Category: Base Metals

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Base Metals Exclusive Interviews Precious Metals

JAYANT BHANDARI | Trump: Why I am Increasingly a Fan, and about Resource Stocks

Trump: Why I am Increasingly a Fan

ValOro Resources (VRO), etc.

As time has gone by I have grown increasing respectful of Trump. Not only he is doing what he said he would, but he is also among those rare people who understand the problems that the West faces. Trump is having to deal with the massive problems that the earlier—short-terministic, populist and vision-less—regimes left behind. But people’s failure to put issues into perspective means that it is Trump who gets the blame. That is why I don’t like democracy, for most people use soundbite-level, isolated information—mostly rationalizations—to reach conclusions. Or more accurately they look for justifications for their emotions.
Despite all its flaws, the USA is still among the best places in the world.
As a child, I often dreamt of emigrating to America. America’s military-industrial complex rightly has a bad name. But, alas, if I had a switch to get rid of it, I would not use it. Without US interference, the world would be an extremely unstable place. For example, had the USA not interfered, Saudi Arabia, Iran, Iraq, Brazil, Libya, etc. would have all had nuclear weapons. Perhaps humanity would have seized to exist. Without US interference, the Third World tyrannies, tribal-warfare and massacres would have been much worse, which would have rightly kept their population-number under control, but also refugees would have flooded the West:

On investments…
Linked is a recent discussion with Cory Fleck on how I go about investing in the mining sector. In the same talk I mention a few stocks.
Here are some more that I like:

  • Novo Resources (NVO; C$1.95): At the current price, the market likely gives NVO value only for its cash and Beatons Creek project. The upside from conglomerate deposits is available mostly for free.
  • Altus Strategies (ALTS; C$0.045): I spent the last month in the UK, including visiting with ALTS management and some of its key shareholders. I am concerned about their G&A expenses, which have been too high for my comfort. But for now, the market capitalization is comparable to the share ownership that ALTS will eventually have of Canyon Resources, an ASX-listed company.
  • De Grey Mining (DEG; A$0.12): The situation here is similar to that of NVO, although I don’t know their management much. Their current market capitalization likely gives zero value to the conglomerate areas.
  • Amarillo Gold (AGC; C$0.20): AGC over the last few months has cleaned up their balance sheet by getting rid of the debt they had, sold a royalty to Royal Gold for a very good price, and have done a lot of work on the project. They currently have six drill-rigs at the project, drilling 15,000 meters. They expect new resources by the end of January 2019. Feasibility and basic engineering are expected in August 2019. The market is rightly worried about the country risk. And my superficial look at the latest financials tells me that their G&A expenses have gone up significantly. I hope they will be able to control it going forward.
  • ValOro Resources (VRO: C$0.11): VRO is being acquired. There is a nice arbitrage upside.
  • FPX Nickel (FPX; C$0.08): I am invested in this company not only because of the value I see, which might improve significantly when they have optimized the metallurgy, but also because their CEO, Martin Turenne, is one of the smartest young people I have known in the industry. He understands the macro issues driving the market and is a delight to discuss those issues with, which when the time comes, will enable him to look for the right majors to do off-take agreements with or to sell the project to.

On other matters…
Videos of last year’s Capitalism & Morality are now available. They are linked here.
The next Capitalism & Morality will be held on 3rd August 2019. Please register using the Paypal button on this page, if you haven’t already done so. One-third of the seats are already gone, and being a capitalist I do increase the ticket price—very substantially—as we get closer to the event.
Warm regards,

Jayant Bhandari

Associate: Rajni Bala

Disclaimer: All information found here, including any ideas, opinions, views, predictions, forecasts, commentaries, suggestions, or stock picks, expressed or implied herein, are for informational, entertainment or educational purposes only and should not be construed as personal investment advice. While the information provided is believed to be accurate, it may include errors or inaccuracies. The sole purpose of these musings is to show my thinking process when analyzing a stock, not to provide any recommendation. I will not and cannot be held liable for any actions you take as a result of anything you read here. Conduct your own due diligence, or consult a licensed financial advisor or broker before making any and all investment decisions. Any investments, trades, speculations, or decisions made on the basis of any information found on this site, expressed or implied herein, are committed at your own risk, financial or otherwise.

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Base Metals Precious Metals Project Generators

MIRASOL RESOURCES | Mirasol Signs a Heads of Agreement with Newcrest Mining for the Gorbea Gold Projects in Chile and Announces Termination of the Zeus Agreement

VANCOUVER , Dec. 10, 2018 /CNW/ – Mirasol Resources Ltd. (TSX-V: MRZ, OTCPK: MRZLF) (the “Company” or “Mirasol“) is pleased to report that it has entered into  a non-binding heads of agreement (the “HoA“) with Newcrest International Pty Limited, a wholly owned subsidiary of Newcrest Mining Limited (“NCM“), for an Option to Farm-in on the Gorbea High-Sulfidation Epithermal (HSE) gold projects (the “Project“) in Chile , and is terminating the previously announced (news release February 26, 2018 ) NCM option agreement on the Zeus Project (Figure 1).

The Gorbea HoA is subject to NCM completing its due diligence review of the claims and the parties executing a formal option agreement (the “Agreement“) on or before January 15, 2019 or such later date as may be agreed. The key terms of the Agreement having been settled, the parties will execute the final Agreement once due diligence has been completed. Mirasol has granted an exclusivity period to NCM to complete these conditions.

The Gorbea Project comprises a package of projects totaling 26,684 ha, including the Atlas Au+Ag and the Titan Au (Cu) projects, located in the Mio-Pliocene age mineral belt of northern Chile.  The Gorbea properties were subject to a previous joint venture that was terminated in April 2018 , after the partner had incurred exploration expenditures in excess of US$ 8 million. The exploration identified a significant body of HSE gold mineralization at the Atlas project, which returned a drill intercept of 114 m grading 1.07 g/t Au, including 36 m grading 2.49 g/t Au (news release September 11, 2017 ). Mirasol is undertaking an integrated analysis of the extensive Atlas database and will provide a technical update on the project in the near term.

Option to Farm-in Agreement:

Under the terms of the HoA, NCM will have the right to acquire, in multiple stages, up to 75% of the Gorbea Project by completing a series of exploration and development milestones and making staged option payments to Mirasol. NCM has committed to spend a minimum of US$4 million and complete a minimum of 3,000 m of drilling over an initial 18-month period, subject to drill permitting timelines. NCM has assembled a Chilean based exploration team with significant HSE exploration experience and will operate the Gorbea exploration program.

Stephen Nano , CEO of Mirasol, stated that “we are pleased to again be partnering with the Newcrest team to explore some of our prospective Mio-Pliocene belt projects for district scale gold deposits.  Newcrest has allocated a combined US$7.3 million in separate agreements, for the exploration of Mirasol’s Gorbea and Altazor projects over the next 12 to 18 months.  We are working with Newcrest to advance the permitting process for the Atlas project in the Gorbea package, with the objective of drilling during the southern hemisphere summer.”

Terms:

Option phase:

  • A US$100,000 cash payment upon signing the Agreement;
  • NCM has a minimum commitment to spend US$4 million and drill minimum of 3000m in the first 18-month exploration program;
  • NCM will operate the project and will receive a 5% management fee; and
  • At the end of the option phase, NCM will have the right to exercise the farm-in phase of the Agreement.

Farm-in phase:

  • Stage 1: If NCM elects to exercise the option to farm-in, NCM will make a cash payment to Mirasol of US$500,000 , and will have the right to earn 51% of the Project over a 4.5-year period (total 6 years) by spending an additional US$15 million (total US$19 million ), which includes a minimum drilling commitment of 6,000 m on the Project to be completed within the first 2 years;
  • Stage 2: If NCM elects to proceed to Stage 2 of the farm-in, it will make a cash payment to Mirasol of US$650,000 and have the right to earn 65% of the Project over an additional 1-year period (total 7 years), by funding the delivery of a positive preliminary economic assessment, in accordance with NI 43-101 on a resource of not less than 1,000,000 ounces of gold at a cut-off grade of 0.30 grams per tonne (g/t);
  • Stage 3: If NCM elects to proceed to Stage 3 of the farm-in, it will have the right to earn 75% of the Project over an additional 2-year period (total 9 years) by funding the lesser of either: (i) additional expenditures after the completion of Stage 2 of US$100 million ; or (ii) the delivery of a positive bankable1 Feasibility Study, in accordance with NI 43-101;
  • Stage 4: After completion of Stage 3, Mirasol can elect to: (i) contribute its proportionate share (25%) of further development expenditures, (ii) exercise a one-time equity conversion option to convert up to 10% of its equity into a NSR royalty at a rate of 2.5% equity per 0.5% NSR royalty (max 2% NSR royalty) and then contribute funding to advance the Company’s remaining project equity interest; or (iii) dilute. The rate of dilution royalty for Mirasol (up to 2% and triggered upon dilution of its interest to 10%) will be adjusted based on the percentage royalty acquired as part of the equity conversion option. NCM will hold a 0.5% NSR buyback right at fair market value exercisable on the conversion royalty or the dilution royalty.

After NCM has met the minimum commitment in the Option phase, NCM may terminate at any time without liability. In the event that NCM should complete Stage 1, but elect not to proceed to Stage 2, then NCM’s 51% interest shall be adjusted to a 49% interest. In the event that NCM completes Stage 2, but elects not to proceed to Stage 3, then NCM’s 65% interest shall be adjusted to a 60% interest and the parties may agree to halt further exploration or continue and contribute in proportion to their interests or be diluted.

The HoA also contains other customary terms including extension rights to increase the duration of each stage 1, 2 or 3 for cash payments to Mirasol and pre-emptive rights provisions should either party elect to sell its interest in the Project.

Early Termination of the Zeus Agreement:

The companies have also agreed to the early termination of the Zeus Option to Farm-in Agreement that was previously announced on February 26, 2018 . Under the terms of the Zeus agreement, NCM had a minimum spend commitment of US$1.5 million in the first 18-month exploration program. The balance of the minimum commitment expenditures for Zeus that have not yet been incurred, will be applied towards the $4 million initial commitment for the Gorbea Project. NCM has also agreed to a US$200,000 early termination payment to Mirasol. Upon termination, NCM will have no retained rights in the Zeus project.

Mirasol wishes to thank NCM for its investment that has advanced exploration of the Zeus project.  Mirasol will report the exploration results from last season’s Zeus exploration program shortly. Mirasol has initiated the business development process to identify a new joint venture partner to continue exploration at the Zeus project during the 2019 southern hemisphere summer season. Mirasol maintains the view that Zeus is a prospective, underexplored, Au+Ag project located in prospective geological setting, 43km East of the Goldfields Salares Norte HSE project2 (of 3.7 Moz Au at 4.89 g/t Au and 49.5 Moz Ag contained within 23.3 Mt) in the Mio-Pliocene belt of Northern Chile .

About Newcrest Mining Limited

Newcrest is one of the world’s largest gold mining companies, operating five mines in Australia , the Asia – Pacific and Africa regions.  Newcrest has extensive experience developing and operating successful underground and open pit mines in culturally and geographically diverse environments. Newcrest seeks to identify and secure large mineral districts, or provinces, in order to establish long term mining operations.

About Mirasol Resources Ltd

Mirasol is a leading project generation company focused upon the discovery, and development of economic precious metal and copper deposits via a hybrid Joint Venture and self funded drilling business model.  Strategic Joint Ventures with major precious metal producers have enabled Mirasol to maintain a tight share structure while advancing its priority projects that are focused in high-potential regions of Chile and Argentina.  Mirasol employs an integrated generative and on-ground exploration approach, combining leading-edge technologies and with experienced exploration geoscientists to maximize the potential for discovery.  Mirasol is in a strong financial position and has a significant portfolio of exploration projects located within the Tertiary Age Mineral belts of Chile and the Jurassic age Au+Ag district of Santa Cruz Province Argentina .

Stephen Nano , President and CEO of Mirasol, has approved the technical content of this news release. Mr Nano is a Chartered Professional geologist and Fellow of the Australasian Institute of Mining and Metallurgy (CP and FAusIMM) and is a Qualified Person under NI 43 -101.

Under the terms of the pervious Gorbea Joint Venture (terminated in April 2018 ), all exploration was managed by the then joint venture partner. Pre-joint venture exploration on the projects was managed by Stephen C. Nano , who is the Qualified Person under NI 43-101.  Exploration data generated from the previous Gorbea Joint Venture program was reviewed and validated by Mirasol prior to release. The technical interpretations presented here are those of Mirasol Resources Ltd.

Mirasol applies industry standard exploration sampling methodologies and techniques. All geochemical rock and drill samples are collected under the supervision of the company’s geologists in accordance with industry practice. Geochemical assays are obtained and reported under a quality assurance and quality control (QA/QC) program. Samples are dispatched to an ISO 9001:2008 accredited laboratory in Chile for analysis. Assay results from surface rock, channel, trench, and drill core samples may be higher, lower or similar to results obtained from surface samples due to surficial oxidation and enrichment processes or due to natural geological grade variations in the primary mineralization.

Forward Looking Statements: The information in this news release contains forward looking statements that are subject to a number of known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those anticipated in our forward looking statements. Factors that could cause such differences include: changes in world commodity markets, equity markets, costs and supply of materials relevant to the mining industry, change in government and changes to regulations affecting the mining industry. Forward-looking statements in this release include statements regarding future exploration programs, operation plans, geological interpretations, mineral tenure issues and mineral recovery processes. Although we believe the expectations reflected in our forward looking statements are reasonable, results may vary, and we cannot guarantee future results, levels of activity, performance or achievements. Mirasol disclaims any obligations to update or revise any forward looking statements whether as a result of new information, future events or otherwise, except as may be required by applicable law.

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.

1

“Bankable” is defined as suitable to be submitted to a recognized financial institution as a basis for lending funds for the development of a mine

2

Gold Fields. (2017). Integrated Annual Report 2017.

SOURCE Mirasol Resources Ltd.

View original content: http://www.newswire.ca/en/releases/archive/December2018/10/c5011.html

Categories
Base Metals

FISSION 3.0 Targets Shallow, High-Grade Prospects with 18 Hole Program

TSX VENTURE SYMBOL: FUU 

Drilling to Commence on Wales Lake in December

KELOWNA, BC , Dec. 11, 2018 /CNW/ – FISSION 3.0 CORP. (“Fission 3” or “the Company“) is pleased to announce its Athabasca Basin winter exploration drilling program. This winter, the company plans to drill approximately 4,400 meters in 18 holes on 4 of its high-priority projects, prospective for hosting shallow, high-grade mineralization. The projects are located in 3 major regional districts of the Athabasca Basin: the emerging PLS area uranium camp in the southwest, the historic Key Lake area mining camp in the southeast and also the northern area of the Athabasca Basin. The program will shortly commence with two holes on the Wales Lake property located in the PLS area, where surveys have identified high-priority targets.

Fission 3.0 Corp. (CNW Group/Fission 3.0 Corp.)

View photos

 

Fission 3.0 Corp. (CNW Group/Fission 3.0 Corp.)

News Highlights

  • Multi-project winter drill program will focus on four key projects in the Athabasca Basin: Wales Lake, PLN, Key Lake and Cree Bay
  • Successful surveys and ground-prospecting have generated high-priority targets on each project
  • Within the Athabasca Basin region, the company’s properties are all located in areas that are prospective for near-surface uranium mineralization
  • Program will commence in December 2018 at Wales Lake in the PLS Area – a district proven to host major, high-grade uranium deposits
  • Winter drilling will include:

Ross McElroy , COO, and Chief Geologist for Fission, commented,

“Having recently completed an $8M financing, Fission 3 has both the funds and the backing to aggressively explore multiple properties. Our award-winning technical team has built an exceptional portfolio in the Athabasca Basin region that encompasses emerging and historic major uranium mining areas, with a particular focus on the potential to host shallow, high-grade mineralization. This winter will see an exciting start to a strategic and systematic campaign to discover new occurrences of high-grade uranium mineralization on Fission 3’s projects in the Basin.”

Fission 3’s Portfolio Strategy. Within the Athabasca Basin region, the company’s properties are all located in areas that are prospective for near-surface uranium mineralization in both basement and unconformity hosted models. The emphasis for land selection has been on identifying shallow-hosted mineralization potential in conjunction with underlying structural and alteration features associated with appropriate lithologic units, with a focus on being near historic mining districts (such as Beaverlodge / Uranium City in north-western Athabasca Basin region and Key Lake area in the eastern Athabasca Basin region) or emerging major mining districts (such as the south-western Athabasca Basin region). As such, property locations tend to be proximal to the Athabasca Basin margins. Most properties are drill-ready with airborne and some ground geophysics completed in order to quickly vector in to target selection.

Further Details on Projects and Drill Programs

PLS Area

Located in the southwest region of the Athabasca Basin, the PLS area has been the focus of 2 of the most significant recent discoveries of high-grade uranium deposits; Fission Uranium’s Triple R and NexGen Energy’s Arrow deposits. The area is considered the most important, emerging uranium mining district of the Athabasca Basin. Fission 3 has a portfolio of 3 properties covering 83,763 ha in the region surrounding these major deposits; the Patterson Lake North package, including Patterson Lake North “PLN” and Patterson Lake Northeast “PLN-NE” is located immediately to the north of Triple R, while Wales Lake and Clearwater West properties surround the area to the west and south of Triple R.

During the winter season, drilling will focus on PLN and Wales Lake. While the bulk of drilling will focus on high-priority targets at PLN, starting in January 2019 , for logistics and seasonal considerations, the drilling will start off with testing two holes in December on Wales Lake – Block C.

Wales Lake:  The 100% owned Wales Lake property comprises 30 claims in 3 non-contiguous blocks totaling ~35,440 hectares and is accessible by road with primary access from all-weather Highway 955.  Similar to Fission Uranium’s PLS property, Wales Lake occupies the same stratigraphic position within the Clearwater Domain and represents relatively shallow depth basement hosted target areas outside of the margin of the Athabasca Basin. From west to east the 3 blocks are referred to as A, B and C respectively.  Block A is the westernmost and is located ~30km west of Fission Uranium’s flagship high-grade Triple R uranium deposit. It comprises 2 claims in ~2,689 ha.  Block B is located a further ~6km to the east and comprises 4 claims in ~10,549 ha. Block C is the both the eastern-most and southern-most as well as the largest block and is located a further ~7km to the southwest. It comprises 24 claims in ~22,201 ha, and is located ~25km south of the Triple R deposit.

Wales Lake Drilling: The first 2 holes of a planned minimum of 4 holes – 1,000m program for Wales Lake – Block C will be drilled in December, with additional drilling planned for an upcoming summer program.  High-priority drill targets were developed using both airborne and ground geophysics surveys that were conducted by the Company.  A helicopter-borne airborne geophysical versatile time domain electromagnetic “VTEM” survey that was flown in 2017 over Block C identified numerous electromagnetic “EM” conductors in a structurally complex setting.  The survey showed multiple parallel and offset conductors in and along the edge of magnetic low corridors thought to represent either reactivated shear zones and/or pelitic lithologcial corridors, both known to be favorable to hosting uranium mineralization. Importantly a major structural flexure in the geology changes strike from NW-SE to NE-SW trend as is clearly seen in the magnetic survey.  This feature may represent a setting favorable for developing faulting and hydrothermal alteration, which are key components to developing high-grade uranium mineralization. The Triple R deposit, located ~30km to the north of this flexure represents a similar geological setting. A 21 line-km small moving loop ground EM survey was completed in November 2018.  The ground surveys consisted of collecting single lines of TDEM data over each of 12 airborne VTEM targets, to provide the detailed data required to prioritize drill targets.

PLN Package: The PLN package consists of a total of 36,537 ha in 37 mineral claims of which Fission 3 has a 90% interest in 27,408 ha (10 mineral claims) and a 100% interest in an additional recently staked 9,129 ha (27 mineral claims).  Azincourt Energy Corp. holds a 10% interest in 27,408 ha of the PLN property.

The property, just inside the Athabasca Basin, is prospective for high-grade uranium at shallow depth. The property is adjacent to, and part of the same structural corridor as Fission Uranium’s PLS project, host to the Athabasca’s most significant major, shallow-depth, high-grade uranium deposit.  Previous drill results show large scale potential. Drilling in 2014 identified a mineralized corridor associated with the A1 ~700m in strike length, where results returned significant mineralization and pathfinder elements (uranium, boron, copper, nickel and zinc) and included hole PLN14-019 which intercepted 0.5m at 0.047% U3O8 within 6.0m @ 0.012% U3O8.

PLN Drilling: A minimum 8-hole, 3,250m drill program has been approved by the PLN joint venture for 2019.  Five holes in 1,850m will be drilled during the winter program.  All five holes will test the A1 conductor stepping out 25m and 50m north along strike of prospective hole PLN14-019, targeting the same relative positioning of the mineralized pelite.

Key Lake Area

The Key Lake area is an important historic uranium mining district located in the southeast region of the Athabasca Basin. The Key Lake operations is owned by Cameco Corp. (83%) and Orano Canada Inc. (17%) and hosted the former Key Lake mine, which produced 208 million pounds of uranium between 1975 to 1997 and is home to one of the largest uranium mills in the world.  The key Lake mill processed ore from the McArthur River uranium deposit, until Cameco announced in 2018 that McArthur River mining would be suspended indefinitely due to sustained low uranium prices.  The area is considered highly prospective to discover significant new uranium occurrences. Fission’s  Key Lake Area Property portfolio consists of the Ford Lake, Gryphon West, Hobo Lake, Karpinka Lake and Morin Lake properties and totals 24,490 ha in 5 separate, non-contiguous properties. Locally the Key Lake area lies within the Key Lake Shear Zone (“KLSZ”), which is characterized as a broad northeast-southwest trending primarily metasedimentary corridor, and is expressed as a magnetic low in geophysical surveys. Within the KLSZ corridor numerous basement EM conductors are present.

Key Lake Drilling: Winter drilling on the Hobo Lake and Karpinka properties are planned for March. The current plan calls for 1,300m in 9 holes. Several holes will target major structural jogs in conjunction with moderate to high conductivity bright spots and historic gravity lows. These are features commonly associated with uranium mineralization. Other drill holes will test nearby elevated boron and associated potential alteration halo, as well as up-dip historical elevated uranium between graphitic gneiss and granitic contact near bedrock surfaces from historical drilling.

Cree Bay:  The Cree Bay property consists of 18 claims covering 14,080 ha located on the northern edge of the northern Athabasca Basin.  The town of Stoney Rapids is 20km to the north and the historic Nisto uranium mine is 13km to the northeast.  Previous work included a high resolution airborne magnetic and radiometric survey flown in 2015 and a ground DC resistivity survey in 2017.

Cree Bay Drilling:  The current plan calls for 750m in 2 holes. The Cree Bay property is on a nearby parallel trend with the Nisto Deposit where drilling by Forum Energy Metals Corp., (formerly Forum Uranium Corp.) encountered strong clay alteration and 50m faulted offset associated with a major structural lineament thought to trend down through the Cree Bay property.  A fence of two holes will be drilled on the same section targeting basement conductive features and resistivity low from DC resistivity survey conducted in 2017 on the northeastern resistivity grid.  The resistivity low could indicate clay alteration associated with reactivated faults, often the focus of uranium mineralization fluids.  A 9 line-km DC Resistivity ground geophysics survey will be conducted which will extend the existing northern resistivity grid to the southwest.

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 reviewed on behalf of the company by Ross McElroy , P.Geol. Chief Geologist and COO for Fission 3.0 Corp., a qualified person.

About Fission 3.0 Corp.

Fission 3.0 Corp. is a Canadian based resource company specializing in the strategic acquisition, exploration and development of uranium properties and is headquartered in Kelowna, British Columbia . Common Shares are listed on the TSX Venture Exchange under the symbol “FUU.”

ON BEHALF OF THE BOARD                                  

“Ross McElroy”
                                                
Ross McElroy , COO         

Cautionary Statement: Certain information contained in this press release constitutes “forward-looking information”, within the meaning of Canadian legislation. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur”, “be achieved” or “has the potential to”. Forward looking statements contained in this press release may include statements regarding the future operating or financial performance of Fission 3.0 Corp. which involve known and unknown risks and uncertainties which may not prove to be accurate. Actual results and outcomes may differ materially from what is expressed or forecasted in these forward-looking statements. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. Among those factors which could cause actual results to differ materially are the following: market conditions and other risk factors listed from time to time in our reports filed with Canadian securities regulators on SEDAR at www.sedar.com. The forward-looking statements included in this press release are made as of the date of this press release and Fission 3 Corp. disclaim any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation.

Neither 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 Fission 3.0 Corp.

Categories
Base Metals Energy Exclusive Interviews

MIRAMONT RESOURCES | On the Search for a Major Copper Porphyry in Peru

Bill Pincus the President, Director, and CEO of Miramont Resources sits down with Maurice Jackson of Proven and Probable to discuss the latest exciting developments at the Cerro Hermoso and Lukkacha Projects. Specifically, we will highlight the recent press release the highly anticipated drilling permits for Cerro Hermoso.

VIDEO

AUDIO

TRANSCRIPT

On the Search for a Major Copper Porphyry in Peru 
Contributed Opinion

Source: Maurice Jackson for Streetwise Reports  (12/10/18)

Maurice JacksonBill Pincus, president and CEO of Miramont Resources, speaks with Maurice Jackson of Proven and Probable about his company’s latest exploration efforts in Peru.

Miramonte Cerro Hermoso

Miramonte Cerro Hermoso
Maurice Jackson: Joining us for a conversation is Bill Pincus, the president, director and CEO of Miramont Resources Corp. (MONT:CSE; MRRMF:OTCQB), which is developing new opportunities in world-class mining districts.
Bill, we have some great news to share with current and prospective shareholders, but before we begin, for first-time listeners, please share who is Miramont Resources, and what is the thesis you’re attempting to prove?
Bill Pincus: Miramont Resources is a junior exploration company. We have two copper gold projects in Peru. Both are relatively early-stage prospects. One (Cerro Hermoso) is ready to drill, and one is getting near ready to drill, so what we’re looking for, what our thesis is, we’re looking for large bulk tonnage that has the potential to be very significant type ore deposits.
Maurice Jackson: Bill, provide us with some historical context on the region in Peru where Miramont has its projects.
Lukkacha
Bill Pincus: We’re working in Southern Peru, which is known as one of the world’s great copper provinces. You have the giant mines of Toquepala, Cuajone, Cerro Verde, and Quellaveco is now being developed. These all produce hundreds of thousands of tons of copper metal annually. Our project, Lukkacha, is located right in this belt. We’re about 10 kilometers from one of the newer porphyry projects, by, I believe it’s Anglo American. But most importantly, we’re in one of the world’s great copper regions, so as an exploration company, we are the hunters, and if you’re going to hunt the elephants that we’re looking for, you want to be in the elephant country, and that’s exactly where we are.
Maurice Jackson: Walk us through both of your projects and the value propositions they present to the market, beginning with Cerro Hermoso.
Two prospects
Bill Pincus: Cerro Hermoso is our most advanced project. This is the one that we will begin drilling early next year. When we first started looking at it, we were looking at it because of some pretty significant gold values we were finding in rock chip and rock channel samples. But as the project has emerged over the past year, with our continued exploration, it’s really turned into a copper polymetallic project, copper-gold-silver, as well as some lead and zinc. But I think copper is the primary metal.
And it has the potential to be a very, very significant, large bulk tonnage deposit. That’s what we’re exploring for, and that’s what we hope to find. So, you know, we hope when we begin our first round of drilling, a discovery round of drilling, to identify significant subsurface mineralization.
Maurice Jackson: Tell us about your second project, Lukkacha.
Bill Pincus: Lukkacha, which is further to the southwest of Cerro Hermoso, is a classic copper porphyry system. We have now concluded a round of both reconnaissance mapping, followed up with detailed mapping, and what’s emerging is the classic picture of a copper porphyry system, in terms of the typical alteration patterns you would expect, the typical mineralization patterns you would expect, and the typical geologic patterns you would expect. So, we would like to do a little bit more work on this. We’ve done detailed geochemical sampling, detailed mapping, but we do want to take it to a round of geophysics.
We have drill targets emerging, but obviously, we want to refine that before we actually drill. So, if all goes according to plan, we think we’re looking at a completely new porphyry system, un-drilled, that is exhibiting many of the characteristics of similar systems nearby.
Maurice Jackson: On the 4th of December, Miramont received some great news for current and prospective shareholders. What can you share with us?
Bill Pincus: We got our drilling permit. This is for the Cerro Hermoso property. To be very honest with you, the process was just a tad longer than we had anticipated, and we had to jump through a few more hoops than we anticipated, but we did get our drilling permits. We’ve been in touch with the driller, and we should have a rig on site, ready to turn, in the second half of January, 2019.
Maurice Jackson: Mr. Pincus, I’m going to have a multilayered question here for you. What is the next unanswered question for Miramont Resources, when can we expect an answer, and what determines success?
Bill Pincus: Well, the next unanswered question is what do we find in the Cerro Hermoso drilling? We’ve done everything we possibly can, and we have great drill targets, but you know, the true test is what’s in the subsurface. So, that’s the next unanswered question. As I said, we should start drilling late January, so I would expect answers probably early March.
Maurice Jackson: And what will determine success, sir?
Bill Pincus: Well, success will be this is the first round of drilling in a project that’s never been drilled. You know, a great lengthy ore section would be huge success, but I think we have to get enough intercept and grade to make us firmly believe that our geologic model is correct, and that we can move forward and predict what will happen in the future from there.
Maurice Jackson: Switching gears, talk to us about the capital structure.
Bill Pincus: Miramont has 50 million shares outstanding. We have warrants priced at 45 cents that expire in Nov.19. We closed yesterday, at 26 cents Canadian. We have no debt, so I would call it a clean, simple capital structure. Most of the shares are fairly tightly held.
Maurice Jackson: What keeps you up at night that we don’t know about?
Bill Pincus: Unanswered questions. You know, this project, Cerro Hermoso, has been really a lot of fun for me, and it’s followed a pattern that I think is characteristic of excellent prospects, which is every time we go there, every time we take another look, every time we investigate something, we find something new that encourages us that there’s significant mineralization in the system. You know, we’ve done all that work. Now, we had to test that with a drill rig, and I guess that’s what keeps me up at night. What are we going to find with that drill rig?
Maurice Jackson: Last question. What did I forget to ask?
Bill Pincus: Well, I’m not sure. I can’t think of anything off the top of my head. I would say that if any readers have any questions, they can get onto our website, where they could book a phone call with either myself or our vice president, Tyson King, 604.398.4493, and we’ll be able to answer any follow-up questions they may have.
Maurice Jackson: And Bill, in regards to that, if investors do want to get more information about Miramont Resources, please do share the website address with us.
Bill Pincus: Quite simple, www.miramontresources.com.
Maurice Jackson: And as a reminder, Miramont Resources trades on the CSE symbol MONT, and on the OTCQB symbol MRRMF. Last but not least, please visit our website www.provenandprobable.com where we interview the most respected names in the natural resource space. You may reach us at contact@provenandprobable.com.
Bill Pincus of Miramont Resources, thank you for joining us today on Proven and Probable.
Maurice Jackson is the founder of Proven and Probable, a site that aims to enrich its subscribers through education in precious metals and junior mining companies that will enrich the world.

Disclosure: 

1) Bill Pincus: I, or members of my immediate household or family, own shares of the following companies mentioned in this article: Miramont. I personally am, or members of my immediate household or family are, paid by the following companies mentioned in this article: Miramont.
2) Maurice Jackson: I, or members of my immediate household or family, own shares of the following companies mentioned in this article: No. I personally am, or members of my immediate household or family are, paid by the following companies mentioned in this article: None. My company has a financial relationship with the following companies mentioned in this article: Miramont is a sponsor of Proven and Probable. Proven and Probable disclosures are listed below.
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MILLROCK RESOURCES | Financing Opportunity

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PROJECT GENERATOR | EMX Royalty Executes Regional Strategic Alliance Agreement with South32 Covering Arizona, New Mexico, and Utah

Vancouver, British Columbia–(Newsfile Corp. – December 6, 2018) – EMX Royalty Corporation (TSXV: EMX) (NYSE American: EMX) (the “Company” or “EMX”) is pleased to announce the execution of a Regional Strategic Alliance agreement (the “Agreement”) between its wholly-owned subsidiary Bronco Creek Exploration, Inc. (“BCE”), and South32 USA Exploration Inc. (“South32”), a wholly-owned subsidiary of South32 Limited. The Agreement provides annual funding for generative work and acquisitions over a two year period, as well as a framework to advance projects of interest. Generative work will focus on copper and other base metal projects within the Laramide and Tertiary magmatic arcs of Arizona, New Mexico and Utah. Projects advanced to the drill program stage may be selected as Designated Projects. Designated Projects will advance under separate option agreements providing for work commitments and cash payments to EMX during South32’s earn-in period, and upon earn-in, a 2% net smelter return (“NSR”) royalty interest and pre-production and milestone payments to EMX’s benefit. South32 has initially selected five EMX copper projects in Arizona to begin advancing toward the drill program stage. Please see the attached map and www.EMXroyalty.com for more information.

Alliance and Commercial Terms Overview (all dollar amounts in USD). Under the terms of the Agreement, which has an initial term of two years, South32 will provide annual funding for generative work performed by EMX personnel to identify properties for exploration work (“Alliance Exploration Properties” or “AEPs”) within the Regional Strategic Alliance Area of Interest (“AOI”) that consists of the states of Arizona, New Mexico, and Utah, but excludes South32’s Hermosa project in southern Arizona. EMX personnel will conduct exploration activities on AEPs with additional funding from South32 in order to identify projects suitable for designation as Designated Projects. Each Designated Project will be covered by a separate option agreement pursuant to which South32 can acquire 100% of the project on the terms described below. All generative and AEP exploration activities will be guided by a Technical Committee consisting of two members from each company.

South32 will provide $800,000 per year to cover the generative work and the salaries of EMX personnel involved in AEP exploration work. South32 will also provide a separate annual acquisition fund of $200,000 to pay for the acquisition of new properties as approved by the Technical Committee. AEP exploration work will be funded separately through cash calls to South32 in amounts directed by the Technical Committee.

Designated Project Option Agreement Terms (all dollar amounts in USD). Each option agreement covering a Designated Project will provide that South32 can earn 100% interest in the project by reimbursing EMX’s holding costs upon execution of the option agreement, and making option payments totaling $525,000 and completing $5,000,000 in exploration expenditures during the five-year term of the option agreement.

Upon exercise of the option by South32, EMX will retain an uncapped 2% NSR royalty on the project (not subject to purchase or buy down) and receive annual advance royalty (“AAR”) payments equivalent to 50,000 pounds (“lbs”) of copper commencing on the first anniversary. All AAR payments are set off against 80% of future royalty payments. In addition, South32 will make milestone payments as follows (project milestones are to NI 43-101 reporting requirements):

  • 166,000 lbs of copper (or the cash equivalent) upon the completion of an initial resource estimate,
  • 333,000 lbs of copper (or the cash equivalent) upon completion of a prefeasibility study, and
  • 666,000 lbs of copper (or the cash equivalent) upon completion of a feasibility study.

Initial Alliance Exploration Projects. Five Arizona porphyry-copper projects have been selected as AEPs by South32, including Midnight Juniper, Jasper Canyon, Sleeping Beauty, Dragons Tail, and Lomitas Negras. EMX and South32 are commencing work programs on the initial AEPs, as well as initiating a generative program to identify new projects for acquisition. Note, in the following project descriptions, although the referenced nearby mines and deposits provide geologic context for EMX’s properties, this is not indicative that the EMX properties host similar endowments of mineralization.

Midnight Juniper. The Midnight Juniper project lies at the north end of the Clifton-Morenci mining district, approximately one kilometer northwest of the Morenci open pit copper mine. The project geology consists of a dissected plateau of Tertiary age volcanic cover rocks overlying a series of Paleozoic sedimentary and Proterozoic metamorphic rocks that are exposed in an arcuate pattern at lower elevations along stream courses. Paleozoic carbonate rocks contain a number of manganese oxide-rich base metal occurrences in northeast oriented vein, replacement, and breccia bodies typical of the distal expression of porphyry copper systems. EMX’s reconnaissance mapping shows that these occurrences appear to vector towards a suspected porphyry source lying under Tertiary cover rocks in the center of the Midnight Juniper land position.

Jasper Canyon and Sleeping Beauty. The Jasper Canyon and Sleeping Beauty projects are located in the Globe-Miami mining district. Both properties lie on the flanks of the Schultz Granite intrusive complex, which is associated with numerous past and current producing copper mines and deposits in the Globe-Miami and Superior mining districts. Porphyry copper deposits in this region have been dismembered by numerous post-mineral faults that displace upper levels of the mineralized systems northeastward. The Jasper Canyon and Sleeping Beauty projects lie at the east end of a northern trend of fault bounded deposits that include Pinto Valley, Diamond H and Copper Cities. The Jasper Canyon project lies along the easternmost portion of this trend and represents a fault-bounded and largely covered portion of the suspected upper levels of a porphyry copper system in a previously unexplored portion of the district. The Sleeping Beauty project lies to the west of Jasper Canyon, and directly north of the Copper Cities open pit copper mine, and is interpreted to contain down-dropped blocks of mineralization north of the Sleeping Beauty fault. Other fault-bounded copper deposits in the district at similar structural levels include Copper Cities, Miami East, Van Dyke, and Old Dominion.

Dragons Tail. The Dragons Tail project is located in the Superior mining district, approximately eight kilometers north of the Resolution copper deposit and five kilometers southwest of Pinto Valley. EMX identified a 1.6 kilometer long zone of quartz-sulfide alteration within Proterozoic sedimentary rocks during reconnaissance work. The outcrops of quartz-sulfide veining lie beneath tilted Tertiary age volcanic and conglomeratic cover rocks. Historic drilling on the east side of the property intercepted transported copper-oxide mineralized clasts within Tertiary conglomerates, which suggests the source of the copper lies to the west of the drilling and likely down dip of the mineralized exposures.

Lomitas Negras. The Lomitas Negras project is located approximately ten kilometers southeast of the town of San Manuel, in a broad area of post-mineral cover rocks. The property is ringed by Laramide-age intrusive rocks and porphyry copper/skarn deposits that include San Manuel-Kalamazoo (~20 kilometers north), Copper Creek (~25 kilometers northeast), and Oracle Ridge (~10 kilometers southwest). Nearby outcrops exhibit alteration and anomalous base metal mineralization that characteristically occurs on the margins of porphyry copper systems. EMX’s recognition of the altered outcrops, combined with a new interpretation of the extensional structural setting of the area, led to the identification of concealed porphyry copper targets beneath the post-mineralization pediment cover.

About EMX. EMX leverages asset ownership and exploration insight into partnerships that advance our mineral properties, with EMX receiving pre-production payments and retaining royalty interests. EMX complements its royalty generation initiatives with royalty acquisitions and strategic investments.

The Regional Strategic Alliance Agreement with South32 is an excellent example of the execution of EMX’s royalty generation business model. The Company’s organically generated porphyry copper projects were acquired on open ground in productive mining districts, with value established through low cost, early-stage exploration work. The Agreement’s provisions for generative funding are coupled with the future upside potential for project work commitments, pre-production payments and retained royalty interests based upon exploration success to EMX’s and South32’s mututal benefit.

Mr. Dean D. Turner, CPG, a Qualified Person as defined by National Instrument 43-101 and consultant to the Company, has reviewed, verified and approved the disclosure of the technical information contained in this news release.

-30-

For further information contact:

David M. Cole
President and Chief Executive Officer
Phone: (303) 979-6666
Email: Dave@EMXroyalty.com

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

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

Forward-Looking Statements

This news release may contain “forward looking 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 September 30, 2018 (the“MD&A”), and the most recently filed Form 20-F for the year ended December 31, 2017, actual events may differ materially from current expectations. More information about the Company, including the MD&A, the 20-F and financial statements of the Company, is available on SEDAR at www.sedar.com and on the SEC’s EDGAR website at www.sec.gov.

Figure 1: AEP projects and RSA AOI (Arizona, Utah, and New Mexico) with South32.

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Base Metals Energy

URANIUM | U3O8 Corp. Reports a 23% Improvement in Vanadium Extraction Over the 2014 Preliminary Economic Assessment on its Laguna Salada Uranium-Vanadium Deposit

T

oronto, Ontario–(Newsfile Corp. – December 6, 2018) – U3O8 Corp. (TSX: UWE) (OTCQB: UWEFF) (“U3O8 Corp.” or the “Company“) is pleased to report initial results of test work on the extraction of uranium and vanadium from almost a metric tonne of mineralized gravel from the wholly-owned Laguna Salada deposit in Argentina.

The test work has been designed, and results monitored, by Mr. David Marsh, director of U3O8 Corp. whom, as former General Manager – Technical Project Development at Paladin Energy, was intimately involved in the design, construction and operation of two uranium production plants in Africa. This work represents a complete overhaul of the preliminary economic assessment (“PEA”) carried out by Tenova Mining and Minerals (Australia) Pty Ltd. in 2014. Mr. Marsh, with his vast practical experience, reviewed the PEA and felt that there was room for improvement and simplification of the flowsheet and processing plant design, resulting in potential to reduce estimated capital costs (“capex”) and operating costs (“opex”).

David Marsh commented, “I am delighted with the initial results from our test work on Laguna Salada gravel. The work program was designed to test ways of reducing estimated production costs by simplifying the former PEA process flow sheet. Our first step was to optimize the washing of the fine, uranium-vanadium – bearing material off the barren pebbles. The test results show that “scrubbing” the gravel for 5 minutes produces similar results as scrubbing for the 15 minutes modelled in the PEA. This two-thirds reduction in processing time could potentially reduce the cost of the associated equipment which was estimated at US$6.2 million in the PEA.”

“Our second step aimed to extract more of the uranium and vanadium contained in the gravel, and this proved successful with vanadium recovery increasing by 23%, and uranium marginally by 2%, over the PEA.”

The original Laguna Salada PEA reported life-of-mine cash costs of approximately US$22 per pound of uranium, net of vanadium, and a net present value of US$55 million at a 7.5% discount rate, with a US$136 million capital cost.

A PEA is preliminary in nature and includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the results of the PEA assessment will be realized.

Next Steps:

There are two main components to ongoing metallurgical test work:

  • Continued simplification of the Laguna Salada process flow sheet:
    • The life-of-mine operating cost, including royalties due to the State, were estimated at US$22 per pound of uranium, net of vanadium, in the PEA. Approximately 40% of this cost estimate is related to the management of sulphate (gypsum) that is present in the gravel, that competes with uranium and vanadium for the reagents used to leach the metals. So, finding a more cost-effective way of dealing with the sulphate is a priority in driving down production cost estimates. Alternative ways of controlling sulphate levels were examined and these results will be reported shortly;
    • The PEA modelled the processing of uranium and vanadium that was concentrated in very fine-grained (<0.075 millimetre (“mm”)) powder that proved to be relatively costly to process since excess water had to be squeezed from it in filter presses that are not only expensive, but are costly to operate. The PEA design included six filter presses at a cost of US$2.1 million per unit. The current work tested a much coarser (0.85mm grain size) uranium-vanadium – bearing component of the gravel from which excess water should drain much more readily, thereby likely reducing the number of filter presses required. Results of this work are also expected shortly;
    • Test work is now planned for the uranium/vanadium separation and refining processes where there is further potential to reduce capex and opex. More efficient and proven processes and equipment successfully employed elsewhere on similar types of uranium/vanadium mineralized bodies will be tested and the expectation is that they will prove every bit as efficient with the Laguna Salada material; and
  • Initial metallurgical test work is being done on unconsolidated sand and gravel samples from the relatively high-grade channels discovered beneath the layer of gravel on which the PEA was based. This will provide the first data as to how efficiently uranium and vanadium can be extracted from the channel fill. Results are expected in early January.

Technical Details of Test Work:

1. Bulk Sample

Approximately 950 kilograms of gravel was excavated from within three metres of surface from five locations within the resource footprint in the Guanaco sector of the Laguna Salada Deposit. Guanaco contains 94% of the total Laguna Salada resource tonnage (an Indicated and Inferred resource) and 87% of the contained Uranium. The material was bagged and shipped to Australian Nuclear Science and Technology Organisation (“ANSTO”) in Australia. The sample was homogenized prior to commencing the test work.

2. Test Work Aimed at Simplifying the Process Flow Sheet

Scrubbing at Laguna Salada refers to removal of fine uranium-vanadium – bearing powder that coats barren pebbles in the gravel. The scrubbed material was then screened to separate the pebbles from the fine component into which most of the uranium and vanadium is concentrated.

The flowsheet generated for the PEA involved a gravel-scrubbing process followed by screens and cyclones to separate the extremely fine (0.075mm) material from the gravel, along with two stages of filtration ahead of the uranium/vanadium leach circuit. David Marsh commented, “There is scope to simplify the process flowsheet making the future plant easier to operate.”

The recent work at ANSTO suggests that this circuit can be greatly simplified as follows:

  • Refining of the scrubbing process has reduced the residence time in the scrubbers from 15 minutes to only 5 minutes which will make the equipment smaller, cheaper and easier to operate as well as making the units more mobile;
  • Changing the cut-point after scrubbing to a 0.85mm screen separates the coarse, pebbly component of the gravel that constitutes 77% of its mass, from the <0.85mm material that represents 23% of the gravel’s mass. Although using the <0.85mm material involves processing almost three times the volume of material contemplated in the PEA, the size of the downstream equipment would increase only marginally because of the shorter residence time in each component of the equipment. Subsequent filtration and dewatering processes are likely to be simpler and should result in an overall cost reduction and improved process efficiencies (filtration results will be reported on shortly);
  • The <0.85mm material contains 89% of the original gravel’s uranium compared with 85% in the <0.075mm material modelled in the PEA. Alkaline leach extracted 94% of the contained uranium versus a marginally better 95% in the test work incorporated in the PEA. Overall, 84.5% of the gravel’s uranium was extracted from the 0.85mm material, compared with 82.5% in the PEA – an increase of 2%.
  • 46% of the gravel’s vanadium was concentrated into the <0.85mm component against 29% in the 0.075mm component used in the PEA model. Alkaline leach at ANSTO extracted 55% of the vanadium, lower than the 71% extraction used in the PEA. However, processing of the coarser 0.85mm material still led to a better vanadium recovery: 25% of the gravel’s vanadium was recovered from the 0.85mm material against 21% for the 0.075mm material used in the PEA – an increase of 23%;

Table 1. Summary of beneficiation and alkaline leach tests on <0.85mm material from a bulk sample of gravel from the Guanaco sector of the Laguna Salada Deposit.

Study % of gravel’s mass in fine-screened component Uranium Vanadium
% of metal in fine-grained component of gravel % of metal extracted by alkaline leach % overall extraction % of metal in fine-grained component of gravel % of metal extracted by alkaline leach % overall extraction
PEA 9% 85% 95% 82.5% 29% 71% 21%
Bulk sample 23% 89% 94% 84.5% 46% 55% 25%
Difference 260% 2% 23%

  

3. Alkaline Leach

The alkaline leach was done at a temperature of 80 degrees Celsius (175 degrees Fahrenheit) for 8 hours and maximum extraction of 94% was achieved after 6 hours.

Technical Information & Cautionary Note

The technical report referred to in this press release is entitled:

September 18, 2014 technical report: “Preliminary Economic Assessment of the Laguna Salada Uranium Vanadium Deposit, Chubut Province, Argentina.” The report is available on www.sedar.com and www.u3o8corp.com.

Dr. Richard Spencer, P.Geo., CGeol., President and CEO of U3O8 Corp. and a Qualified Person as defined by National Instrument 43-101, has approved the technical information in this news release relating to the Laguna Salada Deposit and the related PEA.

About U3O8 Corp.

U3O8 Corp. is focused on exploration and development of deposits of uranium and battery commodities in South America. Battery commodities that occur with uranium resources include vanadium, nickel, zinc and phosphate. The Company’s mineral resources estimates were made in accordance with National Instrument 43-101, and are contained in the following deposits:

  • Laguna Salada Deposit, Argentina – a PEA shows that this near surface, free-digging uranium-vanadium deposit has low production-cost potential; and
  • Berlin Deposit, Colombia – a PEA shows that Berlin also has low-cost uranium production potential due to revenue that would be generated from by-products of phosphate, vanadium, nickel, rare earths (yttrium and neodymium) and other metals that occur within the deposit.

Additional Information

Information on U3O8 Corp., its resources and technical reports are available at www.u3o8corp.com and on SEDAR at www.sedar.com. Follow U3O8 Corp. on Facebook: www.facebook.com/u3o8corp, Twitter: www.twitter.com/u3o8corp and YouTube: www.youtube.com/u3o8corp.

For further information, please contact:

Carolina Diaz at carolina@u3o8corp.com or phone (416) 868-1491 or Richard Spencer, President & CEO, U3O8 Corp., Tel: (647) 292-0225 richard@u3o8corp.com

Forward-Looking Statements

This news release includes certain “forward looking statements” related with the development plans, economic potential and growth targets of U3O8 Corp’s projects. Forward-looking statements consist of statements that are not purely historical, including statements regarding beliefs, plans, expectations or intensions for the future, and include, but not limited to, statements with respect to: (a) the low-cost and near-term development of Laguna Salada, (b) the Laguna Salada and Berlin PEAs, (c) the potential of the Kurupung district in Guyana and (d) the price and market for uranium. These statements are based on assumptions, including that: (i) actual results of our exploration, resource goals, metallurgical testing, economic studies and development activities will continue to be positive and proceed as planned, and assumptions in the Laguna Salada and Berlin PEAs prove to be accurate, (ii) requisite regulatory and governmental approvals will be received on a timely basis on terms acceptable to U3O8 Corp., (iii) economic, political and industry market conditions will be favourable, and (iv) financial markets and the market for uranium will improve for junior resource companies in the short-term. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in such statements, including, but not limited to: (1) changes in general economic and financial market conditions, (2) changes in demand and prices for minerals, (3) the Company’s ability to establish appropriate joint venture partnerships, (4) litigation, regulatory, and legislative developments, dependence on regulatory approvals, and changes in environmental compliance requirements, community support and the political and economic climate, (5) the inherent uncertainties and speculative nature associated with exploration results, resource estimates, potential resource growth, future metallurgical test results, changes in project parameters as plans evolve, (6) competitive developments, (7) availability of future financing, (8) exploration risks, and other factors beyond the control of U3O8 Corp. including those factors set out in the “Risk Factors” in our Annual Information Form available on SEDAR at www.sedar.com. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. U3O8 Corp. assumes no obligation to update such information, except as may be required by law. For more information on the above-noted PEAs, refer to the September 18, 2014 technical report titled “Preliminary Economic Assessment of the Laguna Salada Uranium-Vanadium Deposit, Chubut Province, Argentina” and the January 18, 2013 technical report titled “U3O8 Corp. Preliminary Economic Assessment on the Berlin Deposit, Colombia.”

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Base Metals

JUNIOR MINING | Miramont Receives Drilling Permit for Cerro Hermoso

Vancouver, British Columbia–(Newsfile Corp. – December 4, 2018) – Miramont Resources Corp. (CSE: MONT) (OTCQB: MRRMF) (FSE: 6MR) (“Miramont” or the “Company”) is pleased to announce that it has received the required drilling permit for its Cerro Hermoso project in southern Peru. The Company anticipates drilling to begin early in the New Year.

Bill Pincus, Miramont’s President and CEO said, “We are very happy to begin our drill program at this exciting prospect. Our geologists have worked long and hard to advance this project and surface exploration continues to yield more and more evidence of widespread mineralization. It’s now time to test it with the drill rig.”

“Miramont also knows that working with the local community is vital. Our team makes a substantial effort in this area and is fortunate to have a positive working relationship with all local parties. We are glad to have their support and will work hard to maintain it.”

Cerro Hermoso is a large diatreme-hosted system with various styles of copper, gold and silver mineralization found in a four square kilometer area. It has many similar characteristics to other diatreme systems that are known to host large bulk-tonnage polymetallic deposits. Three priority drill targets have been identified by a combination of geologic mapping, geochemical sampling and geophysical prospecting. These are known as the Central Breccia Zone (Gold), the Stockwork Zone (Copper/Silver) and the Carbonate Replacement Zone (Copper/Silver). All three targets will be tested in the upcoming program. Further information can be found on the Company’s website.

Miramont has contracted AK Drilling International to conduct the first-phase diamond-core drilling program and is now coordinating mobilization of the drill rig. The Company has also completed construction of a core-shack and related infrastructure.

National Instrument 43-101 Disclosure

The technical content of this news release has been reviewed and approved by Mr. William Pincus, CPG, President and CEO of Miramont and a Qualified Person as defined by National Instrument 43-101.

About Miramont Resources Corp.

Miramont is a Canadian based exploration company with a focus on acquiring and developing mineral prospects within world-class belts of South America. Miramont’s key assets are located in southern Peru. The Cerro Hermoso property hosts a 1.4km diameter breccia pipe targeting gold – polymetallic mineralization, while the Lukkacha property is targeting porphyry copper mineralization.

On behalf of the Board of Directors,
MIRAMONT RESOURCES CORP.

“William Pincus”

William Pincus, President and CEO

For more information, please contact the Company at:
Telephone: (604) 398-4493
info@miramontrresources.com
www.miramontresources.com

Reader Advisory

This news release may contain statements which constitute “forward-looking information”, including statements regarding the plans, intentions, beliefs and current expectations of the Company, its directors, or its officers with respect to the future business activities of the Company. The words “may”, “would”, “could”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” and similar expressions, as they relate to the Company, or its management, are intended to identify such forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future business activities and involve risks and uncertainties, and that the Company’s future business activities may differ materially from those in the forward-looking statements as a result of various factors, including, but not limited to, fluctuations in market prices, successes of the operations of the Company, continued availability of capital and financing and general economic, market or business conditions. There can be no assurances that such information will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. The Company does not assume any obligation to update any forward-looking information except as required under the applicable securities laws.

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

Categories
Base Metals Energy Precious Metals Project Generators

PROJECT GENERATOR | EMX Royalty Provides Additional Disclosure on Discretionary Bonuses

Vancouver, British Columbia–(Newsfile Corp. – November 30, 2018) –  EMX Royalty Corporation (TSXV: EMX) (NYSE American: EMX) (the “Company” or “EMX”)provides additional disclosure regarding the US$3.8 million in bonuses announced in its asset portfolio and corporate update on November 28, 2018. This additional disclosure includes a summary of the rationale, approval process, recipients, and allocations related to the bonus.

Bonus Rationale

The Board awarded the bonuses to EMX’s management and staff in respect of their seven years of effort to monetize the Company’s investment in IG Copper LLC (“IGC”). Their efforts included:

(1) identification of the investment opportunity;
(2) providing significant technical oversight towards the discovery of a world class copper deposit at Malmyzh;
(3) raising the capital necessary to advance Malmyzh despite challenging markets and jurisdictional risks;
(4) coordinating the sales effort for Malmyzh over a period of several years;
(5) managing an exit with Freeport, including arranging an US$18.5 million bridge loan, which led to a greater return for all of IGC’s shareholders, not the least of which was EMX 40% shareholding; and
(6) assisting IGC with the successful sale of Malmyzh to a wholly owned subsidiary of Russian Copper Company (“RCC”) in October for US$200 million.

The transaction with RCC took 10 months to complete and required numerous complicated steps, including obtaining approval from the Russian Federal Anti-Monopoly Service. The successful outcome was due, in large part, to the significant efforts of EMX’s team, IGC’s team, and IGC’s advisors, Scotia Bank Europe plc and the London office of Norton Rose Fulbright LLP. In the opinion of EMX’s Board of Directors, this was sound and proper rationale for the bonuses paid.

Bonus Approval Process

Prior to the Malmyzh sales transaction, EMX’s management had developed a bonus plan for strategic investments whereby 7.5% of the after-tax profits of an individual investment could be paid as a bonus to EMX’s management and staff. As part of the bonus calculation, the Company’s cost basis was increased annually by 10% to reflect the time value of the investment.

The strategic investment bonus calculation, along with management’s recommended allocation of bonuses, was then submitted to the Compensation Committee of EMX’s Board for its review. The Compensation Committee is comprised of three independent directors. The Committee met several times over the past four months, both with management and independently of management, as part of the approval process. The Committee recommended the US$3.8 million bonus pool and allocation to the Company’s Board. The independent members of the Board unanimously approved the bonus pool and allocation with Dave Cole and Michael Winn abstaining from voting.

Bonus Allocation

The Board has awarded the bonuses to EMX’s Chairman and all of EMX’s management and staff (which includes support staff in Vancouver provided by Seabord Services Corp). Bonuses were not paid outside the Company.

The two largest awards were paid to David Cole and Michael Winn as they actively managed the Company’s investment in IGC for the past seven years. The Compensation Committee also felt it was important to award significant bonuses to senior management regardless of time spent on the investment as a win of this type is a team effort. The bonus allocations are as follows:

Name Position
Amount
(US$)
David M. Cole1 President & CEO 1,100,000
Michael Winn1 Chairman of the Board 1,000,000
Eric Jensen1 General Manager – Exploration 400,000
Dave Johnson1 Chief Geologist 400,000
Christina Cepeliauskas Chief Financial Officer 175,000
Jan Steiert Chief Legal Officer 175,000
Other EMX Staff 560,000
TOTAL 3,810,000

1 A portion of the bonuses to be paid to Dave Cole, Michael Winn, Eric Jensen,and Dave Johnson will be paid once the Company receives the final distribution by IGC related to escrowed funds.


About EMX. EMX leverages asset ownership and exploration insight into partnerships that advance our mineral properties, with EMX receiving pre-production payments and retaining royalty interests. EMX complements its royalty generation initiatives with royalty acquisitions and strategic investments.

The recent advancements of the Company’s asset portfolio underscore EMX’s focus on steadily increasing global revenue streams from strategic investments, royalties, and other payments. The Company’s goal is to substantially grow our cash flowing royalty portfolio while providing multiple opportunities for exploration and production success.

For further information contact:

David M. Cole
President and Chief Executive Officer
Phone: (303) 979-6666
Email: Dave@EMXroyalty.com

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

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

Forward-Looking Statements

This news release may contain “forward looking 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 September 30, 2018 (the“MD&A”), and the most recently filed Form 20-F for the year ended December 31, 2017, actual events may differ materially from current expectations. More information about the Company, including the MD&A, the 20-F and financial statements of the Company, is available on SEDAR at www.sedar.com and on the SEC’s EDGAR website at www.sec.gov.