Vancouver, British Columbia–(Newsfile Corp. – September 28, 2023) – Goldshore Resources Inc. (TSXV: GSHR) (OTCQB: GSHRF) (FSE: 8X00) (“Goldshore” or the “Company“), is pleased to update the market with respect to results from the Company’s summer exploration program at the Moss Gold Project in Northwest Ontario, Canada (the “Moss Gold Project“).
Highlights:
Goldshore field crews have identified five unique gold mineralization trends including two polymetallic Au-Cu trends across the Moss Gold Project through a combination of ionic leach soil sampling and property wide field mapping with a combined strike of over 35 kilometers. Recent rock sample results include:
Moss Trend – 9.59 g/t Au and 60.6 g/t Ag plus 5.0 g/t Au, 96.2 g/t Ag, and 0.98% Cu from samples in diorite-hosted shears along strike from the current Mineral Resource
24.9 g/t Au and 9.99g/t Ag from samples of strongly altered dacite 200m south of the Moss Main zone, representing a new parallel zone.
Kawa Trend – 33.7 g/t Au, 0.64% Zn and 75.3ppm Mo from sheared diorite/volcanic contacts within a new 6.5 kilometer long belt.
Hamlin Trend – has been expanded to become an 8 kilometer long polymetallic Au-Ag-Cu-Mo belt with values including 0.73g/t Au, 0.14% Cu, 7.6 ppm Biand 7.1 ppm Te.
Coldstream Trend – has been widened to 800 meters through the discovery of parallel structures assaying 1.07 g/t Au and 0.98% Zn.
9.79 g/t Au from mafic-hosted carbonate shear veins at the “Benton” prospect, east of the East Coldstream deposit.
Vanguard Trend – 3.97% Cu, 1.73g/t Au and 19.1 g/t Ag plus 2.94 g/t Au in a 9 kilometer long belt of polymetallic VMS Cu-Zn-Au-Ag mineralization that is now found to be 120 meters wide through discovery of additional lenses.
President and CEO Brett Richards stated: “We have previously stated our confidence to the market that the Moss Project of c.183Mt containing an inferred resource of 6M oz Au at 1.02g/t (with 55% of the deposit hosting a shear domain at 1.84 g/t)1 could be the start to uncovering multiple deposits of gold mineralization, and polymetallic mineralization on our land package. The targets that we have identified and now sampled need to be drill tested to prove their voracity, and to provide a clearer picture on how best to prioritize the many targets we have previously highlighted to the market. The 30km trend of mineralization at Moss confirms the exciting potential of identifying and growing a large, multi-generational mining camp in the Shebandowan Greenstone belt.”
Field Program Update
Goldshore embarked on a property wide field reconnaissance program in June 2022 – in the background to drilling – exploring the numerous unexplained geophysical anomalies and under explored gold and base metal showings. This program accelerated over the last several months. The field crews have compiled a systematic interpretation of the project geology, structure, alteration, and mineralization across the Project. Through this investigation and in combination with a substantial ionic soil leach program, the historic gold showings and newly discovered mineralization have resolved to be part of five distinct mineralized trends, including two polymetallic trends.
Figure 1: Selective results from the ongoing Moss Gold Project field program
The Moss Trend has been confirmed over an 8-kilometer strike containing the existing resource. The mineralization is dominantly hosted in anastomosing shears through an extensive altered diorite package. This zone is consistent with a belt of magnetic low bodies (altered intrusions) adjacent to folded magnetic highs (magnetic-bearing wall rocks) that present a belt with a high competency and redox contrast. Recent work has discovered elevated copper and silver mineralization towards the southwestern extents with recent rock samples returning values including 9.59 g/t Au and 60.6 g/t Ag,5.0 g/t Au plus 96.2 g/t Ag, and 0.98% Cu. Samples of strongly altered dacite 200m south of the Moss Main zone returned assays of 24.9 g/t Au and 9.99g/t Ag, representing a new parallel zone. The field results confirm the interpretation from the step out and deep drilling at the Moss Gold Project that the mineralized corridor is at least 1,000 meters wide.
The Kawa Trend lies approximately 2 kilometers south of, and parallel to, the Moss Trend over a 6.5-kilometer strike length with a confirmed width of 550m. It has a similar magnetic character as the Moss Trend and mapping has shown that mineralization is hosted within and along a sheared diorite/volcanic contact. We therefore expect the Kawa Trend to have the same potential as the Moss Trend. Partial assays results have been received for this area with values including 33.7g/t Au.
The known Hamlin Trend has been extended by 4 kilometers to the east to form an 8-kilometer-long belt of polymetallic Au-Ag-Cu-Mo mineralization with a confirmed width from 400 to 700 meters. Recent expanded ICP analysis indicate additional Bi and Te potential. Partial assays results have been received for this area with values including 0.73g/t Au, 0.14% Cu, 7.6 ppm Biand 7.1 ppm Te.
The Coldstream Trend containing the East Coldstream deposit has a confirmed strike of 3.5 kilometers hosted by late shearing within altered mafic volcanics and includes the historic North Coldstream Cu-Co mine. Recent exploration has discovered parallel mineralized shears within the northern intermediate volcanics expanding the width potential of the mineralization with rock sample assays returning values including 1.07 g/t Au and 0.98% Zn.
The Vanguard Trend has an established 9-kilometer strike length of polymetallic VMS Cu-Zn-Au-Ag mineralization linking with the Iris Lake Au prospect through a series of untested geophysical conductors. Results from the recent exploration have discovered additional parallel gold bearing shears north of the main Vanguard showing and ignored by much of the historical exploration giving it width of 120 meters. Partial assays results have been received for this area with values including 3.97% Cu, 1.73g/t Au and 19.1 g/t Ag and 2.94 g/t Au.
Additional poorly understood prospects defined by historical prospecting and known to host Cu-Au mineralization have been confirmed toward the east, west, and south of the East Coldstream deposit with assay results including 9.79 g/t Au. Future exploration programs will focus on better understanding this mineralization and its potential.
Pete Flindell, VP Exploration for Goldshore, said “Goldshore’s geologists have done an excellent job of mapping and sampling through challenging terrain to uncover the additional mineralized potential of the Moss Gold Project. This includes ionic leach soil sampling across muskeg to understand the character of concealed structural targets. These results speak to district-scale potential of the Moss Gold Project.”
Corporate Announcement
Heather Laxton has resigned from the Goldshore board of directors with immediate effect. Heather was a nominee of Wesdome Gold Mines Ltd. and served on the Board since the listing of the Company.
Qualified Persons
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.
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 with an approximate 19% equity position in the Company. 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.
Peter Flindell, P.Geo., MAusIMM, MAIG, Vice President – Exploration of the Company, a qualified person under NI 43-101 has approved the scientific and technical information contained in this news release.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
For More Information – Please Contact:
Brett A. Richards President, Chief Executive Officer and Director Goldshore Resources Inc.
This news release contains statements that constitute “forward-looking statements.” Such forward looking statements involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, performance or achievements, or developments to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects,” “plans,” “anticipates,” “believes,” “intends,” “estimates,” “projects,” “potential” and similar expressions, or that events or conditions “will,” “would,” “may,” “could” or “should” occur.
Forward-looking statements in this news release include, among others, statements relating to expectations regarding the exploration and development of the Moss Gold Project, the release of an updated mineral resource estimate and preliminary economic assessment, and other statements that are not historical facts. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors and risks include, among others: the Company may require additional financing from time to time in order to continue its operations which may not be available when needed or on acceptable terms and conditions acceptable; compliance with extensive government regulation; domestic and foreign laws and regulations could adversely affect the Company’s business and results of operations; the stock markets have experienced volatility that often has been unrelated to the performance of companies and these fluctuations may adversely affect the price of the Company’s securities, regardless of its operating performance; and the impact of COVID-19.
The forward-looking information contained in this news release represents the expectations of the Company as of the date of this news release and, accordingly, is subject to change after such date. Readers should not place undue importance on forward-looking information and should not rely upon this information as of any other date. The Company undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.
1 NI 43-101 Technical Report – Mineral Resource Estimate for the Moss Lake Project, Ontario, Canada, dated effective May 5, 2023.
VANCOUVER, BC / ACCESSWIRE / September 14, 2023 / Metallic Minerals Corp. (TSX.V:MMG)(OTCQB:MMNGF) (“Metallic Minerals” or the “Company”) is pleased to provide an update on drilling at the La Plata copper-silver-gold-PGE project. The first phase of the 2023 campaign is testing extensions of high-grade mineralization seen in 2022 drill hole LAP22-04, which intercepted 816 meters of continuous mineralization grading 0.41% copper equivalent (“Cu Eq”) with internal higher-grade zones. The hole ended in high-grade precious metal-rich mineralization grading 11.54% Cu Eq over 0.61 meters (5.42% Cu, 47.0 g/t Ag, 0.622 g/t Au, 5.016 g/t Pt and 5.393 g/t Pt).
Highlights
Over 2,000 meters of a planned 5,000-meter Phase 1 drill program designed to expand the existing resource have been completed.
Hole LAP23-05 was completed to a depth of 909 meters, while hole LAP23-06 is ongoing at a depth of approximately 1,150 meters. Both these 2023 drill holes have intersected altered porphyry mineralization with visible copper sulfide including chalcopyrite and bornite similar to that seen in LAP22-04 (see Figure 1-2).
Initial assay results are expected in the coming weeks and continuing into early 2024.
Results of the 2023 drilling have potential to expand the size of the current resource and increase the overall grade of the deposit with the inclusion of precious metals assays for gold, platinum and palladium in addition to copper and silver in the current resource.
Metallic Minerals has filed a National Instrument 43-101 technical report for the expanded resource estimate announced in July 2023.
The 2023 field campaign is being funded by a strategic equity investment announced in May whereby Newcrest Mining Limited acquired a 9.5% ownership position in Metallic Minerals with the goal of accelerating advancement of the La Plata project.
Scott Petsel, Metallic Minerals’ President, stated, “The team is excited about the progress and initial indications from our current drill program at La Plata. Last year’s exceptional hole LAP22-04 was a major discovery of higher-grade copper and precious metal-rich, porphyry-style, mineralization starting from surface. These first two drill holes are offset holes drilled above and below LAP22-04 to test extensions of mineralization away from that discovery hole to potentially expand the resource and test the scale of size of this higher-grade zone of mineralization. The results of this program are expected to form the basis of an updated resource estimate. This program will also assist in vectoring to the strongest parts of the mineralized system as we work to maximize the opportunity to advance this potential Tier 1 asset.”
The Allard deposit remains open to significant expansion within the resource area to the east, north and west and to depth, with the potential to add gold, platinum and palladium to the current copper and silver resource with the completion of additional exploration drilling. In addition, the larger porphyry system at the La Plata project, which covers an area of over 10 km2, remains underexplored with the potential for new discoveries of both additional copper porphyry centers, as well as high-grade epithermal silver and gold systems.
Upcoming Events
Precious Metals Summit Presentation
Metallic Minerals CEO, Greg Johnson, will be presenting live from the 2023 Precious Metals Summit in Beaver Creek, Colorado, on September 14th at 4:30 pm Mountain time. Click here to view the presentation.
Adelaide Capital Presentation
Metallic, as well as fellow Metallic Group members Stillwater Critical Minerals and Granite Creek Copper, will be presenting at the Wildfire Relief series hosted by Adelaide Capital on September 22nd at 3:30 ET. Click here to register.
Figure 1. Cross Section Through Allard Resource Area Showing New 2023 Drill Holes
Figure 2.Photograph from Hole LAP23-06, 480.0m to 489.0m – High Quartz-Sulfide Vein Density in Altered Syenite.
Corporate Update
Metallic Minerals announces that Susan Henderson has been appointed to the role of Corporate Secretary, effective immediately. Ms. Henderson has worked in expanding roles with the Company since 2016, most recently in the role of Business Manager. Ms. Henderson replaces Alicia Milne who has stepped down. Ms. Milne will continue as a consultant to the Company.
Greg Johnson, CEO of Metallic Minerals, stated, “We very much appreciate Alicia’s exceptional work and dedication as Corporate Secretary over the past years and we wish her continued success in her new venture. Susan has been an integral part of the Metallic Group since its inception and invaluable in enabling our growth and expansion. We are very pleased to further expand her role to that of Corporate Secretary.”
NI 43-101 Technical Report
Further to the news release dated July 31, 2023, Metallic Minerals has filed a National Instrument 43-101 technical report, entitled, “Technical Report on the Mineral Resource Estimate for the Allard Cu-Ag Porphyry Deposit, La Plata Project, Southwestern Colorado” with an effective date of July 12th, 2023. The report is available on the Company’s profile at www.sedar.com and on our website at www.metallic-minerals.com
About Metallic Minerals
Metallic Minerals Corp. is a leading exploration and development stage company focused on copper, silver, gold, and other critical minerals in the La Plata mining district in Colorado, and silver and gold in the high-grade Keno Hill and Klondike districts of the Yukon. Our objective is to create shareholder value through a systematic, entrepreneurial approach to making exploration discoveries, growing resources, and advancing projects toward development.
At the Company’s La Plata project in southwestern Colorado, the new 2023 NI 43-101 mineral resource estimate identifies a significant porphyry copper-silver resource containing 1.21 Blbs copper and 17.6 Moz of silver1. The 2022 expansion drilling provided the basis for the updated resource, including the longest and highest-grade interval ever encountered at La Plata and one of the top intersections for any North American copper project in the past several years. In May 2023, the Company announced a 9.5% strategic investment by Newcrest Mining Limited to accelerate the advancement of the Company’s La Plata project. In the 2023 Fraser Institute’s Annual Survey of Mining Companies, Colorado ranked 5th globally for investment attractiveness and 2nd in the USA.
In Canada’s Yukon Territory, Metallic Minerals has consolidated the second-largest land position in the historic high-grade Keno Hill silver district, directly adjacent to Hecla Mining Company’s (“Hecla”) operations, with more than 300 Moz of high-grade silver in past production and current M&I resources. Hecla, the largest primary silver producer in the USA and third largest in the world, is anticipating full production at its Keno Hill operations by the end of 2023. An inaugural mineral resource estimate on the project is expected in Q4 2023, with an expansion drill program slated to commence in September.
The Company is also one of the largest holders of alluvial gold claims in the Yukon and is building a production royalty business by partnering with experienced mining operators, including Parker Schnabel of Little Flake Mining from the Discovery Channel television show, Gold Rush.
All of the districts in which Metallic Minerals operates have seen significant mineral production and have existing infrastructure, including power and road access. The Company is led by a team with a track record of discovery and exploration success on several major precious and base metal deposits in the region, as well as having large-scale development, permitting and project financing expertise. The Metallic Minerals team has been recognized for its environmental stewardship practices and is committed to responsible and sustainable resource development.
Jeff Cary, CPG, a qualified person for the purposes of National Instrument 43-101, has reviewed and approved the technical disclosure not pertaining to the resource estimate contained in this news release. Mr. Cary is a Senior Geologist and La Plata Project Manager for Metallic Minerals.
Forward-Looking Statements
This news release includes certain statements that may be deemed “forward-looking statements”. All statements in this release, other than statements of historical facts including, without limitation, statements regarding potential mineralization, historic production, estimation of mineral resources, the realization of mineral resource estimates, interpretation of prior exploration and potential exploration results, the timing and success of exploration activities generally, the timing and results of future resource estimates, permitting time lines, metal prices and currency exchange rates, availability of capital, government regulation of exploration operations, environmental risks, reclamation, title, statements about expected results of operations, royalties, cash flows, financial position and future dividends as well as financial position, prospects, and future plans and objectives of the Company are forward-looking statements that involve various risks and uncertainties. Although Metallic Minerals believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Forward-looking statements are based on a number of material factors and assumptions. Factors that could cause actual results to differ materially from those in forward-looking statements include failure to obtain necessary approvals, unsuccessful exploration results, unsuccessful operations, changes in project parameters as plans continue to be refined, results of future resource estimates, future metal prices, availability of capital and financing on acceptable terms, general economic, market or business conditions, risks associated with regulatory changes, defects in title, availability of personnel, materials and equipment on a timely basis, accidents or equipment breakdowns, uninsured risks, delays in receiving government approvals, unanticipated environmental impacts on operations and costs to remedy same and other exploration or other risks detailed herein and from time to time in the filings made by the Company with securities regulators. Readers are cautioned that mineral resources that are not mineral reserves do not have demonstrated economic viability. Mineral exploration, development of mines and mining operations is an inherently risky business. Accordingly, the actual events may differ materially from those projected in the forward-looking statements. For more information on Metallic Minerals and the risks and challenges of their businesses, investors should review their annual filings that are available at www.sedar.com.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
North Vancouver, British Columbia–(Newsfile Corp. – September 14, 2023) – Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) (ASX: LLO) (“Lion One” or the “Company”) is pleased to report significant new high-grade gold results from ongoing grade control drilling at its 100% owned Tuvatu Alkaline Gold Project in Fiji.
Assay results are presented here for grade control drilling completed in the Zone 2 area of Tuvatu, focusing primarily on the URW1, URA1 and Murau lode systems. Mining of the URA1 lode and the URW1 lode system is ongoing and grade control drilling is being conducted in advance of future mining in these areas (see news releases dated April 3, 2023 and May 18, 2023). The results reported here represent material that is scheduled to be mined in Q4 2023 and throughout 2024.
Lion One Chairman and CEO Walter Berukoff commented: “The results from our grade control drill program continue to exceed expectations. The program is continuously returning very high-grade material with excellent mining widths. As we increase our drill density at Tuvatu we continue to identify very high-grade zones upon which to focus and prioritize our mining plan, and which will help us to add additional tonnage to our growing stockpile of high-grade material as we ramp up to our first gold production in Q4 2023”.
Highlights of new Zone 2 grade control drilling (3 g/t Au cutoff):
19.78 g/t Au over 6.0 m (including 31.52 g/t Au over 3.0 m) (TGC-0071, from 114.0 m depth)
14.83 g/t Au over 6.0 m (including 25.16 g/t Au over 2.4 m) (TGC-0055, from 90.9 m depth)
18.08 g/t Au over 3.6 m (including 32.74 g/t Au over 1.5 m) (TGC-0073, from 90.0 m depth)
25.25 g/t Au over 2.4 m (including 149.63 g/t Au over 0.3 m) (TGC-0078, from 95.2 m depth)
45.89 g/t Au over 0.9 m (TGC-0080, from 23.4 m depth)
8.00 g/t Au over 4.8 m (including 21.05 g/t Au over 0.9 m) (TGC-0080, from 47.4 m depth)
8.52 g/t Au over 3.3 m (including 11.16 g/t Au over 1.8 m) (TGC-0053, from 13.8 m depth)
17.73 g/t Au over 1.5 m (including 20.98 g/t Au over 0.9 m) (TGC-0053, from 56.4 m depth)
14.13 g/t Au over 1.8 m (including 18.64 g/t Au over 1.2 m) (TGC-0062, from 67.5 m depth)
Note: Grade control drillhole composites are calculated using a 3 g/t Au cutoff with maximum internal dilution intervals of 1 m at < 3 g/t Au.
Figure 1. Location of Zone 2 Grade Control Drillholes. Left image: Plan view of Tuvatu showing Zone 2 grade control drillholes in relation to the mineralized lodes. Drillholes are shown in black, mineralized lodes in pale grey, and underground developments in red. The yellow dashed circle represents the Zone 2 area of the deposit.
Table 1. Highlights of composited grade control drill results in the Zone 2 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 2 in the appendix. For full results using a 0.5 g/t cutoff see Table 3 in the appendix.
Hole ID
From
To
Interval (m)
Au (g/t)
TGC-0053
13.8
17.1
3.3
8.52
including
16.2
17.1
0.9
15.89
TGC-0053
56.4
57.9
1.5
17.73
including
56.4
57.3
0.9
20.98
and
57.3
57.9
0.6
12.86
TGC-0055
87
87.3
0.3
17.86
TGC-0055
90.9
96.9
6
14.83
including
90.9
92.7
1.8
12.22
which includes
90.9
91.5
0.6
10.93
and
91.5
91.8
0.3
23.82
and
91.8
92.7
0.9
9.22
and also including
94.5
96.9
2.4
25.16
which includes
94.5
95.4
0.9
35.76
and
95.4
96
0.6
10.87
and
96
96.3
0.3
30.26
and
96.3
96.9
0.6
20.98
TGC-0057
89.4
91.2
1.8
9.22
including
89.4
89.7
0.3
19.23
TGC-0057
113.7
115.2
1.5
10.84
including
114.3
115.2
0.9
15.86
TGC-0060
76.1
76.4
0.3
25.43
TGC-0062
67.5
69.3
1.8
14.13
including
68.1
68.7
0.6
15.29
and
68.7
69.3
0.6
21.99
TGC-0064
182.9
183.5
0.6
33.08
including
182.9
183.2
0.3
58.29
TGC-0066
163.5
163.8
0.3
12.85
TGC-0070
71.2
71.8
0.6
25.89
TGC-0071
114
120
6
19.78
including
114
114.3
0.3
30.17
and
114.3
114.9
0.6
8.32
and
115.5
115.8
0.3
10.68
and
115.8
116.4
0.6
9.96
and
117
120
3
31.52
which includes
117
117.6
0.6
33.78
and
117.6
118.5
0.9
20.88
and
118.5
119.4
0.9
42.75
and
119.4
120
0.6
28.35
TGC-0073
79.8
81.3
1.5
7.91
including
79.8
80.4
0.6
10.8
and
80.4
80.7
0.3
10.95
TGC-0073
87.9
88.2
0.3
10.85
TGC-0073
90
93.6
3.6
18.08
including
90
90.3
0.3
8.41
and
90.3
90.6
0.3
21.79
and
90.9
92.4
1.5
32.74
which includes
90.9
91.2
0.3
65.52
and
91.2
91.5
0.3
38.81
and
91.5
91.8
0.3
43.67
and
91.8
92.4
0.6
7.86
TGC-0074
80.8
81.4
0.6
41.5
including
80.8
81.1
0.3
35.63
and
81.1
81.4
0.3
47.38
TGC-0074
118.9
120.1
1.2
11.65
including
118.9
119.2
0.3
10.48
and
119.2
119.5
0.3
14.96
and
119.5
119.8
0.3
10.75
and
119.8
120.1
0.3
10.41
TGC-0078
14.5
14.8
0.3
18.52
TGC-0078
91.9
92.5
0.6
20.13
TGC-0078
95.2
97.6
2.4
25.25
including
95.2
95.5
0.3
149.63
and
96.1
97.6
1.5
9.28
which includes
96.1
97
0.9
11.85
TGC-0080
21
22.2
1.2
11.67
and
21.6
21.9
0.3
35.67
TGC-0080
23.4
24.3
0.9
45.89
TGC-0080
47.4
52.2
4.8
8
including
48.3
48.6
0.3
18.03
and
48.6
48.9
0.3
17.95
and
49.8
50.7
0.9
21.05
which includes
49.8
50.1
0.3
42.72
and
50.1
50.4
0.3
15.08
TGC-0082
15.5
16.7
1.2
16.96
including
16.1
16.7
0.6
29.06
which includes
16.1
16.4
0.3
34.23
and
16.4
16.7
0.3
23.89
TGC-0083
19.7
20
0.3
10.79
TGC-0083
43.7
45.2
0.6
11.32
including
43.7
44
0.3
10.41
and
44.9
45.2
0.3
12.23
TGC-0083
56.9
57.2
0.3
10.7
TGC-0083
65
65.6
0.6
25.12
including
65
65.3
0.3
18.58
and
65.3
65.6
0.3
31.67
Zone 2
The Zone 2 area of Tuvatu is located in the northwest part of the system along the western decline. It is the first part of the deposit scheduled for mining and encompasses a number of distinct lode systems, including the URW1, URA1, and Murau lode systems.
The URW1 lode system was the primary target for the current round of drilling. It consists predominantly of narrow, high-grade to locally bonanza-grade vein arrays and vein swarms that strike approximately N-S and dip sub-vertically to steeply east. Current modelling suggests that there are multiple separate lodes within the URW1 lode system. The first two of these lodes, URW1a and URW1b, are currently being mined. As reported on July 13, 2023 and July 27, 2023, mineralization in these lodes is both higher grade and more laterally extensive than initially anticipated. Grade control drilling in the URW1 area is targeting the up-dip and down-dip extensions of these lodes, 20 m to 40 m above and below the current mine drives. The URW1 lode system has a current strike length of approximately 300 m in the N-S direction, and a vertical extent of approximately 300 m.
Similarly, the URA1 lode is a narrow, steeply dipping, high-grade to locally bonanza-grade vein system. It was discovered during the development of the western decline and is intersected by the decline at approximately 75 m from the portal entrance. It trends approximately northeast-southwest and dips steeply to the southeast. It has a current strike length of approximately 100 m, and a vertical extent of approximately 120 m.
Figure 2. URA1 Lode and URW1 Lode System. Plan view (top) and view looking north (bottom) of the URA1 lode and the URW1 lode system in relation to the grade control holes reported here. Mining is ongoing in the URA1 lode (shown in purple) and the URW1a and URW1b lodes (shown in light brown). Additional lodes included in the URW1 lode system are shown in blue. Grade control drilling is targeting the up-dip and down-dip extensions of these lodes, focusing primarily on the URW1a and URW1b lodes, as evident in the bottom image.
The Murau lode system consists of a series of stacked relatively flat lying lodes that strike approximately east-west and dip moderately to the south. Mining is scheduled to begin on the upper part of the Murau lode system in Q4 2023. The portion of the Murau lode system that is currently targeted for mining consists of a 110 m strike length in the east-west direction, a vertical extent of 55 m, and a down-dip extension of 100 m.
Figure 3. Murau Lode System. Plan view (left) and view looking east (right) of the Murau lode system in relation to the grade control drillholes reported here. Mining on the upper part of the Murau lode system is scheduled to start in Q4 2023. The stacked nature of the Murau lodes and their moderate dip to the south is visible in the right-hand image.
Figure 4. Location of High-Grade Intercepts from Zone 2 Grade Control Drilling, 3.0 g/t Au cutoff. Plan view (top) and view looking north (bottom) of the URA1 lode, the URW1 lode system, and the Murau lode system in relation to the grade control drillholes reported here, with high-grade intercepts highlighted. Downhole composite intervals with grades between 3 and 10 g/t Au are shown in orange, intervals with grades between 10 and 30 g/t Au are shown in red, and intervals over 30 g/t Au are shown in purple. Select high-grade intervals are identified. Grades shown are gold grades in g/t. Underground developments are shown in pale transparent grey to increase visibility of the mineralized intervals.
Grade control drilling is being conducted from underground as well as from near the mine portal and is targeting near surface mineralization scheduled for mining in the next four to sixteen months. It is targeting 5-10 m centers and is designed to provide a detailed understanding of the geometry and mineralization of lode arrays in advance of underground development. Results from the grade control drill program will be used to help optimize mine development and mineral extraction in these areas. The Zone 2 grade control drill program is ongoing. Examples of mineralization observed in the Zone 2 drillholes reported here are shown in Figure 5.
A total of 83 grade control drillholes have been completed to date in the Zone 2 and Zone 5 areas at Tuvatu, including 24 grade control drillholes included in this news release. Previous grade control drill results are available in the news releases dated April 25, 2023 and June 14, 2023.
Figure 5. Example Mineralization from Zone 2 Grade Control Drilling. Left: Monzonite-hosted chalcedonic silica veins with abundant coarse grained honey sphalerite rimmed by fine-grained sooty pyrite (TGC-0064, 182.9-183.2 m) Width of core is 4.76 cm. Top center: Banded silica-roscoelite-pyrite vein with visible gold (TGC-0076, 89.7-90.0 m) Width of image is approximately 2 cm. Top right: Fracture face coated with silica, sphalerite, pyrite, and multiple grains of visible gold (TGC-0073, 91.5-91.8 m). Core diameter is 4.76 cm. Bottom right: Monzonite-hosted quartz veinlet with visible gold (TGC-0073, 90.3-90.6 m). Width of image is approximately 3 cm. Bottom center: Monzonite-hosted quartz veinlet with multiple flecks of visible gold (TGC-0083, 56.9-57.2 m). Width of image is approximately 3 cm.
About Tuvatu The Tuvatu Alkaline Gold Project is located on the island of Viti Levu in Fiji. The January 2018 mineral resource for Tuvatu as disclosed in the technical report “Technical Report and Preliminary Economic Assessment for the Tuvatu Gold Project, Republic of Fiji”, dated September 25, 2020, and prepared by Mining Associates Pty Ltd of Brisbane Qld, comprises 1,007,000 tonnes indicated at 8.50 g/t Au (274,600 oz. Au) and 1,325,000 tonnes inferred at 9.0 g/t Au (384,000 oz. Au) at a cut-off grade of 3.0 g/t Au. The technical report is available on the Lion One website at www.liononemetals.com and on the SEDAR website at www.sedarplus.ca.
Qualified Person In accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43- 101”), Sergio Cattalani, P.Geo, Senior Vice President Exploration, is the Qualified Person for the Company and has reviewed and is responsible for the technical and scientific content of this news release.
QAQC Procedures Lion One adheres to rigorous QAQC procedures above and beyond basic regulatory guidelines in conducting its sampling, drilling, testing, and analyses. The Company utilizes its own fleet of diamond drill rigs, using PQ, HQ and NQ sized drill core rods. Drill core is logged and split by Lion One personnel on site. Samples are delivered to and analyzed at the Company’s geochemical and metallurgical laboratory in Fiji. Duplicates of all samples with grades above 0.5 g/t Au are both re-assayed at Lion One’s lab and delivered to ALS Global Laboratories in Australia (ALS) for check assay determinations. All samples for all high-grade intercepts are sent to ALS for check assays. All samples are pulverized to 85% passing through 75 microns. Gold analysis is carried out using fire assay with an AA finish. Samples that have returned grades greater than 10.00 g/t Au are then re-analyzed by gravimetric method. For samples that return greater than 0.50 g/t Au, repeat fire assay runs are carried out and repeated until a result is obtained that is within 10% of the original fire assay run. Lion One’s laboratory can also assay for a range of 71 other elements through Inductively Coupled Plasma Optical Emission Spectrometry (ICP-OES), but currently focuses on a suite of 9 important pathfinder elements. All duplicate anomalous samples are sent to ALS labs in Townsville QLD and are analyzed by 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).
About Lion One Metals Limited Lion One’s flagship asset is 100% owned, fully permitted high grade Tuvatu Alkaline Gold Project, located on the island of Viti Levu in Fiji. Lion One envisions a low-cost high-grade underground gold mining operation at Tuvatu coupled with exciting exploration upside inside its tenements covering the entire Navilawa Caldera, an underexplored yet highly prospective 7km diameter alkaline gold system. Lion One’s CEO Walter Berukoff leads an experienced team of explorers and mine builders and has owned or operated over 20 mines in 7 countries. As the founder and former CEO of Miramar Mines, Northern Orion, and La Mancha Resources, Walter is credited with building over $3 billion of value for shareholders.
On behalf of the Board of Directors of Lion One Metals Limited “Walter Berukoff“, Chairman and CEO
Neither the TSX Venture Exchange nor its Regulation Service Provider accepts responsibility for 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 labour 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. Composited results from grade control drillholes in the Zone 2 area, 3.0 g/t Au cutoff
Hole ID
From
To
Interval (m)
Au (g/t)
TGC-0053
13.8
17.1
3.3
8.52
TGC-0053
including
13.8
14.7
0.9
6.47
TGC-0053
and
15.3
16.2
0.9
6.43
TGC-0053
and
16.2
17.1
0.9
15.89
TGC-0053
56.4
57.9
1.5
17.73
TGC-0053
including
56.4
57.3
0.9
20.98
TGC-0053
and
57.3
57.9
0.6
12.86
TGC-0053
61.8
62.4
0.6
3.61
TGC-0053
67.5
71.7
4.2
3.87
TGC-0053
including
69
69.6
0.6
5.35
TGC-0053
and
69.6
70.2
0.6
5.89
TGC-0053
and
70.2
70.8
0.6
5.51
TGC-0053
and
71.4
71.7
0.3
5.07
TGC-0053
72.3
75.6
3.3
5.11
TGC-0053
including
72.3
72.6
0.3
5.39
TGC-0053
and
74.4
74.7
0.3
8.54
TGC-0053
and
74.7
75
0.3
7.24
TGC-0053
and
75
75.6
0.6
8.69
TGC-0054
82.8
83.4
0.6
4.92
TGC-0054
90.3
90.6
0.3
7.71
TGC-0055
13.2
13.8
0.6
8.21
TGC-0055
87
87.3
0.3
17.86
TGC-0055
90.9
96.9
6
14.83
TGC-0055
including
90.9
92.7
1.8
12.22
TGC-0055
which includes
90.9
91.5
0.6
10.93
TGC-0055
and
91.5
91.8
0.3
23.82
TGC-0055
and
91.8
92.7
0.9
9.22
TGC-0055
and also including
93.3
93.9
0.6
8.52
TGC-0055
and also including
94.5
96.9
2.4
25.16
TGC-0055
which includes
94.5
95.4
0.9
35.76
TGC-0055
and
95.4
96
0.6
10.87
TGC-0055
and
96
96.3
0.3
30.26
TGC-0055
and
96.3
96.9
0.6
20.98
TGC-0055
108
108.6
0.6
6.17
TGC-0057
11.4
12.6
1.2
3.4
TGC-0057
85.8
86.1
0.3
7.28
TGC-0057
89.4
91.2
1.8
9.22
TGC-0057
including
89.4
89.7
0.3
19.23
TGC-0057
and
89.7
90
0.3
5.34
TGC-0057
and
90
90.6
0.6
7.4
TGC-0057
and
90.6
91.2
0.6
7.98
TGC-0057
113.7
115.2
1.5
10.84
TGC-0057
including
114.3
115.2
0.9
15.86
TGC-0057
116.7
118.8
2.1
6.23
TGC-0057
including
116.7
117.6
0.9
8.19
TGC-0057
and
117.9
118.8
0.9
5.42
TGC-0060
76.1
76.4
0.3
25.43
TGC-0062
67.5
69.3
1.8
14.13
TGC-0062
including
67.5
68.1
0.6
5.11
TGC-0062
and
68.1
68.7
0.6
15.29
TGC-0062
and
68.7
69.3
0.6
21.99
TGC-0062
70.5
71.1
0.6
3.47
TGC-0064
182.9
183.5
0.6
33.08
TGC-0064
including
182.9
183.2
0.3
58.29
TGC-0064
and
183.2
183.5
0.3
7.88
TGC-0064
185.3
185.6
0.3
8.07
TGC-0066
163.5
164.1
0.6
8.62
TGC-0066
including
163.5
163.8
0.3
12.85
TGC-0070
71.2
71.8
0.6
25.89
TGC-0070
78.4
79
0.6
4.4
TGC-0070
82.9
83.5
0.6
3.94
TGC-0071
95.4
96
0.6
8.24
TGC-0071
114
120
6
19.78
TGC-0071
including
114
114.3
0.3
30.17
TGC-0071
and
114.3
114.9
0.6
8.32
TGC-0071
and
115.5
115.8
0.3
10.68
TGC-0071
and
115.8
116.4
0.6
9.96
TGC-0071
and
117
120
3
31.52
TGC-0071
which includes
117
117.6
0.6
33.78
TGC-0071
and
117.6
118.5
0.9
20.88
TGC-0071
and
118.5
119.4
0.9
42.75
TGC-0071
and
119.4
120
0.6
28.35
TGC-0071
157.2
157.8
0.6
5.57
TGC-0072
74.4
75
0.6
4.46
TGC-0073
79.8
81.3
1.5
7.91
TGC-0073
including
79.8
80.4
0.6
10.8
TGC-0073
and
80.4
80.7
0.3
10.95
TGC-0073
87.9
88.2
0.3
10.85
TGC-0073
90
93.6
3.6
18.08
TGC-0073
including
90
90.3
0.3
8.41
TGC-0073
and
90.3
90.6
0.3
21.79
TGC-0073
and
90.9
92.4
1.5
32.74
TGC-0073
which includes
90.9
91.2
0.3
65.52
TGC-0073
and
91.2
91.5
0.3
38.81
TGC-0073
and
91.5
91.8
0.3
43.67
TGC-0073
and
91.8
92.4
0.6
7.86
TGC-0073
and also including
93
93.6
0.6
6.49
TGC-0073
106.8
107.1
0.3
3.02
TGC-0074
13
13.3
0.3
4.43
TGC-0074
80.8
81.4
0.6
41.5
TGC-0074
including
80.8
81.1
0.3
35.63
TGC-0074
and
81.1
81.4
0.3
47.38
TGC-0074
118.9
120.1
1.2
11.65
TGC-0074
including
118.9
119.2
0.3
10.48
TGC-0074
and
119.2
119.5
0.3
14.96
TGC-0074
and
119.5
119.8
0.3
10.75
TGC-0074
and
119.8
120.1
0.3
10.41
TGC-0076
89.7
90
0.3
7.23
TGC-0076
100.2
101.1
0.9
6.35
TGC-0076
including
100.2
100.5
0.3
6.35
TGC-0076
and
100.5
100.8
0.3
7.25
TGC-0076
and
100.8
101.1
0.3
5.47
TGC-0076
121.8
122.1
0.3
5.04
TGC-0078
14.5
14.8
0.3
18.52
TGC-0078
16.6
17.2
0.6
4.42
TGC-0078
87.7
88.3
0.6
3.93
TGC-0078
91.9
92.5
0.6
20.13
TGC-0078
95.2
97.6
2.4
25.25
TGC-0078
including
95.2
95.5
0.3
149.63
TGC-0078
and
96.1
97.6
1.5
9.28
TGC-0078
which includes
96.1
97
0.9
11.85
TGC-0078
and
97
97.6
0.6
5.43
TGC-0079
102.9
103.5
0.6
5.02
TGC-0080
21
22.2
1.2
11.67
TGC-0080
including
21
21.3
0.3
7.26
TGC-0080
and
21.6
21.9
0.3
35.67
TGC-0080
23.4
24.3
0.9
45.89
TGC-0080
47.4
52.2
4.8
8
TGC-0080
including
47.4
47.7
0.3
5.46
TGC-0080
and
47.7
48
0.3
8.1
TGC-0080
and
48.3
48.6
0.3
18.03
TGC-0080
and
48.6
48.9
0.3
17.95
TGC-0080
and
49.8
50.7
0.9
21.05
TGC-0080
which includes
49.8
50.1
0.3
42.72
TGC-0080
and
50.1
50.4
0.3
15.08
TGC-0080
and
50.4
50.7
0.3
5.35
TGC-0080
53.4
54.3
0.9
9.88
TGC-0082
15.5
16.7
1.2
16.96
TGC-0082
including
16.1
16.7
0.6
29.06
TGC-0082
which includes
16.1
16.4
0.3
34.23
TGC-0082
and
16.4
16.7
0.3
23.89
TGC-0082
46.7
47.6
0.9
3.01
TGC-0082
83
83.3
0.3
3.61
TGC-0083
19.7
20
0.3
10.79
TGC-0083
42.5
45.2
2.7
4.95
TGC-0083
including
42.5
43.1
0.6
5.91
TGC-0083
and
43.7
44
0.3
10.41
TGC-0083
and
44.9
45.2
0.3
12.23
TGC-0083
48.5
49.4
0.9
3.9
TGC-0083
52.4
52.7
0.3
3.42
TGC-0083
55.4
55.7
0.3
4.53
TGC-0083
56.9
57.5
0.6
7.24
TGC-0083
including
56.9
57.2
0.3
10.7
TGC-0083
65
65.6
0.6
25.12
TGC-0083
including
65
65.3
0.3
18.58
TGC-0083
and
65.3
65.6
0.3
31.67
TGC-0083
110.6
110.9
0.3
9.08
Table 3. Composited results from grade control drillholes in the Zone 2 area, 0.5 g/t Au cutoff
Hole ID
From
To
Interval (m)
Au (g/t)
TGC-0053
13.8
17.1
3.3
8.52
TGC-0053
including
13.8
14.7
0.9
6.47
TGC-0053
and
15.3
16.2
0.9
6.43
TGC-0053
and
16.2
17.1
0.9
15.89
TGC-0053
21
22.2
1.2
0.62
TGC-0053
55.2
57.9
2.7
9.96
TGC-0053
including
56.4
57.3
0.9
20.98
TGC-0053
and
57.3
57.9
0.6
12.86
TGC-0053
60.3
63.3
3
1.1
TGC-0053
66.9
76.8
9.9
3.71
TGC-0053
including
69
69.6
0.6
5.35
TGC-0053
and
69.6
70.2
0.6
5.89
TGC-0053
and
70.2
70.8
0.6
5.51
TGC-0053
and
71.4
71.7
0.3
5.07
TGC-0053
and
72.3
72.6
0.3
5.39
TGC-0053
and
74.4
74.7
0.3
8.54
TGC-0053
and
74.7
75
0.3
7.24
TGC-0053
and
75
75.6
0.6
8.69
TGC-0053
93.9
96
2.1
1.07
TGC-0053
99
100.2
1.2
1.36
TGC-0054
82.8
83.4
0.6
4.92
TGC-0054
90
90.6
0.6
4.95
TGC-0054
including
90.3
90.6
0.3
7.71
TGC-0054
93.9
94.5
0.6
1.98
TGC-0054
96.3
97.8
1.5
1.17
TGC-0055
13.2
13.8
0.6
8.21
TGC-0055
87
87.3
0.3
17.86
TGC-0055
90.9
96.9
6
14.83
TGC-0055
including
90.9
92.7
1.8
12.22
TGC-0055
which includes
90.9
91.5
0.6
10.93
TGC-0055
and
91.5
91.8
0.3
23.82
TGC-0055
and
91.8
92.7
0.9
9.22
TGC-0055
and also including
93.3
93.9
0.6
8.52
TGC-0055
and also including
94.5
96.9
2.4
25.16
TGC-0055
which includes
94.5
95.4
0.9
35.76
TGC-0055
and
95.4
96
0.6
10.87
TGC-0055
and
96
96.3
0.3
30.26
TGC-0055
and
96.3
96.9
0.6
20.98
TGC-0055
99
100.2
1.2
0.85
TGC-0055
108
108.6
0.6
6.17
TGC-0055
117.9
118.2
0.3
2.13
TGC-0057
11.4
12.6
1.2
3.4
TGC-0057
80.4
82.8
2.4
0.76
TGC-0057
85.8
86.4
0.6
4.25
TGC-0057
87.9
93
5.1
3.66
TGC-0057
including
89.4
91.2
1.8
9.22
TGC-0057
which includes
89.4
89.7
0.3
19.23
TGC-0057
and
89.7
90
0.3
5.34
TGC-0057
and
90
90.6
0.6
7.4
TGC-0057
and
90.6
91.2
0.6
7.98
TGC-0057
106.5
107.4
0.9
0.64
TGC-0057
113.7
118.8
5.1
6.05
TGC-0057
including
114.3
115.2
0.9
15.86
TGC-0057
and
116.7
117.6
0.9
8.19
TGC-0057
and
117.9
118.8
0.9
5.42
TGC-0060
52.4
53
0.6
0.74
TGC-0060
75.5
76.7
1.2
6.97
TGC-0060
including
76.1
76.4
0.3
25.43
TGC-0060
82.4
82.7
0.3
0.65
TGC-0062
67.5
73.8
6.3
4.98
TGC-0062
including
67.5
69.3
1.8
14.13
TGC-0062
which includes
67.5
68.1
0.6
5.11
TGC-0062
and
68.1
68.7
0.6
15.29
TGC-0062
and
68.7
69.3
0.6
21.99
TGC-0064
69
69.6
0.6
1.59
TGC-0064
145.7
146.6
0.9
0.54
TGC-0064
149.9
150.8
0.9
0.51
TGC-0064
167.9
168.8
0.9
2.77
TGC-0064
174.2
174.8
0.6
0.96
TGC-0064
182.9
183.5
0.6
33.08
TGC-0064
including
182.9
183.2
0.3
58.29
TGC-0064
and
183.2
183.5
0.3
7.88
TGC-0064
185.3
185.6
0.3
8.07
TGC-0066
163.5
164.1
0.6
8.62
TGC-0066
including
163.5
163.8
0.3
12.85
TGC-0068
88.9
89.5
0.6
0.92
TGC-0068
98.6
99.2
0.6
0.73
TGC-0068
120.5
121.4
0.9
1.11
TGC-0068
172.4
175.1
2.7
0.83
TGC-0068
186.7
189.4
2.7
0.76
TGC-0068
191.2
192.7
1.5
0.57
TGC-0069
88.4
89
0.6
1.73
TGC-0070
71.2
71.8
0.6
25.89
TGC-0070
73
75.4
2.4
1.03
TGC-0070
78.4
81.1
2.7
2.23
TGC-0070
82.3
84.4
2.1
1.54
TGC-0071
95.4
96
0.6
8.24
TGC-0071
114
120.9
6.9
17.54
TGC-0071
including
114
114.3
0.3
30.17
TGC-0071
and
114.3
114.9
0.6
8.32
TGC-0071
and
115.5
115.8
0.3
10.68
TGC-0071
and
115.8
116.4
0.6
9.96
TGC-0071
and
117
120
3
31.52
TGC-0071
which includes
117
117.6
0.6
33.78
TGC-0071
and
117.6
118.5
0.9
20.88
TGC-0071
and
118.5
119.4
0.9
42.75
TGC-0071
and
119.4
120
0.6
28.35
TGC-0071
155.4
159.6
4.2
2.12
TGC-0071
including
157.2
157.8
0.6
5.57
TGC-0071
160.8
161.4
0.6
2.72
TGC-0071
201.3
202.5
1.2
1.56
TGC-0072
59.7
60.3
0.6
0.84
TGC-0072
74.4
75
0.6
4.46
TGC-0072
81.9
82.5
0.6
0.79
TGC-0072
94.5
95.1
0.6
0.9
TGC-0073
12
12.6
0.6
0.91
TGC-0073
79.8
81.3
1.5
7.91
TGC-0073
including
79.8
80.4
0.6
10.8
TGC-0073
and
80.4
80.7
0.3
10.95
TGC-0073
87.3
94.2
6.9
10.39
TGC-0073
including
87.9
88.2
0.3
10.85
TGC-0073
and
90
90.3
0.3
8.41
TGC-0073
and
90.3
90.6
0.3
21.79
TGC-0073
and
90.9
92.4
1.5
32.74
TGC-0073
which includes
90.9
91.2
0.3
65.52
TGC-0073
and
91.2
91.5
0.3
38.81
TGC-0073
and
91.5
91.8
0.3
43.67
TGC-0073
and
91.8
92.4
0.6
7.86
TGC-0073
and also including
93
93.6
0.6
6.49
TGC-0073
106.2
107.1
0.9
2.32
TGC-0074
12.7
13.3
0.6
2.71
TGC-0074
80.5
81.4
0.9
28.01
TGC-0074
including
80.8
81.4
0.6
41.51
TGC-0074
which includes
80.8
81.1
0.3
35.63
TGC-0074
and
81.1
81.4
0.3
47.38
TGC-0074
92.5
92.8
0.3
0.9
TGC-0074
118.9
120.1
1.2
11.65
TGC-0074
including
118.9
119.2
0.3
10.48
TGC-0074
and
119.2
119.5
0.3
14.96
TGC-0074
and
119.5
119.8
0.3
10.75
TGC-0074
and
119.8
120.1
0.3
10.41
TGC-0075
13.2
14.4
1.2
0.61
TGC-0075
16.2
16.8
0.6
0.6
TGC-0075
27
27.3
0.3
0.53
TGC-0075
43.5
44.4
0.9
0.93
TGC-0076
77.1
78
0.9
0.98
TGC-0076
81
81.3
0.3
1.57
TGC-0076
89.7
90
0.3
7.23
TGC-0076
93.3
93.6
0.3
0.72
TGC-0076
99.3
101.7
2.4
3.59
TGC-0076
including
100.2
100.5
0.3
6.35
TGC-0076
and
100.5
100.8
0.3
7.25
TGC-0076
and
100.8
101.1
0.3
5.47
TGC-0076
121.8
122.1
0.3
5.04
TGC-0077
15
16.5
1.5
0.92
TGC-0077
19.8
20.1
0.3
0.83
TGC-0077
54
54.6
0.6
1.38
TGC-0077
64.2
65.4
1.2
2.53
TGC-0077
72.9
74.4
1.5
1.11
TGC-0078
14.2
14.8
0.6
10.17
TGC-0078
including
14.5
14.8
0.3
18.52
TGC-0078
16
17.2
1.2
3.61
TGC-0078
52
52.6
0.6
1.55
TGC-0078
87.7
89.5
1.8
2.53
TGC-0078
91.9
92.5
0.6
20.13
TGC-0078
95.2
98.2
3
20.44
TGC-0078
including
95.2
95.5
0.3
149.63
TGC-0078
and
96.1
97.6
1.5
9.28
TGC-0078
which includes
96.1
97
0.9
11.85
TGC-0078
and
97
97.6
0.6
5.43
TGC-0079
98.1
98.7
0.6
0.53
TGC-0079
102.9
103.5
0.6
5.02
TGC-0080
21
22.2
1.2
11.67
TGC-0080
including
21
21.3
0.3
7.26
TGC-0080
and
21.6
21.9
0.3
35.67
TGC-0080
23.4
24.3
0.9
45.89
TGC-0080
45.3
55.2
9.9
5.16
TGC-0080
including
47.4
47.7
0.3
5.46
TGC-0080
and
47.7
48
0.3
8.1
TGC-0080
and
48.3
48.6
0.3
18.03
TGC-0080
and
48.6
48.9
0.3
17.95
TGC-0080
and
49.8
50.7
0.9
21.05
TGC-0080
which includes
49.8
50.1
0.3
42.72
TGC-0080
and
50.1
50.4
0.3
15.08
TGC-0080
and
50.4
50.7
0.3
5.35
TGC-0080
and also including
53.4
54.3
0.9
9.88
TGC-0080
70.2
71.4
1.2
0.9
TGC-0080
77.4
80.1
2.7
0.88
TGC-0082
15.5
16.7
1.2
16.96
TGC-0082
including
16.1
16.7
0.6
29.06
TGC-0082
which includes
16.1
16.4
0.3
34.23
TGC-0082
and
16.4
16.7
0.3
23.89
TGC-0082
43.7
45.5
1.8
0.99
TGC-0082
46.7
48.5
1.8
2.2
TGC-0082
49.7
50.6
0.9
0.58
TGC-0082
57.5
58.7
1.2
0.9
TGC-0082
67.7
68.6
0.9
1
TGC-0082
83
83.3
0.3
3.61
TGC-0083
19.4
20.3
0.9
4.12
TGC-0083
including
19.7
20
0.3
10.79
TGC-0083
41
46.4
5.4
3.13
TGC-0083
including
42.5
43.1
0.6
5.91
TGC-0083
and
43.7
44
0.3
10.41
TGC-0083
and
44.9
45.2
0.3
12.23
TGC-0083
48.2
49.4
1.2
3.35
TGC-0083
52.4
52.7
0.3
3.42
TGC-0083
55.4
57.5
2.1
3.04
TGC-0083
56.9
57.2
0.3
10.7
TGC-0083
63.5
65.6
2.1
8.24
TGC-0083
including
65
65.6
0.6
25.13
TGC-0083
which includes
65
65.3
0.3
18.58
TGC-0083
and
65.3
65.6
0.3
31.67
TGC-0083
67.4
69.5
2.1
0.74
TGC-0083
110.6
110.9
0.3
9.08
Table 4. Collar coordinates for grade control holes reported in this release. Coordinates are in Fiji map grid.
Vancouver, British Columbia–(Newsfile Corp. – September 13, 2023) – EMX Royalty Corporation (NYSE American: EMX) (TSXV: EMX) (FSE: 6E9) (the “Company” or “EMX”) is pleased to announce the execution of an option agreement for EMX’s Copperhole Creek polymetallic project in Queensland, Australia (the “Project”) (see Figure 1) to Lumira Energy Ltd. (“Lumira“), a private Australian Company. The agreement provides EMX with a 2.5% Net Smelter Return (“NSR”) royalty interest, cash and equity payments, work commitments and other considerations. In conjunction with this transaction, Lumira Energy intends to establish a public listing on the Australian Securities Exchange (ASX) in mid-year 2024.
The polymetallic Copperhole Creek Project is located 20 km east of the Georgetown-Forsayth Metallogenic District in Queensland, with mineralization developed in the same host rocks as the Georgetown-Forsayth District. There are two main styles of mineralization recognized on the Copperhole Creek property, (1) tin-copper-molybdenum mineralization developed in zones of greisen-style alteration and (2) shear zone hosted copper-silver mineralized veins and breccias. Numerous occurrences, historical mines and prospects with either or both styles of mineralization occur on EMX’s land position (see Figure 2). Although the nearby Georgetown-Forsayth Metallogenic District is well known for its historical gold production, only a few of the occurrences at Copperhole Creek have been assayed for gold, adding further upside to the Project.
This transaction will provide Lumira with a flagship asset in Australia in advance of its proposed ASX listing. EMX and Lumira will apply modern exploration methods and deposit models to identify and prioritize additional targets within the project area.
Commercial Terms Overview: All terms in Australian Dollars (AUD) unless otherwise indicated. Upon execution, Lumira will make a cash payment of $20,000 to EMX to commence an exclusive two-month option period. Pursuant to the agreement, Lumira can acquire a 100% interest in the Project by paying EMX an additional $30,000 prior to the end of the two-month option period. Upon a successful listing on the ASX, Lumira will issue shares of Lumira equivalent to $100,000 to EMX and a further 500,000 shares 12 months after listing. Furthermore, upon listing Lumira will also issue to EMX 1,000,000 options with 500,000 options being exercisable for one share of Lumira at a price of $0.30 for 24 months and 500,000 options being exercisable for one share of Lumira at a price of $0.40 for 36 months.
Upon completing the option period requirements, Lumira will earn a 100% interest in the Project with EMX retaining:
A 2.5% NSR royalty interest.
Annual advance royalty (“AAR”) payments of $30,000 per year commencing upon the third anniversary of the initial public offering, with the AAR payment escalating by 15% per year until reaching a maximum of $75,000 per year.
Milestone payments as follows:
$250,000 in cash or Lumira shares upon publication of a maiden JORC complaint resource;
$250,000 in cash or Lumira shares upon publication of a scoping study or a Preliminary Economic Assessment;
$500,000 in cash upon publication of a Definitive Feasibility Study; and
$1 million in cash upon commencement of commercial production.
To maintain its interest in the projects, Lumira will also:
Spend $50,000 in exploration expenditures before the date of the initial public offering (“IPO”);
Spend an additional $250,000 by the first anniversary of the IPO;
Spend an additional $200,000 by the second anniversary of the IPO; and
Complete a minimum of 1,000 m of drilling each year from the third to the eighth anniversary of the IPO.
Within 96 months of executing the agreement, Lumira will have the right to re-purchase 0.5% of the NSR Royalty on the Project for $1.2 million.
Copperhole Creek Project. Although located within a prospective geologic belt, with the historical Einasleigh Copper Mine located 25 km along trend to the southeast, the Copperhole Creek project has not seen systematic exploration in the past 30 years. Production from various historical mines took place in the early 20th century, with limited exploration taking place in the 1970’s and 1980’s. The Questend prospect was drilled by BP Minerals in 1978 with two shallow reverse circulation drill holes, with a reported intercept of 12 meters of 3.27% Cu, 0.66% Zn, 0.26% Sn and 51 ppm Ag from 36 meters1 (true width not reported). The mineralization was hosted within a quartz-sulfide breccia body that appears to project from mineralization exposed in nearby prospect pits.
In a broad sense, mineralization appears to be zoned with Cu-Mo-Sn mineralization developed in the northeastern portion of the property to more copper-silver mineralization developed in the southwest. Prioritized exploration targets include mineralized shear zones and breccias that were targeted by the historical mining operations. The project also contains potential for Cu-Mo-Sn porphyry style mineralization in the zones of greisen style alteration and mineralization.
Comments on Nearby and Adjacent Properties. The deposits, projects and mines discussed in this news release provide context for EMX’s Project, which occurs in a similar geologic setting, but this is not necessarily indicative that the Project hosts similar quantities, grades or styles of mineralization.
Dr. Eric P. Jensen, CPG, a Qualified Person as defined by National Instrument 43-101 and employee of the Company, has reviewed, verified and approved the disclosure of the technical information contained in this news release.
About EMX. EMX is a precious, base and battery metals royalty company. EMX’s investors are provided with discovery, development, and commodity price optionality, while limiting exposure to risks inherent to operating companies. The Company’s common shares are listed on the NYSE American Exchange and the TSX Venture Exchange under the symbol “EMX”, and also trade on the Frankfurt Exchange under the symbol “6E9”. Please see www.EMXroyalty.com for more information.
For further information contact:
David M. Cole President and Chief Executive Officer Phone: (303) 973-8585 Dave@emxroyalty.com
Scott Close Director of Investor Relations Phone: (303) 973-8585 SClose@emxroyalty.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
This news release may contain “forward-looking statements” that reflect the Company’s current expectations and projections about its future results. These forward-looking statements may include statements regarding perceived merit of properties, exploration results and budgets, mineral reserve and resource estimates, work programs, capital expenditures, timelines, strategic plans, market prices for precious and base metal, or other statements that are not statements of fact. When used in this news release, words such as “estimate,” “intend,” “expect,” “anticipate,” “will”, “believe”, “potential” and similar expressions are intended to identify forward-looking statements, which, by their very nature, are not guarantees of the Company’s future operational or financial performance, and are subject to risks and uncertainties and other factors that could cause the Company’s actual results, performance, prospects or opportunities to differ materially from those expressed in, or implied by, these forward-looking statements. These risks, uncertainties and factors may include, but are not limited to: unavailability of financing, failure to identify commercially viable mineral reserves, fluctuations in the market valuation for commodities, difficulties in obtaining required approvals for the development of a mineral project, increased regulatory compliance costs, expectations of project funding by joint venture partners and other factors.
Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this news release or as of the date otherwise specifically indicated herein. Due to risks and uncertainties, including the risks and uncertainties identified in this news release, and other risk factors and forward-looking statements listed in the Company’s MD&A for the quarter ended June 30, 2023 (the “MD&A”), and the most recently filed Annual Information Form (“AIF”) for the year ended December 31, 2022, actual events may differ materially from current expectations. More information about the Company, including the MD&A, the AIF and financial statements of the Company, is available on SEDAR at www.sedarplus.ca and on the SEC’s EDGAR website at www.sec.gov.
Figure 1. Location Map of the Copperhole Creek Project
1 Drilling was conducted by BP Mining Development Australia Pty Ltd in 1978 with results reported to the Queensland Geologic Survey in 1979 in a report titled Final Report on A.TO P.1806 (cr_7585.pdf). EMX has not performed sufficient work to verify the published assay results, and these data cannot be verified as being compliant with NI43-101 standards. However, EMX believes these results to be reliable and relevant.
2 Underground sampling was completed by Bridge Minerals in 1971 and reported to Queensland Geologic Survey that year in a report titled Annual Report Georgetown District Eveleigh Block (cr_3533.pdf). EMX has not performed sufficient work to verify the published assay results, and these data cannot be verified as being compliant with NI43-101 standards. However, EMX believes these results to be reliable and relevant.
3 Surface rock chip sampling was completed by Battle Mountain Gold Company in 1989 and reported to the Queensland Geologic Survey that year in a report titled Authority to Prospect 5855M (Copperhole Creek) (CR_20492.pdf). EMX has not performed sufficient work to verify the published assay results, and these data cannot be verified as being compliant with NI43-101 standards. However, EMX believes these results to be reliable and relevant.
Vancouver, British Columbia–(Newsfile Corp. – September 12, 2023) – EMX Royalty Corporation (NYSE American: EMX) (TSXV: EMX) (FSE: 6E9) (the “Company” or “EMX”) is pleased to announce the receipt of $6,675,947 in royalty proceeds from its Timok royalty property with Zijin (Europe) International Mining Company Ltd., a wholly owned subsidiary of Zijin Mining Group Ltd (“Zijin”). EMX and Zijin recently agreed to an amended and restated royalty agreement that covers Zijin’s Brestovac exploration permit area (including the active Cukaru Peki copper and gold mine), as well as portions of Zijin’s Jasikovo-Durlan Potok exploration license (see EMX News Release dated September 5, 2023). EMX now owns a 0.3625% Net Smelter Return (“NSR”) royalty that is uncapped and cannot be repurchased or reduced.
The approximately $6.68 million royalty payment consisted of $1.59 million from July-December, 2021, payments of $3.20 million from the calendar year 2022, and $1.89 million for the period of January-June, 2023.
Various news media reports recently highlighted Zijin’s planned expansion of the Cukaru Peki operation. As reported by Bloomberg News on August 28, 2023, Branko Rakocevic, Assistant General Manager at Serbia Zijin Mining d.o.o. Bor, commented: “These are vast reserves, which require additional infrastructure, additional investment of around $3.5 to $3.8 billion.” This would represent a substantial further investment in the Cukaru Peki project. Zijin is currently producing copper and gold from the Upper Zone deposit at Cukaru Peki, while concurrently developing the Lower Zone porphyry copper and gold deposit.
The Cukaru Peki deposits and operations are summarized in Zijin’s annual reports and in various Zijin disclosures. An NI-43-101 technical report for the Timok royalty was filed by EMX on SEDAR on March 31, 2022.
Dr. Eric P. Jensen, CPG, a Qualified Person as defined by National Instrument 43-101 and employee of the Company, has reviewed, verified and approved the disclosure of the technical information contained in this news release.
About EMX. EMX is a precious, base and battery metals royalty company. EMX’s investors are provided with discovery, development, and commodity price optionality, while limiting exposure to risks inherent to operating companies. The Company’s common shares are listed on the NYSE American Exchange and the TSX Venture Exchange under the symbol EMX, and also trade on the Frankfurt exchange under the symbol “6E9”. Please see www.EMXroyalty.com for more information.
For further information contact:
David M. Cole President and Chief Executive Officer Phone: (303) 973-8585 Dave@emxroyalty.com
Scott Close Director of Investor Relations Phone: (303) 973-8585 SClose@emxroyalty.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
This news release may contain “forward-looking statements” that reflect the Company’s current expectations and projections about its future results. These forward-looking statements may include statements regarding perceived merit of properties, exploration results and budgets, mineral reserve and resource estimates, work programs, capital expenditures, timelines, strategic plans, market prices for precious and base metal, or other statements that are not statements of fact. When used in this news release, words such as “estimate,” “intend,” “expect,” “anticipate,” “will”, “believe”, “potential” and similar expressions are intended to identify forward-looking statements, which, by their very nature, are not guarantees of the Company’s future operational or financial performance, and are subject to risks and uncertainties and other factors that could cause the Company’s actual results, performance, prospects or opportunities to differ materially from those expressed in, or implied by, these forward-looking statements. These risks, uncertainties and factors may include, but are not limited to: unavailability of financing, failure to identify commercially viable mineral reserves, fluctuations in the market valuation for commodities, difficulties in obtaining required approvals for the development of a mineral project, increased regulatory compliance costs, expectations of project funding by joint venture partners and other factors.
Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this news release or as of the date otherwise specifically indicated herein. Due to risks and uncertainties, including the risks and uncertainties identified in this news release, and other risk factors and forward-looking statements listed in the Company’s MD&A for the quarter ended June 30, 2023 (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.sedarplus.ca and on the SEC’s EDGAR website at www.sec.gov.
VANCOUVER, BC / ACCESSWIRE / September 12, 2023 / Stillwater Critical Minerals Corp. (TSX.V:PGE)(OTCQB:PGEZF) (the “Company” or “Stillwater”) is pleased to provide an update on drilling now underway at the Company’s flagship Stillwater West Ni-PGE-Cu-Co + Au project in Montana. The Company is further pleased to provide updates on exploration programs underway now at the Company’s Canadian projects including the Kluane PGE-Ni-Cu project in Yukon, and drilling at the Drayton – Black Lake gold project in Ontario via Heritage Mining, as part of their earn-in deal.
Figure 1 – Drill rig at Chrome Mountain, west of the DR-Hybrid deposits. Drilling to date has focused on this area with a view to expanding on recent high-grade nickel sulphide intercepts with significant copper, cobalt, palladium, platinum, gold and rhodium co-product grades.
Figure 2 – Significant sulphide mineralization in hole CM2023-04 around 369 feet (112.5 meters) depth.
Highlights
Drilling focused on expansion of the NI 43-101-compliant resources announced January 25, 2023 (the “2023 Resource”) is underway now, funded by the strategic investment by Glencore PLC announced June 30, 2023.
Crews have begun the sixth hole and completed more than 1,800 meters drilling to date.
All holes in the 2023 campaign to date are west and south of the DR-Hybrid deposit at Chrome Mountain, which forms the western edge of the five deposits that span nine kilometers to comprise the 2023 Resource.
Multiple intervals showing visible sulphide mineralization have been returned to date. Drilling has focused in the area of recent high-grade discoveries made by the Company such as drill hole CM2021-05, which returned 13.2 meters grading 2.89% Recovered Nickel Equivalent1 (“NiEq”) (2.31% Ni, 1.51 g/t 4E, 0.35% Cu, and 0.115% Co), starting at 37.6 meters and contained within 400.8 meters of continuous battery and precious metal mineralization (see news release May 3, 2022).
The 2023 campaign is the first to apply updated geological models which incorporate similar geology from South Africa’s Platreef district under the direction of Dr. Danie Grobler, who joined the team in May of 2022 as Vice-President Exploration.
The Company is applying geologic models from the Platreef district based on well-documented parallels between the Stillwater Igneous Complex and the Bushveld Igneous Complex, which hosts very large Ni-Cu-PGE mines that are now in operation by Ivanhoe Mines and Anglo American.
Michael Rowley, Stillwater President and CEO, stated, “We are very pleased to have programs underway on all three of our 100%-owned district-scale assets, with particular focus on expansion of resources defined at our flagship Stillwater West project. The Stillwater West project is in a sweet spot as a district-scale asset that is underexplored yet also located in an expanding US mining jurisdiction with a long history of critical mineral supply and government support. Drilling is on-going on the western edge of the resource area and our partners including Glencore and the US Geological Survey are engaged and on-site. In Canada we are conducting a smaller but essential program to advance our Kluane PGE-Ni-Cu project, and Heritage Mining is actively drilling our Drayton-Black Lake high-grade gold project adjacent to Treasury Metals in Northwest Ontario. Heritage Mining is making good progress on their previously announced earn-in, and we are pleased with the excellent exposure that provides us to the gold market and with the value they are adding to the project. We look forward to further updates as results become available.”
Dr. Danie Grobler, Stillwater Vice-President of Exploration, said “We have successfully intercepted multiple targeted mineralized zones that were predicted in our updated exploration model and are very pleased with what we see in the core at Stillwater West. The current drill campaign is the first to incorporate detailed structural and stratigraphic models from very similar mineralization in South Africa’s Bushveld Igneous Complex in the Stillwater Igneous Complex.”
Kluane PGE-Ni-Cu Project Update
Exploration work is now underway at the Company’s 100%-owned Kluane PGE-Ni-Cu project in Yukon, Canada, funded in part by a Yukon Mineral Exploration Program grant. Geological mapping, drone LiDAR and imagery acquisition, and prospecting and rock sampling programs are being completed with the objective of advancing targets for follow-up campaigns and completing detailed geologic maps over priority areas.
Work in 2023 will also begin to formally examine the potential for carbon capture at the Kluane project with an initial focus on developing a procedure to identify and map rocks for their potential to sequester carbon based on existing data sources, remote sensing and imagery.
The Kluane project consists of a large 255 km2 land position containing the Spy, Ultra and Catalyst properties, all of which occur within the Kluane Mafic-Ultramafic Belt; a system of PGE-Ni-Cu deposits which are part of a sequence of mafic-ultramafic rocks that extends through the Yukon from northern British Columbia to central Alaska. Located near the Alaska Highway, the Kluane project properties are on trend with the Wellgreen Ni-Cu-PGE deposit.
Drayton – Black Lake
Drilling is now underway at Stillwater’s Drayton-Black Lake project by Heritage Mining (CSE: HML) under an earn-in agreement announced November 30, 2022, by which Heritage can earn a 90% interest in the project by completing work commitments and making payments of cash and shares to the Company.
As announced by Heritage Mining on September 5, 2023, drilling has been completed at the Alcona target area and is now mobilizing to the New Millennium target area as part of a 3,600-meter Phase One diamond drill program over three priority target areas that also includes the historically high-grade Moretti target. New Millennium is a new target area, recently modeled for the first time, that has never been drilled previously but has returned very high-grade gold in grab samples. Exploration to date has confirmed mineralization along the central vein system and highlighted areas of higher grade, guiding the proposed drill plan at New Millennium.
The Drayton-Black Lake Project site is located in northwestern Ontario in the Abrams‐Minnitaki Lake Archean greenstone belt approximately 25km East of the town of Sioux Lookout, Ontario. Access and infrastructure are excellent, featuring direct road access, and proximity to rail and power. Heritage Mining compiled the significant project database as part of advancing the substantial exploration potential of the project including demonstrated high-grade gold in drill results and bulk samples across more than 30 kilometers of underexplored strike in a geologic setting that is shared with Treasury Metals’ adjacent development-stage Goliath Gold Complex project. Work since the 1990s has proven more than 14 million ounces of gold in the broader district in this emerging and highly active gold belt lead by New Gold’s Rainy River mine and other deposits, and Heritage is effectively applying geological models and exploration methods that have been successful elsewhere in the district.
Corporate Update
The Company announces that Susan Henderson has been appointed to the role of Corporate Secretary, effective immediately. Ms. Henderson has worked in expanding roles with Stillwater since 2016, most recently in the role of Business Manager. Ms. Henderson replaces Alicia Milne who has stepped down. Ms. Milne will continue as a consultant to the Company.
Michael Rowley, President and CEO of Stillwater Critical Minerals, stated, “Susan Henderson has been an essential part of our team in expanding roles since 2016 including most recently Business Manager, and we are pleased to expand that role further to include Corporate Secretary. We are very grateful to Alicia Milne for her excellent work as Corporate Secretary and her commitment to ongoing consulting work, and we wish her the very best with her new venture.”
About Stillwater Critical Minerals Corp.
Stillwater Critical Minerals (TSX.V: PGE | OTCQB: PGEZF) is a mineral exploration company focused on its flagship Stillwater West Ni-PGE-Cu-Co + Au project in the iconic and famously productive Stillwater mining district in Montana, USA. With the addition of two renowned Bushveld and Platreef geologists to the team and a strategic investment by Glencore, the Company is well positioned to advance the next phase of large-scale critical mineral supply from this world-class American district, building on past production of nickel, copper, and chromium, and the on-going production of platinum group and other metals by neighboring Sibanye-Stillwater. An expanded NI 43-101 mineral resource estimate, released January 2023, delineates a compelling suite of critical minerals contained within five Platreef-style nickel and copper sulphide deposits at Stillwater West, which host a total of 1.6 billion pounds of nickel, copper and cobalt, and 3.8 million ounces of palladium, platinum, rhodium, and gold, and remains open for expansion along trend and at depth.
Stillwater Critical Minerals also holds the high-grade Black Lake-Drayton Gold project adjacent to Treasury Metals’ development-stage Goliath Gold Complex in northwest Ontario, currently under an earn-in agreement with Heritage Mining, and the Kluane PGE-Ni-Cu-Co critical minerals project on trend with Nickel Creek Platinum‘s Wellgreen deposit in Canada‘s Yukon Territory.
1 – Recovered Nickel Equivalents (“NiEq”) are presented for comparative purposes using conservative long-term metal prices (all USD): $8.00/lb nickel (Ni), $4.00/lb copper (Cu), $24.00/lb cobalt (Co), $1,000/oz platinum (Pt), $2,200/oz palladium (Pd), $1,800/oz gold (Au), and $10,000/oz rhodium (Rh). NiEq is determined as follows: NiEq% = [Ni% x recovery] + [Cu% x recovery x Cu price/ Ni price] + [Co% x recovery x Co price / Ni price] + [Pt g/t x recovery / 31.103 x Pt price / Ni price / 2,204 x 100] + [Pd g/t x recovery / 31.103 x Pd price / Ni price / 2,204 x 100] + [Au g/t x recovery / 31.103 x Au price / Ni price / 2,204 x 100]. In the above calculations: 31.103 = grams per troy ounce, 2,204 = lbs per metric tonne, and 100 and 0.01 convert assay results reported in % and g/t. The following recoveries have been assumed for purposes of the above equivalent calculations: 85% for Ni and 90% for all other listed metals, based on recoveries at similar nearby operations.
Quality Control and Quality Assurance
Ms. Debbie James, P.Geo., is the qualified person for the purposes of National Instrument 43-101 for the Yukon and Ontario properties, and she has reviewed and approved the technical disclosure contained in this news release.
Mr. Mike Ostenson, P.Geo., is the qualified person for the purposes of National Instrument 43-101 for the Montana property, and he has reviewed and approved the technical disclosure contained in this news release.
Forward-Looking Statements
This news release includes certain statements that may be deemed “forward-looking statements”. All statements in this release, other than statements of historical facts including, without limitation, statements regarding potential mineralization, historic production, estimation of mineral resources, the realization of mineral resource estimates, interpretation of prior exploration and potential exploration results, the timing and success of exploration activities generally, the timing and results of future resource estimates, permitting time lines, metal prices and currency exchange rates, availability of capital, government regulation of exploration operations, environmental risks, reclamation, title, and future plans and objectives of the company are forward-looking statements that involve various risks and uncertainties. Although Stillwater Critical Minerals believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Forward-looking statements are based on a number of material factors and assumptions. Factors that could cause actual results to differ materially from those in forward-looking statements include failure to obtain necessary approvals, unsuccessful exploration results, changes in project parameters as plans continue to be refined, results of future resource estimates, future metal prices, availability of capital and financing on acceptable terms, general economic, market or business conditions, risks associated with regulatory changes, defects in title, availability of personnel, materials and equipment on a timely basis, accidents or equipment breakdowns, uninsured risks, delays in receiving government approvals, unanticipated environmental impacts on operations and costs to remedy same, and other exploration or other risks detailed herein and from time to time in the filings made by the companies with securities regulators. Readers are cautioned that mineral resources that are not mineral reserves do not have demonstrated economic viability. Mineral exploration and development of mines is an inherently risky business. Accordingly, the actual events may differ materially from those projected in the forward-looking statements. For more information on Stillwater Critical Minerals and the risks and challenges of their businesses, investors should review their annual filings that are available at www.sedar.com.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Vancouver, British Columbia–(Newsfile Corp. – September 11, 2023) – EMX Royalty Corporation (NYSE American: EMX) (TSXV: EMX) (FSE: 6E9) (the “Company” or “EMX”) announces that pursuant to the Company’s Stock Option Plan, incentive stock options (the “Options“) to purchase an aggregate of 1,464,000 common shares, exercisable at a price of C$2.55 per share for a period of five years, has been granted to officers, directors, employees and consultants of the Company.
In addition, the Company has granted an aggregate of 562,000 restricted shares units (“RSU“) with a 3-year cliff vesting provision to officers, directors, and key employees, subject to any applicable stock exchange approvals and vesting requirements. Each RSU will entitle the holder to acquire, for nil cost, between zero and 1.5 common shares of the Company, subject to the achievement of performance conditions relating to the Company’s total shareholder return, and certain operational milestones.
About EMX. EMX is a precious, base and battery metals royalty company. EMX’s investors are provided with discovery, development, and commodity price optionality, while limiting exposure to risks inherent to operating companies. The Company’s common shares are listed on the NYSE American Exchange and the TSX Venture Exchange under the symbol EMX, and also trade on the Frankfurt exchange under the symbol “6E9”. Please see www.EMXroyalty.com for more information.
For further information contact:
David M. Cole President and Chief Executive Officer Phone: (303) 973-8585 Dave@EMXroyalty.com
Scott Close Director of Investor Relations Phone: (303) 973-8585 SClose@EMXroyalty.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
APC-64 intersected 451.40 metres grading 2.67 g/t gold equivalent from near surface, including 98.50 metres @ 3.36 g/t gold equivalent in the sheeted CBM vein zone located above and contiguous to the Apollo porphyry system. On a gram x metre basis, APC-64 returned 1,206 g/t gold equivalent, which represents the second largest grade accumulation drilled to date at Apollo. The hole bottomed in mineralization with the final 10 metres grading 0.76 g/t AuEq.
APC-63 intersected 593.65 metres grading 1.69 g/t gold equivalent including 353.10 metres @ 1.39 g/t gold equivalent from surface in the same sheeted CBM vein zone before transitioning into the brecciated porphyry system. The hole bottomed in mineralization with the final 11.85 metres grading 0.75 g/t AuEq.
As a result of hole APC-63 and APC-64, the overall maximum known area of outcropping mineralization (combined brecciated porphyry and sheeted CBM vein zones) has expanded to 320 metres by 220 metres (previously 260 metres by 220 metres) and remains open for expansion to the north. New drill pads are nearing completion and are designed to test for extensions to the shallow mineralization, with drilling set to commence before the end of September 2023.
Drill hole APC-67 was designed to test Target 2 to the northeast of the Apollo system and cut significant shallow mineralization grading 53.55 metres @ 1.31 g/t gold equivalent from 109.25 metres down hole. Based on new modelling, the Company believes that this intercept is an extension to the Apollo system and as a result the maximum known strike length of the system has been increased by 65 metres and now measures 520 metres in strike (previously 455 metres) by 395 metres width by 915 metres vertical. Apollo remains open for further expansion in various directions.
Eleven new holes have been completed in the Apollo system with assays pending including APC-65 and APC-72, which cut long mineralized and continuous zones of the sheeted CBM vein system and the brecciated porphyry.
Ari Sussman, Executive Chairman commented: “The Apollo system continues to shine with the system continuing to expand. Our corporate strategy for the Guayabales project for the balance of 2023 and into 2024 is to focus on growth through the drill bit by looking to grow the sheeted vein and brecciated porphyry systems at Apollo and testing the six targets which surround it. In fact, we have already discovered new mineralization through reconnaissance drilling at Targets 1 and 2 with assay results outstanding for hole APC-68, which tested Target 3. Over the next few days, we will begin testing Target 6 for the first time and are excited about its potential given we have sampled oxidized mineralized sheeted CBM veins within a brecciated porphyry body at surface. Lastly, we have completed the initial two holes at the Plutus system’s northern corridor with a third hole about to start. It is a busy and exciting time for the Company with five drill rigs now operating at site.”
TORONTO, Sept. 7, 2023 /CNW/ – Collective Mining Ltd. (TSX: CNL) (OTCQX: CNLMF) (“Collective” or the “Company”) is pleased to announce assay results for four holes drilled at the Apollo area, which is part of the Guayabales project located in Caldas, Colombia. Apollo already hosts an outcropping high-grade, bulk tonnage copper-silver-gold porphyry system and six newly generated targets surrounding it. The porphyry system at Apollo owes its excellent metal endowment to an older copper-silver and gold porphyry system being overprinted by younger precious metal rich, carbonate base metal veins (intermediate sulphidation porphyry veins) within a magmatic, hydrothermal inter-mineral breccia and diorite porphyry bodies currently measuring 520 metres x 395 metres x 915 metres and open for expansion.
Details (See Table 1 and Figures 1-4)
This press release outlines results from four holes testing the Apollo system. Step out holes APC-63 and APC-64 were drilled northeastwards to test an upper zone of sheeted CBM veining and continued, directly below, within depth extensions to the main brecciated porphyry body. Exploratory holes APC-66 and APC-67 were drilled to test potential extensions to the Apollo system in previously undrilled areas in the northwest and at exploration Target 2 in the northeast.
APC-63 was drilled northeastwards from Pad 10 to a maximum downhole depth of 593.65 metres (557 metres vertical due to topography). The hole commenced in grade within oxides from surface and was drilled in continuous mineralization to the end of the hole. The first 353.10 metres downhole cut the recently discovered outcropping sheeted CBM vein zone located above the main brecciated porphyry body. The sheeted CBM vein zone hosts chalcopyrite, sphalerite, and galena up to 0.8% while the brecciated porphyry zone below consisted of sulphides filling the cement matrix hosting 0.2% chalcopyrite, 1.2% pyrite, 0.5% sphalerite, 0.3% galena and pyrrhotite (up to 0.7%). The hole bottomed in mineralization with the final 11.85 metres averaging 0.75 g/t gold equivalent with assay results as follows:
593.65 metres @ 1.69 g/t gold equivalent from surface (consisting of 1.46 g/t gold, 15 g/t silver and 0.03% copper) including:
APC-64 was drilled to the east-northeast from Pad 9 to a maximum downhole depth of 484.8 metres (435 metres vertical due to topography) and was designed to test the shallow, high grade, sheeted CBM zone and the main brecciated porphyry zone contiguous and below it. The drill hole intercepted 451.40 metres of continuous mineralization beginning at 33.40 metres downhole within the upper sheeted CBM vein zone for 98.50 metres with mineralization associated to sphalerite (up to 5%), galena (up to 3%), pyrite and chalcopyrite (up to 1%). Below this sheeted CBM zone, the hole transitioned into the brecciated porphyry zone until the end of the hole at 484.80 metres. At 309.40 metres downhole, a high-grade 70.95 metres long zone of brecciated porphyry with a strong CBM vein sulphide overprint was intercepted containing a sulphide cement matrix of chalcopyrite (0.5% to 1.5%), pyrite (up to 2%), pyrrhotite (up to 0.6%) and sphalerite and galena (up to 1%). The hole bottomed in mineralization with the final ten metres yielding 0.76 g/t gold equivalent. The following assay results are highlighted:
451.40 metres @ 2.67 g/t gold equivalent from 33.40 metres downhole (consisting of 1.48 g/t gold, 57 g/t silver and 0.26% copper) including:
As a result of holes APC-63 and APC-64, the zone of outcropping mineralization (combined brecciated porphyry and sheeted CBM vein zones), has expanded to 320 metres by 220 metres (previously 260 metres by 220 metres) and remains open for expansion to the north. New drill pads are nearing completion with drilling designed to test for further expansions to the shallow mineralization and scheduled to commence before the end of September 2023.
APC-66 was drilled steeply to the southwest from Pad 1 to a final downhole depth of 514.05 metres (503 metres vertical due to topography) and intercepted a much shallower projection to the brecciated porphyry zone in this area compared to what the model previously predicted. An upper zone at 245.20 metres downhole consists of 22.25 metres of CBM vein mineralization overprinting quartz diorite porphyry rock. A 101.05 metres zone of brecciated porphyry, commencing at 292.50 metres downhole, contains a sulphide cement matrix of chalcopyrite (0.1% to 0.2%), pyrite (up to 1.5%), pyrrhotite (up to 1.0%) and sphalerite (up to 0.3%). The following assay results are highlighted:
22.25 metres @ 0.51 g/t gold equivalent from 245.15 metres downhole (consisting of 0.28 g/t gold, 12 g/t silver and 0.04% copper), and
101.05 metres @ 0.87 g/t gold equivalent from 292.50 metres downhole (consisting of 0.62 g/t gold, 14 g/t silver and 0.04% copper) including:
APC-67 was drilled to the east from Pad 5 to test Target 2, located to the northeast of Apollo and which is one of the six recently generated new targets within the Apollo area. The hole was drilled to a downhole depth of 225.65 metres (149 metres vertical due to topography) and encountered 53.55 metres of mineralization from 109.25 metres downhole related to brecciated porphyry with its cement matrix consisting of chalcopyrite traces, pyrite (1.2%), sphalerite (1.0%) and galena (0.5%). Based on new interpretation by the Company, this intercept confirms an extension of the Apollo porphyry system to the northeast with maximum known dimensions now measuring 520 metres x 395 metres x 915 metres (previously 455 metres x 395 metres x 915 metres). The system remains open for expansion in the north, southeast and at depth with assay results as follows:
53.55 metres @ 1.31 g/t gold equivalent from 109.25 metres downhole (consisting of 1.13 g/t gold, 11 g/t silver and 0.02% copper) including:
Apollo Drill Program and Assay Update
The 2023 Phase II drilling program is advancing on schedule with assay results reported for 36 holes and an additional eleven holes awaiting assay results from the lab. Since the announcement of the discovery hole at Apollo in June 2022, a total of 67 drill holes (approximately 29,109 metres) have been completed and assayed.
With five diamond drill rigs now operating at site, the Company is focused on:
Expanding the Apollo porphyry system including depth extensions and high-grade sub-zones.
Further drill testing to expand the newly discovered, east-west trending, shallow and outcropping, sheeted CBM vein zone.
Testing the remaining three of six newly generated targets surrounding the Apollo porphyry system. Three targets have been drill tested to date with new mineralization being discovered at Targets 1 and 2 with assay results pending for a hole which tested Target 3.
Testing Plutus, a new large-scale porphyry target located up to 1.5 kilometres east of Apollo.
Generating new exploration targets for future drilling.
The Apollo 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 copper-silver-gold porphyry system. Mineralization styles include early-stage porphyry veins, inter-mineral brecciated porphyry mineralization and multiple zones of late stage, sheeted, carbonate-base metal veins with high gold and silver grades. The Apollo 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. (See press release dated April 18, 2023)
Results for holes outlined in this press release are summarized below:
Table 1: Assay Results for APC-63, APC-64, APC-66 and APC-67
Hole #
From (m)
To (m)
Length (m)
Au g/t
Ag g/t
Cu %
Mo %
AuEq g/t*
APC-63**
–
593.65
593.65
1.46
15
0.03
0.001
1.69
Incl
–
353.10
353.10
1.16
15
0.02
0.002
1.39
and incl
353.10
593.65
240.55
1.90
15
0.03
0.001
2.12
APC-64**
33.40
484.80
451.40
1.48
57
0.26
0.001
2.67
Incl
34.65
133.15
98.50
3.13
16
0.05
0.001
3.36
and incl
309.40
380.35
70.95
2.05
104
0.38
0.001
4.10
APC-66
245.15
267.40
22.25
0.28
12
0.04
–
0.51
And
292.50
393.55
101.05
0.62
14
0.04
0.001
0.87
Incl
348.10
362.25
14.15
0.89
19
0.04
0.001
1.21
and incl
384.00
393.55
9.55
2.27
39
0.10
0.005
2.96
APC-67
109.25
162.80
53.55
1.13
11
0.02
0.002
1.31
Incl
112.20
136.85
24.65
2.21
19
0.03
0.002
2.47
*AuEq (g/t) is calculated as follows: (Au (g/t) x 0.97) + (Ag g/t x 0.016 x 0.88) + (Cu (%) x 1.79 x 0.90)+ (Mo (%)*11.62 x 0.85) utilizing metal prices of Cu – US$3.85/lb, Ag – $24/oz Mo – US$25/lb and Au – US$1,475/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. True widths are unknown, and grades are uncut.
** Hole bottomed in strong mineralization
Figure 1: Plan View of Drill Holes Announced in this Release Highlighting the New Extensions of the Outcropping Zone of Sheeted CBM Vein Mineralization (CNW Group/Collective Mining Ltd.)
Figure 2: Cross Section Highlighting Hole APC-63 and the Sheeted CBM Vein Zone Above and Peripheral to the High-Grade Brecciated Porphyry (CNW Group/Collective Mining Ltd.)
Figure 4: Plan View of the Guayabales Project Highlighting the Apollo 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 Zijin Mining for approximately $2 billion in enterprise value, Collective Mining is a copper, silver, and gold exploration company with projects in Caldas, Colombia. The Company has options to acquire 100% interests in two projects located directly within an established mining camp with ten fully permitted and operating mines.
The Company’s flagship project, Guayabales, is anchored by the Apollo system, 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 portions of the Apollo system, continue to expand the overall dimensions of the system, which remains open in most directions and test newly generated grassroots targets.
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 TSX under the trading symbol “CNL” and on the OTCQX under the trading symbol “CNLMF”.
Qualified Person (QP) and NI43-101 Disclosure
David J Reading is the designated Qualified Person for this news release within the meaning of National Instrument 43-101 (“NI 43-101”) and has reviewed and verified that the technical information contained herein is accurate and approves of the written disclosure of same. Mr. Reading has an MSc in Economic Geology and is a Fellow of the Institute of Materials, Minerals and Mining and of the Society of Economic Geology (SEG).
Technical Information
Rock, soils and core samples have been prepared and analyzed at SGS laboratory facilities in Medellin, Colombia and Lima, Peru. Blanks, duplicates, and certified reference standards are inserted into the sample stream to monitor laboratory performance. Crush rejects and pulps are kept and stored in a secured storage facility for future assay verification. No capping has been applied to sample composites. The Company utilizes a rigorous, industry-standard QA/QC program.
Information Contact:
Follow Executive Chairman Ari Sussman (@Ariski73) and Collective Mining (@CollectiveMini1) on Twitter
FORWARD-LOOKING STATEMENTS
This news release contains “forward-looking information” within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking information 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 information. In this news release, forward-looking information relate, among other things, to: anticipated advancement of mineral properties or programs; future operations; 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 the direction of our business. Management believes that these assumptions are reasonable. Forward-looking information involves 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 information. 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 April 7, 2022. Forward-looking information 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 information 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 information.
Collective Mining Logo (CNW Group/Collective Mining Ltd.)
Burlington, Ontario–(Newsfile Corp. – September 7, 2023) – Silver Bullet Mines Corp. (TSXV: SBMI) (OTCQB: SBMCF) (‘SBMI’ or ‘the Company’) announces the continuation of mining operations at the Buckeye Mine in Arizona and a cash infusion.
The aberrant extremely hot weather continued in Arizona throughout most of August, preventing work from then being carried out at the mill or at the Buckeye Mine. The temperature on the concrete mill pad during this period on occasion exceeded 150 degrees Fahrenheit. Running the mill in such hot weather would have been a danger to the proper functioning of the equipment. Mining, whether during the day or at night, would have been an unacceptable safety risk to the field team.
The hot weather has finally abated and the Company is pleased to announce the continuation of mining operations at the Buckeye Mine. Processing material at the mill should continue within roughly one month.
SBMI has been advised by the United States Forest Service that in August, 2023 lightning caused a fire near the Buckeye Mine. The USFS graded the road leading to the Buckeye Mine to allow it to bring in equipment needed to fight the fire.
The annual taxes on the BLM lands comprising part of the Black Diamond property, which surrounds the Buckeye Mine, have been paid.
SBMI is pleased to announce it has entered into an agreement with an arm’s length third party (the “Investor”) for the amount of USD$350,000. This investment is structured as a loan having a five year term and a zero per cent interest rate. The first tranche of this investment is USD$225,000 which has been received by SBMI, and the second tranche of USD$125,000 is contemplated to be forwarded to SBMI five days after the first shipment of silver dore has been received by the Investor. The loan is secured by two pieces of equipment onsite in Arizona.
This relationship with the Investor should allow SBMI to better execute its business model, substantially increase its revenue and expand its operations.
The Investor carried out an extensive due diligence review on SBMI, including a site visit to the Buckeye Mine and the mill, and including metallurgy on sample dore bars from the Buckeye. As a result of such extensive review, the Investor has asked SBMI to work with it to advance other projects in which the Investor is involved. The first two such projects under consideration are in Arizona and Colorado. It is intended that SBMI will provide mining, metallurgical and processing services to the Investor using SBMI’s state-of-the-art milling infrastructure and facilities. The SBMI mill should be capable of handling any of the Investor’s products under consideration, and being modular, can be expanded to increase its capacity as required.
The Investor is also a potential purchaser of dore bars to be produced at the mill. As the relationship evolves, it is likely the Investor will become SBMI’s largest customer.
On July 7, 2023 SBMI announced the extension of the silver purchase agreement with the Purchaser described in its April 27, 2023 and May 4, 2023 press releases. Effective June 30, 2023, the Purchaser and SBMI verbally agreed to extend the term of such agreement to August 31, 2023, and worked towards reducing such verbal agreement to writing. The Purchaser and SBMI continue in good faith to try to reduce the June 30, 2023 verbal agreement to writing including a new extension date.
The test-run shipment of silver, as described in the Company’s June 14, 2023 press release, from SBMI to the Purchaser was received and tested by the Purchaser. The 102 ounces comprising the test-run contained dore bars consisting of varying amounts of silver, copper, and other materials. The Purchaser has tested the dore bars to determine what composition is best suited for its purposes.
As for further detail in the mining activities, the Company reached the Treasure Room in March, 2022. Higher grade material was found in the wall rock, and the Company’s intention at the time was to commence mining on the other side of the Treasure Room where the vein is clearly visible. Unfortunately, unsafe working conditions due to ceiling instability meant the Company could not cross the Treasure Room and instead had to mine around the Treasure Room into the diabase. This added roughly 150 feet of drifting through harder host rock. During this time, encouraging values were obtained from samples but were not of sufficient volume to run the mill efficiently.
Until paused by the unusual heat wave, such mining activity had advanced approximately 600 feet from the portal entrance to the Treasure Room, then around the Treasure Room, and then along the vein. The team now continues to drift along the vein towards a targetted area. The Company estimates that it is relatively close to drifting into historical drill holes which can be traced from the casings on surface. The Company’s information related to those historical drill holes and the historical assaying of them do not meet NI43-101 standards and cannot be disclosed.
In furtherance of its understanding of the vein and the host rock, a Lidar survey of the Buckeye Mine was recently carried out.
At some time in the future, the Company will return to the Treasure Room (once fully safetied) and will develop the lower levels where the Company believes there to be more higher grade material. The cost and timing of such activities have not been determined at this time.
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 ore; 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.
