Category: Base Metals

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Base Metals Emx Royalty Energy Junior Mining Precious Metals Project Generators

EMX Royalty Announces Record Preliminary Revenue for Year End 2023

Vancouver, British Columbia–(Newsfile Corp. – February 29, 2024) – EMX Royalty Corporation (NYSE American: EMX) (TSXV: EMX) (FSE: 6E9) (the “Company” or “EMX”) is pleased to announce preliminary, unaudited, fourth quarter and annual revenue for the year ended December 31, 2023 (all figures in U.S. dollars).

Annual Results

The Company earned preliminary revenue and other income and adjusted revenue and other income1 of $26,621,000 and $37,028,000, respectively, for the year ended December 31, 2023 (2022 – $18,277,000 and $25,397,000, respectively), which represented a 46% and 46% increase, respectively, in comparison to the prior year. The significant increase is due to the commencement of royalty payments from the Timok Royalty Property, which resulted in $8,632,000 in royalty revenue in 2023, as well as an 80% increase in royalty revenue from Gediktepe and 46% increase in attributed royalty revenue from Caserones. In 2023, the Company recognized revenue from the Timok Royalty Property that was partially related to 2021 and 2022 sales. The portion attributed to Timok production in 2021 and 2022 amounted to $4,790,000.

Fourth Quarter Results

The Company earned preliminary revenue and other income and adjusted revenue and other income1 of $7,546,000 and $10,921,000, respectively, for the three months ended December 31, 2023 (2022 – $2,288,000 and $3,535,000, respectively), which represented a 230% and 209% increase, respectively, in comparison to Q4 2022.

“2023 was an unprecedented year for EMX. We achieved record revenues with the commencement of royalty payments from our flagship Timok Royalty Property combined with solid growth from our stable of quality cash flowing royalties,” commented Dave Cole, CEO. “We expect to continue to grow the Company in 2024 and continue to deliver shareholder value through our royalty generation business model.”

2024 Guidance

The Company is expected to file financial statements for the year ended December 31, 2023 before the end of Q1 2024. As part of this filing the Company anticipates providing revenue guidance for 2024.

Caserones Update

In January 2024, EMX acquired an additional 2.737% ownership in the underlying Caserones royalty holder, Sociedad Legal Minera California Una de la Sierra Peña Negra (“SLM California”), for cash consideration of $4,742,000 pursuant to an agreement with Franco Nevada Corporation. The acquisition provides EMX with a further 0.0531% (effective) net smelter royalty (“NSR”) interest in the Caserones property, increasing the Company’s NSR royalty interest to 0.8306%.

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

For further information contact:

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

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

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

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

Note 1

Reconciliation of Non-IFRS Measures

This news release contains certain financial performance measures that are not recognized or defined under IFRS (termed “non-IFRS measures”). As a result, this data may not be comparable to data presented by other issuers. For an explanation of these measures to related comparable financial information presented in the Financial Statements of the Company prepared in accordance with IFRS, refer to the discussion below. The Company believes that these non-IFRS measures are useful indicators of operating performance and are specifically used by management to assess the financial and operational performance of the Company. Accordingly, these non-IFRS measures are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS.

Adjusted Revenue and Other Income

“Adjusted revenue and other income” is a non-IFRS financial measure, which is defined by EMX by taking total revenue and adding the Company’s share of royalty revenue related to the Company’s interest in SLM California. SLM California is the royalty holder of Caserones. The Company presents this non-IFRS measure as it believes that certain investors use this information to evaluate the Company’s performance and ability to generate cash flow in comparison to other royalty companies in the precious metals mining industry.

The following table reconciles “adjusted revenue and other income” to revenue and other income, the most directly comparable IFRS measure:

For the three months ended
December 31,		For the year ended
December 31,		 
(In thousands of US dollars)2023202220232022 
Total revenue and other income$7,546$2,288$26,621$18,277 
SLM California royalty revenue8,4383,30826,02418,887
The Company’s ownership %40.037.740.037.7 
The Company’s share of royalty revenue in Caserones$3,375$1,247$10,407$7,120 
     
Adjusted revenue and other income$10,921$3,535$37,028$25,397

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 the future price of copper, gold and other metals, the estimation of mineral reserves and resources, realization of mineral reserve estimates, the timing and amount of estimated future production, the Company’s growth strategy and expectations regarding the inclusion of revenue guidance for 2024 as part of the Company’s filing of its financial statements for the year ended December 31, 2023, or other statements that are not statements of fact. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, identified by words or phrases such as “expects,” “anticipates,” “believes,” “plans,” “projects,” “estimates,” “assumes,” “intends,” “strategy,” “goals,” “objectives,” “potential,” “possible” or variations thereof or stating that certain actions, events, conditions or results “may”, “could”, “would”, “should”, “might” or “will” be taken, occur or be achieved, or the negative of any of these terms and similar expressions) are not statements of historical fact and may be forward-looking statements.

Forward-looking statements are based on a number of material assumptions, including those listed below, which could prove to be significantly incorrect, including disruption to production at any of the mineral properties in which the Company has a royalty, or other interest; estimated capital costs, operating costs, production and economic returns; estimated metal pricing, metallurgy, mineability, marketability and operating and capital costs, together with other assumptions underlying the Company’s resource and reserve estimates; the expected ability of any of the properties in which the Company holds a royalty, or other interest to develop adequate infrastructure at a reasonable cost; assumptions that all necessary permits and governmental approvals will be obtained; and the activities on any on the properties in which the Company holds a royalty, or other interest will not be adversely disrupted or impeded by development, operating or regulatory risks or any other government actions.

Certain important factors that could cause actual results, performances or achievements to differ materially from those in the forward-looking statements include, amongst others, failure to receive necessary approvals, changes in business plans and strategies, market conditions, share price, best use of available cash, copper, gold and other commodity price volatility, discrepancies between actual and estimated production, mineral reserves and resources and metallurgical recoveries, mining operational and development risks relating to the parties which produce the gold or other commodity the Company will purchase, regulatory restrictions, activities by governmental authorities (including changes in taxation), currency fluctuations, the global economic climate, dilution, share price volatility and competition. Readers are cautioned that the figures presented herein have not been audited and are subject to change. As the Company has not yet finished its quarter-end close procedures, the anticipated financial information presented in this press release is preliminary, subject to final quarter and year-end closing adjustments, and may change materially.

Forward-looking statements are subject to known and unknown risks, uncertainties and other important factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: the impact of general business and economic conditions, the absence of control over mining operations from which the Company will purchase gold, other commodities or receive royalties from, and risks related to those mining operations, including risks related to international operations, government and environmental regulation, actual results of current exploration activities, conclusions of economic evaluations and changes in project parameters as plans continue to be refined, risks in the marketability of minerals, fluctuations in the price of gold and other commodities, fluctuation in foreign exchange rates and interest rates, stock market volatility, as well as those factors discussed in the Company’s MD&A for the quarter ended September 30, 2023, and the most recently filed Annual Information Form (“AIF”) for the year ended December 31, 2022, actual events may differ materially from current expectations. More information about the Company, including the MD&A, the AIF and financial statements of the Company, is available on SEDAR at www.sedarplus.ca and on the SEC’s EDGAR website at www.sec.gov. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company does not undertake to update any forward-looking statements that are contained or incorporated by reference, except in accordance with applicable securities laws.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/199768

Categories
Base Metals Junior Mining Precious Metals Project Generators Uncategorized

Riverside Samples 21 g/t Gold at PAT Target on the Pichette Gold Project, NW Ontario

Vancouver, British Columbia–(Newsfile Corp. – February 29, 2024) – Riverside Resources Inc. (TSXV: RRI) (OTCQB: RVSDF) (FSE: 5YY) (“Riverside” or the “Company”), is pleased to announce it has located and sampled the PAT Vein showings inside its Pichette Project west of Geraldton, Ontario. As previously reported, P.A.T Mines drilled extensively a series of veins near the southern boundary in the 1950s. The company was also able to locate what it believes to be the PAT Veins where they outcrop on surface. Several samples were taken from the vein along a 50m exposed section that returned 1m chip samples of 13g/t and 21 g/t gold within banded iron formation units. These high-grade veins are similar to those mined at the Leitch and Sand River mines where the average grade was around 1 ounce/ton gold with silver.

The Pichette Project has excellent road access and infrastructure being located immediately south of the Trans-Canada Highway. The project is underlain by an east-west trending panel of Archean-aged metavolcanic and metasedimentary rocks intruded by gabbros and latter porphyries. Metamorphism and tectonics have in most cases upgraded the tenor of gold mineralization in the belt between Beardmore and Geraldton.

In addition to the surface sampling Riverside completed a geological interpretation of the project to evaluate the timing and relationships of structural events and gold mineralization. As at the Greenstone Mine gold mineralization largely occurred in the first deformational events and was later remobilized or deformed by subsequent deformational events. The Greenstone Gold Mine has been studied by many experts and a complicated evolution of events has been documented as is common in Archean gold belts. The Greenstone Gold Mine will produce over 200,000 ounces of gold per year beginning this year.

“Riverside is very excited to have found high grade gold on surface at the PAT Veins. While the veins are mostly covered by the forest organics, the banded iron formations associated with the veins and mineralized shears are easy to locate using the magnetic survey completed in 2022. The BIF unit extends across the project outlining a multi-kilometer” states Riverside’s President and CEO, John-Mark Staude.

Figure 1: Location of the Pichette Project within the Beardmore-Geraldton Greenstone Belt.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6101/199836_14c8ecfa84682bac_003full.jpg

This fall the Company completed a structural analysis of the geology and timing of mineralization at Pichette in order provide some context of the structures within the property and how they relate to the evolution of larger greenstone belt and nearby past producers and known gold occurrences. This analysis interprets the first phase of deformation resulted in folding of the Banded Iron Formations and north-south shortening of intrusions with most of the vein mineralization occurring during a second sinistral shearing event. These rocks were again subjected to a third dextral shearing event which resulted in some remobilization in metals.

Table 1: Selected prospecting samples from Riverside most recent field programs.

Sample #Au ppbSample typeComments
11922861,500grabCherty, Banded Iron Formation, weakly magnetic
1192287200grabRusty orange, quartz vein, with <1% pyrite in fractures
P2023-113,400chipRusty, quartz carbonate vein striking east-west, 1m continuous sampling across
P2023-213chipIron oxide-stained quartz vein material in road cut
47270321,900chip1.75m shear zone with rusty quartz-carbonate veins striking at 070, dipping at 80 N
47270422chipMetasediments, shear zone, 1.5m continuous sampling across.
47270522chipNarrow Quartz-carbonate vein, 12cm wide, no sulfides, following the structure
472706553chipFine grained Metaseds, sheared, siliceous, west of the 13 g/t sample

Figure 2: Riverside bedrock sampling sites from recent site visits on Aeromagnetic map.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6101/199836_14c8ecfa84682bac_004full.jpg

On surface the mineralized zone consists of sugary and banded quartz with massive pyrrhotite and lesser arsenopyrite and pyrite with chlorite The average width of the altered and mineralized zone is 30m consisting primarily of pyritized and silicified mafic metavolcanics and BIF. Historical drill logs suggest a sharp contact between geological units that include mafic metavolcanics, metasediments, gabbros and quartz porphyries.

Gold is commonly enriched in intensely altered rocks adjacent to or within quartz-carbonate veins and veinlets as is found in orogenic deposits. Several of the historical drill logs document high grade intercepts similar to those documented at the Leitch Gold Mine to the west at Beardmore.

The alteration comprises a sequence of well fractured greenstone containing occasional small stringers of hard, reddish, siliceous material, with slight pyritization. The rock changes northward into a light green or tanned rock described in logs as “carbonate”. On surface more siliceous phases are noted with hard, black cherty material often found with the quartz veins. Moving further away from the zone a sericitic phase dominates.

Figure 3: Riverside Surface samples in relation to mineralized zones as defined by historical drilling.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6101/199836_14c8ecfa84682bac_007full.jpg

Rock samples from the exploration program discussed above at Pichette were driven from site to Activation Laboratories in Thunder Bay for analysis. Analysis was completed using total digestion and Multi-Element Analysis (40 element) via Inductively Coupled Plasma Atomic Emission Spectrometry and fire assay for gold. The QA/QC program implemented as part of the sampling procedures included inserting one standard and one blank inserted by Riverside every 20 batch of samples. Activation Laboratories is an ISO/IEC accredited laboratory.

Bonus Share Issuance:

On January 17, 2024, the Company issued 335,000 common shares to certain individuals in recognition of their contribution to the Company over the past year. The shares were issued pursuant to the Company’s shareholder-approved bonus share plan and are subject to the policies of the TSX Venture Exchange and will include a hold period expiring May 18th 2024.

Qualified Person:

This news release was reviewed and approved by Freeman Smith, P.Geo., a non-independent qualified person to Riverside Resources, who is responsible for ensuring that the geologic information provided within this news release is accurate and who acts as a “qualified person” under National Instrument 43-101 Standards of Disclosure for Mineral Projects.

About Riverside Resources Inc.:

Riverside is a well-funded exploration company driven by value generation and discovery. The Company has over $6M in cash, no debt and less than 75M shares outstanding with a strong portfolio of gold-silver and copper assets and royalties in North America. Riverside has extensive experience and knowledge operating in Mexico and Canada and leverages its large database to generate a portfolio of prospective mineral properties. In addition to Riverside’s own exploration spending, the Company also strives to diversify risk by securing joint-venture and spin-out partnerships to advance multiple assets simultaneously and create more chances for discovery. Riverside has properties available for option, with information available on the Company’s website at www.rivres.com.

ON BEHALF OF RIVERSIDE RESOURCES INC.

“John-Mark Staude”

Dr. John-Mark Staude, President & CEO

For additional information contact:

John-Mark Staude
President, CEO
Riverside Resources Inc.
info@rivres.com
Phone: (778) 327-6671
Fax: (778) 327-6675
Web: www.rivres.com

Mehran Bagherzadeh
Corporate Communications
Riverside Resources Inc.
Phone: (778) 327-6671
TF: (877) RIV-RES1
Web: www.rivres.com

Certain statements in this press release may be considered forward-looking information. These statements can be identified by the use of forward-looking terminology (e.g., “expect”,” estimates”, “intends”, “anticipates”, “believes”, “plans”). Such information involves known and unknown risks — including the availability of funds, the results of financing and exploration activities, the interpretation of exploration results and other geological data, or unanticipated costs and expenses and other risks identified by Riverside in its public securities filings that may cause actual events to differ materially from current expectations. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release.

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

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/199836

Categories
Base Metals Junior Mining Precious Metals

Scout Discoveries Announces Strategic Partnership with the Electrum Group

Coeur d’Alene, Idaho – February 28, 2024 – Scout Discoveries Corp. (“Scout” or “the Company”) is pleased to announce a strategic partnership (the “Partnership”) with The Electrum Group (“Electrum”) and closing of a concurrent non-brokered private placement (the “Placement”) of US $4,000,000 for 8,000,000 common shares at US $0.50 per share (the “Subscription Price”). In addition, Electrum shall have the option (the “Option”) to invest an additional US $4,000,000 for 4,000,000 common shares at US $1.00 per share prior to December 29, 2024, or a public listing, whichever occurs first.

Following closing of the Placement, Electrum owns 28.4% of the issued and outstanding shares of Scout (or 37.3% assuming exercise of the Option) and retains the right to designate up to two individuals as nominees to the Company’s board of directors (the “Board”). Electrum has agreed to vote its shares with the recommendations of Scout for a period of three years and holds a right to participate (the “Pro Rata Right”) in any future financing of the Company to maintain its pro rata shareholding until the Company achieves a public listing.

The Partnership announced herein between Scout and Electrum will consist of technical support with project review and advancement, corporate and transactional support, and the broadening of relationships within global capital markets. Electrum has specific expertise in U.S. capital markets, and in Scout’s focus jurisdiction of Idaho as the majority owner of Sunshine Silver Mining & Refining Company, the largest mineral rights holder in the Silver Valley of northern Idaho.

Dr. Curtis Johnson, Scout Discoveries’ President and CEO commented: “Electrum is the ideal long-term partner for Scout to achieve our primary objective of making a Tier One discovery in Idaho. With the support of Electrum’s technical expertise, their proven financial backing and long-term focus, we can follow a systematic, disciplined approach to discovery, giving Scout the best opportunity to create strong and sustained growth in value-per-share.”

The Placement was completed under Rule 506(b) of Regulation D promulgated by the SEC under the Securities Act of 1933, as amended (the “Securities Act”), solely to persons who qualify as accredited investors and in accordance with applicable securities laws.

The securities offered in the Placement have not been and will not be registered under the Securities Act or the securities laws of any state of the United States and may not be offered or sold absent such registration or an applicable exemption from such registration requirements. This news release does not constitute an offer to sell or a solicitation of an offer to buy securities nor shall there be any sale of the securities referenced herein in any state or other jurisdiction in which such offer, solicitation or sale is not permitted. The securities referenced herein have not been approved or disapproved by any regulatory authority.

This release is issued for informational purposes pursuant to Rule 135c of the Securities Act and shall not constitute an offer to sell or a solicitation of an offer to buy any securities, nor shall there be any sale of securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

The shares issued pursuant to the Offering will be subject to a statutory hold period in accordance with applicable United States securities legislation.

About Scout

Scout Discoveries Corp. is a U.S. mineral exploration company headquartered in Coeur d’Alene, Idaho with 100% ownership of five precious and base metals projects in Idaho, and an option to acquire 100% of ten additional projects, comprising the largest unpatented claim holdings in the state. Scout is focused on the goal of rapidly advancing its large portfolio of projects through discovery with its internal core drill rig and team.

 

More information on Scout Discoveries Corp. can be found at: www.scoutdiscoveries.com

Forward-looking Statements:

Certain statements in this news release are forward-looking and involve a number of risks and uncertainties. Such forward-looking statements are within the meaning of that term in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are not comprised of historical facts. Forward-looking statements include estimates and statements that describe the Company’s future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as “believes”, “anticipates”, “expects”, “estimates”, “may”, “could”, “would”, “will”, or “plan”. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to the Company, the Company provides no assurance that actual results will meet management’s expectations. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to those risks set out in the Company’s public documents filed on EDGAR. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.

Categories
Base Metals Energy Junior Mining

Strathmore Announces Closing Private Placement for Gross Proceeds of $1,419,550

Kelowna, British Columbia–(Newsfile Corp. – February 28, 2024) – Strathmore Plus Uranium Corporation (TSXV: SUU) (OTCQB: SUUFF) (or “the Company”) is pleased to report that it has closed its previously announced non-brokered private placement for aggregate gross proceeds of $1,419,550 through the issuance of 2,839,100 units at a price of $0.50 per unit. Each Unit consists of one common share of the Company and one-half common share purchase warrant (a “Warrant”). Each Full Warrant entitles the holder to purchase one common share of the Company at a price of $0.70 per share for a period of 24 months following the date of issuance.

The Company will pay 7% cash commissions for a total of $88,480.00 and a total of 176,960 Finders Warrants issued under the same terms as the warrants noted above, to the qualified Finder in connection with subscriptions from subscribers introduced to the Offering.

The Company further announces that it has entered into debt settlement agreements with certain insiders and consultants, pursuant to which the Company has agreed to settle an aggregate amount of $119,000 in outstanding debt in exchange for the issuance of 238,000 units. The Common Shares issued in connection with the Debt Settlement will be subject to a statutory hold period of four months plus a day from the date of issuance in accordance with applicable securities legislation. Pursuant to the policies of the TSX Venture, the Debt Settlements cannot close prior to five business days from the date of this announcement.

Proceeds from the Offering will be used for working capital and further exploration of the Company’s Wyoming properties, including drilling, soil sampling and geophysics.

The closing of the Offering is subject to receipt of all necessary regulatory approvals, including the approval of the listing of the Common Shares issuable from the sale of the Units on the TSX Venture Exchange. The Common Shares issuable from the sale of the Units and upon the exercise of the Warrants will be subject to a hold period ending on the date that is four months and one day from the issue date of the Unit in accordance with applicable securities laws.

About Strathmore Plus Uranium Corp.

Strathmore has three fully permitted uranium projects in Wyoming, including Agate, Beaver Rim, and Night Owl. The Agate and Beaver Rim properties contain uranium in typical Wyoming-type roll front deposits based on historical drilling data. The Night Owl property is a former producing surface mine that was in production in the early 1960s.

Strathmore Plus Uranium Corp.
Contact Information:
Investor Relations
Telephone: 1 888 882 8177
Email: info@strathmoreplus.com

Jamie Bannerman jamie@rdcapital.com
250-868-6553

ON BEHALF OF THE BOARD
“Dev Randhawa”
Dev Randhawa, CEO

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/199666

Categories
Base Metals Junior Mining Precious Metals

WITH PALLADIUM OVERSOLD AND PLATINUM’S ATTRACTIVE FUNDAMENTALS, BOTH METALS HAVE UPSIDE

The fall in the palladium price has closed the differential with platinum, with the sister metals now priced near parity for the first time since 2018. As this fall has been long-expected, due to forecasts of palladium moving into surplus from 2025, investors are net short palladium, leaving it vulnerable to short covering rallies. In contrast, platinum’s fundamentals are much more attractive, with the current market deficit expected to continue until at least 2028, which should be reflected in the price after automaker inventory management has run its course. 

Palladium’s price rose above platinum’s in 2018, after multi-year palladium market deficits, and remained at a premium to platinum of over $1,000/oz for nearly three years. This incentivised significant automotive 1:1 substitution of platinum for palladium (2023, >600 koz). Palladium prices peaked in March 2022 at US$3,012/oz (Fig. 1), a record US$1,883/oz premium to platinum (Fig. 3), following Russia’s invasion of Ukraine, providing a further boost to substitution. Since then, the outlook for platinum and palladium have diverged. Palladium is weighed upon by automotive substitution (Fig. 5), overreliance on ICE autocatalyst demand, and expected growth in recycling supply. Conversely, substitution benefits platinum as do more diverse end-markets (Pt auto demand ~40%, vs. ~80% for Pd). WPIC expects platinum deficits from 2023 to at least 2028 (Fig. 2), but palladium is forecast to transition to a surplus from 2025 (Fig. 4). Net managed money positions highlight a build of investor short positions on palladium (Fig 6) while platinum’s average positioning has been less consistently directional (Fig. 7).

Source: Bloomberg, WPIC Research, N.B. London trading hours
Source: SFA (Oxford) 2013-2018, Metals Focus 2019-2024f, WPIC Research thereafter

In the near-term palladium prices are likely to be volatile as investors continue to cover short positions, with two short squeezes since December 2023 alone. In addition, there are some supply risks to palladium’s move into surplus; palladium recycling supply is expected to grow by ~1 Moz p.a., but with the recycling industry facing a number of challenges, should this supply not materialise in full it could make palladium markets much more balanced or even keep them in deficit. However, it is more pertinent to understand why platinum, with its better outlook, did not see prices converge upwards towards palladium. From a sentiment perspective, platinum, as a non-yielding asset, was hampered by tightening monetary policy undertaken by central banks to contain inflation through 2022 and 2023. While physical platinum purchases were impacted by reduced automaker purchases after a period of large inventory accumulation as a result of under-producing vehicles during COVID and the semiconductor shortage. There are early signs that automakers are returning to normalised purchasing patterns. This comes as platinum is forecast to enter the second year of a protracted period of market deficits, arguably boding well for upward pressure on prices and investor returns.

Platinum’s attraction as an investment asset arises from:

  • WPIC research indicates the platinum market entering a period of consecutive deficits from 2023
  • Platinum supply remains challenged, both from primary mining and secondary recycling
  • Automotive platinum demand growth should continue into 2024f due principally to substitution of platinum for palladium in gasoline vehicles
  • Platinum is a critical mineral in the global energy transition underpinning a key role in the hydrogen economy
  • The platinum price remains historically undervalued and significantly below both gold and palladium
Source: Bloomberg, WPIC Research
Source: Metals Focus to 2022, WPIC Research thereafter
Source: Metals Focus (Pt to 2024) (Pd to 2022), WPIC research thereafter
Source: Bloomberg, WPIC Research
Source: Bloomberg, WPIC research
Source: SFA (Oxford) 2013-2018, Metals Focus 2019-2024f, WPIC Research thereafter

IMPORTANT NOTICE AND DISCLAIMER: This publication is general and solely for educational purposes. The publisher, The World Platinum Investment Council, has been formed by the world’s leading platinum producers to develop the market for platinum investment demand. Its mission is to stimulate investor demand for physical platinum through both actionable insights and targeted development: providing investors with the information to support informed decisions regarding platinum; working with financial institutions and market participants to develop products and channels that investors need.

This publication is not, and should not be construed to be, an offer to sell or a solicitation of an offer to buy any security. With this publication, the publisher does not intend to transmit any order for, arrange for, advise on, act as agent in relation to, or otherwise facilitate any transaction involving securities or commodities regardless of whether such are otherwise referenced in it. This publication is not intended to provide tax, legal, or investment advice and nothing in it should be construed as a recommendation to buy, sell, or hold any investment or security or to engage in any investment strategy or transaction. The publisher is not, and does not purport to be, a broker-dealer, a registered investment advisor, or otherwise registered under the laws of the United States or the United Kingdom, including under the Financial Services and Markets Act 2000 or Senior Managers and Certifications Regime or by the Financial Conduct Authority.

This publication is not, and should not be construed to be, personalized investment advice directed to or appropriate for any particular investor. Any investment should be made only after consulting a professional investment advisor. You are solely responsible for determining whether any investment, investment strategy, security or related transaction is appropriate for you based on your investment objectives, financial circumstances and risk tolerance. You should consult your business, legal, tax or accounting advisors regarding your specific business, legal or tax situation or circumstances.

The information on which this publication is based is believed to be reliable. Nevertheless, the publisher cannot guarantee the accuracy or completeness of the information. This publication contains forward-looking statements, including statements regarding expected continual growth of the industry. The publisher notes that statements contained in the publication that look forward in time, which include everything other than historical information, involve risks and uncertainties that may affect actual results. The logos, services marks and trademarks of the World Platinum Investment Council are owned exclusively by it. All other trademarks used in this publication are the property of their respective trademark holders. The publisher is not affiliated, connected, or associated with, and is not sponsored, approved, or originated by, the trademark holders unless otherwise stated. No claim is made by the publisher to any rights in any third-party trademarks

WPIC Research MiFID II Status

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Categories
Base Metals Energy Junior Mining Precious Metals Uncategorized

Newmont Went Down 7% One Day a Week Ago. Here is Why

Bob Moriarty
Archives
Feb 27, 2024

Newmont went down 7% for the same reason a dog walks into the middle of the road to lick its dick.

Because it can.

A number of other writers including John Hathaway are commenting on the disconnect between the cost of gold and silver compared to the price of resource stocks. While gold has pretty much held its own and silver is down but a tiny bit lately, the resource stocks have been hammered to all time lows lately seemingly without reason.

There is a reason.

Actually, there are two reasons.

It’s common for investors to focus on the price and action of the shares they own and what they might be interested in buying. But right now, those numbers are meaningless. Newmont didn’t have a pit collapse in Turkey. They didn’t have a copper mine seized in Panama or any abysmal drill results from an important project.

Newmont shares got sold because they could.

In the past six weeks as Bitcon soared higher, over four billion dollars of new money flowed into the speculation. The money had to come from somewhere. It came from gold and silver ETFs and it plunged out of resource funds at a historic rate. While four billion shot into Bitcon, two billion came out of gold and silver ETFs.

The money didn’t come out of the cheapest and worst resource stocks. They are the least liquid. It came out of the biggest and the best, the most liquid.

Because it could.

So, a lot of money left the tiny world of gold and silver stocks to enter the far bigger speculation we call Bitcon. But there was another giant factor pretty much ignored by everyone.

On April 25, 2011 I predicted silver was at a top. As a result, I was bombarded with hundreds of emails telling me I was a fool and a fraud. Here is what I said.

1. Silver is going parabolic.

According to Jim Rogers all parabolic moves end badly. I have seen similar charts in all kinds of commodities and they always correct. Parabolic charts mark tops. So, when silver bugs start suggesting, “This time it’s different” I know better.

Study the chart below. Ignore the commodity. When charts go parabolic, it ends badly. I was an investor in the 1970s in both gold and silver. I started buying gold at $35 and silver around $5 an ounce. I sold out all my silver in January of 1980 a week too early at $35 as it rocketed to $50.25 an ounce at the open on January 21, 1980. It went parabolic and basically that’s all you need to know.

Nvidia reported earnings last week and the shares continued their rocket launch. Here is a chart of the stock.

Compare the two charts. What I said in my piece from April 25th of 2011 is just as true today. All parabolic moves end badly. Nvidia shares are about to crash.

All those weak hands who were eager to see if they could sell at the very bottom of the gold/silver resource cycle are going to regret being part of the thundering herd.

When Nvidia crashes and Bitcon returns to earth, the direction of money flow will reverse. Bitcon is up 30% in just six weeks. There is nothing in economics that justifies that any more than Newmont dropping 7% in a day.

###

Bob Moriarty
President: 321gold
Archives

321gold Ltd

Categories
Base Metals Energy Junior Mining Precious Metals

Grizzly Discoveries Inc. Exhibiting at Booth 3020, PDAC 2024 Convention in Toronto, March 3-6

Edmonton, Alberta–(Newsfile Corp. – February 27, 2024) – Visit Grizzly Discoveries Inc. (TSXV: GZD) (OTCQB: GZDIF) at Booth #3020 at the Prospectors & Developers Association of Canada’s (PDAC) Convention at the Metro Toronto Convention Centre (MTCC) from Sunday, March 3 to Wednesday, March 6, 2024.

About Grizzly Discoveries Inc.

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

About PDAC

The World’s Premier Mineral Exploration & Mining Convention is the leading convention for people, governments, companies and organizations connected to mineral exploration. In addition to meeting more than 1,100 exhibitors, 2,500 investors and 24,000 attendees in person in 2023, participants could also attend programming, courses and networking events.

The annual convention is held in Toronto, Canada. It has grown in size, stature and influence since it began in 1932 and today is the event of choice for the world’s mineral industry.

For more information and/or to register for the conference please visit: https://www.pdac.ca/convention.

We look forward to seeing you there.

For further information:

Grizzly Discoveries Inc.
Nancy Massicotte
1-604-507-3377
nancy@grizzlydiscoveries.com
www.grizzlydiscoveries.com

Categories
Base Metals Energy Junior Mining

Diamcor Announces Change in Board of Directors

KELOWNA, BC / ACCESSWIRE / February 20, 2024 / Diamcor Mining Inc. (TSXV:DMI)(OTCQB:DMIFF)(FRA:DC3A), (“Diamcor” or the “Company”), a well-established Canadian diamond mining company with a proven history in the mining, exploration, and sale of rough diamonds announces that Mr. Sheldon Nelson has stepped down from the Board of Directors for personal reasons. Mr. Nelson has been a long-time Director, shareholder, and supporter of the Company, and we wish to thank him for his dedication and involvement in the development of the Company into the opportunity it represents today.

The Company plans to provide an update in the coming weeks on the appointment of a new independent director to its Board of Directors and the advancement of the Company’s growth objectives moving forward.

About Diamcor Mining Inc.

Diamcor Mining Inc. is a fully reporting publicly traded Canadian diamond mining company with a well-established proven history in the mining, exploration, and sale of rough diamonds. With a long-term strategic alliance with world famous Tiffany & Co, the Company’s primary focus is on the mining and development of its Krone-Endora at Venetia Project which is co-located and directly adjacent to De Beers’ Venetia Diamond Mine in South Africa. The Venetia diamond mine is recognized as one of the world’s top diamond-producing mines, and the deposits which occur on Krone-Endora have been identified as being the result of shift and subsequent erosion of an estimated 50M tonnes of material from the higher grounds of Venetia to the lower surrounding areas in the direction of Krone and Endora. The Company focuses on the acquisition and development of mid-tier projects with near-term production capabilities and growth potential and uses unique approaches to mining that involves the use of advanced technology and techniques to extract diamonds in a safe, efficient, and environmentally responsible manner. The Company has a strong commitment to social responsibility, including supporting local communities and protecting the environment.

About the Tiffany & Co. Alliance

The Company has established a long-term strategic alliance and first right of refusal with Tiffany & Co. Canada, a subsidiary of world-famous New York based Tiffany & Co., to purchase up to 100% of the future production of rough diamonds from the Krone-Endora at Venetia Project at market prices. In conjunction with this first right of refusal, Tiffany & Co. Canada also provided the Company with financing in an effort to advance the Project as quickly as possible. Tiffany & Co. is now owned by Moet Hennessy Louis Vuitton SE (LVMH), a publicly traded company which is listed on the Paris Stock Exchange (Euronext) under the symbol LVMH and on the OTC under the symbol LVMHF. For additional information on Tiffany & Co., please visit their website at www.tiffany.com.

About the Krone-Endora at Venetia Project

Diamcor acquired the Krone-Endora at Venetia Project from De Beers Consolidated Mines Limited, consisting of the prospecting rights over the farms Krone 104 and Endora 66, which represent a combined surface area of approximately 5,888 hectares directly adjacent to De Beers’ flagship Venetia Diamond Mine in South Africa. The Company subsequently announced that the South African Department of Mineral Resources had granted a Mining Right for the Krone-Endora at Venetia Project encompassing 657.71 hectares of the Project’s total area of 5,888 hectares. The Company has also submitted an application for a mining right over the remaining areas of the Project. The deposits which occur on the properties of Krone and Endora have been identified as a higher-grade “Alluvial” basal deposit which is covered by a lower-grade upper “Eluvial” deposit. These deposits are proposed to be the result of the direct-shift (in respect to the “Eluvial” deposit) and erosion (in respect to the “Alluvial” deposit) of an estimated 1,000 vertical meters of material from the higher grounds of the adjacent Venetia Kimberlite areas. The deposits on Krone-Endora occur with a maximum total depth of approximately 15.0 metres from surface to bedrock, allowing for a very low-cost mining operation to be employed with the potential for near-term diamond production from a known high-quality source. Krone-Endora also benefits from the significant development of infrastructure and services already in place due to its location directly adjacent to the Venetia Mine, which is widely recognised as one of the top producing diamond mines in the world.

Qualified Person Statement:

Mr. James P. Hawkins (B.Sc., P.Geo.), is Manager of Exploration & Special Projects for Diamcor Mining Inc., and the Qualified Person in accordance with National Instrument 43-101 responsible for overseeing the execution of Diamcor’s exploration programmes and a Member of the Association of Professional Engineers and Geoscientists of Alberta (“APEGA”). Mr. Hawkins has reviewed this press release and approved of its contents.

On behalf of the Board of Directors:
Mr. Dean H. Taylor
President & CEO
Diamcor Mining Inc.
www.diamcormining.com

For further information contact:
Mr. Dean H. Taylor
Diamcor Mining Inc
DeanT@Diamcor.com
+1 250 862-3212

For Investor Relations contact:

Mr. Rich MatthewsMr. Neil Simon
Integrous CommunicationsInvestor Cubed Inc
rmatthews@integcom.usnsimon@investor3.ca
+1 (604) 355-7179+1 (647) 258-3310

This press release contains certain forward-looking statements. While these forward-looking statements represent our best current judgement, they are subject to a variety of risks and uncertainties that are beyond the Company’s ability to control or predict and which could cause actual events or results to differ materially from those anticipated in such forward-looking statements. Further, the Company expressly disclaims any obligation to update any forward looking statements. Accordingly, readers should not place undue reliance on forward-looking statements.

WE SEEK SAFE HARBOUR

Neither 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.

SOURCE: Diamcor Mining Inc.



View the original press release on accesswire.com

Categories
Base Metals Energy Junior Mining Project Generators Uncategorized

Canadian GoldCamps to Earn 50% of Murphy Lake for $10M Exploration Spend

Kelowna, British Columbia–(Newsfile Corp. – February 20, 2024) – F3 Uranium Corp. (TSXV: FUU) (OTCQB: FUUFF) (“F3” or the “Company“) is pleased to announce that it has entered into a non-binding Letter of Intent (“LOI”) with Canadian GoldCamps Corp. (“Canadian GoldCamps“) wherein Canadian GoldCamps will enter into a definitive option agreement with F3’s newly incorporated wholly-owned subsidiary F4 Uranium Corp. (“F4”). The staged option will allow Canadian Goldcamps to earn up to a 70% interest in the Murphy Lake Property (the “Property”) in the Athabasca Basin, Saskatchewan. The Property is located in the north-eastern corner of the Athabasca Basin, 30 km northwest of Orano’s McLean Lake deposits, 5 km south of ISOEnergy’s Hurricane Uranium Deposit and covers approximately 6.1 square kilometers of land.

Dev Randhawa, CEO of F3 and incoming Executive Chairman of F4 commented:

“With this transaction, we have immediately demonstrated the successful unlocking of value within F4’s portfolio of fourteen Athabasca Basin projects. The partnership highlights the prospectivity of the Murphy Lake property with Canadian GoldCamps sole-funding exploration for three years, minimizing share dilution to F4 shareholders. F4 will be the operator during the earn-in period utilizing the management and technical team responsible for three major uranium discoveries in the Athabasca Basin. Through this LOI, F4 will receive cash (up to $1.4 million, with $600,000 in the first year) and shares (9.9% ownership in Canadian Goldcamps post financing), and benefit from up to $18 million in work expenditures. This transaction exemplifies F4’s approach of maximizing our opportunities through the use property options, joint ventures and directly funded exploration.”

Initial 50% interest in the Property:

  1. Cash payable:
  1. $100,000 within 7 calendar days of signing the LOI
  2. $200,000 upon entering into of a definitive agreement.
  3. $150,000 on or before the six-month anniversary of the definitive agreement
  4. $150,000 on or before the 12-month anniversary of the definitive agreement
  5. $150,000 on or before the 18-month anniversary of the definitive agreement
  6. $150,000 on or before the 24-month anniversary of the definitive agreement
  7. Canadian GoldCamps common shares:
  8. following the next equity financing of Canadian GoldCamps (for gross proceeds of not less than $6 million), 9.9% of the issued and outstanding common shares of Canadian GoldCamps will be issued to F4.
  9. Property expenditures:
  1. $5M on or before the 1-year anniversary of the signing of the definitive agreement
  2. $5M on or before the 2-year anniversary of the signing of the definitive agreement

Additional 20% Interest in the Property for a total of 70%:

  1. Cash payable:
  1. $250,000 on or before the 30-month anniversary of the definitive agreement
  2. $250,000 on or before the 36-month anniversary of the definitive agreement
  3. Property expenditures:
  4. $8M on or before the 3-year anniversary of the signing of the definitive agreement

Net Smelter Returns Royalty (“NSR Royalty”):

  1. The percentage of a 2% NSR Royalty to F4 equal to Canadian GoldCamps percentage interest in the Property.

About the Murphy Lake Property

F4’s 609-hectare Murphy Lake Project is located in the north-eastern corner of the Athabasca Basin, 30 km northwest of Orano’s McLean Lake deposits, 5 km south of ISOEnergy’s Hurricane Uranium Deposit, and 4 km east of Cameco’s La Rocque Lake Uranium Zone where drill hole Q22-040 intersected 27.9% U O over 7.0 m.

The maiden drill program at Murphy Lake was concluded in late September of 2022, and consisted of 14 completed drillholes totaling 6,850m. The scintillometer results from hole ML22-006 intersected up to 2,300 cps (see NR August 10, 2022), which resulted in assay results of 0.065% U3O8 over 2.5m from 322.5m to 324.5m, including 0.242% U3O8 over 0.5m on the E1 EM conductor. Unconformity associated, basement hosted uranium mineralization was encountered along a strike length of 330m on the E1 conductor between ML22-011 and ML22-013 (See Assay Results Map below) and was associated with graphitic and sulphide rich shear zones in an area overlain by approximately 260m of Athabasca Sandstone.

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 advancing the newly discovered high grade JR Zone on the PLN Property in the Western Athabasca Basin. This area of Saskatchewan is poised to become the next Uranium producer and home to large uranium deposits including Tiple R, Arrow and Shea Creek. F3 Uranium currently holds 18 properties across the Athabasca Basin including the Murphy Lake Property. F3 has initiated steps to spin-out by way of a plan of arrangement 14 of its prospective properties, including Murphy Lake, into the newly incorporated wholly-owned subsidiary F4 Uranium Corp. (“F4”). The PLN Property along with the Broach (which includes the PW claims) and Minto Properties (collectively, the “PLN Project”) will remain with F3. F3 will transfer the remaining 14 properties to F4 in exchange for F4 shares that will be distributed to F3 shareholders (see NR dated Jan 16, 2024). There will be no change in shareholder holdings of F3 as a result of the plan of arrangement.

Contact Information

F3 Uranium Corp.
750-1620 Dickson Avenue
Kelowna, BC V1Y9Y2
Investor Relations
Telephone: 778 484 8030
Email: ir@f3uranium.com

ON BEHALF OF THE BOARD

“Dev Randhawa”
Dev Randhawa, CEO

See plan map below and additional plan maps and cross sections at PLN JR Zone|F3 Uranium Corp. under “Sections”



To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8110/198452_75037859940e9a3b_002full.jpg

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

Forward Looking Statements

This press release contains “forward-looking information” within the meaning of applicable Canadian and United States securities laws, which is based upon the Company’s current internal expectations, estimates, projections, assumptions and beliefs. The forward-looking information included in this press release are made only as of the date of this press release. Such forward-looking statements and forward-looking information include, but are not limited to, the intention to spin out the Properties; the creation of F4; the Arrangement, including timing thereof; the transfer of the Properties and the distribution of shares pursuant to the Arrangement; the intention to list the shares of F4 on the TSXV; F3’s proposed strategic investment into F4; the Arrangement being subject to court, TSXV and shareholder approvals; the preparation and delivery of a management information circular setting forth details of the Arrangement; the completion of the Spin-Out and the Listing; the potential benefits to shareholders and other matters relating to the Arrangement. Forward-looking statements or forward-looking information relate to future events and future performance and include statements regarding the expectations and beliefs of management based on information currently available to the Company. Such forward-looking statements and forward-looking information often, but not always, can be identified by the use of words such as “plans”, “expects”, “potential”, “is expected”, “anticipated”, “is targeted”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or the negatives thereof or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved.

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

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/198452

Categories
Base Metals Energy Junior Mining Project Generators

University of Wyoming Break-Through Geophysics Pinpoints Roll Front Targets at Agate

Kelowna, British Columbia–(Newsfile Corp. – February 20, 2024) – Strathmore Plus Uranium Corporation (TSXV: SUU) (OTC: SUUFF) (“Strathmore” or “the Company“) is pleased to update the results of the on-going geophysical study completed by the University of Wyoming (UW) at the Agate project. The UW’s research will give Strathmore specific targets for their 200-hole drilling program this spring and provide opportunities to locate roll fronts, the “noses” of which are anticipated to host thicker intervals and higher grades of mineralization. Agate is envisaged as an ISR project located in the Shirley Basin Uranium District in Wyoming.

Sam Hartmann, P. Geo., Strathmore’s technical advisor commented:
“Strathmore is successfully demonstrating the viability of using the unique approach of ground geophysics in a roll front environment, with resistivity emerging as a tool to potentially map alteration systems associated with mineralization. If we can continue to identify these typically sinuous roll front bodies on a larger scale as demonstrated with this case study, it stands to provide discrete targeting for the upcoming spring drill program. The current resistivity inversion in profile represents first order targeting on section and will complement our ongoing efforts to digitize and incorporate the significant amount of historical drill hole data by Kerr-McGee into the property model.”

The research by Dr. Bradley Carr, Director of UW’s Near-surface Geophysical Center (UWNSG), consists of ground and borehole geophysics applied across the project to detect and image a uranium roll front and possibly monitor the movement of the roll front’s position during future in-situ mining development. Strathmore looks forward to working with Dr. Carr to provide potential targets for the 2024 exploration season based on the geophysical study completed in 2023 and UW’s more extensive research study slated for 2024.

Dr. Carr reported:
“Since early 2023, the University of Wyoming’s Dept. of Geology and Geophysics (G&G) was funded by the State of Wyoming and the UW School of Energy Resources to conduct research into geophysical characterization tools of sedimentary deposits of uranium. In this project, Dr. Carr and two UW G&G graduate students partnered with Strathmore Plus Uranium to study the shallow, near-surface uranium roll front at their Agate Prospect in Wyoming’s Shirley Basin. The goal is to study and determine which geophysical tools provide the best delineation methods for sedimentary uranium roll fronts which are found within the sedimentary geologic layers in Wyoming, Colorado, New Mexico, Texas, and Utah.

The preliminary results of the study illustrate how a combined geophysical method study including both surface and borehole geophysical methods highlight the roll front location, unaltered areas ahead of the roll front, and altered areas behind the roll front. In this research, the borehole and surface geophysical methods include seismic reflection, seismic refraction, DC resistivity (ERT), Induced Polarization (IP), Electromagnetics (TEM), Self-Potential (SP), and Nuclear Magnetic Resonance (NMR).

In traditional uranium exploration and characterization, radiometric surveys followed by drilling and borehole gamma logging are the standard approaches. Although fine, additional geophysical methods can provide more detail on the location, quantity and background groundwater condition allowing more advanced extractive planning and engineering prior to production.

To date in this geophysical study for sedimentary uranium deposits, we have collected preliminary surface data for TEM, ERT and IP, SP, and borehole datasets of Spectral Gamma, Normal resistivity/IP/SP, and NMR. The methodology utilized in 2023 during the preliminary phase of this research is displayed in Figure 1 below. In 2024, we will continue to collect additional TEM, seismic reflection/refraction, and ERT/IP profiles at the site to further delineate the geophysical response of the uranium roll front and potential channel sand where it is hosted. 2023 data analyses (e.g., ERT in Figure 2) and field planning for summer 2024 is continuing currently. Additionally, we will collect NMR datasets to study the mobile groundwater and porosity/permeability state of the target sands. Finally, we will collect and analyze ‘full-waveform’ Induced Polarization (IP) data to determine how viable IP is for identifying not only the location of the active roll-front but if it can tell us about the material state in-front (unreacted) and behind (reacted) parts of the system surrounding the active roll-front. We are encouraged about the use of IP data generally from preliminary, traditional IP surface and borehole data collected in 2023. However, the addition of ‘full waveform’ analyses of the IP decay should provide even greater insights into the in-situ state of the uranium roll front which will hopefully aid development and production planning.”

Figure 1. Preliminary geophysical data acquisition during 2023 at the Strathmore Plus Uranium – Agate Site in Shirley Basin, WY. Pre-drilling geophysical research tests: Red line represents an ERT profile (Line 1). White dots represent TEM sounding locations centered on planned drill locations.

To view an enhanced version of Figure 1, please visit:
https://images.newsfilecorp.com/files/3282/198437_dd2d5511f437ba1d_002full.jpg

Figure 2. Inverted Resistivity Profile from A-A’. ERT data from 2023 at the Agate Site. Resistors (red/yellow) colors represent the sandstone interval hosting the uranium roll front deposit. AG-16-23 is interpreted to be near the nose of the uranium roll front. ERT assists with identifying the roll front sand unit but gives less direct information about the chemical reactivity of the redox condition at the roll-front. This research is encouraged by initial Induced Polarization (IP) testing near and within these boreholes to provide information about the chemical reactivity of the roll front.

To view an enhanced version of Figure 2, please visit:
https://images.newsfilecorp.com/files/3282/198437_dd2d5511f437ba1d_003full.jpg

Strathmore Plus Uranium Corp. Strathmore has three uranium projects with approved exploration plans in Wyoming, including Agate, Beaver Rim, and Night Owl. The Agate and Beaver Rim properties contain uranium in typical Wyoming-type roll front deposits based on historical drilling data. The Night Owl property is a former producing surface mine that was in production in the early 1960s.

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

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 Strathmore Plus Uranium 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 Strathmore Plus Uranium Corp. disclaim any intention or obligation to update or revise any forward-looking statements, whether a result of new information, future events or otherwise, except as expressly required by applicable securities legislation.

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 reviewed on behalf of the company by Terrence Osier, P.Geo., Vice President, Exploration of Strathmore Plus Uranium Corp., a Qualified Person.

Strathmore Plus Uranium Corp.
Contact Information:
Investor Relations
Telephone: 1 888 882 8177
Email: info@strathmoreplus.com

ON BEHALF OF THE BOARD
“Dev Randhawa”
Dev Randhawa, CEO

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/198437