Edmonton, Alberta–(Newsfile Corp. – August 15, 2023) – Grizzly Discoveries Inc. (TSXV: GZD) (FSE: G6H) (OTCQB: GZDIF) (“Grizzly” or the “Company”) is pleased to announce that, on August 15, 2023, it closed on a private placement (the “Offering”) by the issuance of 1,771,859 Units (as defined below) at a price of $0.07 per Unit and 5,312,500 FT Units (as defined below) at a price of $0.08 per FT Unit for aggregate gross proceeds of $549,030.
Under the terms of the Offering, each Unit consisted of one common share of the Company (“Common Share”) and one half of one warrant (“Warrant”). Each FT Unit consisted of one Common Share issued as a flow through share for the purposes of the Income Tax Act (Canada) and one half of one FT Warrant with each whole FT Warrant issued as a flow through share for the purposes of the Income Tax Act (Canada). Each whole Warrant and FT Warrant entitles the holder to acquire one additional Common Share (that is not a flow through share) at an exercise price of $0.10 per Common Share and shall expire on the earlier of: (a) 30 days following written notice by the Issuer to the Subscriber that the volume-weighted average trading price of the Common Shares on the TSX Venture Exchange is at or greater than CA$0.12 per Common Share for 10 consecutive trading days; and (b) August 15, 2025.
The Company intends to use the proceeds from the Units for general working capital, and the proceeds from the Units and FT Units on exploration of its mineral projects in British Columbia, primarily targeting critical minerals. In particular, the proceeds from the FT Units will be used to incur flow-through critical mineral mining expenditures, as defined in the Income Tax Act.
In connection with the Offering, the Company issued 400,000 Units and 400,000 Finder Warrants (non-transferrable, with the same terms and expiry date as the Warrants) to Accilent Capital Management Inc.
The Common Shares and any Common Shares issued on exercise of the Warrants and Finder Warrants are subject to restrictions on trading until December 16, 2023 in accordance with the policies of the TSX Venture Exchange.
Following closing of the Offering, the Company has 149,644,119 Common Shares issued and outstanding. The Offering is subject to Final Acceptance by the TSX Venture Exchange.
Insiders subscribed for an aggregate of 142,857 Units, representing gross proceeds of $10,000. The purchase of such Units is considered to be a related-party transaction under Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”),but is exempted from the requirements to obtain a formal valuation and to obtain minority approval, as the purchase of securities does not exceed 25% of the Company’s market capitalization. The Company is relying on exemptions from the formal valuation and minority shareholder approval requirements provided under sections 5.5(a) and 5.7(1)(a) of MI 61-101.
The Company did not file a material change report more than 21 days before the expected closing of the Financing because the details of the participation therein by related parties of the Company were not settled until shortly prior to closing of the Financing and the Company wished to close on an expedited basis for business reasons.
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 66,000 ha (approximately 165,000 acres) of precious and base metals properties in southeastern British Columbia. Grizzly is run by a highly experienced junior resource sector management team, who have a track record of advancing exploration projects from early exploration stage through to feasibility stage.
On behalf of the Board,
GRIZZLY DISCOVERIES INC. Brian Testo, CEO, President
Suite 363-9768 170 Street NW Edmonton, Alberta T5T 5L4
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Caution concerning forward-looking information
This press release contains “forward-looking information” and “forward-looking statements” within the meaning of applicable securities laws. This information and statements address future activities, events, plans, developments and projections. All statements, other than statements of historical fact, constitute forward-looking statements or forward-looking information. Such forward-looking information and statements are frequently identified by words such as “may,” “will,” “should,” “anticipate,” “plan,” “expect,” “believe,” “estimate,” “intend” and similar terminology, and reflect assumptions, estimates, opinions and analysis made by management of Grizzly in light of its experience, current conditions, expectations of future developments and other factors which it believes to be reasonable and relevant. Forward-looking information and statements involve known and unknown risks and uncertainties that may cause Grizzly’s actual results, performance and achievements to differ materially from those expressed or implied by the forward-looking information and statements and accordingly, undue reliance should not be placed thereon.
Risks and uncertainties that may cause actual results to vary include but are not limited to the availability of financing; fluctuations in commodity prices; changes to and compliance with applicable laws and regulations, including environmental laws and obtaining requisite permits; political, economic and other risks; as well as other risks and uncertainties which are more fully described in our annual and quarterly Management’s Discussion and Analysis and in other filings made by us with Canadian securities regulatory authorities and available at www.sedar.com. Grizzly disclaims any obligation to update or revise any forward-looking information or statements except as may be required by law.
Vancouver, British Columbia–(Newsfile Corp. – August 14, 2023) – EMX Royalty Corporation (NYSE American: EMX) (TSXV: EMX) (FSE: 6E9) (the “Company” or “EMX”) is pleased to report results for the quarter ended June 30, 2023 (“Q2-2023”). The Company’s filings for the quarter are available on SEDAR at www.sedarplus.ca, on the U.S. Securities and Exchange Commission’s website at www.sec.gov, and on EMX’s website at www.EMXroyalty.com. Financial results were prepared in accordance with International Financial Reporting Standards, as issued by the International Accounting Standards Board. All dollar amounts in this news release are in USD unless otherwise noted.
HIGHLIGHTS
Financial Updates for the Three Months Ended June 30, 2023
Revenue and other income for the three months ended June 30, 2023 was $3,408,000 compared to $7,034,000 for the three months ended June 30, 2022 (“Q2-2022”). Adjusted revenue and other income1 of $6,481,000 (Q2-2022 – $9,465,000) included $3,073,000 (Q2-2022 – $2,431,000) in revenue for the Company’s share of royalty revenue from the Caserones Mine (effective) royalty interest in Chile. Revenue and other income and adjusted revenue and other income1 for Q2-2022 included the accrual of a $4,000,000 milestone payment related to Gediktepe.
Net loss for the three months ended June 30, 2023 was $4,722,000 (Q2-2022 – $3,315,000).
Cash used in operating activities for the three months ended June 30, 2023 was $1,160,000 (Q2-2022 – $4,152,000). Adjusted cash1 provided by operating activities for the three months ended June 30, 2023 was $1,294,000 (Q2-2022 – adjusted cash used in operating activities of $3,254,000). Operating cash flows for Q2-2023 include an accelerated $2,500,000 option payment by Aftermath Silver for the Berenguela property.
As at June 30, 2023, EMX had cash of $9,980,000 (December 31, 2022 – $15,508,000), investments, long-term investments and loans receivable valued at $14,346,000 (December 31, 2022 – $14,561,000) and loans payable of $41,428,000 (December 31, 2022 – $40,489,000).
Corporate Updates
Timok Dispute Update
On January 27, 2022 the Company announced that it had suspended the filing of a Notice of Arbitration to Zijin Mining Group Ltd (“Zijin”) regarding its royalty agreement covering the Timok project in Serbia, which includes the producing Cukaru Peki copper and gold mine. This suspension followed EMX’s previous announcement of its intention to file the Notice of Arbitration to formally dispute the royalty rate as defined under the Royalty Agreement (see EMX news release dated December 17, 2021). Discussions with Zijin have since proved amicable and productive and continued through Q2 2023. Both companies are expecting to execute a modified royalty agreement in 2023.
Acquisition of Additional Royalty Interest on Caserones
During Q2 2023, EMX acquired an additional 2.263% ownership in the underlying Caserones royalty holder, Sociedad Legal Minera California Una de la Sierra Peña Negra (“SLM”), for cash consideration of $3,517,000 pursuant to agreements with existing shareholders of SLM. The acquisition provides EMX with a further 0.044% (effective) net smelter royalty (“NSR”) interest in the Caserones property, increasing the Company’s NSR royalty interest to 0.7775%.
Acquisition Agreement for New Royalties with Franco-Nevada
During Q2 2023, EMX executed a term sheet with Franco-Nevada Corporation (“Franco-Nevada”) (NYSE: FNV) (TSX: FNV) for the joint acquisition of newly created precious metals and copper royalties sourced by EMX (the “Agreement”). Franco-Nevada will contribute 55% (up to $5.5 million) and EMX will contribute 45% (up to $4.5 million) towards the royalty acquisitions, with the resulting royalty interests equally split (i.e., 50/50). The initial term of the Agreement is for three years, or until the maximum contributions totaling $10 million from both companies have been met, and may be extended if mutually agreed by both companies.
Royalty and Royalty Generation Updates
During Q2 2023, the Company’s royalty generation business was active in North America, South America, Europe, Turkey, Australia and Morocco. The Company spent $4,255,000 (Q2-2022 – $5,108,000) on royalty generation costs and recovered $1,811,000 (Q2-2022 – $2,014,000) from partners. Royalty generation costs include exploration related activities, technical services, project marketing, land and legal costs, as well as third party due diligence for acquisitions. Included in revenue and other income was $807,000 in option, advance royalty, and other pre-production payments related to existing partnered projects as a result of the royalty generating activities. During Q2 2023, the Company also completed two new partnerships across the portfolio while continuing to replace partnered properties with new royalty generation projects.
Producing Royalties
6
Advanced Royalties
11
Exploration Royalties
152
Royalty Generation Properties
105
Figure 1. EMX’s royalty and mineral property portfolio.
EMX earned over $1,175,000 in royalty revenue from the Gediktepe mine. Mine operator Lidya advised EMX that Oxide Zone gold production will increase during the summer months of 2023.
The Caserones (effective) royalty distribution for Q1 was received in Q2 and totaled approximately $2,454,000. Lundin Mining completed the acquisition of fifty-one percent (51%) of the issued and outstanding equity of MLCC, the Caserones mine operator, from JX Nippon (see Lundin news release dated June 13, 2023). In connection with the acquisition, Lundin filed a technical report on SEDAR titled “NI 43-101 Technical Report on the Caserones Mining Operation, Atacama Region, Chile” that included current mineral resource and reserve estimates in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects.
Leeville payments to EMX totaled approximately $664,000 from royalty production that totaled 338 ounces of gold. Q2 marked another strong quarter of Leeville royalty production along with robust gold prices.
EMX earned, and subsequently received in Q3-2023 Gold Bar South royalty revenue of $54,000 from Q1 production of 2,966 gold ounces and $80,000 from Q2 production of 3,984 gold ounces. The receipt of initial royalty revenue from Gold Bar South now establishes the operation as a paying royalty for EMX.
Arizona Sonoran Copper released results of the Parks-Sayler infill drill program in preparation for a PFS planned for 2024, which included enriched (secondary sulfide) copper intercepts from EMX’s royalty property. Arizona Sonoran also provided an update on metallurgical programs being conducted in preparation for the PFS, which included recoveries of ~80% after 160 days from Parks-Sayler enriched copper mineralization (secondary sulfide).
Exploration drilling by South32 at the Hermosa property’s Peake prospect returned mineralized intercepts covered by EMX’s Hardshell royalty property included the best copper intercept to date of 139 meters averaging 1.88% copper, 0.51% lead, 0.34% zinc, and 52 g/t silver (true width not reported).
In Canada, EMX programs advanced available properties in the portfolio as partners conducted summer field programs on EMX royalty properties. EMX received $45,000 in cash payments and $Nil in share equity payments during the quarter from partnered projects.
EMX’s Latin American royalty portfolio was advanced with work programs that included drilling and metallurgical test work conducted by AbraSilver at the Diablillos project’s JAC Zone silver-gold discovery. GR Silver Mining Ltd (“GR Silver”) reported on successful exploration step-out drilling at the San Marcial epithermal silver project. Aftermath Silver made an accelerated $2,500,000 option payment to EMX for the Berenguela polymetallic CRD project.
The Company’s U.S. royalty generation portfolio progressed with ongoing partner-funded work programs, as well by the expansion of properties through the staking of new claims and permitting at key projects. EMX currently has 43 projects in partnership with other companies in the western U.S.
In Northern Europe the Company continued to develop and advance its portfolio of projects, with summer field programs commencing on numerous properties in Q2. EMX has 37 projects in partnership with other companies in Northern Europe and partner funded drill programs were completed in Q2 by Mahvie Minerals AB, a private Swedish corporation, at the Mo-I-Rana royalty property in Norway, and by Bayrock Resources, a private Australian company, at EMX’s Vuostok battery metals royalty property in Northern Sweden.
Kendrick Resources PLC (LSE: KEN) announced drill results from EMX’s Espedalen royalty property in Norway, including an intercept of 11.60 meters averaging 2.85% nickel, 1.04% copper and 0.08% cobalt from 52.4 meters depth in drill hole ESP23-08 (see Kendrick news release dated May 4, 2023). This hole was drilled at the Stormyra prospect on the Espedalen license (true width not reported, but can be estimated at 70-80% according to published cross sections). Kendrick plans to expand its exploration programs at Espedalen in the second half of 2023.
The Company optioned the Yarrol gold-copper (+ Co-Mn) project and the Mt Steadman gold project to Many Peaks Gold (“MPG”) during Q2. The agreement provides EMX with cash payments, equity interests in MPG, and work commitments during a fifteen month option period. Upon exercise of the option, EMX will receive additional payments of cash and shares of MPG along with annual advance royalty payments, royalty interests and other consideration.
Royalty generation programs proceeded in the Balkans and in Morocco in Q2, where multiple exploration license applications have been filed by the Company. New target areas are being assessed for further acquisitions.
Investment Updates
As at June 30, 2023, the Company had marketable securities of $8,626,000 (December 31, 2022 – $9,966,000), and $4,688,000 (December 31, 2022 – $4,591,000) in private investments. The Company will continue to generate cash flow by selling certain of its investments when appropriate.
OUTLOOK
The 2023 year will continue to see revenue and other income coming from our cash flowing royalties, including Leeville and Gold Bar South in Nevada, Gediktepe and Balya in Turkey, potentially Timok in Serbia (pending conclusion of discussions with Zijin), and our effective royalty interest on Caserones in Chile. As in previous years, production royalties will continue to be complemented by option, advance royalty, and other pre-production payments from partnered projects across the global asset portfolio.
The Company will continue to strengthen its balance sheet over the course of the year by looking to retire portions of our long-term debt, continuing to evaluate equity markets, and the ongoing monetization of the Company’s marketable securities.
EMX is well positioned to identify and pursue new royalty and investment opportunities, while further filling a pipeline of royalty generation properties that provide opportunities for additional cash flow, as well as exploration, development, and production success.
Qualified Person. Michael P. Sheehan, CPG, a Qualified Person as defined by NI 43-101 and employee of the Company, has reviewed, verified, and approved the above technical disclosure on North America and Latin America. Eric P. Jensen, CPG, a Qualified Person as defined by NI 43-101 and employee of the Company, has reviewed, verified, and approved the above technical disclosure on Europe, Turkey, and Australia.
About EMX. EMX is a precious, base and battery 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”, and also trade on the Frankfurt exchange under the symbol “6E9”. Please see www.EMXroyalty.com for more information.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release
Forward-Looking Statements This news release may contain “forward looking statements” that reflect the Company’s current expectations and projections about its future results. These forward-looking statements may include statements regarding perceived merit of properties, exploration results and budgets, mineral reserves and resource estimates, work programs, capital expenditures, timelines, strategic plans, market prices for precious and base metal, or other statements that are not statements of fact. When used in this news release, words such as “estimate,” “intend,” “expect,” “anticipate,” “will”, “believe”, “potential” and similar expressions are intended to identify forward-looking statements, which, by their very nature, are not guarantees of the Company’s future operational or financial performance, and are subject to risks and uncertainties and other factors that could cause the Company’s actual results, performance, prospects or opportunities to differ materially from those expressed in, or implied by, these forward-looking statements. These risks, uncertainties and factors may include, but are not limited to unavailability of financing, failure to identify commercially viable mineral reserves, fluctuations in the market valuation for commodities, difficulties in obtaining required approvals for the development of a mineral project, increased regulatory compliance costs, expectations of project funding by joint venture partners and other factors.
Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this news release or as of the date otherwise specifically indicated herein. Due to risks and uncertainties, including the risks and uncertainties identified in this news release, and other risk factors and forward-looking statements listed in the Company’s MD&A for the year ended December 31, 2022 (the “MD&A”), and themost 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.
_________________________ 1 Adjusted revenue and other income and adjusted cash provided by (used in) operating activities are non-IFRS financial measures with no standardized meaning under IFRS and might not be comparable to similar financial measures disclosed by other issuers. Refer to the “Non-IFRS financial measures” section on page 26 of the Q2-2023 MD&A for more information on each non-IFRS financial measure.
YERINGTON, Nev., Aug. 11, 2023 (GLOBE NEWSWIRE) — Nevada Copper (TSX: NCU) (OTC: NEVDF) (FSE: ZYTA) (“Nevada Copper” or the “Company”) is pleased to provide an update on restart activities at its Pumpkin Hollow underground mine located in Yerington, Nevada (the “Underground Mine”).
Restart Progress
Underground development completed in Q2 2023 increased 65% to 1,424 feet (“ft”) as compared with Q1 2023 (496 ft).
Small Mine Development, Inc. (“SMD”), Nevada Copper’s development mining contractor, continues to ramp-up following their mobilization in June, with a 25% increase in average daily development footage in July compared with June development.
In Q2 2023, restart preparations for the mill and process plant advanced as planned and the mill is on track to restart in September 2023.
The surface stockpile has increased to approximately 73,000 tons of crushed ore, in preparation for sustained process operations on planned mill restart in September 2023.
Mining of the first stope began in early August and is expected to be completed before the end of August to provide an open stope for paste backfill placement to allow for commissioning of the paste plant.
Dumas Contracting USA Inc. (“Dumas”) completed all vertical and lateral development for the underground ore handling project and, as a result, the project has been turned over to RAM Enterprise, Inc. for the installation and commissioning of all mechanical and electrical components including the conveyors and crusher systems.
Dumas also advanced the Geho de-watering system installation and expects to have the new Geho pumps running by the end of the third quarter of 2023.
To date, the Company has rehabilitated ore passes #1 and #2 and expects to complete ore pass #3 in August 2023.
The Nevada Copper workforce has increased year to date by 30% to 177 employees, not including the development and projects contractor workforce; the largest workforce in the Company’s history.
Randy Buffington, President & CEO, stated: “The team, alongside our contracting partners, has made significant strides in advancing the underground mining and development activities at Pumpkin Hollow to enable the restart of milling activities in the third quarter, as planned. The process plant preparation and restart activities are moving forward well with September representing a significant milestone for Nevada Copper. The restart of processing operations will mark the end of restart activities and the beginning of an exciting new chapter for Nevada Copper as we realize the potential of this significant North American copper asset.”
2023 Outlook Reiterated
Nevada Copper reiterates its outlook for 2023 with the principal objective of achieving nameplate milling throughput of 5,000 tons per day (“tpd”) by the end of the year and all critical underground infrastructure complete and sufficient advance development to support sustained operations.
With the vent shaft project complete, underground lateral development continues to ramp-up as SMD increases staffing levels to meet development expectations. Lateral development over the second half of 2023 is planned to be 16,000 ft of combined primary and stope development. Commissioning of the underground crush and convey system is now scheduled for late October 2023 reflecting delays in underground excavation. To support the start of stope mining by the Company in September, existing ore passes and the surface crusher are being utilized until commissioning of the underground crusher is complete.
Mill restart is scheduled in September 2023 at an expected rate of approximately 3,500 tons per day. The mill and paste plant will be re-commissioned on low-grade stockpiled ore. Mill capacity and grade are expected to increase through the balance of 2023, however, milled grades will remain lower than average stope grades, as lower grade development ore constitutes a higher percentage of mill feed through these early commissioning months. The Company plans to truck its first concentrates in late September with first revenues expected in the fourth quarter.
Filing of Second Quarter 2023 Financial Statements and MD&A Nevada Copper filed its consolidated interim financial statements and management’s discussion and analysis (“MD&A”) for the quarter ended June 30, 2023. These filings can be found on the Company’s website at www.nevadacopper.com and the Company’s SEDAR+ profile at www.sedarplus.ca.
QualifiedPerson The technical information and data in this news release has been reviewed by Steven Newman, member of SME, Vice President of Technical Services and Greg French, C.P.G., VP Exploration of Nevada Copper, each of whom are a non-independent Qualified Person within the meaning of NI 43-101.
About Nevada Copper
Nevada Copper (TSX: NCU) is the owner of the Pumpkin Hollow copper project located in Nevada, USA with substantial reserves and resources including copper, gold and silver. Its two fully permitted projects include the high-grade Underground Mine and processing facility, which is undergoing a restart of operations, and a large-scale open pit PFS stage project.
Randy Buffington President & CEO
For additional information, please see the Company’s website at www.nevadacopper.com, or contact:
Tracey Thom | Vice President, IR and Community Relations tthom@nevadacopper.com +1 775 391 9029
Cautionary Language on Forward Looking Statements This news release contains “forward-looking information” and “forward-looking statements” within the meaning of applicable Canadian securities laws. All statements in this news release, other than statements of historical facts, are forward-looking statements. Such forward-looking information and forward-looking statements specifically include, but are not limited to, statements that relate to the advancement of restart operations at the Underground Mine. There can be no assurance that ramp-up of the Underground Mine will occur or will not cost more than expected and require the Company to raise additional financing. There can be no assurance that any such additional financing will be available on terms that are favourable to the Company or at all.
Forward-looking statements and information include statements regarding the expectations and beliefs of management. Often, but not always, forward-looking statements and forward-looking information 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 information should not be read as guarantees of future performance and results. They are subject to known and unknown risks, uncertainties and other factors which may cause the actual results and events to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information.
Such risks and uncertainties include, without limitation, those relating to: results of exploration programs, the potential need for additional capital and no assurance can be given regarding the availability thereof; the ability of the Company to complete the restart and ramp-up of the Underground Mine within the expected cost estimates and timeframe; the impact of COVID-19 on the business and operations of the Company; the state of financial markets; history of losses; dilution; adverse events relating to milling operations, construction, development and restart and ramp-up, including the ability of the Company to address underground development and process plant issues; ground conditions; cost overruns relating to development, construction and restart and ramp-up of the Underground Mine; loss of material properties; interest rate increases; global economy; limited history of production; future metals price fluctuations; speculative nature of exploration activities; periodic interruptions to exploration, development and mining activities; environmental hazards and liability; industrial accidents; failure of processing and mining equipment to perform as expected; labour disputes; supply problems; uncertainty of production and cost estimates; the interpretation of drill results and the estimation of mineral resources and reserves; changes in project parameters as plans continue to be refined; possible variations in ore reserves, grade of mineralization or recovery rates from management’s expectations and the difference may be material; legal and regulatory proceedings and community actions; accidents; title matters; regulatory approvals and restrictions; increased costs and physical risks relating to climate change, including extreme weather events, and new or revised regulations relating to climate change; permitting and licensing; dependence on management information systems and cyber security risks; volatility of the market price of the Company’s securities; insurance; competition; hedging activities; currency fluctuations; loss of key employees; other risks of the mining industry as well as those risks discussed in the Company’s Management’s Discussion and Analysis in respect of the year ended December 31, 2022 and in the section entitled “Risk Factors” in the Company’s Annual Information Form dated March 20, 2023. The forward-looking statements and information contained in this news release are based upon assumptions management believes to be reasonable, including, without limitation: no adverse developments in respect of the property or operations at the project; no material changes to applicable laws; the restart and ramp-up of operations at the Underground Mine in accordance with management’s plans and expectations; no material adverse impacts from COVID-19 going forward; the Company will be able to obtain sufficient additional funding to complete the restart and ramp-up of the Underground Mine, if required, no material adverse change to the price of copper from current levels; and the absence of any other factors that could cause actions, events or results to differ from those anticipated, estimated or intended.
The forward-looking information and statements are stated as of the date hereof. The Company disclaims any intent or obligation to update forward-looking statements or information except as required by law. Although the Company has attempted to identify important factors that could cause actual actions, events, or results to differ materially from those described in forward-looking information and statements, there may be other factors that could cause actions, events or results not to be as anticipated, estimated or intended. Specific reference is made to “Risks and Uncertainties” in the Company’s Management’s Discussion and Analysis in respect of the year ended December 31, 2022 and “Risk Factors” in the Company’s Annual Information Form dated March 20, 2023, for a discussion of factors that may affect forward-looking statements and information. Should one or more of these risks or uncertainties materialize, should other risks or uncertainties materialize or should underlying assumptions prove incorrect, actual results and events may vary materially from those described in forward-looking statements and information. For more information on the Company and the risks and challenges of its business, investors should review the Company’s filings that are available at www.sedarplus.com.
The Company provides no assurance that forward-looking statements and information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements or information. Accordingly, readers should not place undue reliance on forward-looking statements or information.
Vancouver, British Columbia–(Newsfile Corp. – August 10, 2023) – Ridgeline Minerals Corp. (TSXV: RDG) (OTCQB: RDGMF) (FSE: 0GC0) (“Ridgeline” or the “Company“) is pleased to announce that Nevada Gold Mines LLC (“NGM” or “Nevada Gold Mines“), a joint venture between Barrick Gold and Newmont Corp., has mobilized a drill rig to the Swift Gold Project (“Swift“) located in the Cortez District of the Battle Mountain – Eureka mine trend (Figure 1). Ridgeline entered into an exploration earn-in agreement with NGM on September 22, 2021 (see press release HERE) where NGM can incur a minimum of US$ 20 million (of which US$ 5 million has been spent to-date) in qualifying work expenditures over an initial five-year term to earn an initial 60% interest in Swift, and will have further options to increase its interest to a total 75% interest. Details of the proposed drill program are highlighted below.
Drill Program Highlights
Drill hole SW23-005 will target the intersection of proposed low-angle structures and favourable lower plate carbonate host rocks of the Wenban and Roberts Mountains Formations.
Drill hole will provide key litho-structural information between historical drill intercepts in hole MCK-99-5A (18.3 meters (“m”) grading 0.64 grams per tonne (“g/t”) gold (“Au”)) and 2022 NGM drill intercepts in SW22-002 (41.9 m grading 0.26 g/t Au) and SW22-003 (48.8 m grading 0.45 g/t Au), (see Figure 2 and February 16, 2023 press release HERE)
Drill hole SW22-004 will be extended from a starting depth of 1,104 m where the hole was previously halted by NGM in January 2023 due to severe winter weather conditions.
Drilling returned up to 3.0 m grading 2.27 g/t Au in Upper Plate rocks prior to intersecting Lower Plate host rocks at 1,065 m (Figure 2).
Hole will be extended through prospective host rocks to an anticipated depth of 1,500+ meters.
Chad Peters, Ridgeline’s President, CEO & Director commented, “To date, we are very encouraged by the exploration results at Swift with early results highlighting the potential to discover a large Carlin-Type gold system. The Nevada Gold Mines team has done an exceptional job generating a property-wide geologic model and SW23-005 will target a highly prospective structural corridor bounded by mineralized gold intercepts on both sides. We look forward to updating our shareholders as results are received.”
Figure 1: Plan view map showing the location of the Swift exploration earn-in agreement with Nevada Gold Mines. Modified from Barrick Investor Day presentation¹ (November 18, 2022 Presentation HERE)
Swift is located on the Cortez District of the historic Battle Mountain – Eureka Trend approximately 30 kilometers (“km”) south of the town of Battle Mountain, in Lander County, Nevada. The district-scale 75 km² property is on trend to the Pipeline, Cortez Hills, and Goldrush deposits (View our Swift VRIFY Presentation), which comprise the multi-million ounce Cortez Complex owned by Nevada Gold Mines (a joint venture between Barrick Gold and Newmont Corp.). Ridgeline entered into an exploration earn-in agreement with NGM on September 22, 2021, where NGM can incur a minimum US$20 million (of which US$ 5 million has been spent to-date) in qualifying work expenditures over an initial five-year term to earn an initial 60% interest in the Swift gold project. NGM will have further options to increase its interest to a total 75% interest (subject to additional expenditures and commitments).
QAQC Procedures
Samples are submitted to ALS Minerals, Elko Nevada, which is a certified and accredited laboratory, independent of Nevada Gold Mines. Samples are prepared using industry-standard prep methods and analysed using Au-AA23 (Au; 30 g fire assay) and ME-MS61 (48 element Suite; 0.25 g 4-acid digestion/ICP-MS) methods. ALS also undertakes its own internal coarse and pulp duplicate analysis to ensure proper sample preparation and equipment calibration. Nevada Gold Mines QAQC program includes regular insertion of CRM standards, duplicates, and blanks into the sample stream with a stringent review of all results completed internally by Nevada Gold Mines technical personnel.
Technical information contained in this news release has been reviewed and approved by Michael T. Harp, CPG. the Company’s Vice President, Exploration, who is Ridgeline’s Qualified Person under National Instrument 43-101 and responsible for technical matters of this release.
About Ridgeline Minerals Corp.
Ridgeline is a discovery focused gold-silver explorer with a proven management team and a 192 km² exploration portfolio across six projects in Nevada and Idaho, USA. More information about Ridgeline can be found at www.RidgelineMinerals.com.
On behalf of the Board “Chad Peters” President & CEO
Further Information: Chad Peters, P.Geo. President & CEO Ridgeline Minerals Corp. (775) 304-9773 | info@ridgelineminerals.com
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
Statements contained in this press release that are not historical facts are “forward-looking information” or “forward-looking statements” (collectively, “Forward-Looking Information”) within the meaning of applicable Canadian securities legislation and the United States Private Securities Litigation Reform Act of 1995. Forward-Looking Information includes, but is not limited to, the anticipated benefits of the Earn-In Agreement and the transaction contemplated thereby. The words “potential”, “anticipate”, “meaningful”, “discovery”, “forecast”, “believe”, “estimate”, “expect”, “may”, “will”, “project”, “plan”, “historical”, “historic” and similar expressions are intended to be among the statements that identify Forward-Looking Information. Forward-Looking Information involves known and unknown risks, uncertainties and other factors which may cause the actual results to be materially different from any future results expressed or implied by the Forward-Looking Information. In preparing the Forward-Looking Information in this news release, Ridgeline has applied several material assumptions, including, but not limited to, assumptions that TSX Venture Exchange approval will be granted in a timely manner subject only to standard conditions; the current objectives concerning the Project can be achieved and that its other corporate activities will proceed as expected; that general business and economic conditions will not change in a materially adverse manner; and that all requisite information will be available in a timely manner. Forward-Looking Information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements of Ridgeline to be materially different from any future results, performance or achievements expressed or implied by the Forward-Looking Information. Such risks and other factors include, among others, risks related to dependence on key personnel; risks related to unforeseen delays; risks related to historical data that has not been verified by the Company; as well as those factors discussed in Ridgeline’s public disclosure record. Although Ridgeline has attempted to identify important factors that could affect Ridgeline and may cause actual actions, events, or results to differ materially from those described in Forward-Looking Information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that Forward-Looking Information 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 Information. Except as required by law, Ridgeline does not assume any obligation to release publicly any revisions to Forward-Looking Information contained in this news release to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
Vancouver, British Columbia–(Newsfile Corp. – August 8, 2023) – EMX Royalty Corporation (TSXV: EMX) (NYSE American: EMX) (the “Company” or “EMX”) is pleased to announce the execution of an agreement (the “Agreement”) to add its Mjövattnet and Njuggträskliden nickel-copper-PGE-cobalt projects in Sweden (the “Swedish Projects”) to an existing arrangement with Kendrick Resources PLC (“Kendrick”), a current EMX partner. Mjövattnet and Njuggträskliden battery metals projects will follow the same schedule of work commitments, advance royalty payments and milestone payments as the Espedalen battery metals project in Norway, another EMX royalty property being advanced by Kendrick. EMX will retain a 3% NSR royalty on the Swedish Projects along with other considerations summarized below. Kendrick is a Scandinavian focused energy metal exploration and development company currently listed on the London Stock Exchange (“LSE”) under the trading symbol “KEN”. See Figure 1 for project locations.
Each of the Swedish Projects contain nickel-copper-cobalt-PGE (Ni-Cu-Co-PGE) sulfide deposits associated with mafic-ultramafic intrusive complexes in the Skellefteå region of north-central Sweden, and both contain historical mineral resources. The Skellefteå area is known for its mining culture and heritage and is home to multiple actives mines, processing facilities and Boliden AB’s Rönnskär smelting complex.
The addition of the Swedish Projects follows Kendrick’s recent announcement of compelling drill results from the Espedalen battery metals project in Norway, a key EMX royalty property. Kendrick recently announced drill reported but Espedalen, including 11.60 meters averaging 2.85% nickel, 1.04% copper and 0.08% cobalt from 52.4 meters depth in drill hole ESP23-08, drilled at the Stormyra prospect on the Espedalen license (true width not reported, but can be estimated at 70-80% according to published cross sections)1. Please see www.EMXroyalty.com for more information on these and other battery metal projects in EMX’s portfolio.
Commercial Terms Overview. In accordance with the Agreement, Kendrick will issue to EMX 15,000,000 options exercisable at a strike price of 1.3 pence (GBX) for 60 months. EMX currently holds an 8.8% equity stake in Kendrick, and the options will allow EMX to maintain its equity position for the foreseeable future. Additional provisions include:
A 3% NSR royalty in favor of EMX, 1% of which can be bought down by Kendrick by paying EMX $1,000,000 by the fifth anniversary of the agreement (leaving EMX with a minimum 2% NSR royalty).
Annual work commitments of 1,000 meters of drilling on each of the Swedish Projects.
Annual Advance Royalty Payments (“AAR’s”) on each of the Swedish Projects beginning at $30,000 in 2024 and escalating by $5,000 per year.
Overview of the Swedish Projects. Regional nickel exploration became a focus of the Swedish Geological Survey (“SGU”) and other state-run mining concerns in the 1970’s and early 1980’s, leading to the discoveries of the Mjövattnet and Njuggträskliden nickel-copper-cobalt-PGE deposits along what became known as the “Nickel Line” in north central Sweden. The Nickel Line is broadly coincident with a belt of similar aged volcanogenic massive sulfide (“VMS”) type deposits and orogenic gold deposits that comprise the greater Skellefteå Mining Region.
Mjövattnet Project. The translation of Mjövattnet is “mead water” in English, which was one of the first nickel sulfide discoveries made along the Nickel Line. Discovered in 1971, the Mjövattnet nickel sulfide deposit occurs along a structural corridor of similar mineralized bodies, including the Lappvattnet Brannorna, and Lappbacken zones to the southwest, each of which have drill defined zones of mineralization, with the latter two also lying within the EMX license (See Figure 2; note that Lappvattnet is currently held by a third party). Notes from the Swedish Geological Company (“NSG”) in 1987 state that Mjövattnet has only been partly explored and its depth potential remains unknown2. Likewise, several clusters of nickel sulfide bearing boulders lie to the northeast and southeast (the Frangsmyran, Holmsvattnet, Långbacken and Vallen occurrences), the bedrock sources of which have yet to be identified.
This combination of known, drilled defined nickel sulfide mineralization which remains open in multiple directions, and the upside potential in the vicinities of the clusters of mineralized boulders makes the Mjövattnet project particularly attractive for further exploration.
Njuggträskliden Project. This deposit was discovered in the early 1970’s via boulder tracing, which led to the identification of several mineralized outcrops. Multiple drill defined zones of nickel sulfide mineralization were delineated in the early 1980’s, many of which were recognized as being enriched in PGE’s, but only some of the collected drill core samples were analyzed for PGE’s.
The drill defined zones of mineralization at Njuggträskliden remain open at depth, and the NSG noted in their summary report that a 10 kilometer corridor of similar boulder clusters with nickel sulfide mineralization remains to be explored at Njuggträskliden (see Figure 3)3. These occurrences all lie within the EMX license and represent considerable upside exploration potential. Since being drilled by the NSG, a few smaller companies have conducted limited exploration in the area, including twinning of some of the historic holes and reanalyzing the historic drill core for PGE’s. However, little to no systematic exploration has taken place.
Recent exploration programs conducted by EMX have identified numerous new copper and nickel soil anomalies on the Njuggträskliden project. Some of these newly recognized anomalies coincide with clusters of mineralized glacially transported boulders, the source(s) of which have not yet been discovered.
Exploration Plans for 2023. Permitting for drill testing has already begun, and Kendrick expects to commence a maiden drill program at Mjövattnet in later 2023 or early 2024.
Comments on Nearby and Adjacent Properties. The mines and deposits discussed in this news release provide context for EMX’s Projects, which occur in a similar geologic setting, but this is not necessarily indicative that the Projects host similar quantities, grades or styles of mineralization.
Dr. Eric P. Jensen, CPG, a Qualified Person as defined by National Instrument 43-101 and employee of the Company, has reviewed, verified and approved the disclosure of the technical information contained in this news release.
About EMX. EMX is a precious, base and battery 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 the TSX Venture Exchange under the symbol “EMX”, and also trade on the Frankfurt Exchange under the symbol “6E9”. Please see www.EMXroyalty.com for more information.
For further information contact:
David M. Cole President and Chief Executive Officer Phone: (303) 973-8585 Dave@emxroyalty.com
Scott Close Director of Investor Relations Phone: (303) 973-8585 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 reserve and resource estimates, work programs, capital expenditures, timelines, strategic plans, market prices for precious and base metal, or other statements that are not statements of fact. When used in this news release, words such as “estimate,” “intend,” “expect,” “anticipate,” “will”, “believe”, “potential” and similar expressions are intended to identify forward-looking statements, which, by their very nature, are not guarantees of the Company’s future operational or financial performance, and are subject to risks and uncertainties and other factors that could cause the Company’s actual results, performance, prospects or opportunities to differ materially from those expressed in, or implied by, these forward-looking statements. These risks, uncertainties and factors may include, but are not limited to: unavailability of financing, failure to identify commercially viable mineral reserves, fluctuations in the market valuation for commodities, difficulties in obtaining required approvals for the development of a mineral project, increased regulatory compliance costs, expectations of project funding by joint venture partners and other factors.
Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this news release or as of the date otherwise specifically indicated herein. Due to risks and uncertainties, including the risks and uncertainties identified in this news release, and other risk factors and forward-looking statements listed in the Company’s MD&A for the quarter ended March 31, 2023 (the “MD&A”), 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.
1 See Kendrick Resources PLC News Release dated May 4, 2023: “Stormyra Second Batch Assay Results Maiden Diamond Drill Programme”. EMX has not performed sufficient work to verify the published assay results, and these data cannot be verified as being compliant with NI43-101 standards. However, EMX believes these results to be reliable and relevant. 2 Information from the Geological Survey of Sweden archives in Malå., Sweden. 3 Information from the Geological Survey of Sweden archives in Malå., Sweden., including report BRAP 81007, 1981, Nickelmineraliseringarna i Njuggtraskliden.
Hot Chili Limited (ASX: HCH) (TSXV: HCH) (OTCQX: HHLKF) (“Hot Chili” or the “Company”) is pleased to announce that drilling has re-commenced across the western extension of the Cortadera porphyry resource, part of the Company’s Costa Fuego Copper-Gold Project (“Costa Fuego” or “the Project”) located 600 km north of Santiago, at low elevation (<1,000 m) in the coastal range of the Atacama Region, Chile.
Drilling operations have been underway for five days with one reverse circulation rig in operation and further diamond drill rigs to be added as the Company ramps up its fully-funded 30,000m expansion drilling programme across Costa Fuego.
Given the Company’s significant advance on its Pre-Feasibility Study for Costa Fuego (over 80% complete) and high Indicated categorisation of the current Mineral Resource (82% Indicated), the majority of planned drilling is being directed toward exploration and mineral resource growth.
A mineral resource update for Costa Fuego is planned to be completed in H2 2023 and will include drilling from the current 30,000m programme as well as significant drilling undertaken across Costa Fuego since the beginning of 2022.
The Company is well funded with approximately A$26 million in treasury following closing of its recent investment agreement with Osisko Gold Royalties for US$15 million (as announced 26th July 2023).
A PEA technical report prepared in accordance with NI 43-101 (as defined below) will be filed on SEDAR+ by 11th August 2023.
The Company looks forward to providing further updates on results from drilling activities and ongoing development study workstreams.
To access the announcement please click on the link below.
Vancouver, British Columbia–(Newsfile Corp. – August 1, 2023) – EMX Royalty Corporation (NYSE American: EMX) (TSXV: EMX) (FSE: 6E9) (the “Company” or “EMX”) is pleased to announce the execution of a binding term sheet with Franco-Nevada Corporation (“Franco-Nevada”) for the joint acquisition of newly created precious metals and copper royalties sourced by EMX (the “Agreement”). Franco-Nevada will contribute 55% (up to US$5.5 million) and EMX will contribute 45% (up to US$4.5 million) towards the royalty acquisitions, with the resulting royalty interests equally split (i.e. 50/50). The initial term is for three years from the signing date, or until the maximum contributions totaling US$10 million from both companies have been met, and may be extended if mutually agreed by both companies.
EMX and Franco-Nevada believe that royalty financing capital is sorely needed in an exploration sector where equity capital is difficult to source. The Agreement allows EMX to direct a large amount of capital towards the royalty generation aspect of its business model, and Franco-Nevada to participate in exploration stage royalty financing opportunities identified by EMX. Franco-Nevada is already an EMX shareholder (6.1% fully diluted), having made a $10 million private placement to facilitate the Company’s purchase of additional royalty interests in the Caserones copper (molybdenum) mine in Chile last year (see EMX news release dated April 14, 2022). In parallel with EMX’s royalty acquisition, Franco-Nevada also purchased a royalty interest in Caserones.
Commercial Terms Overview. Pursuant to the terms of the Agreement dated June 27, 2023, EMX will source newly created precious metals royalties (“Precious Metals Royalties”) and/or copper royalties (“Copper Royalties”, and together with Precious Metals Royalties, “Royalties” and each a “Royalty”) exclusively for the benefit of EMX and Franco-Nevada (jointly the “Parties”). The Royalties will be for all minerals from mining projects having primary economic metal(s) that are precious metals or copper, but the Agreement will not apply to the purchase of existing third-party royalty interests or exploration lands.
The material Agreement terms are (all dollar amounts are in U.S. dollars (USD)):
Franco-Nevada will contribute 55% and EMX will contribute 45% of the purchase price of all Royalties, with such Royalties being equally split (i.e. 50/50) between each Party. Franco-Nevada will commit up to $5.5 million and EMX will commit up to $4.5 million for the acquisition of Royalties, totaling $10 million from both Parties (the “Capital Commitment”).
To illustrate the above, for a new 1% Royalty with a $1 million dollar purchase price, Franco-Nevada would contribute $550 thousand and EMX would contribute $450 thousand, with each Party receiving a 0.5% Royalty.
EMX will be responsible for managing all Royalty transaction sourcing, asset analysis, due diligence review, contract negotiations and other related activities in connection with the acquisition of Royalties.
The Agreement will expire upon the earlier of: (i) the contribution of the full Capital Commitment; or (ii) the date that is three years after the execution of the Agreement (the “Initial Term”), subject to extension upon mutual agreement of the Parties.
Discussion. The Agreement with Franco-Nevada is expected to accelerate the growth of the Company’s royalty portfolio by allowing EMX to direct a larger amount of capital towards new royalty acquisitions through exploration royalty financing or other entrepreneurial means. EMX’s assets currently include over 250 exploration and early stage royalty generation projects, in addition to six producing and eleven advanced royalty properties. The Company has active programs and important assets in North America (the western U.S., Canada, and Mexico), South America (Chile, Peru, and Argentina), Europe (Fennoscandia, Serbia and the other Balkans), western Asia (Turkey), Africa (Morocco and Botswana), and Australia. From these countries and regions, the Company manages its portfolio utilizing in-country or in-region exploration teams, consultants, and advisers. EMX’s search for new royalty opportunities will be led in the western hemisphere by Chief Geologist, Dr. David Johnson, in the eastern hemisphere by General Manager of Exploration, Dr. Eric Jensen, and globally by General Manager of Corporate Development, Thomas Mair.
The precious metals and copper focused search for new royalties leverages EMX’s experience in assessing opportunities for these commodities. The Company’s portfolio is principally comprised of gold (59%) and copper (21%) assets, with battery (e.g., cobalt, nickel, etc.) and other metals (e.g., lead, zinc, etc.) accounting for the remaining 20%. The Company’s current portfolio provides a strong base from which to source new royalties for both companies.
EMX is well positioned to source new royalty opportunities under the Agreement. In particular, the EMX – Franco-Nevada initiative well-suited for the acquisition of new royalties from companies that have promising precious metals or copper projects, but are confronted by the current challenging environment for exploration funding. Interested third parties are encouraged to see www.EMXroyalty.com for more information regarding key management contacts, as well as the Company’s portfolio and business strategy.
Qualified Person. Michael P. Sheehan, CPG, a Qualified Person as defined by National Instrument 43-101 and employee of the Company, has reviewed, verified and approved the disclosure of the technical information contained in this news release.
About EMX. EMX is a precious, base and battery 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”, and also trade on the Frankfurt exchange under the symbol “6E9”. Please see www.EMXroyalty.com for more information.
About Franco-Nevada. Franco-Nevada Corporation is the leading gold-focused royalty and streaming company with the largest and most diversified portfolio of cash-flow producing assets. Its business model provides investors with gold price and exploration optionality while limiting exposure to cost inflation. Franco-Nevada uses its free cash flow to expand its portfolio and pay dividends. It trades under the symbol FNV on both the Toronto and New York stock exchanges.
For further information contact:
David M. Cole President and Chief Executive Officer Phone: (303) 973-8585 Dave@emxroyalty.com
Scott Close Director of Investor Relations Phone: (303) 973-8585 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 March 31, 2023 (the “MD&A”), and themost 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.
Edmonton, Alberta–(Newsfile Corp. – July 31, 2023) – Grizzly Discoveries Inc. (TSXV: GZD) (FSE: G6H) (OTCQB: GZDIF) (“Grizzly” or the “Company”) is pleased to announce that crews have been mobilized to the Rock Creek camp and have commenced work at Midway, Copper Mountain and the Imperial target areas within the Greenwood Precious and Battery Metals Project.
Geological and prospecting crews have commenced prospecting, geological mapping, rock and soil sampling within the Greenwood Project. The intent is to prepare these target areas for drilling later this year. The Company is awaiting land use permits for conducting drilling and trenching at the Midway Mine area as well as drilling at Copper Mountain, Imperial and potentially the Sappho target areas (Figure 1).
The geological and prospecting crew has made a new discovery of sulphide in a quartz vein zone on an extension to the Mabel Jenny structural zone in the Copper Mountain project area. Figures 2 and 3 outline a new road cut from which a rock grab sample collected in 2022 returned 7.5 grams per tonne gold (g/t Au), 54 g/t silver (Ag), 2.04% zinc (Zn) and 0.067% Cu. The new logging road cut has been dug out and cleaned up with a number of new samples collected (Figure 2). The road cut is approximately 150 m northwest of the Mabel Jenny historical workings (Figure 3). Another 2022 rock grab sample collected about 100 m further northwest yielded 1.01 g/t Au.
Figure 2: New discovery of a quartz vein breccia zone with sulphide about 150 m northwest of Mabel Jenny. Click here for video clip: Quartz vein breccia zone with sulphide
A single drillhole in the area of the Mabel Jenny workings intersected a propylitic to argillic altered quartz diorite with pervasive pyrite, quartz veining and localized breccia zones. The 178 m hole returned up to 0.21 g/t Au over 42.8 m with a core of 0.4 g/t Au across 18.2 m core length, but more importantly every sample was anomalous with gold, with not a single sample returning less than detection background gold.
The geological crews have collected approximately 1,200 soil samples and 200 rock samples from the Midway and Copper Mountain areas to date. Assays results will be reported as they become available.
Figure 3: Samples and drillholes on backdrop of HLEM and Geology.
The goal of the current fieldwork is to improve the targeting for the late summer – fall drilling campaigns at a number of precious metal and battery metal targets across the property and continue to develop a pipeline of high priority precious metal and battery metal targets that are all permitted and ready for a long 2023 drilling campaign in order to prioritize these assets into those that can deliver future mineral resources with additional drilling, eventually leading to some form of economic studies and scenarios that might be able to take advantage of local toll treating opportunities that exist in the Greenwood – Republic region.
Brian Testo, President and CEO of Grizzly Discoveries stated, “We are extremely excited with the progress that our prospecting team has made to date. The new discovery of a quartz vein breccia zone near the Mable Jenny target is an excellent start to the 2023 exploration season. Grizzly plans to pursue this and a number of high grade gold – silver showings and historical mines within our current 160,000+ acre land holdings in the Greenwood District. We have numerous prospective zones that could potentially result in additional new discoveries along with the multiple historical mining production showings that Grizzly intends to drill and advance.”
2023 Exploration Update for Greenwood
Additional drilling is warranted in 2023 at both the Dayton and Motherlode North target areas in order to follow-up the anomalous results of the 2022 drilling program. In addition, there other targets at Motherlode North in the vicinity of the Motherlode Pit, the Greyhound Pit and the Great Hopes crown grant that have yet be drill tested.
Drilling and trenching permit applications have been submitted for the 2023 season for the Midway, Sappho, Copper Mountain and Imperial target areas.
Additional permit applications for drilling at the Crown Point and the Overlander-Mt Attwood areas are in preparation and will be submitted in the near future.
The Midway area is being targeted for copper-gold skarn and epithermal gold-silver.
At Midway, selective rock grab and composite rock grab samples from outcrop collected from the Midway Mine-Picturestone area, with 4 of 7 rock grab samples from outcropping mineralization
in the Midway Mine historical pit yielded a range of 12.05 g/t (or 0.351 ounces per ton [oz/t]) Au up to 70.8 g/t (2.065 oz/t) Au (See Company news release dated October17, 2022).
Three (3) of the 7 selective rock grab samples from the Midway Mine pits yielded from 1,360 g/t Ag (39.7 oz/t Ag) up to 2,140 g/T Ag (62.4 oz/t Ag) (see the Company news release dated October 17, 2022).
All highly anomalous samples are from outcrop and characterized by the presence of abundant pyrite, arsenopyrite with visible galena and sphalerite in a siliceous chalcedonic host. The mineralization is hosted in polymetallic veins that display the presence of Pb, Zn, Cu, arsenic (As) and antimony (Sb) and are likely epithermal in nature.
A selective rock grab sample from outcrop 200 m west of the main Midway Mine yielded 15.85 g/t Au (0.462 oz/t Au) and 1,530 g/T Ag (44.6 oz/t Ag), illustrating that there is potential for additional high-grade mineralization in the area.
The Sappho area is being targeted for copper-gold-PGEs skarn and porphyry type targets associated with an alkalic intrusion and several diorite intrusions south of Greenwood near the US border.
At least five new showings of copper oxide/sulphide mineralization were found during the 2022 program at the Sappho Target.
Previous surface sampling and drilling by Grizzly at the Sappho area has yielded significant anomalous copper, gold, silver along with platinum and palladium.
Numerous rock grab samples have yielded greater than 1% copper, 1 g/t gold, 1 g/t platinum and 1 g/t palladium (see Company news release dated November 3, 2022).
Historical drilling (by the Company) has yielded up to 0.31% Cu, 0.75 g/t Au, 0.34 g/t Pt, 0.39 g/t Pd and 6.57 g/t Ag over 6.5 m core length in skarn at Sappho in 2010.
Quality Assurance and Control
Rock and soil samples were analyzed at ALS Global Laboratories (Geochemistry Division) in Vancouver, Canada (an ISO/IEC 17025:2017 accredited facility). Gold was assayed using a fire assay with atomic emission spectrometry and gravimetric finish when required (+10 g/t Au). Rock grab and rock chip samples from outcrop/bedrock are selective by nature and may not be representative of the mineralization hosted on the project.
The sampling program was undertaken by Company personnel under the direction of Michael B. Dufresne, M.Sc., P.Geol., P.Geo. A secure chain of custody is maintained in transporting and storing of all samples.
The technical content of this news release and the Company’s technical disclosure has been reviewed and approved by Michael B. Dufresne, M. Sc., P. Geol., P.Geo., who is the Qualified Person as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects.
ABOUT GRIZZLY DISCOVERIES INC.
Grizzly is a diversified Canadian mineral exploration company with its primary listing on the TSX Venture Exchange focused on developing its approximately 66,000 ha (approximately 165,000 acres) of precious and base metals properties in southeastern British Columbia. Grizzly is run by a highly experienced junior resource sector management team, who have a track record of advancing exploration projects from early exploration stage through to feasibility stage.
On behalf of the Board,
GRIZZLY DISCOVERIES INC. Brian Testo, CEO, President
Suite 363-9768 170 Street NW Edmonton, Alberta T5T 5L4
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Caution concerning forward-looking information
This press release contains “forward-looking information” and “forward-looking statements” within the meaning of applicable securities laws. This information and statements address future activities, events, plans, developments and projections. All statements, other than statements of historical fact, constitute forward-looking statements or forward-looking information. Such forward-looking information and statements are frequently identified by words such as “may,” “will,” “should,” “anticipate,” “plan,” “expect,” “believe,” “estimate,” “intend” and similar terminology, and reflect assumptions, estimates, opinions and analysis made by management of Grizzly in light of its experience, current conditions, expectations of future developments and other factors which it believes to be reasonable and relevant. Forward-looking information and statements involve known and unknown risks and uncertainties that may cause Grizzly’s actual results, performance and achievements to differ materially from those expressed or implied by the forward-looking information and statements and accordingly, undue reliance should not be placed thereon.
Risks and uncertainties that may cause actual results to vary include but are not limited to the availability of financing; fluctuations in commodity prices; changes to and compliance with applicable laws and regulations, including environmental laws and obtaining requisite permits; political, economic and other risks; as well as other risks and uncertainties which are more fully described in our annual and quarterly Management’s Discussion and Analysis and in other filings made by us with Canadian securities regulatory authorities and available at www.sedar.com. Grizzly disclaims any obligation to update or revise any forward-looking information or statements except as may be required by law.
Sign up to Stay Up to Date on News and Progress from Page
