Categories
Base Metals Energy Junior Mining Precious Metals

Goldshore Announces Preliminary Metallurgy Results for the Moss Gold Project; Gold Recoveries Increase to 93% for Moss and 98% for East Coldstream

Vancouver, British Columbia–(Newsfile Corp. – May 3, 2023) – Goldshore Resources Inc. (TSXV: GSHR) (OTCQB: GSHRF) (FSE: 8X00) (“Goldshore” or the “Company“), is pleased to announce the preliminary results from its PEA-level metallurgical test work at the Moss Gold Project in Northwest Ontario, Canada (the “Moss Gold Project“). The results were produced from the recent metallurgical testing program completed by Base Metallurgical Laboratories in Kamloops, British Columbia under the overall supervision of Ausenco Engineering Canada Inc. (“Ausenco”).

Highlights:

  • Test work shows significantly increased gold recoveries from a flotation-regrind-leach process averaging:
    • 93% recovery at Moss
    • 98% recovery at East Coldstream
  • These results represent an 8% to 13% increase in gold recoveries from previously conducted standard leach test work.
  • Coarse bottle roll leach test results returned gold recoveries between 53% and 64%, which encourage investigation of a low recovery heap leach solution for low-grade mineralization that may bring gold production forward and reduce tailings.

President and CEO Brett Richards stated: “We are very pleased with the early results from the metallurgical test program, as recoveries have increased from the InnovExplo’s 2011 mineral resource estimate and subsequent 2013 preliminary economic assessment by 8%-13%. This detailed testing being undertaken will enhance the economics of our new mineral resource estimate due out in the near future; and the new preliminary economic assessment due to commence immediately thereafter. As well, these results also appear to provide early support for heap leaching the low-grade material, which positively changes the dynamics of an economic analysis.”

Technical Overview

Figure 1 shows the location of the samples that make up the metallurgical composites.

Figure 1: Location map

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8051/164622_6b7cf742f4645943_002full.jpg

The metallurgical gold recovery test-work was conducted to assess the potential gold recoveries and potential process flowsheets for the Moss Gold Project, which include the Moss Gold Deposit (“Moss”) and East Coldstream Gold Deposit (“East Coldstream”). Testing started in early 2023 on composite and variability samples from the Main, QES and SW Zones at Moss, and from East Coldstream. The program included comminution testing, grind optimization for leaching and flotation, gravity concentration, and leach testing. Cyanide destruction and solid liquid separation testing are still ongoing and will be completed later in Q2 2023.

Gold Recovery Test Work Results Summary

The program evaluated 18 discrete composite samples representing the two gold deposits. Each composite consisted of multiple samples collected from diamond drill core and coarse rejects. Primary composites were selected for the Main / QES Zones (three samples), and one sample each for the SW Zone and East Coldstream deposits to reflect grade, spatial and lithological distributions. The composition of the primary pit composites was designed to have anticipated average grades that will be confirmed in a planned mineral resource estimate. Variability samples were selected to provide representation from higher grade shear zones and lower grade host rocks from the deposits.

Crushing and Grinding Testing

Comminution testing characterized sample hardness by Steve Morell Comminution (“SMC”) testing, Bond Rod Mill (“RWI”), Ball Mill Work Index (“BWI”) and Bond Abrasion Index (“Ai”) tests. Three samples from the Main QES deposit were used for this testing.

The results showed:

  • SMC Axb average value of 34.7, indicates the samples are competent.
  • Average RWI and BWI values of 18.4 and 19.5 (metric) respectively, considered hard to very hard range of hardness.
  • Average Ai value of 0.175 g, which is classified as low to moderately abrasive.

Gravity Concentration Testing

The Main and QES Zone composite samples were tested with the Extended Gravity Recoverable Gold protocol to determine their amenability to gravity concentration.

The results showed:

  • Moderate Gravity Recoverable Gold content totaling 40% gold.
  • At full scale, this would be in the 10% to 15% gold recovery range.

Leach Testing

Coarse Particle Size Leach Tests

Intermittent bottle rolls leach tests were conducted on the samples at crush sizes of -6.25 mm and -2 mm to evaluate potential for heap leaching. Tests were run over 8 days with bottles rolled for 1 minute per hour.

The results showed:

  • Average leach extraction for the -6.25 mm crush size samples is 52.6% Au.
  • Average leach extraction for the -2 mm crush size samples is 64.2% Au.

Standard Leach Tests

Initial standard bottle rolls leach tests were completed on the primary composites from Main and QES Zones, over a range of grind sizes with 48 hours leaching and without gravity concentration prior to leaching. The results showed a weak relationship between grind size and recovery. As a result, a grind of 80% passing 100 microns was selected for further testing. The selected retention time was 48 hours. Gold leach extractions averaged 84% for these tests.

A total of 25 leach tests were conducted including initial screening tests and a bulk leach test (pending) that will generate sample for cyanide detox testing. The results showed:

  • Gold leach extractions ranging from 74% to 93%, averaging 83%, with final residue values of 0.08 g/t to 0.32 g/t gold, averaging 0.20 g/t gold.
  • Calculated gold head grades ranging from 0.40 g/t to 3.06 g/t gold, averaging 1.36 g/t gold.
  • Shear Zone samples and low-grade Intrusion domain samples showed similar leach extractions to higher grade shear zone samples, based on leach residue grades as a function of head grades.
  • Sodium cyanide consumption averaged 0.50 kg/t.

Flotation-Leach Tests

Testing was also completed using a flotation-leach flowsheet which includes:

  • Grinding to 80% passing 100 microns.
  • Flotation of a sulphide concentrate.
  • Concentrate regrind to 80% passing 15 microns followed by 48 hours leaching.
  • Flotation tailings leach without regrinding for 48 hours.

Results were positive with higher extractions than the standard leach tests. Key results include:

  • Sulphide concentrate mass recoveries averaged 11%, ranging from 5% to 19%.
  • Concentrate leach extractions averaged 96%, ranging from 92% to 98%.
  • Flotation tailings leach extractions averaged 76%, ranging from 69% to 90%.
  • Combined leach extractions averaged 93%, ranging from 87% to 98%.
  • Calculated gold head grades ranging from 0.60 g/t to 2.77 g/t gold, averaging 1.46 g/t gold.
  • Sodium cyanide consumption averaged 0.75 kg/t.

A summary of the results from the primary composites with the two flowsheets evaluated are shown in Table 1.

Table 1: Moss Project Primary Composite Leach Extractions Based on Flowsheet

Composite IDHead Grade
(Au g/t)
Recovery (Au%)
Whole  Ore
Leach
Flotation
Leach
Main/QES West Composite1.488489
Main/QES Central Composite0.538087
Main/QES East Composite1.988696
Main/QES Combined Composite1.148293
Southwest Zone Composite0.837693
East Coldstream Composite2.649398

Plant recoveries will be estimated with typical plant losses for use in the planned mineral resource estimate.

Pete Flindell, VP Exploration for Goldshore, said, “These metallurgical test results affirm our belief that gold recoveries in the sulphide-bearing shear zone mineralization can be significantly improved by flotation, while the low sulphide-bearing low-grade intrusion domain mineralization may be amenable to heap leaching. Further test work is required to investigate the latter, but we have now established +90% gold recoveries for the bulk of the contained ounces at Moss and East Coldstream are achievable with a flotation-regrind-leach circuit.”

Qualified Persons

Peter Flindell, P.Geo., MAusIMM, MAIG, Vice President – Exploration of the Company and Tommaso Roberto Raponi, P.Eng., an independent consultant with Ausenco Engineering Canada Inc., are both “Qualified Persons” as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) have reviewed and verified the scientific and technical information contained in this news release.

About Goldshore

Goldshore is an emerging junior gold development company, and owns 100% of the Moss Gold Project located in Ontario. Wesdome is currently a large shareholder of Goldshore. Well-financed and 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.

About Ausenco

Ausenco is a global diversified engineering, construction and project management company providing consulting, project delivery and asset management solutions to the resources, energy and infrastructure sectors. Ausenco’s experience in gold projects ranges from conceptual, pre-feasibility and feasibility studies for new project developments to project execution with EPCM and EPC delivery. Ausenco is currently engaged on a number of global projects with similar characteristics and opportunities to the Moss Gold Project.

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.

P. +1 604 288 4416 M. +1 905 449 1500
E. brichards@goldshoreresources.com
W. www.goldshoreresources.com

Facebook: GoldShoreRes | Twitter: GoldShoreRes | LinkedIn: goldshoreres

Cautionary Note Regarding Forward-Looking Statements

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, including gold recoveries, 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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/164622

Categories
Base Metals Energy Junior Mining

Granite Creek Copper Provides Additional Detail for Acquisition of the LS Molybdenum Project in British Columbia, Canada

VANCOUVER, BC / ACCESSWIRE / May 2, 2023 / Granite Creek Copper Ltd. (TSX.V:GCX)(OTCQB:GCXXF) (“Granite Creek” or the “Company” is pleased to provide additional detail on the acquisition of a 100% interest in the Lucky Ship molybdenum project (“LS Project”) from two arm’s-length vendors (“Vendors), (see news release dated March 22,2023). The LS Project is located within the traditional territory of the Wet’suwet’en First Nation in central British Columbia and is in a region with a long history of mining, including the Endako molybdenum mine, the Huckleberry copper-molybdenum mine, the Equity silver mine, and others. The project is accessible year-round along a well-developed network of forestry roads, with a high-capacity power line within 50 kilometres and paved highway and rail line access within 85 kilometres.

Under the terms of the option agreement, the Company can acquire a 100% interest in the LS Project for the following consideration:

1. Issue the Vendors 3,7500,000 common shares as follows:

  • 500,000 shares within 10 days following TSXV approval;
  • 750,000 shares on or before the 12 month anniversary of TSXV approval (“Year One”);
  • 1,000,000 shares on or before the 24 month anniversary of TSXV approval (“Year Two”); and
  • 1,500,000 shares on or before the 36 month anniversary of TSXV approval (“Year Three”).
  1. Keep the LS Project in good standing by completing work, filing Portable Assessment Credit or paying cash in lieu thereof of: (i) a minimum number of work credits equal to two years’ assessment credit on or before the conclusion of Year One; (ii) a minimum number of work credits equal to two years’ assessment credit on or before the conclusion of Year Two; and (iii) a minimum number of work credits equal to four years’ assessment credit on or before the conclusion of Year Three (the “Work”).
  2. On completion of the share issuances and the Work, if the total aggregate cash value of the share issuances totals less than $300,000, then the Company will make a cash payment to the Vendors equal to the difference between the aggregate cash value of the share issuances and $300,000.

On exercise of the option agreement, the Company will grant the Vendors from and after commercial production an aggregate 2.0% net smelter returns royalty on the LS Project(the “NSR Royalty”). The Company shall have the right at any time to purchase the first 1% of the NSR Royalty for $500,000 and the remaining 1% NSR Royalty for $1,000,000.

The acquisition of the LS Project is subject to approval by the TSX Venture exchange.

Option Grant

Granite Creek further announces it has granted 300,000 incentive stock options (the “Options”) to a Director of the Company. The Options are exercisable for up to five years, expiring on May 2, 2028, and each Option will allow the holder to purchase one common share of the Company at a price of C$0.08 per share.

About Granite Creek Copper

Granite Creek, a member of the Metallic Group of Companies, is a Canadian exploration company focused on the exploration and development of critical minerals projects in North America. The company’s projects consist of its flagship 176 square kilometer Carmacks project in the Minto copper district of Canada’s Yukon Territory on trend with the high-grade Minto copper-gold mine, operated by Minto Metals Corp., the advance staged LS Molybdenum project and the copper-nickel-PGM Star project both located in central British Columbia. More information about Granite Creek Copper can be viewed on the Company’s website at www.gcxcopper.com.

FOR FURTHER INFORMATION PLEASE CONTACT:

Timothy Johnson, President & CEO
Telephone: 1 (604) 235-1982
Toll-Free: 1 (888) 361-3494
E-mail: info@gcxcopper.com
Website: www.gcxcopper.com
Metallic Group: www.metallicgroup.ca
Twitter: @yukoncopper

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 Granite Creek Copper 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 Granite Creek Copper 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.

SOURCE: Granite Creek Copper Ltd.

Categories
Base Metals Energy Junior Mining

Rover Metals’ CEO Discusses Global Lithium Geopolitical News and the Appointment of New Consultants

VANCOUVER, British Columbia, May 02, 2023 (GLOBE NEWSWIRE) — Rover Metals Corp. (TSXV: ROVR) (OTCQB: ROVMF) (FSE:4XO) (“Rover” or the “Company”) provides global geopolitical news on the lithium mining industry and announces the appointment of new consultants.

Geopolitical News
On April 21, 2023, Chile’s President, Gabriel Boric, announced plans to nationalize Chile’s lithium mining industry. Chile is the world’s second largest producer of lithium, and the country with the largest lithium reserves. Albemarle, a lithium miner, is one of the largest stakeholders in Chilean lithium production. Albemarle is also the owner of the Silver Peak lithium brine mine in southwest Nevada. Rover’s Let’s Go Lithium project is also located in the prolific southwest Nevada lithium jurisdiction, approximately 240 km (150 miles) from the Silver Peak lithium mine.

LGL Property Location Map

Judson Culter, CEO at Rover Metals, states, “Albemarle may start looking in their backyard in Nevada for future expansion opportunities. We certainly hope that they do. The news out of Chile in late April re-emphasizes the importance of developing lithium projects closer to EV manufacturing centres, in jurisdictions like Nevada. The ultimate goal here is to support the EV industry by bringing consistent raw material lithium supply to market. Lithium demand is forecasted to continually grow through to 2040.”

Appointment of Hybrid Financial
Hybrid Financial (“Hybrid”) has been engaged by the Company for a twelve-month period, commencing on May 1, 2023. Hybrid has been engaged to heighten market and brand awareness for Rover and to broaden the Company’s reach within the investment community. Hybrid is a sales and distribution company that actively connects issuers to the investment community across North America. Using a data driven approach, Hybrid provides its clients with comprehensive coverage of both American and Canadian markets. Hybrid Financial has offices in Toronto and Montreal.

Consultant Appointment and Stock Option Grant
The Company has hired a Zurich, Switzerland, based consultant to provide business development consulting services in the key markets of London, England, Paris, France, and Zurich, Switzerland. Pursuant to the consulting agreement, a stock option grant of 250,000 stock options with an exercise price of $0.12 under the standard terms of the Company’s stock option plan (4-year life), has been awarded.

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.

You can follow Rover on its social media channels:

Twitter: https://twitter.com/rovermetals
LinkedIn: https://www.linkedin.com/company/rover-metals/
Facebook: https://www.facebook.com/RoverMetals/
for daily company updates and industry news, and
YouTube: https://www.youtube.com/channel/UCJsHsfag1GFyp4aLW5Ye-YQ?view_as=subscriber
for corporate videos.
Website: https://www.rovermetals.com/

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.

Categories
Base Metals Energy Junior Mining Precious Metals

Dolly Varden Silver to Present at the Metals and Mining Hybrid Investor Conference May 11th

Virtual Investor Conferences
Virtual Investor Conferences

Company invites individual and institutional investors, as well as advisors and analysts, to attend in person or online at VirtualInvestorConferences.com

VANCOUVER, British Columbia, May 02, 2023 (GLOBE NEWSWIRE) — Dolly Varden Silver Corporation (TSXV: DV) (OTC: DOLLF), based in Vancouver, BC., focused on silver and gold exploration, today announced that Shawn Khunkhun, CEO & Director, will present live at the Metals and Mining Hybrid Virtual Investor Conference, hosted by VirtualInvestorConferences.com, on May 11th, 2023.

DATE: May 11th
TIME: 10:00am EST
LINK: https://bit.ly/433RPaN
Available for 1×1 meetings: May 11th, 2023.

This will be a live, interactive in-person and online event where investors are invited to ask the company questions in real-time. If attendees are not able to join the event live on the day of the conference, an archived webcast will also be made available after the event. If you would like to attend the conference in-person at OTC Markets New York office, please contact events@otcmarkets.com

It is recommended that online investors pre-register and run the online system check to expedite participation and receive event updates.

Learn more about the event at www.virtualinvestorconferences.com.

Recent Company Highlights

About Dolly Varden Silver Corporation

Dolly Varden Silver Corporation is a mineral exploration company focused on advancing its 100% held Kitsault Valley Project (which combines the Dolly Varden Project and the Homestake Ridge Project) located in the Golden Triangle of British Columbia, Canada, 25kms by road to tide water. The 163 sq. km. project hosts the high-grade silver and gold resources of Dolly Varden and Homestake Ridge along with the past producing Dolly Varden and Torbrit silver mines. It is considered to be prospective for hosting further precious metal deposits, being on the same structural and stratigraphic belts that host numerous other, on-trend, high-grade deposits, such as Eskay Creek and Brucejack. The Kitsault Valley Project also contains the Big Bulk property which is prospective for porphyry and skarn style copper and gold mineralization, similar to other such deposits in the region (Red Mountain, KSM, Red Chris).

About Virtual Investor Conferences®

Virtual Investor Conferences (VIC) is the leading proprietary investor conference series that provides an interactive forum for publicly traded companies to seamlessly present directly to investors.

Providing a real-time investor engagement solution, VIC is specifically designed to offer companies more efficient investor access. Replicating the components of an on-site investor conference, VIC offers companies enhanced capabilities to connect with investors, schedule targeted one-on-one meetings and enhance their presentations with dynamic video content. Accelerating the next level of investor engagement, Virtual Investor Conferences delivers leading investor communications to a global network of retail and institutional investors.

CONTACTS:

Dolly Varden Silver Corporation
Shawn Khunkhun
President & CEO
+1 604 609 5137
sk@dollyvardensilver.com

Virtual Investor Conferences
John M. Viglotti
SVP Corporate Services, Investor Access
OTC Markets Group
(212) 220-2221
johnv@otcmarkets.com

Categories
Base Metals Emx Royalty Energy Junior Mining Precious Metals

EMX Options its Yarrol and Mt Steadman Projects in Australia to partner Many Peaks Gold

Vancouver, British Columbia, May 2, 2023 (NYSE American: EMX; TSX Venture: EMX; Frankfurt: 6E9) – EMX Royalty Corporation (the “Company” or “EMX”) is pleased to announce the execution of an exploration and option agreement for EMX’s Yarrol and Mt Steadman Projects in Queensland, Australia (the “Projects”) to Many Peaks Gold (ASX:”MPG”). The agreement provides EMX with cash payments, additional equity interests in MPG and work commitments during a fifteen month option period. Upon exercise of the option EMX will receive additional payments of cash and shares of MPG along with annual advance royalty payments, royalty interests and other considerations. 

The Yarrol Project contains zones of gold and copper mineralization in addition to newly discovered areas with cobalt-enriched manganese oxide mineralization and heavy mineral sands deposits (see Figures 1 and 2). The Mount Steadman Project contained historically defined zones of gold mineralization in addition to areas of historic gold mining activities (see Figures 1 and 3). Both projects were acquired by EMX as part of recent regional assessments of prospectivity in eastern Australia via purchase agreements with third parties, and then greatly expanded by EMX via filing of exploration license applications.

MPG is currently an EMX partner on the Company’s nearby Queensland Gold project. Together with the Queensland Gold project, the addition of Yarrol and Mt Steadman to MPG’s portfolio builds a substantial property package with a diverse suite of mineral deposits and occurrences in central Queensland.

Commercial Terms Overview: All terms in US Dollars unless otherwise indicated. Upon execution, MPG will make a cash payment of $150,000, issue 850,000 shares of MPG stock to EMX and 1,000,000 stock options, with each option being exercisable for one share of MPG at a price of AUD $0.34 for 36 months. 

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 December 31, 2022 (the “MD&A”), and the most recently filed Revised Annual Information Form (the “AIF”) for the year ended December 31, 2022, actual events may differ materially from current expectations. More information about the Company, including the MD&A, the AIF and financial statements of the Company, is available on SEDAR at www.sedar.com and on the SEC’s EDGAR website at www.sec.gov.

Figure 1. Location map for the Yarrol and Mt Steadman projects

image

[5] Mt Rawdon historic production numbers are cited from Evolution Mining website (2023/04/27). https://evolutionmining.com.au/wp-content/uploads/2023/04/Mt-Rawdon-fact-sheet-FY23F.pdf

Figure 2. Geological Map and Drill Hole Locations at Yarrol

image

Figure 3. Gold mineralization, historic soil anomalies and mine workings in the Chowey Goldfield, Mt Steadman Project

image

Historic soils results were collected by Probe Resources in 1995 and additional soils were collected by MGT Mining in 2019 to refine the anomaly.[6]

[6] Soil results are reported in MGT Mining Annual Report EPM 12834 for reporting period ending in December 2019. EMX has not performed sufficient work to verify the published assay data, and these data should not be relied upon until they can be confirmed. However, EMX considers the results to be reliable and relevant. 

Categories
Base Metals Energy Junior Mining Precious Metals

Silver Bullet Mines Corp. (SBMI) Provides Update on First Order for Silver from Buckeye Mine in Arizona

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.

For further information, please contact:

John Carter
Silver Bullet Mines Corp., CEO
cartera@sympatico.ca
+1(905)302-3843

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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/163989

Categories
Base Metals Energy Exclusive Interviews Precious Metals

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Categories
Base Metals Energy Junior Mining Uncategorized

Goldshore Adds More High-Grade Shears at the Southwest Zone; Intersects 3.25 g/t Au over 13.05m and 3.88 g/t over 5.6m

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, coppercobalt, 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.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8051/163605_14b848a0f4042ad4_002full.jpg



Figure 2: Close up of Southwest Zone with significant intercepts relative to the November 2022 MRE and $1,500 open pit shell constraint.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8051/163605_14b848a0f4042ad4_003full.jpg



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.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8051/163605_14b848a0f4042ad4_004full.jpg

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% pyritechalcopyrite 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.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8051/163605_14b848a0f4042ad4_005full.jpg

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 IDFROMTOLENGTH  
(m)
TRUE WIDTH
(m)
CUT GRADE 
(g/t Au)
UNCUT GRADE 
(g/t Au)
MMD-22-10711.3049.0037.7024.40.580.58
including25.3030.705.403.52.932.93
97.10101.804.703.20.400.40
113.20122.459.256.30.350.35
175.20177.502.301.60.950.95
193.60201.507.905.50.330.33
210.10217.006.904.90.300.30
222.05225.503.452.40.430.43
236.00251.0015.0010.70.320.32
334.00344.0010.007.50.650.65
including334.00336.002.001.51.771.77
       
MMD-22-1107.0057.9550.9533.30.410.41
73.0583.5510.507.00.350.35
88.1597.008.856.00.380.38
104.45112.007.555.20.530.53
127.00132.905.904.10.490.49
166.00169.003.002.10.390.39
174.00182.008.005.70.680.68
202.95208.005.053.60.350.35
241.80255.0013.209.80.310.31
273.60277.003.402.50.820.82
301.00319.0018.0013.60.570.57
including315.05319.003.953.01.831.83
336.00342.006.004.60.340.34
379.00388.009.007.11.371.37
including379.00381.002.001.64.024.02
       
MMD-22-11183.00101.1518.1512.60.300.30
102.80109.606.804.80.310.31
115.40122.907.505.30.600.60
133.00148.9015.9011.50.510.51
161.70166.004.303.10.320.32
180.00184.104.103.00.420.42
231.00240.859.857.40.300.30
290.00293.003.002.30.500.50
375.30392.2016.9013.51.471.47
including386.00391.605.604.53.883.88
including391.00391.600.600.516.116.1
456.00458.052.051.70.320.32
487.90490.002.101.70.360.36
       
MMD-23-11556.0077.6021.6015.20.480.48
88.4097.358.956.30.690.69
including93.4096.002.601.81.501.50
111.00113.252.251.60.500.50
120.30132.6012.308.70.530.53
207.00210.003.002.20.420.42
215.00219.004.002.90.660.66
241.60251.009.407.00.320.32
257.00259.552.551.90.330.33
280.20282.502.301.70.440.44
       
MMD-23-11665.0067.002.001.40.550.55
176.00178.002.001.50.320.32
221.15226.705.554.20.330.33
231.90287.0055.1042.80.380.38
297.30307.009.707.60.440.44
316.60348.4031.8025.30.470.47
359.00377.0018.0014.40.580.58
including374.00377.003.002.41.611.61
400.85437.8537.0030.11.341.46
including405.55418.6013.0510.63.253.59
including416.40417.050.650.530.036.8
       
MMD-23-11724.70147.00122.3082.70.430.43
including45.0047.002.001.32.222.22
and67.0571.003.952.71.301.30
and106.00114.008.005.51.791.79
165.65182.7517.1011.80.410.41
217.35258.0040.6528.50.350.35
including217.35219.402.051.41.861.86
307.00310.003.002.10.450.45
353.00388.0035.0025.30.310.31
404.65414.109.456.90.990.99
including404.65412.908.256.01.031.03
446.00448.002.001.50.620.62
       
MMD-23-118A35.8545.009.155.50.880.88
101.00109.008.005.10.960.96
202.00220.0018.0012.30.310.31
241.30249.107.805.40.300.30
261.05279.0017.9512.60.680.68
including271.55274.102.551.83.663.66
290.20310.0019.8014.10.670.67
including306.90309.002.101.51.791.79
369.20451.0081.8060.70.580.58
including374.80379.004.203.11.031.03
and389.45391.902.451.81.451.45
and409.00423.0014.0010.41.631.63
461.95467.105.153.90.590.59
483.00485.002.001.52.442.44
495.05516.5521.5016.40.370.37
       
MMD-23-11984.7596.0011.257.80.300.30
116.00238.80122.8087.80.510.51
including157.00167.9510.957.81.971.97
including165.20165.900.700.519.419.4
and189.80192.953.152.31.481.48
305.00329.5024.5018.20.410.41
362.00365.053.052.30.510.51
414.00417.003.002.30.430.43
431.20437.206.004.60.310.31
439.00441.052.051.60.320.32
447.85481.0533.2025.60.610.61
including479.00481.052.051.63.453.45
508.00514.406.405.00.580.58
       
MMD-23-12012.9031.9519.0512.40.590.59
43.6561.1017.4511.40.300.30
63.00125.0062.0040.90.320.32
137.85154.3016.4511.00.330.33
165.90170.004.102.70.370.37
175.00178.853.852.60.800.80
208.20211.553.352.30.430.43
241.15263.2022.0515.20.300.30
276.00282.106.104.20.610.61
352.00377.0025.0017.70.470.47
including368.00370.052.051.51.151.15


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

HOLEEASTNORTHRLAZIMUTHDIPEOH
MMD-22-107668,2085,378,030442127°-50°450
MMD-22-110668,1665,378,056448126°-50°402
MMD-22-111668,1475,378,114445143°-50°552
MMD-23-115668,3885,378,145429125°-45°324
MMD-23-116668,3875,378,392446124°-49°525
MMD-23-117668,3345,378,203435124°-49°450
MMD-23-118a668,3755,378,401444126°-54°552
MMD-23-119668,2775,378,239447126°-50°525
MMD-23-120668,2555,378,123436125°-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.

P. +1 604 288 4416 M. +1 905 449 1500
E. brichards@goldshoreresources.com
W. www.goldshoreresources.com

FacebookGoldShoreRes | Twitter: GoldShoreRes | LinkedIngoldshoreres

Cautionary Note Regarding Forward-Looking Statements

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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/163605

Categories
Base Metals Junior Mining Precious Metals

Collective Mining Discovers a New High-Grade Zone at the Breccia to Porphyry Contact by Drilling 104.8 Metres Grading 5.56 g/t Gold Equivalent from Surface at Apollo

  • 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-411.6583.7082.052.81130.100.0023.091.65Interlinearly
Breccia
Inc**1.6529.7028.053.44150.070.0013.67Oxidation
zone
83.70140.7057.000.2430.34Porphyry
Host Rock
APC-420.00104.80104.804.21680.300.0015.562.97Interlinearly
Breccia
Inc**0.0044.5544.556.48370.100.0016.99Oxidation
zone
84.80104.8020.006.26240.100.0026.59Interlinearly
Breccia
APC-42106.95126.3019.350.2630.33Porphyry
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 1: Plan View of Drilling Highlighting Assay Results of APC-41 and APC-42 (CNW Group/Collective Mining Ltd.)
Figure 2: Core Photo Highlights from Drill Hole APC-41 (CNW Group/Collective Mining Ltd.)
Figure 2: Core Photo Highlights from Drill Hole APC-41 (CNW Group/Collective Mining Ltd.)
Figure 3: Core Photo Highlights from Drill Hole APC-42 (CNW Group/Collective Mining Ltd.)
Figure 3: Core Photo Highlights from Drill Hole 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.)
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.)
Collective Mining Logo (CNW Group/Collective Mining Ltd.)

SOURCE Collective Mining Ltd.

Categories
Base Metals Energy Junior Mining

Stillwater Critical Minerals Appoints Dr. Wolfgang Maier as Senior Geological Advisor

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.

Stillwater Critical Minerals, Thursday, April 20, 2023, Press release picture
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.

FOR FURTHER INFORMATION, PLEASE CONTACT:

Michael Rowley, President, CEO & Director – Stillwater Critical Minerals
Email: info@criticalminerals.com Phone: (604) 357 4790
Web: http://criticalminerals.com Toll Free: (888) 432 0075

Quality Control and Quality Assurance

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.

SOURCE: Stillwater Critical Minerals Corp.



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