Burlington, Ontario–(Newsfile Corp. – April 27, 2023) – Silver Bullet Mines Corp. (TSXV: SBMI) (OTCQB: SBMCF) (‘SBMI’ or ‘the Company’) is pleased to provide an update on its first order for its silver products from a third-party (the “Purchaser”).
The first order, announced in detail on April 17, 2023, and the attendant USD$225,000 cash advance from the Purchaser empowers SBMI to fund the cost of processing the mineralized material from the Buckeye Mine without dilution to the shareholders. The Purchaser advises it carried out a detailed analysis of the silver dore bar sent earlier and advises it believes there are no material impurities in that bar. If the bar is representative of the silver to be delivered, SBMI would incur a minimal discount to spot prices and there would be no reduction in the amount payable to SBMI due to deleterious metals.
The current order is for 500 kg (17,600 ounces), and the Purchaser has indicated it intends to order that same amount per month for the foreseeable future. Each such monthly order would represent roughly USD$400,000 in revenue to SBMI at current spot price for silver.
The Debenture referred to in the April 17, 2023 press release would bear interest at the rate of 2% per month on the outstanding principal for one month, which interest begins to accrue after 30 days. If the conversion feature of the Debenture is triggered, the conversion price would be $0.22 per share.
There are approximately 2500 tons of mineralized material on surface at the Buckeye Mine site to be shipped to the mill on an as needed basis. Mining is ongoing. As per SBMI’s January 16, 2023 press release, SBMI is drifting along the vein to an area believed to contain higher grade mineralization (see page 8 of the Geologic Report dated January 8, 2021). At the current rate of mining that zone should be intercepted in approximately 4 weeks, although that timing may vary subject to the usual risks attendant on mining.
SBMI anticipates starting to process the current order this week by processing the material on hand at the mill/mine site, which has earlier returned high grades (see March 3, 2023 press release). Management believes the mill is operating at optimum efficiency.
Peter M. Clausi Silver Bullet Mines Corp., VP Capital Markets pclausi@brantcapital.ca +1 (416) 890-1232
Cautionary and Forward-Looking Statements
This news release contains certain statements that constitute forward-looking statements as they relate to SBMI and its subsidiaries. Forward-looking statements are not historical facts but represent management’s current expectation of future events, and can be identified by words such as “believe”, “expects”, “will”, “intends”, “plans”, “projects”, “anticipates”, “estimates”, “continues” and similar expressions. Although management believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that they will prove to be correct.
By their nature, forward-looking statements include assumptions, and are subject to inherent risks and uncertainties that could cause actual future results, conditions, actions or events to differ materially from those in the forward-looking statements. If and when forward-looking statements are set out in this new release, SBMI will also set out the material risk factors or assumptions used to develop the forward-looking statements. Except as expressly required by applicable securities laws, SBMI assumes no obligation to update or revise any forward-looking statements. The future outcomes that relate to forward-looking statements may be influenced by many factors, including but not limited to: the impact of SARS CoV-2 or any other global virus; reliance on key personnel; the thoroughness of its QA/QA procedures; the continuity of the global supply chain for materials for SBMI to use in the production and processing of mineralized material; the presence of mineable economic mineralized material; shareholder and regulatory approvals; activities and attitudes of communities local to the location of the SBMI’s properties; risks of future legal proceedings; income tax matters; fires, floods and other natural phenomena; the rate of inflation; availability and terms of financing; distribution of securities; commodities pricing; currency movements, especially as between the USD and CDN; effect of market interest rates on price of securities; and, potential dilution. SARS CoV-2 and other potential global pathogens create risks that at this time are immeasurable and impossible to define.
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Vancouver, British Columbia–(Newsfile Corp. – April 25, 2023) – Goldshore Resources Inc. (TSXV: GSHR) (OTCQB: GSHRF) (FSE: 8X00) (“Goldshore” or the “Company“), is pleased to announce assay results from its 100,000-meter drill program at the Moss Gold Project in Northwest Ontario, Canada (the “Moss Gold Project” or “Moss Gold Deposit“).
Highlights:
Results from nine holes drilled to infill poorly tested parts of the Southwest Zone have delineated multiple high-grade structures within the broader mineralized envelope with best intercepts of:
Drill results prove that the Southwest Zone is a continuation of the Main Zone and not a fault offset as previously interpreted. Mapping and geophysical data, together with historical scout drilling, show that mineralization continues intermittently for another 3 kilometers to the southwest and that many of the better targets are yet to be drilled.
With drilling recently completed, the Company is preparing an updated mineral resource expected in May (“May 2023 MRE“). The May 2023 MRE will use data from an additional 72 holes compared to the November 2022 mineral resource estimate (“November 2022 MRE“). Mineralization in the resource area remains open in multiple directions.
President and CEO Brett Richards stated: “These results continue to support our thesis that the size and scale of the Moss Gold Project will be large enough to support a material and meaningful update to the mineral resource estimate, which is expected in early May 2023.
“These additional results highlighting the mineralization in the south-west zone augment the press release of April 20, 2023, and continue to expand the zone well outside the historical resource, still open in several directions and at depth. In addition to the May 2023 MRE, we still have 30 quality drill targets to be tested. These include gold, coppercobalt, and polymetallic prospects. We have drilled less than 10% of the identified targets on our land package and are currently building a plan to drill test the better targets. It will be an exciting period when we are ready to evaluate the additional resource potential of the larger inventory of targets within our land package.
“We have focused on the currently defined portion of the Moss Gold Deposit as a meaningful Phase One Project that Goldshore itself can build. The Moss Gold Deposit remains open at depth and through several yet-to-be drilled parallel structures; and it is part of an overall 8-kilometer strike length of gold mineralization in drill holes. This strongly suggests that the Phase One Project is part of a much larger total project.”
Technical Overview
Figure 1 shows the location of the drill holes in this press release and Figure 2 shows a close up of the drilled area with significant intercepts. Figure 3 is a typical section through hole MMD-23-116, -118A. Table 1 shows the significant intercepts. Table 2 shows the drill hole locations.
Figure 1: Location of drill holes in this release relative to the November 2022 MRE and $1,500 open pit shell constraint.
Figure 3: Drill section through holes MMD-23-116 and -118A showing the significant expansion of the mineralized model beneath the November 2022 MRE and $1,500 open pit shell constraint, which should add to mineral resources in the May 2023 MRE.
The Southwest Zone was previously considered to be a small fault-offset extension of the Main Zone. As a result, it was poorly drilled, which led to the definition of only a small open pit-constrained Mineral Resource (Figure 1 and 2).
Oriented core measurements from earlier drilling showed a significant change in strike of the Southwest Zone, revealing it to be 035º rather than the assumed 065º strike based on the known orientation of the Main and QES Zones. The nine holes reported herein were drilled perpendicular to the new strike to infill a poorly drilled volume in the center of the Southwest Zone at a closer spacing (30 meters) along each section to confirm the continuity of high-grade shears. This should enable greater confidence in the resource and an expansion of the open pit constraints at depth.
Holes MMD-22-111, MMD-23-116, -118A, and -119 intersected several high-grade shears (e.g., 0.65m @ 36.8 g/t Au in MMD-23-116) hosting quartz-carbonate veinlets with up to 3-5% pyritechalcopyrite within a strongly albite-hematite and silica-sericite-pyrite and carbonate altered diorite intrusion complex (Figure 4). The shears anastomose along the same orientation of the zone and trend beyond the area explored by historical drilling.
Holes MMD-22-107, -110, MMD-23-115, -117, -120 intersected wide intervals of low-grade mineralization within the altered intrusion containing localized narrow higher-grade shears. The results are similar to those encountered in the historic drilling and include:
0.58 g/t Au over 37.7m from 11.3m depth in MMD-22-107
0.41 g/t Au over 50.95m from 7.0m depth in MMD-22-110
0.38 g/t Au over 55.1m from 231.9m depth in MMD-23-116
0.43 g/t Au over 122.3 from 24.7m depth in MMD-23-117
0.58 g/t Au over 81.8 from 369.2m depth in MMD-23-118A
0.51 g/t Au over 122.8m from 116.0m depth in MMD-23-119 and
0.61 g/t Au over 33.2m from 447.85m depth
Hole MMD-22-107, -110, and -111 represent the most western holes drilled to date in the Southwest Zone, including historical drilling. They illustrate the continued potential to expand the Moss Gold Deposit beyond the original footprint with the newly understood orientation of the shear structures trending southwest of the historical exploration drilling. Gold has been intersected in scout drill holes over a further three kilometers along strike. Our airborne VTEM/magnetics data show that more favourable targets exist along this corridor in areas that have yet to be drilled.
Figure 4: Drill core from 416.4 – 417.05m (0.65 m @ 36.8 g/t Au) in MMD-23-116 highlighting a pyrite + chalcopyrite mineralized quartz-carbonate vein within the sheared, altered intrusion.
Pete Flindell, VP Exploration for Goldshore, said, “These results show that the Southwest Zone is much better mineralized than historical drillholes suggested. They also show that the Moss Gold Deposit is yet to be closed off, confirming our belief that this is a much bigger mineralized system than is appreciated.”
Table 1: Significant downhole gold intercepts
HOLE ID
FROM
TO
LENGTH (m)
TRUE WIDTH (m)
CUT GRADE (g/t Au)
UNCUT GRADE (g/t Au)
MMD-22-107
11.30
49.00
37.70
24.4
0.58
0.58
including
25.30
30.70
5.40
3.5
2.93
2.93
97.10
101.80
4.70
3.2
0.40
0.40
113.20
122.45
9.25
6.3
0.35
0.35
175.20
177.50
2.30
1.6
0.95
0.95
193.60
201.50
7.90
5.5
0.33
0.33
210.10
217.00
6.90
4.9
0.30
0.30
222.05
225.50
3.45
2.4
0.43
0.43
236.00
251.00
15.00
10.7
0.32
0.32
334.00
344.00
10.00
7.5
0.65
0.65
including
334.00
336.00
2.00
1.5
1.77
1.77
MMD-22-110
7.00
57.95
50.95
33.3
0.41
0.41
73.05
83.55
10.50
7.0
0.35
0.35
88.15
97.00
8.85
6.0
0.38
0.38
104.45
112.00
7.55
5.2
0.53
0.53
127.00
132.90
5.90
4.1
0.49
0.49
166.00
169.00
3.00
2.1
0.39
0.39
174.00
182.00
8.00
5.7
0.68
0.68
202.95
208.00
5.05
3.6
0.35
0.35
241.80
255.00
13.20
9.8
0.31
0.31
273.60
277.00
3.40
2.5
0.82
0.82
301.00
319.00
18.00
13.6
0.57
0.57
including
315.05
319.00
3.95
3.0
1.83
1.83
336.00
342.00
6.00
4.6
0.34
0.34
379.00
388.00
9.00
7.1
1.37
1.37
including
379.00
381.00
2.00
1.6
4.02
4.02
MMD-22-111
83.00
101.15
18.15
12.6
0.30
0.30
102.80
109.60
6.80
4.8
0.31
0.31
115.40
122.90
7.50
5.3
0.60
0.60
133.00
148.90
15.90
11.5
0.51
0.51
161.70
166.00
4.30
3.1
0.32
0.32
180.00
184.10
4.10
3.0
0.42
0.42
231.00
240.85
9.85
7.4
0.30
0.30
290.00
293.00
3.00
2.3
0.50
0.50
375.30
392.20
16.90
13.5
1.47
1.47
including
386.00
391.60
5.60
4.5
3.88
3.88
including
391.00
391.60
0.60
0.5
16.1
16.1
456.00
458.05
2.05
1.7
0.32
0.32
487.90
490.00
2.10
1.7
0.36
0.36
MMD-23-115
56.00
77.60
21.60
15.2
0.48
0.48
88.40
97.35
8.95
6.3
0.69
0.69
including
93.40
96.00
2.60
1.8
1.50
1.50
111.00
113.25
2.25
1.6
0.50
0.50
120.30
132.60
12.30
8.7
0.53
0.53
207.00
210.00
3.00
2.2
0.42
0.42
215.00
219.00
4.00
2.9
0.66
0.66
241.60
251.00
9.40
7.0
0.32
0.32
257.00
259.55
2.55
1.9
0.33
0.33
280.20
282.50
2.30
1.7
0.44
0.44
MMD-23-116
65.00
67.00
2.00
1.4
0.55
0.55
176.00
178.00
2.00
1.5
0.32
0.32
221.15
226.70
5.55
4.2
0.33
0.33
231.90
287.00
55.10
42.8
0.38
0.38
297.30
307.00
9.70
7.6
0.44
0.44
316.60
348.40
31.80
25.3
0.47
0.47
359.00
377.00
18.00
14.4
0.58
0.58
including
374.00
377.00
3.00
2.4
1.61
1.61
400.85
437.85
37.00
30.1
1.34
1.46
including
405.55
418.60
13.05
10.6
3.25
3.59
including
416.40
417.05
0.65
0.5
30.0
36.8
MMD-23-117
24.70
147.00
122.30
82.7
0.43
0.43
including
45.00
47.00
2.00
1.3
2.22
2.22
and
67.05
71.00
3.95
2.7
1.30
1.30
and
106.00
114.00
8.00
5.5
1.79
1.79
165.65
182.75
17.10
11.8
0.41
0.41
217.35
258.00
40.65
28.5
0.35
0.35
including
217.35
219.40
2.05
1.4
1.86
1.86
307.00
310.00
3.00
2.1
0.45
0.45
353.00
388.00
35.00
25.3
0.31
0.31
404.65
414.10
9.45
6.9
0.99
0.99
including
404.65
412.90
8.25
6.0
1.03
1.03
446.00
448.00
2.00
1.5
0.62
0.62
MMD-23-118A
35.85
45.00
9.15
5.5
0.88
0.88
101.00
109.00
8.00
5.1
0.96
0.96
202.00
220.00
18.00
12.3
0.31
0.31
241.30
249.10
7.80
5.4
0.30
0.30
261.05
279.00
17.95
12.6
0.68
0.68
including
271.55
274.10
2.55
1.8
3.66
3.66
290.20
310.00
19.80
14.1
0.67
0.67
including
306.90
309.00
2.10
1.5
1.79
1.79
369.20
451.00
81.80
60.7
0.58
0.58
including
374.80
379.00
4.20
3.1
1.03
1.03
and
389.45
391.90
2.45
1.8
1.45
1.45
and
409.00
423.00
14.00
10.4
1.63
1.63
461.95
467.10
5.15
3.9
0.59
0.59
483.00
485.00
2.00
1.5
2.44
2.44
495.05
516.55
21.50
16.4
0.37
0.37
MMD-23-119
84.75
96.00
11.25
7.8
0.30
0.30
116.00
238.80
122.80
87.8
0.51
0.51
including
157.00
167.95
10.95
7.8
1.97
1.97
including
165.20
165.90
0.70
0.5
19.4
19.4
and
189.80
192.95
3.15
2.3
1.48
1.48
305.00
329.50
24.50
18.2
0.41
0.41
362.00
365.05
3.05
2.3
0.51
0.51
414.00
417.00
3.00
2.3
0.43
0.43
431.20
437.20
6.00
4.6
0.31
0.31
439.00
441.05
2.05
1.6
0.32
0.32
447.85
481.05
33.20
25.6
0.61
0.61
including
479.00
481.05
2.05
1.6
3.45
3.45
508.00
514.40
6.40
5.0
0.58
0.58
MMD-23-120
12.90
31.95
19.05
12.4
0.59
0.59
43.65
61.10
17.45
11.4
0.30
0.30
63.00
125.00
62.00
40.9
0.32
0.32
137.85
154.30
16.45
11.0
0.33
0.33
165.90
170.00
4.10
2.7
0.37
0.37
175.00
178.85
3.85
2.6
0.80
0.80
208.20
211.55
3.35
2.3
0.43
0.43
241.15
263.20
22.05
15.2
0.30
0.30
276.00
282.10
6.10
4.2
0.61
0.61
352.00
377.00
25.00
17.7
0.47
0.47
including
368.00
370.05
2.05
1.5
1.15
1.15
Intersections calculated above a 0.3 g/t Au cut off with a top cut of 30 g/t Au and a maximum internal waste interval of 10 metres. Shaded intervals are intersections calculated above a 1.0 g/t Au cut off. Intervals in bold are those with a grade thickness factor exceeding 20 gram x metres / tonne gold. True widths are approximate and assume a subvertical body.
Table 2: Location of drill holes in this press release
HOLE
EAST
NORTH
RL
AZIMUTH
DIP
EOH
MMD-22-107
668,208
5,378,030
442
127°
-50°
450
MMD-22-110
668,166
5,378,056
448
126°
-50°
402
MMD-22-111
668,147
5,378,114
445
143°
-50°
552
MMD-23-115
668,388
5,378,145
429
125°
-45°
324
MMD-23-116
668,387
5,378,392
446
124°
-49°
525
MMD-23-117
668,334
5,378,203
435
124°
-49°
450
MMD-23-118a
668,375
5,378,401
444
126°
-54°
552
MMD-23-119
668,277
5,378,239
447
126°
-50°
525
MMD-23-120
668,255
5,378,123
436
125°
-49°
450
Analytical and QA/QC Procedures
All samples were sent to ALS Geochemistry in Thunder Bay for preparation and analysis was performed in the ALS Vancouver analytical facility. ALS is accredited by the Standards Council of Canada (SCC) for the Accreditation of Mineral Analysis Testing Laboratories and CAN-P-4E ISO/IEC 17025. Samples were analyzed for gold via fire assay with an AA finish (“Au-AA23”) and 48 pathfinder elements via ICP-MS after four-acid digestion (“ME-MS61”). Samples that assayed over 10 ppm Au were re-run via fire assay with a gravimetric finish (“Au-GRA21”).
In addition to ALS quality assurance / quality control (“QA/QC”) protocols, Goldshore has implemented a quality control program for all samples collected through the drilling program. The quality control program was designed by a qualified and independent third party, with a focus on the quality of analytical results for gold. Analytical results are received, imported to our secure on-line database and evaluated to meet our established guidelines to ensure that all sample batches pass industry best practice for analytical quality control. Certified reference materials are considered acceptable if values returned are within three standard deviations of the certified value reported by the manufacture of the material. In addition to the certified reference material, certified blank material is included in the sample stream to monitor contamination during sample preparation. Blank material results are assessed based on the returned gold result being less than ten times the quoted lower detection limit of the analytical method. The results of the on-going analytical quality control program are evaluated and reported to Goldshore by Orix Geoscience Inc.
Grant of Stock Options and RSUs
In addition, the Company announces that it has granted a total of 4,100,000 stock options (“Options“) to purchase common shares of the Company to certain directors, officers, employees and consultants. Such Options are exercisable into common shares of the Company at an exercise price of $0.25 per common share for a period of five years from the date of grant. Of the Options, 3,900,000 will vest 1/3 on October 24, 2023, 1/3 on October 24, 2024, and 1/3 on October 24, 2025; and 200,000 will vest 1/3 immediately and 1/3 annually thereafter. All Options expire on April 24, 2028.
The Company has also issued a total of 1,673,968 restricted share units (“RSUs“) to certain directors and officers of the Company. The RSUs will fully vest on the date that is one year from the date of grant. Once vested, each RSU represents the right to receive one common share of the Company, the equivalent cash value thereof, or a combination of the two, at the Company’s discretion. The grant of Options and issuance of RSUs have been made in accordance with the Company’s Omnibus Incentive Plan (the “Plan“) that was approved by the Company’s directors on November 8, 2022. The Plan remains subject to the approval of the shareholders of the Company at its next Annual General and Special Meeting. Any grants of share-based compensation made under the Plan will also be subject to the approval of disinterested shareholders at the next Annual General and Special Meeting of the Company.
In addition, certain directors and officers of the Company have agreed to forgive an aggregate of $168,833 of debt, representing accrued consulting fees incurred during the period from January 2023 to March 2023 and directors’ fees incurred during the period from July 2022 to March 2023.
About Goldshore
Goldshore is an emerging junior gold development company and owns 100% of the Moss Gold Project located in Ontario, with Wesdome Gold Mines Ltd. being a large shareholder. Supported by an industry-leading management group, board of directors and advisory board, Goldshore is positioned to advance the Moss Gold Project through the next stages of exploration and development.
Peter Flindell, P.Geo., MAusIMM, MAIG, Vice President – Exploration of the Company, a qualified person under NI 43-101 has approved the scientific and technical information contained in this news release.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
For More Information – Please Contact:
Brett A. Richards President, Chief Executive Officer and Director Goldshore Resources Inc.
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 the Company’s actual results, performance or achievements, or developments 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.
Forward-looking statements in this news release include, among others, statements relating to expectations regarding the exploration and development of the Moss Gold Project, the release of an updated mineral resource estimate and preliminary economic assessment, and other statements that are not historical facts. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors and risks include, among others: the Company may require additional financing from time to time in order to continue its operations which may not be available when needed or on acceptable terms and conditions acceptable; compliance with extensive government regulation; domestic and foreign laws and regulations could adversely affect the Company’s business and results of operations; the stock markets have experienced volatility that often has been unrelated to the performance of companies and these fluctuations may adversely affect the price of the Company’s securities, regardless of its operating performance; and the impact of COVID-19.
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. The Company undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.
Two reconnaissance holes were drilled eastwards from Pad 6 at the Apollo system to test the potential for high grade mineralization at the eastern contact zone where the inter-mineral breccia and the host porphyry vein stockwork meet. Based on prior observations, the concept to be proved was that the contact zone forms a trap for the accumulation of excess metal driven by the location where the late-stage carbonate base metal veins enter the system. The scout hole, APC-41, was drilled obliquely to the contact and was not optimally situated to fully test the zone. Based on the logging of that hole, APC-42 was then appropriately drilled orthogonal to the contact zone.
APC-42, which expanded the overall dimensions of the Apollo system modestly to the southwest intersected high-grade gold-silver-copper mineralization from surface over a broad interval with the highest accumulation (grams X metres) of oxide material encountered to date as follows:
APC-41, which was drilled at a suboptimal angle, also intercepted high-grade mineralization from surface with a robust oxide zone as follows:
Six additional holes have been completed at the Apollo system with assay results expected in the near term. All six holes intersected cumulative mineralization over varying yet significant downhole drill lengths. Three drill rigs are operating on site with a fourth rig expected to begin operating prior the end of Q2, 2023.
Ari Sussman, Executive Chairman commented: “This new step-out drilling into the eastern area of the Apollo system has outlined a new and important high-grade zone where extensive quartz stockwork veining has resulted in an abundance of high-grade metal being trapped at the interface between breccia and porphyry. A drill hole from Pad 10, located northeast from Pad 6, is underway to test this new high-grade zone along the contact to the northeast. The surprises at Apollo continue to be positive and I am confident that not only will the Apollo porphyry system continue to grow with further exploratory drilling but that we will make new discoveries in the near term by remaining aggressive with our drilling.”
TORONTO, April 25, 2023 /CNW/ – Collective Mining Ltd. (TSXV: CNL) (OTCQX: CNLMF) (“Collective” or the “Company”) is pleased to announce assay results from a further two drill holes completed within the Apollo porphyry system (“Apollo”) at the Guayabales project located in Caldas, Colombia. Apollo is a high-grade, bulk tonnage copper-silver-gold system, which owes its excellent metal endowment to an older copper-silver and gold porphyry system being overprinted by younger precious metal rich, carbonate base metal vein systems (intermediate sulphidation porphyry veins) within a magmatic, hydrothermal inter-mineral breccia body currently measuring 395 metres x 385 metres x 915 metres and open for expansion.
To watch a short video of David Reading, Special Advisor to Collective Mining, speak about the assay results announced today, please click here.
Details (See Table 1 and Figures 1-4)
The Phase II drilling program of 2023 is advancing on schedule with thirteen holes completed and results announced. A further six holes have been drilled and await assay results from the lab. The objectives of the 2023 program is to define the high-grade mineralization and dimensions of the Apollo porphyry system near surface, expand the size of the system through step-out and directional drilling and drill test multiple new targets generated through grassroot exploration. Since the announcement of the discovery hole at Apollo in June 2022, a total of 44 drill holes (approximately 18,400 metres) have been completed and assayed.
This press release announces results from two exploratory holes drilled eastwards from Pad 6 and designed to test the contact zone between the porphyry and inter-mineral breccia. The first hole, APC-41, was drilled to the northeast at a shallow angle and was suboptimal in design as it was drilled oblique to the contact zone. Based on the understanding gained from the first hole, APC-42 was drilled steeply due east and intercepted the contact zone at an orthogonal angle. Assay results and geological observations for both holes are summarized below:
APC-42 was drilled steeply to the east from surface at Pad 6 to a maximum downhole depth of 126.3 metres. The mineralized interval includes 44.55 metres of combined saprolite and saprock with iron oxides formed from the oxidation of the sulphides hosted within the matrix of the breccia and within veins. Below the oxidized zone, the intercept passes into fresh rock with a sulphide composition of 0.5% chalcopyrite, 1.5% pyrite and pyrrhotite (up to 0.5%). One of the characteristic features of this intercept is the fact that it passes through a contact zone between breccia and porphyry. This zone contains both mineralized breccia and a stockwork of sulphide bearing quartz and carbonate veins within the adjacent porphyry material, all of which are associated with intense sericite alteration. Finally, the footwall zone of the porphyry is well altered and hosts mineralization associated with disseminated pyrite and quartz-pyrite veins with assay results as follows:
104.8 metres @ 5.56 g/t gold equivalent (consisting of 4.21 g/t gold, 68 g/t silver and 0.3% copper) including:
This intercept is followed by 19.35 metres @ 0.33 g/t gold equivalent from 106.95 metres downhole and is hosted within quartz diorite porphyry.
APC-41 was drilled to the northeast from Pad 6 to a maximum downhole depth of 162.4 metres and was designed to test the contact zone between breccia and porphyry. The mineralized interval starts at 1.65 metres depth below the overburden and intersects 28.05 metres of combined saprolite and saprock with iron oxides formed from the oxidation of the sulphides hosted within the matrix of the breccia and within veins. Below the oxide zone, the intercept passes into fresh rock consisting of quartz diorite breccia with a matrix of chalcopyrite (0.2%), pyrite (up to 2%) and 0.1% pyrrhotite before exiting the breccia and entering into mineralized quartz diorite porphyry. As in APC-42, the contact zone is characterized by a stockwork of sulphide bearing quartz and carbonate, porphyry veins associated with intense sericite alteration. The sericite is overprinting earlier potassium alteration (biotite). Finally, the footwall porphyry is altered and hosts mineralization associated with disseminated pyrite and quartz-pyrite veins with assay results as follows:
82.1 metres @ 3.09 g/t gold equivalent (consisting of 2.81 g/t gold, 13 g/t silver and 0.1% copper) including:
This intercept is followed by a lower grade intercept of 57 metres @ 0.34 g/t gold equivalent from 83.7 metres downhole and is hosted within quartz diorite porphyry.
Six additional holes have been completed at the Apollo system with assay results expected in the near term. All holes intersected bulk tonnage mineralization over core length of up to more than 500 metres. APC-45 and APC-48 were shorter holes drilled from Pad 7, designed to test the contact zone between the inter-mineral breccia and porphyry host rock in the southern portion of the deposit. APC-44 and APC-46 were longer holes drilled from Pad 6 as part of the fan pattern of drilling to assess the shallow mineralization in the central area of the system. APC-49 was a deeper hole drilled to the northwest from Pad 6 and APC-47 was drilled eastwards from Pad 4.
The Company presently has three diamond drill rigs operating at the Apollo project with a fourth rig expected to begin operating prior to the end of Q2, 2023. Additional assay results are expected in the near term.
The Apollo target area, as defined to date by surface mapping, rock sampling and copper and molybdenum soil geochemistry, covers a 1,000 metres X 1,200 metres area, and represents a large and unusually high-grade Cu-Ag-Au porphyry system. Mineralizations styles include early-stage porphyry veins, inter-mineral breccia mineralization and multiple zones of porphyry related late stage, sheeted, carbonate-base metal veins with high gold and silver grades. The Apollo target area is still expanding as the Company’s geologists have found multiple additional outcrop areas with porphyry veining, breccia, and late stage, sheeted, carbonate base metal veins.
Table 1: Assay Results
Hole #
From(am)
To(am)
InterceptInterval (am)
Au(g/t)
Ag(g/t)
Cu%
MO%
Sauté(g/t)*
Cue(%)*
Zone
APC-41
1.65
83.70
82.05
2.81
13
0.10
0.002
3.09
1.65
Interlinearly Breccia
Inc**
1.65
29.70
28.05
3.44
15
0.07
0.001
3.67
Oxidation zone
83.70
140.70
57.00
0.24
3
0.34
Porphyry Host Rock
APC-42
0.00
104.80
104.80
4.21
68
0.30
0.001
5.56
2.97
Interlinearly Breccia
Inc**
0.00
44.55
44.55
6.48
37
0.10
0.001
6.99
Oxidation zone
84.80
104.80
20.00
6.26
24
0.10
0.002
6.59
Interlinearly Breccia
APC-42
106.95
126.30
19.35
0.26
3
0.33
Porphyry Host Rock
*Sauté (g/t) is calculated as follows: (Au (g/t) x 0.97) + (Ag g/t x 0.016 x 0.88) + (Cu (%) x 1.87 x 0.90)+ (MO (%)*11.43 x 0.85) and Cue (%) is calculated as follows: (Cu (%) x 0.90) + (Au (g/t) x 0.51 x 0.97) + (Ag (g/t) x 0.009 x 0.88)+ (MO(%)x 6.10 x 0.85) utilizing metal prices of Cu – US$4.10/lb, Ag – $24/oz MO – US$25.00/lb and Au – US$1,500/oz and recovery rates of 97% for Au, 88% for Ag, 85% for MO, and 90% for Cu. Recovery rate assumptions are speculative as limited metallurgical work has been completed to date. A 0.2 g/t Sauté cut-off grade was employed with no more than 15% internal dilution. True widths are unknown, and grades are uncut.
(**) Zone of Oxidation
Figure 1: Plan View of Drilling Highlighting Assay Results of APC-41 and APC-42 (CNW Group/Collective Mining Ltd.)
Figure 4: Plan View of the Guayabales Project Highlighting the Apollo Target Area (CNW Group/Collective Mining Ltd.)
About Collective Mining Ltd.
To see our latest corporate presentation and related information, please visit www.collectivemining.com
Founded by the team that developed and sold Continental Gold Inc. to Fijian Mining for approximately $2 billion in enterprise value, Collective Mining is a copper, silver, and gold exploration company with projects in Caldas, Colombia. The Company has options to acquire 100% interests in two projects located directly within an established mining camp with ten fully permitted and operating mines.
The Company’s flagship project, Guayabales, is anchored by the Apollo target, which hosts the large-scale, bulk-tonnage and high-grade copper-silver-gold Apollo porphyry system. The Company’s near-term objective is to drill the shallow portion of the porphyry system while continuing to expand the overall dimensions of the system, which remains open in all directions.
Management, insiders and close family and friends own nearly 45% of the outstanding shares of the Company and as a result, are fully aligned with shareholders. The Company is listed on the TSXV under the trading symbol “CNL” and on the OTCQX under the trading symbol “CNLMF”.
Qualified Person (AP) and NI43-101 Disclosure
David Jo Reading is the designated Qualified Person for this news release within the meaning of National Instrument 43-101 (“NI 43-101”) and has reviewed and verified that the technical information contained herein is accurate and approves of the written disclosure of same. Mr. Reading has an MS in Economic Geology and is a Fellow of the Institute of Materials, Minerals and Mining and of the Society of Economic Geology (SE).
Technical Information
Rock, soils and core samples have been prepared and analyzed at SS laboratory facilities in Medallion, Colombia and Lima, Peru. Blanks, duplicates, and certified reference standards are inserted into the sample stream to monitor laboratory performance. Crush rejects and pulps are kept and stored in a secured storage facility for future assay verification. No capping has been applied to sample composites. The Company utilizes a rigorous, industry-standard QUA/AC program.
Information Contact:
Follow Executive Chairman Ari Sussman (@Ariski73) and Collective Mining (@CollectiveMini1) on Twitter.
FORWARD-LOOKING STATEMENTS
This news release contains certain forward-looking statements, including, but not limited to, statements about the drill programs, including timing of results, and Collective’s future and intentions. Wherever possible, words such as “may”, “will”, “should”, “could”, “expect”, “plan”, “intend”, “anticipate”, “believe”, “estimate”, “predict” or “potential” or the negative or other variations of these words, or similar words or phrases, have been used to identify these forward-looking statements. These statements reflect management’s current beliefs and are based on information currently available to management as at the date hereof.
Forward-looking statements involve significant risk, uncertainties, and assumptions. Many factors could cause actual results, performance, or achievements to differ materially from the results discussed or implied in the forward-looking statements. These factors should be considered carefully, and readers should not place undue reliance on the forward-looking statements. Although the forward-looking statements contained in this news release are based upon what management believes to be reasonable assumptions, Collective cannot assure readers that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this news release, and Collective assumes no obligation to update or revise them to reflect new events or circumstances, except as required by law.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this news release.
Collective Mining Logo (CNW Group/Collective Mining Ltd.)
VANCOUVER, BC / ACCESSWIRE / April 20, 2023 / Stillwater Critical Minerals Corp. (TSXV:PGE)(OTCQB:PGEZF) (the “Company”, “Stillwater” or “SWCM”) is pleased to announce that Wolfgang Maier, Ph.D., a recognized world expert geologist in magmatic mineral deposits, has joined the Company as Senior Geological Advisor.
Figure 1 – Stillwater Critical Minerals personnel at Stillwater West in August 2022 (L-R): Dr. Wolfgang Maier, Senior Geological Advisor, Dr. Danie Grobler, Vice-President Exploration, and Greg Johnson, Chairman of the Board
Dr. Maier has more than 25 years of global experience in mafic-ultramafic igneous systems and the formation of magmatic ore deposits, including deposits of nickel, copper, cobalt, platinum group elements (“PGE”), and chromium. He has authored and co-authored 144 publications which have received 5,175 citations to date and has been a contributing author or editor of several books, monographs, and geological maps. Dr. Maier studied geology at the Ludwig Maximilian University of Munich, Germany and at Rhodes University, South Africa, including doctoral studies on the Bushveld Complex in 1992. He taught igneous petrology and economic geology at the Universities of Pretoria (South Africa), University of Quebec at Chicoutimi (Canada), UWA (Australia), and Oulu (Finland) before joining Cardiff University in 2013 where he is currently a professor with the School of Earth and Environmental Sciences. In addition to his work studying the formation of magmatic ore deposits including PGE, Ni-Cu, Cr, and V-Ti-Fe deposits, Dr. Maier is also interested in increasing the sustainability of both exploration and mining.
Dr. Wolfgang Maier commented, “I am very impressed with the potential of the Stillwater project and excited to contribute to the exceptional team assembled by Stillwater Critical Minerals. During my site visit in 2022, I was impressed by the relatively underexplored nature of the lower Stillwater complex, which is surprising as the Stillwater Igneous Complex hosts the highest-grade platinum group element reef system in the world and the lower Stillwater complex shows similar exceptional PGE tenor within the more broadly mineralized nickel, copper, cobalt and chromium enriched lower magmatic stratigraphy. I look forward to further collaboration as SWCM focuses on expansion of their current resources and follows up on its exciting high-grade discovery holes in 2023. The potential for continued discovery of these important battery metals along with significant PGEs at Stillwater is outstanding.”
Dr. Danie Grobler, Stillwater Critical Minerals’ Vice-President of Exploration, stated, “We are very pleased to welcome Dr. Maier to the technical team at Stillwater in follow-up to his extended tour of the project last year. During his career, Dr Maier has worked on and published papers about most of the economically important layered mafic-ultramafic intrusives globally. Dr Maier’s extensive scientific understanding of these important critical metal deposits complements our experienced exploration team as we prioritize high-grade nickel, copper, cobalt, and platinum group element mineralized zones within the lower part of the Stillwater layered magmatic stratigraphy. We are currently finalizing our exploration plans for 2023 which will focus on continued expansion drilling at the resource areas. Particular focus is planned for targets adjacent to high-grade discovery intersects such as CM2021-05 at Chrome Mountain which intersected 13.2 meters of high-grade nickel sulphide grading 2.31% Ni, 0.35% Cu, 0.115% Co and 1.51 g/t PGEs+Au within 400.8 meters of continuous mineralization, and CZ2021-01 at Iron Mountain, which intersected 4.6 meters grading 0.96% Ni, 0.49% Cu, 0.073% Co and 0.87 g/t PGEs+Au within 367.6 meters of continuous mineralization.”
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 recent addition of two renowned Bushveld and Platreef geologists to the team, 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.
2021 drill core samples were analyzed by ACT Labs in Vancouver, B.C. Sample preparation: crush (< 7 kg) up to 80% passing 2 mm, riffle split (250 g) and pulverize (mild steel) to 95% passing 105 µm included cleaner sand. Gold, platinum, and palladium were analyzed by fire assay (1C-OES) with ICP finish. Selected major and trace elements were analyzed by peroxide fusion with 8-Peroxide ICP-OES finish to insure complete dissolution of resistate minerals. Following industry QA/QC standards, blanks, duplicate samples, and certified standards were also assayed.
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
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 Group Ten 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 Group Ten 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.
VANCOUVER, British Columbia, April 19, 2023 (GLOBE NEWSWIRE) — Rover Metals Corp. (TSXV: ROVR) (OTCQB: ROVMF) (FSE:4XO) (“Rover” or the “Company”) is pleased to announce that it has it received its exploration drill permit from the Bureau of Land Management (“BLM”) to further exploration at its Let’s Go Lithium (“LGL”) project, NV, USA.
Let’s Go Lithium Project The LGL project is located on approximately 6,000 acres of BLM land within the prolific southwest Nevada claystone lithium jurisdiction. The BLM permit allows for up to 30 drill holes to a depth of up to 90 meters per hole. The LGL project is located 12 km east-northeast of the historic Franklin Wells hectorite mine. The project includes green energy infrastructure of hydro power lines on site, direct road access, and a nearby town with a readily available work force. The Company is planning an RC drill program to follow-up on the high-grade lithium surface samples (see Phase 1 Exploration below) taken on the project in 2022.
Phase 1 Exploration at LGL – 2022 In H2-2022, the Company, through the vendor of the LGL project, and through ALS Laboratories, verified high-grade lithium surface samples at the project. Highlights of these surface grab samples processed by ALS Laboratories include: Sample# AMZ-8 of 780ppm Li, Sample# AMZ-26 of 910ppm Li, and Sample# AMZ-28 of 710ppm Li. The Company has pulled additional surface grab samples from the project and analysed them with a Handheld Laser Induced Breakdown Spectroscopy (“HH LIBS”). Highlights of the HH LIBS include: 1,218 ppm Li, 778 ppm Li, 724 ppm Li, and 707 ppm Li. Historic water well drill logs spread across the LGL project suggest an average thickness of the clay beds to be approximately 105 meters.
Regional Geology LGL is located just 12 km away from the historic Franklin Wells hectorite (a rare lithium smectite mineral) deposit. Mining at Franklin Wells dates back to the 1920’s. The regional geology of the Amargosa Valley is a basin-and-range structure with the Greenwater Range and Funeral Mountains to the west and the Amargosa Desert to the east. The Greenwater/Funeral mountains are fault-controlled with narrow interior valleys and are bounded by broad, coalescing alluvial fans. The Greenwater/Funeral mountains are composed of lower Paleozoic marine and metamorphic rocks. LGL is located in a large basin of clay rich Tertiary lakebed sediments, the major host rock for the other lithium claystone deposits in the southwest Nevada lithium jurisdiction.
Later-stage company comparable claystone lithium projects in southwest Nevada include Century Lithium Corp.’s Clayton Valley project; American Lithium’s TLC project; Spearmint Resources’ McGee project; Noram Lithium’s Zeus project, and Nevada Lithium’s Bonnie Claire project. All of the aforementioned companies are later-stage mining companies, with a NI 43-101 resource calculation.
Technical information has been approved by David White, P.Geo., QP for the purposes of NI 43-101. ALS Laboratories is ISO/IEC 17025:2017 and ISO 9001:2015 certified.
Judson Culter, CEO at Rover Metals, states, “It’s been a great start to the year for Nevada claystone lithium projects. In Jan-2023, the Rhyolite Ridge project received a USD700MM conditional loan from U.S. Department of Energy Loan Programs Office. In Jan-2023, American Lithium announced a successful pilot plant processing of Lithium Carbonate from its TLC project. In Feb-2023, General Motors announced its intent to invest USD65MM into the Thacker Pass project. Reno, NV, also happens to be home to the Tesla battery factory. Management at Rover Metals believes that the LGL project is a well-timed, low cost exploration development project in the right area code. Management is currently reviewing proposals from drilling companies as we plan on embarking on our maiden drill program at the LGL project, now that we have our permit. Exact start dates will be the subject of a future news release.”
Advisor Appointments and Stock Option Grants The Company has appointed John Zimmerman and Don Merrick to its advisory board. John and Don will help lead the technical team in Nevada and provide continued business development for new lithium opportunities in the U.S.
John Zimmerman has an BS in Geology from the University of California at Davis and an MS in Geology from the University of Arizona, and has been active in western US mineral exploration for over 40 years. He was the co-discoverer of the Chimney Creek (Twin Creeks) Mine, a 20 million oz. gold deposit, and as a result has an enviable reputation in the Industry. He is an expert in western US gold and lithium exploration and has been a consistent generator of quality exploration opportunities in in the US exploration and elsewhere. Mr. Zimmerman has been active in all phases of mineral exploration including strategy, planning, budgeting, property evaluation, and project generation. He has contributed to the success of several prosperous explorers including Newmont, Goldfields Mining, and Meridian Gold. Most recently, he directed all Great Basin gold exploration of BHP Minerals International. In addition to Nevada, he has worked in China and South America. Merrick and Zimmerman were the co-owners of Genesis Gold Corporation and built it into a success which they sold for several million dollars in 2020.
Don Merrick has been active in Great Basin gold exploration for over 40 years and has been involved in several successful exploration efforts. For 12 years, Mr. Merrick was the primary project generator and evaluator for BHP Minerals International in the Great Basin. Since leaving BHP, he has done grubstake generative work for Gold Fields and Kennecott, optioning properties to Gold Fields, Western Mining, and MK Gold. Most recently, he helped found Gateway Gold Corp., where as VP Exploration he discovered over 2.4 million ounces of gold. As a prospect generator, he has generated quality prospects for numerous other mining companies, including: Newmont, Barrick, Asarco, Plexus, Santa Fe Gold, Euro-Nevada, Gold Fields, Metalla Royalty and EMX Royalty. In addition to Nevada, he has work in Central America, China, and Russia.
Pursuant to the Zimmerman and Merrick advisory appointments, each will receive a stock option grant of 350,000 stock options with an exercise price of $0.12 under the standard terms of the Company’s stock option plan, which provides for a four-year life.
Re-pricing of Insider Stock Options On March 28, 2023, the Company held its annual general and special meeting of its shareholders. Included in the agenda for the meeting was the re-pricing of issued and outstanding Insider stock options, on a post-consolidation basis, as a result of the Company’s six-for-one share consolidation that was effective October 28, 2022. Pursuant to the Toronto Venture Exchange’s (the “TSXV”) policies, the Company did receive majority approval from disinterested shareholders to re-price Insider stock options. As a result, the Company will be applying to the TSXV for final approval of the stock option re-pricings. The following is a table of the proposed stock option re-pricings:
Role
Grant Date
Number of Options
Original Exercise Price
Amended Exercise Price
Director
July 29, 2020
133,333
$0.45
$0.15
Director
January 6, 2021
66,666
$0.72
$0.15
Director
April 26, 2022
66,666
$0.36
$0.15
CFO
September 24, 2020
50,000
$0.51
$0.15
Investor Relations
January 1, 2021
14,583 14,583 14,583 14,583
$0.75 $0.90 $1.05 $1.20
$0.15 $0.15 $0.20 $0.20
Investor Relations
August 4, 2021
29,166 29,166 29,166 29,166
$0.75 $0.90 $1.05 $1.20
$0.15 $0.15 $0.20 $0.20
Investor Relations
February 14, 2022
33,333 33,333 33,333
$0.36 $0.45 $0.54
$0.15 $0.20 $0.20
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. Rover is currently focussed on the development of a claystone lithium project in southwest Nevada, USA. Plans for 2023 include a reverse circulation drill program at the Let’s Go Lithium project.
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 Canada and the U.S.
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) 754-2855
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.
KELOWNA, BC / ACCESSWIRE / April 18, 2023 / Diamcor Mining Inc. (TSXV:DMI) (OTCQB:DMIFF) (FRA:DC3A), (“Diamcor” or, the “Company”) is pleased to announce the appointment of Mr. Ross McElroy as Special Advisor to the Company.
Mr. McElroy is a professional geologist with over 35 years of experience in the mining industry, holds a Bachelor’s Degree in Science with a Specialization in Geology from the University of Alberta in 1987, and is a registered professional geologist in Saskatchewan, British Columbia and Nunavut/Northwest Territories. He is the winner of the 2014 PDAC Bill Dennis award for exploration success and the Northern Miner “Mining Person of the Year Award”. Mr. McElroy’s comprehensive experience includes working and managing many types of mineral projects from grass roots exploration to feasibility and production. He has held senior technical and executive positions with both major and mid-tier mining companies, which include BHP, Orano, and Cameco. He was a key member of the discovery team of the giant MacArthur River uranium deposit and played a key roll in the discoveries and development of the hugely successful Fission Uranium Corp, where he presently holds the role as President and CEO. Mr. McElroy has also had a successful career in the search, discovery, development and mining of other commodities including diamonds during the several years he spent as Senior Geologist for BHP’s Ekati diamond mining operation in northern Canada.
“After many years of informal discussions on our Project and our long-term goals, I am very pleased to now have Mr. McElroy as a technical advisor to our Company,” stated Mr. Dean Taylor, Diamcor’s CEO. “I truly believe his input based on his past experiences and continued interest in the diamond sector, along with his proven ability to successfully advance various projects from discovery to production, will prove very beneficial to Diamcor.”
“Diamcor’s Krone-Endora at Venetia Project has always been a point of many interesting discussions, and the fact they are dealing with a significant low-cost displacement project from the prolific De Beers Venetia mine presents an attractive scenario,” stated Mr. Ross McElroy. “I know that the entire management team’s post-Covid focus is to execute its previous plans to grow the Project and expand their business. I look forward to providing them with my insight to enhance their ability to do so,” added Mr. McElroy.
About Diamcor Mining Inc.
Diamcor Mining Inc. is a fully reporting publicly traded junior diamond mining company which is listed on the TSX Venture Exchange under the symbol V.DMI, and on the OTC QB International under the symbol DMIFF. The Company has a well-established operational and production history in South Africa and extensive prior experience supplying rough diamonds to the world market.
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 then current prices to be determined by the parties on an ongoing basis. In conjunction with this first right of refusal, Tiffany & Co. Canada also provided the Company with financing to advance the Project. 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 Krone-Endora at Venetia
In February 2011, 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. On September 11, 2014, the Company 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. The 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 material from the higher grounds of the adjacent Venetia Kimberlite areas. The deposits on Krone-Endora occur in two layers 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.
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.
Exploration fieldwork has identified six well mineralized and outcropping porphyry and related style targets within a 400 metre radius of the Apollo system with assay results for soil and rock samples as follows:
Surface mapping at all six targets has outlined the same style of porphyry mineralization as the Apollo system, namely altered porphyry with vein stockwork, inter-mineral breccia with oxide followed by sulphides in the matrix and overprinting late-stage porphyry veins (“CBM Veins”).
Although the amount of rock and soil exposure in the sampling radius covering each of the six target areas is limited due to vegetation, historical landslides and volcanic ash cover, the scale of the areas and tenor of the assay results are similar to the original outcrop of the Apollo system. The Company estimates that there is no more than 5% rock exposure anywhere at the Guayabales project.
For comparison, the outcrop of the Apollo porphyry system prior to drilling only measured 10 metres in diameter. Subsequent drilling has outlined a porphyry system that to date measures 150 metres by 130 metres at surface, which then expands in dimensions quickly at depth to up to 500 metres wide and remains open.
Surface sampling was carried out in oxidized material and if the oxidation zone shares similar characteristics to the Apollo system, the copper and silver grades have been reduced by leaching. Recent drill results from Pad 6 and Pad 7 at Apollo corroborates this assertion.
A fourth drill rig is being mobilized to the project and is expected to initiate testing of the six new targets in late Q2, 2023.
Six additional holes have been completed at the Apollo system with assay results expected in the near term. APC-41, APC-42 and APC-45 are shorter holes designed to test the contact zones between the inter-mineral breccia and porphyry host rock in search of higher-grade sub zones. APC-44 and APC 46 are longer holes (up to 425 metres in mineralization) drilled from Pad 6 as part of a fan pattern to assess the shallow mineralization in this area and APC-47 is an exploratory hole drilled to the east from Pad 4 to test for mineralization beginning from below surface.
Ari Sussman, Executive Chairman commented: “The discovery of these new mineralized porphyry outcrops around Apollo are both exciting and significant for the Company. The original discovery outcrop of Apollo only covered a 10 metre radius and subsequent drilling has demonstrated that Apollo has the morphology of an inverted carrot with limited surface expression. This fact puts these new targets into perspective and highlights that the Apollo area is highly prospective for further exploration. We only found these new outcrops because of various recently excavated tracks emplaced to service and supply the drilling pads. I am looking forward to new drill rigs turning at these targets in the near term.”
TORONTO, April 18, 2023 /CNW/ – Collective Mining Ltd. (TSXV: CNL) (OTCQX: CNLMF) (“Collective” or the “Company”) is pleased to announce exploration results from six newly generate porphyry and related style targets located within the Apollo target area at the Guayabales project located in Caldas, Colombia. The Apollo porphyry system is a high-grade, bulk tonnage copper-silver-gold system, which owes its excellent metal endowment to an older copper-silver and gold porphyry system being overprinted by younger precious metal rich, carbonate base metal vein systems (intermediate sulphidation porphyry veins) within a magmatic, hydrothermal inter-mineral breccia body currently measuring 395 metres x 385 metres x 915 metres and open for expansion.
Details (See Table 1 and Figures 1-3)
Exploration fieldwork has identified six target areas with outcropping porphyry style mineralization which are located within a 400 metre radius of the Apollo porphyry system. These new targets were generated by geological mapping, soil sampling and most importantly the emplacement of new tracks to enable supplies and equipment to be transported to the current drill pads in the area. Two key characteristics pertinent to understanding the potential impact of the targets and their associated metal values in rock and soil are as follows:
A.
Collectively, the targets consist of all the same mineralization styles observed in the Apollo system, namely early-stage porphyry style with various porphyry veinlets, inter-mineral breccia, and late stage CBM veins which host higher values of gold and silver. The copper values range between 31 ppm and 1,410 ppm and reflect leaching of copper and silver due to surface oxidation. The leaching of copper in oxides at Apollo has been observed in all oxidized material drilled from Pad 6 and Pad 7. Copper values near surface in these drill holes display very similar grades to those observed in the six outcrops outlined in this release. Gold values range from 0.18 g/t to 8.29 g/t and silver values from 0.2 g/t to 346 g/t with variation in both cases related to the mineralization styles encountered.
B.
Cognizance must be taken of the surface area and 3D morphology of the Apollo porphyry system when assessing these new porphyry outcrops. The original Apollo discovery outcrop was only 10 metres in diameter and was the only exposure identified prior to the drilling of discovery hole APC-1. The discovery outcrop had gold, silver, and copper values in the ranges of 0.07 to 4.1 g/t gold, 1.9 to 29 g/t silver and 377 to 1,023 ppm copper. After the erection of multiple drill pads, another two outcrop areas were located at Apollo following the construction of various tracks which were emplaced to service the various drill rigs with equipment and supplies. There is only approximately 5% outcrop exposure at the Guayabales project due to the dense vegetation and the covering of primary rock surfaces by historic landslide fill and young volcanic ash. Furthermore, drilling at the Apollo deposit has demonstrated that the surface expression is relatively small with a maximum known diameter at present of 150 metres whereas at depth this expands quickly to a known diameter of up to 500 metres. The deposit is still open in all directions.
The following brief descriptions and data are summarized for each outcrop target:
Target 1:
This target is located 200 metres west of the Apollo outcrop area. This outcrop has dimensions of 20 metres by 3 metres and hosts early-stage porphyry mineralization as well as clast supported crackle breccia with an iron oxide matrix cement of 3% to 5% in volume. Drusy quartz veining is superimposed on the breccia. Pervasive and strong sericite alteration overprints the rock exposures. Gold grades range from 1.13 g/t to 0.34 g/t with silver ranging from 0.2 g/t to 6.6 g/t and copper in the range of 90 ppm to 224 ppm.
Target 2:
This target is located 300 metres northeast of the Apollo system, has outcrop dimensions of 120 metres by 60 metres and contains a couple of historical and shallow artisanal mines. Geological mapping has identified altered porphyry hosting angular breccia with quartz diorite clasts. The matrix of the breccia has total sulphides of up to 5% which is predominantly pyrite with some chalcopyrite. CBM veinlets overprint the breccia and trend NW and EW. Alteration is strong and defined by sericite and chlorite. Gold values range from 8.29 g/t to 1.51 g/t, silver from 10 g/t to 346 g/t and copper from 72 ppm to 362 ppm.
Target 3:
Target 3 is located 300 metres east-northeast of the Apollo system and has outcrop dimensions of 15 metres by 3 metres. The outcrop area hosts angular breccia with quartz diorite clasts with an iron oxide cement (1%-2%) after sulphides. Strong Sericite-chlorite alteration is observed. The target has subsequently been expanded to 75 metres by 170 metres by anomalous gold in soil values. Rock samples range from 0.18 g/t to 0.63 g/t gold, silver ranges from 2 g/t to 68 g/t and copper from 43 ppm to 277 ppm.
Target 4:
This target is located 250 metres east of the Apollo system with dimensions measuring 20 metres x 4 metres and host crackle breccia of diorite composition and altered porphyry rocks. Breccia cement hosts 2%-3% iron oxide after sulphide while both the porphyry and breccia units are overprinted by CBM veinlets. Strong sericite alteration is observed in the outcrop. The target has been expanded to 150 metres by 100 metres by anomalous gold in soil values. Rock samples range from 0.90 to 4.31 g/t gold, 1 g/t to 56 g/t silver and copper ranges from 125 ppm to 323 ppm.
Target 5:
This target area is located 100 metres due east of the Apollo system and has dimensions measuring 15 metres by 10 metres. Geology observed includes altered porphyry, angular breccia and late stage CBM veinlets. The breccia matrix hosts 3%-5% iron oxides after sulphide with strong sericitic alteration. Anomalous soil sample results for gold have expanded the target area to 200 metres by 100 metres. Rock samples range from 0.56 g/t to 5.59 g/t gold, 6 g/t to 70 g/t silver and copper ranges from 477 ppm to 833 ppm.
Target 6:
This target area is located 400 metres due southeast of the Apollo system and outcrops over a 30 metre diameter area. The outcrop hosts angular, polymictic, clast supported breccia (diorite and quartz diorite) and altered porphyry with quartz veinlets. The matrix cement hosts visible sulphides of 3%-5% and consists of chalcopyrite, sphalerite, galena and pyrite. Rock samples range from 0.39 g/t to 1.07 g/t gold, 6 g/t to 20 g/t silver and copper ranges from 32 ppm to 1,410 ppm.
Update on Apollo Drilling Progress
The Phase II drilling program of 2023 is advancing on schedule with thirteen holes completed and a further six holes in the lab awaiting assay results. Since the discovery of the Apollo porphyry system was announced in June 2022, a total of 44 drill holes (approximately 18,978 metres) have been completed and assayed.
Six additional holes have been completed from the three current drill pads with assay results expected in the near term. APC-44 and APC-46 are long holes drilled in westerly direction with continuous visual mineralization of up to 425 metres. APC-41, APC-42 and APC-45 are shorter holes designed to test the contact zones between breccia and porphyry in potentially higher-grade areas. APC-47 is an exploratory hole drilled to the east from Pad 4. Assay results are expected in the near term.
The Company presently has three diamond drill rigs operating at the Apollo project and additional assay results are expected in the near term.
The Apollo target area, as defined to date by surface mapping, rock sampling and copper and molybdenum soil geochemistry, covers a 1,000 metres X 1,200 metres area, and represents a large and unusually high-grade Cu-Ag-Au porphyry system. Mineralization styles include early-stage porphyry veins, inter-mineral breccia mineralization and multiple zones of porphyry related late stage, sheeted, carbonate-base metal veins with high gold and silver grades. The Apollo target area is still expanding as the Company’s geologists have found multiple additional outcrop areas with porphyry veining, breccia, and late stage, sheeted, carbonate base metal veins.
Table 1: Assay Results for Sampling Undertaken on Targets 1 to 6 in the Apollo Target Area
Target #
Sample Type
Au (g/t)
Ag (g/t)
Cu (ppm)
Target 1
Rock
0.43
0.2
90.1
Target 1
Rock
0.34
0.2
104.8
Target 1
Rock
0.88
1.8
154.0
Target 1
Rock
0.91
0.6
121.1
Target 1
Rock
1.13
6.6
224.3
Target 2
Rock
1.51
10.3
71.8
Target 2
Rock
7.06
46.6
146.0
Target 2
Rock
4.10
78.0
254.0
Target 2
Rock
4.55
19.8
309.0
Target 2
Rock
8.29
345.6
424.5
Target 2
Rock
6.55
217.2
362.0
Target 3
Rock
0.18
3.4
155.9
Target 3
Soil
0.43
67.7
43.0
Target 3
Soil
0.63
2.2
277.0
Target 4
Rock
2.97
35.6
322.9
Target 4
Soil
0.90
1.3
131.1
Target 4
Soil
2.88
56.0
198.2
Target 4
Soil
4.31
1.2
124.6
Target 4
Rock
1.28
27.9
186.5
Target 5
Rock
5.59
57.5
833.1
Target 5
Rock
2.70
69.7
539.6
Target 5
Rock
2.41
32.7
507.7
Target 5
Soil
0.56
5.6
477.0
Target 6
Rock
0.60
19.8
1410.0
Target 6
Rock
0.39
15.8
217.3
Target 6
Rock
0.95
16.4
41.9
Target 6
Rock
0.65
6.0
31.5
Target 6
Rock
1.07
13.1
132.3
Note: The values on the table correspond to rock chip and soil samples and should not be relied upon as being representative of average grades anticipated in any future resource estimate or mining scenario. Sample grades are uncapped and do not represent true width of the mineralization.
Rock and Soil samples have been prepared and analyzed at SGS laboratory facilities in Medellin, Colombia and Lima, Peru. Blanks, duplicates, and certified reference standards are inserted into the sample stream to monitor laboratory performance. Crush rejects and pulps are kept and stored in a secured storage facility for future assay verification. No capping has been applied to sample composites. The Company utilizes a rigorous, industry-standard QA/QC program.
Figure 1: Location and Assay Results of Rock and Soil Samples Taken From the Six Newly Generated Porphyry and Related Style Targets Surrounding the Apollo System (CNW Group/Collective Mining Ltd.)
Figure 2: Plan View of the Guayabales Project Highlighting the Apollo Target Area (CNW Group/Collective Mining Ltd.)
Figure 3: Angular and Crackle Breccia in Target 6 (CNW Group/Collective Mining Ltd.)
About Collective Mining Ltd.
To see our latest corporate presentation and related information, please visit www.collectivemining.com
Founded by the team that developed and sold Continental Gold Inc. to Zijin Mining for approximately $2 billion in enterprise value, Collective Mining is a copper, silver, and gold exploration company with projects in Caldas, Colombia. The Company has options to acquire 100% interests in two projects located directly within an established mining camp with ten fully permitted and operating mines.
The Company’s flagship project, Guayabales, is anchored by the Apollo target, which hosts the large-scale, bulk-tonnage and high-grade copper-silver-gold Apollo porphyry system. The Company’s near-term objective is to drill the shallow portion of the porphyry system while continuing to expansion the overall dimensions of the system, which remains open in all directions.
Management, insiders and close family and friends own nearly 45% of the outstanding shares of the Company and as a result, are fully aligned with shareholders. The Company is listed on the TSXV under the trading symbol “CNL” and on the OTCQX under the trading symbol “CNLMF”.
Qualified Person (QP) and NI43-101 Disclosure
David J Reading is the designated Qualified Person for this news release within the meaning of National Instrument 43-101 (“NI 43-101”) and has reviewed and verified that the technical information contained herein is accurate and approves of the written disclosure of same. Mr. Reading has an MSc in Economic Geology and is a Fellow of the Institute of Materials, Minerals and Mining and of the Society of Economic Geology (SEG).
Technical Information
Rock, soils and core samples have been prepared and analyzed at SGS laboratory facilities in Medellin, Colombia and Lima, Peru. Blanks, duplicates, and certified reference standards are inserted into the sample stream to monitor laboratory performance. Crush rejects and pulps are kept and stored in a secured storage facility for future assay verification. No capping has been applied to sample composites. The Company utilizes a rigorous, industry-standard QA/QC program.
Information Contact:
Follow Executive Chairman Ari Sussman (@Ariski) and Collective Mining (@CollectiveMini1) on Twitter.
FORWARD-LOOKING STATEMENTS
This news release contains certain forward-looking statements, including, but not limited to, statements about the drill programs, including timing of results, and Collective’s future and intentions. Wherever possible, words such as “may”, “will”, “should”, “could”, “expect”, “plan”, “intend”, “anticipate”, “believe”, “estimate”, “predict” or “potential” or the negative or other variations of these words, or similar words or phrases, have been used to identify these forward-looking statements. These statements reflect management’s current beliefs and are based on information currently available to management as at the date hereof.
Forward-looking statements involve significant risk, uncertainties, and assumptions. Many factors could cause actual results, performance, or achievements to differ materially from the results discussed or implied in the forward-looking statements. These factors should be considered carefully, and readers should not place undue reliance on the forward-looking statements. Although the forward-looking statements contained in this news release are based upon what management believes to be reasonable assumptions, Collective cannot assure readers that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this news release, and Collective assumes no obligation to update or revise them to reflect new events or circumstances, except as required by law.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this news release.
Collective Mining Logo (CNW Group/Collective Mining Ltd.)
Hole APC-43, cut the longest continuous interval drilled to date of high-grade copper-silver-gold mineralization beginning at surface from Pad 7 at the Apollo system with results as follows:
Step out drill hole APC-40 also intercepted high-grade copper-silver-gold mineralization beginning from surface as follows:
APC-40 successfully extended the strike length of the shallow mineralization to the west of the previously known mineralization envelope and as a result has expanded the maximum known area of shallow mineralization to 150 metres X 130 metres (previously 130m X 130m).
The grade tenor and continuity of the intersections in APC-40 and APC-43 reflect an increased understanding of the dip and geometry of the southernmost, high-grade portion of the Apollo system. The surface dimensions of the shallow mineralization remain open for further expansion with drill holes from newly completed Pad 9 and Pad 10 now underway.
Five additional holes have been completed from Pad 6 and Pad 7 with assay results expected in the near term. APC-44 is the longest hole drilled to date as part of the shallow drilling program and cut more than 425 metres of continuous visual mineralization beginning at surface. APC-41 and APC-42 were shorter holes designed to test the contact between the breccia and the quartz diorite porphyry with very intense late-stage porphyry veining observed in APC-42. Assay results are expected in the near term.
The Company has commenced a long step out drill hole of up to 1,000 metres to the northwest from Pad 6. Presently, the hole (APC-49) is cutting mineralization, which began at surface, to its current depth of 783 metres.
Ari Sussman, Executive Chairman commented: “The latest assay results continue to demonstrate that the Apollo system has world-class grades for an outcropping bulk tonnage porphyry system. With a strong treasury now in hand due to the recently closed financing, the Company will aggressively look to expand the Apollo system with step out deep drill holes like APC-49 currently underway and by testing satellite targets within the Apollo area. More details on the revised and expanded drilling plan for the remainder of 2023 will be provided shortly.”
TORONTO, April 11, 2023 /CNW/ – Collective Mining Ltd. (TSXV: CNL) (OTCQX: CNLMF) (“Collective” or the “Company”) is pleased to announce assay results from an additional two drill holes completed from Pad 7. Drilling at Apollo in 2023 has been focused on discovering and defining shallow, high-grade mineralization below surface outcrops. With additional financing in place, the Company has expanded the aim of the program to include long step out holes. The Apollo porphyry deposit is a high-grade, bulk tonnage copper-silver-gold system, which owes its excellent metal endowment to an older copper-silver and gold porphyry system being overprinted by younger precious metal rich, carbonate base metal vein systems (intermediate sulphidation porphyry veins) within a magmatic, hydrothermal inter-mineral breccia body currently measuring 395 metres x 385 metres x 915 metres and open for expansion.
Details (See Table 1 and Figures 1-5)
The Phase II drilling program of 2023 is advancing on schedule with eleven holes completed and a further five holes in the lab awaiting assay results. Since the discovery of the Apollo porphyry system was announced in June 2022, a total of 42 drill holes (approximately 18,000 metres) have been completed and assayed. Assay results and geological observations for APC-40 and APC-43 are summarized below.
APC-40 was drilled to the southwest from Pad 7 to a maximum downhole depth of 214.55 metres and was targeted to intersect the contact zone between the mineralized breccia and the adjacent porphyry mineralization to the southwest. The hole intersected continuous and strong copper, silver and gold mineralization from surface bedrock to a depth of 169.25 metres (188 metres vertical due to topography) with the following assay results highlighted below:
169.25 metres @ 2.81 g/t gold equivalent (consisting of 1.93 g/t gold, 19 g/t silver and 0.38% copper) including:
The mineralized interval starts from 1.5 metres depth with saprolite material followed by saprock and then continues with iron oxides and sulphides until a downhole depth of 18.25 metres. Below the oxide transition zone, the intercept passes into fresh rock consisting of quartz diorite breccia with a matrix of chalcopyrite (0.5% to 1.2%), pyrite (up to 1.5%) and 1% pyrrhotite. Higher-grade zones encountered from 18.25 metres and 87.85 metres downhole reflect zones with a higher percentage of sulphides plus quartz and carbonate in the matrix and reflect areas of higher permeability within the porphyry system.
APC-43 was drilled to the northwest from Pad 7 to a maximum downhole depth of 293 metres. The hole targeted the steeply dipping, southern high-grade zone as outlined by previous drilling from Pad 7 (Holes APC-36 and APC-38). The hole intersected continuous mineralization from surface outcrop to a downhole depth of 271.30 metres (282 metres vertical due to topography) with assay results as follows:
271.30 metres @ 3.35 g/t gold equivalent (consisting of 2.37 g/t gold, 23 g/t silver and 0.42% copper) including:
The mineralized interval starts from surface to 3.9 metres depth within saprolite material followed by an additional 8.1 metres of saprock with iron oxides to 12 metres before transitioning into a zone with an oxidized sulphide matrix. From 19.30 metres the intercept passes into fresh rock with a sulphide composition of 0.5% to 1.3% chalcopyrite, 1.8% pyrite and pyrrhotite (up to 1.3%). The higher-grade zones commencing at 19.30 metres and 214.70 metres downhole relate to zones with a higher percentage of sulphides plus quartz and carbonate in the matrix and reflect areas of higher permeability within the porphyry system.
The grade tenor and continuity of the intersections in APC-40 and APC-43 reflect an increased understanding of the dip and geometry of the southern, high grade portion of the Apollo porphyry as gained from previous initial drilling in this area (holes APC-36 and APC-38, see press release dated March 30, 2023 for further details). Outcropping mineralization in the south dips steeply to the northwest and APC-43 has extended the mineralization another 100 metres vertically in this direction. APC-40 has extended the known area of shallow mineralization laterally and now measures 150 metres X 130 metres (previously 130 metres X 130 metres).
Outcrop mapping and sampling in the south and central portions of the system has outlined a 150 metre-by-130 metre area of known surface mineralization, which is open in all directions. Pads 6 and 7 have been designed with the objective of understanding the styles and tenor of the shallow, high-grade mineralization from surface down to depths of up to 400 metres and Pad 6 is ideally situated for further step out holes to understand grade continuity at depth. In particular, short holes from Pad 6 (APC-41 and APC-42) have been targeted to intersect high grades at the contact zone between breccia and porphyry as previously announced in APC-29 which intersected 32 metres @ 10.48 g/t gold equivalent from a downhole depth of 112.10 metres below surface. (see press release dated January 31, 2023)
Deep drilling (APC-49) has recently commenced from Pad 6 with visuals highlighting continuous porphyry and breccia style mineralization from surface to its current depth of 783 metres. Drilling of APC-49 continues as of publication of this release and represents the longest mineralized intercept drilled to date into the Apollo system.
Five additional shallow drill holes have been completed from drill Pads 6 and 7 with fan drilling in various directions extending the outcropping mineralization to the west and northeast. Visual observations indicate continuous mineralization from surface over core lengths ranging from more than 80 metres to more than 425 metres. The Company presently has three diamond drill rigs operating at the Apollo project and additional assay results are expected in the near term.
Two new pads have recently been completed (Pad 9 and Pad 10) with drilling underway from both pads. The pad locations were chosen in order to provide more drilling options to test the potential for westerly and easterly extensions of the shallow portion of the Apollo system.
The Apollo target area, as defined to date by surface mapping, rock sampling and copper and molybdenum soil geochemistry, covers a 1,000 metres X 1,200 metres area and represents a large and unusually high-grade Cu-Ag-Au porphyry system. Mineralization styles include early-stage porphyry veins, inter-mineral breccia mineralization and multiple zones of porphyry related late stage, sheeted, carbonate-base metal veins with high gold and silver grades. The Apollo target area is still expanding as the Company’s geologists have found multiple additional outcrop areas with porphyry veining, breccia, and late stage, sheeted, carbonate base metal veins.
Table 1: Assays Results for APC-40 and APC-43
Hole #
From (m)
To (m)
Intercept Interval(m)
Au (g/t)
Ag (g/t)
Cu %
Mo %
AuEq (g/t)*
CuEq (%)*
APC-40
1.50
170.75
169.25
1.93
19
0.38
0.003
2.81
1.50
Incl**
1.50
18.25
16.75
2.90
16
0.18
0.002
3.37
18.25
30.20
11.95
9.45
8
0.16
0.002
9.57
87.85
132.70
44.85
2.58
30
0.61
0.005
3.99
APC-43
–
271.30
271.30
2.37
23
0.42
0.002
3.35
1.79
Incl**
–
19.30
19.30
4.02
6
0.16
0.002
4.28
19.30
51.60
32.30
4.39
9
0.14
0.004
4.65
127.80
144.70
16.90
4.02
17
0.32
0.002
4.71
214.70
256.75
42.05
5.07
12
0.11
0.002
5.29
*AuEq (g/t) is calculated as follows: (Au (g/t) x 0.97) + (Ag g/t x 0.016 x 0.88) + (Cu (%) x 1.87 x 0.90)+ (Mo (%)*11.43 x 0.85) and CuEq (%) is calculated as follows: (Cu (%) x 0.90) + (Au (g/t) x 0.51 x 0.97) + (Ag (g/t) x 0.009 x 0.88)+ (Mo(%)x 6.10 x 0.85) utilizing metal prices of Cu – US$4.10/lb, Ag – $24/oz Mo – US$25.00/lb and Au – US$1,500/oz and recovery rates of 97% for Au, 88% for Ag, 85% for Mo, and 90% for Cu. Recovery rate assumptions are speculative as limited metallurgical work has been completed to date. A 0.2 g/t AuEq cut-off grade was employed with no more than 15% internal dilution. True widths are unknown, and grades are uncut.
(**) Zone of Oxidation
Figure 1: Plan View of the Apollo Porphyry System Highlighting Drill Holes APC-40 & APC-43 (CNW Group/Collective Mining Ltd.)
Figure 2: NW – SE Cross Section Highlighting APC-43 and APC-36 (CNW Group/Collective Mining Ltd.)
Figure 3: Plan View of the Guayabales Project Highlighting the Apollo Target Area (CNW Group/Collective Mining Ltd.)
To see our latest corporate presentation and related information, please visit www.collectivemining.com
Founded by the team that developed and sold Continental Gold Inc. to Zijin Mining for approximately $2 billion in enterprise value, Collective Mining is a copper, silver, and gold exploration company with projects in Caldas, Colombia. The Company has options to acquire 100% interests in two projects located directly within an established mining camp with ten fully permitted and operating mines.
The Company’s flagship project, Guayabales, is anchored by the Apollo target, which hosts the large-scale, bulk-tonnage and high-grade copper-silver-gold Apollo porphyry system. The Company’s near-term objective is to drill the shallow portion of the porphyry system while continuing to expansion the overall dimensions of the system, which remains open in all directions.
Management, insiders and close family and friends own nearly 45% of the outstanding shares of the Company and as a result, are fully aligned with shareholders. The Company is listed on the TSXV under the trading symbol “CNL” and on the OTCQX under the trading symbol “CNLMF”.
Qualified Person (QP) and NI43-101 Disclosure
David J Reading is the designated Qualified Person for this news release within the meaning of National Instrument 43-101 (“NI 43-101”) and has reviewed and verified that the technical information contained herein is accurate and approves of the written disclosure of same. Mr. Reading has an MSc in Economic Geology and is a Fellow of the Institute of Materials, Minerals and Mining and of the Society of Economic Geology (SEG).
Technical Information
Rock and core samples have been prepared and analyzed at SGS laboratory facilities in Medellin, Colombia and Lima, Peru. Blanks, duplicates, and certified reference standards are inserted into the sample stream to monitor laboratory performance. Crush rejects and pulps are kept and stored in a secured storage facility for future assay verification. No capping has been applied to sample composites. The Company utilizes a rigorous, industry-standard QA/QC program.
Information Contact:
Follow Executive Chairman Ari Sussman (@Ariski) and Collective Mining (@CollectiveMini1) on Twitter
FORWARD-LOOKING STATEMENTS
This news release contains certain forward-looking statements, including, but not limited to, statements about the drill programs, including timing of results, and Collective’s future and intentions. Wherever possible, words such as “may”, “will”, “should”, “could”, “expect”, “plan”, “intend”, “anticipate”, “believe”, “estimate”, “predict” or “potential” or the negative or other variations of these words, or similar words or phrases, have been used to identify these forward-looking statements. These statements reflect management’s current beliefs and are based on information currently available to management as at the date hereof.
Forward-looking statements involve significant risk, uncertainties, and assumptions. Many factors could cause actual results, performance, or achievements to differ materially from the results discussed or implied in the forward-looking statements. These factors should be considered carefully, and readers should not place undue reliance on the forward-looking statements. Although the forward-looking statements contained in this news release are based upon what management believes to be reasonable assumptions, Collective cannot assure readers that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this news release, and Collective assumes no obligation to update or revise them to reflect new events or circumstances, except as required by law.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this news release.
Collective Mining Logo (CNW Group/Collective Mining Ltd.)
VANCOUVER, BC / ACCESSWIRE / April 10, 2023 / Metallic Minerals Corp. (TSX.V:MMG)(OTCQB:MMNGF) (“Metallic Minerals” or the “Company”) is pleased to announce final results from the 2022 exploration program at its 100% owned high-grade Keno Silver project in the historic Keno Silver District of Yukon, Canada. A total of 642 meters (m) were drilled in six (6) holes at the Caribou target in the Central Keno area to test extensions of known high-grade and bulk-tonnage mineralization. This work was completed as part of a larger 3,265 m drill program focused on target extension drilling at our advanced-stage “resource-ready” targets (Caribou, Formo and Fox) in anticipation of an inaugural NI 43-101 mineral resource estimate for the Keno Silver project in 2023.
Highlights
Drilling at the Caribou target continues to successfully extend high-grade silver mineralization both down-dip and south along strike of the known extents of the Caribou structure with a total of 71 intercepts in 5,980 meters of drilling to date.
Hole CH22-01 intersected two separate higher grade vein intervals within a broad zone of bulk tonnage mineralization. From 91.5 to 92.0 meters a 0.5 m interval contained 348 (g/t) silver equivalent (“AgEq”) (see Table 1, Footnote 1) and 125.2 to 125.7 m the hole intercepted 0.5 m of 1,201 g/t Ag Eq bounding a zone of 34.2 m grading 38 g/t Ag Eq.
The southernmost drilling at the Caribou target, first drilled in 2021, continues to demonstrate strong potential for further extension with 1,310 g/t Ag Eq encountered over 0.5 m at a near-surface depth of 44 m in hole CH22-05.
The Company has retained SGS Geological Services to complete the inaugural resource estimate and modelling work is underway.
Metallic Minerals President, Scott Petsel, stated, “The Caribou vein target in the Central Keno Area is a classic example of “Keno-style” high-grade Ag-Pb-Zn vein mineralization and shows excellent potential for resources of significant scale. As one of five near-term resource targets on the property, Caribou has consistently returned grades over 1,000 g/t Ag Eq and, more recently, has been recognized as a potential bulk tonnage target returning widths of mineralization up to 34.2 meters of potentially economic grades in a shallowly dipping configuration.”
Metallic Minerals Corp., Monday, April 10, 2023, Press release picture
“With high-grade results at the Caribou, Formo and Fox area targets, along with the continued delineation of broad bulk tonnage mineralization near surface, we are continuing to demonstrate the extensive exploration potential of the district. We look forward to completing a first resource for the Keno Silver project in the second half of 2023 and are also expecting to announce a resource update on our La Plata Project in Colorado in Q2, following the exceptional drill results announced on February 28th, 2023.”
John Tumazos Virtual Conference
Metallic Minerals will join fellow Metallic Group company, Stillwater Critical Minerals (TSX.V: PGE | OTCQB: PGEZF), during John Tumazos’ Very Independent Research virtual conference, with a joint presentation followed by Q&A from 2:15pm – 3:15pm Pacific Time on April 12th. To register, click here.
Central Keno Hill Silver District
The central part of the Keno Hill Silver District is host to over 100 million ounces of past production and current Indicated resources in shallow deposits that, to date, have not previously seen systematic exploration to depth or along strike. Central Keno was one of the original discovery areas in the region and hosted the historic producing Keno Hill mine, along with eight other high-grade deposits including those on Metallic Minerals land holdings. Metallic Minerals’ work to date in this area shows the presence of a major structural corridor that is comparable in surface expression and structural setting to the +150 million-ounce Bermingham-Calumet system in the extensively explored western part of the district.
Caribou Target Area
The road accessible Caribou target in the central part of the district is one of the most advanced individual targets at the Keno Silver project. Eighty-three (83) drill holes totalling 5,980 m (a 72 m average hole depth), have been drilled since 2008 at Caribou making it the Keno Silver project’s most drilled target area. The Caribou deposit historically produced very high-grade material grading more than 1,000 g/t silver from near surface and is interpreted to be a significant connecting structure between the main shear structures in the Keno Summit structural corridor. The Caribou deposit spatially occurs within a high-level silver-in-soil anomaly of over 10 g/t Ag Eq that extends over 2.5 km long by 1.5 km in width and that remains open to expansion.
Figure 1 – Keno Silver District Geology and Deposits
Metallic Minerals Corp., Monday, April 10, 2023, Press release picture
Mineralization at the Caribou target consists of high-grade, north-striking Ag-Pb-Zn structures with a shallow 34-degree dip. Exploration on the high-grade vein structure has also defined a surrounding envelope of broader bulk tonnage mineralization. These broader zones of mineralization not only include wide veins but also parallel veinlets, stringers and breccia zones. In the 2021 and 2022 drilling of the broader Caribou zone returned intervals up to 34.2 m wide (averaging 18.2 m), with grades between 35.2 g/t Ag Eq and 134 g/t Ag Eq. These wide widths combined with a shallow dip and a near surface environment (deepest intercept is only 120 m from surface), make this bulk tonnage and high-grade mineralization potentially amendable to low cost, bulk tonnage mining methods.
Similarly, the Fox and Formo targets also show broader zones of mineralization that may be amenable to lower cost mining methods, as was successfully demonstrated in the Keno District at the Hector Calumet and Onek deposits by United Keno Hill Mines in the 1980s1.
Table 1 – Highlights of 2022 Drilling from the Caribou Target Area
Hole
From(m)
To(m)
Length (m)
Ag Eq (g/t)
Ag(g/t)
Au(g/t)
Pb(%)
Zn(%)
CH22-01
91.5
125.7
34.2
38.0
16.0
0.11
0.11
0.24
incl
91.5
92
0.5
347.7
205.0
0.04
2.51
1.68
and
104.6
105.1
0.5
170.4
65.0
0.21
1.45
1.07
and
124
125.7
1.7
470.9
183.9
1.70
0.71
2.99
and
125.2
125.7
0.5
1201.1
548.0
2.90
1.77
8.75
CH22-02
94.5
126.6
32.1
35.2
18.9
0.06
0.10
0.21
and
112
112.5
0.5
459.0
176.0
0.55
1.92
4.30
and
126.1
126.6
0.5
849.8
529.0
1.07
3.03
3.76
CH22-03
9.9
10.43
0.53
134.5
58.0
0.09
1.97
0.26
CH22-04
12.4
12.9
0.5
179.1
74.0
0.09
2.75
0.37
CH22-05
37.5
44.2
6.7
195.8
99.0
0.07
0.14
2.12
incl
38.64
39.5
0.86
421.3
361.0
0.19
0.41
1.14
and
43.67
44.2
0.53
1310.0
356.0
0.01
0.04
22.44
CH22-06
50
59
9.0
26.3
15.5
0.02
0.05
0.20
Notes to reported values:
Ag equivalent is presented for comparative purposes using conservative long-term metal prices (all USD): $20.0/oz silver (Ag), $1,800/oz gold (Au), $1.00/lb lead (Pb), $1.40/lb zinc (Zn).
Recovered Silver Equivalent in Table 1 is determined as follows: Ag Eq g/t = [Ag g/t x recovery] + [Au g/t x recovery x Au price/ Ag price] + [Pb % / 10,000 x recovery x Pb price / Ag price] + [Zn% / 10,000 x recovery x Zn price / Ag price].
In the above calculations: 1% = 10,000 ppm = 10,000 g/t.
The following recoveries have been assumed for purposes of the above equivalent calculations: 95% for precious metals (Ag/Au) and 90% for all other listed metals, based on recoveries at similar nearby operations.
Intervals are reported as measured drill intersect lengths and may not represent true width.
Figure 2 – Caribou Area Plan Map
Metallic Minerals Corp., Monday, April 10, 2023, Press release picture
Recap of 2022 Exploration at the Keno Silver Project
Metallic Minerals completed 3,265 m meters of diamond drilling in 23 holes at the Keno Silver Project during 2022 with the aim of extending advanced-stage “resource-ready” targets in anticipation of an inaugural resource estimate for the project in 2023. Additionally, LiDAR data collection and ground based geophysics were completed to further support project advancement and target generation.
These final Caribou results from drilling during the 2022 field exploration program caps-off what was an exceptional year at the Keno Silver Project with 138 significant intervals of greater than 100 g/t Ag Eq and 22 intervals over 500 g/t Ag Eq drilled within 23 holes. A robust drill program focused on continued resource expansion and to test new targets is being planned for 2023.
About Metallic Minerals
Metallic Minerals Corp. is a leading exploration and development stage company, The Company is focused on silver and gold in the high-grade Keno Hill and Klondike districts of the Yukon, and copper, silver and other critical minerals in the La Plata mining district in Colorado. Our objective is to create shareholder value through a systematic, entrepreneurial approach to making exploration discoveries, growing resources, and advancing projects toward development.
Metallic Minerals has consolidated the second-largest land position in the historic Keno Hill silver district of Canada’s Yukon Territory, directly adjacent to Hecla Mining’s operations, with more than 300 million ounces of high-grade silver in past production and current M&I resources. Hecla Mining Company, the largest primary silver producer in the USA and third largest in the world, completed the acquisition of Alexco Resources and their Keno Hill operations in September 2022. Hecla is targeting to start production at the Keno Hill operations by Q3 2023.
At the Company’s La Plata project in southwestern Colorado an inaugural NI 43-101 mineral resource estimate in April 2022 returned a significant porphyry copper-silver resource. Results from 2022 expansion drilling intercepted the longest and highest-grade interval ever encountered at La Plata and one of the top intersections for any North American copper project in the past several years. An updated NI 43-101 resource estimate incorporating the latest drilling for La Plata is currently in progress.
Metallic Minerals is also one of the largest holders of alluvial gold claims in the Yukon and is building a production royalty business by partnering with experienced mining operators, including Parker Schnabel of Little Flake Mining from the hit television show Gold Rush on the Discovery Channel.
All of the districts in which Metallic Minerals operates have seen significant mineral production and have existing infrastructure, including power and road access. Metallic Minerals is led by a team with a track record of discovery and exploration success on several major precious and base metal deposits in the region, as well as having large-scale development, permitting and project financing expertise. The Metallic Minerals team has been recognized for its environmental stewardship practices and is committed to responsible and sustainable resource development.
Cathro, R. J., Great Mining Camps of Canada 1. The History and Geology of the Keno Hill Silver Camp, Yukon Territory. Geoscience Canada, Sept. 2006. ISSN 1911-4850.
Qualified Person
The disclosure in this news release of scientific and technical information regarding exploration projects on Metallic Minerals’ mineral properties has been reviewed and approved by Taylor Haid, P. Geo, Project Manager for TruePoint Exploration, who is a Qualified Person as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”).
Quality Assurance / Quality Control
All samples were assayed by 36 Element Aqua Regia Digestion ICP-MS methods at Bureau Veritas labs in Vancouver with sample preparation in Whitehorse, Yukon and geochemical analysis in Vancouver, British Columbia. Samples with over limit silver and gold were re-analyzed using a 30-gram fire assay fusion with a gravimetric finish. Over-limit lead and zinc samples were analyzed by multi-acid digestion and atomic absorption spectrometry. All results have passed the QAQC screening by the lab and the company utilized a quality control and quality assurance protocol for the project, including blank, duplicate, and standard reference samples.
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, statements about expected results of operations, royalties, cash flows, financial position and future dividends as well as financial position, prospects, and future plans and objectives of the Company are forward-looking statements that involve various risks and uncertainties. Although Metallic 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, unsuccessrul operations, 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 Company with securities regulators. Readers are cautioned that mineral resources that are not mineral reserves do not have demonstrated economic viability. Mineral exploration, development of mines and mining operations is an inherently risky business. Accordingly, the actual events may differ materially from those projected in the forward-looking statements. For more information on Metallic 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.
