Kelowna, British Columbia–(Newsfile Corp. – October 9, 2024) – F3 Uranium Corp. (TSXV: FUU) (OTC Pink: FUUFF), Dev Randhawa, Chairman & CEO, is pleased to announce that the company will be presenting at Red Cloud’s Fall Mining Showcase. We invite our shareholders and all interested parties to join us there.
The annual conference will be hosted in-person, at the Sheraton Centre Toronto Hotel on October 16 & 17, 2024.
Management from F3 Uranium Corp. will be holding one-on-one investor meetings throughout the three-day conference.
F3 Uranium is a uranium exploration company advancing its newly discovered high-grade JR Zone and exploring for additional mineralized zones on its 100%-owned Patterson Lake North (PLN) Project in the southwest Athabasca Basin. PLN is accessed by Provincial Highway 955, which transects the property, and the new JR Zone discovery is located ~25km northwest of Fission Uranium’s Triple R and NexGen Energy’s Arrow high-grade uranium deposits. This area is poised to become the next major area of development for new uranium operations in northern Saskatchewan.
Kelowna, British Columbia–(Newsfile Corp. – October 9, 2024) – Strathmore Uranium Corp, (TSXV: SUU) (OTCQB: SUUFF), Strathmore Uranium, is pleased to announce that the company will be presenting at Red Cloud’s Fall Mining Showcase. We invite our shareholders and all interested parties to join us there.
The annual conference will be hosted in-person, at the Sheraton Centre Toronto Hotel on October 16 & 17, 2024.
Dev Randhawa – Chairman & CEO will be presenting on October 17th at 4:00 PM Eastern Standard time.
Strathmore has three permitted uranium projects in Wyoming. Agate, Beaver Rim, and Night Owl. The Agate and Beaver Rim properties contain uranium mineralization in typical Wyoming-type roll front deposits based on historical and recent drilling data. The Night Owl property is a former producing surface mine that was in production in the early 1960s.
Vancouver, British Columbia–(Newsfile Corp. – October 4, 2024) – EMX Royalty Corporation (NYSE American: EMX) (TSXV: EMX) (FSE: 6E9) (the “Company” or “EMX“) is pleased to announce it has recently repurchased shares in a block trade from an undisclosed seller via its existing Normal Course Issuer Bid (“NCIB”) in the amount of two million shares at a price of C$2.05, totaling C$4.1 million or approximately US$3.0M. Since the NCIB was announced on February 7, 2024, EMX has purchased a total of 2,805,346 shares at an average price of C$2.15, totaling approximately C$6.0M. EMX may purchase a remaining 2,194,654 shares under the current NCIB program expiring February 13, 2025.
EMX CEO Dave Cole commented “EMX is committed to astute allocation of capital. We believe EMX shares are undervalued. Buybacks at these levels should provide exceptional risk-adjusted returns on capital.”
About EMX – EMX is a precious and base metals royalty company. EMX’s investors are provided with discovery, development, and commodity price optionality, while limiting exposure to risks inherent to operating companies. The Company’s common shares are listed on the NYSE American Exchange and TSX Venture Exchange under the symbol “EMX”. Please see www.EMXroyalty.com for more information.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release
Forward-Looking Statements
This news release may contain “forward-looking statements” that reflect the Company’s current expectations and projections about its future results, but which 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 the Company being unable to comply with the covenants under the Credit Agreement, including the repayment of any amounts owing under the Loan, 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 June 30, 2024 (the “MD&A”), and the most recently filed Annual Information Form (“AIF”) for the year ended December 31, 2023, actual events may differ materially from current expectations. More information about the Company, including the MD&A, the AIF and financial statements of the Company, is available on SEDAR+ at www.sedarplus.caand on the SEC’s EDGAR website atwww.sec.gov.
People are often not aware of where their most prized devices really come from.
Phones, cars, and computers might not seem like the most natural objects. But the metals that make them come from natural processes deep in the earth’s crust – processes that have been going on for 3.4 billion years, and continue to this day.
Today’s visualization comes to us from Foran Mining Corp. and goes in depth to show how one type of mineral deposit, Volcanogenic Massive Sulphide or “VMS”, forms and is the primary source for many of the materials that make the modern world.
What is a VMS Deposit?
Volcanogenic Massive Sulphide (VMS) deposits are one of the richest sources of metals such as copper, lead, and zinc globally. VMS deposits can also produce economic amounts of gold and silver as byproducts of mining these deposits.
Currently, global metal production from VMS deposits account for 22% of zinc, 9.7% of lead, 6% of copper, 8.7% of silver and 2.2% of gold.
Where are VMS deposits found?
VMS deposits occur around the globe and often form in clusters or camps, following the tectonic plate boundaries in areas of ancient underwater volcanic activity.
Natural processes underway today are forming the VMS deposits of tomorrow. This gives scientists an incredible advantage in witnessing how VMS deposits form and gives a special advantage to geologists for what to look for.
Mineralization and Formation
The geological processes that form VMS deposits occur at the depths of the ocean and are associated with volcanic and/or sedimentary rocks.
At sections where the Earth’s crust is thin due to faulting or separation of tectonic plates, the magma heats up the ocean floor.
As the Earth’s crust heats up, the ground softens and allows heated magma to escape towards the ocean or crust contact, the early beginning of a volcano and the deposition of minerals into the ocean floor from magma. Also, the heated ground cracks and begins a process that draws in sea water into the crust which becomes super-heated and imbued with minerals. Black and white smokers expel this seawater back to the surface.
Black and white smokers exhale a mineral rich-plume that spreads out over the ocean floor. As it moves farther and farther away from its heat source, the plume precipitates minerals onto the ocean floor. Over time, the continual activity of the smokers and their mineral rich plumes create mineralized beds that become VMS deposits.
With the movement of the Earth’s tectonic plates, these mineral rich beds are transposed and can be found on land that was once underwater.
How Big Can VMS Deposits Get?
Current resource and historical production figures from 904 VMS deposits around the world average roughly 17 million tonnes (“Mt”), of which is approximately 1.7% copper, 3.1% zinc, and 0.7% lead.
A few giant mineral deposits (greater than 30 Mt) and several copper-rich and zinc-rich deposits of median tonnage (~2 Mt) skew the averages.
Several large VMS camps are known in Canada, including the Flin Flon, Bathurst and Noranda camps. The high-grade deposits within these camps are often in the range of five to 20 million tonnes of ore and can be much larger.
Meanwhile, approximately 90 VMS deposits have been discovered in the Iberian Pyrite Belt which runs through Portugal and Spain. Several of these are larger than 100 million tonnes, making this region one of the most significant hosts to VMS deposits in the world.
VANCOUVER, BC / ACCESSWIRE / October 3, 2024 / Granite Creek Copper Ltd. (TSXV:GCX)(OTCQB:GCXXF) (“Granite Creek” or the “Company”) is pleased to announce that the now completed 2024 drill campaign on at its wholly owned Carmacks copper-gold-silver project located in central Yukon, Canada yielded the discovery of a new mineralized zone.
The drill program consisted of 1420 metres in four drill holes, designed to test new targets adjacent to existing high-grade, pit-constrained resources, and was successful in locating and partially delineating the Gap Zone. The newly discovered zone was traced for approximately 170 meters and remains open along strike and at depth, with copper mineralisation observed in three of four drill holes. The Gap Zone lies between the proposed 147 and 2000S pits and was first identified by a 2022 geophysical IP survey (see news release dated November 21, 2022). Likely representing a fault offset from the main 147 Zone, the Gap Zone has the potential to add significant tonnage and extend the mine life envisioned by the 2023 Preliminary Economic Assessment (see news release dated January 19, 2023)
Mineralized sections have been sampled and delivered to the lab for analysis with results pending. Observed mineralization and host rocks were similar in appearance to known ore zones on the property.
Figure 1 – Gap Zone plan view showing drill locations and trace
Granite Creek President and CEO, Timothy Johnson, stated, “We are pleased to confirm the effectiveness of the induced polarity geophysical technique in predictive targeting of mineralization at the Carmacks project. Despite a long history of exploration on the project primarily focused on the 147 Zone, new discoveries can and will continue to be made on our Carmacks copper-gold-silver project. The project hosts significant copper-gold-silver resources and has the potential for expansion throughout the 177 square kilometre land package in this top mining jurisdiction.”
Carmacks Deposit
The 177 sq km, Carmacks project contains over 824 Mlbs Measured and Indicated and 29 Mlbs Inferred copper equivalent (“CuEq”) metal within a National Instrument 43-101-compliant, high-grade resource of 36.2 million tonnes grading 1.07 % CuEq (0.81% Cu, 0.31 g/t Au, 3.41 Ag)1. The road accessible project is located along the Freegold Road, a Resource Gateway Road currently being upgraded by the Yukon government and is within 20 km of the Yukon electrical grid. The project is also situated within the Minto Copper Belt, a roughly 80 km long belt of rocks known for high grade occurrences of copper-gold-silver mineralisation.
The 2022 Carmacks Preliminary Economic Assessment (“PEA”), completed by SGS Canada, identified increased resources along with improved recovery as prime means of increasing the Net Present Value (“NPV”) of the project. Work completed this year by Kemetco Research (see news release dated January 17, 2024) demonstrated that recoveries exceeding the target outlined in the PEA can be achieved. The just completed drill program was designed to show that significant resource expansion is possible and was specifically targeting areas that could lead to an expanded mine life as envisioned by the PEA.
LS Molybdenum Project
The vendors of LS molybdenum project have agreed to defer work commitment the Company needed to complete for the calendar year for 2024. 750,000 shares have been issued to the vendors per the terms of the earn in agreement (see news release dated March 23, 2023).
About Granite Creek Copper
Granite Creek Copper, a member of the Metallic Group of Companies, is a focused on the exploration and development of critical minerals projects in North America. The Company’s projects consist of its flagship 177 square kilometer Carmacks project in the Minto copper district of Canada’s Yukon Territory on trend with the formerly operating, high-grade Minto copper-gold mine and the advanced stage LS molybdenum project and the Star copper-nickel-PGM 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
Qualified Person
Debbie James P.Geo, has reviewed and approved the technical information contained in this news release. Ms. James is a Qualified Person as defined in NI 43-101 and supervised the 2024 drilling program
1Mineral Resources are reported within a conceptual constraining pit shell that includes the following input parameters: Metal prices of $3.60/lb Cu, $1,750/Au, $22/oz Ag, $14/lb Mo and pit slope angles that vary from 35° for overburden to 55°for granodiorite host, metal prices are in US$. Metallurgical recoveries reflective of prior test work that averages: 85% Cu, 85% Au, 65% Ag in the oxide domain and 90% Cu, 76% Au, 65% Ag in the sulphide domain. Mo recovery is assumed to be 70% in both oxide and sulphide domain. Totals and Metal content may not sum due to rounding and significant digits used in calculations. Cu Eq calculation is based on 100% recovery of all metals using the same metal prices used in the resource calculation: $3.60/lb Cu, $1,750/Au, $22/oz Ag, $14/lb Mo.
Forward-Looking Statements
Forward Looking Statements: This news release includes certain statements that may be deemed “forward-looking statements” or “forward-looking information”. All statements in this release, other than statements of historical facts including, without limitation, statements regarding expected use of proceeds from the private placement 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.sedarplus.ca.
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.
TORONTO, Oct. 3, 2024 /PRNewswire/ – Collective Mining Ltd. (NYSE: CNL) (TSX: CNL) (“Collective” or the “Company”) is pleased to announce results from recent cyanidation tests conducted on representative samples from both shallow and deeper areas of its Apollo system (“Apollo”) at the Guayabales Project in Caldas, Colombia. The test results have yielded an average gold dissolution of 94.3% from seven new variability samples and confirm and corroborate previously announced cyanidation gold recoveries (see press release dated October 17, 2023). Furthermore, optimization test work on a flotation concentrate returned substantial improvements in recoveries for gold and silver over those previously reported on April 11, 2024.
Collective Mining Ltd. logo (CNW Group/Collective Mining Ltd.)
As a reminder, based on previous work completed, the Company envisions a conventional split circuit for processing material from Apollo with the copper rich stream (more than 0.15% copper) being treated through a flotation circuit and the copper poor stream (less than 0.15% copper) being treated through a precious metal focused cyanidation circuit to produce doré. The Company also now expects that a gravity circuit will be included after flotation for recovery of the high-grade tungsten mineralization.
The Company has five diamond drill rigs in operation as part of its fully funded 40,000 metres drill program for 2024, with two rigs drilling at Apollo, two rigs drilling at the Trap system and one rig drilling at the Plutus Target.
Ari Sussman, Executive Chairman commented: “The comprehensive metallurgical test work completed on Apollo confirms the simple nature of achieving high recovery rates of valuable metals from the system using conventional technologies.”
Details
Table 1: New Cyanidation Bottle Roll Leaching Variability Test Work Results
Seven variability samples with representative copper poor sulfide mineralization distributed across the Apollo system:
Variability Sample
Head Grade
Dissolution
Au, g/t
Ag, g/t
%Cu
Gold %
Silver %
BAM002
1.28
6.77
0.03
95.7
62.1
BAM003
1.22
43.19
0.12
92.9
73.8
BAM004
1.52
5.76
0.02
94.2
67.4
BAM005
0.39
6.44
0.02
95.0
54.4
BAM006
1.12
11.27
0.04
90.5
69.3
BAM007
0.39
3.96
0.01
95.0
61.7
BAM008
1.10
4.72
0.01
96.8
57.4
Average
1.00
11.73
0.03
94.3
63.7
New cyanidation variability tests undertaken in SGS Lima, Peru returned average gold and silver recoveries of 94.3% and 63.7%, respectively. The seven samples are widely distributed throughout both shallow and deeper portions of Apollo and are representative of the copper poor, sulfide material planned to be treated through a cyanidation circuit to produce doré. The samples were specifically selected to reflect lower grades (average 1.0 g/t Au and 11.7 g/t Ag, see Table 1) than previously tested. The results corroborate previous cyanidation test work recoveries (see press release dated October 17, 2023) and confirm the amenability of material from Apollo to yield high dissolution of gold over a wide range of grades.
Table 2: The Locked Cycle Cleaner Tailing Cyanidation Bottle Roll Leach Test Work Results
The composite with representative grade profile of copper-rich mineralization from Apollo, weighed 20 kilograms and was floated in a Locked Cycle Test to produce 600 grams of cleaner tailings which were subsequently subjected to cyanidation at ALS Laboratories in Kamloops, Canada. The overall flotation recovery rates and grades are presented below:
Bulk Flotation Test
Additional Recovery from Cyanidation of Cleaner Tailings
Overall Recoveries
Grade
Recovery
Copper
21.3 %
94.4 %
–
94.4 %
Gold
49.4 g/t
84.3 %
5 %
89.4 %
Silver
961 g/t
82.7 %
3 %
85.2 %
Results confirm a significant improvement of the overall gold and silver recoveries to 89.4% and 85.2% respectively when compared to previous recoveries of 84.3% Au and 82.7% Ag (see press release dated April 11, 2024). These results demonstrate significant improvements in metal recovery of approximately 5% for gold and 3% for silver while maintaining copper recovery at 94% in the copper rich material to be treated through a flotation circuit.
The results announced in this press release and those previously announced in the cyanidation and flotation press releases complete a comprehensive metallurgical test work program resulting in optimization of recoveries for the gold, silver, copper and tungsten in the Apollo system. These studies can now be utilized to outline an initial process design and assist in optimizing conditions for cyanidation and flotation facilities with respect to copper rich and copper poor streams.
About Collective Mining Ltd.
To see our latest corporate presentation and related information, please visit www.collectivemining.com
Founded by the team that developed and sold Continental Gold Inc. to Zijin Mining for approximately $2 billion in enterprise value, Collective is a copper, silver, gold and tungsten 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 system, which hosts the large-scale, bulk-tonnage and high-grade copper-silver-gold-tungsten Apollo porphyry system. The Company’s 2024 objective is to expand the Apollo system, step out along strike to expand the recently discovered Trap system and make a new discovery at either the Tower, X or Plutus targets.
Management, insiders, a strategic investor and close family and friends own nearly 50% of the outstanding shares of the Company and as a result are fully aligned with shareholders. The Company is listed on the NYSE under the trading symbol “CNL”, on the TSX under the trading symbol “CNL” and on the FSE under the trading symbol “GG1”.
Qualified Person (QP) and NI43-101 Disclosure
John Wells 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 Wells is a graduate of the Royal School of Mines in the UK, has over 50 years of experience in mineral processing and is a Fellow of the SAIMM (South African Institute of Mines and Metallurgy) and is a member of CIM (Canadian Institute of Mining and Metallurgy).
Technical Information
The Cyanidation Bottle Roll Leaching Variability samples were prepared and analyzed at the SGS facilities in Callao, Peru. The composites were produced from the remaining half drill core taken over different lengths of seven drillholes completed at Apollo. Leaching kinetics were conducted in bottles on laboratory rolls for 72 hours. 60μm feeds and 1000 ppm NaCN, 10.5 – 11.0 pH and 40% Solids. Bottle rolling was suspended briefly after 6, 12, 24, 48, and 72 hours and slurry samples were taken and filtered to collect pregnant solution for gold, silver and copper analyzes. SGS conforms to the requirements of ISO/IEC 17025, the global benchmark for laboratory quality management systems and ensures competent and valid outcomes to facilitate trust in these results.
The Locked Cycle Cleaner Tailing Cyanidation Bottle Roll Leach sample was prepared and analyzed at ALS Canada Ltd.’s Kamloops facilities in British Colombia, Canada. The composite was produced from the remaining half drill core taken over different lengths of four drillholes completed at Apollo. 21-23μm feeds and 1000 ppm NaCN, 11.0 pH and 20-24% Solids and O2 sparged. Bottle rolling was suspended briefly after 2, 6, 24, and 48 hours and slurry samples were taken and filtered to collect pregnant solution for gold and silver analyzes. ALS conforms to the requirements of ISO/IEC 17025 and is accredited by the Standards Council of Canada for the specific tests undertaken.
Information Contact: Follow Executive Chairman Ari Sussman (@Ariski73) on X
This news release contains “forward-looking statements” and “forward-looking information” within the meaning of applicable securities legislation (collectively, “forward-looking statements”). All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussion with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often, but not always using phrases such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or variations (including negative variations) of such words and phrases, or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved) are not statements of historical fact and may be forward-looking statements. In this news release, forward-looking statements relate, among other things, to: the anticipated advancement of mineral properties or programs; future operations; future recovery metal recovery rates; future growth potential of Collective; and future development plans.
These forward-looking statements, and any assumptions upon which they are based, are made in good faith and reflect our current judgment regarding future events including final listing mechanics and the direction of our business. Management believes that these assumptions are reasonable. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among others: risks related to the speculative nature of the Company’s business; the Company’s formative stage of development; the Company’s financial position; possible variations in mineralization, grade or recovery rates; actual results of current exploration activities; conclusions of future economic evaluations; fluctuations in general macroeconomic conditions; fluctuations in securities markets; fluctuations in spot and forward prices of gold, precious and base metals or certain other commodities; fluctuations in currency markets; change in national and local government, legislation, taxation, controls regulations and political or economic developments; risks and hazards associated with the business of mineral exploration, development and mining (including environmental hazards, industrial accidents, unusual or unexpected formation pressures, cave-ins and flooding); inability to obtain adequate insurance to cover risks and hazards; the presence of laws and regulations that may impose restrictions on mining; employee relations; relationships with and claims by local communities and indigenous populations; availability of increasing costs associated with mining inputs and labour; the speculative nature of mineral exploration and development (including the risks of obtaining necessary licenses, permits and approvals from government authorities); and title to properties, as well as those risk factors discussed or referred to in the annual information form of the Company dated March 27, 2024. Forward-looking statements contained herein are made as of the date of this news release and the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results, except as may be required by applicable securities laws. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements and there may be other factors that cause results not to be anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking statements.
We believe the stage is set for a powerful advance in gold mining equities. While the 27.96% year-to-date advance in the bullion price could (but won’t necessarily) take a breather for the rest of 2024, significant catch-up potential for deeply undervalued gold miners has been barely exploited.
With gold trading at all-time highs, precious metals mining shares are just beginning to stir. GDX (VanEck Vectors Gold Miners ETF1 and a proxy for gold mining shares) has increased 30.30% year-to-date, only slightly more than the metal’s year-to-date gain of 27.96% (as of 9/30/2024). Looking at the five-year return comparison (10/1/2019 to 9/30/2024), mining stocks gained 47.91%, distantly lagging gold’s 78.11% rise.
We have addressed the disconnect between gold bullion and gold equities in previous commentaries. Gold stocks, in our opinion, are coiling for a sharp advance during the remainder of 2024. At the time of writing, GDX is breaking out above a five-year trading range that looks very similar, with a six-month lag, to gold’s breakout earlier this year.
Figure 1a./b. Gold Bullion vs. Gold Mining Stock Prices (2019-2024)
Source: Bloomberg. Data as of 9/30/2024.
Favorable Fundamentals for Gold Miners
The investment fundamentals for miners have rarely been so favorable against a backdrop of such disinterest. The Q3 2024 average gold price (the most important single variable for miners’ earnings and cash flow) will exceed Q2 by 5.2% sequentially, and 2023 by 18.8% year-over-year. For many companies, production is weighted toward the second half; we believe we may see blockbuster Q3 earnings reports later in October and early November.
Looking ahead to 2025, we expect production costs to remain stable or even decline in the event of a recession. Profit margins could expand even if the U.S. dollar gold price marks time (which we don’t expect). Figure 2 depicts the relationship between gold and commodity prices (CRB Index2). A rising trend line tends to be exceptionally bullish for the earnings of gold miners.
Figure 2. Ratio of Gold Price to CRB Index (2022-2024)
Source: StockCharts.com. Data as of 8/30/2024.
Gold Is Still Underpriced
A key factor in the underperformance of mining shares is general disbelief that current gold bullion prices are sustainable or capable of further increase. In our view, the breakout in the gold price is not a fluke. The many contributing factors include (but are not limited to) de-dollarization, central bank buying, seemingly intractable U.S. fiscal issues, a possible recession, further monetary malpractice by the Federal Reserve (and other central banks) and the worrisome geopolitical landscape. Still, gold skeptics far outnumber believers. Proof can be seen in the forecasts for future gold prices from a broad array of financial firms (compiled by Beacon Securities; individual estimates by firm in Appendix A).
Figure 3. Gold Price Forecast
Who would invest in a gold mining stock with such a negative price outlook? While there are a few outliers, the consensus does not regard current prices as sustainable. We attribute collective bearishness to inattentiveness, lack of understanding, intellectual laziness, disinterest, and incompatibility with the groupthink underpinning mainstream financial market positioning.
For the sake of brevity, we will not elaborate here on the multiple forces (some admittedly speculative) that could power the further gains in monetary metals that we expect. Extensive commentary on our rationale can be found in our previous commentaries, as well as from many other observers.
Western Investors Continue to Ignore Gold
For now, it is enough to note that gold’s 78.12% five-year advance has occurred with almost no participation from U.S. and European investors. Negative investment flows have persisted in both ETFs backed by physical gold and mining stocks, as shown in Figures 4 and 5.
Figure 4. SPDR Gold Shares ETF (GLD) Change in Holdings by Year (2005-2024)
Source: Meridian Macro Research. Data as of 6/30/2024.
Figure 5. Current Shares Outstanding for GDX (2019-2024)
Source: Bloomberg. Data as of 9/30/2024.
Figure 6 shows that the positioning of financial advisors to precious metals is at a five-year low.
Figure 6. Advisors Hold Little Gold (2017-2024) Source: BofA Global Research. Data as of 2/26/2024.
When Western capital market investors decide to reallocate a small portion of their capital to gold, and there are multiple reasons why they might, the metal’s price will likely move higher. The impact on mining company shares, which collectively have a market capitalization approximately equal to Home Depot or Costco’s, would, in our opinion, substantially exceed the percentage increase in the metal’s price.
It is worth noting that following the launch of GLD (SPDR Gold Shares ETF)3 in 2004, inflows of approximately 38 million ounces were sufficient to help fuel a 300% rise in the gold price from slightly less than $600 to $1,900 in August 2011, a seven-year span. Since 2010, the quantity of money (M2)4 has increased 248% while the quantity of gold has increased (through mine output) only 22.2%. The quantity of U.S. dollars that could be exchanged for gold has increased 10x relative to the quantity of physical gold over the past 15 years.
Measured against the ratio of U.S. dollars to gold creation, the five-year 70% increase in the U.S. dollar gold price seems both sustainable and probably inadequate. Liquidity created by the Fed’s decade-long policy of ultra-low interest rates and QE (quantitative easing) initially found its way into overvalued equities and assorted other financial assets. A small leakage from those positions would represent enormous buying power relative to available metal.
Early-Stage Bull Market for Gold
The current bull market for gold is embryonic, in our opinion. The classic hallmarks of an early-stage bull market include widespread skepticism and general underpositioning. The inevitable transition of investor psychology from pessimism to exuberance takes several years. Long-term investors in mining stocks are beginning to experience a small amount of daylight with the year-to-date rally.
The temptation to cash in gains that are paltry relative to years of unproductive returns is difficult to resist. We advise further patience. In our view, valuations remain exceptionally attractive assuming only the continuation of spot pricing for precious metals. Inflows into the tiny precious metals mining universe have barely started. The upside potential that likely lies ahead may be well worth any additional wait.
North Vancouver, British Columbia–(Newsfile Corp. – October 1, 2024) – Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) (“Lion One” or the “Company”) is pleased to report significant new high-grade gold results from near-mine exploration and infill drilling at the West Zone target west of to the Tuvatu Gold Mine in Fiji. The company is also pleased to report record preliminary Q1 FY2025 gold production at Tuvatu.
Highlights of West Zone exploration and infill drilling:
105.20 g/t Au over 2.1 m (including 248.35 g/t Au over 0.3 m) (TUDDH-636, from 67.8 m depth)
70.07 g/t Au over 2.1 m (including 73.43 g/t Au over 1.2 m) (TUDDH-647, from 144.5 m depth)
102.38 g/t Au over 1.2 m (TUDDH-645, from 97.7 m depth)
19.82 g/t Au over 5.1 m (including 68.88 g/t Au over 0.9 m) (TUDDH-636, from 34.5 m depth)
146.61 g/t Au over 0.6 m (including 289.85 g/t Au over 0.3 m) (TUDDH-645, from 164.3 m depth)
24.16 g/t Au over 3.3 m (including 96.78 g/t Au over 0.3 m) (TUDDH-652, from 173.5 m depth)
49.72 g/t Au over 0.8 m (including 78.61 g/t Au over 0.4 m) (TUDDH-755, from 52.94 m depth)
42.44 g/t Au over 1.8 m (including 61.66 g/t Au over 0.6 m) (TUDDH-636, from 60.6 m depth)
7.68 g/t Au over 4.2 m (including 28.63 g/t Au over 0.3 m) (TUDDH-645, from 142.4 m depth)
14.86 g/t Au over 2.0 m (TUDDH-636, from 228.8 m depth)
*All drill intersects are downhole lengths, 3.0 g/t cutoff. See Table 1 for additional data
Highlights of quarterly gold production (preliminary results):
3,680 oz of gold recovered from July-September 2024
31,390 tonnes milled from July-September 2024
Record quarterly gold production (previous record set in the prior quarter, April-June 2024)
July production impacted by scheduled 9-day mill maintenance shutdown
August production impacted by mining equipment breakdown
Quarterly Production Results
Lion One Metals will produce approximately 3,680 oz of gold during the three-month period ending September 30th, 2024. This is a new quarterly production record, beating the previous production record of 3,551 oz of gold produced in the prior three-month period ending June 30th, 2024. Production during the period was impacted by a scheduled 9-day mill maintenance shutdown in July, as well as by mining equipment breakdowns in August. The total tonnes processed during the three-month period ending September 30th was 31,390 tonnes, which is comparable to the prior three-month period of 32,100 tonnes processed.
The mill shutdown in July was conducted to maintain and upgrade the Tuvatu processing plant facilities, and will have a significant impact on processing efficiency and cost savings moving forward. Major upgrades completed during the shutdown include re-lining the primary ball mill with rubber liners, replacing the bowl/mantle for the cone crusher, replacing the #1 conveyor belt, replacing the grinding and gravity circuit piping with flexible slurry hoses, and installing new detox feed pumps and feed splitter box for the detox circuit.
Re-lining the ball mill with rubber liners is a significant upgrade as the lighter weight rubber liners will reduce power draw by the primary ball mill and will enable a higher ball charge and finer primary grind, thereby improving mill recovery and efficiency. Wear life on the rubber liners is also expected to double from 6 months to 1 year thereby reducing long-term maintenance costs. The grinding and gravity circuit piping replacements will improve mill availability and will further reduce maintenance costs as the use of flexible slurry hoses will result in significantly less downtime for pipe repairs than with the previous steel piping. Overall, the upgrades completed during the July mill shutdown have helped to increase mill availability from 89% in the three-month period ending June 30th, to 93% in the three-month period ending September 30th. The upgrades have also helped to increase average daily mill throughput per operating day (excluding the planned mill shutdown) from 353 TPD in the three-month period ending June 30th to 371 TPD in the three-month period ending September 30th. In addition to the processing plant improvements, operational costs from the filtered tailings haulage have also been reduced by bringing the haulage operation in-house with three new trucks acquired during the quarter, which will lead to significant cost savings from operations.
Gold production during the quarter was also impacted by mine equipment availability in August. Two underground loaders were down for repairs simultaneously. Having both loaders down for repairs significantly impacted mining operations as production material could not be extracted from the mine. Stockpiled low-grade development material was therefore fed through the mill during the interim period while the loaders were repaired, resulting in decreased production in August. A new underground loader from Australia was purchased and arrived on site in September resulting in improved equipment availability and enhanced redundancy.
Figure 1. Tuvatu Monthly Gold Production. Gold recovery and production has increased steadily at Tuvatu as mining and processing activities have ramped up during the pilot plant phase of operations. Production was reduced in July due to a scheduled 9-day mill maintenance shut down and was hampered in August due to mining equipment breakdown.
The West Zone drilling consists of two separate programs: a deep exploratory drill program targeting a feeder zone at depth below the West Zone, and a shallow infill drill program targeting near-surface mineralization for inclusion in the Tuvatu mine plan (Figure 2). The deep exploration drill holes are the first holes ever designed to test the depth extension of mineralization beneath the West Zone. This program consisted of five holes and all five holes intersected high grade gold, indicating strong continuation of mineralization at depth in the West Zone and warranting further exploration. The shallow West Zone infill drill program is ongoing. The results from the first two drill holes of the program are reported here, both of which intersected visible gold near surface.
Figure 2. Location of the West Zone drilling. Left image: Plan view image showing the West Zone target area in relation to Tuvatu, with underground developments shown in red and mineralized lodes in grey. Right image: view of the West Zone lodes and drilling looking east, with underground developments at Tuvatu shown in pale red in the background.
Table 1. Highlights of composited drill results in the West Zone area. Composites are calculated using a 3 g/t Au cutoff with maximum internal dilution intervals of 1 m at <3 g/t Au. For full results see Table 3 in the appendix.
Hole ID
From (m)
To (m)
Width (m)
Au (g/t)
TUDDH-636
67.8
69.9
2.1
105.20
including
67.8
68.4
0.6
72.55
and
68.4
68.7
0.3
126.37
and
68.7
69.0
0.3
248.35
and
69.0
69.6
0.6
73.82
and
69.6
69.9
0.3
68.96
TUDDH-647
144.5
146.6
2.1
70.07
including
144.5
145.7
1.2
73.43
and
145.7
146.6
0.9
65.58
TUDDH-645
97.7
98.9
1.2
102.38
TUDDH-636
34.5
39.6
5.1
19.82
including
37.8
39.6
1.8
39.86
which includes
38.7
39.6
0.9
68.88
TUDDH-645
164.3
164.9
0.6
146.61
including
164.6
164.9
0.3
289.85
TUDDH-652
173.5
176.8
3.3
24.16
including
173.5
175.3
1.8
37.08
which includes
173.8
174.1
0.3
96.78
and also including
176.2
176.5
0.3
33.37
TUDDH-636
60.6
62.4
1.8
42.44
including
60.6
61.8
1.2
55.81
which includes
60.6
61.2
0.6
61.66
and
61.2
61.8
0.6
49.96
TUDDH-755
52.9
53.7
0.8
49.72
including
52.9
53.3
0.4
78.61
TUDDH-645
142.4
146.6
4.2
7.68
including
142.4
143.0
0.6
13.02
and
144.2
144.8
0.6
19.76
TUDDH-636
228.8
230.8
2.0
14.86
TUDDH-642
179.1
182.1
3.0
8.23
TUDDH-642
172.5
175.5
3.0
6.44
including
174.6
175.5
0.9
15.55
TUDDH-647
137.6
140.9
3.3
5.49
including
140.0
140.9
0.9
12.89
TUDDH-753
57.6
58.3
0.7
25.22
including
57.6
57.9
0.4
43.58
*All drill intersects are downhole lengths
The West Zone is located approximately 300 m to the west of the main Tuvatu deposit. It is modelled as a series of mainly east-west oriented lodes dipping steeply to the south. High grade gold has been sampled at surface in the West Zone and the area is coincident with a steeply dipping CSAMT gradient, indicative of a potential deep feeder structure in the area. Given the steeply dipping nature of the mineralized lodes both at Tuvatu and at the West Zone, and given the horizontal distance between the two systems, it is unlikely that they are fed by the same feeder zone. It is therefore hypothesized that there is a second feeder zone located at depth below the West Zone, which would be separate and distinct from the very high-grade Zone 500 feeder zone at Tuvatu.
The deep drillholes reported in this news release are the first drillholes ever designed to test for feeder structures beneath the West Zone. Five drillholes were completed as part of this drill program (TUDDH-636, TUDDH-642, TUDDH-645, TUDDH-647, and TUDDH-652) and all five of these drillholes intersected high grade gold, including the headline intersections of 105.20 g/t Au over 2.1 m, 70.07 g/t Au over 2.1 m and 102.38 g/t Au over 1.2 m. These results indicate a strong potential for high-grade mineralization to continue further at depth below the West Zone and warrants additional exploration at depth. The deepest high-grade gold intersection returned in these first five drill holes was at almost 500 m depth downhole, with TUDDH-636 returning gold grades of 5.68 g/t and 7.00 g/t over 30 cm at 487.1 m and 482.0 m depth downhole respectively.
Structural analysis of oriented core and mapping of surface trenches in the West Zone has revealed the potential for north-south oriented mineralized structures as well as east-west oriented structures in the area. Historical drilling in the West Zone, however, has typically been oriented north-south to specifically target east-west oriented structures. This historical drilling is therefore likely to have missed any north-south oriented lodes as they would be oriented parallel to the drill direction. The infill drill program currently ongoing at the West Zone has been designed to intersect both the east-west and north-south oriented structures in this area by drilling in an oblique, northwest-southeast orientation. The first two holes of this drill program (TUDDH-753 and TUDDH-755) are reported in this news release. Both holes returned visible gold near surface (Figure 4).
Figure 3. West Zone drilling with high-grade intersects highlighted, 3.0 g/t gold cutoff. View is to the East. High to very high-grade gold is intersected near surface in the West Zone.
Figure 4. Visible gold from West Zone near surface drilling. Visible gold observed within narrow chalcedonic quartz roscoelite vein (TUDDH-755, from 52.9 m to 53.3 m). Left and right images are close-up views of visible gold seen in the center image.
The West Zone is not included in the current Tuvatu mine plan. However, given the high-grade mineralization present at surface in the West Zone as well as the close proximity of the West Zone to the Tuvatu processing plant, the West Zone is an ideal target for near-mine expansion. The West Zone is located just south of the mine office building at Tuvatu (Figure 5). To bring the West Zone into the current mine plan a second portal could be opened to provide direct access to the area, or an underground access drive could be developed from Tuvatu. The ongoing West Zone infill drill program is designed to help inform this decision as well as to increase confidence in the near-surface mineralization present in the West Zone.
Figure 5. Approximate location of the West Zone target area in relation to the Tuvatu processing plant and infrastructure.
The information in this report that relates to mineral exploration at the Tuvatu Gold Project is based on information compiled by the Lion One team and reviewed by Melvyn Levrel, who is the company’s Senior Geologist. Mr Levrel is a Member of the Australian Institute of Geoscientists and has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration, and to the activity being undertaken, to qualify as a Competent Person as defined in the 2012 edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’ (JORC code). Mr Levrel consents to the inclusion in this report of the matters based on the information in the form and context in which it appears.
Lion One Laboratories / QAQC
Lion One adheres to rigorous QAQC procedures above and beyond basic regulatory guidelines in conducting its drilling, sampling, testing, and analyses. The Company operates its own geochemical assay laboratory and its own fleet of diamond drill rigs using PQ, HQ and NQ sized drill rods.
Diamond drill core samples are logged and split by Lion One personnel on site and delivered to the Lion One Laboratory for preparation and analysis. All samples are pulverized at the Lion One lab to 85% passing through 75 microns and gold analysis is carried out using fire assay with an AA finish. Samples that return grades greater than 10.00 g/t Au are re-analyzed by gravimetric method, which is considered more accurate for very high-grade samples.
Duplicates of 5% of samples with grades above 0.5 g/t Au are delivered to ALS Global Laboratories in Australia for check assay determinations using the same methods (Au-AA26 and Au-GRA22 where applicable). ALS also analyses 33 pathfinder elements by HF-HNO3-HClO4 acid digestion, HCl leach and ICP-AES (method ME-ICP61). The Lion One lab can test a range of up to 71 elements through Inductively Coupled Plasma Optical Emission Spectrometry (ICP-OES), but currently focuses on a suite of 23 important pathfinder elements with an aqua regia digest and ICP-OES finish.
About Lion One Metals Limited
Lion One Metals is an emerging Canadian gold producer headquartered in North Vancouver BC, with new operations established in late 2023 at its 100% owned Tuvatu Alkaline Gold Project in Fiji. The Tuvatu project comprises the high-grade Tuvatu Alkaline Gold Deposit, the Underground Gold Mine, the Pilot Plant, and the Assay Lab. The Company also has an extensive exploration license covering the entire Navilawa Caldera, which is host to multiple mineralized zones and highly prospective exploration targets.
On behalf of the Board of Directors, Walter Berukoff, Chairman & CEO
Neither the TSX-V nor its Regulation Service Provider accepts responsibility or the adequacy or accuracy of this release
This press release may contain statements that may be deemed to be “forward-looking statements” within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein are forward-looking information. Generally, forward-looking information may be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “proposed”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases, or by the use of words or phrases which state that certain actions, events or results may, could, would, or might occur or be achieved. This forward-looking information reflects Lion One Metals Limited’s current beliefs and is based on information currently available to Lion One Metals Limited and on assumptions Lion One Metals Limited believes are reasonable. These assumptions include, but are not limited to, the actual results of exploration projects being equivalent to or better than estimated results in technical reports, assessment reports, and other geological reports or prior exploration results. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance, or achievements of Lion One Metals Limited or its subsidiaries to be materially different from those expressed or implied by such forward-looking information. Such risks and other factors may include, but are not limited to: the stage development of Lion One Metals Limited, general business, economic, competitive, political and social uncertainties; the actual results of current research and development or operational activities; competition; uncertainty as to patent applications and intellectual property rights; product liability and lack of insurance; delay or failure to receive board or regulatory approvals; changes in legislation, including environmental legislation, affecting mining, timing and availability of external financing on acceptable terms; not realizing on the potential benefits of technology; conclusions of economic evaluations; and lack of qualified, skilled labor or loss of key individuals. Although Lion One Metals Limited has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated, or intended. Accordingly, readers should not place undue reliance on forward-looking information. Lion One Metals Limited does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
Appendix 1: Full Drill Results and Collar Information
Table 2. Collar coordinates for drillholes reported in this release. Coordinates are in Fiji map grid.
Hole ID
Easting
Northing
Elevation
Azimuth
Dip
Depth
TUDDH-636
1875867
3920760
175
160.0
-56.8
515.8
TUDDH-642
1875885
3920756
175
186.4
-76.4
417.0
TUDDH-645
1875917
3920685
203
325.9
-59.5
311.9
TUDDH-647
1875917
3920685
203
326.0
-72.2
458.3
TUDDH-652
1875918
3920685
203
325.0
-79.1
783.0
TUDDH-753
1875838
3920802
141
125.8
-19.6
184.9
TUDDH-755
1875838
3920802
141
131.8
-33.4
220.4
Table 3. Composite results from drillholes reported in this news release (composite grade >3.0 g/t Au)
Vancouver, British Columbia–(Newsfile Corp. – September 27, 2024) – Dolly Varden Silver Corporation (TSXV: DV) (OTCQX: DOLLF) (the “Company” or “Dolly Varden“) is pleased to announce the closing of the second and final tranche of its previously announced bought deal financing (the “Offering“) for additional gross proceeds of $4,500,000 from the issuance of 3,600,000 FT Shares (as defined below). The aggregate gross proceeds to the Company from the completion of the Offering (including the gross proceeds raised from the completion of the first tranche of the Offering on September 4, 2024) is $32,200,000, from the issuance of:
11,500,000 common shares of the Company (“Common Shares“) at a price of $1.00 per Common Share for gross proceeds of $11,500,000, issued under a prospectus supplement dated August 21, 2024 to the Company’s final short form base shelf prospectus dated April 25, 2023 (“Prospectus Offering“), including the full exercise of the over-allotment option under the Prospectus Offering; and
16,560,000 Common Shares that qualify as “flow-through shares” within the meaning of subsection 66(15) of the Income Tax Act (Canada) (the “Tax Act“) (each, a “FT Share“) at a price of $1.25 per FT Share for gross proceeds of $20,700,000, on a bought deal private placement basis (“Private Placement Offering“), including the full exercise of the over-allotment option under the Private Placement Offering.
The Offering was completed on a bought deal basis pursuant to an underwriting agreement dated August 21, 2024 (the “Underwriting Agreement“) between the Company and a syndicate of underwriters co-led by Research Capital Corporation, as co-lead underwriter and sole bookrunner, and Haywood Securities Inc., as co-lead underwriter, and including Raymond James Ltd. (collectively, the “Underwriters“). Eventus Capital Corp. is a special advisor to the Company.
The net proceeds from the sale of Common Shares will be used for working capital and general corporate purposes. The gross proceeds from the sale of FT Shares will be used for further exploration, mineral resource expansion and drilling in the combined Kitsault Valley project, located in northwestern British Columbia, Canada, or any other eligible Canadian property of the Company, as well as for working capital as permitted, as Canadian Exploration Expenses as defined in paragraph (f) of the definition of “Canadian exploration expense” in subsection 66.1(6) of the Tax Act and “flow through mining expenditures” as defined in subsection 127(9) of the Tax Act that will qualify as “flow-through mining expenditures” and “BC flow-through mining expenditures” as defined in subsection 4.721(1) of the Income Tax Act (British Columbia), which will be incurred on or before December 31, 2025 and renounced with an effective date no later than December 31, 2024 to the initial purchasers of FT Shares.
The FT Shares issued pursuant to the closing of the second tranche of the Private Placement Offering are subject to a hold period in Canada expiring on January 28, 2025. The Common Shares issued pursuant to the Prospectus Offering are not subject to a statutory hold period.
In connection with the closing of the second tranche of the Offering, the Underwriters received a cash fee equal to $225,000, representing 5.0% of the gross proceeds of the second tranche of the Private Placement Offering.
This press release is not an offer to sell or the solicitation of an offer to buy the securities in the United States or in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to qualification or registration under the securities laws of such jurisdiction. The securities being offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and such securities may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent registration or an applicable exemption from U.S. registration requirements and applicable U.S. state securities laws.
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, 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).
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. These forward‐looking statements or information relate to, among other things the expected use of proceeds from the issuance of the Common Shares and the FT Shares, 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; and 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.
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.
Neither 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 news release.
