineralization >0.05
PLN24-137
040S
587780.2
6410753.3
545.6
55.4
-75.0
202.50
214.00
11.50
0.13
214.00
216.50
2.50
18.61
incl
214.50
216.00
1.50
30.27
216.50
217.50
1.50
0.26
PLN24-138
2850S
589493.8
6408505.0
530.1
51.8
-76
B1 Exploration; no mineralization >0.05
PLN24-139
795S
588289.3
6410186.5
532.6
54
-59
A1 Exploration; no mineralization >0.05
PLN24-140
2325S
589060.2
6408857.6
543.9
55.7
-60
A1 Exploration; no mineralization >0.05
PLN24-141
3240S
589622.4
6408136.8
535.5
57.7
-73
B1 Exploration; no mineralization >0.05
PLN24-142
2850S
589560.6
6408554.7
530.5
53.5
-76
B1 Exploration; no mineralization >0.05
PLN24-143
2325S
589059.0
6408856.8
543.9
54.7
-67
B1 Exploration; no mineralization >0.05
PLN24-144
2820S
589485.3
6408554.4
529.6
54.1
-75
B1 Exploration; no mineralization >0.05
PLN24-145
2325S
589095.3
6408883.2
543.9
52.9
-66
A1 Exploration; no mineralization >0.05
PLN24-146
2850S
589424.5
6408454.7
533.3
50.7
-78
B1 Exploration; no mineralization >0.05
PLN24-147
2370S
589105.9
6408835.4
543.7
56.9
-70
A1 Exploration; no mineralization >0.05
PLN24-148
2280S
589072.1
6408921.7
543.9
55.5
-74
A1 Exploration; no mineralization >0.05
PLN24-149
795S
588316.1
6410208.7
530.8
53.9
-59
A1 Exploration; no mineralization >0.05
PLN24-150
1125S
588460.1
6409904.8
533.3
58.1
-70
A1 Exploration; no mineralization >0.05
PLN24-151
1530S
588676.0
6409561.0
544.5
54.1
-70
A1 Exploration; no mineralization >0.05
PLN24-152
2850S
589259.2
6408356.8
537.2
53.1
-68
440.5
441
0.5
0.051
Assay composite parameters:
1: Minimum Thickness of 0.5 m 2: Assay Grade Cut-Off: 0.05% U3O8 (weight %) 3. Maximum Internal Dilution: 2.0 m
Natural gamma radiation in the drill core that is reported in this news release was measured in counts per second (cps) using a handheld Radiation Solutions RS-125 scintillometer. The Company considers greater than 300 cps on the handheld spectrometer as anomalous, >10,000 cps as high grade and greater than 65,535 cps as off-scale. The reader is cautioned that scintillometer readings are not directly or uniformly related to uranium grades of the rock sample measured and should be used only as a preliminary indication of the presence of radioactive materials.
Composited weight % U3O8 mineralized intervals are summarized in Table 1. Samples from the drill core are split into half sections on site. Where possible, samples are standardized at 0.5m down-hole intervals. One-half of the split sample is sent to SRC Geoanalytical Laboratories (an SCC ISO/IEC 17025: 2005 Accredited Facility) in Saskatoon, SK while the other half remains on site for reference. Analysis includes a 63 element suite including boron by ICP-OES, uranium by ICP-MS and gold analysis by ICP-OES and/or AAS.
The Company considers uranium mineralization with assay results of greater than 1.0 weight % U3O8 as “high grade” and results greater than 20.0 weight % U3O8 as “ultra-high grade”.
All depth measurements reported are down-hole and true thickness are yet to be determined.
About Patterson Lake North:
The Company’s 4,078-hectare 100% owned Patterson Lake North property (PLN) is located just within the south-western edge of the Athabasca Basin in proximity to Fission Uranium’s Triple R and NexGen Energy’s Arrow high-grade world class uranium deposits which is poised to become the next major area of development for new uranium operations in northern Saskatchewan. PLN is accessed by Provincial Highway 955, which transects the property, and the new JR Zone uranium discovery is located 23km northwest of Fission Uranium’s Triple R deposit.
Qualified Person:
The technical information in this news release has been prepare in accordance with the Canadian regulatory requirements set out in National Instrument 43-101 and approved on behalf of the company by Raymond Ashley, P.Geo., President & COO of F3 Uranium Corp, a Qualified Person. Mr. Ashley has verified the data disclosed.
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 discoveries. F3 Uranium currently has 20 projects in the Athabasca Basin. Several of F3’s projects are near large uranium discoveries including Triple R, Arrow and Hurricane. F3 has announced a transaction pursuant to which it will transfer 17 of its prospective uranium exploration properties to F4 in exchange for common shares of F4 which will be distributed to F3 shareholders on the basis of one F4 Share for every common share of F3 held; the F4 shares will then be rolled back at a rate of 10 to 1. F3 will retain the PLN Project consisting of the PLN, Misto and Broach properties. The Broach property incorporates the PW property which it obtained from CanAlaska as the result of a property swap.
This news release contains certain forward-looking statements within the meaning of applicable securities laws. All statements that are not historical facts, including without limitation, statements regarding future estimates, plans, programs, forecasts, projections, objectives, assumptions, expectations or beliefs of future performance, including statements regarding the suitability of the Properties for mining exploration, future payments, issuance of shares and work commitment funds, entry into of a definitive option agreement respecting the Properties, are “forward-looking statements.” These forward-looking statements reflect the expectations or beliefs of management of the Company based on information currently available to it. Forward-looking statements are subject to a number of risks and uncertainties, including those detailed from time to time in filings made by the Company with securities regulatory authorities, which may cause actual outcomes to differ materially from those discussed in the forward-looking statements. These factors should be considered carefully and readers are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements and information contained in this news release are made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
The TSX Venture Exchange and the Canadian Securities Exchange have 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
Highlights include 69m at 3.8g/t PGM+Au including 5m at 25.4g/t PGM+Au, 45m at 5.0g/t PGM+Au, and 24.9m at 5.9g/t PGM+Au, 0.12% Ni
VANCOUVER, BC, July 29, 2024 /CNW/ – Bravo Mining Corp. (TSXV: BRVO) (OTCQX: BRVMF), (“Bravo” or the “Company“) has received assay results from fifteen diamond drill holes (“DDH”) from the North Sector at its 100% owned Luanga palladium + platinum + rhodium + gold + nickel deposit (“Luanga deposit” or “Luanga PGM+Au+Ni deposit“), located in the Carajás Mineral Province, state of Pará, Brazil.
“The numerous thick high-grade drill intercepts from the North Sector of the Luanga deposit has significantly enhanced the resource potential in this area, thus establishing a second centre of gravity for the Luanga deposit,” said Luis Azevedo, Chairman and CEO. “In the Luanga deposit mineral resource estimate (“MRE”. See press release October 22, 2023), the Central Sector was seen to host a large proportion of the mineral resources, largely due to the concentration of historical holes and Bravo drilling. In contrast, the North Sector had only seen limited drilling at the time of the MRE. However, Bravo’s recent drilling, has consistently intercepted thicker zones of higher-grade mineralization within 150m of surface, as illustrated by the sections in this press release.”
Highlights Include:
Drilling in the North Sector continues to show improvements in both grade and thickness compared to historic drilling in this sector.
Mineralization intersected to date (see Sections 1 and 2) lies within 150m of surface and is open to further extension at depth.
The North Sector at the Luanga deposit is now recognised as a second centre of gravity of multiple thick high grade mineralized zones.
The current round of BHEM (bore-hole electromagnetic) surveying is close to completion. Drilling has recommencing at T5, testing new conductors along strike defined by this work. This will be followed by drilling at new and re-evaluated HeliTEM targets.
HOLE-ID
From
To
Thickness(m)
Pd
Pt
Rh
Au
PGM + Au
Ni* (%)Sulphide
TYPE
(m)
(m)
(g/t)
(g/t)
(g/t)
(g/t)
(g/t)
DDH24LU245
3.00
72.40
69.40
1.63
1.82
0.23
0.08
3.77
NA
FR/LS
including
9.20
14.20
5.00
8.81
14.99
1.62
0.01
25.42
NA
FR/LS
Also including
44.05
72.40
28.35
1.76
0.94
0.14
0.18
3.01
0.25
FR
And
115.00
143.00
28.00
1.58
1.28
0.19
0.04
3.10
0.02
FR
DDH24LU247
0.00
31.00
31.00
1.05
0.81
0.22
0.01
2.10
NA
Ox
DDH24LU248
45.40
70.30
24.90
2.31
3.27
0.27
0.03
5.88
0.12
FR/LS
including
45.40
55.40
10.00
4.48
7.36
0.58
0.04
12.46
0.08
FR/LS
DDH24LU249
111.40
157.40
46.00
1.41
0.69
0.14
0.06
2.30
0.18
FR
DDH24LU250
111.50
117.50
6.00
4.18
2.92
0.49
0.32
7.91
0.11
FR
And
124.50
131.50
7.00
2.25
1.85
0.34
0.08
4.52
0.08
FR
And
66.80
67.80
1.00
156.45
158.25
>10.0
2.16
326.85
0.06
FR
DDH24LU252
0.00
152.30
152.30
0.40
0.75
0.04
<0.01
1.20
NA
Ox/FR
DDH24LU254
84.50
92.50
8.00
2.76
1.28
0.24
0.19
4.47
0.15
FR
And
21.35
64.70
43.35
1.52
0.80
0.13
0.22
2.67
0.20
FR
DDH24LU258
0.00
45.60
45.60
2.48
1.85
0.34
0.34
5.01
NA
Ox
DDH24LU259
8.60
10.60
2.00
12.76
42.15
4.79
2.59
62.28
NA
Ox
Notes: All ‘From’, ‘To’ depths, and ‘Thicknesses’ are downhole. ‘NA’ Not applicable for Oxide material. Given orientation of drilling and mineralization, intercepts are estimated at 125% to 140% of true thickness in the North Sector. Type: Ox = Oxide. FR = Fresh Rock. LS = Low Sulphide. Recovery methods and results will differ based on the type of mineralization. *Bravo’s nickel grades are sulphide nickel, and do not include non-recoverable silicate nickel, unlike historical total nickel assays.
Luanga Drilling Update
Results from fifteen diamond drill holes have been received from the North Sector of the Luanga PGM+Au+Ni deposit. All the drill holes reported herein are angled holes (-60 degrees), towards an azimuth of 090°. Together, this set of drill holes comprise a total of 3,212.45 metres of diamond drilling.
Section 1 (Figure 1) in the North Sector shows infill and step-out drilling, with DDH24LU249 being the deepest drill hole on the section, exhibiting a wide zone of mineralization, open at depth, within 150m from surface, and consistently increasing in grade from DDH22LU090 to DDH24LU247 to DDH22LU086 to DDH24LU249. Trenching (TR23LU024) in this area also demonstrates the significant volume of near surface oxide mineralization. These results continue to bode well for potential future MRE updates. In comparison, the Central Sector has been defined to depths of up to 400m below surface, more than twice the depth of current drilling in the North Sector. The addition of a second centre of gravity for the Luanga PGM+Au+Ni deposit has potential to enhance future project economics, as and when demonstrated, mineralization could potentially be extracted from shallower depths for longer periods.
Figure 1: North Sector (Section 1 on Figure 3). High-grade and thick mineralization near surface and continuing at depth. (CNW Group/Bravo Mining Corp.)
Section 2 (Figure 2) is an infill section in the North Sector. Drilling also shows evidence of increasing thickness at depth, again with mineralization defined to date less than 150m from surface and still open at depth. As with Section 1 and in comparison, to the Central Sector, there is still significant potential to extend mineralization to depth while remaining potentially amenable to open pit exploitation, subject to future economic studies. Furthermore, Section 2 shows high volumes of mineralization in comparison to the volume of unmineralized material, demonstrating the potential for relatively low strip ratios in these areas.
Figure 2: North Sector (Section 2 on Figure 3). Wide zones of mineralization with low proportions of unmineralized material. (CNW Group/Bravo Mining Corp.)
HeliTEM (Helicopter borne EM) and Copper/Gold Exploration Update
Exploration is progressing on both BHEM targets and HeliTEM targets. The current round of BHEM surveying is close to completion. Drilling has recommencing at T5, testing new conductors defined along strike by this work. BHEM is currently in progress at T11. Following the new holes planned at T5, drilling will move to T11, followed by initial testing of new and re-evaluated HeliTEM targets.
Drill Results Status Update
A total of 311 drill holes have been completed by Bravo to date, for 66,366 metres, including 8 metallurgical holes (not subject to routine assaying). Results have been reported for 267 Bravo drill holes to date. Assay results for 36 Bravo drill holes that have been completed are currently outstanding (excluding the metallurgical holes).
Complete Table of Recent Intercepts.
HOLE-ID
From
To
Thickness(m)
Pd
Pt
Rh
Au
PGM + Au
Ni* (%)Sulphide
Cu (%)Sulphide
TYPE
(m)
(m)
(g/t)
(g/t)
(g/t)
(g/t)
(g/t)
DDH24LU243
162.45
169.45
7.00
0.22
0.73
0.04
<0.01
0.99
0.01
FR
DDH24LU245
3.00
72.40
69.40
1.63
1.82
0.23
0.08
3.77
NA
FR/LS
including
9.20
14.20
5.00
8.81
14.99
1.62
0.01
25.42
NA
FR/LS
Also including
44.05
72.40
28.35
1.76
0.94
0.14
0.18
3.01
0.25
FR
And
79.70
89.40
9.70
0.65
0.55
0.09
0.12
1.41
0.09
FR
And
115.00
143.00
28.00
1.58
1.28
0.19
0.04
3.10
0.02
FR
And
150.00
154.00
4.00
0.46
0.19
0.04
0.01
0.70
0.05
FR
And
182.00
190.00
8.00
0.34
0.11
0.02
0.02
0.49
0.07
FR
And
197.00
201.05
4.05
0.40
0.10
0.02
<0.01
0.52
0.05
FR
DDH24LU247
0.00
31.00
31.00
1.05
0.81
0.22
0.01
2.10
NA
Ox
And
51.65
93.50
41.85
0.84
0.41
0.09
0.01
1.35
0.11
FR
including
60.65
76.50
15.85
1.15
0.55
0.12
0.01
1.84
0.13
FR
And
102.50
115.50
13.00
0.27
0.25
0.04
<0.01
0.57
0.03
FR
And
119.50
123.50
4.00
0.77
0.34
0.05
0.01
1.16
0.05
FR
And
151.50
153.50
2.00
5.06
2.49
0.21
0.01
7.77
0.10
FR
And
162.50
171.50
9.00
0.36
0.13
0.01
0.01
0.50
0.06
FR
DDH24LU248
0.00
3.91
3.91
0.79
0.44
0.08
0.01
1.32
NA
Ox
And
45.40
70.30
24.90
2.31
3.27
0.27
0.03
5.88
0.12
FR/LS
including
45.40
55.40
10.00
4.48
7.36
0.58
0.04
12.46
0.08
FR/LS
And
75.90
79.90
4.00
0.86
0.41
0.06
0.02
1.35
0.26
FR
And
96.15
100.30
4.15
0.57
0.31
0.03
0.02
0.93
0.14
FR
DDH24LU249
0.00
6.80
6.80
0.30
0.32
0.06
0.01
0.69
NA
Ox
And
18.00
26.00
8.00
0.27
0.77
0.22
<0.01
1.27
NA
FR/LS
And
33.90
46.35
12.45
0.51
0.77
0.04
0.01
1.33
0.01
FR
And
54.35
60.35
6.00
0.51
0.30
0.06
0.01
0.88
0.06
FR
And
181.10
187.10
6.00
0.25
0.51
0.07
<0.01
0.83
0.01
FR
And
94.10
102.00
7.90
0.36
0.82
0.11
0.02
1.30
0.02
FR
And
111.40
157.40
46.00
1.41
0.69
0.14
0.06
2.30
0.18
FR
And
173.90
182.90
9.00
0.79
0.41
0.09
0.09
1.37
0.14
FR
And
241.00
244.00
3.00
<0.01
<0.01
0.01
0.02
0.03
0.01
0.68
FR
DDH24LU250
111.50
117.50
6.00
4.18
2.92
0.49
0.32
7.91
0.11
FR
And
124.50
131.50
7.00
2.25
1.85
0.34
0.08
4.52
0.08
FR
DDH24LU251
0.00
3.30
3.30
0.36
0.30
0.07
0.01
0.74
NA
Ox
And
66.80
67.80
1.00
156.45
158.25
>10.0
2.16
326.85
0.06
FR
DDH24LU252
0.00
152.30
152.30
0.40
0.75
0.04
<0.01
1.20
NA
Ox/FR
including
0.00
27.45
27.45
0.56
1.41
0.03
0.01
2.00
NA
Ox
And
192.50
197.50
5.00
0.84
0.28
0.04
0.13
1.29
0.13
FR
DDH24LU253
0.00
28.50
28.50
0.36
0.70
0.03
0.01
1.09
NA
Ox
And
120.30
123.30
3.00
0.61
0.28
0.02
<0.01
0.92
0.03
FR
DDH24LU254
0.00
27.30
27.30
0.38
0.12
0.01
0.08
0.58
NA
Ox
And
41.30
80.90
39.60
0.75
0.37
0.06
0.12
1.31
0.19
FR
And
84.50
92.50
8.00
2.76
1.28
0.24
0.19
4.47
0.15
FR
And
93.50
101.50
8.00
0.39
0.21
0.02
0.05
0.67
0.13
FR
And
193.00
196.00
3.00
0.39
1.06
0.39
0.01
1.85
0.05
FR
And
208.00
216.00
8.00
0.55
0.36
0.07
0.01
1.00
0.01
FR
And
227.00
231.00
4.00
0.18
0.06
0.02
0.05
0.31
0.07
0.72
FR
DDH24LU255
0.00
1.84
1.84
1.30
1.28
0.23
0.04
2.85
NA
Ox
And
60.60
63.60
3.00
0.71
0.45
0.06
0.01
1.23
0.02
FR
And
77.60
90.60
13.00
1.08
0.97
0.19
0.01
2.26
0.02
FR
And
152.30
164.30
12.00
0.42
0.21
0.03
0.02
0.68
0.08
FR
And
185.05
185.85
0.80
0.41
0.14
0.05
<0.01
0.60
2.11
FR
DDH24LU256
0.00
8.35
8.35
1.39
0.55
0.10
0.10
2.14
NA
Ox
And
21.35
64.70
43.35
1.52
0.80
0.13
0.22
2.67
0.20
FR
And
71.70
72.70
1.00
8.56
8.86
1.50
0.53
19.40
0.01
FR
And
85.60
89.60
4.00
0.72
0.35
0.04
0.03
1.14
0.06
FR
And
131.60
166.60
35.00
0.61
0.35
0.06
0.05
1.07
0.10
FR
DDH24LU257
0.00
18.80
18.80
0.35
0.62
0.09
0.01
1.07
NA
Ox
DDH24LU258
0.00
45.60
45.60
2.48
1.85
0.34
0.34
5.01
NA
Ox
And
88.60
90.60
2.00
2.18
9.91
2.19
0.15
14.43
0.01
FR/LS
And
99.60
104.60
5.00
0.26
0.28
0.08
0.01
0.62
0.01
FR
And
162.60
180.60
18.00
0.30
0.18
0.03
0.03
0.53
0.03
FR
DDH24LU259
8.60
10.60
2.00
12.76
42.15
4.79
2.59
62.28
NA
Ox
And
13.60
73.90
60.30
0.31
0.54
0.05
<0.01
0.91
0.01
Ox/FR
And
77.90
78.90
1.00
0.66
13.98
3.03
<0.01
17.67
0.01
FR/LS
And
134.45
172.70
38.25
0.41
0.40
0.06
0.01
0.88
0.05
FR
Notes: All ‘From’, ‘To’ depths, and ‘Thicknesses’ are downhole. ‘NA’ Not applicable for Oxide material.
Given orientation of drilling and mineralization, intercepts are estimated at 125% to 140% of true thickness in the North Sector.
Type: Ox = Oxide. FR = Fresh Rock. LS = Low Sulphide. Recovery methods and results will differ based on the type of mineralization.
* Bravo’s nickel grades are sulphide nickel, and do not include non-recoverable silicate nickel, unlike historical total nickel assays
Figure 3: Location of Bravo Drilling and Sections Reported in this News Release (CNW Group/Bravo Mining Corp.)
About Bravo Mining Corp.
Bravo is a Canadian and Brazil-based mineral exploration and development company focused on advancing its Luanga PGM+Au+Ni Project in the world-class Carajás Mineral Province of Brazil.
The Luanga Project is situated on mature freehold farming land and benefits from being in a location close to operating mines and a mining-experienced workforce, with excellent access and proximity to existing infrastructure, including road, rail, and clean renewable hydro grid power. A fully funded 63,000m infill, step out and exploration drilling and trenching program is well advanced for 2024. Bravo’s current Environmental, Social and Governance activities includes planting more than 30,000 high-value trees in the project area, hiring and contracting locally, and ensuring protection of the environment during its exploration activities.
Technical Disclosure
Technical information in this news release has been reviewed and approved by Simon Mottram, F.AusIMM (Fellow Australia Institute of Mining and Metallurgy), President of Bravo Mining Corp. who serves as the Company’s “qualified person” as defined in National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101“). Mr. Mottram has verified the technical data and opinions contained in this news release.
This news release contains forward-looking information which is not comprised of historical facts. Forward-looking information is characterized by words such as “thick”, “high-grade”, “centre of gravity”, “numerous”, “significantly”, “enhanced”, “potential”, “concentration”, “consistently”, “improvement”, “extension”, “centre of gravity”, “numerous”, “bodes well”, variants of these words and other similar words, phrases, or statements that certain events or conditions “may” or “will” occur. This news release contains forward-looking information pertaining to the Company’s ongoing drill program and the results thereof; comparisons to historical and/or prior Bravo drilling; the potential for extensions to mineralization at depth; the potential for greater thicknesses and/or higher grades at depth; the impact of current and future drilling on future mineral resource estimates, after taking into account other modifying factors; whether or not the mineralization is amenable to open pit mining and, if so, to what extent; the potential for a second centre of gravity for the Luanga deposit; potential economic outcomes, including strip ratios, in future economic studies; and the Company’s plans in respect thereof. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, and opportunities to differ materially from those expressed or implied by such forward-looking information. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, unexpected results from exploration programs, changes in the state of equity and debt markets, fluctuations in commodity prices, delays in obtaining required regulatory or governmental approvals, environmental risks, limitations on insurance coverage; and other risks and uncertainties involved in the mineral exploration and development industry. Forward-looking information in this news release is based on the opinions and assumptions of management considered reasonable as of the date hereof, including, but not limited to, the assumption that the assay results confirm that the interpreted mineralization contains significant values of nickel, PGMs and Au; that the mineralization remains open to depth, that PGM and/or Ni grades and mineralized thicknesses are improving to depth; that final drill and assay results will be in line with management’s expectations; that activities will not be adversely disrupted or impeded by regulatory, political, community, economic, environmental and/or healthy and safety risks; that the Luanga Project will not be materially affected by potential supply chain disruptions; and general business and economic conditions will not change in a materially adverse manner. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information. The Company disclaims any intention or obligation to update or revise any forward-looking information, other than as required by applicable securities laws.
Schedule 1: Drill Hole Collar Details
HOLE-ID
Company
East (m)
North (m)
RL (m)
Datum
Depth(m)
Azimuth
Dip
Sector
DDH24LU243
Bravo
659320.296
9343423.067
234.075
SIRGAS2000_UTM_22S
180.35
90.00
-60.00
North
DDH24LU245
Bravo
659449.908
9343222.998
265.789
SIRGAS2000_UTM_22S
201.05
90.00
-60.00
North
DDH24LU247
Bravo
659487.730
9343274.466
255.947
SIRGAS2000_UTM_22S
195.85
90.00
-60.00
North
DDH24LU248
Bravo
659629.167
9342814.033
287.632
SIRGAS2000_UTM_22S
115.25
90.00
-60.00
North
DDH24LU249
Bravo
659418.889
9343274.468
256.112
SIRGAS2000_UTM_22S
260.65
90.00
-65.00
North
DDH24LU250
Bravo
659586.252
9342814.013
279.501
SIRGAS2000_UTM_22S
150.80
90.00
-60.00
North
DDH24LU251
Bravo
659558.654
9342926.032
280.623
SIRGAS2000_UTM_22S
136.25
90.00
-60.00
North
DDH24LU252
Bravo
659397.252
9343223.012
257.381
SIRGAS2000_UTM_22S
260.75
90.00
-60.00
North
DDH24LU253
Bravo
659511.538
9342926.040
274.883
SIRGAS2000_UTM_22S
195.70
90.00
-60.00
North
DDH24LU254
Bravo
659498.123
9343222.968
273.546
SIRGAS2000_UTM_22S
275.25
90.00
-60.00
North
DDH24LU255
Bravo
659511.241
9343022.997
273.370
SIRGAS2000_UTM_22S
260.15
90.00
-60.00
North
DDH24LU256
Bravo
659492.743
9343174.490
275.190
SIRGAS2000_UTM_22S
280.80
90.00
-60.00
North
DDH24LU257
Bravo
659462.439
9343074.444
260.638
SIRGAS2000_UTM_22S
160.25
90.00
-60.00
North
DDH24LU258
Bravo
659498.366
9343123.980
266.226
SIRGAS2000_UTM_22S
278.55
90.00
-60.00
North
DDH24LU259
Bravo
659399.385
9343174.526
254.921
SIRGAS2000_UTM_22S
260.80
90.00
-60.00
North
Schedule 2: Assay Methodologies and QAQC
Samples follow a chain of custody between collection, processing, and delivery to the SGS Geosol laboratory in Parauapebas, state of Pará, Brazil. The drill core is delivered to the core shack at Bravo’s Luanga site facilities and processed by geologists who insert certified reference materials, blanks, and duplicates into the sampling sequence. Drill core is half cut and placed in secured polyurethane bags, then in security-sealed sacks before being delivered directly from the Luanga site facilities to the Parauapebas SGS Geosol laboratory by Bravo staff. Additional information about the methodology can be found on the SGS Geosol website (SGS) in their analytical guides. Information regarding preparation and analysis of historic drill core is also presented in the table below, where the information is known.
Quality Assurance and Quality Control (“QAQC“) is maintained internally at the lab through rigorous use of internal certified reference materials, blanks, and duplicates. An additional QAQC program is administered by Bravo using certified reference materials, duplicate samples and blank samples that are blindly inserted into the sample batch. If a QAQC sample returns an unacceptable value an investigation into the results is triggered and when deemed necessary, the samples that were tested in the batch with the failed QAQC sample are re-tested.
Bravo SGS Geosol
Preparation
Method
Method
Method
Method
For All Elements
Pt, Pd, Au
Rh
Sulphide Ni, Cu
Trace Elements
PRPCLI (85% at 200#)
FAI515
FAI30V
AA04B
ICP40B
Bravo Mining Corp. Logo (CNW Group/Bravo Mining Corp.)
