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Base Metals Energy Granite Creek Copper Junior Mining Metallic Group

Granite Creek Copper Receives Final Metallurgical Results Demonstrating 88% Oxide Copper Recovery

VANCOUVER, BC / ACCESSWIRE / January 17, 2024 / Granite Creek Copper Ltd. (TSXV:GCX)(OTCQB:GCXXF) (“Granite Creek” or the “Company“) is pleased to announce significantly increased recovery of copper from oxide material at its Carmacks Copper-Gold-Silver project (“Carmacks Project” or the “Project“) was achieved through metallurgical studies conducted by Kemetco Research Inc. from (“Kemetco“).

The Company’s 2023 Preliminary Economic Assessment (“2023 PEA”) for the Project identified the opportunity to significantly increase net present value (“NPV”) by improving oxide recovery. Metallurgical testing completed on the project in support of the 2023 PEA showed that while a copper recovery of over 93% could be achieved via a well-established froth flotation technique for sulphide ore, only 39.8% copper recovery from oxide ore was achieved using the same process (see Table 1 for summary of flotation results). The current test results show a total recovery of 88% for oxide material is possible, an increase of 48% over the PEA base case (Tables 1 and 2). These results will have a significant impact on the economics for the project as the PEA identified an additional $180 M of NPV5% value by increasing life of mine average recovery for copper from 64% to 77%. With sulfide recoveries of 93.7% identified in the PEA and combined oxide recoveries (initial flotation + leaching and precipitate) of 88% the potential recoveries for copper are well above the 77% target level highlighted in the 2023 PEA.

The current mine plan as outlined in the 2023 PEA contemplates processing material with a high oxide content of up to 80% oxide ore in the first five years of the mine life. During this time over 8.4 million tonnes of oxide material would be processed versus 2.88 million tonnes of sulphide material. An increase in recovery of oxide material for the first five years of mine life, as demonstrated in these test results, would have a potentially very significant impact on project economics.

Kemetco Research Inc. was retained to complete testing on tailings produced in previous metallurgical work to develop a process for treating material that will have passed through the mill and still have significant oxide copper minerals present (See Figure 1 for simplified flow sheet). This laboratory test program showcased the efficacy of copper recovery from Carmacks copper oxide flotation tailings through a low-concentration acid leach at ambient temperature and pressure followed by chemical precipitation of copper minerals. The precipitation of copper sulphide (“CuS”) from the resulting leachate was shown to be an effective method of fully recovering the leached copper from solution, yielding a very high-grade CuS precipitate that would be added to the copper concentrate further increasing the copper grade of the high-quality concentrates from the project. For reference the PEA estimated an average concentrate grade of 40% copper with significant gold and silver credits.

Figure 1: Simplified Flow Sheet

Results of this testing are outlined below:

  • Acid leaching was able to extract as much as 80% of the remnant copper present in a composite prepared from Carmacks copper oxide flotation tailings.
  • Copper in precipitates varied, but in most tests approached the theoretical grade of pure CuS which grades 66.5% Cu. High grades were obtained without pH adjustment.
  • This testing shows a total copper recovery from oxide material of 88% with Initial Flotation recovery of 39.8% + Leach and Precipitate recovery of 48% (80% of the remnant copper).
  • Adding Sodium hydrosulphide (“NaHS”) solution resulted in up to 100% precipitation of copper from leach solutions, offering a promising avenue for further refinement. Hydrogen sulphide gas was equally effective as a sulphide source for copper precipitation.
  • In all tests, the precipitation of CuS resulted in a drop in pH as free acid was regenerated as a by-product of the precipitation reaction, creating the potential to reuse/recycle the regenerated acid.

Table 1 Summary of flotation testing results and average values used in PEA.

Recovery %
SampleCuAuAg
Sulphide Sample Flotation193.769.078.4
Oxide Sample Flotation239.857.537.4
Total Oxide Recovery (Initial Flotation + Leach and Precipitate)88.0N/AN/A
PEA LOM Base Case364.05860
PEA Target Case4> 775860
  1. Sulphide flotation testing completed by SGS prior to PEA study see news release dated January 10, 2023.
  2. Oxide flotation testing completed by SGS prior to PEA study see news release dated January 10, 2023.
  3. Calculated LOM average recovery based on a regression curve dependant on oxide content.
  4. Projected PEA target based on achieving a 20% increase in oxide recovery LOM.

Table 2 2023 – PEA Copper Recovery Sensitivity Table

Copper Recovery SensitivityPEA BASETarget1
Pre-Tax NPV (5-10% Discount)Overall recovery51%58%64%70%77%
Sensitivity Range80%90%100%110%120%
5%$136.6M$231.3M$324.1M$416.6M$509.6M
6%$122.2M$209.4M$269.6M$383.8M$471.0M
7%$107.3M$189.4M$271.5M$353.6M$453.6M
8%$93.8M$171.1M$248.4M$325.8M$403.1M
9%$81.4M$154.3M$227.3M$300.2M$373.2M
10%$70.1M$139.0M$207.8M$276.7M$345.6M
  1. Based on a recovery of 93.7% for sulphide and 88% for oxide this would exceed the PEA LOM 77% target

About the Carmacks Deposit:

The road accessible Carmacks deposits hosts a NI 43-101 resource consisting of 36.2 Mt M&I, grading 1.07% CuEq 0.81% Cu, 0.31 g/t Au, 3.41 g/t Ag (see news release January 19, 2023). The deposit was the subject of a positive PEA released in January 2023 that envision a 9-year mine life based on a mill capable of processing 7,000 t/d of combined oxide and sulfide ore. The resources are contained within three conceptual open pits and are open for expansion.

Contained Copper in Measured and Indicated Resources

147 Pit 280 Mlbs copper in oxide
126 Mlbs copper in sulfide

2000 Pit 10.5 Mlbs copper in oxide
51.3 Mlbs copper in sulfide

1213 Pit 35.4 Mlbs copper in oxide
122.3 Mlbs copper in sulfide

Tim Johnson, President & CEO stated, “The 2023 PEA, a major milestone for the Company, identified several opportunities for the Project including increased recovery, resource expansion and additional mine and process optimisation. The unlocking of additional value through the improved oxide recovery that this testing represents, especially in the early years of mine life, has the potential to add significantly to the NPV of the project. These results could allow for re-evaluation of resources that didn’t make it into the mine plan due to lower grades or assumed recoveries. The process being developed by the company also has the possibility of being used in other parts of the Minto Copper belt where oxidized or partially oxidized (POX) copper ores have not been processed by other operators.”

Corporate Update

Granite Creek announces the appointment of Susan Henderson as Corporate Secretary. In this role, Ms. Henderson will play a crucial role in overseeing and managing corporate governance matters, ensuring compliance with regulatory requirements, and serving as a key liaison between the company and its stakeholders. She brings her extensive experience in the mining industry, making her well-suited to contribute to Granite Creek’s continued success. The board and executive team are confident in her ability to navigate the complex landscape of corporate governance and provide valuable insights.

Qualified Persons

Mr. Douglas Warkentin, P.Eng., a Qualified Person for the purposes of National Instrument 43-101, has reviewed and approved the technical disclosure related to metallurgical testing contained in this news release. Mr. Warkentin is a Senior Metallurgist with Kemetco Research and an advisor to the Company.

The NI 43-101 technical report entitled CARMACKS PROJECT PRELIMINARY ECONOMIC ASSESMENT (PEA) YUKON, CANADA, referenced in this news release is available on the company’s website as well as on SEDAR under the company’s profile.

2023 PEA: The Company cautions that the results of the PEA are preliminary in nature and do not include the calculation of mineral reserves as defined by NI 43-101. There is no certainty that the results of the PEA will be realized.

About Granite Creek Copper

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

FOR FURTHER INFORMATION PLEASE CONTACT:

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

Forward-Looking Statements

Forward Looking Statements: This news release includes certain statements that may be deemed “forward-looking statements”. All statements in this release, other than statements of historical facts including, without limitation, statements regarding potential mineralization, historic production, estimation of mineral resources, the realization of mineral resource estimates, interpretation of prior exploration and potential exploration results, the timing and success of exploration activities generally, the timing and results of future resource estimates, permitting time lines, metal prices and currency exchange rates, availability of capital, government regulation of exploration operations, environmental risks, reclamation, title, and future plans and objectives of the company are forward-looking statements that involve various risks and uncertainties. Although Granite Creek Copper believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Forward-looking statements are based on a number of material factors and assumptions. Factors that could cause actual results to differ materially from those in forward-looking statements include failure to obtain necessary approvals, unsuccessful exploration results, changes in project parameters as plans continue to be refined, results of future resource estimates, future metal prices, availability of capital and financing on acceptable terms, general economic, market or business conditions, risks associated with regulatory changes, defects in title, availability of personnel, materials and equipment on a timely basis, accidents or equipment breakdowns, uninsured risks, delays in receiving government approvals, unanticipated environmental impacts on operations and costs to remedy same, and other exploration or other risks detailed herein and from time to time in the filings made by the companies with securities regulators. Readers are cautioned that mineral resources that are not mineral reserves do not have demonstrated economic viability. Mineral exploration and development of mines is an inherently risky business. Accordingly, the actual events may differ materially from those projected in the forward-looking statements. For more information on Granite Creek Copper and the risks and challenges of their businesses, investors should review their annual filings that are available at www.sedar.com.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE: Granite Creek Copper Ltd.



View the original press release on accesswire.com

Categories
Base Metals Energy Junior Mining Metallic Group Metallic Minerals Precious Metals

Metallic Minerals Drills 46 Meters of 256 g/t Ag Eq including 3.3 Meters at 1,413 g/t Ag Eq at the Formo Target, Keno Silver Project in Yukon, Canada

VANCOUVER, BC / ACCESSWIRE / January 10, 2024 / Metallic Minerals Corp. (TSXV:MMG)(OTCQB:MMNGF) (“Metallic Minerals” or the “Company”) is pleased to announce results from its fall 2023 exploration drilling campaign at the Company’s 100%-owned, 171 square kilometer (“km2″) Keno Silver project, adjacent to Hecla Mining (“Hecla”) in the high-grade Keno Hill silver district of Canada’s Yukon Territory. The 2023 exploration program included 1,112 meters (“m”) in four diamond drill holes focused on expansion of the Formo target in the West Keno area, which is on trend with the 100 million-ounce (“Moz”) historic Hector-Calumet mine controlled by Hecla.

Drill hole FOR23-03 represents one of the best intercepts to date for the Keno Silver project, returning grades of 256 grams per tonne (g/t) silver equivalent recovered (“Ag Eq”) over 46 m. This is also the deepest intercept to date on the Formo vein structure (only 275 m vertically from surface) and mineralization remains fully open down dip and along strike. Formo is anticipated to be one of the highest grade and largest contributors to the forthcoming inaugural NI-43-101 mineral resource estimate for the Keno Silver project, currently nearing completion by SGS Geological Services.

2023 West Keno Exploration Highlights

  • High-grade silver (“Ag”), lead (“Pb”), zinc, (“Zn”) and significant gold (“Au”) mineralization was encountered in all four 2023 drill holes (See Table 1) which will contribute to the pending NI 43-101 Mineral Resource Estimate for the project.
  • Both high-grade Ag-Au-Pb-Zn vein-style mineralization and broader zones of bulk tonnage Ag-Au-Pb-Zn mineralization comprised of high-grade vein intervals and associated stringers and stockwork veining were encountered.
  • FOR23-03 returned 256.8 g/t Ag Eq (99.1 g/t Ag, 0.52 g/t Au, 0.65% Pb, 2.62% Zn) over 46.05 m with multiple internal higher-grade zones including, 3.3 m of 1,413.45 g/t Ag Eq (562.4 g/t Ag, 0.20 g/t Au, 2.35% Pb and 20.3% Zn). The bulk tonnage interval of this hole represents one of the highest gram-meter (g/t Ag Eq x interval thickness) intervals on the Keno Silver project to date, and extended mineralization by 140 m from the nearest 2022 and historic drill holes.
  • FOR23-04, a large step-out hole, drilled nearly 250 m west of the nearest Formo vein drilling, returned four separate silver-dominant vein structures of considerable width providing additional confirmation of the potential for on-strike expansion of the Formo target.
  • The Formo target remains open to further expansion, down-dip and on-trend, and shows potential for new discoveries within the Formo property footprint.

Metallic Minerals President, Scott Petsel, stated, “The Formo target is an exciting, advanced exploration stage “resource-ready” target with significant room to grow featuring both high-grade and bulk mineable widths that make it amenable to lower-cost mining methods. The Formo target is ideally located near infrastructure as it is adjacent to the Silver Trail highway (Highway 11) and power lines that feed the central Keno Hill mill. It also directly adjoins Hecla’s Keno Hill property, where Hecla is actively mining the nearby Bermingham mine. We are excited to be able to include these new drill results in our upcoming inaugural resource for the Keno Silver project as these results at Formo continue to demonstrate our ability to build a significant resource base for the project. The resource estimate is expected to be complete in Q1 2024.”

“In addition, the Company looks forward to meeting with interested investors at the upcoming Vancouver Resource Investment Conference, AMEBC Mineral Roundup and Prospectors and Developers annual conferences where Metallic Minerals has been invited to display drill core from its 2023 exploration programs at La Plata and Keno Silver. We anticipate reporting additional results from the Keno Silver project and La Plata projects over the next few weeks.”

Upcoming Events

Vancouver Resource Investment Conference (VRIC)
Metallic Minerals and fellow Metallic Group members, Granite Creek Copper and Stillwater Critical Minerals, in Booth #112 at the 2024 VRIC event, January 21 and 22, 2024. For more information click here.

AMEBC Mineral Roundup Core Shack
Metallic Minerals will be displaying core from the 2023 drill season at the upcoming AMEBC Mineral Roundup event held in Vancouver, BC January 22 to 25, 2024. For more information click here.

Prospectors and Developers Association of Canada Annual Convention (PDAC)
Metallic Minerals will be displaying core from the 2023 drill season at the La Plata project during the PDAC convention held in Toronto, March 3 to 6, 2024. For more information click here.

Table 1 – Highlights of 2023 Drill Results from the West Keno – Formo Target Area

DDH Hole IDFrom (m)To (m)Length (M)Recovered Ag Eq (g/t)Ag (g/t)Au (g/t)Pb (%)Zn (%)
FOR23-001148.74149.430.69499.233.66.200.000.01
and196.9521518.05234.45121.40.051.222.06
including196.95198.91.95513.39300.30.072.713.74
also incl208.42145.6478.25241.00.102.414.43
with208.4211.22.8687.57367.90.184.025.37
FOR23-002172.3173.351.0567.043.50.790.010.01
and2182213131.4251.90.380.351.07
incl218.75219.751277.81137.00.000.963.08
FOR23-003239.9528646.05256.8299.10.520.652.62
including239.35263.6523.7462.37176.01.01.134.67
with239.35245.55.5406.5746.64.070.490.60
and with255.8263.657.85899.27392.40.132.0611.68
including260.35263.653.31,413.45562.40.202.3520.30
with260.75261.50.751,411.76994.00.033.017.36
and with262.05263.651.61,769.44416.00.392.6432.32
and2842862302.55116.50.031.074.07
FOR23-004122124.462.4676.6243.70.110.330.43
and153.5154.10.6284.52154.00.091.672.14
and177.51835.572.9561.20.000.280.18
including179180.751.76144.67130.00.000.460.21
and300.33010.783.265.60.970.010.00

Notes to reported values:

  1. Ag equivalent is presented for comparative purposes using conservative long-term metal prices (all USD): $22.0/oz silver (Ag), $1,850/oz gold (Au), $1.00/lb lead (Pb), $1.40/lb zinc (Zn).
  2. Recovered Silver Equivalent in Table 1 is determined as follows: Ag Eq g/t = [Ag g/t x recovery] + [Au g/t x recovery x Au price/ Ag price] + [Pb % x 10,000 x recovery x Pb price / Ag price] + [Zn% x 10,000 x recovery x Zn price / Ag price].
  3. In the above calculations: 1% = 10,000 ppm = 10,000 g/t.
  4. The following recoveries have been assumed for purposes of the above equivalent calculations: 95% for precious metals (Ag/Au) and 90% for all other listed metals, based on recoveries at similar nearby operations.
  5. Intervals are reported as measured drill intersect lengths and do not represent true width.

Figure 1. Keno Silver District Geology and Deposits

West Keno and the Formo Target Area
The Western Keno Hill district is host to the largest historic production and current resources in the prolific Keno Hill silver district. The Formo target is located at the intersection of a north-easterly structural zone extending from the Hector-Calumet mine, which was the largest producer in the district producing nearly 100 million ounces of silver and the Elsa structural trend, which was the second largest silver producer in the district (see Figure 2).

The Formo property, which includes the historic Formo Mine, was acquired by Metallic Minerals in 2017. The historic Formo mine produced high-grade silver at various times since the 1930s from high-grade vein structures that graded over 1,000 g/t silver1. Significant underground exploration drifts were developed in the 1950s with most of the historic production from an open pit located alongside of the Silver Trail highway between the Elsa townsite and Keno City and last mined in the 1980s.

The primary Formo vein structure is exposed at surface in an open cut. Multiple veins have been encountered in the target area that demonstrate an association with Triassic greenstones in the Earn group schist, similar to the Sadie Ladue deposit which produced 12.7 Moz silver at a grade of 1,620 g/t Ag1. In addition to the mineralization at the known Formo target, two new surface targets have been identified through soil and rock sampling along the same structural corridors that show potential to host high-grade and bulk tonnage Keno-style Ag-Au-Pb-Zn veins on the Formo property (Figure 2).

Since 2020, Metallic Minerals has drilled 26 holes (4,419 m) at the Formo target building on the six core holes and 54 percussion holes drilled by previous owners between 1980 and 1981. The Formo target is open to significant expansion down dip and along trend with several newly identified targets for drill testing (Figure 2 and 3 below).

Figure 2 – West Keno and Formo Target Plan Map

Figure 3 – Formo Target Cross Section (Looking East)

Pending 43-101 Mineral Resource Estimate for Keno Silver Project
The upcoming inaugural independent 43-101 mineral resource estimate is focused on four initial deposits across the Keno Silver project, including: Formo, Caribou, Fox and Homestake. These four deposits are the most advanced of over 40 identified target areas, each of which is characterized by a kilometric scale Ag in soil anomaly, exposed outcropping high-grade veins, and varying levels of exploration activity or historic production. Metallic Minerals has completed 165 drill holes totalling 18,983 m of combined reverse circulation and diamond core drilling at the Keno Silver project since 2017 on a total of 11 targets, all of which have returned encouraging results. The four most advanced “resource-ready” targets will be part of the upcoming mineral resource estimate being completed by SGS Geological Services and include:

  • Formo Target – In the West Keno District, it demonstrates potential for lower-cost bulk tonnage mining or high-grade selective methods with drill highlights including:
    • Hole FOR22-04 – 20.87 m @ 220.5 g/t Ag Eq (144.6 g/t Ag, 0.70% Pb, 1.59% Zn), and 1.63 m @ 1,487.19 g/t Ag Eq (1,049 g/t Ag, 4.21% Pb, 9.45% Zn)
    • Hole FOR21-05 – 19.8 m @ 216.26 g/t Ag Eq (70 g/t Ag, 0.41 g/t Au, 0.30% Pb, 2.07% Zn) and 0.7 m @ 1,405 g/t Ag Eq (421.0 g/t Ag, 0.15 g/t Au, 1.53% Pb, 24.2% Zn)
    • Hole FOR20-003 – 3.0 m @ 2,954.52 g/t Ag (1,568 g/t Ag, 29.45% Pb, 1.35% Zn)
  • Caribou Target – In the Central Keno target area the Caribou target historically produced very high-grade material from a shallow surface pit grading more than 6,000 g/t silver.
  • Fox Target – Discovered by Metallic Minerals in 2020 in the East Keno target area, the Fox target is characterized as a newly recognized bulk tonnage style of mineralization with shallow-dipping sheeted vein sets up to 177 m in width. Drilling since 2020, has defined a bulk-tonnage mineralized block over 300 m along strike and 150 m down-dip from surface which is open in all directions.
  • Homestake Target – A historic producer, the Homestake target in the Central Keno area is fractally spatial with the districts’ giant past producers and current resources (Silver King, Elsa, Bermingham, Hector Calumet, Flame & Moth and Bellekeno) near the contact of the Keno Hill Quartzite and Sourdough Hill formations. With only 88 drill holes (slightly over 5000 m of drilling), and a strike length over 2 km the Homestake target represents considerable resource opportunity and exploration potential.

Metallic Minerals sees considerable opportunity for resource growth from target expansion and new discovery with the further systematic application of exploration, including the expansion of detailed soil geochemical grids, “resource-ready” target expansion through drilling and reconnaissance drilling of early-stage targets.

About Metallic Minerals
Metallic Minerals Corp. is 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 silver3. 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 (acquired by Newmont Mining in 2023) 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 early 2024, with an 1,112-meter expansion drill program completed at the Formo target during fall of 2023.

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.

Footnotes:

  1. Cathro, R. J., Great Mining Camps of Canada 1. The History and Geology of the Keno Hill Silver Camp, Yukon Territory. Geoscience Canada, Sept. 2006. ISSN 1911-4850.
  2. Alexco Resource Corp Technical Report, titled “NI 43-101 Technical Report on Updated Mineral Resource and Reserve Estimate of the Keno Hill Silver District” with an effective date of April 1, 2021, and issue date of May 26, 2021.
  3. See news release dated July 31, 2023. The Mineral Resource has been estimated in conformity with CIM Estimation of Mineral Resource and Mineral Reserve Best Practices Guidelines (2019) and current CIM Definition Standards. The constrained Mineral Resources are reported at a base case cut-off grade of 0.25% Cu Eq, based on metal prices of $3.75/lb Cu and $22.50/oz Ag, assumed metal recoveries of 90% for Cu and 65% for Ag, a mining cost of US$5.30/t rock and processing and G&A cost of US$11.50/t mineralized material. The current Mineral Resources are not Mineral Reserves as they do not have demonstrated economic viability. The quantity and grade of reported Inferred Resources in this Mineral Resource Estimate are uncertain in nature and there has been insufficient exploration to define these Inferred Resources as Indicated or Measured. However, based on the current knowledge of the deposits, it is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.

FOR FURTHER INFORMATION, PLEASE CONTACT:
Website: www.mmgsilver.com Phone: 604-629-7800

Email: cackerman@mmgsilver.com Toll Free: 1-888-570-4420

Qualified Person
The disclosure in this news release of scientific and technical information regarding exploration projects on Metallic Minerals’ mineral properties has been reviewed and approved by Taylor Haid, P. Geo, Project Manager for TruePoint Exploration, who is a Qualified Person as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”).

Quality Assurance / Quality Control
All samples were prepared by Bureau Veritas’ (BV) Whitehorse, Yukon facility and geochemically analyzed at the BV laboratory in Vancouver, British Columbia. All samples were prepared using BV code PRP70-250, which crushed, split, and pulverized 250 grams of core to 200 mesh pulps. These pulps were then analyzed by 37 Element 1:1:1 Aqua Regia Digestion followed by Inductively Coupled Plasma Mass Spectrometry (ICP-ES/MS) analyses (BV Code AQ202). Over-limit silver, lead, and zinc samples were further analyzed with multi-acid digestion and atomic absorption spectrometry (BV Code MA404). Samples with over-limit gold (and silver when over-limit was reached via multi-acid) were re-analyzed using a 30-gram fire assay fusion with gravimetric finish (BV Code FA530).

All results have passed the QAQC screening by the lab and the company utilizes a quality control and quality assurance protocol for the project, including insertion of blanks, duplicates, and certified reference materials approximately every tenth sample. Certified reference materials were acquired from OREAS North America Inc. of Sudbury, Ontario, and CDN Resource Laboratories Ltd. Of Langley, British Columbia for the 2023 drill program at the Keno Silver project.

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.

SOURCE: Metallic Minerals Corp.



View the original press release on accesswire.com

Categories
Base Metals Energy Junior Mining Metallic Group Metallic Minerals Precious Metals

Metallic Minerals Completes 2023 Exploration Program at the La Plata Project in Colorado, USA

VANCOUVER, BC / ACCESSWIRE / December 13, 2023 / Metallic Minerals Corp. (TSXV:MMG)(OTCQB:MMNGF) (“Metallic Minerals” or the “Company”) is pleased to announce the completion of 2023 field activities at the Company’s La Plata copper-silver-gold-PGE project in southwestern Colorado, USA. The 2023 exploration program included 4,530 meters in four diamond drill holes focused on expanding the current mineral resource and testing extensions of strong porphyry-style mineralization encountered in 2022 drill hole LAP22-04. LAP22-04 intercepted 816 meters of continuous mineralization grading 0.41% copper equivalent with significant intervals of higher-grade mineralization. Assays are pending with results expected in early 2024, which will provide the basis for an update to the current mineral resource estimate of 1.2 billion pounds copper and 17.6 million ounces of silver1 as announced in July 2023. Additional field activities included detailed geologic mapping, surface rock and soil sampling, airborne and drill core hyperspectral surveys.

The 2023 field campaign was funded by a strategic equity investment announced in May 2023 whereby Newmont Mining (previously Newcrest Mining Limited) acquired a 9.5% ownership position in Metallic Minerals with the goal of accelerating advancement of the La Plata project.

Highlights

  • Drilling totalled 4,530 meters in four resource expansion drill holes ranging from 965 meters in depth to 1,350 meters in hole LAP23-06, which is the deepest hole to date in the project.
  • All four drill holes intersected porphyry style mineralization over their entire lengths with varying levels of visible copper sulphides and vein density (see Figures below).
  • Drilling in 2023 has extended mineralization to more than 1.5 kilometers vertically starting at surface and is anticipated to allow for inclusion of both gold and platinum group elements in future mineral resource estimates along with copper and silver.
  • An advanced airborne hyperspectral survey covering 157 square kilometers (453-line km) was completed by SpecTIR in the visible (“VNIR”) to shortwave infrared (“SWIR”) and longwave infrared (“LWIR”) spectra (949 total bands) allowing for detailed mineral and alteration mapping across the entire district.
  • Scanning of 3,848 meters of drill core was completed by GeologicAI providing hi-resolution RGB digital photography, laser profilometry using LIDAR, VNIR and SWIR hyperspectral imagery and x-ray fluorescence, allowing for detailed characterization of mineralization and alteration within the Allard deposit.
  • Expansion of project surface sampling included 667 additional soil samples and 275 rock samples in conjunction with detailed geologic surface mapping both inside and outside of the Allard resource area. This work has identified a number of new high priority target areas for follow up exploration and has expanded the known surface footprint of the Allard mineral system.

Scott Petsel, Metallic Minerals’ President, stated, “We are excited to have completed our largest drill and field program to date at La Plata with the collaboration of our strategic investor, Colorado based Newmont Corporation (NYSE:NEM), which recently acquired Newcrest Mining. This year’s drilling was designed to expand the existing resource at the Allard deposit and to develop vectors towards the strongest mineralized parts in the system. Full results are pending, and the Company anticipates final assays to be reported in early 2024.

The Allard deposit remains open to significant expansion to the east, north and west and at depth. With the drilling this year, we anticipate adding gold, platinum and palladium to the current copper and silver resource. In addition, our work this season on the broader project has identified several new high-priority targets outside of the Allard resource area, highlighting the potential for new discoveries of both additional copper porphyry centers, as well as high-grade epithermal silver and gold systems.

With the projected strong and growing need for new copper production in the US and global markets over the coming decades, projects like La Plata that are located in stable geopolitical locations that can be developed responsibly to first-world standards, are going to be in very high-demand. It is still early days at La Plata, but we already see the potential for a leading, long-life opportunity in the production of copper, silver, gold and other critical minerals in the USA. We look forward to providing further updates on La Plata and our high-grade Keno Silver project in the Yukon and to displaying drill core at both the AMEBC Roundup and PDAC core shacks in Q1 2024.”

Upcoming Events

Vancouver Resource Investment Conference (VRIC)

Metallic Minerals and fellow Metallic Group members, Granite Creek Copper and Stillwater Critical Minerals, in Booth #112 at the 2024 VRIC event, January 21 and 22, 2024. For more information click here.

AMEBC Mineral Roundup Core Shack

Metallic Minerals will be displaying core from the 2023 drill season at the upcoming AMEBC Mineral Roundup event held in Vancouver, BC January 22 to 25, 2024. For more information click here.

Prospectors and Developers Association of Canada Annual Convention (PDAC)

Metallic Minerals will be displaying core from the 2023 drill season at the PDAC convention held in Toronto, March 3 to 6, 2024. For more information click here.

Figure 1 – Cross section through Allard Resource Area with new drill holes 23-05 and 23-06 (see Figure 2 for plan map)

Figure 2 – Plan map showing new drill holes 23-07 and 23-08.

Figure 3 – Core photos of Hole LAP23-05 from 425 m to 433 m showing an example of strong porphyry style mineralization including multi-phase veining and strongly disseminated copper sulphides.

Figure 4 – Core photo detail of from red outline above in Figure 3 showing the intensity of copper sulphides including chalcopyrite and bornite.

About Metallic Minerals

Metallic Minerals Corp. is 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 (acquired by Newmont Mining in 2023) to accelerate the advancement of the Company’s La Plata project. The 2023 Fraser Institute’s Annual Survey of Mining Companies, ranked Colorado 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 early 2024, with an 1,111-meter expansion drill program completed at the Formo target during fall of 2023.

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.

FOR FURTHER INFORMATION, PLEASE CONTACT:

Website: www.mmgsilver.com
Email: cackerman@mmgsilver.com
Phone: 604-629-7800
Toll Free: 1-888-570-4420

1) See news release dated July 31, 2023. The Mineral Resource has been estimated in conformity with CIM Estimation of Mineral Resource and Mineral Reserve Best Practices Guidelines (2019) and current CIM Definition Standards. The constrained Mineral Resources are reported at a base case cut-off grade of 0.25% copper equivalent, based on metal prices of $3.75/lb Cu and $22.50/oz Ag, assumed metal recoveries of 90% for Cu and 65% for Ag, a mining cost of US$5.30/t rock and processing and G&A cost of US$11.50/t mineralized material. The current Mineral Resources are not Mineral Reserves as they do not have demonstrated economic viability. The quantity and grade of reported Inferred Resources in this Mineral Resource Estimate are uncertain in nature and there has been insufficient exploration to define these Inferred Resources as Indicated or Measured. However, based on the current knowledge of the deposits, it is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.

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.

SOURCE: Metallic Minerals Corp.



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Base Metals Energy Junior Mining Metallic Group Precious Metals Stillwater Critical Minerals

Stillwater Critical Minerals Identifies Multiple New Sulphide-Rich Mineralized Structures in Resource Expansion Drilling at Stillwater West

VANCOUVER, BC / ACCESSWIRE / December 5, 2023 / Stillwater Critical Minerals Corp. (TSXV:PGE)(OTCQB:PGEZF) (the “Company” or “Stillwater”) is pleased to provide an update on diamond drilling completed at the Company’s flagship Stillwater West Ni-PGE-Cu-Co + Au project in Montana in 2023, and other initiatives.

<i>Figure 1 - Significant sulphide mineralization in hole CM2023-06 from approximately 865 to 888 feet (263.7 to 270.7 meters) depth as part of a broader mineralized interval from approximately 841 to 919 feet (256.4 to 280.1 meters) depth which tested a large and previously untested geophysical anomaly.</i>
Figure 1 – Significant sulphide mineralization in hole CM2023-06 from approximately 865 to 888 feet (263.7 to 270.7 meters) depth as part of a broader mineralized interval from approximately 841 to 919 feet (256.4 to 280.1 meters) depth which tested a large and previously untested geophysical anomaly.More

Highlights – Stillwater West

  • The 2023 drill campaign focused on expansion of the NI 43-101-compliant resources, announced on January 25, 2023 (the “2023 Resource”), with particular focus on expanding recent high-grade discoveries at Chrome Mountain at the west end of the nine-kilometer-long resource area.
  • Six holes totaling 2,310 meters were completed within and outside of the current resource area, west and south of the current DR-Hybrid deposit, as part of a planned multi-phase program.
  • Multiple new mineralized zones were intercepted (see Figure 1 above and September 12, 2023, release).
  • Results include identification and expansion of the N series of sulphide-rich mineralized structures parallel to high-grade nickel sulphide mineralization first discovered by the Company in drill holes CM2021-05 and CM2020-04.
  • Drilling in 2023 intercepted the N2 and N3 mineralized zones in parallel to high-grade mineralization in CM2021-05, which is now known as N1. As reported May 3, 2022, N1 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 is contained within 400.8 meters of continuous battery and precious metal mineralization.
  • N series structures and associated high-grade mineralization are now understood to be part of a series of north-south trending structures that crosscut the layered sequence and Platreef-style mineralization of the Stillwater Igneous Complex.
  • Drilling also confirmed nickel and copper sulphide mineralization in a large and previously untested geophysical anomaly which forms part of a string of untested anomalies extending over 12 kilometers along strike.
  • All core has now been submitted to the lab for assay with results expected over the coming weeks.
  • Mineralized zones were predicted by the updated exploration model, demonstrating the Company’s success in advancing the first ever detailed geologic model of the lower Stillwater Igneous Complex.
  • The 2023 drill campaign is the first campaign funded by the strategic investment made by Glencore PLC in June 2023, and 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 of Exploration.
  • Drilling for 2024 is now being planned to continue expansion around known mineralization at the existing resource areas, at recent discoveries including the N series structures, and also more broadly across the 32-kilometer-long project.

Michael Rowley, Stillwater President and CEO, stated, “We continue to advance new sulphide-rich discoveries at our flagship Stillwater West project as we apply geologic models from South Africa’s giant polymetallic nickel sulphide mines to similar geology at our Stillwater West project. Recent work is identifying additional styles of mineralization, and we look forward to expanding further on these exciting developments as they advance. Overall, the Stillwater district remains underexplored – and therefore wide open for significant expansion of known mineralization – despite having produced critical and strategic minerals such as nickel, copper, palladium, platinum and chrome for over a century. We look forward to reporting assay results and providing updated analysis as we work with our partners at Glencore PLC and the US Geological Survey to advance primary domestic supply of nine of the commodities identified as critical by the US Government. Additional news is expected from our Kluane and Drayton-Black Lake projects, carbon sequestration studies, and other initiatives including continued work on government funding channels.”

Dr. Danie Grobler, Stillwater Vice-President of Exploration, said “Drilling in 2023 focused on intersecting several of the north-south trending high-grade and high-tenor nickel sulphide mineralized N-structures recognized during the 2022 field season. A 100% target intercept rate was achieved due to predictability and good correlation of the N-structure orientations within the 3D structural model developed by the team including results from a 2023 ground magnetic survey across Chrome Mountain. The first two holes intersected both of the sulphide-rich N1 and N2 structures at shallow depth. Drillhole CM2023-03 intersected an approximately 20-meter-thick zone of nickel sulphide mineralization at a depth of 223 meters from surface. All three of these holes also intersected a PGE+Ni+Cu mineralized pegmatoidal pyroxenite layer at its predicted position within the geological model. Drillhole CM2023-04 intersected disseminated, net-textured to semi-massive nickel sulphide mineralization from approximately 100 to 180 meters depth. In addition to the above, drillholes CM2023-05 and CM2023-06 both intersected zones of net-textured to semi-massive nickel and copper sulphide mineralization associated with a previously untested large shallow electromagnetic anomaly at Chrome Mountain. This anomaly forms part of a string of untested anomalies found near the footwall contact zone which runs more than 12 kilometers along strike from west of Chrome Mountain to Iron Mountain in the east. Visual inspection of the 2023 core shows many similarities to Stillwater’s CZ deposit, located approximately five kilometers to the east, which contains the highest nickel grades in the 2023 declared resource. This exciting discovery is expected to form a priority target for the upcoming 2024 campaign.”

Upcoming Events – Clean Energy and Precious Metals Virtual Investor Conference and AMEBC Core Shack

Stillwater Critical Minerals President & CEO, Michael Rowley, will present live on December 5th at 10am ET | 1pm PT with a Q&A to follow. Mr. Rowley is also available for one-on-one meetings following the event. For more information and to register click here.

The Company looks forward to displaying core from the 2023 drill season at the upcoming AMEBC Mineral Roundup event held in Vancouver, BC from January 22 to 25, 2024. For more information click here.

Government Funding

The Company continues to work with Cornell University under a Department of Energy grant, as announced February 14, 2023, and separately with the US Geological Survey on other programs at Stillwater West. In addition, the Company is actively pursuing other US government initiatives relating to developing domestic supply of critical minerals and will make further announcements as information becomes available.

Kluane PGE-Ni-Cu Project Update

Geological mapping, drone LiDAR and imagery acquisition, claim staking, and prospecting and rock sampling programs were completed in 2023 at the Company’s 100%-owned Kluane PGE-Ni-Cu project in Yukon, Canada, with field work funded in part by a Yukon Mineral Exploration Program grant. Follow-up work including completion of detailed geologic maps over priority areas and the advancement targets for later campaigns is on-going.

The Company has also begun to formally examine potential opportunities 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 260 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

Heritage Mining (“Heritage”, CSE: HML) continues to meet the requirements of the earn-in agreement announced November 29, 2021, by the completion of exploration work on the Company’s district-scale Drayton-Black Lake gold project in Ontario, and the issuance of shares and cash to the Company. Results are pending from Heritage’s recent drill campaigns, and follow-up exploration programs are now being planned for 2024.

The Drayton-Black Lake Project site is located in northwestern Ontario in the Abrams‐Minnitaki Lake Archean greenstone belt approximately 25 kilometers 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.

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 also holds the high-grade Black Lake-Drayton Gold project adjacent to Treasury Metals’ development-stage Goliath Gold Complex in northwest Ontario, currently under an earn-in agreement with Heritage Mining, and the Kluane PGE-Ni-Cu-Co critical minerals project on trend with Nickel Creek Platinum‘s Wellgreen deposit in Canada‘s Yukon Territory.

FOR FURTHER INFORMATION, PLEASE CONTACT:

Michael Rowley, President, CEO & Director – Stillwater Critical Minerals

Email: info@criticalminerals.com
Web: http://criticalminerals.com
Phone: (604) 357 4790
Toll Free: (888) 432 0075

1 – Recovered Nickel Equivalents (“NiEq”) are presented for comparative purposes using 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

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.

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.

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.

SOURCE: Stillwater Critical Minerals



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Categories
Base Metals Energy Junior Mining Metallic Group Metallic Minerals Precious Metals Uncategorized

Metallic Minerals Completes 2023 Expansion Drill Program at Keno Silver Project in Yukon, Canada

VANCOUVER, BC / ACCESSWIRE / October 19, 2023 / Metallic Minerals Corp. (TSXV:MMG)(OTCQB:MMNGF) (“Metallic Minerals” or the “Company”) is pleased to announce the completion of field activities at the Company’s 100%-owned, 166 square kilometer Keno Silver project, adjacent to Hecla Mining in the high-grade Keno Hill silver district of Canada’s Yukon Territory. The 2023 exploration program included 1,112 meters in four diamond drill holes focused on resource expansion at the Formo target, the highest-grade and largest target area to be included in an inaugural NI 43-101 mineral resource estimate for the property expected in Q4 2023. The Company also conducted additional soil geochemical sampling on open-ended earlier-stage targets for future drill campaigns.

Metallic Minerals holds the second largest land position in the Keno district with claims covering the east, and parts of central and western Keno Hill, including eight high-grade, shallow past-producing deposits. Hecla Mining holds the western portion of the Keno district and has recently started production from its Keno Hill mining operations, with full production expected by year-end.

Metallic Minerals President, Scott Petsel, stated: “We were very pleased to return to our Keno Silver project and complete this important new phase of exploration which focused on drilling mineralized extensions of our “resource-ready” target at Formo. With the key milestone of an inaugural resource estimate for Keno Silver on the near-term horizon, the team is already looking ahead to working from those initial deposit models to continue to add additional ounces with this and subsequent future programs. One of the major advantages the upcoming resources will have are their shallow depth which makes them amenable to low-cost bulk tonnage mining methods. The blueprint for rapid and dramatic resource growth in the Keno district, as demonstrated by prior operators, is to first identify the dominant mineralized vein structures and their orientations, then vector along trend and depth with successive drill campaigns. This tried-and-true methodology is being employed by Metallic Minerals to expand the Keno Silver project which is located within one of the world’s highest grade silver producing districts.”

Mr. Petsel continued, “In addition to our work at the Keno Silver project, drilling continues at our La Plata copper-silver-gold-PGE project in Colorado, where we have just passed 3,000 meters of a targeted 5,000-meter drill program. The first two drill holes reached 909 meters and 1,350 meters depth, respectively, and intersected continuous porphyry style mineralization. Our target is to complete two to three more step-out, expansion drill holes from the discovery hole announced in February 2023. Core is being processed and sent to the lab for assaying with initial results expected to come in through the fall of this year. The results of this drilling will be used to calculate a new mineral resource estimate for La Plata in 2024.”

About the Keno Silver Project

Keno Hill is one of the world’s highest-grade silver districts, with nearly 300 million ounces (“Moz”) of silver in past production and current M&I resources1,2 and featuring excellent existing infrastructure, including grid power, road access and nearby community services. In July 2022, Hecla Mining announced the acquisition of Alexco Resource Corp, which held the western portion of the district. Hecla Mining has started production at Keno Hill, which is now their highest-grade silver operation, and is expecting to be at full production by year end with a stated goal of producing 4-5 Moz of silver per year3. Metallic Minerals’ Keno Silver project is adjacent and contiguous with Hecla Mining ground, covering the east, and parts of the central and western Keno silver district and includes eight high-grade, shallow past-producing mines. Prior to the Company’s consolidation of the land package, very little modern exploration had been completed in these parts of the district due to fragmented, private land ownership. Metallic Minerals has advanced four targets in the district from discovery to resource definition stage with several additional targets at drill-ready status along the known historically productive trends. In addition, recent exploration has defined and expanded 12 priority multi-kilometer-scale early-stage targets for reconnaissance drilling in the under-explored parts of the district where highly elevated silver, lead and zinc in soils and high-grade rock samples have been identified.

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.

The Company’s 100%-owned La Plata project in southwestern Colorado hosts a porphyry copper-silver resource consisting of 1.21 billion pounds of copper and 17.6 Moz of silver4. Drilling in 2022 provided the basis for the expanded 2023 resource estimate, 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 (acquired by Newmont Mining in Q4 2023) to fund the current 2023 drill campaign and accelerate the overall advancement of the project. Colorado ranked 5th globally for investment attractiveness and 2nd in the USA in the Fraser Institute’s 2023 Annual Survey of Mining Companies.

Metallic Minerals has consolidated a 176 square kilometer land position directly adjacent to Hecla Mining’s operations in the historic high-grade Keno Hill silver district of Canada’s Yukon Territory, a region which has more than 300 Moz of high-grade silver in past production and current M&I resources. Hecla Mining, 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. Metallic Minerals is targeting release of an inaugural mineral resource estimate on the Keno Silver project in Q4 2023, with an expansion drill program completed 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.

FOR FURTHER INFORMATION, PLEASE CONTACT:

Website: www.mmgsilver.com
Email: cackerman@mmgsilver.com
Phone: 604-629-7800
Toll Free: 1-888-570-4420
Footnotes:

  1. Cathro, R. J., Great Mining Camps of Canada 1. The History and Geology of the Keno Hill Silver Camp, Yukon Territory. Geoscience Canada, Sept. 2006. ISSN 1911-4850.
  2. Alexco Resource Corp Technical Report, titled “NI 43-101 Technical Report on Updated Mineral Resource and Reserve Estimate of the Keno Hill Silver District” with an effective date of April 1, 2021 and issue date of May 26, 2021.
  3. See news release dated August 8, 2023: Hecla Mining Company – Hecla Reports Second Quarter 2023 Results
  4. See news release dated July 31, 2023: https://mmgsilver.com/news/2023/metallic-minerals-expands-resource-at-la-plata-copper-silver-gold-pge-project-in-southwestern-colorado-usa/

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.

SOURCE: Metallic Minerals Corp.

Categories
Base Metals Energy Junior Mining Metallic Group Metallic Minerals Precious Metals

Metallic Minerals Provides Update on Expansion Drilling at La Plata Copper-Silver-Gold-PGE Project in Southwest Colorado, USA

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.

121 Investment Conference

Metallic Minerals will be participating in 1-1 meetings at 121 Global Online September 26th & 27thFind registration information here.

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.

FOR FURTHER INFORMATION, PLEASE CONTACT:

Website: www.metallic-minerals.com Phone: 604-629-7800
Email: cackerman@mmgsilver.com Toll Free: 1-888-570-4420

Footnotes:

  1. See news release dated July 31, 2023: https://mmgsilver.com/news/2023/metallic-minerals-expands-resource-at-la-plata-copper-silver-gold-pge-project-in-southwestern-colorado-usa/

Qualified Persons

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.

SOURCE: Metallic Minerals Corp.

Categories
Base Metals Energy Junior Mining Metallic Group Precious Metals Stillwater Critical Minerals

Stillwater Critical Minerals Provides Exploration and Corporate Updates Including Resource Expansion Drilling Now Underway at Stillwater West

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&lsquo;s Wellgreen deposit in Canada&lsquo;s Yukon Territory.

FOR FURTHER INFORMATION, PLEASE CONTACT:

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

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.

SOURCE: Stillwater Critical Minerals



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Categories
Base Metals Energy Granite Creek Copper Junior Mining Metallic Group

Granite Creek Copper Receives Preliminary Metallurgical Results Demonstrating Potential for Significant Additional Copper Recovery

VANCOUVER, BC / ACCESSWIRE / August 23, 2023 / Granite Creek Copper Ltd. (TSX.V:GCX)(OTCQB:GCXXF) (“Granite Creek” or the “Company“) is pleased to announce the preliminary results of a metallurgical study designed to increase recovery of copper from oxide material at its Carmacks Copper-Gold-Silver project (“Carmacks Project” or the “Project“)

Kemetco Research Inc. (“Kemetco”) has been contracted to carry out an initial series of scoping tests to evaluate the potential for extraction and recovery of copper from unrecovered copper oxide minerals in Carmacks Project flotation tailings as referenced in the Company’s 2023 Preliminary Economic Assessment (“2023 PEA”) *. Testing involves the leaching of tailings from previous flotation testing of oxidised copper material to dissolve copper into solution and subsequently precipitate copper in a form that could be added to a concentrate being produced by sulphide flotation. The leaching portion of the test work has now been completed with up to 81% of the copper present in the test samples going into solution. The remaining project task, currently underway at Kemetco, is to complete a series of bench tests to evaluate methods for selective recovery of the leached copper from solution. The planned tests will focus on copper sulphide precipitation to target generation of a high-grade copper sulphide product that could potentially be combined with a copper flotation concentrate in an overall production flowsheet, resulting in significant potential increases to both overall copper recovery and the copper grade of the final concentrate product.

The 2023 PEA was based on an average recovery of copper, life of mine (“LOM“) of 64%, with up to 93.7% recovery of copper when processing sulfide material but only 39.8% when processing oxide material. The current mine plan as outlined in the 2023 PEA contemplates processing material with a high oxide content of up to 80% oxide ore in the first five years of the mine life during which time over 8.4 million tonnes of oxide material would be processed versus 2.88 million tonnes of sulphide material. Sensitivity analysis completed in the 2023 PEA identified over $180M of Net Present Value (“NPV“) to be gained from a combined sulphide-oxide recovery system by increasing the LOM recovery of copper by 20% from the current projected 64% to 77% total copper recovery.

The material used for the current test consists of tailings from flotation testing of oxide material, where 39.8% recovery of copper was achieved prior to the current leach testing. With up to 81% of the remaining copper going into solution an additional 48% recovery of copper in oxide is possible (81% of remaining 60.2% copper from original test sample) which would increase the total copper recovery of oxide material to over 80% (original 39.8% plus 48%). This could potentially provide a path to exceed the 20% increase in total LOM copper recovery opportunity, which was referenced in the 2023 PEA. While the current work is being conducted on the most representative material available, it should be noted that this work is preliminary in nature and has not yet been tested on a range of potential feed blends.

Tim Johnson, President & CEO stated, “The 2023 PEA, a major milestone for the Company, identified several opportunities for the Project including increased recovery, resource expansion and additional mine and process optimisation. The unlocking of additional value through the improved recovery that this testing represents, especially in the early years of mine life, has the potential to add significantly to the NPV of the project. These results could allow for re-evaluation of resources that didn’t make it into the mine plan due to lower grades or assumed recoveries. The process being developed by the company also has the possibility of being used in other parts of the Minto Copper belt where oxidised or partially oxidised (POX) copper ores have not been processed by other operators.”

Table 1 Summary of flotation testing results and average values used in PEA.

Granite Creek Copper Ltd., Tuesday, August 22, 2023, Press release picture
Granite Creek Copper Ltd., Tuesday, August 22, 2023, Press release picture

1. Sulphide flotation testing completed by SGS prior to PEA Study see news release dated January 10, 2023.
2. Oxide flotation testing completed by SGS prior to PEA study see news release dated January 10, 2023.
3. Calculated LOM average recovery based on a regression curve dependant on oxide content.
4. Projected target based on successful completion of current testing.

Table 2 2023 – PEA Copper Recovery Sensitivity Table

Granite Creek Copper Ltd., Tuesday, August 22, 2023, Press release picture
Granite Creek Copper Ltd., Tuesday, August 22, 2023, Press release picture

BCSC continuous disclosure review.

Following a recent review of Granite Creek’s continuous disclosure by the British Columbia Securities Commission, the Company provides the following corrections:

In a news release dated January 19, 2023, announcing the completion of the PEA, the Company stated, “The PEA indicates that the potential economic returns from the Project justify advancing to a feasibility study”. This statement could be construed that the Company is treating the PEA as a pre-feasibility level study, which is not the case. While the Company maintains that the PEA was positive, additional work will need to be done before a full feasibility study could be initiated. The Company also wishes to retract to word “robust” when describing the economics of the Project as this may be misleading to some readers. Granite Creek has also added the following cautionary language to materials that are disseminated to the public including the Company’s corporate presentation, fact sheet and website. “The Company cautions that the results of the PEA are preliminary in nature and do not include the calculation of mineral reserves as defined by NI 43-101. There is no certainty that the results of the PEA will be realized.” The Company encourages the reader to reference the NI 43-101 technical report entitled CARMACKS PROJECT PRELIMINARY ECONOMIC ASSESMENT (PEA) YUKON, CANADA, available on SEDAR and the Company’s website for further details on the Project.

Qualified Persons

Mr. Douglas Warkentin, P.Eng., a Qualified Person for the purposes of National Instrument 43-101, has reviewed and approved the technical disclosure contained in this news release. Mr. Warkentin is a Senior Metallurgist with Kemetco Research and an advisor to the Company.

About Granite Creek Copper

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

* 2023 PEA: The Company cautions that the results of the PEA are preliminary in nature and do not include the calculation of mineral reserves as defined by NI 43-101. There is no certainty that the results of the PEA will be realized.

FOR FURTHER INFORMATION PLEASE CONTACT:

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

Forward-Looking Statements

Forward Looking Statements: This news release includes certain statements that may be deemed “forward-looking statements”. All statements in this release, other than statements of historical facts including, without limitation, statements regarding potential mineralization, historic production, estimation of mineral resources, the realization of mineral resource estimates, interpretation of prior exploration and potential exploration results, the timing and success of exploration activities generally, the timing and results of future resource estimates, permitting time lines, metal prices and currency exchange rates, availability of capital, government regulation of exploration operations, environmental risks, reclamation, title, and future plans and objectives of the company are forward-looking statements that involve various risks and uncertainties. Although Granite Creek Copper believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Forward-looking statements are based on a number of material factors and assumptions. Factors that could cause actual results to differ materially from those in forward-looking statements include failure to obtain necessary approvals, unsuccessful exploration results, changes in project parameters as plans continue to be refined, results of future resource estimates, future metal prices, availability of capital and financing on acceptable terms, general economic, market or business conditions, risks associated with regulatory changes, defects in title, availability of personnel, materials and equipment on a timely basis, accidents or equipment breakdowns, uninsured risks, delays in receiving government approvals, unanticipated environmental impacts on operations and costs to remedy same, and other exploration or other risks detailed herein and from time to time in the filings made by the companies with securities regulators. Readers are cautioned that mineral resources that are not mineral reserves do not have demonstrated economic viability. Mineral exploration and development of mines is an inherently risky business. Accordingly, the actual events may differ materially from those projected in the forward-looking statements. For more information on Granite Creek Copper and the risks and challenges of their businesses, investors should review their annual filings that are available at www.sedar.com.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE: Granite Creek Copper Ltd.



View source version on accesswire.com:
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Categories
Base Metals Energy Junior Mining Metallic Group Metallic Minerals Precious Metals

Metallic Minerals Expands Resource at La Plata Copper-Silver-Gold-PGE Project in Southwestern Colorado, USA

VANCOUVER, BC / ACCESSWIRE / July 31, 2023 / Metallic Minerals Corp. (TSX.V:MMG)(OTCQB:MMNGF) (“Metallic Minerals” or the “Company”) is pleased to announce an updated National Instrument 43-101 Mineral Resource Estimate representing a 25% increase in contained metal based on an additional 1,730 meters of diamond drilling completed at its La Plata project in 2022. Inferred mineral resources at the Allard deposit now total 1,211 million pounds of copper (“Mlbs”) and 17.6 million ounces (“Moz”) of silver in a constrained model with 147.3 million tonnes at an average grade of 0.41% Copper Equivalent (“CuEq”) (0.37% Cu and 3.72 g/t Ag) using a 0.25% CuEq cut-off grade (See Table 1 notes).

Metallic Minerals Corp., Monday, July 31, 2023, Press release picture
Metallic Minerals Corp., Monday, July 31, 2023, Press release picture

The expansion from the inaugural resource to the current 1,317 Mlbs CuEq is largely driven by the major discovery in drill hole LAP22-04 (drilled in 2022), which intersected 816 meters of 0.41% CuEq recovered (0.30% Cu, 2.47 g/t Ag, 0.038 g/t Au, 0.055 g/t Pd and 0.093 g/t Pd) bottoming in 5.39% CuEq recovered over 5.2 m (2.44% Cu, 18.7 g/t Ag, 5.0 g/t Au+PGE). Follow-up drilling is currently underway to test the extent of this newly discovered high-grade mineralization, and at the time of this news release, the first offset drill hole was drilling in porphyry mineralization and had reached approximately 500 m depth.

The Allard deposit resource remains completely open to expansion laterally and to depth. Future mineral resource estimates will add gold, platinum and palladium to the copper and silver resource with additional drilling. These metals were not previously assayed for in historic drilling but add significant value to the recent drill intercepts. Furthermore, the greater La Plata copper-silver-gold-PGE project remains underexplored and open to new discoveries of both additional copper porphyry centers, as well as high-grade epithermal silver, gold and telluride mineralization that were the focus of historic mining in the district.

Highlights

  • Inferred mineral resources at the Allard deposit now total 1,211 million pounds of copper and 17.6 million ounces of silver in a constrained model with 147.3 million tonnes at an average grade of 0.41% CuEq (0.37% Cu and 3.72 g/t Ag) using a 0.25% CuEq cut-off grade.
  • Contained copper equivalent metal has increased by 25% to 1,317 million pounds and the overall grade of the deposit also increased 5% to 0.41% CuEq.
  • Significant upside exists for both increases in equivalent grade and precious metal ounces due to limited historic assaying for gold, platinum and palladium. These metals, which are found in high concentrations in the 2022 drilling but are not included in the current resource estimate, are anticipated to be added with additional drilling. The precious metals component of LAP22-04 (silver, gold, platinum, and palladium) can add 50% or more in equivalent value above the copper only values in that hole.
  • The Allard resource remains open to expansion at depth and along strike with the discovery drill hole LAP22-04 being the easternmost hole drilled in the deposit.
  • Sixteen (16) untested potential porphyry centers have been identified on the greater La Plata project area, as well as target areas with potential for significant high-grade epithermal silver, gold and telluride mineralization.
  • Resource expansion drilling in 2022 totaled 1,780 m bringing the project total to 16,930 m in 59 drill holes.

An NI 43-101-compliant technical report on the 2023 La Plata Resource will be filed on Sedar.com within 45 days.

Scott Petsel, Metallic Minerals’ President, states, “The current expansion of the La Plata resource is an early first step in realizing the true potential of the project and the fact that we were able to achieve a 25% increase over the inaugural resource with a modest amount of drilling in 2022 speaks to the well mineralized yet underexplored nature of the project. Hole LAP22-04 resulted in the discovery of new, extremely rich mineralization that is unconstrained to the east, north and at depth and clearly requires follow-up drilling to understand the true size and nature of the Allard resource. Metallic Minerals in collaboration with our strategic investor Newcrest Mining is excited to pursue expansion on this discovery in 2023 and have secured a drill capable of penetrating well beyond the current resource extent. The continuity of mineralization starting from surface, coupled with the very high grades at depth, represent significant upside to both scale and grade in future resource updates. We expect considerable expansion of the contained precious metals and copper with subsequent drilling and envision the potential scale for a Tier 1 asset. In addition, numerous high-priority untested targets have been identified outside of the resource area that we hope to begin testing in 2023.”

Table 1 – 2023 Updated La Plata Inferred Mineral Resource Estimate at a Base Case Cut-off Grade of 0.25% CuEq with Grade and Contained Metal Sensitivity Analysis at Various CuEq Cut-off Grades.

ClassCuEq (%)TonnesCuAgCuEq (%)
Cut-offGrade (%)MlbsGrade (g/t)OuncesGrade (%)Mlbs
Inferred0.15212,243,0000.321,4803.2422,131,0000.341,613
Inferred0.20187,173,0000.341,3913.4220,597,0000.371,515
Inferred0.25147,344,0000.371,2113.7217,604,0000.411,317
Inferred0.30116,438,0000.411,0413.9514,783,0000.441,130
Inferred0.3587,871,0000.448544.2011,861,0000.48925
  1. The Allard deposit mineral resource estimate (the “2023 Resource Estimate”) generally respects industry standard practices as recently established by the CIM in the Estimation of Mineral Resources and Mineral Reserves Best Practice Guidelines (2019). The classification of the 2023 Resource Estimate is consistent with current CIM Definition Standards for Mineral Resources and Mineral Reserves (2014).
  2. Completion of the 2023 Resource Estimate involved the assessment of a validated database, which included all data for surface and underground sampling completed through the fall of 2022, as well as a three-dimensional (“3D”) mineral resource model, a topographic surface model, models of the underground workings and underground channel samples, and available written reports. SGS used 59 drillholes and 2 channels, and 17,215 m of data from 1959 to 2022 to delineate the Allard deposit.
  3. Inverse Distance squared (“ID2“) restricted to a mineralized domain is used to Interpolate grades for the main elements of interest including Cu (ppm) and Ag (g/t) into a block model.
  4. Based on a review of the project location and size, geometry, and continuity of mineralization of the Allard deposit, and its spatial distribution, it is envisioned that the Allard deposit may be mined using a large-scale underground bulk mining method.
  5. The 2023 Resource Estimate is reported at a base case cut-off grade of 0.25% CuEq, based on metal prices of $3.75/lb Cu and $22.50/oz Ag, assumed metal recoveries of 90% for Cu and 65% for Ag, a mining cost of US$5.30/t rock and processing and G&A cost of US$11.50/t mineralized material. CuEq % = Cu % + (Ag g/t x Ag price/gram).
  6. The values in the 2023 Resource Estimate table reported above and below the base-case cut-off 0.25% CuEq should not be misconstrued with a Mineral Resource Statement. The values are only presented to show the sensitivity of the block model estimates to the selection of the base case cut-off grade.
  7. All figures are rounded to reflect the relative accuracy of the estimate. Totals may not add or calculate exactly due to rounding.
  8. The 2023 Resource Estimate is presented undiluted and in situ, constrained by a continuous 3D wireframe model (the constraining volume) and below topography, and is considered to have reasonable prospects for eventual economic extraction.
  9. The 2023 Resource Estimate is not a Mineral Reserve as it does not have demonstrated economic viability. The Inferred Mineral Resource in the 2023 Resource Estimate has a lower level of confidence than that applied to an Indicated Mineral Resource and must not be converted to a Mineral Reserve. It is reasonably expected that the majority of the Inferred Mineral Resource could be upgraded to an Indicated Mineral Resource with continued exploration.
  10. A fixed specific gravity value of 2.60 g/cm3 is used to estimate the Mineral Resource tonnage from a block model volume.
  11. Composites of 3.05 m in length, constrained to the Allard domain, are used for the resource estimation procedure. Grades for Cu and Ag were interpolated into blocks by the ID2 calculation method.
  12. Mineral resources which are not mineral reserves do not have demonstrated economic viability. An Inferred Mineral Resource has a lower level of confidence than that applying to an Indicated Mineral Resource and must not be converted to a Mineral Reserve. It is reasonably expected that most of the Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.
  13. The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues.

La Plata Property Overview

Metallic Minerals’ La Plata project covers 44 square kilometers 20 km north of Mancos, Colorado, within the historic La Plata mining district, that is in the southwest portion of the prolific Colorado Mineral Belt. The La Plata project is easily accessible by highways and improved gravel roads and is near significant power transmission lines.

The La Plata district has a long and rich history of mining with the first silver deposits discovered in the 1700s by Spanish explorers. High-grade silver and gold production has been documented from the 1870s through the early 1940s from mineralized deposits at over 90 individual mines and prospects1. From the 1950s to 1970s, major miners, including Rio Tinto (Bear Creek) and Freeport-McMoRan (Phelps Dodge), explored the district focusing on the significant potential for bulk-tonnage disseminated and stockwork hosted mineralization2. Freeport-McMoRan retained ownership of claims in the district until 2002 when they sold their holdings to the current underlying vendors during the lows of the last metal price cycle.

A total of 17,215 meters in 59 drill holes has been drilled on the property from the 1950s to present, this drilling has demonstrated the presence of a large multi-phase porphyry system with copper, silver, gold with more recent discoveries highlighting the potential for significant PGEs, rare earth minerals and tellurium. This large-scale mineralized system is associated with a 10 km2 strongly magnetic signature with intense hydrothermal alteration. Surrounding the central porphyry system is an associated high-grade silver and gold-rich epithermal system measuring at least 8 km by 2 km that hosts 56 identified mineralized veins, replacement, and breccia structures. Historical production from some of these high-grade structures included bonanza grades for silver and gold.

Copper mineralization with associated silver, gold, platinum, and palladium is hosted by a large-scale, Late Mesozoic age, alkalic porphyry system with related silver, gold, telluride epithermal vein, breccia and replacement deposits hosted in adjacent sedimentary rocks. Porphyry copper systems are some of the largest sources of copper and precious metals production worldwide and are frequently cornerstone Tier 1 assets for the major mining companies. The sub-type of porphyry systems, known as alkalic porphyry deposits, commonly contain higher-grade precious metal content like at La Plata and can demonstrate significant scale.

Figure 1 – La Plata Cross Section with Significant Drill Intervals and Mineralized Grade Shells

Metallic Minerals Corp., Monday, July 31, 2023, Press release picture
Metallic Minerals Corp., Monday, July 31, 2023, Press release picture

Critical Minerals

The Allard deposit at La Plata is a significant potential source of copper and silver, both important industrial metals used for modern technologies broadly and particularly in renewable and clean energy applications. Recent and historical work has also demonstrated that the broader La Plata district is also a potential source of other critical minerals identified by the U.S. Government as requirements for economic and national security3. Drilling by Metallic Minerals in 2022 returned multi-gram intervals of platinum group elements with individual grades up to 5 g/t platinum and palladium, as well as critical minerals such as vanadium, and rare earth elements. Tellurium, another element on the critical mineral list, was a by-product of historic high-grade gold and silver production in the district. The potential for these critical minerals to add additional economic value to the La Plata project will be evaluated as part of ongoing exploration efforts.

U.S. Geological Survey Earth Mapping Resources Initiative

The U.S. Geological Survey (“USGS”) is funding the Colorado Geological Survey for geological studies in the La Plata Mountains as part of the Earth Mapping Resources Initiative. The work to be carried out by the Colorado Geological Survey includes geologic mapping as well as geochemical and mineralogical studies in the La Plata Mining District to generate a greater understanding of the area’s potential to host critical minerals. See USGS news release dated January 25, 2023.

About SGS Geological Services

SGS Geological Services has an experienced and respected mining team focused on the domestic and international mining industry. The team has considerable experience in estimation and modeling of deposits of all types and practical and theoretical experience having realized hundreds of assessments for clients. The SGS team consists of a multi-disciplinary group of qualified persons with a strong understanding of the disclosure requirements for Mineral Resources set out in the NI 43-101 Standards of Disclosure for Mineral Projects (2016), CIM Definition Standards for Mineral Resources and Mineral Reserves (2014) and a strong understanding of the CIM Estimation of Mineral Resources & Mineral Reserves Best Practice Guidelines 2019.

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 1,211 Mlbs copper and 17.6 Moz of silver. Results from 2022 expansion drilling providing the basis for the updated resource, included 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, completed the acquisition of Alexco Resource Corp and its Keno Hill operations in September 2022. Hecla is targeting to start production at the Keno Hill operations by Q3 2023. Metallic Minerals is anticipating the announcement of inaugural mineral resource estimate at Keno Silver in the second half of 2023.

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 hit television show, Gold Rush, on the Discovery Channel.

All of the districts in which Metallic Minerals operates have seen significant mineral production and have existing infrastructure, including power and road access. Metallic Minerals is led by a team with a track record of discovery and exploration success on several major precious and base metal deposits in the region, as well as having large-scale development, permitting and project financing expertise. The Metallic Minerals team has been recognized for its environmental stewardship practices and is committed to responsible and sustainable resource development.

FOR FURTHER INFORMATION, PLEASE CONTACT:

Website: www.mmgsilver.com Phone: 604-629-7800
Email: cackerman@mmgsilver.com Toll Free: 1-888-570-4420

Footnotes:

  1. 1) Eckel, USGS Prof Paper 219, Geology and Ore Deposits of the La Plata Mining District, 1949.
  2. 2) Bear Creek Mining (now Rio Tinto), Humble Oil (now Exxon) and Phelps Dodge (now Freeport-McMoRan) company reports.
  3. 4) The US Geological Survey has released a list of 50 critical minerals that the US economy requires for economic and national security. Earth Mapping Resources Initiative.

Qualified Persons

The La Plata copper-silver project 2023 mineral resource estimate was prepared by Allan Armitage, P. Geo., of SGS Geological Services, an independent Qualified Person, in accordance with the guidelines of the Canadian Securities Administrators’ National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) with an effective date of July 10, 2023. Armitage conducted a site visit to the property on August 13, 2021, and again on April 18 and 19, 2023. 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.

SOURCE: Metallic Minerals Corp.



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Categories
Base Metals Energy Junior Mining Metallic Group Metallic Minerals Precious Metals

Metallic Minerals Launches First Phase Drill Program at the La Plata Copper-Silver-Gold-PGE Project in Southwest Colorado, USA

ACCESSWIRE | Main Logo

VANCOUVER, BC / ACCESSWIRE / July 11, 2023 / Metallic Minerals Corp. (TSX.V:MMG)(OTCQB:MMNGF) (“Metallic Minerals” or the “Company”) is pleased to announce the start of the 2023 exploration and drill campaign at the La Plata copper-silver-gold-PGE project, located in southwest Colorado.

In May 2023, Newcrest Mining Limited completed a 9.5% strategic equity investment into Metallic Minerals with the goal of accelerating advancement of the La Plata porphyry project. This funding will support a two-phase drill campaign in 2023 that will build on the success from work in 2022. The initial phase is expected to consist of approximately 5,000 meters of diamond core drilling, primarily focused on resource expansion at the Allard porphyry deposit.

A top priority for the program will be to conduct step-out drilling from the major discovery in drill hole 22-04 which intersected 816 meters of 0.41% Cu Eq (0.30% Cu, 2.47 g/t Ag, 0.038 g/t Au, 0.055 g/t Pd and 0.093 g/t Pd) from surface and ended in 5.39% CuEq over 5.2 m (2.44% Cu, 18.7 g/t Ag, 5.0 g/t Au+PGE). Hole 22-04 did not reach target depth and ended in mineralization due to mechanical issues. Drilling in 2023 will test the lower limits of mineralization and some holes are scheduled for as deep as 1,200 meters.

Scott Petsel, Metallic Minerals’ President, stated, “We see a real opportunity for world class scale and grade at La Plata and have confidence in our ability to quickly grow the existing resources. Hole 22-04 was not only the widest and highest-grade drill hole ever drilled on the project, it was also one of the top holes drilled in the last several years at any copper project in North America. We also expect to be able to increase the overall grade of the resource moving forward as we include precious metals credits previously not accounted for. Our exploration work over the past two years has defined 16 additional untested porphyry targets across the greater property, which appear to have very similar characteristics to the Allard deposit and could result in additional new discoveries. The drill is currently mobilizing to site.”

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.

Yukon Mining Alliance 2023 Property Tours

Metallic Minerals will be participating in the Yukon Mining Alliance Property Tours and Investment Conference in Dawson City on July 19th. Select tour participants will visit Metallic’s Australia Creek alluvial gold royalty property in the Klondike Gold District, currently under lease to Parker Schnabel’s Little Flake Mining as seen on Discovery Channel’s Gold Rush television program. More information whereabout the YMA Property Tours and Conference can be found here. For more information about Metallic’s lease agreement with Little Flake Mining, click here.

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 our projects toward development.

In 2023, the Company announced a 9.5% strategic investment by Newcrest Mining Limited for the continued advancement of the Company’s La Plata project in southwestern Colorado. The inaugural NI 43-101 mineral resource estimate, announced in 2022, identified a significant porphyry copper-silver resource containing 889 Mlbs copper and 15 Moz of silver and an updated estimate is currently being finalized. Notably, Colorado was recently ranked 5th globally for investment attractiveness and 2nd in the USA In the 2023 Fraser Institute’s Annual Survey of Mining Companies.

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’s operations, with more than 300 Moz of high-grade silver in past production and current M&I resources. Hecla Mining Company, the largest primary silver producer in the USA and third largest in the world, completed the acquisition of Alexco Resources and their Keno Hill operations in September 2022. Hecla is targeting to start production at the Keno Hill operations by Q3 2023. Metallic Minerals is anticipating the announcement of inaugural mineral resource estimate at Keno Silver in the second half of 2023.

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 hit television show, Gold Rush, on the Discovery Channel.

All of the districts in which Metallic Minerals operates have seen significant mineral production and have existing infrastructure, including power and road access. Metallic Minerals is led by a team with a track record of discovery and exploration success, 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.

FOR FURTHER INFORMATION, PLEASE CONTACT:

Website: www.mmgsilver.com Phone: 604-629-7800
Email: cackerman@mmgsilver.com Toll Free: 1-888-570-4420

Forward-Looking Statements

This news release includes certain statements that may be deemed “forward-looking statements”. All statements in this release, other than statements of historical facts including, without limitation, statements regarding potential mineralization, historic production, estimation of mineral resources, the realization of mineral resource estimates, interpretation of prior exploration and potential exploration results, the timing and success of exploration activities generally, the timing and results of future resource estimates, permitting time lines, metal prices and currency exchange rates, availability of capital, government regulation of exploration operations, environmental risks, reclamation, title, statements about expected results of operations, royalties, cash flows, financial position and future dividends as well as financial position, prospects, and future plans and objectives of the Company are forward-looking statements that involve various risks and uncertainties. Although Metallic Minerals believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Forward-looking statements are based on a number of material factors and assumptions. Factors that could cause actual results to differ materially from those in forward-looking statements include failure to obtain necessary approvals, unsuccessful exploration results, unsuccessrul operations, changes in project parameters as plans continue to be refined, results of future resource estimates, future metal prices, availability of capital and financing on acceptable terms, general economic, market or business conditions, risks associated with regulatory changes, defects in title, availability of personnel, materials and equipment on a timely basis, accidents or equipment breakdowns, uninsured risks, delays in receiving government approvals, unanticipated environmental impacts on operations and costs to remedy same and other exploration or other risks detailed herein and from time to time in the filings made by the Company with securities regulators. Readers are cautioned that mineral resources that are not mineral reserves do not have demonstrated economic viability. Mineral exploration, development of mines and mining operations is an inherently risky business. Accordingly, the actual events may differ materially from those projected in the forward-looking statements. For more information on Metallic Minerals and the risks and challenges of their businesses, investors should review their annual filings that are available at www.sedar.com.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE: Metallic Minerals Corp.



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