Vancouver, British Columbia–(Newsfile Corp. – March 1, 2023) – Riverside Resources Inc. (TSXV: RRI) (OTCQB: RVSDF) (FSE: 5YY) (“Riverside” or the “Company”), is pleased to announce that it has signed an Option Agreement (the “Agreement”) to acquire a 100% undivided right, title and interest in the Union Mine, within the Union District of Sonora, Mexico. This district has historically produced high-grade zinc, gold and silver in carbonate replacement deposits (“CRD”), which is a significant style of deposit forming major mines in northern Mexico and the southwest USA. The Union Mine historically produced ~50,000 ounces of gold (“Au”) from the upper oxide zones of manto and chimney bodies according to past reports. The potential for further expansion through a focused exploration is wide open along strike and at depth for both oxide and into sulfide ore targets.
This specific tenure, located within the Company’s 100%-owned Union Project, has been of interest to Riverside for several years and this Agreement finally consolidates this key inlier ground. The Union Mine property is in good standing with established infrastructure, surface access, and the opportunity to complete option purchase for 100% interest in these claims provides the Company with a clear path to start testing priority targets across the consolidated land package in this district.
Riverside’s President and CEO, John-Mark Staude, stated: “Riverside is excited to be progressing the Union District and this deal consolidates the heart of the broader Union Project, giving us line of sight towards 100% ownership. We believe there is excellent potential to extend mineralization beyond the areas that were historically mined at Union and Union Norte. Controlling the historical mine areas and local infrastructure puts us in a position to move ahead more aggressively with other discovery targets within the surrounding areas as well.”
Agreement Details:
Riverside paid USD$170,000 and can complete its earn-in to own an undivided 100% interest by making a second payment of USD$100,000 any time within 60 months of signing the Agreement.
Upon completion of the earn-in, a 1.25% Net Smelter Royalty (“NSR”) will be retained by the underlying owner.
Riverside can purchase (“buy back”) 0.25% increments of the NSR for USD$250,000 each at any time.
Figure 1. Geologic map with the tenure acquired in new Agreement shown in pink rectangle with manto and chimney type CRD targets shown in red polygons. Riverside now controls all mineral tenure in this map.
Figure 2. Cross section looking west with proposed drill sites and hole traces. Assays from Riverside’s sampling of rock dump materials from the two mine areas are labeled in black. Red areas are interpreted manto and chimney target bodies that will now be able to drill explore.
Recent work by Riverside, announced earlier for the tenures around the Union Mine ground, returned high grade assays from rock chip sampling and identified favorable structures (see press release October 3, 2022) The next phase of proposed work on this land tenure includes ground-based geophysics building upon previous work to further refine the larger structures likely responsible for the carbonate replacement bodies similar to those found in the Cananea Mining district (including Buenavista Mine), Sonora and the Sierra Vista Mining district (Taylor and other deposits), Arizona. Drill permitting is now underway and the Company views the consolidated Union Project as one of the Company’s lead assets and will move to rapidly refine targets for drilling later this year.
Qualified Person & QA/QC: The scientific and technical data contained in this news release pertaining to the La Union Project was reviewed and approved by Julian Manco, P.Geo, a non-independent qualified person to Riverside Resources focusing on the work in Sonora, Mexico, who is responsible for ensuring that the information provided in this news release is accurate and who acts as a “qualified person” under National Instrument 43-101 Standards of Disclosure for Mineral Projects.
Rock samples from the exploration program discussed above at the La Union Project were taken to the Bureau Veritas Laboratories in Hermosillo, Mexico for fire assaying for gold. The rejects remained with Bureau Veritas in Mexico while the pulps were transported to Bureau Veritas laboratory in Vancouver, BC, Canada for 45 element ICP/ES-MS analysis using 4-acid digestion methods. A QA/QC program was implemented as part of the sampling procedures for the exploration program. Standard samples were randomly inserted into the sample stream prior to being sent to the laboratory.
About Riverside Resources Inc.: Riverside is a well-funded exploration company driven by value generation and discovery. The Company has over $8M in cash, no debt and less than 80M shares outstanding with a strong portfolio of gold-silver and copper assets and royalties in North America. Riverside has extensive experience and knowledge operating in Mexico and Canada and leverages its large database to generate a portfolio of prospective mineral properties. In addition to Riverside’s own exploration spending, the Company also strives to diversify risk by securing joint-venture and spin-out partnerships to advance multiple assets simultaneously and create more chances for discovery. Riverside has properties available for option, with information available on the Company’s website at www.rivres.com.
ON BEHALF OF RIVERSIDE RESOURCES INC.
“John-Mark Staude”
Dr. John-Mark Staude, President & CEO
For additional information contact:
John-Mark Staude President, CEO Riverside Resources Inc. info@rivres.com Phone: (778) 327-6671 Fax: (778) 327-6675 Web: www.rivres.com
Certain statements in this press release may be considered forward-looking information. These statements can be identified by the use of forward-looking terminology (e.g., “expect”,” estimates”, “intends”, “anticipates”, “believes”, “plans”). Such information involves known and unknown risks — including the availability of funds, the results of financing and exploration activities, the interpretation of exploration results and other geological data, or unanticipated costs and expenses and other risks identified by Riverside in its public securities filings that may cause actual events to differ materially from current expectations. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Millrock will become an energy metal explorer – developer focused on its Nikolai project in Alaska, targeting a potentially large resource of nickel, copper, cobalt, chromium, iron, and platinum group elements.
The Company will be renamed Alaska Energy Metals Corporation and effect a 10:1 stock consolidation following receipt of TSX Venture Exchange (“TSX-V”) approval.
Gregory Beischer will continue to lead the company and key employees have been promoted to executive positions.
The Company intends to undertake an equity financing with the amount and terms to be determined. Existing Millrock shareholders will have priority participation.
Non-core assets may be sold and proceeds directed to the Nikolai project.
Historical drilling shows thick intersections of disseminated sulfide mineralization over wide intervals and extensive strike length. Drilling is planned in 2023 and 2024 to establish an initial resource of nickel, copper, cobalt, and platinum group elements.
The Nikolai project also features indications of exceptionally high-grade, massive sulfide nickel, copper, and platinum group element occurrences that will be brought to drill readiness in 2023.
VANCOUVER, British Columbia, March 01, 2023 (GLOBE NEWSWIRE) — Millrock Resources Inc. (TSX-V: MRO, OTCQB: MLRKF) (“Millrock” or the “Company”) announces that, subject to receipt of TSX-V approval, it plans to change its name to Alaska Energy Metals Corporation and consolidate its share capital on a 10 for 1 basis. The Company will have approximately 15.5 million common shares issued and outstanding on a post-consolidated basis. In this news release, the post-consolidated Company is referred to as “Alaska Energy Metals” or the “Company”.
The Company also plans to undertake an equity financing to raise capital for drilling and metallurgical testing of nickel (Ni), copper (Cu), cobalt (Co), chrome (Cr), iron (Fe), platinum (Pt), palladium (Pd), gold (Au), and silver (Ag) mineralization on its Nikolai project in Alaska. Details will be announced when finalized.
President & CEO Gregory Beischer stated: “Despite strong execution of the Project Generator model over the past few years, Millrock’s share price has declined. Bold changes are necessary and the Nikolai project presents a timely opportunity. Historical drilling at Nikolai indicates potential for a very large, low grade, polymetallic deposit dominated by nickel sulfide mineralization. The demand for nickel and cobalt for electric vehicle battery manufacture has been growing rapidly and is projected to increase significantly. It will be necessary for the mining industry to mine bulk tonnage nickel – cobalt deposits to meet the demand. Alaska Energy Metals is positioning itself to supply domestic markets with a source of critical and strategic metals. Located in the USA, we intend to help North America transition to electrical power for vehicles and other rechargeable battery powered products.”
Nikolai Project
The Nikolai project consists of two claims blocks, the Eureka block and the Canwell block, totaling 9,477 hectares. The Eureka claim block, which is 100% owned by the Company, covers the Eureka Zone, where historical drilling indicates the presence of a thick zone of disseminated mineralization over a 15-kilometer (km) strike length.
Alaska Energy Metals has an option to purchase a 100% interest in the Canwell claim block where sulfide occurrences with high grade Ni, Cu, Au, Pt, Pd and the rarer platinum group elements are documented.
Nikolai Project Location, Alaska
Figure 1. Nikolai Project Location, Alaska
The Nikolai project is well-situated. The paved Richardson Highway leads to the project area, which is a 2.5-hour drive south of the city of Fairbanks. An old mining trail leads from the Richardson Highway close to the Eureka claim block, which sits on rolling hills on the leading southern edge of the Alaska Range mountains. A series of gravel roads and trails traverse the Canwell claim block, which exhibits more rugged terrain at higher elevations in the Alaska Range mountains.
At the Eureka Zone, a 3.4 km strike length (red ellipse in Figure 2) shows more substantial metal concentrations in historical drill holes. Drilled intervals range between 95 meters (m) and 320 meters, and nickel equivalent (NiEq) grades range between 0.29% and 0.47%. Typical nickel grade is ~0.22%.
Historical drilling is sparse, but metal concentration appears consistent over long distances. Calculating an initial inferred resource from some more closely spaced historical holes may be possible. The Company does not presently have access to the assay certificates from holes drilled by a former explorer (Pure Nickel Inc.). It is possible that the Company may be able to obtain this data.
Alaska Energy Metals envisions a 4,200-m drill program in summer 2023, which may result in the calculation of an initial inferred resource in compliance with National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”). The Alaska Department of Natural Resources has approved drilling permits and temporary water use authorizations. Initial deportment studies indicate nickel is present primarily in the form of the sulfide mineral pentlandite but also as Ni-Fe alloy, both of which may be readily recovered by standard milling methods.
An important part of the anticipated 2023 program will include additional Ni-Cu-PGE-Au deportment studies, crystallography studies of Ni-Fe Alloys, and bench-scale, closed-circuit flotation studies.
Note: The potential quantity and grade of mineralized rock targeted by Alaska Energy Metals, as mentioned in Figure 2, is conceptual in nature. There has been insufficient exploration drilling to estimate an Inferred Mineral Resource (as defined in CIM Definition Standards for Mineral Resources & Mineral Reserves), and it is uncertain if further exploration will result in the calculation of in an Inferred Resource estimate.
Eureka Zone of the Nikolai Project. Historical drilling indicates thick intersections of disseminated sulfides over a 15-km strike length. Metal prices used for NiEq calculation are: $7.00/lb. Ni, $3.50/lb. Cu, $25.00/lb. Co, $900/oz Pt, $1800/oz Pd and $1600/oz Au. (Source: Millrock files and data published in various press releases by prior explorer Pure Nickel Inc. from 2007 to 2014).
Figure 2. Eureka Zone of the Nikolai Project. Historical drilling indicates thick intersections of disseminated sulfides over a 15-km strike length. Metal prices used for NiEq calculation are: $7.00/lb. Ni, $3.50/lb. Cu, $25.00/lb. Co, $900/oz Pt, $1800/oz Pd and $1600/oz Au.(Source: Millrock files and data published in various press releases by prior explorer Pure Nickel Inc. from 2007 to 2014).
There are several sulfide occurrences exposed at surface on the Canwell block of claims. Exceptional grades of nickel, copper, gold, platinum, palladium, and the rarer platinum-related metals osmium, iridium, ruthenium and rhodium have historically been reported from outcrop grab, float and chip samples. These samples are selective in nature and not necessarily representative of mineralization. Little drilling has been done and all holes are very shallow tests of surface anomalies.
In 2023, Alaska Energy Metals intends to carry out an extensive rock and soil sampling program and a modern, detailed airborne electromagnetic survey on the Canwell Block in preparation for a 2024 drilling program.
Canwell Zone of Nikolai Project. Surface occurrences of massive sulfide indicate very high grades of Ni, Cu, Au, Pt, Pd, and the rare platinum group elements Os, Ir, Ru and Rh.
Figure 3. Canwell Zone of Nikolai Project. Surface occurrences of massive sulfide indicate very high grades of Ni, Cu, Au, Pt, Pd, and the rare platinum group elements Os, Ir, Ru and Rh.
Management Changes
Phil St. George has stepped down as Chief Exploration Officer of Millrock but will continue as a technical advisor to Alaska Energy Metals. Millrock is grateful for Mr. St. George’s contributions to the Company, and Alaska Energy Metals looks forward to his continued support.
Long-standing senior employees of Millrock will now fill executive roles within Alaska Energy Metals.
Greg Beischer will continue to lead the Company. Mr. Beischer has a long history with the Nikolai project. In 1995, his first employer, International Nickel Company (INCO), transferred him to Alaska to explore the state with a focus on the Nikolai project area. As a geologist (Laurentian University, Sudbury, Ontario, Canada) and a mining engineering technologist (Haileybury School of Mines, Haileybury, Ontario, Canada) and an experienced executive, Mr. Beischer has the capability to lead the re-focused company as an energy metal explorer and developer.
Kyle Negri has been appointed Vice-President of Exploration. Mr. Negri started his career with Millrock as a geology student at the University of Alaska in 2008. He is now an accomplished exploration geologist and operations director that will lead Alaska Energy Metals’s exploration efforts.
Traci Hartz has been appointed Vice-President of Administration. As an experienced and dedicated landwoman and administrative professional, Ms. Hartz began her career in mining in 2011 with Millrock. Ms. Hartz has risen rapidly to become expert in mineral land management and is well-versed in resource-related legal contracts. Ms. Hartz ably handles all matters relating to tenure management, service contracts, human resources, and office management.
Gabe Graf has been appointed Chief Geoscientist. As an economic geologist (M.S. New Mexico Institute of Mining and Technology – 2008) with an MBA (University of Alaska Fairbanks – 2018), Mr. Graf is an accomplished exploration and mining geologist. As the Exploration Superintendent at Alaska’s Pogo mine, he made significant gold deposit discoveries. Mr. Graf has been involved with Millrock for several years and will now play a pivotal role in target generation and 3-D geological modeling.
Non-Core Assets
The Company owns a portfolio of exploration stage royalty assets in Alaska and a portfolio of shares in other junior exploration companies. Additionally, the Company owns a 49% interest in the 64North gold project surrounding the Pogo gold mine in Alaska, and also other mineral property interests. The Company will consider selling these assets for fair prices to bolster the treasury and contribute to exploration and development at the Nikolai project.
Qualified Person The scientific and technical information disclosed within this document has been prepared, reviewed, and approved by Gregory A. Beischer, President, CEO, and a director of Millrock. Mr. Beischer is a qualified person, as defined in NI 43-101. Mr. Beischer was an exploration manager for INCO in the 1990s and directly supervised drilling and sampling operations on the project. The drill core samples and rock samples collected at the time were analyzed by ALS Chemex labs and all standard quality control and quality assurance methods were used. The qualified person has recently reviewed all assay certificates from the historical drilling and sampling done by INCO. The Company has done check sampling of the INCO drill cores, which are stored at the Geologic Materials Center in Anchorage, Alaska. New assay data confirmed historical values. Some historical data presented in this press release include drill intercepts that were reported by Pure Nickel Inc. in press releases. The Company does not have access to this data and cannot therefore independently verify the information. However, Pure Nickel Inc. was known by the qualified person to be a high-caliber company that employed strong, industry-standard methods, and the qualified person has no reason to doubt the validity of the publicly reported Pure Nickel Inc. results.
About Alaska Energy Metals Alaska Energy Metals Corporation will be focused on delineating and developing a large polymetallic deposit containing Ni, Cu, Co, Cr, Fe, Pt, and Pd. Located in development-friendly central Alaska near existing transportation and power infrastructure, the project is well-situated to become a significant, domestic source of critical and strategic energy-related metals. The Company intends to delineate a major metal resource by the end of 2024.
ON BEHALF OF THE BOARD “Gregory Beischer” Gregory Beischer, President & CEO
FOR FURTHER INFORMATION, PLEASE CONTACT: Gregory A. Beischer, President & CEO Toll-Free: 877-217-8978 | Local: 604-638-3164
Some statements in this news release may contain forward-looking information (within the meaning of Canadian securities legislation), including, without limitation, TSX-V approval of the Company’s proposed name change and consolidation of shares, and the Company’s successful realization of adequate financing to explore and develop the Nikolai project and to successfully achieve milestones. The potential quantity and grade of mineralized rock targeted by Alaska Energy Metals is conceptual in nature. There has been insufficient exploration drilling to estimate a Mineral Resource and it is uncertain if further exploration will result in the estimation a Mineral Resource. The Company has stated its intention to liquidate non-core assets but there is no assurance that it will be successful in doing so. All these statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. Forward-looking statements speak only as of the date those statements are made. Except as required by applicable law, the Company assumes no obligation to update or to publicly announce the results of any change to any forward-looking statement contained or incorporated by reference herein to reflect actual results, future events or developments, changes in assumptions or changes in other factors affecting the forward-looking statements. If the Company updates any forward-looking statement(s), no inference should be drawn that it will make additional updates with respect to those or other forward-looking statements.
Vancouver, British Columbia–(Newsfile Corp. – March 1, 2023) – EMX Royalty Corporation (NYSE American: EMX) (TSXV: EMX) (FSE: 6E9) (the “Company” or “EMX”) is pleased to announce the execution of an agreement to sell its Adak volcanogenic massive sulfide (“VMS“) project and its Åkerberg and Rismyrliden gold projects in Sweden (the “Projects“) (see Figure 1) to Copperhead Mineral AB (“Copperhead“), an unlisted public company in Sweden. In return for the transfer of the Projects to Copperhead, the agreement provides EMX with a 9.9% equity interest in Copperhead, annual advance royalty payments, 2.5% Net Smelter Return (“NSR“) royalty interests, work commitments, and other considerations. In conjunction with this transaction, Copperhead intends to apply for a public listing of the Company’s shares on a multilateral trading facility in Sweden or other appropriate trading facility.
The Adak VMS project was acquired by EMX in 2020 and covers the areas of historical mining in the Adak district, positioned at the northwest end of the prolific Skellefteå mining belt in Sweden. Åkerberg and Rismyrliden are intrusion-hosted and orogenic gold projects also located in the Skellefteå belt. The Åkerberg license surrounds the historic Åkerberg Gold Mine with the Rismyrliden property located nearby along the geologic trend to the south of Åkerberg.
The Skellefteå belt is known for its prolific historic production from gold-enriched polymetallic VMS deposits, such as the Adak district, and its intrusion-related and orogenic gold systems which are located north of a linear geologic feature locally known as “The Break” (including the historic Åkerberg Mine). Together, these assets will form a diverse, polymetallic “starter” portfolio in central Sweden for Copperhead.
Commercial Terms Overview. Via an arm’s length transaction, Copperhead will acquire a 100% share interest in the EMX subsidiary company that controls the Projects, subject to the following terms:
Upon closing, EMX will receive 600,000 SEK (approximately US$57,000 at current exchange rates) in cash in addition to newly issued shares in Copperhead corresponding to 9.9% of the issued and outstanding shares of Copperhead.
EMX will receive a 2.5% NSR royalty interest on each of the Projects. On the sixth anniversary after closing, Copperhead has the option to purchase 0.5% of the NSR on a given project by paying EMX 12,500,000 SEK.
EMX will receive annual advance royalty (“AAR“) payments of 125,000 SEK for each project commencing on the third anniversary of the closing, with the AAR payment increasing by 50,000 SEK per year until reaching 750,000 SEK on a per project basis. Copperhead will only be required to make two AAR payments each year if it continues to hold all three Projects, but if one of the Projects is sold or transferred to a third party, the third AAR payment will be reinstated.
A financial instrument will be put in place that allows EMX to maintain its 9.9% interest in Copperhead until a total of 18,000,000 SEK (approximately US$1.7 million at current exchange rates) has been raised by Copperhead.
A payment of 5,000,000 SEK, payable in cash or shares of Copperhead, will be made to EMX upon the completion of a Prefeasibility or Feasibility Study for a given project. Copperhead will only be required to make two resource payments if it continues to hold all three Projects, but if one of the Projects is sold or transferred to a third party, the third resource payment will be reinstated.
To maintain its interest in the Projects, Copperhead will also: (i) spend a minimum of 2,500,000 SEK on the Projects by the second anniversary of the agreement (with at least 500,000 SEK spent on each property) and (ii) spend an aggregate of 10,000,000 SEK by the third anniversary of the agreement or complete a minimum of 3,000 meters of drilling, with a minimum of 1,000 meters of drilling at each of the Adak and Åkerberg projects.
Adak Project Overview. EMX’s Adak exploration permit is the site of the historic Adak mine, which operated from 1941 through 1978, when the mining complex was destroyed by a fire. The mine was never rebuilt or re-opened after the fire, and was operated at a time when VMS deposit models were only poorly understood. Through compilations of historical exploration data and the application of modern concepts for VMS exploration, EMX has identified numerous new targets in the vicinity of the historical mines. EMX believes that the nearby Storliden VMS deposit, discovered in 1998 and mined from 2002 through 2007, provides an exploration analog for further discoveries at Adak.
Åkerberg Project Overview. The Åkerberg gold project is situated in an area with multiple active gold mines and development/advanced exploration stage projects. The EMX land position surrounds the historic Åkerberg mine, which was operated by Boliden AB and produced 1.48 million tonnes averaging 3.0 grams per tonne (g/t) gold from 1991 through 20031. During the time of operation relatively little exploration took place outside of the immediate mine area, and EMX has found multiple untested zones of outcropping gold mineralization within the project area.
Mineralization in the Åkerberg mine area consists of sheeted swarms of gold bearing quartz veins and veinlets developed in gabbroic host rocks. EMX has mapped additional gabbroic rocks throughout the EMX permit areas with similar gold-bearing quartz veins.
Rismyrliden Project Overview. The regional shear zone that hosts the active Björkdal Gold Mine and the past-producing Åkerberg and Norrberget gold mines extends through EMX’s Rismyrliden license. Similar to Åkerberg, gold mineralization at Rismyrliden is hosted by swarms of sheeted quartz veins developed in calc-silicate altered greenstone rocks. EMX recently completed a multi-element soil sampling program over the entire Rismyrliden project area. EMX uses an innovative and cost-effective rapid sampling technique to test for geochemical anomalies in soils over large areas. These surveys at Rismyrliden generated multiple reinforcing geochemical anomalies that will be targeted for immediate follow up.
Comments on Nearby and Adjacent Properties. The historic mines and deposits discussed in this news release provide context for EMX’s Projects, which occur in a similar geologic setting, but this is not necessarily indicative that the Projects host similar quantities, grades or styles of mineralization.
Qualified Person. Dr. Eric P. Jensen, CPG, a Qualified Person as defined by National Instrument 43-101 and employee of the Company, has reviewed, verified and approved the disclosure of the technical information contained in this news release.
About EMX. EMX is a precious, base and battery metals royalty company. EMX’s investors are provided with discovery, development, and commodity price optionality, while limiting exposure to risks inherent to operating companies. The Company’s common shares are listed on the NYSE American Exchange and the TSX Venture Exchange under the symbol EMX, and also trade on the Frankfurt exchange under the symbol “6E9”. Please see www.EMXroyalty.com for more information.
For further information contact:
David M. Cole President and Chief Executive Officer Phone: (303) 973-8585 Dave@emxroyalty.com
Scott Close Director of Investor Relations Phone: (303) 973-8585 SClose@emxroyalty.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
This news release may contain “forward-looking statements” that reflect the Company’s current expectations and projections about its future results. These forward-looking statements may include statements regarding perceived merit of properties, exploration results and budgets, mineral reserve and resource estimates, work programs, capital expenditures, timelines, strategic plans, market prices for precious and base metal, or other statements that are not statements of fact. When used in this news release, words such as “estimate,” “intend,” “expect,” “anticipate,” “will”, “believe”, “potential” and similar expressions are intended to identify forward-looking statements, which, by their very nature, are not guarantees of the Company’s future operational or financial performance, and are subject to risks and uncertainties and other factors that could cause the Company’s actual results, performance, prospects or opportunities to differ materially from those expressed in, or implied by, these forward-looking statements. These risks, uncertainties and factors may include, but are not limited to: unavailability of financing, failure to identify commercially viable mineral reserves, fluctuations in the market valuation for commodities, difficulties in obtaining required approvals for the development of a mineral project, increased regulatory compliance costs, expectations of project funding by joint venture partners and other factors.
Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this news release or as of the date otherwise specifically indicated herein. Due to risks and uncertainties, including the risks and uncertainties identified in this news release, and other risk factors and forward-looking statements listed in the Company’s MD&A for the quarter ended September 30, 2022 and the year ended December 31, 2021 (the “MD&A”), and the most recently filed Revised Annual Information Form (the “AIF”) for the year ended December 31, 2021, actual events may differ materially from current expectations. More information about the Company, including the MD&A, the AIF and financial statements of the Company, is available on SEDAR at www.sedar.com and on the SEC’s EDGAR website at www.sec.gov.
Register Here for the Metallic Minerals Live Webinar: https://bit.ly/3KPXJpn Press Release: https://bit.ly/3ZwEN31 Website: https://mmgsilver.com/ Investor Relations: Chris Ackerman Email: chris.ackerman@metallic-minerals.com Phone: 604-629-7800 ext. 1 Toll Free: 1-888-570-4420
TimeStamp: :47 Introduction to Metallic Minerals 1:18 On-Site to the La Plata Project/Mineral Resource Overview 3:31 Highlight from Press Release 6:00 Next Steps on the La Plata 7:13 Updated Resource 2023? 7:48 Latest Updates on the Keno Silver Project 12:13 MMG Partners with Discovery Channel – Parker Schnabel – Gold Rush 15:00 Will MMG be on the Show? 15:12 Alluvial Project Updates 17:00 Live Webinar (https://bit.ly/3KPXJpn) 18:24 MMG Capital Structure 19:09 Message to Shareholders
Metallic Minerals Corp. (TSX-V: MMG / US OTC: MMNGF) is a growth stage exploration company focused on the acquisition and development of high-grade silver and gold projects within underexplored districts proven to produce top-tier assets. Our objective is to create value through a disciplined, systematic approach to exploration, reducing investment risk and maximizing probability of long-term success. Our core Keno Silver Project is located in the historic Keno Hill Silver District of Canada’s Yukon Territory, a region which has produced over 200 million ounces of silver and currently hosts one of the world’s highest-grade silver resources. The Company’s La Plata silver-gold-copper project is located in the high-grade La Plata district of the prolific Colorado Mineral Belt and our McKay Hill project northeast of Keno Hill is a high-grade historic silver-gold producer. Metallic Minerals is also building a portfolio of gold royalties in the historic Klondike Gold District. Metallic Minerals is led by a team with a track record of discovery and exploration success, including large scale development, permitting and project financing.
Group Ten Metals: (TSX-V: PGE | OTCQB: PGEZF) Website: https://grouptenmetals.com/ Corporate Presentation: https://grouptenmetals.com/investors/presentations/
Granite Creek Copper: (TSX.V: GCX) Website: https://www.gcxcopper.com/ Corporate Presentation: https://www.gcxcopper.com/investors/presentations/
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VANCOUVER, BC / ACCESSWIRE / February 28, 2023 / Metallic Minerals Corp. (TSX.V:MMG)(OTCQB:MMNGF) (“Metallic Minerals” or the “Company”) is pleased to announce final results from its 2022 exploration program at the La Plata copper-silver-gold-platinum group element (“Cu-Ag-Au-PGE”) project in southwestern Colorado. Two holes totaling 1,730 meters (“m”) were drilled to test lateral extensions of the existing 985-million-pound copper equivalent NI 43-101 mineral resource1. Hole LAP22-04, drilled to the north of the resource area, intercepted the longest and highest-grade interval ever encountered at La Plata at 816 m of 0.41% Recovered Copper Equivalent (“CuEq”) (see Table 1 footnote). This is one of the top intersections for any North American copper project in the past several years. Significant high-grade gold-platinum-palladium (“Au+PGE”) mineralization associated with copper and silver represents the discovery of a new style of mineralization in the resource area that has not been previously recognized or explored for.
The porphyry style mineralization in LAP22-04 strengthens through the hole, transitioning from chalcopyrite dominated at surface to bornite-rich at depth. The hole ended in mineralization with the final 5.2 m of copper plus precious metals rich mineralization grading 5.39% CuEq (2.44% Cu, 18.7 grams per tonne (“g/t”) Ag and 5.0 g/t Au+PGE (see Figure 1) but did not reach full target depth due to mechanical issues. The last sample in the hole, representing the deepest material, graded 5.42% Cu, with 47.0 g/t Ag and 11.0 g/t Au+PGE for a total of 11.54% CuEq. Mineralization remains completely open to expansion of the current resource area and outward from drill hole LAP22-04 (see Figure 2). Both drill holes intercepted continuous porphyry style mineralization starting from surface and ending in mineralization at 914 and 816 meters depth, respectively. Hole LAP22-03 shows that the shallow porphyry style mineralization is weakening to the south and west of the resource but still open at depth (see Figure 3).
Drilling Highlights
Drill hole LAP22-04 intersected 816 m of 0.41% CuEq (0.30% Cu, 2.47 g/t Ag, 0.186 g/t Au+PGE) from surface, with multiple higher-grade intercepts (See Table 1).
The interval starting at 304.8 m returned 511.2 m at 0.51% CuEq (0.36% Cu, 2.83 g/t Ag, 0.275 g/t Au+PGE).
Higher-grade zones include 0.90% CuEq over 55.8 m (0.70% Cu, 5.44 g/t Ag, 0.369 g/t Au+PGE and 1.5% CuEq over 29.57 m (0.69% Cu, 5.64 g/t Ag, 1.268 g/t Au+PGE).
The drill hole bottomed in 5.39% CuEq over 5.2 m (2.44% Cu, 18.7 g/t Ag, 5.0 g/t Au+PGE).
The precious metals component of LAP22-04 (silver, gold, platinum and palladium) adds 50% in value above the copper only values. The inclusion of Au+PGE values that were not previously analyzed for in historical drilling represents a significant future upside value opportunity for the project.
The 2022 drilling will be incorporated into an updated NI 43-101 mineral resource estimate for the La Plata project, which is expected to expand significantly based on these results.
The Company will host a live webcast on March 2, 2023, at 10am PT | 1pm ET to discuss the La Plata project, along with a general overview and update on the Company. To register, click here.
Scott Petsel, President of Metallic Minerals, stated, “We have had no doubt about the strength of the mineralized system in the La Plata district, based on its 10 km2 alteration footprint and high-grade past production from the surrounding epithermal silver and gold deposits. Our work since 2020 has rapidly demonstrated the significance of the porphyry system, with the definition of our inaugural copper-silver resource in early 2022. Now, with a major new high-grade discovery from step out drilling in hole LAP22-04, we are uncovering how richly mineralized that porphyry system is. The intensity of alteration and mineralization in this drilling indicates we are vectoring to a higher-grade portion of the La Plata porphyry system with overlapping mineralization styles and a transition to high-grade bornite-rich copper mineralization with associated high precious metals values.”
“While it is not uncommon to have elevated platinum group metals in alkalic porphyry systems associated with copper, silver and gold, the level of enrichment at La Plata, with wide intervals of greater than 0.8% copper and up to multi-gram gold, platinum and palladium values, is truly exceptional. The occurrence of other anomalous critical minerals, including tellurium and rare earth elements (“REE”s), is also an intriguing value-adding opportunity. Other major alkalic magmatic systems in the region include Rio Tinto’s Bingham Canyon and Newmont’s Cripple Creek mines, which also include enrichment in tellurium, PGEs and other critical minerals.”
2023 Prospectors and Developers Convention (PDAC) – Booth, Presentation & YMA Core Shack
Metallic Minerals will be attending PDAC 2023 and attendees are invited to visit the Company at Investors Exchange Booth #3024. Additionally, President Scott Petsel will be providing a corporate presentation at a Forum for Investors during the 2023 Prospectors and Developers convention in Toronto Monday March 6th in the silver-focused session, Room 803, between 10:00 am and 12:00 pm at the Metro Toronto Convention Center. For more information, visit here.
The Company will also be participating in the inaugural Yukon Mining Alliance Invest Yukon Core Shack to be held in the Investors Exchange exhibit hall in Booth #3314, adjacent to the main PDAC Core Shack. Our technical team will be on hand to display core from La Plata (including Hole LAP22-04) and our Keno Silver project.
Table 1. La Plata Project 2022 Drill Results
Drill Hole
From (M)
To(M)
Length(M)
CuEq1(%)
Cu(%)
Ag(g/t)
Au(g/t)
Pt (g/t)
Pd (g/t)
Au+PGE(g/t)
LAP22-04
0.00
815.95
815.95
0.41
0.30
2.47
0.038
0.055
0.093
0.186
141.73
239.27
97.54
0.31
0.29
2.51
0.029
0.004
0.015
0.048
304.80
815.95
511.15
0.51
0.36
2.83
0.044
0.057
0.100
0.275
including
449.58
505.36
55.78
0.90
0.70
5.54
0.056
0.114
0.199
0.369
including
547.12
576.07
28.95
0.83
0.62
4.84
0.052
0.158
0.191
0.401
including
612.65
644.65
32.00
0.85
0.60
4.60
0.129
0.123
0.196
0.448
including
786.38
815.95
29.57
1.50
0.69
5.64
0.160
0.455
0.753
1.368
including
806.2
815.95
9.75
3.53
1.59
12.46
0.338
1.064
1.833
3.235
including
810.77
815.95
5.18
5.39
2.44
18.70
0.467
1.755
2.778
5.000
ending in
815.34
815.95
0.61
11.54
5.42
47.00
0.622
5.016
5.393
11.031
LAP22-03
0.00
913.79
913.79
0.12
0.11
1.11
0.017
0.001
0.006
0.024
518.46
594.67
76.21
0.24
0.22
1.83
0.034
0.002
0.006
0.042
Notes to reported values:
Recovered Copper Equivalent (CuEq) in Table 1 is determined as follows: CuEq% = [Cu% x recovery] + [Ag g/t x recovery / 31.103 x Ag price / Cu price / 2,204 x 100] + [Au g/t x recovery / 31.103 x Au price / Cu price / 2,204 x 100] + [Pt g/t x recovery / 31.103 x Pt price / Cu price / 2,204 x 100] + [Pd g/t x recovery / 31.103 x Pd price / Cu price / 2,204 x 100]
Copper equivalent is presented for comparative purposes using conservative long-term metal prices (all USD): $3.75/lb copper, $22/oz silver (Ag), $1,800/oz gold, $1,000/Oz platinum (Pt), $2,200/oz Palladium (Pd).
In the above calculations: 31.103 = grams per troy ounce, 2,204 = pounds per metric tonne, and 100 converts from g/t to %.
The following recoveries have been assumed for purposes of the above equivalent calculations: 90% for Cu and all other listed metals, based on recoveries at similar operations.
Intervals are reported as measured drill intersect lengths and may not represent true width.
Figure 1 – Drill core photo showing porphyry style mineralization in LAP22-04 from 806.2 to 815.95 m (9.75 m) grading 3.53% CuEq, 1.59% Cu, 12.46 g/t Ag, 0.338 g/t Au, 1.064 g/t Pt, 1.833 g/t Pd (3.235 g/t Au+PGE).
Metallic Minerals Corp., Tuesday, February 28, 2023, Press release picture
Figure 2 – La Plata 3D Long Section looking northwest, with significant drill intervals and mineralized grade shells Including, Hole LAP22-04. Shows nearly 1.5 kilometers of vertical mineralization open at depth and along trend to the north and east and to the west. Note 0.25% CuEq cut-off grade shell and higher-grade 0.4% CuEq shell.
Metallic Minerals Corp., Tuesday, February 28, 2023, Press release picture
Figure 3 – Plan map of the Allard Resource Area showing surface projections of the drill hole traces with CuEq% or Cu% in historic holes without precious metals assays.
Metallic Minerals Corp., Tuesday, February 28, 2023, Press release picture
La Plata Property Overview
Metallic Minerals’ La Plata project covers 44 square kilometers 20 km northwest of Mancos, Colorado, within the historic La Plata mining district, that is in the southwest portion of the prolific Colorado Mineral Belt. Copper mineralization with associated silver, gold, platinum and palladium is hosted by a large-scale, Late Mesozoic age, alkalic porphyry system with related silver, gold, telluride epithermal vein, breccia and replacement deposits hosted in adjacent sedimentary rocks.
The La Plata district has a long and rich history of mining with the first silver deposits discovered in the 1700s by Spanish explorers. High-grade silver and gold production has been documented from the 1870s through the early 1940s from mineralized deposits at over 90 individual mines and prospects2. From the 1950s to 1970s, major miners including Rio Tinto (Bear Creek) and Freeport-McMoRan (Phelps Dodge) explored the district focusing on the significant potential for bulk-tonnage disseminated and stockwork hosted mineralization3. Freeport-McMoRan retained ownership of claims in the district until 2002 when they sold their holdings to the current underlying vendors during the lows of the last metal price cycle.
A total of 58 drill holes totaling 16,930 m have been drilled on the property from the 1950s to present, this drilling has demonstrated the presence of a large multi-phase porphyry system with copper, silver, gold with more recent discoveries highlighting the potential for significant PGEs, rare earth minerals and tellurium. This large-scale mineralized system is associated with a 10 km2 strongly magnetic signature with intense hydrothermal alteration. Surrounding the central porphyry system is an associated high-grade silver and gold-rich epithermal system measuring at least 8 km by 2 km that hosts 56 identified vein, replacement, and breccia structures. Historical production from some of these high-grade structures included bonanza grades for silver and gold.
Exploration by Metallic Minerals and Allard Deposit NI 43-101 Resource Estimate
Metallic Minerals is conducting systematic exploration of the La Plata property since its acquisition in late 2019. This work has included drilling, underground sampling, mapping, geochemical soil sampling and 3-dimensional modeling. Comprehensive geophysical surveys have also been undertaken including airborne resistivity and magnetics, ground-based induced polarization surveys, and analysis of multi-spectral remote sensing data to establish mineralized anomalies and domains for the various styles of mineralization. This work has identified potential extensions of the main Allard deposit, as well as 16 untested potential porphyry signatures outside of the resource area, and has developed targets for high-grade epithermal silver, gold and tellurium.
Exploration in 2021 included 1,980 meters of diamond drilling, resampling of historical drill core, underground sampling from the Allard tunnel and mapping and sampling across the broader property. This work supported the development of an inaugural NI 43-101 resource in the Allard area. The April 2022 technical report defined the resource as 115.7 million tonnes at an average grade of 0.39% CuEq (0.35% Cu and 4.02 g/t Ag) using a 0.25% CuEq cut-off grade1.
The 1,730-meter 2022 La Plata drill program was designed to test extensions of porphyry style mineralization beyond the resource area to provide vectors toward higher-grade parts of the mineral system. Results from that drilling demonstrate that mineralization remains open to significant expansion. Modelling work for an updated resource estimate, incorporating the 2022 drilling, has been initiated by SGS and is anticipated to be complete by mid-2023.
Critical Minerals
The Allard deposit at La Plata is a significant potential source of copper and silver, both important industrial metals used for modern technologies broadly and particularly in renewable and clean energy applications. Recent and historical work has also demonstrated that the broader La Plata district is also a potential source of other Critical Minerals identified by the U.S. Government as requirements for economic and national security4. Drilling by Metallic Minerals in 2022 returned multi-gram intervals of platinum group elements with individual grades up to 5.0 g/t Pt and 5.4 g/t Pd, as well as critical minerals such as vanadium, and rare earth elements. Tellurium, another element on the critical mineral list, was a by-product of historic high-grade gold and silver production in the district. The potential for these critical minerals to add additional economic value to the La Plata project will be evaluated as part of ongoing exploration.
USGS Earth MRI Program
The U.S. Geological Survey (“USGS”) is funding the Colorado Geological Survey for geological studies in the La Plata Mountains as part of the Earth Mapping Resources Initiative (“Earth MRI”). The work to be carried out by the Colorado Geological Survey includes geologic mapping as well as geochemical and mineralogical studies in the La Plata Mining District to generate a greater understanding of the area’s potential to host critical minerals. See USGS news release dated January 25, 2023.
Forest Service Plan of Operations Authorization
The U.S. Forest Service (“USFS”) has authorized Metallic Minerals’ Plan of Operations for proposed 2023 exploration drilling on USFS lands. The authorization of these drill sites allows for expanded drill testing opportunities near the Allard Cu-Ag-Au-PGE resource and for the drilling of several of the additional porphyry-style targets as defined by the Company’s geological team.
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.
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. 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 with results from the 2023 resource expansion pending.
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.
1) See Technical Report on the Inaugural Mineral Resource Estimate for the Allard Cu-Ag Porphyry Deposit, La Plata Project, Colorado, USA with an effective date of April 3, 2022. The Mineral Resource has been estimated in conformity with CIM Estimation of Mineral Resource and Mineral Reserve Best Practices Guidelines (2019) and current CIM Definition Standards – For Mineral Resources and Mineral Reserves (2014). The constrained Mineral Resources are reported at a base case cut-off grade of 0.25% CuEq, based on metal prices of $3.60/lb Cu and $22.50/oz Ag, assumed metal recoveries of 90% for Cu and 65% for Ag, a mining cost of US$5.30/t rock and processing and G&A cost of US$11.50/t mineralized material. (1) CuEq* calculations are based on 100% recovery of all metals using the same metal prices used for the resource calculation. All figures are rounded to reflect the relative accuracy of the estimate. The current Mineral Resources are not Mineral Reserves as they do not have demonstrated economic viability. The quantity and grade of reported Inferred Resources in this Mineral Resource Estimate are uncertain in nature and there has been insufficient exploration to define these Inferred Resources as Indicated or Measured. However, based on the current knowledge of the deposits, it is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.
2) Eckel, USGS Prof Paper 219, Geology and Ore Deposits of the La Plata Mining District, 1949.
3) Bear Creek Mining (now Rio Tinto), Humble Oil (now Exxon) and Phelps Dodge (now Freeport-McMoRan) company reports.
4) The US Geological Survey has released a list of 50 critical minerals that the US economy requires for economic and national security. Earth Mapping Resources Initiative.
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 Jeff Cary, CPG, 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 prepared by Bureau Veritas Sparks, Nevada facility and analyzed at the Burnaby, B.C. facility. All samples were analyzed using the AQ-252 EXT procedure using a 30-gram multi-acid digestion with an ICP-ES/MS finish. Over-limit copper and silver samples were analyzed using the MA-401 procedure using a multi-acid digestion and atomic absorption spectrometry analysis. Select samples with elevated values of gold, platinum or palladium were re-analyzed using the FA330 procedure using a 30-gram fire assay fusion with an ICP-ES finish. All results have passed the QAQC screening by the lab and the company utilized a quality control and quality assurance program which included blank, duplicate, multiple standard reference samples and third-party umpire samples.
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, BC / ACCESSWIRE / February 27, 2023 / Stillwater Critical Minerals (TSX.V:PGE)(OTCQB:PGEZF)(FSE:5D32) (the “Company” or “SWCM”) is pleased to announce it will be participating in the inaugural Yukon Mining Alliance (“YMA”) Invest Yukon Core Shack to be held in the main Investors Exchange exhibit hall at the Prospectors and Developers Annual Convention (“PDAC”) in Toronto. The Invest Yukon Core Shack will be located at Booth #3314, adjacent to the main PDAC Core Shack and the Company will be displaying samples from its Kluane Ni-PGE project in Yukon as well as its flagship Stillwater West Ni-PGE-Cu-Co+Au project in Montana, on March 5-6th. The Company will also have a presence in the main Investors Exchange and investors are invited to visit booth # IE3024 to meet the team in person.
Invest Canada North Reception
The Metallic Group of Companies is proud to be a sponsor of the 2023 Invest Canada North reception to be held March 6 in MTCC North Room 106 from 4pm – 7pm EST. Leaders from its members, Stillwater Critical Minerals, Granite Creek Copper and Metallic Minerals will be in attendance and the Group will have a display table where guests are invited to meet the team. For more information, visit here.
About Yukon Mining Alliance
Yukon Mining Alliance – the globally recognized Invest Yukon brand – is a strategic alliance of Yukon’s leaders in exploration and mining who, in partnership with the Government of Yukon, connect investors with Yukon’s competitive advantages through innovative capital attraction initiatives. For more information visit InvestYukon.ca.
Invest Canada North connects global investors with the competitive advantages and opportunities in Canada’s North, Yukon, Northwest Territories and Nunavut, at one of the world’s biggest annual mining conferences, the PDAC Convention. Our unique initiatives showcase each region, through keynote presentations, panels and special sessions, highlighting the leaders in exploration, development and production, as well as the mining ecosystem that is supported by significant geological potential, strong geopolitical stability and progressive Indigenous and community partnerships. Through our Invest Canada North mining portal catch up on the latest news in the north or dive into each region to discover your next great opportunity. To learn more visit https://investcanadanorth.ca.
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. Per an expanded NI 43-101 mineral resource estimate released January 2023, the Platreef-style nickel and copper sulphide deposits at Stillwater West contain 1.6 billion pounds of nickel, copper and cobalt, and 3.8 million ounces of palladium, platinum, rhodium, and gold1, in a compelling suite of critical minerals and are 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.
1See news release dated January 25, 2023. In-pit Mineral Resources are reported at a base case cut-off grade of 0.20% NiEq. Pit optimization and Cut-off grades are based on metal prices of $9.00/lb Ni, $3.75/lb Cu, $24.00/lb Co, $1,000/oz Pt, $2,000/oz Pd and $1,800/oz Au, assumed metal recoveries of 80% for Ni, 85% for copper, 80% for Co, Pt, Pd and Au, a mining cost of US$2.50/t rock and processing and G&A cost of US$18.00/t mineralized material. Mineral resources which are not mineral reserves do not have demonstrated economic viability. An Inferred Mineral Resource has a lower level of confidence than that applying to an Indicated Mineral Resource and must not be converted to a Mineral Reserve. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.
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, BC / ACCESSWIRE / February 23, 2023 / Granite Creek Copper Ltd. (TSX.V:GCX)(OTCQB:GCXXF) (“Granite Creek” or the “Company“) is pleased to announce it will be participating in the inaugural Yukon Mining Alliance (“YMA”) Invest Yukon Core Shack to be held in the main Investors Exchange exhibit hall at the Prospectors and Developers Annual Convention (“PDAC”) in Toronto. The Invest Yukon Core Shack will be located at Booth #3314, adjacent to the main PDAC Core Shack and Granite Creek will be displaying core from its flagship Carmacks Copper-Gold-Silver project in Yukon, Canada from March 5 and 8th. The Company will also have a presence in the main Investors Exchange from March 5-8 and investors are invited to visit booth # IE3024 to meet the team in person.
Invest Canada North Reception
The Metallic Group of Companies is proud to be a sponsor of the 2023 Invest Canada North reception to be held March 6 in MTCC North Room 106 from 4pm – 7pm EST. Leaders from its members, Granite Creek Copper, Stillwater Critical Minerals and Metallic Minerals will be in attendance and the Group will have a display table where guests are invited to meet the team. For more information, visit here.
About Yukon Mining Alliance
Yukon Mining Alliance – the globally recognized Invest Yukon brand – is a strategic alliance of Yukon’s leaders in exploration and mining who, in partnership with the Government of Yukon, connect investors with Yukon’s competitive advantages through innovative capital attraction initiatives. For more information visit InvestYukon.ca.
Invest Canada North connects global investors with the competitive advantages and opportunities in Canada’s North, Yukon, Northwest Territories and Nunavut, at one of the world’s biggest annual mining conferences, the PDAC Convention. Our unique initiatives showcase each region, through keynote presentations, panels and special sessions, highlighting the leaders in exploration, development and production, as well as the mining ecosystem that is supported by significant geological potential, strong geopolitical stability and progressive Indigenous and community partnerships. Through our Invest Canada North mining portal catch up on the latest news in the north or dive into each region to discover your next great opportunity. To learn more visit https://investcanadanorth.ca.
About Granite Creek Copper
Granite Creek, a member of the Metallic Group of Companies, is a Canadian exploration company focused on the 176-square-kilometer Carmacks Project in the Minto Copper District of Canada’s Yukon Territory. The Project is on trend with the high-grade Minto copper-gold mine, operated by Minto Metals Corp., to the north, and features excellent access to infrastructure with the nearby paved Yukon Highway 2, along with grid power within 12 km. More information about Granite Creek Copper can be viewed on the Company’s website at www.gcxcopper.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.
Schematic geological cross section through the Miranda and Boundary Prospects, East Pogo with subsurface geology including prospective shear zone (altered paragneiss) interpreted from the 2022 ELF-EM, the 2020 CSAMT, ZTEM and 3D magnetic modeling shells.
Highlights:
Millrock received payment of US$100,000 and 10 million Resolution Minerals shares. Having spent more than US$9 million and met all other necessary conditions, Resolution has earned a 51% interest in the project. A joint venture is to be formed.
Excellent drill targets have been identified at East Pogo.
VANCOUVER, British Columbia, Feb. 24, 2023 (GLOBE NEWSWIRE) — Millrock Resources Inc. (TSX-V: MRO, OTCQB: MLRKF) (“Millrock” or the “Company”) reports on advancements at the 64North gold exploration project. The project is the subject of an earn-in agreement whereby Resolution Minerals Limited (ASX: RML) (“Resolution”) has been earning a joint venture interest from Millrock.
Earned Interest: Resolution has completed the requirements to earn a 51% interest in the project, and this interest has been recorded. Resolution has exceeded the Year 3 exploration expenditure requirement of US$2.5 million and has spent a total exceeding US$9.0 million on exploration. Resolution has recently paid Millrock US$100,000, and issued a further share payment of 10 million RML shares to Millrock. Millrock now owns 33 million Resolution shares. Resolution has indicated it does not intend to exercise its option to continue sole-funding exploration on the project to further increase its ownership interest. A 51% Resolution – 49% Millrock joint venture is to be formed. The terms of the December 2019 agreement can be viewed at this link: Definitive Exploration Agreement.
New East Pogo Drill Targets Identified: As a result of the 2022 regional work, new compelling drill targets have been identified at the Miranda and Boundary prospects in the East Pogo block of the project area. Four ELF (Extremely Low Frequency) electromagnetic geophysical survey lines and a surface soil geochemical grid were completed during the 2022 season in order to refine the model for the mineralized system in the area. The updated model suggests the source of mineralizing fluid is related to discrete magnetic intrusions at depth. Multiple intrusions occur within the dilatational zone associated with the previously identified shear package. The new model indicates previous drilling in the area did not achieve depths needed to test the prospective shear. Deeper drilling will be required to test the full thickness of the shear rock package. However, a shallower, undrilled target has also been outlined. Resolution has reported further details in their February 23, 2023 press release.
Figure 1
Figure 1.Schematic geological cross section through the Miranda and Boundary Prospects, East Pogo with subsurface geology including prospective shear zone (altered paragneiss) interpreted from the 2022 ELF-EM, the 2020 CSAMT, ZTEM and 3D magnetic modeling shells.
Qualified Person The scientific and technical information disclosed within this document has been prepared, reviewed, and approved by Gregory A. Beischer, President, CEO, and a director of Millrock Resources. Mr. Beischer is a qualified person, as defined in NI 43-101
About Millrock Resources Inc. Millrock Resources Inc. is a premier project generator to the mining industry. Millrock identifies, packages, and operates large-scale projects for joint venture, thereby exposing its shareholders to the benefits of mineral discovery without the usual financial risk taken on by most exploration companies. The company is recognized as the premier generative explorer in Alaska, is a significant shareholder of junior explorer ArcWest Exploration Inc., and owns a large shareholding in each of Resolution Minerals Limited and Felix Gold Limited. Funding for drilling at Millrock’s exploration projects is primarily provided by its joint venture partners. Business partners of Millrock have included some of the leading names in the mining industry: EMX Royalty, Coeur Explorations, Centerra Gold, First Quantum, Teck, Kinross, Vale, Inmet, and Altius, as well as junior explorers Resolution, Riverside, PolarX, Felix Gold, and Tocvan.
ON BEHALF OF THE BOARD “Gregory Beischer” Gregory Beischer, President & CEO
FOR FURTHER INFORMATION, PLEASE CONTACT: Gregory A. Beischer, President & CEO Toll-Free: 877-217-8978 | Local: 604-638-3164 Twitter | Facebook | LinkedIn
Some statements in this news release may contain forward-looking information (within the meaning of Canadian securities legislation) including without limitation formation of a joint venture between Millrock and Resolution and the possibility of further drilling at the East Pogo prospect. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements.
Assay results for drill hole APC-31, which is the first hole to test the mineralized outcrop of the Apollo porphyry system (*formerly known as the Main Breccia discovery), has intersected significant continuous high-grade copper-silver-gold mineralization from surface as follows:
High-grade oxide mineralization was encountered over the initial 42.35 metres of the drill hole averaging 5.08 g/t gold equivalent.
Five additional drill holes have been completed in 2023 to date from drill Pads 6 and 7. All five holes appear to have cut significant mineralization beginning at bedrock with the three completed holes from Pad 6 intersecting more than 350 metres of continuous mineralization and the two outstanding holes from Pad 7 intersecting more than 100 metres and 170 metres of continuous mineralization, respectively. Assay results for these holes are expected in the near term.
Outcrop mapping and sampling in the south and central portions of the Apollo porphyry system has outlined a 130 metres X 130 metres area of known surface mineralization which is open in all directions. Two new pads (9 and 10) are under construction and once operational will provide more drilling options to test this expanding area of surface and shallow mineralization.
Ari Sussman, Executive Chairman commented: “2023 is off to an excellent start to say the least. Not only did drill hole APC-31 confirm for the first time that the high-grade copper-silver-gold mineralization in the Apollo porphyry system comes right to surface, but also that there is a significant zone of high-grade oxide mineralization. We have truly discovered a remarkable porphyry system at Apollo characterized by unusually high-grades of combined gold, silver and copper. We are equally fortunate that our Guayabales project is located in a mining camp contiguous to the multi-million-ounce Marmato mine and are confident that our Apollo porphyry system will play a key role in Colombia’s decarbonization strategy. Our plan in 2023 is to remain aggressive with both drilling and ESG so that our “Collective” model for mining yields dividends for stakeholders and shareholders alike.”
TORONTO, Feb. 23, 2023 /CNW/ – Collective Mining Ltd. (TSXV: CNL) (OTCQX: CNLMF) (“Collective” or the “Company”) is pleased to announce assay results from the first drill hole of 2023 as part of the Company’s phase II drill program at the Guayabales project located in Caldas, Colombia. The aim of the phase II program is to test and define through drilling the shallow portion of the Apollo porphyry system (*formerly known as the Main Breccia discovery) as well as continue expanding the system through step-out drilling. The Apollo porphyry deposit is a high-grade, bulk tonnage copper-silver-gold system, which owes its excellent metal endowment to an older porphyry copper-silver and gold mineralization being overprinted by younger precious metal rich, carbonate base metal vein systems (low and intermediate sulphidation) within a magmatic, hydrothermal intermineral breccia body currently measuring 395 metres x 385 metres x 915 metres and open for expansion.
Details (See Table 1 and Figures 1-3)
Assay results for the first drill hole (APC-31) from the 2023 phase II program is announced in this press release. The Phase II drilling program of 2023 is advancing on schedule with six holes completed and a further three in progress. The aim of this program is to define the high-grade mineralization and dimensions of the Apollo porphyry near surface while continuing to expand the size of the system through step-out drilling.
To date, a total of 32 drill holes (approximately 15,400 metres) have been completed and assayed at the Apollo target with the majority of the holes testing the Apollo porphyry system.
Assay results and geological observations of APC-31 are summarized below.
APC-31 was a shallow hole, drilled steeply to the northwest from Pad 6 to a maximum depth of 389.6 metres (370 metres vertical). The hole was designed to exclusively test the upper portion of the porphyry system from a location where the system outcrops at surface. The hole intersected continuous mineralization from surface down to its final depth where it was terminated while still in strong mineralization. APC-31 is the highest-grade accumulation of mineralization reported from drilling to date and averaged:
384.7 metres @ 2.46 g/t gold equivalent (consisting of 1.17 g/t gold, 43 g/t silver and 0.37% copper) and including;
The mineralized interval starts from surface to 30 metres depth within saprolite material followed by an additional 17.5 metres of saprock with iron oxides and sulphides to 47.25 metres before transitioning into fresh rock consisting of chalcopyrite (0.5% to 1.5%), pyrite (1% to 2.5%) and some pyrrhotite (~1%). The mineralization is overprinted by carbonate-base metal veins containing sphalerite and galena and high grades of gold. Gold grades are significantly higher in the oxidized portion of the intercept down to 47.25 metres, while copper and silver grades are reduced within the same interval presumably due to weathering.
Outcrop mapping and sampling in the south and central portions of the system has outlined a 130 metre-by-130 metre area of known surface mineralization, which is open in all directions. 2023 drill Pads 6 and 7 have been designed to achieve the objective of understanding the styles and tenor of the shallow, high-grade mineralization from surface down to depths of up to 400 metres. Visual observations from five completed holes that are awaiting assay results in the near term indicate continuous intercepts from surface over core lengths ranging from more than 100 metres to more than 350 metres. The Company presently has three diamond drill rigs operating at the project.
Two new drill pads, numbered 9 and 10, are under construction to provide further drilling options to test and expand upon the area which the Apollo porphyry system outcrops at surface.
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 Au-Cu-Ag porphyry system. Mineralization styles include early-stage porphyry veining, inter-mineral breccia mineralization and multiple zones of 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 find more outcrop areas with porphyry veining, breccia, and late stage, sheeted, carbonate base metal veins.
Table 1: Assays Results for APC-31
Hole ID
From (m)
To (m)
Intercept (m)
Au (g/t)
Ag (g/t)
Cu %
Mo %
AuEq (g/t)*
APC-31
4.90
389.60
384.70
1.17
43
0.37
0.02
2.46
Including
4.90
325.70
320.80
1.34
49
0.44
0.02
2.84
4.90
114.70
109.80
3.15
45
0.25
0.01
4.14
**
4.90
47.25
42.35
4.81
23
0.09
0.001
5.08
*AuEq (g/t) is calculated as follows: (Au (g/t) x 0.95) + (Ag g/t x 0.016 x 0.95) + (Cu (%) x 1.83 x 0.95)+ (Mo (%)*9.14 x 0.95) and CuEq (%) is calculated as follows: (Cu (%) x 0.95) + (Au (g/t) x 0.51 x 0.95) + (Ag (g/t) x 0.01 x 0.95)+ (Mo(%)x 3.75 x 0.95) utilizing metal prices of Cu – US$4.00/lb, Ag – $24/oz Mo US$20.00/lb and Au – US$1,500/oz and recovery rates of 95% for Au, Ag, Mo and Cu. Recovery rate assumptions are speculative as no 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 (formerly known as the Main Breccia Discovery) Highlighting Drill Hole APC-31 (CNW Group/Collective Mining Ltd.)
Figure 2: 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 52% 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.
KELOWNA, BC / ACCESSWIRE / February 21, 2023 / Diamcor Mining Inc. (TSXV:DMI)(OTCQB:DMIFF)(FRA:DC3A), (“Diamcor” or, the “Company”) is pleased to announce the recent recovery of a 72.53 carat gem quality rough diamond and reports the initial sale of 1,466.12 carats of rough diamonds during the current quarter from the processing of quarry material at the Company’s Krone-Endora at Venetia Project (the “Project”). The sale of the 1,466.12 carats of rough diamonds generated gross revenues of USD $294,696.73, resulting in an average price of USD $201.00 per carat. The 72.53 carat gem quality special rough diamond recovered by the Company is currently being offered for tender and sale in Dubai and is expected to offset the lower than expected total carats sold in the initial sale of the quarter. Additional rough diamonds recovered to date during the period are being held as stock on hand for later tender and sale.
Highlights
Initial Tender and Sale of Rough Diamonds. The total number of carats of rough diamonds initially tendered and sold in the current quarter at 1,466.12 was lower than anticipated due to widely reported increases in daily load-shedding / power outages throughout South Africa. The Company recently announced it is in advanced discussions on objectives aimed at reducing the impact of this load-shedding for the long-term.
Strong Average Dollar Per Carat Continues. With the Project’s high percentage of gem quality diamonds to date, the average dollar per carat continued to remain in line with Company expectations and achieved a strong average dollar per carat of USD $201.00.
Recovery of Large Gem Quality Rough Diamond. The recovery of a 72.53 carat diamond, another large gem quality rough diamond in the Specials category (+10.8 carats), continues to confirm the potential for these types of large rough diamonds to be recovered from the Project’s deposits and provide a positive impact to gross revenues.
Current Rough Diamond Recovery. The Company recovered approximately 1,500 carats of rough diamonds during this period which are currently being held as stock on hand. These rough diamonds, along with additional rough diamonds recovered prior to March 31, 2023, will either be tendered and sold in the quarter’s final tender and sale, or held as stock on hand at the end of the current period, and tendered in the Company’s next quarter.
Advanced Discussions on Procurement and Installation of Power Systems. The Company’s operational team has operated this past year within the constraints of the well documented power supply issues in South Africa with the objective to find the right solution to mitigate the impact load-shedding has had on the Project. The Company is in advanced stages of discussions on procurement and the installation of back-up power systems. Details will be provided in the coming weeks once finalized.
“The recovery of yet another larger gem quality 72.53 carat rough diamond demonstrates the Project’s continued potential to contain these higher value rough diamonds even while operating below the Project’s processing capacity,” stated Mr. Dean Taylor, Diamcor CEO. “I am confident the implementation of the power supply back-up systems will provide improved power consistency needed for the processing plant to reach its designed potential.”
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) ofmaterial 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 very low-cost mining 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.
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