VANCOUVER, British Columbia, July 24, 2023 (GLOBE NEWSWIRE) — Rover Metals Corp. (TSXV: ROVR) (OTCQB: ROVMF) (FSE:4XO) (“Rover” or the “Company”) has been notified by the U.S. Bureau of Land Management that it must complete a plan of operations prior to commencing any exploration drilling at its Let’s Go Lithium (“LGL”) project in rural Nevada.
Starting this week, the Company will begin to interview suitable environmental consulting firms to assist the Company with its Plan of Operations For Exploration and any necessary environmental assessment under the National Environmental Policy Act (“NEPA”). The NEPA process will include public engagement. The Company will provide an updating release once it has engaged an environmental consulting firm.
Let’s Go Lithium Underlying Option Agreement The vendor of the LGL project, GenGold2, LLC, has agreed to give certain concessions with regards to the timing and the amounts of future option payments as a result of the BLM requirement. An updating news release will be provided once the company has amended its Option Agreement for the LGL project.
Judson Culter, CEO at Rover Metals, states “the LGL claims adjoin Lhoist North America’s (“Lhoist’s”) Amargosa Valley Specialty Clays Mine. Lhoist’s mining activity in the area dates back to 1972. To the best of management’s knowledge, there have been no negative environmental impacts from over 50 years of specialty clay mining in the area. Our management team, including myself, will be planning townhalls and community engagement sessions as we progress through the NEPA process.”
About Rover Metals Rover is a publicly traded junior mining company that trades on the TSXV under symbol ROVR, on the OTCQB under symbol ROVMF, and on the FSE under symbol 4XO. The Company has a diverse portfolio of mining resource development projects with varying exploration timelines. Its critical mineral projects include lithium, zinc, and copper. Its precious metals projects include gold and silver. The Company is exclusive to the mining jurisdictions of the U.S. and Canada.
ON BEHALF OF THE BOARD OF DIRECTORS “Judson Culter” Chief Executive Officer and Director
For further information, please contact: Email: info@rovermetals.com Phone: +1 (778) 754-2617
Statement Regarding Forward-Looking Information This news release contains statements that constitute “forward-looking statements.” Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause Rover’s actual results, performance or achievements, or developments in the industry to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects,” “plans,” “anticipates,” “believes,” “intends,” “estimates,” “projects,” “potential” and similar expressions, or that events or conditions “will,” “would,” “may,” “could” or “should” occur. There can be no assurance that such statements prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements, and readers are cautioned not to place undue reliance on these forward-looking statements. Any factor could cause actual results to differ materially from Rover’s expectations. Rover undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.
THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS NEWS RELEASE REPRESENTS THE EXPECTATIONS OF THE COMPANY AS OF THE DATE OF THIS NEWS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY OTHER DATE. WHILE THE COMPANY MAY ELECT TO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME EXCEPT AS REQUIRED IN ACCORDANCE WITH APPLICABLE LAWS.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OF THIS RELEASE.
Vancouver, British Columbia–(Newsfile Corp. – July 24, 2023) – EMX Royalty Corporation (NYSE American: EMX) (TSXV: EMX) (FSE: 6E9) (the “Company” or “EMX”) is pleased to announce the execution of an option agreement for EMX’s Flåt and Bamble nickel-copper sulfide projects in Norway (the “Projects“) (see Figure 1) to Londo Nickel Limited (“Londo Nickel“), a public unlisted Australian Company. The agreement provides EMX with 2.5% Net Smelter Return (“NSR“) royalty interests, cash and equity payments, work commitments and other considerations. In conjunction with this transaction, Londo Nickel intends to establish a public listing on the Australian Securities Exchange (ASX) later in 2023.
The Flåt and Bamble Projects belong to a belt of Proterozoic mafic intrusions in southern Norway that hosts a variety of nickel-copper sulfide deposits and occurrences (see Figure 1). These deposits were mined in the 20th century to help feed the nearby Nikkelverk smelter, which is now owned and operated by Glencore. During this period Norway was a major supplier of nickel to the world. The mines in southern Norway are also thought to have provided the majority of global nickel production in the late 19th century, and although over 40 mines have operated in the area historically, there has been very little modern exploration. In a broader context, the belt in southern Norway is considered to be the eastern extension of the same geologic trend that hosts the Voisey’s Bay nickel deposits in Labrador, Canada (the regions of modern-day Fennoscandia and Canada were once adjoined in the middle Proterozoic era).
The Projects will provide Londo Nickel with a strong pair of battery metal assets in advance of its proposed ASX listing. EMX and Londo Nickel will work together to apply modern exploration methods and deposit models to advance the Projects.
Commercial Terms Overview (terms are in Australian dollars (AUD) unless otherwise noted). Upon execution, Londo Nickel will make a cash payment of $30,000. During a seven-month option period, Londo Nickel can acquire a 100% interest in the EMX subsidiary company that controls the Projects by paying EMX an additional $20,000. Upon commencement of the IPO and ASX-listing process, Londo Nickel will make an additional cash payment of up to $100,000 and issue 750,000 shares of Londo Nickel to EMX along with 1,000,000 options with each option being exercisable for one share of Londo Nickel at a price of $0.25 for 48 months. Upon the first anniversary of the IPO, Londo Nickel will also pay EMX $50,000 in cash.
Upon completing the option requirements, Londo Nickel will earn 100% interest in each Project with EMX retaining:
A 2.5% NSR royalty interest in each Project.
Annual advance royalty (“AAR“) payments per each Project that commence on the third anniversary of the IPO. These will start at $30,000, with AAR payments increasing by 15% per year on subsequent anniversaries of the IPO until reaching $75,000.
Milestone payments of $250,000 in cash upon announcement via the ASX of a maiden JORC resource for each Project. Additional milestone payments of $500,000 in cash will be made to EMX upon the delivery of a feasibility study for each Project.
To maintain its interest in the Flåt and Bamble Projects, Londo Nickel will also spend a minimum of $300,000 and $100,000, respectively, by the first anniversary of the IPO, and $300,000 each year starting on the second anniversary of the IPO1.
Flåt Project Overview. EMX’s exploration licenses surround the historical Flåt Mine (see Figure 2), which was one of the largest nickel producers in Europe from 1872 through the end of World War II. Total reported production from the mine was 2.7 Mtonnes at average grades of 0.72% Ni, 0.48% Cu, and 0.06% Co2, and was the major source of nickel for the nearby Nikkelverk smelter in the first half of the 20th century. EMX’s land position covers the lateral and downward extensions of the mineralized body exploited by historical mining at Flåt, as well as other nearby historical mine workings. Falconbridge completed the most recent drill program in the 1970’s, but failed to reach the exploration target at depth. Beyond the near-mine targets, Falconbridge also investigated and drill tested other prospects within the intrusive complex, including Mølland and Oreknappen, which are also within the EMX land position. Drill results at Mølland, which include a historical intercept of 6.78 m @ 1.07% Ni, 0.27% Cu from 103.96 m depth (true width unknown), demonstrate additional upside potential on the project.3
Bamble Project Overview. The Bamble nickel-copper-cobalt project covers a 20-kilometer trend of mafic intrusions in the Bamble Belt. Multiple nickel and copper occurrences have been documented on the Bamble property, many of which have historical mine workings including the Skaugen and Nystein-Meikjaer target areas (see Figure 3). The Skaugen target is a 5 x 2 km magnetite-rich gabbroic pluton with a strong geophysical signature. There are disseminated sulfide occurrences around the periphery of the intrusion, with conductive EM anomalies in the center, many of which have never been drill tested.
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 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.sedar.com and on the SEC’s EDGAR website at www.sec.gov.
1 The work commitment for the Bamble project will increase to $300,000 per year following the 3rd anniversary of the IPO.
2 Historical production values provided by the Norwegian Geologic Survey in “The Ore Database”. (https://aps.ngu.no/pls/oradb/minres_deposit_fakta.Main?p_objid=5253&p_spraak=E). EMX has not performed sufficient work to verify the published assay data reported above, and these data cannot be verified as compliant with NI 43-101 standards, however EMX considers them reliable and relevant.
3 The historical drilling was completed by Sulfidmalm in 1968 and 1970 as reported to NGU in ‘The Sulfidemalm 2005 Annual Report’. EMX has not performed sufficient work to verify the historical drill results. However, from independent assessment, EMX considers the historical results to be reliable and relevant as an example providing general context for mineralization occurring on the property.
Vancouver, British Columbia, July 20, 2023 (GLOBE NEWSWIRE) — Terra Balcanica Resources Corp. (“Terra” or the “Company”) (CSE:TERA; FRA:UB1) is pleased to announce closing of the 3rd tranche of the non-brokered private placement financing (the “Offering”) of units (the ”Units”) as it continues drilling the Brezani porphyry target in eastern Bosnia and Herzegovina.
Brezani Phase II Drilling Campaign The Company is testing a 650 m wide conductivity high at the centre of an anomalously magnetic volume of rock, 1.2 km in diameter, where potassic altered porphyritic andesites overprinted by chlorite are found below a gold-bearing skarn (Figure 1). Here, the electrically resistive unit returned 88.0 m of 0.61 g/t AuEq from surface (see Company news release dated 24th of January 2023). The redrilled Phase I drill hole has now been extended beyond its 2022 terminal depth of 215 m along the same dip and azimuth. The HQ diameter diamond drill bit has now reached 468 m as it progresses at a rate of ca. 20 m daily to intercept the >60 mS/m conductor in a week.
Figure 1.A NW-SE geophysical cross section showing the trajectory of the drillhole BREDD002. At 323m, the conductivity reaches 15mS/m and coincides with a pyrite rich footwall indicating that the subsurface resistivity is chiefly controlled by the rock sulfide content. Phyllic altered feldspar phyric andesite (lower right) contains marcasite rich groundmasswith up to 2,000 ppm Sb and 600 ppm Co. Also present are pyrite veins with crosscutting calcite centrelines that yield up to 1,000 ppm Cu(click here to view image). BREDD002 Geology From 240 m to 374.7m below surface, Terra’s BREDD002 drillhole has intersected a large package of phyllic altered hornfels with intermittent porphyry intrusions, crosscut at high angles and associated with both calc-silicate alteration and carbonate base metal veining.
At depth of 320 m and spatially coincident with a sub-horizontal conductivity change drilling has penetrated an intensely silicified structure underneath which there is a substantial increase in the volume of sulfide minerals and density of carbonate base metal veins (Figure 2). This structure, interpreted as a low-angle reverse fault, appears to intersect surface toward NW around the same area where gossanous material was previously mapped. It is suggested that this zone could be a target for intersection of carbonate-hosted, base metal veining.
The fault zone is characterized by increased pyrite veining and minor Zn, Sb, Sn anomalies and up to 2,100 ppm arsenic measured by the pXRF technique. If the current observed modal proportions of pyrite stay above 5 vol.% underneath the fault zone, along with the ubiquitous phyllic alteration overprint, this could be interpreted as evidence of the outer pyrite shell within a classic porphyry system and an indicator of potentially fertile ore system below.
Figure 2.Carbonate base metal vein registering 2,100ppm arsenic by pXRF(click here to view image). Third Tranche Private Placement Financing Closed The Company issued an aggregate of 1,194,118 Units at a price of $0.085 per Unit for gross proceeds of $101,500 pursuant to the Offering announced on April 4th, 2023. Each Unit consists of one common share in the capital of the Company (each, a “Common Share”) and one Common Share purchase warrant (each whole warrant, a “Warrant”). Each Warrant entitles the holder to purchase one Common Share at an exercise price of $0.13 until July 19th, 2026. Finders’ fees in the amount of $1,190 were paid.
Inclusive of the third tranche the Company has issued 9,575,268 units at a price of $0.085 for gross proceeds of $813,898 to date while continuing to raise funds until the end of July. Terra intends to use the net proceeds of the Offering for working capital and to finance the Phase II drilling across its portfolio of properties in Bosnia and Serbia.
Pursuant to applicable Canadian securities laws, all securities issued and issuable in connection with the closing of the Private Placement will be subject to a four (4) month hold period ending November 20th, 2023.
This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws, and may not be offered or sold within the United States, or to or for the account or benefit of any U.S. person or any person in the United States, unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available. “United States” and “U.S. Person” are as defined in Regulation S under the U.S. Securities Act.
Qualified Person Dr. Aleksandar Mišković, P.Geo. is the Company’s designated Qualified Person within the meaning of National Instrument 43-101 Standards of Disclosure of Mineral Projects (“NI 43-101”). Dr. Mišković has reviewed and validated that the information contained in this news release is factual, accurate and precise.
About the Company Terra Balcanica is a polymetallic exploration company targeting large-scale mineral systems in the Balkans of southeastern Europe. The Company has 90% interest in the Viogor-Zanik Project in eastern Bosnia and Herzegovina, 100% of the Kaludra and Ceovishte mineral exploration licences in southern Serbia. The Company emphasizes responsible engagement with local communities and stakeholders. It is committed to proactively implementing Good International Industry Practice (GIIP) and sustainable health, safety, and environmental management.
ON BEHALF OF THE BOARD OF DIRECTORS
Terra Balcanica Resources Corp. “Aleksandar Mišković”
This news release contains certain forward-looking information and forward-looking statements within the meaning of applicable securities legislation (collectively “forward-looking statements”). The use of any of the words“will”, “intends” and similar expressions are intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Such forward-looking statements should not be unduly relied upon. Actual results achieved may vary from the information provided herein as a result of numerous known and unknown risks and uncertainties and other factors. The Company believes the expectations reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct. The Company does not undertake to update these forward-looking statements, except as required by law.
VANCOUVER, British Columbia, July 20, 2023 (GLOBE NEWSWIRE) — Rover Metals Corp. (TSXV: ROVR) (OTCQB: ROVMF) (FSE:4XO) (“Rover” or the “Company”) is pleased to announce that further to its release of June 23, 2023, Rover has received additional orders of $177,000 for its $0.08 Unit Financing. The Company has received approval from the Toronto Venture Exchange (the “TSXV”) to close the second tranche of the Unit financing for gross proceeds of $177,000 (the “Second Closing”). The Company will issue 2,212,500 common shares and 2,212,500 warrants. Finders’ commissions are being paid in connection with the Second Closing in the amount of cash commissions of $6,200 and finders’ warrants of 77,500. The finder’s warrants will have an exercise price of $0.12 and a useful life of two and half (2 ½) years. The shares and warrants issued under the Second Closing will bear the minimum four-month regulatory hold period from the date of issuance. The Company has now raised a total of $677,000 under the first two closings of its financing.
The financing has been led by experienced lithium investors from Europe and Australia.
An updating release will be provided once the Company has completed any future closings of the unit financing, including receipt of final acceptance from the TSXV for the financing.
Use of Proceeds The proceeds from the Second Closing will be used for general and administrative expenses.
About Rover Metals Rover is a publicly traded junior mining company that trades on the TSXV under symbol ROVR, on the OTCQB under symbol ROVMF, and on the FSE under symbol 4XO. The Company has a diverse portfolio of mining resource development projects with varying exploration timelines. Its critical mineral projects include lithium, zinc, and copper. Its precious metals projects include gold and silver. The Company is exclusive to the mining jurisdictions of the U.S. and Canada.
ON BEHALF OF THE BOARD OF DIRECTORS “Judson Culter” Chief Executive Officer and Director
For further information, please contact: Email: info@rovermetals.com Phone: +1 (778) 754-2617
Statement Regarding Forward-Looking Information This news release contains statements that constitute “forward-looking statements.” Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause Rover’s actual results, performance or achievements, or developments in the industry to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects,” “plans,” “anticipates,” “believes,” “intends,” “estimates,” “projects,” “potential” and similar expressions, or that events or conditions “will,” “would,” “may,” “could” or “should” occur. There can be no assurance that such statements prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements, and readers are cautioned not to place undue reliance on these forward-looking statements. Any factor could cause actual results to differ materially from Rover’s expectations. Rover undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.
THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS NEWS RELEASE REPRESENTS THE EXPECTATIONS OF THE COMPANY AS OF THE DATE OF THIS NEWS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY OTHER DATE. WHILE THE COMPANY MAY ELECT TO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME EXCEPT AS REQUIRED IN ACCORDANCE WITH APPLICABLE LAWS.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OF THIS RELEASE.
VANCOUVER, BC / ACCESSWIRE / July 20, 2023 / Stillwater Critical Minerals Corp. (TSX.V:PGE)(OTCQB:PGEZF) (the “Company” or “Stillwater”) is pleased to announce the start of 2023 expansion drilling at its flagship Stillwater West nickel-PGE-copper-cobalt and gold project in Montana, USA, in addition to providing an update on other initiatives including work already underway.
Highlights
Drilling will focus on expansion of the NI 43-101-compliant resources announced January 25, 2023 which demonstrated world-class grade and scale with 1.6 billion pounds of nickel, copper and cobalt and 3.8 million ounces of palladium, platinum, rhodium, and gold (“4E”) in a base case study totaling 255 million tonnes (“Mt”), with a high-grade component of 11.6 Mt grading 1.05% recovered nickel equivalent (as 0.56% Ni, 0.33% Cu, 0.03% Co,0.54 g/t Pd, 0.27 g/t Pt, 0.15 g/t Au and 0.019 g/t Rh).
Priority is on expansion of high-grade mineralization at the DR-Hybrid deposit at Chrome Mountain, including:
Drill hole CM2021-05, which returned 13.2 meters grading 2.89% Recovered Nickel Equivalent1 (“NiEq”) (2.31% Ni, 1.51 g/t 4E, 0.35% Cu, and 0.115% Co), starting at 37.6 meters. This high-grade mineralization, contained within 400.8 meters of continuous battery and precious metal mineralization, is of a type not previously identified in the Stillwater district and appears to be related to 8.5 meters of similar high-grade, high-tenor nickel sulphide returned in hole CM2020-04, approximately 125 meters downdip to the west. See news releases from May 03, 2022, and March 03, 2021.
Drilling is also expected to expand on high-grade targets at the CZ and HGR deposits at Iron Mountain, up to nine kilometers east of Chrome Mountain, as step-outs from the following intercepts:
Drill hole CZ2021-01, which returned 63.7 meters grading 0.86% NiEq (0.47% Ni, 0.42 g/t Pd, 0.27% Cu, and 0.04% Co as well as significant Pt and Au values), within 367.6 meters of continuous mineralization. This hole was a step-out from hole CZ2019-01 which returned 62.0 meters grading 0.56% NiEq and also 3.54 meters of 2.67% NiEq (as 1.53% Ni, 0.49% Cu, 0.099% Co, and 3.45 g/t 4E) within 399 meters of continuous mineralization, starting at surface. The CZ deposit benefits from a historic resource and positive preliminary metallurgical work completed by AMAX in the 1970s. See news releases from December 20, 2021, and January 21, 2020.
Drill hole IM2021-05 in the HGR deposit area returned 7.3 meters grading 0.70% NiEq (as 0.45% Ni, 0.51 g/t 4E, 0.17% Cu and 0.026% Co), and 2.4 meters 2.04% NiEq (as 1.55% Ni, 0.85 g/t 4E, 0.17% Cu, and 0.087% Co), within 379.2 meters of continuous battery and precious metal mineralization starting at surface. This hole was a step-out from hole IM2019-03 which returned 26.8 meters grading 0.85% NiEq (as 0.34% Ni, 0.15% Cu, 0.019% Co, and 1.24 g/t 4E) within 272.5 meters of continuous mineralization. See news releases from July 07, 2022, and December 18, 2019.
The 2023 campaign will be the first to apply updated geological models which incorporate similar geology from South Africa’s Platreef district under the direction of Dr. Danie Grobler, who joined the team in May of 2022 as Vice-President Exploration.
This campaign is funded by the recent 9.99% strategic equity investment by Glencore and is expected to consist of approximately 5,000 meters of diamond core drilling.
Michael Rowley, President and CEO of Stillwater Critical Minerals, stated, “We are very pleased to announce the arrival of equipment and crews for our 2023 drill campaign with a view to expanding our recent high-grade nickel and copper sulphide discoveries, enriched in cobalt and precious metals. Those intercepts included some of the widest and highest-grade intervals in their respective years and drove a robust and low-cost expansion of our previous mineral resource. We are focused on continuing that trend as we apply our new understanding of the geology of the Stillwater complex from the giant mines of South Africa. The broader fundamentals are stronger than ever for our sector, and the recent strategic investment by Glencore in Stillwater is an important validation of both the project and the underlying fundamentals of US critical mineral supply. We look forward to further announcements from this iconic and expanding American mining district, which has been producing high-grade critical minerals for over one hundred years.”
Dr. Danie Grobler, Vice-President of Exploration for Stillwater Critical Minerals, said “It’s exciting to be embarking on the 2023 drill campaign, which will be the first ever in the Stillwater Igneous Complex that incorporates detailed structural and stratigraphic models from very similar mineralization in South Africa’s Bushveld Igneous Complex. Field work, which commenced in June, includes a ground-based high resolution magnetic survey which has already provided a clear response to the high-grade massive sulphide zone identified in holes CM2021-05 and CM2020-04 holes noted above, further defining that target while also delineating stratigraphic and structural controls on mineralization. The world-class size and well-mineralized nature of the Stillwater complex, coupled with our new understanding of the structure and controls on mineralization, has provided us with a large number of targets to guide expansion of the existing resources while also leading us into exciting new areas”.
Metallurgy, US Geological Survey, and Other Initiatives
Sample collection for more detailed metallurgical testing is on-going as part of the expanding development of Stillwater West, with a view to including full metallurgical assessment in future studies. Preliminary metallurgical assessments by Stillwater returned strong nickel tenor in sulphides drilled by the Company to date. In addition, favorable historic bench-scale metallurgical results completed historically by AMAX at the Iron Mountain target area demonstrate the potential for effective nickel and copper sulphide flotation and PGE recovery.
2023 fieldwork surface programs including geophysical and geological prospecting and mapping surveys are also planned as part of the 2023 campaign. Some of these programs commenced earlier this year with a view to detailing priority drill targets.
In addition, the Company is pleased to report its continuing and expanding engagement with the US Geological Survey which includes new technical programs in addition to ongoing consultation and data sharing following multiple onsite meetings, with some programs eligible for funding under the Inflation Reduction Act and other government initiatives.
Carbon Capture
All five deposits in the 2023 Resource contain desirable nickel sulphide mineralization that has been shown to require a much lower environmental footprint in subsequent processing to nickel metal or nickel sulphate in comparison to the laterite nickel ores that dominate global production. As part of Stillwater’s commitment to global sustainability initiatives, the Company is also examining the potential for large-scale carbon sequestration with the objective of further reducing and possibly eliminating the carbon footprint of a potential mining operation at Stillwater West.
Carbon sequestration studies are ongoing in two channels as reported previously. The first, led by Dr. Greeshma Gadikota at Cornell University with funding by the Department of Energy under the Advanced Research Projects Agency-Energy program, is focused on novel hydrometallurgical techniques and carbon capture with the objective of increasing the extraction of critical minerals using reduced energy for a carbon negative mining future. The second is via ARCA Climate (formerly Carbin Minerals Inc) and the University of British Columbia with focus on investigating the potential to exploit the presence of certain ultramafic minerals that are known to have high capacity to bind carbon dioxide by a natural process known as mineral carbonation for carbon capture as part of a potential mining operation at Stillwater West.
This work strongly aligns with Stillwater’s Environmental, Social and Governance guidelines and principles, and the incorporation of carbon uptake may bring financial benefits via initiatives such as the 45Q Tax Credit for Carbon Oxide Sequestration that is now in place in the US.
About Stillwater Critical Minerals Corp.
Stillwater Critical Minerals (TSX.V: PGE | OTCQB: PGEZF) is a mineral exploration company focused on its flagship Stillwater West Ni-PGE-Cu-Co + Au project in the iconic and famously productive Stillwater mining district in Montana, USA. With the addition of two renowned Bushveld and Platreef geologists to the team and a strategic investment by Glencore, the Company is well positioned to advance the next phase of large-scale critical mineral supply from this world-class American district, building on past production of nickel, copper, and chromium, and the on-going production of platinum group and other metals by neighboring Sibanye-Stillwater. An expanded NI 43-101 mineral resource estimate, released January 2023, delineates a compelling suite of critical minerals contained within five Platreef-style nickel and copper sulphide deposits at Stillwater West, which host a total of 1.6 billion pounds of nickel, copper and cobalt, and 3.8 million ounces of palladium, platinum, rhodium, and gold, and remains open for expansion along trend and at depth.
Stillwater Critical Minerals also holds the high-grade Black Lake-Drayton Gold project adjacent to Treasury Metals’ development-stage Goliath Gold Complex in northwest Ontario, currently under an earn-in agreement with Heritage Mining, and the Kluane PGE-Ni-Cu-Co critical minerals project on trend with Nickel Creek Platinum‘s Wellgreen deposit in Canada‘s Yukon Territory.
Stillwater Critical Minerals, Thursday, July 20, 2023, Press release picture
1 – Recovered Nickel Equivalents (“NiEq”) are presented for comparative purposes using conservative long-term metal prices (all USD): $8.00/lb nickel (Ni), $4.00/lb copper (Cu), $24.00/lb cobalt (Co), $1,000/oz platinum (Pt), $2,200/oz palladium (Pd), $1,800/oz gold (Au), and $10,000/oz rhodium (Rh). NiEq is determined as follows: NiEq% = [Ni% x recovery] + [Cu% x recovery x Cu price/ Ni price] + [Co% x recovery x Co price / Ni price] + [Pt g/t x recovery / 31.103 x Pt price / Ni price / 2,204 x 100] + [Pd g/t x recovery / 31.103 x Pd price / Ni price / 2,204 x 100] + [Au g/t x recovery / 31.103 x Au price / Ni price / 2,204 x 100]. In the above calculations: 31.103 = grams per troy ounce, 2,204 = lbs per metric tonne, and 100 and 0.01 convert assay results reported in % and g/t. The following recoveries have been assumed for purposes of the above equivalent calculations: 85% for Ni and 90% for all other listed metals, based on recoveries at similar nearby operations.
Quality Control and Quality Assurance
Mr. Mike Ostenson, P.Geo., is the qualified person for the purposes of National Instrument 43-101, and he has reviewed and approved the technical disclosure contained in this news release.
Forward-Looking Statements
This news release includes certain statements that may be deemed “forward-looking statements”. All statements in this release, other than statements of historical facts including, without limitation, statements regarding potential mineralization, historic production, estimation of mineral resources, the realization of mineral resource estimates, interpretation of prior exploration and potential exploration results, the timing and success of exploration activities generally, the timing and results of future resource estimates, permitting time lines, metal prices and currency exchange rates, availability of capital, government regulation of exploration operations, environmental risks, reclamation, title, and future plans and objectives of the company are forward-looking statements that involve various risks and uncertainties. Although Stillwater Critical Minerals believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Forward-looking statements are based on a number of material factors and assumptions. Factors that could cause actual results to differ materially from those in forward-looking statements include failure to obtain necessary approvals, unsuccessful exploration results, changes in project parameters as plans continue to be refined, results of future resource estimates, future metal prices, availability of capital and financing on acceptable terms, general economic, market or business conditions, risks associated with regulatory changes, defects in title, availability of personnel, materials and equipment on a timely basis, accidents or equipment breakdowns, uninsured risks, delays in receiving government approvals, unanticipated environmental impacts on operations and costs to remedy same, and other exploration or other risks detailed herein and from time to time in the filings made by the companies with securities regulators. Readers are cautioned that mineral resources that are not mineral reserves do not have demonstrated economic viability. Mineral exploration and development of mines is an inherently risky business. Accordingly, the actual events may differ materially from those projected in the forward-looking statements. For more information on Stillwater Critical Minerals and the risks and challenges of their businesses, investors should review their annual filings that are available at www.sedar.com.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
The U3O8 uranium spot price gained 2.61% in June, increasing from US$54.59 to $56.02 per pound as of June 30, 2023. Uranium has posted a healthy 15.95% year-to-date return as of June 30, 2023, and continued to show strength and diversification relative to other commodities, which declined 10.04% in the first half (as measured by the BCOM Index). Over the longer term, uranium has demonstrated even greater resilience within the commodity space. For the five years ended June 30, 2023, U3O8 spot appreciated a cumulative 146.15%1 compared to 16.10% for the BCOM.
The U3O8 uranium spot price began rallying on May 31 after the U.S. Senate Environment and Public Works Committee (EPW) passed the bipartisan Accelerating Deployment of Versatile, Advanced Nuclear for Clean Energy (ADVANCE) Act. This Act along with the Prohibiting Russian Uranium Imports Act passed on May 24 indicate that it may be only a matter of time before the Russian nuclear fuel supply chain is cut off.
A highlight in June was the World Nuclear Fuel Market 49th Annual Meeting held in Slovenia on June 4-6. “Mind the Gap” was the meeting’s theme, which refers to the pressing need for increased uranium production as countries ramp up nuclear power capacity. Attendees addressed the positive momentum within the uranium industry, given the growing demand for uranium, amid supply constraints and the steadily improving sentiment toward nuclear power.
Looming sanctions on Russian uranium are likely to have serious consequences for utilities regarding the security of supplies. Both conversion and enrichment providers need significant term contracts to increase capacity. Market participants, especially in the West, have focused on this conversion bottleneck. In July, ConverDyn, a uranium conversion facility in the U.S., finally restarted after being shuttered since 2017, which represents an important step to reshoring the U.S. nuclear supply chain from Russia. Another key development in the reshoring process was made by Urenco, which announced in early July that it will expand the capacity of its New Mexico enrichment facility by 15%.8 We believe both of these developments will finally enable an industry shift to overfeeding, ultimately creating greater near-term demand for uranium.
Figure 1. Physical Uranium & Uranium Stocks Have Outperformed Other Asset Classes Over the Past Five Years (06/30/2018-06/30/2023)
Source: Bloomberg and Sprott Asset Management. Data as of 06/30/2023. Uranium Miners are measured by the Northshore Global Uranium Mining Index (URNMX index); U.S. Equities are measured by the S&P 500 TR Index; the U308 Spot Price is measured by a proprietary composite of U3O8 spot prices from TradeTech; U.S. Bonds are measured by the Bloomberg Barclays US Aggregate Bond Index (LBUSTRUU); Commodities are measured by the Bloomberg Commodity Index (LLCBCOM); and the U.S. Dollar is measured by DXY Curncy Index. Definitions of the indices are provided in the footnotes. You cannot invest directly in an index. Included for illustrative purposes only. Past performance is no guarantee of future results.
Uranium Miners Rise Above Macro Turbulence
Uranium mining equities posted strong results in June, climbing 11.66%. The outperformance of mining equities over physical uranium was a reversal of prior months of underperformance, which we believed indicated market dislocation.
Uranium mining equities have been hurt by higher interest rates and macroeconomic headwinds that have impacted many capital-intensive sectors. However, in June uranium stocks were boosted by heightened supply chain concerns, given that the contracting cycle has started and the uranium spot price has been moving higher. While 2022 was the highest uranium contracting year in a decade, utilities are still not yet at the annual replacement rate. As a result, we expect the contracting cycle to accelerate as utilities become more concerned about the long-term security of supply. We believe this may likely lead to higher uranium prices, back to the levels last seen in April 2022 when uranium reached an 11-year high of ~$64.
It is worth noting that this year’s uranium term contracting cycle has been dominated by Central and Eastern European utilities that are clearly focused on shifting away from Russia. Surprisingly, U.S. utilities have been less active in 2023 and are contracted to buy less uranium in 2022 versus 2021 (40.5 million pounds U3O8 equivalent versus 46.7 million).9 While U.S. utilities have historically held lower uranium inventories than the rest of the world, its uncovered uranium requirements for the 2023-2032 decade stand at 179.2 million pounds. This is relatively unchanged from the prior year’s figure of 182.1 million pounds. To meet this need, we are seeing considerable supply being earmarked for future contract deliveries and a growing interest in the capacity of junior uranium miners.
Junior Uranium Miners Lead June’s Uranium Markets’ Rally
Junior uranium miners appreciated 18.93% in June, outperforming large-cap miners considerably. As we have explored in past commentaries, difficult market conditions tend to impact junior uranium miners more significantly, given their lower levels of liquidity and higher volatility. However, as we witnessed in June, junior miners have the potential for greater upside when uranium prices move higher.
We believe the strong performance of uranium miners in June reflects the sector’s increasingly bullish fundamentals and the growing reality that future uranium supplies will have to come from mines restarting operations and new mines in development.
Nuclear Energy is Crucial to the Energy Transition
Looking beyond June’s performance, we believe the uranium bull market still has a long way to run and remains intact despite the uncertain macroeconomic environment. We believe conversion and enrichment services price increases have started to boost the uranium spot price. The long-awaited restart of the ConverDyn conversion facility in Illinois is likely to play a key role in the West’s transition away from Russian suppliers. Conversion has been the key bottleneck in the U.S. supply chain. This new capacity will enable the shift from underfeeding to overfeeding, likely increasing additional demand for U3O8.
The essential role of uranium and nuclear energy in fostering global energy security continues to grow in significance. Russia’s invasion of Ukraine sparked a global energy crisis that forced many countries to reimagine their energy supply chains. There has been an unprecedented number of announcements for nuclear power plant restarts, life extensions and new builds that will likely create incremental demand for uranium. The current uranium price, however, continues to remain below incentive levels to restart tier 2 production, let alone greenfield development.
In past years, Western countries’ energy policies have predominantly favored renewable energy to reduce reliance on fossil fuels. However, renewables often suffer from intermittency and low capacity and require offsets with baseload energy sources, such as coal, natural gas or nuclear power plants. As the world continues to add renewable capacity to grids, nuclear energy will have an important role to play, given that it can provide the highest capacity factor.
Note: A “bull market” refers to a condition of financial markets where prices are generally rising. A “bear market” refers to a condition in financial markets where prices are generally falling. Source: TradeTech. Data as of 6/30/2023.
1
The U3O8 uranium spot price is measured by a proprietary composite of U3O8 spot prices from UxC, S&P Platts and Numerco.
2
The North Shore Global Uranium Mining Index (URNMX) was created by North Shore Indices, Inc. (the “Index Provider”). The Index Provider developed the methodology for determining the securities to be included in the Index and is responsible for the ongoing maintenance of the Index. The Index is calculated by Indxx, LLC, which is not affiliated with the North Shore Global Uranium Miners Fund (“Existing Fund”), ALPS Advisors, Inc. (the “Sub-Adviser”) or Sprott Asset Management LP (the “Adviser”).
3
The Nasdaq Sprott Junior Uranium Miners™ Index (NSURNJ™) was co-developed by Nasdaq® (the “Index Provider”) and Sprott Asset Management LP (the “Adviser”). The Index Provider and Adviser co-developed the methodology for determining the securities to be included in the Index and the Index Provider is responsible for the ongoing maintenance of the Index.
4
The Bloomberg Commodity Index (BCOM) is a broadly diversified commodity price index that tracks prices of futures contracts on physical commodities, and is designed to minimize concentration in any one commodity or sector. It currently has 23 commodity futures in six sectors.
5
The S&P 500 or Standard & Poor’s 500 Index is a market-capitalization-weighted index of the 500 largest U.S. publicly traded companies.
6
The U.S. Dollar Index (USDX, DXY, DX) is an index (or measure) of the value of the United States dollar relative to a basket of foreign currencies, often referred to as a basket of U.S. trade partners’ currencies.
7
Bloomberg Barclays US Aggregate Bond Index (LBUSTRUU) is the most widely followed broad market U.S. bond index. It measures the investment grade, US dollar-denominated, fixed-rate taxable bond market.
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ST. LOUIS, July 13, 2023 /PRNewswire/ — On Thursday, July 27, 2023, Peabody (NYSE: BTU) will announce results for the quarter ended June 30, 2023. A conference call with management is scheduled for 10 a.m. CT on Thursday, July 27, 2023.
Instructions for the conference call participation and accessing a replay, as well as other investor data will be available at PeabodyEnergy.com prior to the call.
Participants may also access the call using the following phone numbers:
U.S. Toll Free 1 833 816 1387 Canada Toll Free 1 866 284 3684 International Toll 1 412 317 0480
Peabody (NYSE: BTU) is a leading coal producer, providing essential products for the production of affordable, reliable energy and steel. Our commitment to sustainability underpins everything we do and shapes our strategy for the future. For further information, visit PeabodyEnergy.com.
KELOWNA, BC / ACCESSWIRE / July 18, 2023 / Diamcor Mining Inc. (TSXV.DMI)(OTCQB-DMIFF)(FRA:DC3A), (“Diamcor” or the “Company”), a Canadian diamond mining company with a well-established proven history in the mining, exploration, and sale of rough diamonds, announced today that in addition to the previously announced recent completion of the reconfiguration of generator systems to mitigate the limitations of increased power outages, it has also added another new large excavator to its heavy equipment fleet at its Krone-Endora at Venetia diamond mine project (the “Project”).
The Company is pleased to announce it completed the repayment of its current Caterpillar equipment fleet in July of 2023, and this additional large excavator will now provide the Company with the potential for additional processing volume capacities, diamond recoveries, and associated revenues moving forward.
“We are very pleased to have completed the final payments on our existing heavy equipment,” stated Mr. Dean H. Taylor Chief Executive Officer of Diamcor. “The addition of another large excavator provides our Company with redundancy and added capacity as we begin efforts on the previously announced bulk sampling efforts over the greater areas of the Project”.
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. 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.
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.
Vancouver, British Columbia–(Newsfile Corp. – July 18, 2023) – Riverside Resources Inc.(TSXV: RRI) (OTCQB: RVSDF) (FSE: 5YY) (“Riverside” or the “Company”), is pleased to provide a summary of its ongoing strategic activities over the past six months and an outlook for the second half of the year. During this time, the Company has actively expanded in Canada, acquiring new projects and conducting target definition exploration work across its Canadian portfolio. These steps taken in the past six months have strengthened the Company’s move beyond Mexico, which has been progressing for the past two years. Riverside anticipates numerous new Canadian catalysts in the next half-year. With a commitment to advancing its diverse portfolio of mineral assets and leveraging strategic partnerships. To that effect, Riverside has made significant progress in its exploration endeavors, diversifying its commodity mix and expanding into new jurisdictions. In the coming six months, the Company plans to expand its projects beyond precious and base metals, incorporating more critical metal assets and royalties. The key mid-year developments are outlined below:
Ontario Canada additional projects and expansion at Pichette with high grade gold drill results.
Geophysics exploration funded through Riverside is advancing projects to drill and partnering stage at Duc project with targets expanded in scale by more than 4X.
Property consolidation at the high-grade Union Project in Sonora, Mexico and delivering up to 1 oz/ton Au assays in the now controlled mine area.
Royalty on Tajitos gold asset, and funds have been received from Fresnillo, who is advancing the asset.
Progress toward catalysts now lined up for second half of 2023 with partner deals, exploration results, quality project acquisitions, having strong cash position.
Continued Expansion in Ontario’s Geraldton and Porcupine Mining Districts
Riverside Resources continued to expand and advance its Canadian portfolio during the first half of 2023 by acquiring additional claims at the Pichette Project west of the Hardrock Gold Mine complex of Equinox Gold near Geraldton, Ontario. The Company also acquired the Duc Project in the Porcupine Mining District of northwestern Ontario. The Duc Project, spanning over 600 hectares, is strategically positioned west of the past producing Agrium Ltd. carbonatite phosphate mine with critical metal concentrations and within the highly prospective Wawa Subprovince for Rare Earth Elements (REE) and gold deposits. Riverside’s generative exploration approach using historic data, proprietary databases, and field experience, coupled with personal historic knowledge of the area, aims to unlock the full potential of the Duc Project through additional exploration and joint-venture partnerships. The presence of rare earth element occurrences and orogenic gold deposits within the Wawa Subprovince further enhances the prospectivity of the region as Riverside continues the strategy of generating and owning quality projects in Canada.
Completing a Helicopter Magnetics Survey in Northwestern Ontario
Riverside Resources completed an airborne geophysical helicopter magnetics survey on the Duc Project in northwestern Ontario, which provided greater context for existing data Riverside already defined multi-kilometer structural target prospective for gold and REE -critical metals that can now be progressed during the second half of 2023. This survey employed SHA Geophysics’ Heli-3G technology, offering cost-effective and high-quality results. The magnetic data interpretation revealed two major parallel shears that traverse the central part of the Duc Project, providing important geological boundary information and identifying direct structural zones which are consistent with the style of feature that hosts major gold deposits.
Union District, Sonora, Mexico Consolidation and Advancement
In a strategic move to consolidate the Union Project area, Riverside Resources signed an Option Agreement to acquire the past-producing Union Mine, situated within the Union District of Sonora, Mexico. This district boasts a rich history of high-grade zinc, gold, and silver production from carbonate replacement mines. By securing a 100% undivided right, title, and interest in the Union Mine, Riverside expands its district wide mineral concession coverage and a foothold in the region and establishes a clear path towards advancing exploration targets within this prospective land package.
Rule Symposium July 24-27
Riverside has been selected by Mr. Rick Rule to participate in the Rule Resources Symposium convention in Boca Raton, Florida starting on July 24th, 2023. The Rule Symposium is a sector leading natural resource investing event and an exhibitor by invitation only conference that Riverside has been chosen for again this year. Riverside’s CEO and VP Corporate Communications will attend in person to give presentations and meet investors. To that effect, please view Dr. John-Mark Staude’s (our CEO) pre-conference interview with Rick Rule at the following link: https://www.youtube.com/watch?v=NDj43hCJwgo&t=117s
Looking Ahead: Riverside’s Plans for the Next Six Months
Building on the accomplishments of the past six months, Riverside Resources is progressing a targeted agenda for the remainder of 2023. The Company plans to have catalysts on the following key initiatives:
Expand the generative portfolio with a low cost but high value in British Columbia, Canada quality projects in precious and critical metals. Assay results, mineral claims, mineralization zones all to be progressed during coming half year.
Progress exploration in Ontario including work up targets in the field and completing technical reports and documentation of the value so far created and now moving toward transactions.
Exploration and Joint-Venture Partnerships: Riverside’s robust portfolio of mineral assets and royalties in North America presents significant opportunities for strategic partnerships. The Company continues developing and progressing joint-venture and spin-out collaborations to accelerate the advancement of multiple assets simultaneously, fostering a greater chance of discovery leading to added shareholder value.
Royalty assets engage in potential value catalyst steps with the portfolio and now with Fresnillo progressing their development of the Tajitos district toward future open pit heap leach gold mining where Riverside has the 2% NSR on Tajitos and Tejo mineral concessions.
Continued Financial Prudence and Value Generation: Riverside Resources remains financially strong, with well over $7 million in cash and zero debt. The Company’s prudent financial management ensures sustainable exploration programs and underscores its commitment to generating value for shareholders.
Investor Engagement and Communication: Riverside Resources recognizes the importance of transparent and effective communication with its valued shareholders and the investment community. The Company will continue to provide timely updates, reports, and engagement opportunities to foster a strong and supportive investor base.
Riverside Resources remains focused on its mission to generate value and continue work towards mineral discoveries while adhering to very thorough environmental standards and social responsibility. Riverside has a strong upcoming set of catalysts with results from Canada and Mexico. To that effect, with its current sector leading gold portfolio in Ontario and now expanding into strong projects in British Columbia, the Company believes that it’s on the right path in progressing towards an exciting second half of 2023.
About Riverside Resources Inc.:
Riverside is a well-funded exploration company driven by value generation and discovery. The Company has a strong cash position, no debt and less than 75M shares outstanding with a quality portfolio of gold-silver and copper assets, along with royalties in North America. Riverside has extensive experience and knowledge in operating in Canada and Mexico, while leveraging its large databases 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
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.
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