Proven Probable
Act Now! Spin-Out is 21 May 2025
Riverside Resources: TSX.V: RRI | OTCQB: RVSDF
Website: https://rivres.com/
Communications Team 778-327-6671
Email info@rivres.com
Register for the Rule Symposium Here: https://registration.allintheloop.net/register/event/rick-rule-symposium-2025-ccha?via=ProvenAndProbable
Dear Friend and Investor,
We are pleased to invite you to an upcoming webinar hosted by John Tumazos Very Independent Research, featuring a presentation and Q&A with Dave Cole, President and CEO of EMX Royalty Corporation.
Mr. Cole will provide an update on the Company’s recent developments, portfolio performance, and strategic outlook, while addressing investor questions in conversation with John Tumazos.
Event Details:
Date: Thursday, May 15, 2025
Time: 11:00 AM EDT
Location: Online Webinar
Registration Link: https://attendee.gotowebinar.com/register/2949394207632879964
We encourage you to register in advance and mark your calendar. This is an excellent opportunity to stay informed about EMX’s progress and plans for the remainder of 2025.
Should you have any questions ahead of the webinar, please don’t hesitate to reach out.
Kind regards,
Isabel Belger
Investor Relations Manager
Email: ibelger@emxroyalty.com
Mobile: +49 178 4909039
Vancouver, British Columbia–(Newsfile Corp. – May 7, 2025) – Riverside Resources Inc. (TSXV: RRI) (OTCQB: RVSDF) (FSE: 5YY) (“Riverside” or the “Company“), is pleased to announce that, it’s subsidiary, Blue Jay Gold Corp. (“Blue Jay“) issued 2,305,000 common shares (the “Blue Jay Shares“) at an issue price of $0.40 per share for total gross proceeds of $922,000 as part of a previously announced non-brokered private placement of the Blue Jay Shares. Riverside now holds 74.80% of the issued and outstanding Blue Jay Shares.
“We’re very pleased with the strong investor interest that led to the upsizing and successful close of the Blue Jay Gold seed round,” stated John-Mark Staude, CEO of Riverside Resources. “This outcome reinforces the value we’ve built in the Ontario portfolio and reflects confidence in Blue Jay’s leadership and exploration potential. As Riverside shareholders, we continue to benefit through our retained equity and royalty exposure, while Blue Jay moves forward as a focused, well-capitalized company.”
“The successful closing of our seed round provides Blue Jay Gold with a solid foundation to advance exploration across our Ontario portfolio,” said Geordie Mark, CEO of Blue Jay Gold. “We’re grateful for the strong support from our shareholders and look forward to executing a disciplined, data-driven exploration program to unlock the potential of our assets.”
Certain directors and officers of Riverside and Blue Jay participated in the private placement, subscribing for 268,750 Blue Jay Shares in the aggregate; each such director or officer is a “related party” and each such subscription is a “related party transaction” within the meaning of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101“). The Company is relying on exemptions from the formal valuation and minority shareholder approval requirements under section 5.5(a) and 5.7(1)(a) of MI 61-101, respectively, in respect of such insider participation, in each case, as the fair market value of the private placement, insofar as it involves related parties does not exceed 25% of the Company’s market capitalization.
The balance of the Blue Jay Shares held by Riverside will be distributed to Riverside’s shareholders in connection with Riverside’s previously announced plan of arrangement under section 288 of the Business Corporation Act (British Columbia) (the “Arrangement“), which will be effected pursuant to the arrangement agreement dated January 27, 2025 between Blue Jay and Riverside (the “Arrangement Agreement“). The Arrangement received Riverside shareholder approval on March 31, 2025 and the final approval of the Supreme Court of British Columbia on April 3, 2025.
The Arrangement Agreement and additional details about the Arrangement are included in the Company’s management information circular dated February 18, 2025 which are each available on Riverside’s SEDAR+ profile at www.sedarplus.ca and on the Company’s website at www.rivres.com.
About Blue Jay Gold
Blue Jay Gold Corp. is a Canadian gold exploration company focused on high-grade discovery in Ontario’s prolific Beardmore-Geraldton and Wawa Greenstone Belts, regions known for hosting numerous past-producing and active gold mines. The Company’s flagship asset, the Pichette Project, features extensive banded iron formation (BIF) trends and high-grade historical gold intercepts, offering near-surface discovery potential. With three strategically located projects and a leadership team experienced in geology and capital markets, Blue Jay Gold is advancing a disciplined, modern exploration strategy in one of Canada’s most prospective and mining-friendly jurisdictions.
About Riverside Resources Inc.
Riverside is a well-funded exploration company driven by value generation and discovery. The Company has over $4M 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.
About Blue Jay Gold Corp.
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, that the Arrangement may not occur within the timelines contemplated or at all, 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.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/251027
Vancouver, British Columbia–(Newsfile Corp. – May 6, 2025) – Riverside Resources Inc. (TSXV: RRI) (OTCQB: RVSDF) (FSE: 5YY) (“Riverside” or the “Company”), is pleased to announce that further to its press release dated September 6, 2024, Riverside’s wholly-owned subsidiary, RRM Exploracion, S.A.P.I. DE C.V. (the “Vendor“) has entered into a definitive option agreement (the “Option Agreement“) with Questcorp Mining Inc. (“Questcorp“) dated May 5, 2025, for the 2,520.2 hectare La Union carbonate replacement gold- polymetallic project (the “Project” or “La Union“) located in Sonora, Mexico (the “Transaction“).
“We are thrilled to finalize this agreement for the La Union Project, which is a strong asset in Riverside’s portfolio. Securing up to C$5,500,000 in exploration funding from Questcorp is an excellent step forward in advancing this larger Carbonate Replacement Deposit (“CRD“) project,” said John-Mark Staude, CEO of Riverside Resources. “Riverside is pleased to have the updated NI 43-101 Technical Report completed and we see an active exploration program launching in the coming weeks with Riverside as the Operator of the exploration program. Riverside is expected to become a shareholder of Questcorp with an initial 9.9% equity interest, subject to final approval by the Canadian Securities Exchange or confirmation that such approval is not required. The first-year work program of C$1,000,000 in exploration expenditures will launch the first round of exploration at the project.”
The La Union Project
The Project is summarized on the Riverside website and is a project that Riverside acquired and further consolidated additional inlier mineral claims. The Project initially identified from Riverside’s work in the western Sonora gold belt through work with AngloGold Ashanti Limited, Centerra Gold Inc., and Hochshild Mining Plc, among others as partners and funding relationships for gold exploration. Initial work by members of the Riverside team, drawing on more than two decades of geological compilation and analysis, identified this region as highly prospective. At the Project, historical mining by the Penoles Mining Company focused on chimney and manto replacement bodies within the upper oxide zones. As a result, the underlying sulfide zones present immediate drill targets for further exploration.
Riverside has spent the past five years consolidating this highly prospective land package, which totals over 22 square kilometers. The Project features favorable limestone host rocks, an extensive alteration footprint, and multiple small-scale historical workings, providing more than eight drill-ready target areas. Key immediate targets include the central Union Mine and the nearby Famosa Mine. With drive-up access, private ranch surface rights, and strong geologic similarities to other major CRDs in Arizona and eastern Mexico, La Union is well positioned for near-term exploration success targeting both oxide and deeper sulfide mineralization.
The Option Agreement
In accordance with the terms of the Transaction, Questcorp can acquire a one-hundred percent (100%) interest in the Project in consideration for completion of a series of cash payments totaling $100,000 CAD, making staged issuances of common shares of Questcorp totaling 19.9%, and incurring $5,500,000 CAD of exploration expenditures on the Project as outlined immediately below:
| Deadline | Cash Payment | Share Issuance | Exploration Expenditures |
| Within two (2) business days of the date of the Option Agreement | $25,000 | N/A | N/A |
| On the Effective Date(1) | N/A | 9.9%(2) | N/A |
| On or before the first anniversary of the Effective Date | N/A | 14.9%(2)(3) | $1,000,000 |
| On or before the second anniversary of the Effective Date | $25,000 | 19.9%(2)(3) | $1,250,000 |
| On or before the third anniversary of the Effective Date | $25,000 | 19.9%(2)(3) | $1,500,000 |
| On or before the fourth anniversary of the Effective Date | $25,000 | 19.9%(2)(3) | $1,750,000 |
| Total | $100,000 | 19.9%(2)(3) | $5,500,000 |
| Notes:”Effective Date” means the date on which Questcorp delivers to the Vendor a copy of the written approval of the Canadian Securities Exchange in respect of the transactions contemplated by the Option Agreement.Issuable within the fifth business day after the applicable date.Expressed as a cumulative total percentage of the undiluted issued and outstanding common shares of Questcorp as of the applicable payment date, and assuming Riverside has not previously disposed of any common shares. | |||
During the term of the Option Agreement, Riverside, through the Vendor, will remain the program operator for the Project using its local team based in Hermosillo, Sonora. Following exercise of the option under the Option Agreement, Questcorp will grant Riverside a two-and-one half percent (2.5%) net smelter return royalty on commercial production from the Project.
Figure 1. Geologic map with the tenure of the Union internal concession shown in pink. Manto and chimney type CRD targets are shown as red polygons. Riverside now controls all mineral tenures on this map.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6101/250896_df59d6431499eba6_002full.jpg
Figure 2. Cross section looking west with proposed drill sites and drillhole traces. Assays from Riverside’s sampling of rock dump materials from the two mine areas are labeled in black. Red areas are interpreted as manto and chimney target bodies that are now well defined and drill ready. Assays shown on figures 1 and 2 have been previously released and disclosed as summarized below the geochemical QA/QC.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6101/250896_df59d6431499eba6_003full.jpg
Qualified Person & QA/QC:
The scientific and technical data contained in this news release pertaining to the Project was reviewed and approved by Freeman Smith, P.Geo, VP Exploration, a non-independent qualified person to Riverside Resources Inc., 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.
Rock samples from previous exploration programs discussed above at the Project were taken to the Bureau Veritas Laboratories in Hermosillo, Mexico for fire assaying for gold. The rejects remained with Bureau Veritas in Mexico while the pulps were transported to Bureau Veritas laboratory in Vancouver, BC, Canada for 45 element ICP/ES-MS analysis using 4-acid digestion methods. A QA/QC program was implemented as part of the sampling procedures for the exploration program. Standards were randomly inserted into the sample stream prior to being sent to the laboratory.
About Riverside Resources Inc.:
Riverside is a well-funded exploration company driven by value generation and discovery. The Company has over $4M 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. 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 Corporate Communications Riverside Resources Inc. Eric@rivres.com 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 risk that the Transaction will not be completed as contemplates, or at all, 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.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/250896
IEA Predicts AI Data Centers Will Account for Half of U.S. Electricity Demand Growth
TULSA, OK / ACCESS Newswire / May 2, 2025 / Jericho Energy Ventures Inc. (TSXV:JEV)(OTC PINK:JROOF)(FRA:JLM) (“Jericho”, “JEV” or the “Company”) is capitalizing on its strategic positioning along a main U.S. fiber ‘superhighway’ route to fast-track the development of its AI Modular Data Center project in Oklahoma.
JEV’s management considers its strategically located, fiber-connected energy infrastructure and access to low-cost natural gas as key advantages in providing high-performance, scalable solutions to meet the rising demands of the AI and energy sectors.
An April 2025 International Energy Agency (IEA) report projects that AI data centers will account for half of the U.S. electricity demand growth, surpassing the combined electricity consumption of aluminum, steel, cement, chemicals, and other energy-intensive industries by 2030.
Brian Williamson, CEO of JEV, commented: “Locating our modular data centers directly on the fiber backbone gives us a speed and efficiency advantage, while our abundant energy resources allow us to offer reliable, cost-effective AI compute power. Our modular data center design enables rapid deployment and expansion, providing the flexibility and performance demanded by next-generation AI workloads.”
Jericho recently partnered with AT&T to deploy a minimum of 10Gbps of fiber optic connectivity at its initial Modular High Performance AI Data Center site. This installation leverages advanced data transfer protocols and is engineered to scale beyond 100Gbps to meet future demand.
About Jericho Energy Ventures
Jericho Energy Ventures (JEV) is uniquely positioned at the nexus of energy and AI infrastructure. Leveraging our long-producing oil and gas joint venture assets and robust Oklahoma infrastructure, we are deploying scalable, on-site power solutions to build cutting-edge modular AI data centers. With direct access to abundant, low-cost natural gas, we deliver efficient, high-performance energy solutions — reducing waste, maximizing output, and unlocking long-term value in the rapidly converging AI and energy markets.
JEV is also driving the clean hydrogen energy transition. Our wholly owned subsidiary, Hydrogen Technologies, delivers patented zero-emission boiler and burner systems for commercial and industrial heat and steam applications. We also hold a significant minority stake and a board position in California Catalysts (formerly H2U Technologies), a leading innovator in electrolysis materials.
At JEV, our mission is clear: to innovate relentlessly, optimize energy resources, and power tomorrow’s breakthroughs, one bold step at a time.
Website: www.jerichoenergyventures.com
X: https://x.com/JerichoEV
LinkedIn: www.linkedin.com/company/jericho-energy-ventures
YouTube: www.youtube.com/c/JerichoEnergyVentures
CONTACT:
Adam Rabiner, Investor Relations
Jericho Energy Ventures Inc.
Tel. 604.343.4534
Email: investorrelations@jerichoenergyventures.com
This news release contains certain “forward-looking information” and “forward-looking statements” (collectively, “forward-looking statements“) within the meaning of applicable securities laws. Such forward-looking statements are not representative of historical facts or information or current condition, but instead represent only Jericho’s beliefs regarding future events, plans or objectives, many of which, by their nature, are inherently uncertain and outside of Jericho’s control. Forward-looking statements are frequently characterized by words such as ”plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate” and other similar words, or statements that certain events or conditions “may”, “will” or “may not” occur. Specifically, this news release contains forward-looking statements relating to, among others, the completion of its new AI Modular Data Centers initiative launch and successful supplier and customer adoption.
Forward-looking statements are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking statements, which include, but are not limited to: regulatory changes; changes to the definition of, or interpretation of, foreign private issuer status; the impacts of COVID-19 and other infectious diseases; general economic conditions; industry conditions; current and future commodity prices and price volatility; significant and ongoing stock market volatility; currency and interest rate fluctuation; governmental regulation of the energy industry, including environmental regulation; geological, technical and drilling problems; unanticipated operating events; the availability of capital on acceptable terms; the need to obtain required approvals from regulatory authorities; liabilities and risks inherent in oil and gas exploration, development and production operations; liabilities and risks inherent in early stage hydrogen technology projects, energy storage, carbon capture and new energy systems; changes in government environmental objectives or plans; and the other factors described in Jericho’s public filings available at www.sedarplus.ca.
The forward-looking statements contained herein are based on certain key expectations and assumptions of Jericho concerning anticipated financial performance, business prospects, strategies, regulatory regimes, the sufficiency of budgeted capital expenditures in carrying out planned activities, the ability to obtain financing on acceptable terms, expansion of consumer adoption of the Company’s (or its subsidiaries’) technologies and products, all of which are subject to change based on market conditions, potential timing delays and other risk factors. Although Jericho believes that these assumptions and the expectations are reasonable based on information currently available to management, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Investors should not place undue reliance on forward-looking statements.
Readers are cautioned that the foregoing lists are not exhaustive. The forward-looking statements contained in this news release are made as of the date of this news release, and Jericho does not undertake to update any forward-looking statements that are contained or referenced herein, except as required by applicable securities laws.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE: Jericho Energy Ventures, Inc.
View the original press release on ACCESS Newswire
VANCOUVER, British Columbia, May 01, 2025 (GLOBE NEWSWIRE) — First Atlantic Nickel Corp. (TSXV: FAN) (OTCQB: FANCF) (FSE: P21) (“First Atlantic” or the “Company”) a Canadian mineral exploration company focused on developing its 100%-owned Atlantic Nickel Project, a large-scale nickel project strategically located near existing infrastructure in central Newfoundland, Canada, is pleased to be featured in a recent article published by the Telegram, which explores the province’s emerging role in the global hydrogen economy.
The article, titled “Two-pronged cache: Mining company excited about hydrogen potential in NL nickel deposits”, published on April 30, 2025, explores how Newfoundland and Labrador’s rich nickel resources could contribute meaningfully to the global transition to clean energy, particularly through the production of green hydrogen.
Nickel plays a vital role in hydrogen production technology, and Newfoundland and Labrador’s nickel-rich geology positions the province as a natural contributor to global decarbonization goals.
Additionally, the article notes that ophiolites are globally recognized as prime sources of geologic hydrogen, created through natural processes as minerals within them interact. “Some of the most significant geologic hydrogen discoveries in the world occur in ophiolites,” the article states. Dr. Yaoguo Li of the Colorado School of Mines further explains, “Geologic hydrogen systems are a combination of mineral systems and natural gas systems,” emphasizing the complex and promising nature of this resource.
“Nickel is not just for batteries anymore, it may be the key to unlocking cleaner, more scalable hydrogen technologies,” the article notes, referencing the growing momentum behind hydrogen and nickel synergy.
The full article can be accessed here: https://www.saltwire.com/newfoundland-labrador/hydrogen-potential-in-nl-nickel-deposits
“We are proud to see Newfoundland and Labrador’s mineral potential gaining international attention, particularly in the context of hydrogen and clean energy,” said Adrian Smith, CEO of First Atlantic. “This recognition reinforces the long-term strategic value of our nickel exploration and development efforts.”
Awaruite (Nickel-iron alloy Ni₂Fe, Ni₃Fe)
Awaruite, a naturally occurring sulfur-free nickel-iron alloy composed of Ni₃Fe or Ni₂Fe with approximately ~75% nickel content, offers a proven and environmentally safe solution to enhance the resilience and security of North America’s domestic critical minerals supply chain. Unlike conventional nickel sources, awaruite can be processed into high-grade concentrates exceeding 60% nickel content through magnetic processing and simple floatation without the need for smelting, roasting, or high-pressure acid leaching1. Beginning in 2025, the US Inflation Reduction Act’s (IRA) $7,500 electric vehicle (EV) tax credit mandates that eligible clean vehicles must not contain any critical minerals processed by foreign entities of concern (FEOC)2. These entities include Russia and China, which currently dominate the global nickel smelting industry. Awaruite’s smelter-free processing approach could potentially help North American electric vehicle manufacturers meet the IRA’s stringent critical mineral requirements and reduce dependence on FEOCs for nickel processing.
The U.S. Geological Survey (USGS) highlighted awaruite’s potential, stating, “The development of awaruite deposits in other parts of Canada may help alleviate any prolonged shortage of nickel concentrate. Awaruite, a natural iron-nickel alloy, is much easier to concentrate than pentlandite, the principal sulfide of nickel”3. Awaruite’s unique properties enable cleaner and safer processing compared to conventional sulfide and laterite nickel sources, which often involve smelting, roasting, or high-pressure acid leaching that can release toxic sulfur dioxide, generate hazardous waste, and lead to acid mine drainage. Awaruite’s simpler processing, facilitated by its amenability to magnetic processing and lack of sulfur, eliminates these harmful methods, reducing greenhouse gas emissions and risks associated with toxic chemical release, addressing concerns about the large carbon footprint and toxic emissions linked to nickel refining.
Figure 1: Quote from USGS on Awaruite Deposits in Canada
The development of awaruite resources is crucial, given China’s control in the global nickel market. Chinese companies refine and smelt 68% to 80% of the world’s nickel4 and control an estimated 84% of Indonesia’s nickel output, the largest worldwide supply5. Awaruite is a cleaner source of nickel that reduces dependence on foreign processing controlled by China, leading to a more secure and reliable supply for North America’s stainless steel and electric vehicle industries.
Investor Information
The Company’s common shares trade on the TSX Venture Exchange under the symbol “FAN“, the American OTCQB Exchange under the symbol “FANCF” and on several German exchanges, including Frankfurt and Tradegate, under the symbol “P21“.
Investors can get updates about First Atlantic by signing up to receive news via email and SMS text at www.fanickel.com. Stay connected and learn more by following us on these social media platforms:
https://x.com/FirstAtlanticNi
https://www.facebook.com/firstatlanticnickel
https://www.linkedin.com/company/firstatlanticnickel/
FOR MORE INFORMATION:
First Atlantic Investor Relations
Robert Guzman
Tel: +1 844 592 6337
rob@fanickel.com
Disclosure
Adrian Smith, P.Geo., is a qualified person as defined by NI 43-101. The qualified person is a member in good standing of the Professional Engineers and Geoscientists Newfoundland and Labrador (PEGNL) and is a registered professional geoscientist (P.Geo.). Mr. Smith has reviewed and approved the technical information disclosed herein.
Analytical Method & QAQC
Samples were split in half on site with one half remaining in the core box for future reference and one half packaged in secure bags. QAQC method included the use of blanks, duplicates and certified reference material (standards) with one being inserted once in every 20 samples in order to test the precision and accuracy of the lab. All results passed the QA/QC screening at the lab, and all Company inserted standards and blanks returned results that were within acceptable limits.
Samples were sent to Activation Laboratories Ltd. (“Actlabs”) in Fredericton, NB. Actlabs is an ISO 17025 certified lab, accredited and acting independently from First Atlantic. Each sample was crushed, with a 250 g sub-sample pulverized to 95% – 200 mesh. A portion of the sample is fused with a lithium metaborate/tetraborate flux and analyzed by ICP-OES for major oxides and elements including cobalt, chromium and nickel.
A magnetic separate is then generated by running the pulverized sub-sample through a magnetic separator which splits the sub-sample into magnetic and non-magnetic fractions. This involves running a 30 g split of the pulp through a Davis Tube magnetic separator as a slurry using a constant flow rate, a magnetic field strength of 3,300 Gauss, and a tube angle of 45 degrees to produce magnetic and non-magnetic fractions.
The magnetic fractions are collected, dried, weighed and the magnetic fraction is fused with a lithium metaborate/tetraborate flux and lithium bromide releasing agent and then analyzed on a wavelength dispersive XRF for multiple elements including nickel, cobalt, iron and chromium. The magnetically recovered nickel grade was then calculated by multiplying the XRF fusion nickel value by the weight of the magnetic fraction and dividing by the total recorded feed weight or magnetic mass pulled from the sample.
True widths are currently unknown. However the nickel bearing ultramafic ophiolite and peridotite rocks being targeted and sampled in the Phase 1 drilling program at the Atlantic Nickel Project are mapped as several hundred meters to over 1 kilometer wide and approximately 30 kilometers long.
About First Atlantic Nickel Corp.
First Atlantic Nickel Corp. (TSXV: FAN) (OTCQB: FANCF) (FSE: P21) is a Canadian mineral exploration company developing the 100%-owned Atlantic Nickel Project, a large-scale nickel project strategically located near existing infrastructure in Newfoundland, Canada. The Project’s nickel occurs as awaruite, a natural nickel-iron alloy containing approximately 75% nickel with no-sulfur and no-sulfides. Awaruite’s properties allow for smelter-free magnetic separation and concentration, which could strengthen North America’s critical minerals supply chain by reducing foreign dependence on nickel smelting. This aligns with new US Electric Vehicle US IRA requirements, which stipulate that beginning in 2025, an eligible clean vehicle may not contain any critical minerals processed by a FEOC (Foreign Entities Of Concern)6.
First Atlantic aims to be a key input of a secure and reliable North American critical minerals supply chain for the stainless steel and electric vehicle industries in the USA and Canada. The company is positioned to meet the growing demand for responsibly sourced nickel that complies with the critical mineral requirements for eligible clean vehicles under the US IRA. With its commitment to responsible practices and experienced team, First Atlantic is poised to contribute significantly to the nickel industry’s future, supporting the transition to a cleaner energy landscape. This mission gained importance when the US added nickel to its critical minerals list in 2022, recognizing it as a non-fuel mineral essential to economic and national security with a supply chain vulnerable to disruption.
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 include “forward-looking information” under applicable Canadian securities legislation. Such forward-looking information reflects management’s current beliefs and are based on a number of estimates and/or assumptions made by and information currently available to the Company that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors that may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release includes, but is not limited to, expectations regarding the timing, scope, and results from the Phase 1 work and drilling program; results from the Phase 2 work and drilling program, future project developments, the Company’s objectives, goals or future plans, statements, and estimates of market conditions. Readers are cautioned that such forward-looking information are neither promises nor guarantees and are subject to known and unknown risks and uncertainties including, but not limited to, general business, economic, competitive, political and social uncertainties, uncertain and volatile equity and capital markets, lack of available capital, actual results of exploration activities, environmental risks, future prices of base and other metals, operating risks, accidents, labour issues, delays in obtaining governmental approvals and permits, and other risks in the mining industry. Additional factors and risks including various risk factors discussed in the Company’s disclosure documents which can be found under the Company’s profile on http://www.sedarplus.ca. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected.
The Company is presently an exploration stage company. Exploration is highly speculative in nature, involves many risks, requires substantial expenditures, and may not result in the discovery of mineral deposits that can be mined profitably. Furthermore, the Company currently has no reserves on any of its properties. As a result, there can be no assurance that such forward-looking statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements.
________________________________________________________
1 https://fpxnickel.com/projects-overview/what-is-awaruite/
2 https://home.treasury.gov/news/press-releases/jy1939
3 https://d9-wret.s3.us-west-2.amazonaws.com/assets/palladium/production/mineral-pubs/nickel/mcs-2012-nicke.pdf
4 https://www.brookings.edu/wp-content/uploads/2022/08/LTRC_ChinaSupplyChain.pdf
5 https://www.airuniversity.af.edu/JIPA/Display/Article/3703867/the-rise-of-great-mineral-powers/
6 https://home.treasury.gov/news/press-releases/jy1939
A photo accompanying this announcement is available at: https://www.globenewswire.com/NewsRoom/AttachmentNg/3d32d2b9-81aa-4577-ad50-962550ef847e
North Vancouver, British Columbia–(Newsfile Corp. – May 1, 2025) – Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) (“Lion One” or the “Company”) is pleased to report significant new high-grade gold results from 4,123.8 meters of underground infill and grade control drilling at its 100% owned Tuvatu Alkaline Gold Project in Fiji (“Tuvatu“). The drilling is focused on the Zone 5 area of the deposit, which is currently being mined.
Drilling was conducted from two near surface underground drill stations. The Company intersected high-grade mineralized structures in 29 drill holes targeting the UR2 lode down-dip of current underground developments. Most of the drill holes did not exceed 150 m in length and most of the high-grade drill intercepts are located within 50 m of current underground workings. Drill results include multiple bonanza grade gold intercepts over narrow widths, such as 236.00 g/t over 0.4 m, 101.58 g/t over 0.5 m, 102.35 g/t over 0.3 m, 94.23 g/t over 0.3 m, and 89.63 g/t over 0.4 m. Due to the proximity of drill results to existing workings there is a strong probability that these intercepts can be incorporated into the mine plan in the next six to twelve months.
Tuvatu is a high-grade narrow vein alkaline gold deposit and bonanza grade drill results are not uncommon on the project. In January the Company released the highest grade assay ever returned from Zone 5 drilling; 2,749.86 g/t over 0.3 m (see press release dated January 23, 2025). Previous high-grade drill results from Zone 5 include 1,517.79 g/t gold over 0.3 m (see press release dated December 17, 2024), 1,568.55 g/t over 0.3 metres (see press release dated June 5, 2024), and 1,986.23 g/t gold over 0.6 m (see press release dated December 13, 2023).
Highlights of New Drill Results:
*Drill intersects are downhole lengths, 3.0 g/t cutoff. True width not known. See Table 1 for additional data.
Figure 1. Location of the UR2 drilling reported in this news release. Left image: Plan view of the UR2 drilling in relation to the UR2 lode shown in green and other mineralized lodes shown in grey, with Tuvatu underground development shown in red. Yellow dashed square represents the area shown in the right image. Right image: Section view of the UR2 drilling looking West.
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Zone 5
The Zone 5 area of Tuvatu is located along the main decline and includes the principal north-south and northeast-southwest oriented lodes at Tuvatu, as well as several western lodes. These lodes are steeply dipping structures that converge at approximately 500 m depth to form Zone 500, which is the highest-grade part of the deposit and is interpreted to be a major feeder zone at Tuvatu. The system remains open at depth with the deepest high-grade intersections occurring below 1000 m depth.
The drilling reported in this news release targeted the near-surface portion of the UR2 lode down-dip of current underground developments. The UR2 lode is one of the main north-south oriented lodes at Tuvatu. It has a strike length of approximately 600 m and dips steeply to the east. Mine development is currently taking place along the UR2 lode at the 1100 and 1102 levels of the mine, which are the deepest levels in Zone 5, as well as at the 1134 level of the mine. The drilling reported here was conducted from two underground drill stations; the 1090 drill station and the 1135 drill station. Drilling from the 1090 drill station targeted a 60 m wide section of the UR2 lode between 30 m and 50 m below the 1100 level at the south end of the lode. Drilling from the 1135 drill station targeted a 100 m wide section of the UR2 lode approximately 10 m above and 10 m below the 1102 level in the middle portion of the lode.
The UR2 drill program consists of infill and grade control drilling with the purpose of providing a detailed understanding of the geometry and mineralization of the UR2 lode in advance of mining. Drilling is being conducted on 10 m centers. 29 out of the 32 drill holes reported in this news release intersected high-grade mineralization. Most of the high-grade intervals reported in this release are located within 50 m of underground developments and are anticipated to be included in the mine plan in the next 6 to 12 months. One additional hole (TGC-0311) was drilled to test a deeper portion of the UR2 lode and returned several high-grade intercepts approximately 80 m below the 1102 level. Highlights of the Zone 5 drilling reported here are shown in Figure 2.
Figure 2. UR2 drilling with high-grade intersects highlighted, 3.0 g/t gold cutoff. Oblique view looking down to the NW. The drill holes shown here primarily targeted areas of the UR2 lode scheduled for near-term mining below current underground developments.
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Note on Composite Grades
The drill holes reported in this news release are oriented approximately perpendicular to mineralization. The reported intercepts therefore approximate the true width of mineralization. Tuvatu consists of high-grade narrow vein mineralization. The headline intercept of 236.00 g/t gold over 0.4 m therefore has an approximate true width of 0.4 m, as reported. The minimum mining width at Tuvatu is approximately 1.5 m. In reporting drillhole intercepts Lion One uses a grade composite cut-off of 3 g/t gold with <1 m internal dilution at <3 g/t. Drill hole intervals that are <3 g/t are below cutoff and are not included in Table 2.
Competent Person’s Statement
In accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43- 101”), Melvyn Levrel, MAIG, Senior Geologist for Lion One Metals, is the Qualified Person for the Company and has reviewed and approved the technical and scientific content of this news release.
Lion One Laboratories / QAQC
Lion One adheres to rigorous QAQC procedures above and beyond basic regulatory guidelines in conducting its drilling, sampling, testing, and analyses. The Company operates its own geochemical assay laboratory and its own fleet of diamond drill rigs using PQ, HQ and NQ sized drill rods. The Lion One geochemical laboratory is accredited under the IANZ ISO/IEC 17025:2017 Standard – the international standard for testing and calibration of laboratories.
Diamond drill core samples are logged by Lion One personnel on site. Exploration diamond drill core is split by Lion One personnel on site, with half core samples sent for analysis and the other half core remaining on site. Grade control diamond drill core is whole core assayed. Core samples are delivered to the Lion One Laboratory for preparation and analysis. All samples are pulverized at the Lion One lab to 85% passing through 75 microns and gold analysis is carried out using fire assay with an AA finish. Samples that return grades greater than 10.00 g/t Au are re-analyzed by gravimetric method, which is considered more accurate for very high-grade samples.
Duplicates of 5% of samples with grades above 0.5 g/t Au are delivered to ALS Global Laboratories in Australia for check assay determinations using the same methods (Au-AA26 and Au-GRA22 where applicable). ALS also analyses 33 pathfinder elements by HF-HNO3-HClO4 acid digestion, HCl leach and ICP-AES (method ME-ICP61). The Lion One lab can test a range of up to 71 elements through Inductively Coupled Plasma Optical Emission Spectrometry (ICP-OES), but currently focuses on a suite of 26 important pathfinder elements with an aqua regia digest and ICP-OES finish.
About Lion One Metals Limited
Lion One Metals is an emerging Canadian gold producer headquartered in North Vancouver BC, with new operations established in late 2023 at its 100% owned Tuvatu Alkaline Gold Project in Fiji. The Tuvatu project comprises the high-grade Tuvatu Alkaline Gold Deposit, the Underground Gold Mine, the Pilot Plant, and the Assay Lab. The Company also has an extensive exploration license covering the entire Navilawa Caldera, which is host to multiple mineralized zones and highly prospective exploration targets.
On behalf of the Board of Directors,
Walter Berukoff, Chairman & President
Contact Information
Email: info@liononemetals.com
Phone: 1-855-805-1250 (toll free North America)
Website: www.liononemetals.com
Neither the TSX-V nor its Regulation Service Provider accepts responsibility or the adequacy or accuracy of this release
This press release may contain statements that may be deemed to be “forward-looking statements” within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein are forward-looking information. Generally, forward-looking information may be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “proposed”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases, or by the use of words or phrases which state that certain actions, events or results may, could, would, or might occur or be achieved. This forward-looking information reflects Lion One Metals Limited’s current beliefs and is based on information currently available to Lion One Metals Limited and on assumptions Lion One Metals Limited believes are reasonable. These assumptions include, but are not limited to, the actual results of exploration projects being equivalent to or better than estimated results in technical reports, assessment reports, and other geological reports or prior exploration results. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance, or achievements of Lion One Metals Limited or its subsidiaries to be materially different from those expressed or implied by such forward-looking information. Such risks and other factors may include, but are not limited to: the stage development of Lion One Metals Limited, general business, economic, competitive, political and social uncertainties; the actual results of current research and development or operational activities; competition; uncertainty as to patent applications and intellectual property rights; product liability and lack of insurance; delay or failure to receive board or regulatory approvals; changes in legislation, including environmental legislation, affecting mining, timing and availability of external financing on acceptable terms; not realizing on the potential benefits of technology; conclusions of economic evaluations; and lack of qualified, skilled labor or loss of key individuals. Although Lion One Metals Limited has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated, or intended. Accordingly, readers should not place undue reliance on forward-looking information. Lion One Metals Limited does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
Appendix 1: Full Drill Results and Collar Information
Table 1. Collar coordinates for drillholes reported in this release. Coordinates are in Fiji map grid.
| Hole ID | Easting | Northing | Elevation | Azimuth | Dip | Depth |
| TGC-0311 | 1876383 | 3920627 | 128 | 79.2 | -48.5 | 165.3 |
| TGC-0313 | 1876384 | 3920429 | 94 | 107.5 | -28.3 | 135.1 |
| TGC-0315 | 1876384 | 3920625 | 128 | 111.7 | -15.9 | 130.9 |
| TGC-0316 | 1876384 | 3920429 | 94 | 96.5 | -27.8 | 121.5 |
| TGC-0318 | 1876383 | 3920626 | 128 | 111.3 | -20.2 | 131.3 |
| TGC-0319 | 1876384 | 3920429 | 94 | 99.9 | -19.8 | 141.4 |
| TGC-0321 | 1876384 | 3920626 | 128 | 100.8 | -16.4 | 125.7 |
| TGC-0323 | 1876384 | 3920428 | 94 | 114.9 | -21.0 | 122.6 |
| TGC-0325 | 1876384 | 3920626 | 128 | 103.4 | -21.9 | 130.3 |
| TGC-0326 | 1876384 | 3920427 | 94 | 129.7 | -19.9 | 133.4 |
| TGC-0327 | 1876384 | 3920626 | 128 | 92.0 | -17.0 | 126.6 |
| TGC-0330 | 1876384 | 3920426 | 94 | 143.5 | -19.9 | 122.7 |
| TGC-0331 | 1876384 | 3920626 | 128 | 93.4 | -23.0 | 125.4 |
| TGC-0332 | 1876384 | 3920428 | 94 | 122.0 | -27.7 | 121.0 |
| TGC-0333 | 1876384 | 3920627 | 128 | 88.1 | -20.9 | 122.6 |
| TGC-0335 | 1876384 | 3920627 | 128 | 157.4 | 0.8 | 131.6 |
| TGC-0336 | 1876384 | 3920429 | 94 | 94.9 | -22.5 | 109.7 |
| TGC-0338 | 1876384 | 3920429 | 94 | 106.3 | -22.8 | 95.8 |
| TGC-0339 | 1876384 | 3920627 | 128 | 78.4 | -19.9 | 120.0 |
| TGC-0341 | 1876384 | 3920428 | 94 | 113.4 | -25.2 | 95.6 |
| TGC-0342 | 1876384 | 3920627 | 128 | 76.0 | -14.5 | 121.3 |
| TGC-0343 | 1876384 | 3920429 | 94 | 101.1 | -25.8 | 105.0 |
| TGC-0345 | 1876384 | 3920627 | 128 | 73.9 | -22.0 | 125.7 |
| TGC-0347 | 1876384 | 3920627 | 128 | 68.7 | -20.7 | 111.5 |
| TGC-0351 | 1876383 | 3920628 | 128 | 64.0 | -18.1 | 130.0 |
| TGC-0355 | 1876383 | 3920628 | 128 | 59.4 | -17.4 | 135.0 |
| TGC-0359 | 1876383 | 3920628 | 128 | 60.8 | -9.3 | 135.0 |
| TGC-0360 | 1876383 | 3920628 | 128 | 57.0 | -11.3 | 139.0 |
| TGC-0363 | 1876383 | 3920628 | 128 | 54.7 | -16.1 | 143.3 |
| TGC-0365 | 1876383 | 3920628 | 128 | 52.9 | -11.1 | 148.0 |
| TGC-0367 | 1876383 | 3920628 | 128 | 51.3 | -17.8 | 155.6 |
| TGC-0370 | 1876383 | 3920628 | 128 | 49.5 | -13.0 | 165.9 |
Table 2. Composite intervals from drillholes reported in this news release (composite grade >3.0 g/t Au, with <1 m internal dilution at <3.0 g/t Au).
| Hole ID | From (m) | To (m) | Width (m) | Au (g/t) | |
| TGC-0311 | 140.1 | 140.4 | 0.3 | 14.59 | |
| 150.2 | 151.3 | 1.1 | 7.11 | ||
| including | 150.2 | 150.7 | 0.5 | 11.83 | |
| and | 150.7 | 151.0 | 0.3 | 0.93 | |
| and | 151.0 | 151.3 | 0.3 | 4.96 | |
| TGC-0313 | 57.3 | 57.8 | 0.5 | 4.92 | |
| 65.8 | 66.3 | 0.5 | 4.65 | ||
| 74.0 | 75.6 | 1.6 | 5.15 | ||
| including | 74.0 | 74.4 | 0.4 | 5.68 | |
| and | 74.4 | 74.9 | 0.5 | 0.07 | |
| and | 74.9 | 75.2 | 0.3 | 2.96 | |
| and | 75.2 | 75.6 | 0.3 | 13.46 | |
| 83.2 | 84.4 | 1.2 | 5.16 | ||
| TGC-0315 | 95.8 | 96.2 | 0.4 | 3.54 | |
| TGC-0316 | 56.6 | 58.2 | 1.6 | 8.48 | |
| including | 56.6 | 56.9 | 0.3 | 19.58 | |
| and | 56.9 | 57.2 | 0.3 | 12.37 | |
| and | 57.2 | 57.6 | 0.4 | 4.95 | |
| and | 57.6 | 58.2 | 0.6 | 3.33 | |
| 60.9 | 61.2 | 0.3 | 9.30 | ||
| 64.2 | 64.5 | 0.3 | 4.96 | ||
| 79.6 | 80.6 | 1.0 | 5.98 | ||
| including | 79.6 | 79.9 | 0.3 | 6.46 | |
| and | 79.9 | 80.3 | 0.4 | 3.38 | |
| and | 80.3 | 80.6 | 0.3 | 8.98 | |
| TGC-0318 | 103.6 | 104.9 | 1.3 | 18.03 | |
| including | 103.6 | 104.3 | 0.7 | 8.71 | |
| and | 104.3 | 104.9 | 0.6 | 28.90 | |
| 120.4 | 120.7 | 0.3 | 3.71 | ||
| TGC-0319 | 51.8 | 52.3 | 0.5 | 3.51 | |
| 61.5 | 61.9 | 0.4 | 8.08 | ||
| 66.7 | 69.0 | 2.3 | 4.43 | ||
| including | 66.7 | 67.1 | 0.3 | 3.12 | |
| and | 67.1 | 67.4 | 0.3 | 0.94 | |
| and | 67.4 | 68.0 | 0.6 | 0.03 | |
| and | 68.0 | 68.5 | 0.5 | 11.28 | |
| and | 68.5 | 69.0 | 0.5 | 5.56 | |
| 70.3 | 70.6 | 0.3 | 37.50 | ||
| 71.8 | 73.9 | 2.1 | 4.61 | ||
| including | 71.8 | 72.2 | 0.4 | 3.96 | |
| and | 72.2 | 72.6 | 0.4 | 5.09 | |
| and | 72.6 | 73.5 | 1.0 | 1.62 | |
| and | 73.5 | 73.9 | 0.3 | 13.87 | |
| 90.0 | 90.3 | 0.3 | 4.58 | ||
| TGC-0321 | 103.1 | 103.5 | 0.4 | 5.22 | |
| 106.2 | 108.1 | 1.9 | 4.74 | ||
| including | 106.2 | 106.6 | 0.4 | 4.53 | |
| and | 106.6 | 106.9 | 0.3 | 6.99 | |
| and | 106.9 | 107.2 | 0.3 | 1.45 | |
| and | 107.2 | 107.8 | 0.6 | 5.36 | |
| and | 107.8 | 108.1 | 0.3 | 4.84 | |
| TGC-0323 | 57.9 | 59.8 | 1.9 | 10.42 | |
| including | 57.9 | 58.2 | 0.3 | 13.68 | |
| and | 58.2 | 58.5 | 0.3 | 1.37 | |
| and | 58.5 | 58.8 | 0.3 | 4.45 | |
| and | 58.8 | 59.1 | 0.3 | 14.99 | |
| and | 59.1 | 59.5 | 0.4 | 14.28 | |
| and | 59.5 | 59.8 | 0.3 | 12.43 | |
| 64.4 | 64.7 | 0.3 | 4.60 | ||
| 100.5 | 100.8 | 0.3 | 5.98 | ||
| TGC-0325 | 110.3 | 113.5 | 3.2 | 3.55 | |
| including | 110.3 | 110.9 | 0.6 | 4.70 | |
| and | 110.9 | 111.5 | 0.6 | 0.72 | |
| and | 111.5 | 111.8 | 0.3 | 3.02 | |
| and | 111.8 | 112.1 | 0.3 | 7.40 | |
| and | 112.1 | 112.5 | 0.4 | 5.69 | |
| and | 112.5 | 112.9 | 0.4 | 0.14 | |
| and | 112.9 | 113.2 | 0.3 | 0.23 | |
| and | 113.2 | 113.5 | 0.3 | 8.56 | |
| TGC-0326 | 62.4 | 62.7 | 0.3 | 3.15 | |
| 64.4 | 64.8 | 0.3 | 3.85 | ||
| 65.5 | 65.8 | 0.3 | 3.58 | ||
| TGC-0327 | 101.9 | 104.3 | 2.4 | 14.23 | |
| including | 101.9 | 102.2 | 0.3 | 3.24 | |
| and | 102.2 | 102.7 | 0.5 | 2.86 | |
| and | 102.7 | 103.0 | 0.3 | 8.35 | |
| and | 103.0 | 103.3 | 0.3 | 20.58 | |
| and | 103.3 | 103.7 | 0.4 | 23.37 | |
| and | 103.7 | 104.3 | 0.6 | 22.86 | |
| TGC-0330 | 75.0 | 75.3 | 0.3 | 6.02 | |
| TGC-0331 | 108.2 | 108.8 | 0.6 | 4.17 | |
| including | 108.2 | 108.5 | 0.3 | 3.15 | |
| and | 108.5 | 108.8 | 0.3 | 5.19 | |
| TGC-0332 | 67.1 | 69.6 | 2.5 | 18.26 | |
| including | 67.1 | 67.4 | 0.3 | 12.37 | |
| and | 67.4 | 67.8 | 0.3 | <0.01 | |
| and | 67.8 | 68.2 | 0.4 | <0.01 | |
| and | 68.2 | 68.6 | 0.4 | 89.63 | |
| and | 68.6 | 68.9 | 0.3 | 14.51 | |
| and | 68.9 | 69.2 | 0.3 | 3.73 | |
| and | 69.2 | 69.6 | 0.4 | 4.66 | |
| TGC-0333 | 103.5 | 106.1 | 2.6 | 9.22 | |
| including | 103.5 | 103.8 | 0.3 | 13.88 | |
| and | 103.8 | 104.2 | 0.4 | 5.02 | |
| and | 104.2 | 104.6 | 0.4 | 35.43 | |
| and | 104.6 | 104.9 | 0.3 | 4.41 | |
| and | 104.9 | 105.8 | 0.9 | 0.58 | |
| and | 105.8 | 106.1 | 0.3 | 5.96 | |
| TGC-0335 | 102.1 | 104.4 | 2.3 | 16.34 | |
| including | 102.1 | 102.6 | 0.5 | 21.78 | |
| and | 102.6 | 103.2 | 0.6 | 23.57 | |
| and | 103.2 | 103.8 | 0.6 | 17.20 | |
| and | 103.8 | 104.4 | 0.6 | 3.71 | |
| TGC-0336 | 52.2 | 52.7 | 0.6 | 7.64 | |
| 56.2 | 56.9 | 0.7 | 11.29 | ||
| including | 56.2 | 56.6 | 0.4 | 3.00 | |
| and | 56.6 | 56.9 | 0.3 | 21.78 | |
| 65.0 | 65.4 | 0.4 | 9.40 | ||
| 71.8 | 72.8 | 1.0 | 3.99 | ||
| including | 71.8 | 72.3 | 0.5 | 3.15 | |
| and | 72.3 | 72.8 | 0.5 | 4.87 | |
| 76.9 | 77.8 | 0.9 | 8.32 | ||
| including | 76.9 | 77.2 | 0.3 | 15.86 | |
| and | 77.2 | 77.8 | 0.6 | 4.20 | |
| 102.0 | 103.0 | 1.0 | 17.90 | ||
| TGC-0338 | 54.9 | 55.5 | 0.6 | 3.82 | |
| 69.1 | 69.7 | 0.6 | 25.89 | ||
| 71.7 | 72.3 | 0.6 | 20.54 | ||
| TGC-0339 | 104.7 | 107.7 | 3.0 | 16.85 | |
| including | 104.7 | 105.6 | 0.9 | 38.27 | |
| and | 105.6 | 105.9 | 0.3 | 8.93 | |
| and | 105.9 | 106.5 | 0.6 | 0.16 | |
| and | 106.5 | 106.8 | 0.3 | 3.92 | |
| and | 106.8 | 107.7 | 0.9 | 13.49 | |
| TGC-0341 | 63.0 | 64.0 | 1.0 | 5.23 | |
| including | 63.0 | 63.3 | 0.3 | 3.44 | |
| and | 63.3 | 64.0 | 0.7 | 6.00 | |
| 68.5 | 69.1 | 0.6 | 22.78 | ||
| TGC-0342 | 104.3 | 105.0 | 0.7 | 13.87 | |
| TGC-0343 | 58.1 | 58.8 | 0.7 | 3.81 | |
| including | 58.1 | 58.4 | 0.3 | 4.58 | |
| and | 58.4 | 58.8 | 0.4 | 3.23 | |
| 60.2 | 60.5 | 0.3 | 4.32 | ||
| 61.7 | 63.2 | 1.5 | 27.08 | ||
| including | 61.7 | 62.2 | 0.5 | 6.69 | |
| and | 62.2 | 62.5 | 0.3 | 94.23 | |
| and | 62.5 | 62.8 | 0.3 | 9.85 | |
| and | 62.8 | 63.2 | 0.4 | 15.14 | |
| 68.9 | 70.3 | 1.4 | 25.96 | ||
| including | 68.9 | 69.2 | 0.3 | 28.99 | |
| and | 69.2 | 69.7 | 0.5 | 3.01 | |
| and | 69.7 | 70.3 | 0.6 | 43.58 | |
| 75.3 | 78.0 | 2.7 | 15.36 | ||
| including | 75.3 | 75.6 | 0.3 | 47.25 | |
| and | 75.6 | 75.9 | 0.3 | 13.93 | |
| and | 75.9 | 76.2 | 0.3 | 2.49 | |
| and | 76.2 | 76.7 | 0.5 | 0.30 | |
| and | 76.7 | 77.0 | 0.3 | 6.02 | |
| and | 77.0 | 77.3 | 0.3 | 13.46 | |
| and | 77.3 | 77.7 | 0.4 | 14.67 | |
| and | 77.7 | 78.0 | 0.3 | 35.07 | |
| TGC-0345 | 109.4 | 109.8 | 0.4 | 236.00 | |
| TGC-0347 | 109.0 | 110.2 | 1.3 | 29.44 | |
| including | 109.0 | 109.3 | 0.3 | 3.65 | |
| and | 109.3 | 109.9 | 0.6 | 3.95 | |
| and | 109.9 | 110.2 | 0.3 | 102.35 | |
| TGC-0351 | 111.2 | 113.0 | 1.8 | 4.84 | |
| including | 111.2 | 112.4 | 1.2 | 5.07 | |
| and | 112.4 | 113.0 | 0.6 | 4.39 | |
| TGC-0359 | 106.7 | 107.2 | 0.5 | 3.80 | |
| 110.7 | 113.7 | 3.0 | 25.89 | ||
| including | 110.7 | 111.0 | 0.3 | 3.07 | |
| and | 111.0 | 111.5 | 0.5 | 26.50 | |
| and | 111.5 | 112.0 | 0.5 | 101.58 | |
| and | 112.0 | 112.5 | 0.5 | 5.43 | |
| and | 112.5 | 112.9 | 0.4 | 6.09 | |
| and | 112.9 | 113.2 | 0.3 | 10.42 | |
| and | 113.2 | 113.7 | 0.5 | 8.89 | |
| TGC-0360 | 115.6 | 116.2 | 0.6 | 34.99 | |
| TGC-0363 | 116.8 | 117.6 | 0.8 | 17.46 | |
| including | 116.8 | 117.2 | 0.4 | 27.33 | |
| and | 117.2 | 117.6 | 0.4 | 7.58 | |
| TGC-0370 | 109.2 | 109.5 | 0.3 | 3.23 |
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/250404
Edmonton, Alberta–(Newsfile Corp. – April 29, 2025) – Grizzly Discoveries Inc. (TSXV: GZD) (FSE: G6H) (OTCQB: GZDIF) (“Grizzly” or the “Company”) is pleased to announce a private placement (the “Offering”) of Units and FT Units for aggregate gross proceeds of up to $1,000,000 if fully subscribed. The Offering is concurrent with an agreement to settle $500,000 in outstanding accounts payable debt to APEX Geoscience Ltd. (“APEX”), the Company’s primary geological contractor.
Private Placement Offering
The Offering consists of up to 8,333,333 Units and up to 25,000,000 of any combination of Units and FT Units, with the Units and FT Units each priced at $0.03 per Unit and FT Unit. Each Unit shall consist of one common share of the Company (“Common Share”) and one Common Share purchase 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 (“Warrant”). Each FT Unit shall consist 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 Company intends to use the proceeds of the Offering, if fully subscribed with the maximum of 25,000,000 in FT Units and 8,333,333 Units, as follows:
| Mineral Property Exploration | $ 750,000 | ||||
| Mineral Rights and Exploration Permits | 80,000 | ||||
| Working capital | Outstanding management fees to Officers | $ 12,000 | |||
| Other accounts payable | 65,000 | $ 77,000 | |||
| Corporate Overhead | Management fees to Officers | $ 18,000 | |||
| (3 months) | Other Corporate Overhead | 75,000 | $ 93,000 | ||
| Maximum proceeds | $ 1,000,000 | ||||
There is no minimum to the Offering. If the Company closes on less than the maximum proceeds, or if the proportion of Units and FT Units differs from the above, the use of proceeds will be adjusted.
In connection with the Offering, the Company may pay finders fees payable in any combination of cash, Units, and Warrants to registered broker dealers, limited market dealers or arm’s length persons in accordance with the policies of the TSX Venture Exchange (the “Exchange”) and applicable securities legislation and regulations. The Common Shares and any Common Shares issued on exercise of the Warrants are subject to restrictions on trading until four months and one day from the date of issuance in accordance with the policies of the Exchange.
Debt Settlement Agreement
Concurrent with the Offering, the Company has entered into an agreement (the “Agreement”) with APEX Geoscience Ltd., the Company’s primary geological contractor, to settle $500,000 in outstanding accounts payable, incurred for prior exploration of the Company’s mineral properties. The Agreement contemplates the extinguishment of $500,000 in accounts payable owing by the Company to APEX by the issuance of 8,333,334 Units of the Company to APEX (the “APEX Units”) at a deemed price of $0.03 per Unit, and the issuance of a promissory note to a private corporation controlled by a principal of APEX with a principal amount of $250,000, bearing simple interest at 5% per annum, payable semi-annually, and maturing two years from the date of issuance (the “Note”).
The Warrants included in the APEX Units will expire 24 months from the date of issuance, but otherwise are on the same terms as the Units included in the Offering. The interest on the Note, payable semi-annually, shall be calculated on the principal amount only (simple interest) and, under the terms of the Agreement, may be paid by the Company, at the Company’s option, in Common Shares to the Holder at the Discounted Market Price (as defined by the policies of the TSX Venture Exchange) on the interest payment date.
The Offering, the Agreement, and each interest payment to be made in Common Shares, are subject to acceptance of the TSX Venture Exchange.
Corporate Update – Greenwood Precious and Critical Minerals Project
Figure 1: Grizzly Mineral Claims, Targets and Drill Permits
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The Company is pleased to announce that it has received four (4) new five-year drilling permits from the BC Ministry of Mining and Critical Minerals to complete drill testing along with access in the target areas of Midway, Imperial, Sappho and Copper Mountain (Figure 1). These four (4) new drill permits are in addition to existing drill permits for the Motherlode Mines area, along with the Ket 28 and Dayton target areas. Subject to financing, the Company is making plans to drill test the Motherlode Mines area, including copper (Cu) – gold (Au) – silver (Ag) mineralization at the Motherlode, Sunset and Greyhound historical mines, along with the high-grade polymetallic Au-Ag mineralization identified at the historical Midway Mine area.
Highlights
Motherlode Mine Area
The Motherlode Mine produced 76,975,111 pounds of Cu, 173,319 ounces of Au and 688,203 ounces of Ag during the active periods of mining from 1900 to 1920 and then from 1957 to 1962. The Motherlode skarn mineralization is developed in the Triassic Brooklyn Formation sediments (BC Minfile 082ESE034). The Motherlode mine is road accessible and is approximately 2.5 km northwest of the town of Greenwood (Figure 1).
Figure 2: Motherlode Historical Drillhole ML96-8 Greenwood Project
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Midway
Brian Testo, President and CEO of Grizzly Discoveries stated: “We are excited with the acquisition of our new drill permits along with the historical Motherlode Crown Grants and the potential battery metal and precious metal targets that they provide. We look forward to an aggressive 2025 drilling at the Motherlode Mine area and other high grade Au-Ag-Cu showings and historical mines along with additional exploration for battery metals in our current 170,000+ acre holdings in the Greenwood District.“
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 critical minerals properties in southeastern British Columbia. Grizzly is run by 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.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. WIRE SERVICES
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TORONTO, April 15, 2025 /CNW/ – Collective Mining Ltd. (NYSE: CNL) (TSX: CNL) (“Collective” or the “Company”) is pleased to announce assay results for three holes drilled into the Apollo system (“Apollo”). Two of the holes were designed to test the potential extension of the recently discovered first high-grade sub-zone, while the third hole was drilled into the early-stage Northern Gold-Silver Vein Zone located above and to the north of the brecciated Apollo system. Apollo is the most advanced discovery made to date within the Company’s multi-target Guayabales Project in Caldas, Colombia.
The Company currently has eight drill rigs operating as part of its fully funded 70,000-metre drill program for 2025 with five rigs drilling at Apollo, one at the Tower target and two rigs at the San Antonio Project.
The 2025 objectives for the portion of the drilling program targeting the Apollo system are:
Approximately 115,000 metres of diamond drilling has been completed to date at the Guayabales Project, including 78,000 metres at Apollo. There are currently thirteen drill holes awaiting assays with results for most of these holes expected prior to the end of Q2 2025.
Ari Sussman, Executive Chairman commented: “Drilling continues to successfully intercept high-grade gold in the first of eleven potential high-grade sub-zones modelled by our technical team within the top 1,000 vertical metres of the Apollo system. The bonus of drilling the sub-zones is that if successful in finding more gold than previous modeled, then it should raise the overall grade of the system within the existing modelled envelope. If drilling continues to intersect high grades as new sub-zone targets are tested, the impact on the block model grade and inventory could be materially significant. Additionally, drilling at the poorly drilled Northern Gold-Silver Vein Zone has expanded the system to 350 metres in an east-west direction and it remains open in all directions for growth. Any metal defined in this zone is a bonus as it is additional to the main Apollo system.”
To watch a video of David Reading, Special Advisor to the Company and QP under NI43-101 explain today’s results please click on the link here.
Details (see Table 1 and Figures 1-5)
The pilot drilling program designed to test the first modelled sub-zone has now defined an area of 180 metres of strike, by 70 metres in thickness and by 70 metres vertical with continuous high-grade mineralization. This sub-zone is still open in almost all directions and will be expanded as part of the current ongoing drill program. The Company also plans to drill at least eleven additional potential sub-zone targets in 2025 identified throughout top 1,000 vertical metres of the Apollo system. As a reminder, at a depth below 1,000 metres from surface, Apollo transitions in the Ramp Zone, which is a different deposit and style of mineralization.
As a reminder, high-grade gold-silver veins intercepted previously in 2022 in the Northern Gold-Silver Vein Zone assayed as follows:
The intersection of shallow CBM veins in the northern portion of the Apollo system has positive implications for the presence of brecciated porphyry at depth as this zoning of mineralization is seen further south at Apollo. Following completion of the mother hole, directional drilling is currently in progress to test for a northern extension of the Apollo system at depth where the system remains open for expansion.
Table 1: Assays Results for Drill Holes APC104-D6, APC104-D7A and APC-106D
| Hole # | From (m) | To (m) | Length (m) | Au g/t | Ag g/t | Cu % | Zn % | AuEq g/t* |
| APC104-D6 | 71.65 | 335.50 | 263.85 | 2.52 | 37 | 0.09 | 0.15 | 3.10 |
| Incl. | 82.00 | 196.50 | 114.50 | 4.19 | 53 | 0.15 | 0.15 | 5.00 |
| & Incl- | 303.75 | 335.50 | 31.75 | 2.24 | 58 | 0.06 | 0.33 | 3.10 |
| and | 373.55 | 395.50 | 21.95 | 2.96 | 10 | 0.03 | 0.11 | 3.08 |
| and | 444.80 | 461.95 | 17.15 | 2.29 | 22 | 0.06 | 0.04 | 2.60 |
| APC104-D7A | 160.90 | 298.60 | 137.70 | 1.87 | 61 | 0.22 | 0.14 | 2.94 |
| Incl. | 172.15 | 202.40 | 30.25 | 4.28 | 50 | 0.14 | 0.32 | 5.10 |
| APC-106D | 353.20 | 354.85 | 1.65 | 19.78 | 122 | 0.03 | 0.06 | 20.81 |
| and | 388.30 | 390.20 | 1.90 | 8.66 | 600 | 0.05 | 0.44 | 16.29 |
| and | 732.95 | 751.20 | 18.25 | 1.92 | 12 | 0.03 | 0.13 | 2.10 |
| Incl. | 732.95 | 738.80 | 5.85 | 4.50 | 27 | 0.04 | 0.35 | 4.88 |
| *AuEq (g/t) is calculated as follows: (Au (g/t) x 0.97) + (Ag (g/t) x 0.015 x 0.85) + (Cu (%) x 1.44 x 0.95) + (Zn (%) x 0.43 x 0.85) utilizing metal prices of Ag – US$30/oz, Zn – US$1.25/lb, Cu – US$4.2/lb and Au – US$2,000/oz and recovery rates of 97% for Au, 85% for Ag, 95% for Cu and 85% for Zn. Recovery rate assumptions for metals are based on metallurgical results announced on October 17, 2023, April 11, 2024, and October 3, 2024. The recovery rate assumption for zinc is speculative as limited metallurgical work has been completed to date. True widths are unknown, and grades are uncut. |
| ** See press release dated January 15, 2025, February 24, 2025, March 15, 2022 and May 9, 2022 for AuEq calculations. |
About Collective Mining Ltd.
To see our latest corporate presentation and related information, please visit www.collectivemining.com.
Founded by the team that developed and sold Continental Gold Inc. to Zijin Mining for approximately $2 billion in enterprise value, Collective is a gold, silver, copper and tungsten exploration company with projects in Caldas, Colombia. The Company has options to acquire 100% interests in two projects located directly within an established mining camp with ten fully permitted and operating mines.
The Company’s flagship project, Guayabales, is anchored by the Apollo system, which hosts the large-scale, bulk-tonnage and high-grade gold-silver-copper-tungsten Apollo system. The Company’s objectives are to improve the overall grade of the Apollo system by systematically drill testing newly modeled potentially high-grade sub-zones, expand the Apollo system by stepping out along strike to the north and expanding the newly discovered high-grade Ramp Zone along strike and to depth, expand the Trap system and drill a series of newly generated targets including Tower and X.
Management and insiders own approximately 33.4% of the outstanding shares of the Company and as a result, are fully aligned with shareholders. The Company is listed on the NYSE American and TSX under the trading symbol “CNL” and on the FSE under the trading symbol “GG1”.
Qualified Person (QP) and NI43-101 Disclosure
David J Reading is the designated Qualified Person for this news release within the meaning of National Instrument 43-101 (“NI 43-101”) and has reviewed and verified that the technical information contained herein is accurate and approves of the written disclosure of same. Mr. Reading has an MSc in Economic Geology and is a Fellow of the Institute of Materials, Minerals and Mining and of the Society of Economic Geology (SEG).
Technical Information
Samples were cut by Company personnel at Collective Mining’s core facility in Caldas, Colombia. Diamond drill core was sawed and then sampled in maximum 2 metres intervals, stopping at geological boundaries. Drill hole core diameter is a mix of PQ, HQ and NQ depending on the depth of the drill hole.
Core samples have been prepared and analyzed at ALS laboratory facilities in Medellin, Colombia and Lima, Peru. Blanks, duplicates, and certified reference standards are inserted into the sample stream to monitor laboratory performance. Crush rejects and pulps are kept and stored in a secured storage facility for future assay verification. No capping has been applied to sample composites. The Company utilizes a rigorous, industry-standard QA/QC program.
Information Contact:
Follow Executive Chairman Ari Sussman (@Ariski73) on X
Follow Collective Mining (@CollectiveMini1) on X, (Collective Mining) on LinkedIn, and (@collectivemining) on Instagram
FORWARD-LOOKING STATEMENTS
This news release contains “forward-looking statements” and “forward-looking information” within the meaning of applicable securities legislation (collectively, “forward-looking statements”). All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussion with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often, but not always using phrases such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or variations (including negative variations) of such words and phrases, or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved) are not statements of historical fact and may be forward-looking statements. In this news release, forward-looking statements relate, among other things, to: anticipated use of proceeds from the Offering and the exercise of Warrants; the anticipated advancement of mineral properties or programs; future operations; future recovery metal recovery rates; future growth potential of Collective; and future development plans.
These forward-looking statements, and any assumptions upon which they are based, are made in good faith and reflect our current judgment regarding future events including the direction of our business. Management believes that these assumptions are reasonable. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among others: planed use of proceeds from the Offering and the exercise of the Warrants; risks related to the speculative nature of the Company’s business; the Company’s formative stage of development; the Company’s financial position; possible variations in mineralization, grade or recovery rates; actual results of current exploration activities; conclusions of future economic evaluations; fluctuations in general macroeconomic conditions; fluctuations in securities markets; fluctuations in spot and forward prices of gold, precious and base metals or certain other commodities; fluctuations in currency markets; change in national and local government, legislation, taxation, controls regulations and political or economic developments; risks and hazards associated with the business of mineral exploration, development and mining (including environmental hazards, industrial accidents, unusual or unexpected formation pressures, cave-ins and flooding); inability to obtain adequate insurance to cover risks and hazards; the presence of laws and regulations that may impose restrictions on mining; employee relations; relationships with and claims by local communities and indigenous populations; availability of increasing costs associated with mining inputs and labour; the speculative nature of mineral exploration and development (including the risks of obtaining necessary licenses, permits and approvals from government authorities); and title to properties, as well as those risk factors discussed or referred to in the annual information form of the Company dated March 24, 2025. Forward-looking statements contained herein are made as of the date of this news release and the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results, except as may be required by applicable securities laws. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements and there may be other factors that cause results not to be anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking statements.
SOURCE Collective Mining Ltd.
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On New Trend – 12km South of JR Zone
Kelowna, British Columbia–(Newsfile Corp. – April 15, 2025) – F3 Uranium Corp (TSXV: FUU) (OTCQB: FUUFF) (“F3” or “the Company“) is pleased to announce a new discovery with drillhole PLN25-205 which intersected radioactivity over a total of 33.0m including 0.56m of high radioactivity (>10,000 cps) with a peak of 37,700 cps at 398.34m. The drillhole is still currently in progress, however additional mineralization is not expected.
2025 Handheld Spectrometer Highlights:
Broach Lake: PW Area
PLN25-205 (line 11310S):
Sam Hartmann, Vice President Exploration, commented:
“On March 18th we announced anomalous radioactivity at a newly emerging area 12km south of the JR Zone, showing great initial potential with drillhole PLN25-202, peaking at 720cps. This was followed up with an aggressive step back with PLN25-203, which aimed to locate a MLTDEM ground conductor. Encouraging alteration was encountered at depth corresponding with the approximate down-dip projection of the radioactive intervals in PLN25-202, but no anomalous radioactivity was noted. PLN25-204 then tested 60m up-dip of PLN25-202, successfully intersecting the targeted rock units but again with no anomalous radioactivity. Despite these results we decided on one more follow-up to PLN25-202 targeting approximately 50m down-dip (see Image 1 for cross section), this time successfully intersecting high-grade pitchblende mineralization hosted within competent but strongly chloritic and clay altered orthogneisses (see Image 2), in the hanging wall of an unmineralized fault with mineralization starting at a vertical depth of 325 meters from surface. This discovery is particularly meaningful as it is within the Clearwater Domain – a geological package predominantly thought to consist of intrusive rocks and historically considered less prospective for uranium mineralization. These drillholes contain significant intercepts of dioritic rocks – but also the strained and structurally disturbed orthogneisses we target. This strong initial intercept in PLN25-205 is the perfect analog to the approach of the technical team at F3 Uranium; to think out of the box and be persistent. After we finish drilling this hole, we plan to continue drilling on section to improve our understanding of the controls on the mineralization, before moving laterally along strike, which is open in both directions”.
Map 1. Broach Lake -2025 Scintillometer Results
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Image 1: Cross Section: Line 11310S
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Table 1. Drill Hole Summary and Handheld Spectrometer Results
| Collar Information *Planned Collar, azi/dip. Final surveys outstanding | * Hand-held Spectrometer Results On Mineralized Drillcore (>300 cps / >0.5m minimum) | Athabasca Unconformity Depth (m) | Total Drillhole Depth (m) | |||||||||
| Hole ID | Section Line | Easting | Northing | Elevation | Az | Dip | From (m) | To (m) | Interval (m) | Max CPS | ||
| PLN25-203 | lost in overburden | |||||||||||
| PLN25-203A | lost in overburden | |||||||||||
| PLN25-203B | 11340S | 589233 | 6397845 | 586 | 48 | -63 | 160.00 | 160.50 | 0.50 | 420 | 160.7 | 722 |
| PLN25-204 | 11295S | 589389 | 6398003 | 583 | 47 | -63 | 168.50 | 168.90 | 0.40 | 310 | 168.88 | 401 |
| PLN25-205* | 11310S | 589326 | 6397940 | 586 | 46 | -65 | 340.00 | 340.50 | 0.50 | 340 | 168.8 | TBD |
| 347.50 | 348.00 | 0.50 | 440 | |||||||||
| 366.00 | 366.50 | 0.50 | 370 | |||||||||
| 373.00 | 373.50 | 0.50 | 470 | |||||||||
| 373.50 | 374.00 | 0.50 | 370 | |||||||||
| 374.00 | 374.50 | 0.50 | <300 | |||||||||
| 374.50 | 375.00 | 0.50 | 540 | |||||||||
| 375.00 | 377.00 | 2.00 | <300 | |||||||||
| 377.00 | 377.50 | 0.50 | 510 | |||||||||
| 377.50 | 378.00 | 0.50 | 780 | |||||||||
| 378.00 | 378.50 | 0.50 | 2100 | |||||||||
| 378.50 | 379.00 | 0.50 | 2500 | |||||||||
| 379.00 | 379.50 | 0.50 | 660 | |||||||||
| 379.50 | 380.00 | 0.50 | 2400 | |||||||||
| 380.00 | 380.50 | 0.50 | 1400 | |||||||||
| 380.50 | 381.00 | 0.50 | 2100 | |||||||||
| 384.00 | 384.50 | 0.50 | 800 | |||||||||
| 384.50 | 385.00 | 0.50 | 770 | |||||||||
| 385.00 | 386.50 | 1.50 | <300 | |||||||||
| 386.50 | 387.00 | 0.50 | 1900 | |||||||||
| 387.00 | 387.50 | 0.50 | 3100 | |||||||||
| 387.50 | 388.00 | 0.50 | 2800 | |||||||||
| 388.00 | 388.50 | 0.50 | 1600 | |||||||||
| 388.50 | 389.00 | 0.50 | 340 | |||||||||
| 389.00 | 389.50 | 0.50 | 990 | |||||||||
| 389.50 | 389.75 | 0.25 | 9300 | |||||||||
| 389.75 | 390.00 | 0.25 | 27200 | |||||||||
| 390.00 | 390.50 | 0.50 | 1700 | |||||||||
| 390.50 | 391.00 | 0.50 | 480 | |||||||||
| 391.00 | 391.50 | 0.50 | 900 | |||||||||
| 391.50 | 392.00 | 0.50 | 670 | |||||||||
| 392.00 | 392.50 | 0.50 | 1300 | |||||||||
| 392.50 | 393.00 | 0.50 | 4400 | |||||||||
| 393.00 | 393.50 | 0.50 | 590 | |||||||||
| 393.50 | 394.00 | 0.50 | 380 | |||||||||
| 394.00 | 394.50 | 0.50 | 640 | |||||||||
| 394.50 | 395.00 | 0.50 | 420 | |||||||||
| 395.00 | 395.50 | 0.50 | 420 | |||||||||
| 395.50 | 396.00 | 0.50 | 640 | |||||||||
| 396.00 | 396.50 | 0.50 | 1400 | |||||||||
| 396.50 | 397.00 | 0.50 | 940 | |||||||||
| 397.00 | 397.50 | 0.50 | <300 | |||||||||
| 397.50 | 398.00 | 0.50 | 300 | |||||||||
| 398.00 | 398.34 | 0.34 | 9800 | |||||||||
| 398.34 | 398.50 | 0.16 | 37700 | |||||||||
| 398.50 | 398.65 | 0.15 | 10400 | |||||||||
| 398.65 | 399.00 | 0.35 | 8900 | |||||||||
| 399.00 | 399.50 | 0.50 | 4600 | |||||||||
| 399.50 | 400.00 | 0.50 | 760 | |||||||||
| 400.00 | 400.50 | 0.50 | 330 | |||||||||
| 400.50 | 401.00 | 0.50 | 360 | |||||||||
| 401.00 | 401.50 | 0.50 | 910 | |||||||||
| 401.50 | 402.00 | 0.50 | 1900 | |||||||||
| 402.00 | 402.50 | 0.50 | 3400 | |||||||||
| 402.50 | 403.00 | 0.50 | 1900 | |||||||||
| 403.00 | 403.50 | 0.50 | 1300 | |||||||||
| 403.50 | 404.00 | 0.50 | 360 | |||||||||
| 404.00 | 404.50 | 0.50 | 6200 | |||||||||
| 404.50 | 405.00 | 0.50 | 700 | |||||||||
| 405.00 | 405.50 | 0.50 | 4900 | |||||||||
| 405.50 | 406.00 | 0.50 | 2200 | |||||||||
| 406.00 | 406.50 | 0.50 | 2300 | |||||||||
| 406.50 | 407.00 | 0.50 | 1200 | |||||||||
| 407.00 | 407.50 | 0.50 | 430 | |||||||||
Handheld spectrometer composite parameters:
1: Minimum Thickness of 0.5m
2: CPS Cut-Off of 300 counts per second
3: Maximum Internal Dilution of 2.0m
Image 2: Uranium Mineralization in PLN25-205
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The natural gamma radiation detected in the drill core, as detailed in this news release, was measured in counts per second (cps) using a handheld Radiation Solutions RS-125 spectrometer which has been calibrated by Radiation Solutions Inc. The Company designates readings exceeding 300 cps on the handheld spectrometer (occasionally referred to as a scintillometer in industry parlance; this colloquial usage stems from historical naming conventions and the shared functionality of detecting gamma radiation a scintillometer)—as “anomalous”, readings above 10,000 cps as “highly radioactive”, and readings surpassing 65,535 cps as “off-scale”. However, readers are cautioned that spectrometer or scintillometer measurements often do not directly or consistently correlate with the uranium grades of the rock samples and should be regarded solely as a preliminary indicator of the presence of radioactive materials.
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 thicknesses are yet to be determined.
About the Patterson Lake North Project:
The Company’s 42,961-hectare 100% owned Patterson Lake North Project (PLN) is located just within the south-western edge of the Athabasca Basin in proximity to Paladin’s Triple R and NexGen Energy’s Arrow high-grade uranium deposits, an area poised to become the next major area of development for new uranium operations in northern Saskatchewan. The PLN Project consists of the 4,074-hectare Patterson Lake North Property, the 19,864-hectare Minto Property, and the 19,022-hectare Broach Property. All three properties comprising the PLN Project are accessed by Provincial Highway 955; the new JR Zone uranium discovery on the PLN property is located 23km northwest of Paladin’s Triple R deposit.
Qualified Person:
The technical information in this news release has been prepared 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 exploration company, focusing on the recently discovered high-grade JR Zone on its Patterson Lake North (PLN) Project in the Western Athabasca Basin. F3 Uranium currently has 3 properties in the Athabasca Basin: Patterson Lake North, Minto, and Broach. The western side of the Athabasca Basin, Saskatchewan, is home to some of the world’s largest high grade uranium deposits including Paladin’s Triple R and Nexgen’s Arrow.
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 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
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