Vancouver, British Columbia–(Newsfile Corp. – September 11, 2023) – EMX Royalty Corporation (NYSE American: EMX) (TSXV: EMX) (FSE: 6E9) (the “Company” or “EMX”) announces that pursuant to the Company’s Stock Option Plan, incentive stock options (the “Options“) to purchase an aggregate of 1,464,000 common shares, exercisable at a price of C$2.55 per share for a period of five years, has been granted to officers, directors, employees and consultants of the Company.
In addition, the Company has granted an aggregate of 562,000 restricted shares units (“RSU“) with a 3-year cliff vesting provision to officers, directors, and key employees, subject to any applicable stock exchange approvals and vesting requirements. Each RSU will entitle the holder to acquire, for nil cost, between zero and 1.5 common shares of the Company, subject to the achievement of performance conditions relating to the Company’s total shareholder return, and certain operational milestones.
About EMX. EMX is a precious, base and battery metals royalty company. EMX’s investors are provided with discovery, development, and commodity price optionality, while limiting exposure to risks inherent to operating companies. The Company’s common shares are listed on the NYSE American Exchange and the TSX Venture Exchange under the symbol EMX, and also trade on the Frankfurt exchange under the symbol “6E9”. Please see www.EMXroyalty.com for more information.
For further information contact:
David M. Cole President and Chief Executive Officer Phone: (303) 973-8585 Dave@EMXroyalty.com
Scott Close Director of Investor Relations Phone: (303) 973-8585 SClose@EMXroyalty.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
The excavated terrain of the Veliki Krivelj open pit copper mine, operated by Zijin Mining Group Co., in the Bor Region, Serbia. Photographer: Oliver Bunic/Bloomberg , Bloomberg
(Bloomberg) — China’s Zijin Mining Group Co. is developing plans to expand its copper mine in eastern Serbia due to demand for the metal considered vital to the global energy transition — an effort that could cost billions of dollars.
The company opened the Cukaru Peki copper and gold mine almost two years ago, with a $678 million investment allowing it to reach reserves a few hundred meters deep. Now it wants to drill down almost 2 kilometers (1.25 miles) to make the most of assets acquired in a takeover spree.
“These are vast reserves, which require additional infrastructure, additional investment of around $3.5 billion to $3.8 billion,” said Branko Rakocevic, the top Serbian official at the mine, whom the Chinese company authorized to speak with reporters.
Across the globe, companies and governments are racing to produce materials considered key to the shift toward a greener economy. Copper in particular is used in wind turbines, power grids and electric vehicles. China is the world’s top-supplier of so-called critical minerals, but the European Union and US are seeking to boost domestic supplies to ensure that they don’t fall further behind in the transition.
Read more: Why the Fight for ‘Critical Minerals’ Is Heating Up: QuickTake
Serbia, a candidate for EU membership, has embraced foreign investors including China as it looks to revitalize an ailing sector of its economy. Australia-based BHP Group, the world’s biggest mining company, is also looking more closely, signing an agreement earlier this year to explore for new copper deposits in the country.
Cukaru Peki is located in the town of Bor, where copper, gold and silver have been mined for over a century. The mine’s lower zone, at depths of more than 460 meters (1,508 feet), is believed to hold 2.2 million tons of copper, more than in the upper zone. Its gold content is thought to be lower at the deeper depths.
The upper zone may be exhausted of its deposits around 2034, while deeper operations could start in 7 to 10 years, according to Rakocevic. Zijin’s long-term plans for the site include building roads, and expanding power supply and flotation facilities, he said.
Zijin’s Expansion
Zijin bought Serbia’s sole copper and gold complex in 2018, when the government auctioned off the debt-laden business in an effort to save thousands of jobs in an impoverished mining region. Following a string of takeovers, the Chinese company developed full control of what is now Cukaru Peki.
The acquisition — and further investments to expand mines in Congo and Tibet — are helping to transform Zijin into one of the world’s largest copper miners, leapfrogging western producers like Rio Tinto, Anglo American and Antofagasta. By 2025, it expects to produce about 1.2 million tons of copper, a six-fold increase over levels seen in 2017.
Zijin now runs two units in Serbia. One produces copper cathodes, gold, silver and sulfuric acid at facilities co-owned with the government. The other, Serbia Zijin Mining — which operates the Cukaru Peki mine — exports copper concentrate to China, Canada, Bulgaria, Spain and Korea.
The companies have been among Serbia’s top exporters for the last two years, riding a wave of demand for metals. Benchmark copper futures soared earlier this year, though prices have cooled in recent months, largely over concerns about the health of China’s economy.
“Still, copper is in demand always and everywhere” which justifies the long-term investment, Rakocevic said. “The market is stable enough. Prices declined from last year, but we don’t expect much volatility.”
Vancouver, British Columbia–(Newsfile Corp. – September 6, 2023) – Ridgeline Minerals Corp. (TSXV: RDG) (OTCQB: RDGMF) (FSE: 0GC0) (“Ridgeline” or the “Company“) is pleased to announce the staking of an additional one hundred and forty-one (“141”) Bureau of Land Management (“BLM“) lode claims (2,913 acres) at the Big Blue project (“Big Blue” or “Project”) in Elko County, Nevada. Big Blue now comprises 502 contiguous lode claims totaling 10,168 acres or 41 square kilometers (“km”) (Figure 1), and is 100% owned by the Company with no underlying work commitments or royalty obligations. The property includes the past producing Delker Mine and Skarn Hill Adit, which collectively produced a reported 94,434 pounds of copper (“Cu”) at an average grade of 6.2% Cu between 1916-19171 (Figure 1). The Project has not seen a sustained exploration effort in decades and exhibits excellent potential to make new porphyry copper and Carbonate Replacement (“CRD”) style polymetallic discoveries.
The property expansion followed the Company’s recently announced acquisition of an extensive historical database for Big Bluesee (August 24, 2023 press release HERE), which has highlighted additional geophysical targets located to the northwest of the original claim block. This kilometer-scale target exhibits overlapping gravity and magnetic geophysics anomalies and is interpreted as a potential porphyry signature that may be the deeper source to the known Cu-skarn mineralization outcropping at the historical Delker Mine (Figure 2). As a result, Ridgeline staked all open and locatable claims surrounding the porphyry target and will continue advancing Big Blue towards a maiden drill program in 2024.
Chad Peters, President & CEO, commented, “Big Blue continues to be a rapidly evolving project in our exploration pipeline. Our team is very encouraged by the scale of the geophysical anomaly’s located on our new claim block, which suggests potential for a blind porphyry copper target at depth and distal CRD targets along strike. Until now, the Delker area has never been explored as a consolidated porphyry district and with this expansion we now control a target-rich land position with a robust geologic dataset to support our exploration model. We will continue to advance low-cost targeting and permitting initiatives through the remainder of this year while we prepare for a maiden drill campaign in 2024.”
Big Blue Project
Big Blue is located in Elko County, Nevada, approximately seventy-five kilometers (“km”) southeast of the city of Elko, NV. The Project includes the past producing Delker Mine, which produced a reported 94,434 pounds of copper at an average grade of 6.2% Cu between 1916-19171 and shares its southern boundary with Reyna Silver’s Medicine Springs Ag-Pb-Zn Carbonate Replacement (“CRD”) project. Mineralization occurs as outcropping, high-grade Cu occurrences located proximal to northeast trending felsic dikes that are interpreted as the zoned manifestations off a potential porphyry source, located in the northwest corner of the Big Blue property. Importantly, this target has never been drill-tested. The primary target at Big Blue is porphyry-skarn Cu ± Au-Ag mineralization, with potential to discover polymetallic, carbonate replacement deposit (CRD) style mineralization as the system zones outward over 6 kilometers of strike towards the Medicine Springs project. This target model is analogous to the Butte Valley porphyry Cu-Au system, which is inferred to be the source of CRD mineralization at the Company’s nearby Selena project. Big Blue is 100% owned by the Company and is comprised of a total of 41 square kilometers of highly prospective exploration ground that has seen limited exploration since the early 1900’s and will benefit from Ridgeline’s systematic approach to discovery (view Ridgeline’s Corporate Deck HERE).
Figure 1: Plan view map showing the location of the 141 new claims (shaded blue) staked by Ridgeline to increase claims by ~33% to 502 contiguous lode claims.
Figure 2: Plan view map on the left showing reduced to pole (“RTP”) airborne magnetics highlighting kilometer scale magnetic “highs” at both the Delker Mineand to the northwest on Ridgeline’s new claims. The map on the right shows Residual Gravity with a coincident high over proposed porphyry centers. Gravity also highlights a lower amplitude anomaly interpreted as a northeast trending structural corridor that trends southwest to the historical Golden Pipe mine (Ag-Pb-Zn) owned by Reyna Silver.
To view X-Section A-A’ showing magnetics anomaly beneath the Delker Mine, click HERE.
To view plan view maps showing Total Horizontal Gradient Magnetics and Residual gravity, click HERE.
QAQC Procedures
Samples are submitted to American Assay Laboratories (AAL) of Sparks, Nevada, which is a certified and accredited laboratory, independent of the Company. Samples are prepared using industry-standard prep methods and analysed using FA-PB30-ICP (Au; 30 g fire assay) and ICP-5AM48 (48 element Suite; 0.5 g 5-acid digestion/ICP-MS) methods. AAL also undertakes its own internal coarse and pulp duplicate analysis to ensure proper sample preparation and equipment calibration. Ridgeline’s QA/QC program includes regular insertion of CRM standards, duplicates, and blanks into the sample stream with a stringent review of all results completed by the Company’s Qualified Person, Michael T. Harp, Vice President, Exploration.
Technical information contained in this news release has been reviewed and approved by Michael T. Harp, CPG. the Company’s Vice President, Exploration, who is Ridgeline’s Qualified Person under National Instrument 43-101 and responsible for technical matters of this release.
About Ridgeline Minerals Corp.
Ridgeline is a discovery focused gold-silver explorer with a proven management team and a 204km² exploration portfolio across six projects in Nevada and Idaho, USA. More information about Ridgeline can be found at www.RidgelineMinerals.com.
On behalf of the Board “Chad Peters” President & CEO
Further Information: Chad Peters, P.Geo. President & CEO Ridgeline Minerals Corp. (775) 304-9773 | info@ridgelineminerals.com
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
Statements contained in this press release that are not historical facts are “forward-looking information” or “forward-looking statements” (collectively, “Forward-Looking Information”) within the meaning of applicable Canadian securities legislation and the United States Private Securities Litigation Reform Act of 1995. Forward-Looking Information includes, but is not limited to, the anticipated benefits of the Earn-In Agreement and the transaction contemplated thereby. The words “potential”, “anticipate”, “meaningful”, “discovery”, “forecast”, “believe”, “estimate”, “expect”, “may”, “will”, “project”, “plan”, “historical”, “historic” and similar expressions are intended to be among the statements that identify Forward-Looking Information. Forward-Looking Information involves known and unknown risks, uncertainties and other factors which may cause the actual results to be materially different from any future results expressed or implied by the Forward-Looking Information. In preparing the Forward-Looking Information in this news release, Ridgeline has applied several material assumptions, including, but not limited to, assumptions that TSX Venture Exchange approval will be granted in a timely manner subject only to standard conditions; the current objectives concerning the Project can be achieved and that its other corporate activities will proceed as expected; that general business and economic conditions will not change in a materially adverse manner; and that all requisite information will be available in a timely manner. Forward-Looking Information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements of Ridgeline to be materially different from any future results, performance or achievements expressed or implied by the Forward-Looking Information. Such risks and other factors include, among others, risks related to dependence on key personnel; risks related to unforeseen delays; risks related to historical data that has not been verified by the Company; as well as those factors discussed in Ridgeline’s public disclosure record. Although Ridgeline has attempted to identify important factors that could affect Ridgeline and may cause actual actions, events, or results to differ materially from those described in Forward-Looking Information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that Forward-Looking Information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on Forward-Looking Information. Except as required by law, Ridgeline does not assume any obligation to release publicly any revisions to Forward-Looking Information contained in this news release to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
Sources
1Delker Mine Historic Production (Page 57): Smith, R.M., 1976, Mineral resources of Elko County, Nevada: U.S. Geological Survey Open-File Report 76-56, 201 p.
Vancouver, British Columbia–(Newsfile Corp. – September 5, 2023) – EMX Royalty Corporation (NYSE American: EMX) (TSXV: EMX) (FSE: 6E9) (the “Company” or “EMX”) is pleased to announce the execution of an amended and restated royalty agreement on September 1, 2023 for its Timok royalty property with Zijin (Europe) International Mining Company Ltd., a wholly owned subsidiary of Zijin Mining Group Ltd (“Zijin”). EMX and Zijin have agreed that the Timok royalty will consist of a 0.3625% Net Smelter Return (“NSR”) royalty that is uncapped and cannot be repurchased or reduced. The royalty covers Zijin’s Brestovac exploration permit area (including the Cukaru Peki Mining licenses), as well as portions of Zijin’s Jasikovo-Durlan Potak exploration license north of the currently active Bor Mine (Figure 1).
EMX’s Timok royalty property is located in the Bor Mining District of Serbia and covers the Cukaru Peki copper-gold deposits which have recently been put into production by Zijin. Cukaru Peki represents one of the premier copper and gold discoveries in the world in the past 10 years and is a top tier royalty asset for EMX. The Cukaru Peki deposits consist of a high-level body of high-grade, epithermal-style copper-gold mineralization referred to as the “Upper Zone”, and a deeper body of porphyry-style copper-gold mineralization known as the “Lower Zone”.
Zijin is currently producing copper and gold from the Upper Zone deposit at Cukaru Peki, while concurrently developing the Lower Zone. The Cukaru Peki deposits and operations are summarized in Zijin’s annual reports and in various Zijin disclosures. An NI-43-101 technical report for the Timok royalty was filed by EMX on SEDAR on March 31, 2022.
As part of the execution of the revised royalty agreement, EMX will receive approximately US$6.68 million. This includes royalty payments of $1.59 million from July-December, 2021, royalty payments of $3.20 million from the calendar year 2022, and $1.89 million for the period of January-June, 2023. From that point forward EMX will continue to receive quarterly production royalty payments on an ongoing basis. EMX is appreciative of Zijin’s cooperative and amicable approach throughout the process of achieving this resolution and looks forward to working with Zijin as the projects advance.
Dr. Eric P. Jensen, CPG, a Qualified Person as defined by National Instrument 43-101 and employee of the Company, has reviewed, verified and approved the disclosure of the technical information contained in this news release.
About EMX. EMX is a precious, base and battery metals royalty company. EMX’s investors are provided with discovery, development, and commodity price optionality, while limiting exposure to risks inherent to operating companies. The Company’s common shares are listed on the NYSE American Exchange and the TSX Venture Exchange under the symbol EMX, and also trade on the Frankfurt exchange under the symbol “6E9”. Please see www.EMXroyalty.com for more information.
For further information contact:
David M. Cole President and Chief Executive Officer Phone: (303) 973-8585 Dave@emxroyalty.com
Scott Close Director of Investor Relations Phone: (303) 973-8585 SClose@emxroyalty.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
This news release may contain “forward looking statements” that reflect the Company’s current expectations and projections about its future results. These forward-looking statements may include statements regarding perceived merit of properties, exploration results and budgets, mineral reserve and resource estimates, work programs, capital expenditures, timelines, strategic plans, market prices for precious and base metal, or other statements that are not statements of fact. When used in this news release, words such as “estimate,” “intend,” “expect,” “anticipate,” “will”, “believe”, “potential” and similar expressions are intended to identify forward-looking statements, which, by their very nature, are not guarantees of the Company’s future operational or financial performance, and are subject to risks and uncertainties and other factors that could cause the Company’s actual results, performance, prospects or opportunities to differ materially from those expressed in, or implied by, these forward-looking statements. These risks, uncertainties and factors may include, but are not limited to: unavailability of financing, failure to identify commercially viable mineral reserves, fluctuations in the market valuation for commodities, difficulties in obtaining required approvals for the development of a mineral project, increased regulatory compliance costs, expectations of project funding by joint venture partners and other factors.
Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this news release or as of the date otherwise specifically indicated herein. Due to risks and uncertainties, including the risks and uncertainties identified in this news release, and other risk factors and forward-looking statements listed in the Company’s MD&A for the quarter ended June 30, 2023 (the “MD&A”), and the most recently filed Revised Annual Information Form (the “AIF”) for the year ended December 31, 2022, actual events may differ materially from current expectations. More information about the Company, including the MD&A, the AIF and financial statements of the Company, is available on SEDAR at www.sedar.com and on the SEC’s EDGAR website at www.sec.gov.
Figure 1. Locations of EMX royalty interests and key geological features in the Timok Magmatic Complex in the Bor Mining District of Serbia.
Surface sampling returns multiple high-grade results up to 92.55 g/t gold
North Vancouver, British Columbia–(Newsfile Corp. – August 24, 2023) – Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) (ASX: LLO) (“Lion One” or the “Company”) is pleased to announce the discovery of a new mineralized structure carrying bonanza grade gold 1 km to the north of the company’s 100% owned Tuvatu Alkaline Gold Project in Fiji.
The new mineralized structure was discovered on surface by Lion One’s regional exploration team and has been named the Lumuni occurrence. The structure is located 1 km north of Tuvatu, approximately along strike from lodes UR1, UR2, and UR3. The Lumuni structure exhibits a width at surface of approximately 0.5 m to over 1 m and is manifested as two mapped zones of what may be a single continuous feature. This includes a north-south striking zone that dips steeply to the west, and a northwest-southeast striking interval that dips steeply to the southwest. High-grade gold results were returned from close-spaced channels and outcropping zones separated by up to 30 m strike length. The overall feature was traced on surface for a length of over 150 m and remains open to the south-east where it is obscured under vegetation. The high-grade mineralized structure also appears to be coincident with a large steeply-dipping CSAMT resistivity low, which may be indicative of a deeply-rooted structure.
Highlights of Lumuni channel sampling:
66.83 g/t Au over 0.7 m (CH3850)
48.45 g/t Au over 0.7 m (including 92.55 g/t Au over 0.3 m) (CH3851)
15.18 g/t Au over 1.1 m (including 31.25 g/t Au over 0.3 m) (CH3849)
14.66 g/t Au over 1.1 m (including 16.78 g/t Au over 0.7 m) (CH3855)
17.04 g/t Au over 0.6 m (including 30.59 g/t Au over 0.3 m) (CH3853)
10.30 g/t Au over 0.9 m (including 13.89 g/t Au over 0.6 m) (CH3852)
Strike length of over 150 m observed on surface
Lion One Chairman and CEO Walter Berukoff commented: “We’re very pleased with the discovery of the Lumuni occurrence. This discovery was made as part of our ongoing regional mapping and sampling program throughout the Navilawa Caldera. What makes this discovery so outstanding is the continuity of the high-grade material. It is not a single bonanza-grade sample, but rather a traceable lode of high to very-high grade material that can be followed along at surface. The fact that these high-grade samples coincide with a steeply dipping resistivity low is even more compelling as it provides us with immediate drill targets to pursue. We can now add Lumuni to our growing list of high-priority regional exploration targets.”
Table 1. Highlights of channel sampling in the Lumuni area. For full results see Table 2 in the appendix.
Channel ID
From
To
Interval (m)
Au (g/t)
CH3848
0.9
1.3
0.4
4.24
CH3849
1
2.1
1.1
15.18
including
1
1.45
0.45
4.54
and
1.45
1.75
0.3
31.25
and
1.75
2.1
0.35
15.09
CH3850
0.6
1.3
0.7
66.83
including
0.6
1
0.4
64.62
and
1
1.3
0.3
69.77
CH3851
0.9
1.6
0.7
48.45
including
0.9
1.3
0.4
15.38
and
1.3
1.6
0.3
92.55
CH3852
0
0.9
0.9
10.3
including
0
0.6
0.6
13.89
and
0.6
0.9
0.3
3.13
CH3853
0.6
1.2
0.6
17.04
including
0.6
0.9
0.3
30.59
and
0.9
1.2
0.3
3.48
CH3855
0.9
2
1.1
14.66
including
0.9
1.3
0.4
10.95
and
1.3
2
0.7
16.78
CH3903
1
1.7
0.7
2.32
Figure 1. Location of Lumuni surface samples in relation to Tuvatu. The Lumuni discovery is approximately 1 km NNE of Tuvatu. Underground developments at Tuvatu are shown in red and the Lumuni surface samples are identified by the black dots. Background colours represent surface geology, with Navilawa Monzonite in pink, Nadele Breccia in green, and Sabeto volcanics in dark purple.
Figure 2. Location of Lumuni channel samples. Composite results of channel sampling in the Lumuni area in g/t gold. The dashed line represents the trace of the mineralized lode on surface.
A total of 16 channel samples were collected in the Lumuni area. The channel samples were collected by taking rock chip samples along a line oriented perpendicular to the observed structure, with overlap into the wall rock (see Figure 3).
The Lumuni structure is composed of two intervals; a northern portion trending approximately north-south and dipping sub-vertically to steeply to the west, and an eastern portion trending approximately northwest-southeast and dipping steeply to the southwest. The area between the two sections is covered in thick vegetation. It is hypothesized that the two portions are part of the same curvi-linear structure, though the eastern portion may be a splay off the northern section. The northern section is located on the margins of the Sabeto River while the eastern portion climbs up a dry creek bed to the top of a ridge, where it becomes obscured by overburden. While the northern portion appears to pinch out to the north where a series of channel samples failed to return any grade, the eastern portion may remain open to the east with mineralization observed along its entire length. The mineralized strike length of the entire Lumuni structure is currently >150 m, including both portions.
The Lumuni structure has an average estimated true width of 0.6 m, though it pinches and swells locally with observed widths reaching approximately 1 m. It is hosted in monzonite and is composed of variably white to gray chalcedonic banded and locally recrystallized quartz, with abundant heavily oxidized sulphides, giving the lode a bright red, gossanous appearance. Pyrite is the most dominant sulphide, with trace sphalerite (zinc sulphide) and galena (lead sulphide) visible locally. Alteration is intense and consists predominantly of white clays and micas. Coarse roscoelite (a vanadium mica observed in high-grade parts of Tuvatu) is also observed locally. The north-south portion of the lode is structurally controlled forming sinistral, sigmoidal shapes suggesting a north-south strike-slip foliaton as well as northwest-southeast foliations.
Figure 3. Example Lumuni channel samples. Left: Channel samples CH3848 to CH3849. Red arrows represent the approximate location of channel samples (sample lines CH3850 and CH3851 are obscured by boulders). The approximate location of Lumuni structure is represented by the yellow lines. North is up. Right: Channel sample CH3850. The Lumuni lode is visible as the reddish-brown oxidized structure in the middle of the photo. Sample bags indicate the location of samples along the channel, which is marked with yellow spray paint. North is to the right.
Figure 4. Example of Mineralization from the Lumuni Outcrop. Chalcedonic, locally banded and recrystallized comb quartz forming on the walls of open vugs, and abundant strongly oxidized sulphides in intensely altered medium-grained monzonite. Pen for scale.
The newly discovered Lumuni structure overlies a prominent resistivity gradient identified in the 2019 CSAMT survey as a potential drill target (Figure 5). CSAMT is a ground geophysical method that measures the electrical resistivity of rocks down to depths of several kilometers. It is highly efficient in identifying subsurface structures, such as lithological contact zones, faults, fracture systems, and potential upflow zones especially if these are deep-rooted structures. In alkaline gold deposits such as Tuvatu, such deep-rooted structures provide the principal conduits for hydrothermal fluid flow from which gold and other metals are deposited.
The fact that the Lumuni structure not only appears to be sub-vertically dipping but that it also corresponds to a steeply-dipping resistivity gradient provides credence to the suggestion that the mineralization observed at surface may be associated with a deep-rooted structure, in similar fashion to the mineralized lodes at Tuvatu. The CSAMT survey data thereby provides viable drill targets to follow up the bonanza-grade surface sampling described in this news release. Note that the CSAMT data shown here is based on the 2019 CSAMT survey. As reported on June 20, 2023, additional CSAMT lines were completed in 2023, the results of which once interpreted, will provide higher resolution imaging of the resistivity characteristics of the survey area. Due to some delay in processing, the 2023 CSAMT data is not yet available. Once it is available, the higher resolution data will be beneficial in further refining drill targets to follow up the Lumuni occurrence.
Figure 5. CSAMT gradient underlying bonanza grade Lumuni surface samples. Line 08 from the 2019 CSAMT survey. The Lumuni channel samples overly a steeply dipping resistivity gradient that was identified in the 2019 CSAMT survey as a potential drill target. Once available, results from the 2023 CSAMT survey will provide enhanced resistivity data in this area and further refine drill targeting in the Lumuni area.
About Tuvatu The Tuvatu Alkaline Gold Project is located on the island of Viti Levu in Fiji. The January 2018 mineral resource for Tuvatu as disclosed in the technical report “Technical Report and Preliminary Economic Assessment for the Tuvatu Gold Project, Republic of Fiji”, dated September 25, 2020, and prepared by Mining Associates Pty Ltd of Brisbane Qld, comprises 1,007,000 tonnes indicated at 8.50 g/t Au (274,600 oz. Au) and 1,325,000 tonnes inferred at 9.0 g/t Au (384,000 oz. Au) at a cut-off grade of 3.0 g/t Au. The technical report is available on the Lion One website at www.liononemetals.com and on the SEDAR website at www.sedarplus.ca.
Qualified Person (NI43-101) In accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43- 101”), Sergio Cattalani, P.Geo, Senior Vice President Exploration, is the Qualified Person for the Company and has reviewed and is responsible for the technical and scientific content of this news release.
QAQC Procedures Lion One adheres to rigorous QAQC procedures above and beyond basic regulatory guidelines in conducting its sampling, drilling, testing, and analyses. The Company utilizes its own fleet of diamond drill rigs, using PQ, HQ and NQ sized drill core rods. Drill core is logged and split by Lion One personnel on site. Samples are delivered to and analyzed at the Company’s geochemical and metallurgical laboratory in Fiji. Duplicates of all samples with grades above 0.5 g/t Au are both re-assayed at Lion One’s lab and delivered to ALS Global Laboratories in Australia (ALS) for check assay determinations. All samples for all high-grade intercepts are sent to ALS for check assays. All samples are pulverized to 85% passing through 75 microns. Gold analysis is carried out using fire assay with an AA finish. Samples that have returned grades greater than 10.00 g/t Au are then re-analyzed by gravimetric method. For samples that return greater than 0.50 g/t Au, repeat fire assay runs are carried out and repeated until a result is obtained that is within 10% of the original fire assay run. Lion One’s laboratory can also assay for a range of 71 other elements through Inductively Coupled Plasma Optical Emission Spectrometry (ICP-OES), but currently focuses on a suite of 9 important pathfinder elements. All duplicate anomalous samples are sent to ALS labs in Townsville QLD and are analyzed by the same methods (Au-AA26, and Au-GRA22 where applicable). ALS also analyses 33 pathfinder elements by HF-HNO3-HClO4 acid digestion, HCl leach and ICP-AES (method ME-ICP61).
About Lion One Metals Limited Lion One’s flagship asset is 100% owned, fully permitted high grade Tuvatu Alkaline Gold Project, located on the island of Viti Levu in Fiji. Lion One envisions a low-cost high-grade underground gold mining operation at Tuvatu coupled with exciting exploration upside inside its tenements covering the entire Navilawa Caldera, an underexplored yet highly prospective 7km diameter alkaline gold system. Lion One’s CEO Walter Berukoff leads an experienced team of explorers and mine builders and has owned or operated over 20 mines in 7 countries. As the founder and former CEO of Miramar Mines, Northern Orion, and La Mancha Resources, Walter is credited with building over $3 billion of value for shareholders.
On behalf of the Board of Directors of Lion One Metals Limited “Walter Berukoff“, Chairman and CEO
Neither the TSX Venture Exchange nor its Regulation Service Provider accepts responsibility for the adequacy or accuracy of this release
This press release may contain statements that may be deemed to be “forward-looking statements” within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein are forward-looking information. Generally, forward-looking information may be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “proposed”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases, or by the use of words or phrases which state that certain actions, events or results may, could, would, or might occur or be achieved. This forward-looking information reflects Lion One Metals Limited’s current beliefs and is based on information currently available to Lion One Metals Limited and on assumptions Lion One Metals Limited believes are reasonable. These assumptions include, but are not limited to, the actual results of exploration projects being equivalent to or better than estimated results in technical reports, assessment reports, and other geological reports or prior exploration results. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Lion One Metals Limited or its subsidiaries to be materially different from those expressed or implied by such forward-looking information. Such risks and other factors may include, but are not limited to: the stage development of Lion One Metals Limited, general business, economic, competitive, political and social uncertainties; the actual results of current research and development or operational activities; competition; uncertainty as to patent applications and intellectual property rights; product liability and lack of insurance; delay or failure to receive board or regulatory approvals; changes in legislation, including environmental legislation, affecting mining, timing and availability of external financing on acceptable terms; not realizing on the potential benefits of technology; conclusions of economic evaluations; and lack of qualified, skilled labour or loss of key individuals. Although Lion One Metals Limited has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information. Lion One Metals Limited does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
Appendix 1: Full Sample Results and Collar Information
Table 2. Channel and rock sample results from the Lumuni area
Channel ID
Sample ID
From
To
Interval (m)
Au (g/t)
CH3848
TUS025730
0
0.9
0.9
0.51
CH3848
TUS025732
0.9
1.3
0.4
4.24
CH3848
TUS025733
1.3
1.7
0.4
0.32
CH3848
TUS025734
1.7
2.2
0.5
<0.01
CH3849
TUS025735
0
1
1
0.04
CH3849
TUS025736
1
1.45
0.45
4.54
CH3849
TUS025737
1.45
1.75
0.3
31.25
CH3849
TUS025738
1.75
2.1
0.35
15.09
CH3849
TUS025739
2.1
2.8
0.7
0.02
CH3850
TUS025740
0
0.6
0.6
0.04
CH3850
TUS025741
0.6
1
0.4
64.62
CH3850
TUS025742
1
1.3
0.3
69.77
CH3851
TUS025743
0
0.9
0.9
0.72
CH3851
TUS025744
0.9
1.3
0.4
15.38
CH3851
TUS025745
1.3
1.6
0.3
92.55
CH3851
TUS025746
1.6
2
0.4
0.69
CH3852
TUS025747
0
0.6
0.6
13.89
CH3852
TUS025748
0.6
0.9
0.3
3.13
CH3853
TUS025749
0
0.6
0.6
0.24
CH3853
TUS025851
0.6
0.9
0.3
30.59
CH3853
TUS025852
0.9
1.2
0.3
3.48
CH3854
TUS025853
0
0.6
0.6
0.23
CH3854
TUS025854
0.6
0.9
0.3
0.56
CH3855
TUS025855
0
0.9
0.9
0.15
CH3855
TUS025856
0.9
1.3
0.4
10.95
CH3855
TUS025858
1.3
2
0.7
16.78
CH3856
TUS025859
0
1
1
0.1
CH3856
TUS025860
1
1.6
0.6
0.09
CH3892
TUS025887
0
0.4
0.4
<0.01
CH3892
TUS025888
0.4
0.7
0.3
<0.01
CH3892
TUS025889
0.7
1.2
0.5
<0.01
CH3893
TUS025890
0
0.7
0.4
<0.01
CH3893
TUS025891
0.7
1
0.3
<0.01
CH3893
TUS025892
1
1.7
0.7
<0.01
CH3894
TUS025893
0
0.7
0.7
<0.01
CH3894
TUS025894
0.7
1
0.3
<0.01
CH3894
TUS025895
1
1.3
0.3
<0.01
CH3894
TUS025896
1.3
1.6
0.3
<0.01
CH3903
TUS023003
0
0.6
0.6
0.24
CH3903
TUS023004
0.6
1
0.4
<0.01
CH3903
TUS023005
1
1.7
0.7
2.32
CH3903
TUS023006
1.7
2.3
0.6
<0.01
CH3904
TUS023008
0
0.9
0.9
<0.01
CH3904
TUS023009
0.9
1.1
0.2
<0.01
CH3904
TUS023010
1.1
1.4
0.3
<0.01
CH3904
TUS023011
1.4
1.7
0.3
<0.01
CH3905
TUS023012
0
0.8
0.8
<0.01
CH3905
TUS023013
0.8
1.5
0.7
<0.01
CH3905
TUS023014
1.5
2.4
0.9
<0.01
CH3905
TUS023015
2.4
2.7
0.3
1.28
CH3906
TUS023019
0
1
1
<0.01
CH3906
TUS023020
1
1.6
0.6
0.62
Table 3. Collar coordinates (channel start) for channel samples reported in this release. Coordinates are in Fiji Map Grid.
I’ve written about Lion One (LIO-V) probably a dozen times over the last couple of years. They are the only junior in the world with 100% ownership of a major alkaline gold system. Their Tuvatu gold project is located in Fiji on the Pacific Ring of Fire with multiple 20 million ounces high-grade gold mines on the same structure.
With a market cap of only about $171 million CAD the market seems to value the company for only their 2018 43-101 resource estimate of just over 720,000 ounces. But the company is about to be revalued in three different ways.
First of all, the resource does not reflect an accurate count of how much gold they have. The Tuvatu Gold project is similar in size to the Vatukoula Gold Mine in production since 1938 having shipped over seven million ounces of gold. Vatukoula is about 35 km from Tuvatu on the same structure. Vatukoula still reports about 3.8 million ounces in a resource.
These alkaline gold systems have an unusual form of gold. There will be hundreds of tiny fractures in the rock where flash gold has appeared. The veins may only be a couple of centimeters but are ultra-high grade. Since they vary widely in orientation it is not possible to get a representative assay of the real grade because there is no angle that you can drill that catches all of the tiny veins. Actually in one of the latest press releases the company changed how they sample assays of greater than 10 g/t gold to more accurately reflect the real grade.
What I’m trying to say is that in spite of having spent tens of millions of dollars in drilling, the company still does not know what an accurate grade is for the gold. But the good side of that issue is that no matter how you drill and sample it, you are always showing a lower grade than actually exists. Which means regardless of what they say they have for grade, production will in almost all cases show higher values for gold. It’s a good problem to have.
Lion One reported actually starting to mine in a May press release. The company has been predicting actual milling and gold production in the 4th quarter. Chief Operating Officer Patrick Hickey has been struggling to make the 4th quarter goal. He is so far ahead of schedule that there may be some “TRIAL” gold processing in the 3rd quarter, i.e. in a month.
In that May 18th press release there was a vital visual drawing of why grade control is always inaccurate. No matter how you drill, you miss veins. Here is an image from the press release.
The official first gold pour is scheduled for Fiji Day on October 10th in conjunction with a bunch of officials from the government who are thrilled to see a 2nd gold mine getting into production in Fiji. I know of no other jurisdiction where a junior company was able to go from exploration to production with greater support from the host country.
Lion One is on the sweet spot of valuation on the Lassonde Curve as the project begins production. That will give the stock a revaluation based on the risk has been removed from the stock.
The third part of the revaluation will be when gold and gold stocks start their next bull run. I see a general market crash between now and October. It could well take the metals and resource stocks with it. But when the dust settles, gold and gold stocks are going to be the only safe haven in town. The brilliant Bob Hoye is calling for October-November to be a good time to buy shares.
At startup the company is planning on production of 300 tonnes per day. The crushing circuit can do 1,000 TPD but for now the grinding circuit is limited to about 300 TPD. The company has already stockpiled over a two-month supply of material to mill. Plans are in progress to expand production to 500 TPD by September of 2024.
Guess estimates for grade are 6-7 g/t gold for the startup phase but COO Patrick Hickey has his fingers crossed and is hoping for 10 g/t gold. I think I have an understanding of the vein swarms and how they are always undercounted in assays. I’ll climb out on a limb and suggest that they will be doing 13-15 g/t gold a lot sooner than current investors understand.
I’ll make an important comment for investors to know here. I’ve been a small part of this story since Wally brought Quinton Hennigh on board in early 2019. Wally was making progress but it wasn’t visible. Quinton offered a lot of suggestions as to how and where to drill and what changes they needed to make in terms of personnel.
Quinton realized the company needed a professional team on site. He contacted two of the leading guys in mining, Patrick Hickey and Sergio Cattalani and convinced them to come on board. Prior to their entry management was being run out of Perth in Western Australia and frankly that just didn’t work. Investors should read the press release. I am triple impressed with both of them. I shared an hour-long update with Patrick last week. He has things totally under control. He’s the most impressive mine builder I have ever talked to.
Lion One is cashed up to production as a result of the last couple of private placements. Between standard warrants and broker warrants issued with prior placements, there are about 41 million outstanding warrants at prices between $0.77 and $1.49 dated for just over two years. As the warrants are exercised, it will bring in about $53 million. I don’t see cash being a problem for the company. There are about 15 million tradable warrants at $1.25 and I suspect they will add to the liquidity of the company since it allows investors to speculate on the price of the company with a degree of leverage. They expire in November of 2025.
I was in on a call with management of Lion One a week ago after I enquired as to the status of going into production. I was very impressed with the quality of the team and the direction the company is moving. I think the price will soon reflect the quality of management and high-grade of the ore. This should be one of the lowest cost producers in the industry. The government of Fiji is solidly supportive of the company and I see no problems on the horizon at any level.
Lion One has been my largest position for a couple of years now. The company is an advertiser and I couldn’t be more biased. Do your own due diligence.
Lion One Metals LIO-V $.84 (Aug 22, 2023) LOMLF OTCQX 206 million shares Lion One website
High grade composite results increased in Zone 5 drilling
North Vancouver, British Columbia–(Newsfile Corp. – August 15, 2023) – Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) (ASX: LLO) (“Lion One” or the “Company”) is issuing an update on composite drill results reported in the Company’s August 10, 2023 news release.
The August 10, 2023 news release reported infill and grade control drill results from Zone 5 of the Company’s Tuvatu alkaline gold project in Fiji. Several composite gold grades reported in that news release are here updated.
Gold analysis at Tuvatu is conducted using fire assay with an atomic absorption (AA) finish. Samples that return grades over 10 g/t Au are then re-analyzed by gravimetric method. The gravimetric method is considered more accurate than fire assay for high-grade samples. Lion One has therefore recently adopted a new protocol whereby gravimetric results are reported for samples that return over 10 g/t Au. In the August 10, 2023 news release, composite intervals were calculated using fire assay values rather than gravimetric values, whereas high-grade individual assays were quoted using the more accurate gravimetric results. This led to a discrepancy between the composite values and the underlying assay values for certain intervals. The difference between fire assay and gravimetric analyses tends to be greater for higher grade samples. A total of 21 composite values have been updated and are presented in Table 1 below. The majority of the updated results are greater than was initially reported.
Table 1. Updated composite intervals from Zone 5 infill and grade control drilling. Bolded text represents a positive change, italicized text represents a negative change. Intervals are ordered by decreasing gold content.
Hole ID
From
To
Interval (m)
Updated Au (g/t)
Original Au (g/t)
Change (g/t)
TGC-0067
48.2
50
1.8
314.27
261.93
52.34
TUDDH-643
242.7
249.3
6.6
83.47
80.78
2.69
TGC-0067
53.3
54.2
0.9
104.00
93.05
10.95
TUDDH-643
111.6
114.9
3.3
18.40
17.48
0.92
TUDDH-643
161.7
163.2
1.5
16.13
15.96
0.17
TUDDH-638
254.7
257
2.3
10.25
9.41
0.84
TUDDH-643
101.9
103.1
1.2
13.50
13.13
0.37
TUDDH-643
123.4
124
0.6
25.19
25.95
-0.76
TGC-0061
219.2
220.4
1.2
10.31
8.32
1.99
TUDDH-637
45.3
45.6
0.3
35.98
36.2
-0.22
TUDDH-643
52.2
52.5
0.3
31.87
33.51
-1.64
TUDDH-644
55.8
58.2
2.4
3.43
3.4
0.03
TGC-0065
53.1
55.2
2.1
3.91
3.82
0.09
TUDDH-634
49.2
50.7
1.5
5.44
5.68
-0.24
TUDDH-637
216.4
217
0.6
11.63
10.99
0.64
TGC-0065
128.5
129.4
0.9
7.42
6.8
0.62
TGC-0065
57.4
58.3
0.9
7.01
6.88
0.13
TUDDH-634
154.9
155.2
0.3
14.96
15.17
-0.21
TUDDH-656
173.6
173.9
0.3
11.66
10.14
1.52
TGC-0059
220.3
220.6
0.3
10.87
12.85
-1.98
TGC-0058
133.4
133.7
0.3
10.86
10.37
0.49
Tables 2 and 3 below are reproductions of Tables 1 and 2 from the August 10, 2023 news release updated to include composite intervals calculated using assay results from the gravimetric method. Composite values that have been changed are highlighted with bolded text representing positive changes and italicized text representing negative changes. Values with no bolding or italicization represent intervals for which there is no change.
Table 2. Highlights of composited infill drill results in the Zone 5 area. Reproduction of Table 1 from the August 10, 2023 news release, with updated composite grades. For full results see Table 4 in the appendix.
Hole ID
From
To
Interval (m)
Au (g/t)
Change (g/t)
TUDDH-634
123.4
124
0.6
25.19
-0.76
TUDDH-637
161.7
163.2
1.5
16.13
0.17
including
161.7
162.3
0.6
38.62
–
which includes
161.7
162
0.3
72.46
–
TUDDH-637
198.2
202.1
3.9
5.38
–
including
198.2
198.5
0.3
10.02
–
and
199.7
200.6
0.9
3.42
–
and
201.2
202.1
0.9
16.13
–
which includes
201.8
202.1
0.3
40.21
–
TUDDH-643
111.6
114.9
3.3
18.4
0.92
including
111.6
113.7
2.1
28.44
–
which includes
113.1
113.7
0.6
95.63
–
TUDDH-643
242.7
249.3
6.6
83.47
2.69
including
242.7
246.3
3.6
17.39
–
which includes
243.9
245.7
1.8
55.49
–
which includes
243.9
244.5
0.6
79.84
–
and
245.1
245.7
0.6
14.89
–
and also including
247.5
249.3
1.8
271.14
–
which includes
247.5
247.8
0.3
40.03
–
and
248.7
249.6
0.6
793.24
–
TUDDH-643
254.7
257
2.3
10.25
0.84
including
254.7
255.3
0.6
35.54
–
TUDDH-650
192.6
194.1
1.5
14.93
–
including
192.6
193.5
0.9
23.89
–
TUDDH-650
203.5
207.4
3.9
11.84
–
including
203.5
204.7
1.2
35.18
–
which includes
203.5
204.1
0.6
48.27
–
and
204.1
204.7
0.6
22.09
–
TUDDH-651
184.6
185.2
0.6
32.65
–
TUDDH-651
194.5
197.2
2.7
17.2
–
including
194.5
196
1.5
25.92
–
which includes
195.4
195.7
0.3
124.52
–
and also including
196.9
197.2
0.3
25.22
–
TUDDH-653
53
56.9
3.9
9.53
–
including
55.1
56.9
1.8
19.47
–
which includes
56
56.3
0.3
46.92
–
and
56.6
56.9
0.3
55.08
–
TUDDH-653
89.5
96.3
6.8
9.96
–
including
91.3
92.2
0.9
66.62
–
which includes
91.6
91.9
0.3
165.95
–
and
91.9
92.2
0.3
30.46
–
TUDDH-655
96.4
97.9
1.5
8.24
–
including
96.7
97
0.3
18.48
–
and
97.6
97.9
0.3
20.77
–
TUDDH-656
101.9
103.1
1.2
13.5
0.37
including
101.9
102.5
0.6
19.73
–
and
102.5
103.1
0.6
6.54
–
Table 3. Highlights of composited grade control drill results in the Zone 5 area. Reproduction of Table 2 from the August 10, 2023 news release, with updated composite grades. For full results see Table 5 in the appendix.
Hole ID
From
To
Interval (m)
Au (g/t)
Change (g/t)
TGC-0059
57.4
58.3
0.9
7.01
0.13
including
57.4
57.7
0.3
12.89
–
and
58
58.3
0.3
8.14
–
TGC-0061
55.8
58.2
2.4
3.43
0.03
including
57.3
37.6
0.3
12.84
–
TGC-0065
45.3
45.6
0.3
35.98
-0.22
TGC-0065
49.2
50.7
1.5
5.44
-0.24
including
49.2
49.5
0.3
9.59
–
and
50.4
50.7
0.3
15.76
–
TGC-0065
52.2
52.5
0.3
31.87
-1.64
TGC-0067
48.2
50
1.8
314.27
52.34
including
48.8
49.4
0.6
934.91
–
which includes
48.8
49.1
0.3
1839.55
–
and
49.1
49.4
0.3
30.26
–
TGC-0067
53.3
54.2
0.9
104
10.95
including
53.3
53.9
0.6
155.68
–
which includes
53.3
53.6
0.3
10.89
–
and
53.6
53.9
0.3
300.47
–
Figure 1. Location of Zone 5 Infill and Grade Control Drillholes. Reproduced from August 10, 2023 news release for context. Left image: Plan view of Tuvatu showing Zone 5 infill and grade control drillholes in relation to the mineralized lodes. Drillholes are shown in black, mineralized lodes in pale grey, and underground developments in red. The yellow dashed square represents the area illustrated in the image on the right. Right image: Oblique view of Zone 5 infill and grade control drilling looking approximately northeast. Infill drilling was conducted from surface whereas grade control drilling was conducted from underground.
Figure 2. Location of High-Grade Intercepts from Zone 5 Drilling. Updated figure from the August 10, 2023 news release, with updated composite gold intervals. Composite intervals with grades between 3 and 10 g/t Au are shown in yellow, intervals with grades between 10 and 30 g/t Au are shown in red, and intervals over 30 g/t Au are shown in purple. Select high-grade intervals are identified. Image is looking approximately north-northeast, grades are gold grades in g/t.
About Tuvatu The Tuvatu Alkaline Gold Project is located on the island of Viti Levu in Fiji. The January 2018 mineral resource for Tuvatu as disclosed in the technical report “Technical Report and Preliminary Economic Assessment for the Tuvatu Gold Project, Republic of Fiji”, dated September 25, 2020, and prepared by Mining Associates Pty Ltd of Brisbane Qld, comprises 1,007,000 tonnes indicated at 8.50 g/t Au (274,600 oz. Au) and 1,325,000 tonnes inferred at 9.0 g/t Au (384,000 oz. Au) at a cut-off grade of 3.0 g/t Au. The technical report is available on the Lion One website at www.liononemetals.com and on the SEDAR website at www.sedar.com.
Qualified Person In accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”), Sergio Cattalani, P.Geo, Senior Vice President Exploration, is the Qualified Person for the Company and has reviewed and is responsible for the technical and scientific content of this news release.
QAQC Procedures Lion One adheres to rigorous QAQC procedures above and beyond basic regulatory guidelines in conducting its sampling, drilling, testing, and analyses. The Company utilizes its own fleet of diamond drill rigs, using PQ, HQ and NQ sized drill core rods. Drill core is logged and split by Lion One personnel on site. Samples are delivered to and analyzed at the Company’s geochemical and metallurgical laboratory in Fiji. Duplicates of all samples with grades above 0.5 g/t Au are both re-assayed at Lion One’s lab and delivered to ALS Global Laboratories in Australia (ALS) for check assay determinations. All samples for all high-grade intercepts are sent to ALS for check assays. All samples are pulverized to 85% passing through 75 microns. Gold analysis is carried out using fire assay with an AA finish. Samples that have returned grades greater than 10.00 g/t Au are then re-analyzed by gravimetric method. For samples that return greater than 0.50 g/t Au, repeat fire assay runs are carried out and repeated until a result is obtained that is within 10% of the original fire assay run. Lion One’s laboratory can also assay for a range of 71 other elements through Inductively Coupled Plasma Optical Emission Spectrometry (ICP-OES), but currently focuses on a suite of 9 important pathfinder elements. All duplicate anomalous samples are sent to ALS labs in Townsville QLD and are analyzed by the same methods (Au-AA26, and Au-GRA22 where applicable). ALS also analyses 33 pathfinder elements by HF-HNO3-HClO4 acid digestion, HCl leach and ICP-AES (method ME-ICP61).
About Lion One Metals Limited Lion One’s flagship asset is 100% owned, fully permitted high grade Tuvatu Alkaline Gold Project, located on the island of Viti Levu in Fiji. Lion One envisions a low-cost high-grade underground gold mining operation at Tuvatu coupled with exciting exploration upside inside its tenements covering the entire Navilawa Caldera, an underexplored yet highly prospective 7km diameter alkaline gold system. Lion One’s CEO Walter Berukoff leads an experienced team of explorers and mine builders and has owned or operated over 20 mines in 7 countries. As the founder and former CEO of Miramar Mines, Northern Orion, and La Mancha Resources, Walter is credited with building over $3 billion of value for shareholders.
On behalf of the Board of Directors of Lion One Metals Limited “Walter Berukoff“, Chairman and CEO
Neither the TSX Venture Exchange nor its Regulation Service Provider accepts responsibility for the adequacy or accuracy of this release
This press release may contain statements that may be deemed to be “forward-looking statements” within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein are forward-looking information. Generally, forward-looking information may be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “proposed”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases, or by the use of words or phrases which state that certain actions, events or results may, could, would, or might occur or be achieved. This forward-looking information reflects Lion One Metals Limited’s current beliefs and is based on information currently available to Lion One Metals Limited and on assumptions Lion One Metals Limited believes are reasonable. These assumptions include, but are not limited to, the actual results of exploration projects being equivalent to or better than estimated results in technical reports, assessment reports, and other geological reports or prior exploration results. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Lion One Metals Limited or its subsidiaries to be materially different from those expressed or implied by such forward-looking information. Such risks and other factors may include, but are not limited to: the stage development of Lion One Metals Limited, general business, economic, competitive, political and social uncertainties; the actual results of current research and development or operational activities; competition; uncertainty as to patent applications and intellectual property rights; product liability and lack of insurance; delay or failure to receive board or regulatory approvals; changes in legislation, including environmental legislation, affecting mining, timing and availability of external financing on acceptable terms; not realizing on the potential benefits of technology; conclusions of economic evaluations; and lack of qualified, skilled labour or loss of key individuals. Although Lion One Metals Limited has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information. Lion One Metals Limited does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
Appendix 1: Full Drill Results and Collar Information
Table 4. Updated composite results from infill drillholes in the Zone 5 area (grade >0.5 g/t Au). Bolded text indicates a positive change from the originally reported value, italicized text represents a negative change.
Hole ID
From
To
Interval (m)
Au (g/t)
Change (g/t)
TUDDH-634
92.2
92.8
0.6
0.52
–
TUDDH-634
93.7
94.3
0.6
0.5
–
TUDDH-634
123.4
124
0.6
25.19
-0.76
TUDDH-634
125.2
125.5
0.3
1
–
TUDDH-634
128.5
129.4
0.9
7.42
0.62
TUDDH-634
including
129.1
129.4
0.3
10.89
–
TUDDH-634
148.5
149.1
0.6
1.46
–
TUDDH-637
48.2
48.8
0.6
0.6
–
TUDDH-637
68.8
69.4
0.6
0.81
–
TUDDH-637
161.7
163.2
1.5
16.13
0.17
TUDDH-637
including
161.7
162.3
0.6
38.62
–
TUDDH-637
which includes
161.7
162
0.3
72.46
–
TUDDH-637
173.1
177.6
4.5
2.69
–
TUDDH-637
including
173.1
174
0.9
8.59
–
TUDDH-637
180
182.1
2.1
2.7
–
TUDDH-637
183.9
187.5
3.6
2.76
–
TUDDH-637
including
185.7
187.5
1.8
5.03
–
TUDDH-637
198.2
202.1
3.9
5.38
–
TUDDH-637
including
198.2
198.5
0.3
10.02
–
TUDDH-637
and
199.7
200.6
0.9
3.42
–
TUDDH-637
and
201.2
202.1
0.9
16.13
–
TUDDH-637
which includes
201.8
202.1
0.3
40.21
–
TUDDH-637
219.2
220.4
1.2
10.31
1.99
TUDDH-637
including
219.5
220.4
0.9
12.79
–
TUDDH-637
222.2
222.5
0.3
2.29
–
TUDDH-637
224
226.4
2.4
1.87
–
TUDDH-637
243.5
245
1.5
1.13
–
TUDDH-637
251.3
253.7
2.4
2.46
–
TUDDH-637
258.5
259.1
0.6
0.94
–
TUDDH-637
281.9
282.5
0.6
5.96
–
TUDDH-637
290.9
292.1
1.2
1.97
–
TUDDH-637
298.7
299.6
0.9
6.68
–
TUDDH-638
14.2
14.8
0.6
1.31
–
TUDDH-638
29.8
30.4
0.6
1.29
–
TUDDH-638
106.9
107.2
0.3
0.99
–
TUDDH-638
123.1
123.7
0.6
1.44
–
TUDDH-638
154.9
155.2
0.3
14.96
-0.21
TUDDH-638
162.4
163.3
0.9
3.19
–
TUDDH-638
166.3
167.5
1.2
6.23
–
TUDDH-638
including
166.3
166.9
0.6
8.43
–
TUDDH-638
169.9
171.7
1.8
3.6
–
TUDDH-638
including
170.8
171.7
0.9
6.07
–
TUDDH-638
179.8
181.3
1.5
1.62
–
TUDDH-638
235.9
236.5
0.6
0.87
–
TUDDH-638
241.3
242.5
1.2
4.8
–
TUDDH-638
including
241.9
242.5
0.6
9.06
–
TUDDH-639
50.3
50.6
0.3
5.17
–
TUDDH-641
153
153.7
0.7
2.78
–
TUDDH-641
including
153
153.3
0.3
5.1
–
TUDDH-641
174.5
174.8
0.3
0.57
–
TUDDH-641
176.9
178.7
1.8
2.32
–
TUDDH-641
including
176.9
177.5
0.6
5.1
–
TUDDH-643
111.6
114.9
3.3
18.4
0.92
TUDDH-643
including
111.6
113.7
2.1
28.44
–
TUDDH-643
which includes
113.1
113.7
0.6
95.63
–
TUDDH-643
133.4
133.7
0.3
10.86
0.49
TUDDH-643
158.8
159.1
0.3
0.83
–
TUDDH-643
163.3
163.9
0.6
5.3
–
TUDDH-643
173.6
173.9
0.3
11.66
1.52
TUDDH-643
213.7
214.6
0.9
0.61
–
TUDDH-643
216.4
217
0.6
11.63
0.64
TUDDH-643
233.8
234.4
0.6
5.48
–
TUDDH-643
242.7
249.3
6.6
83.47
2.69
TUDDH-643
including
242.7
246.3
3.6
17.39
–
TUDDH-643
which includes
243.9
245.7
1.8
55.49
–
TUDDH-643
which includes
243.9
244.5
0.6
79.84
–
TUDDH-643
and
245.1
245.7
0.6
14.89
–
TUDDH-643
and also including
247.5
249.3
1.8
271.14
–
TUDDH-643
which includes
247.5
247.8
0.3
40.03
–
TUDDH-643
and
248.7
249.6
0.6
793.24
–
TUDDH-643
251.7
252.9
1.2
0.97
–
TUDDH-643
254.7
257
2.3
10.25
0.84
TUDDH-643
including
254.7
255.3
0.6
35.54
–
TUDDH-643
260.4
261.3
0.9
0.69
–
TUDDH-643
262.8
266.1
3.3
1.63
–
TUDDH-643
268.3
268.8
0.5
1.3
–
TUDDH-644
172.3
175
2.7
2.33
–
TUDDH-644
including
173.8
174.4
0.6
5.83
–
TUDDH-644
208.6
208.9
0.3
4.37
–
TUDDH-644
220.3
220.6
0.3
10.87
-1.98
TUDDH-644
237.1
237.7
0.6
1.19
–
TUDDH-646
116.7
117.3
0.6
1.65
–
TUDDH-646
154.8
155.1
0.3
0.67
–
TUDDH-646
181.5
183.3
1.8
2.41
–
TUDDH-646
including
183
183.3
0.3
13.29
–
TUDDH-646
223.9
224.5
0.6
8.98
–
TUDDH-646
including
224.2
224.5
0.3
15.09
–
TUDDH-646
231.1
233.2
2.1
4.23
–
TUDDH-646
including
232
232.6
0.6
10.27
–
TUDDH-646
252.3
252.7
0.4
2.81
–
TUDDH-646
253.9
254.2
0.3
2.16
–
TUDDH-649
24.9
25.2
0.3
1.93
–
TUDDH-649
153.6
154.2
0.6
0.74
–
TUDDH-649
161.7
162.3
0.6
0.52
–
TUDDH-649
188.1
190.8
2.7
1.21
–
TUDDH-649
248.7
249.3
0.6
1.17
–
TUDDH-649
251.4
252.3
0.9
0.86
–
TUDDH-649
257.1
257.4
0.3
3.31
–
TUDDH-650
53.6
53.9
0.3
0.61
–
TUDDH-650
76.7
77
0.3
0.62
–
TUDDH-650
104.1
104.4
0.3
0.67
–
TUDDH-650
148.5
149.1
0.6
0.51
–
TUDDH-650
179.1
179.4
0.3
1.62
–
TUDDH-650
180.6
181.2
0.6
0.51
–
TUDDH-650
192.6
194.1
1.5
14.93
–
TUDDH-650
including
192.6
193.5
0.9
23.89
–
TUDDH-650
199
199.3
0.3
1.66
–
TUDDH-650
203.5
207.4
3.9
11.84
–
TUDDH-650
including
203.5
204.7
1.2
35.18
–
TUDDH-650
which includes
203.5
204.1
0.6
48.27
–
TUDDH-650
and
204.1
204.7
0.6
22.09
–
TUDDH-650
210.4
210.7
0.3
2.05
–
TUDDH-651
18.25
18.85
0.6
0.93
–
TUDDH-651
80.55
81.15
0.6
2.09
–
TUDDH-651
100.65
100.95
0.3
1.46
–
TUDDH-651
118.65
119.25
0.6
1.46
–
TUDDH-651
139.95
140.55
0.6
4.39
–
TUDDH-651
184.6
185.2
0.6
32.65
–
TUDDH-651
194.5
197.2
2.7
17.2
–
TUDDH-651
including
194.5
196
1.5
25.92
–
TUDDH-651
which includes
195.4
195.7
0.3
124.52
–
TUDDH-651
and also including
196.9
197.2
0.3
25.22
–
TUDDH-651
222.4
224.8
2.4
2.22
–
TUDDH-653
0
0.6
0.6
3.37
–
TUDDH-653
21.9
22.2
0.3
1.26
–
TUDDH-653
53
56.9
3.9
9.53
–
TUDDH-653
including
55.1
56.9
1.8
19.47
–
TUDDH-653
which includes
56
56.3
0.3
46.92
–
TUDDH-653
and
56.6
56.9
0.3
55.08
–
TUDDH-653
64.4
65
0.6
0.56
–
TUDDH-653
89.5
96.3
6.8
9.96
–
TUDDH-653
including
91.3
92.2
0.9
66.62
–
TUDDH-653
which includes
91.6
91.9
0.3
165.95
–
TUDDH-653
and
91.9
92.2
0.3
30.46
–
TUDDH-653
111.6
111.9
0.3
6.53
–
TUDDH-653
116.7
118.8
2.1
1.59
–
TUDDH-653
120
120.6
0.6
0.59
–
TUDDH-655
59.7
61.5
1.8
2.74
–
TUDDH-655
96.4
97.9
1.5
8.24
–
TUDDH-655
including
96.7
97
0.3
18.48
–
TUDDH-655
and
97.6
97.9
0.3
20.77
–
TUDDH-655
99.1
99.7
0.6
0.9
–
TUDDH-655
101.5
102.1
0.6
1.23
–
TUDDH-655
118.3
118.6
0.3
3.16
–
TUDDH-655
126.1
126.7
0.6
1.04
–
TUDDH-656
27.2
28.4
1.2
0.89
–
TUDDH-656
77
77.6
0.6
1.05
–
TUDDH-656
80.6
81.2
0.6
0.7
–
TUDDH-656
101.9
103.1
1.2
13.5
0.37
TUDDH-656
including
101.9
102.5
0.6
19.73
–
TUDDH-656
and
102.5
103.1
0.6
6.54
–
TUDDH-656
106.7
107
0.3
0.58
–
TUDDH-656
119.6
119.9
0.3
1.71
–
TUDDH-656
130.1
132.5
2.4
4.83
–
TUDDH-656
including
131.9
132.5
0.6
7.99
–
TUDDH-656
162.5
162.8
0.3
8.55
–
Table 5. Updated composite results from grade control drillholes in the Zone 5 area (grade >0.5 g/t Au). Bolded text indicates a positive change from the originally reported value, italicized text represents a negative change.
Hole ID
From
To
Interval (m)
Au (g/t)
Change (g/t)
TGC-0056
26.7
29.4
2.7
1.52
–
TGC-0056
38.1
38.4
0.3
2.31
–
TGC-0056
39.6
39.9
0.3
0.73
–
TGC-0058
34.2
34.8
0.6
0.66
–
TGC-0058
35.4
35.7
0.3
0.51
–
TGC-0058
48.3
48.6
0.3
4.83
–
TGC-0058
53.1
55.2
2.1
3.91
0.09
TGC-0058
including
53.1
54
0.9
8.74
–
TGC-0058
56.4
57
0.6
1.1
–
TGC-0059
39.4
40.3
0.9
0.53
–
TGC-0059
50.5
50.8
0.3
3.1
–
TGC-0059
53.2
54.4
1.2
0.88
–
TGC-0059
57.4
58.3
0.9
7.01
0.13
TGC-0059
including
57.4
57.7
0.3
12.89
–
TGC-0059
and
58
58.3
0.3
8.14
–
TGC-0061
34.2
34.5
0.3
0.69
–
TGC-0061
35.4
36
0.6
0.75
–
TGC-0061
45.6
46.8
1.2
0.56
–
TGC-0061
49.8
50.4
0.6
0.84
–
TGC-0061
55.8
58.2
2.4
3.43
0.03
TGC-0061
including
57.3
37.6
0.3
12.84
–
TGC-0065
29.7
30
0.3
0.61
–
TGC-0065
32.4
33.6
1.2
2.44
–
TGC-0065
45.3
45.6
0.3
35.98
-0.22
TGC-0065
49.2
50.7
1.5
5.44
-0.24
TGC-0065
including
49.2
49.5
0.3
9.59
–
TGC-0065
and
50.4
50.7
0.3
15.76
–
TGC-0065
52.2
52.5
0.3
31.87
-1.64
TGC-0067
23.6
23.9
0.3
1.06
–
TGC-0067
48.2
50
1.8
314.27
52.34
TGC-0067
including
48.8
49.4
0.6
934.91
–
TGC-0067
which includes
48.8
49.1
0.3
1839.55
–
TGC-0067
and
49.1
49.4
0.3
30.26
–
TGC-0067
53.3
54.2
0.9
104
10.95
TGC-0067
including
53.3
53.9
0.6
155.68
–
TGC-0067
which includes
53.3
53.6
0.3
10.89
–
TGC-0067
and
53.6
53.9
0.3
300.47
–
TGC-0067
63.2
63.8
0.6
2.89
–
TGC-0067
67.1
67.4
0.3
9.18
–
Table 6. Collar coordinates for grade control and infill drillholes reported in this release. Coordinates are in Fiji map grid.
Vancouver, British Columbia–(Newsfile Corp. – August 14, 2023) – EMX Royalty Corporation (NYSE American: EMX) (TSXV: EMX) (FSE: 6E9) (the “Company” or “EMX”) is pleased to report results for the quarter ended June 30, 2023 (“Q2-2023”). The Company’s filings for the quarter are available on SEDAR at www.sedarplus.ca, on the U.S. Securities and Exchange Commission’s website at www.sec.gov, and on EMX’s website at www.EMXroyalty.com. Financial results were prepared in accordance with International Financial Reporting Standards, as issued by the International Accounting Standards Board. All dollar amounts in this news release are in USD unless otherwise noted.
HIGHLIGHTS
Financial Updates for the Three Months Ended June 30, 2023
Revenue and other income for the three months ended June 30, 2023 was $3,408,000 compared to $7,034,000 for the three months ended June 30, 2022 (“Q2-2022”). Adjusted revenue and other income1 of $6,481,000 (Q2-2022 – $9,465,000) included $3,073,000 (Q2-2022 – $2,431,000) in revenue for the Company’s share of royalty revenue from the Caserones Mine (effective) royalty interest in Chile. Revenue and other income and adjusted revenue and other income1 for Q2-2022 included the accrual of a $4,000,000 milestone payment related to Gediktepe.
Net loss for the three months ended June 30, 2023 was $4,722,000 (Q2-2022 – $3,315,000).
Cash used in operating activities for the three months ended June 30, 2023 was $1,160,000 (Q2-2022 – $4,152,000). Adjusted cash1 provided by operating activities for the three months ended June 30, 2023 was $1,294,000 (Q2-2022 – adjusted cash used in operating activities of $3,254,000). Operating cash flows for Q2-2023 include an accelerated $2,500,000 option payment by Aftermath Silver for the Berenguela property.
As at June 30, 2023, EMX had cash of $9,980,000 (December 31, 2022 – $15,508,000), investments, long-term investments and loans receivable valued at $14,346,000 (December 31, 2022 – $14,561,000) and loans payable of $41,428,000 (December 31, 2022 – $40,489,000).
Corporate Updates
Timok Dispute Update
On January 27, 2022 the Company announced that it had suspended the filing of a Notice of Arbitration to Zijin Mining Group Ltd (“Zijin”) regarding its royalty agreement covering the Timok project in Serbia, which includes the producing Cukaru Peki copper and gold mine. This suspension followed EMX’s previous announcement of its intention to file the Notice of Arbitration to formally dispute the royalty rate as defined under the Royalty Agreement (see EMX news release dated December 17, 2021). Discussions with Zijin have since proved amicable and productive and continued through Q2 2023. Both companies are expecting to execute a modified royalty agreement in 2023.
Acquisition of Additional Royalty Interest on Caserones
During Q2 2023, EMX acquired an additional 2.263% ownership in the underlying Caserones royalty holder, Sociedad Legal Minera California Una de la Sierra Peña Negra (“SLM”), for cash consideration of $3,517,000 pursuant to agreements with existing shareholders of SLM. The acquisition provides EMX with a further 0.044% (effective) net smelter royalty (“NSR”) interest in the Caserones property, increasing the Company’s NSR royalty interest to 0.7775%.
Acquisition Agreement for New Royalties with Franco-Nevada
During Q2 2023, EMX executed a term sheet with Franco-Nevada Corporation (“Franco-Nevada”) (NYSE: FNV) (TSX: FNV) for the joint acquisition of newly created precious metals and copper royalties sourced by EMX (the “Agreement”). Franco-Nevada will contribute 55% (up to $5.5 million) and EMX will contribute 45% (up to $4.5 million) towards the royalty acquisitions, with the resulting royalty interests equally split (i.e., 50/50). The initial term of the Agreement is for three years, or until the maximum contributions totaling $10 million from both companies have been met, and may be extended if mutually agreed by both companies.
Royalty and Royalty Generation Updates
During Q2 2023, the Company’s royalty generation business was active in North America, South America, Europe, Turkey, Australia and Morocco. The Company spent $4,255,000 (Q2-2022 – $5,108,000) on royalty generation costs and recovered $1,811,000 (Q2-2022 – $2,014,000) from partners. Royalty generation costs include exploration related activities, technical services, project marketing, land and legal costs, as well as third party due diligence for acquisitions. Included in revenue and other income was $807,000 in option, advance royalty, and other pre-production payments related to existing partnered projects as a result of the royalty generating activities. During Q2 2023, the Company also completed two new partnerships across the portfolio while continuing to replace partnered properties with new royalty generation projects.
Producing Royalties
6
Advanced Royalties
11
Exploration Royalties
152
Royalty Generation Properties
105
Figure 1. EMX’s royalty and mineral property portfolio.
EMX earned over $1,175,000 in royalty revenue from the Gediktepe mine. Mine operator Lidya advised EMX that Oxide Zone gold production will increase during the summer months of 2023.
The Caserones (effective) royalty distribution for Q1 was received in Q2 and totaled approximately $2,454,000. Lundin Mining completed the acquisition of fifty-one percent (51%) of the issued and outstanding equity of MLCC, the Caserones mine operator, from JX Nippon (see Lundin news release dated June 13, 2023). In connection with the acquisition, Lundin filed a technical report on SEDAR titled “NI 43-101 Technical Report on the Caserones Mining Operation, Atacama Region, Chile” that included current mineral resource and reserve estimates in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects.
Leeville payments to EMX totaled approximately $664,000 from royalty production that totaled 338 ounces of gold. Q2 marked another strong quarter of Leeville royalty production along with robust gold prices.
EMX earned, and subsequently received in Q3-2023 Gold Bar South royalty revenue of $54,000 from Q1 production of 2,966 gold ounces and $80,000 from Q2 production of 3,984 gold ounces. The receipt of initial royalty revenue from Gold Bar South now establishes the operation as a paying royalty for EMX.
Arizona Sonoran Copper released results of the Parks-Sayler infill drill program in preparation for a PFS planned for 2024, which included enriched (secondary sulfide) copper intercepts from EMX’s royalty property. Arizona Sonoran also provided an update on metallurgical programs being conducted in preparation for the PFS, which included recoveries of ~80% after 160 days from Parks-Sayler enriched copper mineralization (secondary sulfide).
Exploration drilling by South32 at the Hermosa property’s Peake prospect returned mineralized intercepts covered by EMX’s Hardshell royalty property included the best copper intercept to date of 139 meters averaging 1.88% copper, 0.51% lead, 0.34% zinc, and 52 g/t silver (true width not reported).
In Canada, EMX programs advanced available properties in the portfolio as partners conducted summer field programs on EMX royalty properties. EMX received $45,000 in cash payments and $Nil in share equity payments during the quarter from partnered projects.
EMX’s Latin American royalty portfolio was advanced with work programs that included drilling and metallurgical test work conducted by AbraSilver at the Diablillos project’s JAC Zone silver-gold discovery. GR Silver Mining Ltd (“GR Silver”) reported on successful exploration step-out drilling at the San Marcial epithermal silver project. Aftermath Silver made an accelerated $2,500,000 option payment to EMX for the Berenguela polymetallic CRD project.
The Company’s U.S. royalty generation portfolio progressed with ongoing partner-funded work programs, as well by the expansion of properties through the staking of new claims and permitting at key projects. EMX currently has 43 projects in partnership with other companies in the western U.S.
In Northern Europe the Company continued to develop and advance its portfolio of projects, with summer field programs commencing on numerous properties in Q2. EMX has 37 projects in partnership with other companies in Northern Europe and partner funded drill programs were completed in Q2 by Mahvie Minerals AB, a private Swedish corporation, at the Mo-I-Rana royalty property in Norway, and by Bayrock Resources, a private Australian company, at EMX’s Vuostok battery metals royalty property in Northern Sweden.
Kendrick Resources PLC (LSE: KEN) announced drill results from EMX’s Espedalen royalty property in Norway, including an intercept of 11.60 meters averaging 2.85% nickel, 1.04% copper and 0.08% cobalt from 52.4 meters depth in drill hole ESP23-08 (see Kendrick news release dated May 4, 2023). This hole was drilled at the Stormyra prospect on the Espedalen license (true width not reported, but can be estimated at 70-80% according to published cross sections). Kendrick plans to expand its exploration programs at Espedalen in the second half of 2023.
The Company optioned the Yarrol gold-copper (+ Co-Mn) project and the Mt Steadman gold project to Many Peaks Gold (“MPG”) during Q2. The agreement provides EMX with cash payments, equity interests in MPG, and work commitments during a fifteen month option period. Upon exercise of the option, EMX will receive additional payments of cash and shares of MPG along with annual advance royalty payments, royalty interests and other consideration.
Royalty generation programs proceeded in the Balkans and in Morocco in Q2, where multiple exploration license applications have been filed by the Company. New target areas are being assessed for further acquisitions.
Investment Updates
As at June 30, 2023, the Company had marketable securities of $8,626,000 (December 31, 2022 – $9,966,000), and $4,688,000 (December 31, 2022 – $4,591,000) in private investments. The Company will continue to generate cash flow by selling certain of its investments when appropriate.
OUTLOOK
The 2023 year will continue to see revenue and other income coming from our cash flowing royalties, including Leeville and Gold Bar South in Nevada, Gediktepe and Balya in Turkey, potentially Timok in Serbia (pending conclusion of discussions with Zijin), and our effective royalty interest on Caserones in Chile. As in previous years, production royalties will continue to be complemented by option, advance royalty, and other pre-production payments from partnered projects across the global asset portfolio.
The Company will continue to strengthen its balance sheet over the course of the year by looking to retire portions of our long-term debt, continuing to evaluate equity markets, and the ongoing monetization of the Company’s marketable securities.
EMX is well positioned to identify and pursue new royalty and investment opportunities, while further filling a pipeline of royalty generation properties that provide opportunities for additional cash flow, as well as exploration, development, and production success.
Qualified Person. Michael P. Sheehan, CPG, a Qualified Person as defined by NI 43-101 and employee of the Company, has reviewed, verified, and approved the above technical disclosure on North America and Latin America. Eric P. Jensen, CPG, a Qualified Person as defined by NI 43-101 and employee of the Company, has reviewed, verified, and approved the above technical disclosure on Europe, Turkey, and Australia.
About EMX. EMX is a precious, base and battery metals royalty company. EMX’s investors are provided with discovery, development, and commodity price optionality, while limiting exposure to risks inherent to operating companies. The Company’s common shares are listed on the NYSE American Exchange and TSX Venture Exchange under the symbol “EMX”, and also trade on the Frankfurt exchange under the symbol “6E9”. Please see www.EMXroyalty.com for more information.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release
Forward-Looking Statements This news release may contain “forward looking statements” that reflect the Company’s current expectations and projections about its future results. These forward-looking statements may include statements regarding perceived merit of properties, exploration results and budgets, mineral reserves and resource estimates, work programs, capital expenditures, timelines, strategic plans, market prices for precious and base metal, or other statements that are not statements of fact. When used in this news release, words such as “estimate,” “intend,” “expect,” “anticipate,” “will”, “believe”, “potential” and similar expressions are intended to identify forward-looking statements, which, by their very nature, are not guarantees of the Company’s future operational or financial performance, and are subject to risks and uncertainties and other factors that could cause the Company’s actual results, performance, prospects or opportunities to differ materially from those expressed in, or implied by, these forward-looking statements. These risks, uncertainties and factors may include, but are not limited to unavailability of financing, failure to identify commercially viable mineral reserves, fluctuations in the market valuation for commodities, difficulties in obtaining required approvals for the development of a mineral project, increased regulatory compliance costs, expectations of project funding by joint venture partners and other factors.
Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this news release or as of the date otherwise specifically indicated herein. Due to risks and uncertainties, including the risks and uncertainties identified in this news release, and other risk factors and forward-looking statements listed in the Company’s MD&A for the year ended December 31, 2022 (the “MD&A”), and themost recently filed Annual Information Form (“AIF”) for the year ended December 31, 2022, actual events may differ materially from current expectations. More information about the Company, including the MD&A, the AIF and financial statements of the Company, is available on SEDAR at www.sedarplus.ca and on the SEC’s EDGAR website at www.sec.gov.
_________________________ 1 Adjusted revenue and other income and adjusted cash provided by (used in) operating activities are non-IFRS financial measures with no standardized meaning under IFRS and might not be comparable to similar financial measures disclosed by other issuers. Refer to the “Non-IFRS financial measures” section on page 26 of the Q2-2023 MD&A for more information on each non-IFRS financial measure.
Exceptional results include 1839.55 g/t, 779.81 g/t, and 300.47 g/t Au from Zone 5
North Vancouver, British Columbia–(Newsfile Corp. – August 10, 2023) – Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) (ASX: LLO) (“Lion One” or the “Company”) is pleased to report exceptional high-grade gold results from ongoing infill and grade control drilling at its 100% owned Tuvatu Alkaline Gold Project in Fiji.
Assay results are presented here for infill and grade control drilling completed in the Zone 5 area of the deposit, which encompasses the near-surface portions of lodes UR1 to UR8, as well as URW2A and URW3. The Zone 5 area of the deposit is scheduled for mining in early 2024. Grade control drilling is being conducted in anticipation of future mining and is therefore focused on the first part of Zone 5 to be mined whereas infill drilling is focused on the parts of Zone 5 scheduled to be mined later. Zone 5 includes the main north-south oriented lodes at Tuvatu (UR1, UR2, and UR3), and represents the upward extension of the Zone 500 feeder zone, which includes intercepts such as 20.86 g/t Au over 75.9 m (TUG-141), 12.22 g/t Au over 54.90 m (TUDDH-601), and 17.52 g/t Au over 23.7 m (TUDDH-608) (see June 6, 2022, August 15, 2022 and November 7, 2022 news releases). Zone 5 will be the second major part of Tuvatu to commence mining after mining in the URW1 area began on May 18, 2023. Once Zone 5 is in production, Tuvatu will have two major zones of very high-grade, near surface mineralization developing and producing simultaneously.
Highlights of new Zone 5 drilling:
80.78 g/t Au over 6.6 m (including 793.24 g/t Au over 0.6 m) (TUDDH-643, from 242.7 m depth)
261.93 g/t Au over 1.8 m (including 1839.55 g/t Au over 0.3 m) (TGC-0067, from 48.2 m depth)
93.05 g/t Au over 0.9 m (including 300.47 g/t Au over 0.3 m) (TGC-0067, from 53.3 m depth)
9.96 g/t Au over 6.8 m (including 165.95 g/t Au over 0.3 m) (TUDDH-653, from 89.5 m depth)
17.48 g/t Au over 3.3 m (including 95.63 g/t Au over 0.6 m) (TUDDH-643, from 111.6 m depth)
17.2 g/t Au over 2.7 m (including 124.52 g/t Au over 0.3 m) (TUDDH-651, from 194.5 m depth)
11.84 g/t Au over 3.9 m (including 48.27 g/t Au over 0.6 m) (TUDDH-650, from 203.5 m depth)
9.53 g/t Au over 3.9 m (including 55.08 g/t Au over 0.3 m) (TUDDH-653, from 53.0 m depth)
15.96 g/t Au over 1.5 m (including 72.46 g/t Au over 0.3 m) (TUDDH-637, from 161.7 m depth)
14.93 g/t Au over 1.5 m (including 23.89 g/t Au over 0.9 m) (TUDDH-650, from 192.6 m depth)
Infill drilling is being conducted from surface on approximately 20 m centers while grade control drilling is being conducted from underground on 5-10 m centers. Infill drilling is considered an intermediate stage of drilling and is designed to increase understanding of the deposit in targeted areas whereas grade control drilling is designed to provide much higher resolution and detailed understanding of the geometry and mineralization of lode arrays in advance of underground development.
Figure 1. Location of Zone 5 Infill and Grade Control Drillholes. Left image: Plan view of Tuvatu showing Zone 5 infill and grade control drillholes in relation to the mineralized lodes. Drillholes are shown in black, mineralized lodes in pale grey, and underground developments in red. The yellow dashed square represents the area illustrated in the image on the right. Right image: Oblique view of Zone 5 infill and grade control drilling looking approximately northeast. Infill drilling was conducted from surface whereas grade control drilling was conducted from underground.
Table 1. Highlights of composited infill drill results in the Zone 5 area. For full results see Table 4 in the appendix.
Hole ID
From
To
Interval (m)
Au (g/t)
TUDDH-634
123.4
124
0.6
25.95
TUDDH-637
161.7
163.2
1.5
15.96
including
161.7
162.3
0.6
38.62
which includes
161.7
162
0.3
72.46
TUDDH-637
198.2
202.1
3.9
5.38
including
198.2
198.5
0.3
10.02
and
201.2
202.1
0.9
16.13
which includes
201.8
202.1
0.3
40.21
TUDDH-643
111.6
114.9
3.3
17.48
including
111.6
113.7
2.1
28.44
which includes
113.1
113.7
0.6
95.63
TUDDH-643
242.7
249.3
6.6
80.78
including
242.7
246.3
3.6
17.39
which includes
243.9
245.7
1.8
55.49
which includes
243.9
244.5
0.6
79.84
and
245.1
245.7
0.6
14.89
and also including
247.5
249.3
1.8
271.14
which includes
247.5
247.8
0.3
40.03
and
248.7
249.6
0.6
793.24
TUDDH-643
254.7
257
2.3
9.41
including
254.7
255.3
0.6
35.54
TUDDH-650
192.6
194.1
1.5
14.93
including
192.6
193.5
0.9
23.89
TUDDH-650
203.5
207.4
3.9
11.84
including
203.5
204.7
1.2
35.18
which includes
203.5
204.1
0.6
48.27
and
204.1
204.7
0.6
22.09
TUDDH-651
184.6
185.2
0.6
32.65
TUDDH-651
194.5
197.2
2.7
17.2
including
194.5
196
1.5
25.92
which includes
195.4
195.7
0.3
124.52
and also including
196.9
197.2
0.3
25.22
TUDDH-653
53
56.9
3.9
9.53
including
55.1
56.9
1.8
19.47
which includes
56
56.3
0.3
46.92
and
56.6
56.9
0.3
55.08
TUDDH-653
89.5
96.3
6.8
9.96
including
91.3
92.2
0.9
66.62
which includes
91.6
91.9
0.3
165.95
and
91.9
92.2
0.3
30.46
TUDDH-656
101.9
103.1
1.2
13.13
including
101.9
102.5
0.6
19.73
and
102.5
103.1
0.6
6.54
Table 2. Highlights of composited grade control drill results in the Zone 5 area. For full results see Table 4 in the appendix.
Hole ID
From
To
Interval (m)
Au (g/t)
TGC-0059
57.4
58.3
0.9
6.88
including
57.4
57.7
0.3
12.89
and
58
58.3
0.3
8.14
TGC-0061
55.8
58.2
2.4
3.4
including
57.3
37.6
0.3
12.84
TGC-0065
45.3
45.6
0.3
36.2
TGC-0065
49.2
50.7
1.5
5.68
including
49.2
49.5
0.3
9.59
and
50.4
50.7
0.3
15.76
TGC-0065
52.2
52.5
0.3
33.51
TGC-0067
48.2
50
1.8
261.93
including
48.8
49.4
0.6
934.91
which includes
48.8
49.1
0.3
1839.55
and
49.1
49.4
0.3
30.26
TGC-0067
53.3
54.2
0.9
93.05
including
53.3
53.9
0.6
155.68
which includes
53.3
53.6
0.3
10.89
and
53.6
53.9
0.3
300.47
Zone 5
Zone 5 is located along the main north-south corridor of Tuvatu and represents the shallower portions of the UR lodes, occurring between the surface and the exploration decline. It encompasses a series of closely spaced, narrow, high-grade to locally bonanza-grade vein arrays that strike approximately north-south to northeast-southwest and dip sub-vertically to steeply east. The lodes in the center of the corridor (UR1, UR2, UR3, URW2, URW3) are very closely spaced and strike north-south. They have an east-west width of approximately 75 m and a strike length of approximately 600 m. The lodes in the east and southeast (UR4, UR5, UR6, UR7, UR8) strike approximately northeast-southwest, are slightly wider spaced, and fan out to the east. They have a northwest-southeast width of approximately 250 m and a strike length of approximately 600 m (see Figure 2).
The lodes within the main corridor at Tuvatu have a vertical extent in excess of 1000 m and appear to coalesce at approximately 450 m depth where they transition to Zone 500 – the very high-grade feeder zone at Tuvatu. Zone 5 is located approximately 250 m directly above Zone 500. The results reported in this news release therefore represent high-grade mineralization that is the direct vertical upward extension of the Zone 500 feeder zone. The region between Zone 5 and Zone 500 has only been tested by relatively wide-spaced exploration drilling. The results reported here represent the initial stages of a more systematic infill and locally grade control drilling program in Zone 5, which has a strike length in excess of 300 m in the north-south direction and a vertical extent of approximately 250 m (see Figure 3).
Figure 2. Main Zone at Tuvatu. Left image: Plan view of Tuvatu identifying the lodes referenced in this report. Right image: Section view looking approximately northeast, showing the location of Zone 5 and Zone 500 relative to the lodes. Drillholes reported in this news release are shown in yellow for visibility.
Figure 3. Location of High-Grade Intercepts from Zone 5 Drilling. High-grade intervals are shown for Zone 5 infill and grade control drillholes reported in this news release. Composite intervals with grades between 3 and 10 g/t Au are shown in yellow, intervals with grades between 10 and 30 g/t Au shown in red, and intervals over 30 g/t Au are shown in purple. Select high-grade intervals are identified. Image is looking approximately north-northeast, grades are gold grades in g/t.
A total of 14 Zone 5 infill drillholes are included in this news release. The infill drill program was drilled from surface and was designed to target the near-surface portions of the main UR lodes. The goal of the program is to increase the understanding of mineralization and lode geometry in this part of the deposit, which is scheduled for mining in late 2024 and beyond. Zone 5 mining will progress upwards from the exploration decline and thus the lower portions of Zone 5 are the first scheduled for extraction. The Zone 5 infill drill program is ongoing. Examples of mineralization observed in the Zone 5 infill drillholes are shown in Figure 4.
Figure 4. Example Mineralization from Zone 5 Infill Drilling. Top left: UR5 lode. Colloform quartz vein with abundant coarse grained honey sphalerite rimmed by fine-grained sooty pyrite (TUDDH-637, 162.0 m). Top center: UR2 lode. Narrow chalcedonic quartz vein with fine grained pyrite and sphalerite, weak potassic alteration halo (TUDDH-644, 220.3 m). Top right: Banded, vuggy and colloform chalcedonic quartz vein with coarse grained sphalerite and fine-grained pyrite and galena. Strong chocolate brown alteration halo (TUDDH-637, 220.3m). Bottom left: UR1/UR2 lodes. Wide variable white to grey silica vein with coarse grained sphalerite and pyrite (TUDDH-643, 243.9 m). Bottom center: UR1/UR2 lodes. Vuggy white silica vein with coarse grained sphalerite and pyrite (TUDDH-643, 247.6 m). Bottom right: UR1/UR2 lodes. Quartz-sphalerite-pyrite vein with abundant coarse-grained sphalerite and narrow potassic alteration halo. The inset image identifies a speck of visible gold within the yellow circle (TUDDH-643. 249.0 m). Pen used for scale.
A total of 12 grade control drillholes have been completed to date in the Zone 5 area of Tuvatu, six of which are reported here. Results from the first six grade control drillholes completed in Zone 5 were reported in the news release from June 14, 2023. The grade control drillholes were drilled from underground and were designed to target the Zone 5 blocks scheduled for near-term production. This area is planned to be mined in early 2024 and results from the grade control drill program will provide increased understanding of the geometry and continuity of mineralization in those blocks and will help to optimize mine development and extraction in the near future. The grade control drill program is on schedule and the results to date confirm the local understanding of the Zone 5 geological model. Zone 5 grade control drill programs are ongoing. Examples of mineralization observed in the grade control drillholes are shown in Figure 5.
Figure 5. Example Mineralization from Zone 5 Grade Control Drilling. Left: URW3 lode. Monzonite hosted hydrothermal breccia with coarse grained sphalerite and pyrite (TGC-0056, 29.1 m). Center: Vuggy hydrothermal breccia with colloform silica, coarse grained sphalerite and pyrite, and strong potassic alteration halo (TGC-0067, 48.3 m). Right: Hydrothermal breccia with grey chalcedonic silica, coarse grained pyrite and sphalerite rimmed by fine grained sooty pyrite. Strong potassic alteration halo (TGC-0067, 49.0 m). Width of core is 4.76 cm in each photo.
The Tuvatu Alkaline Gold Project is located on the island of Viti Levu in Fiji. The January 2018 mineral resource for Tuvatu as disclosed in the technical report “Technical Report and Preliminary Economic Assessment for the Tuvatu Gold Project, Republic of Fiji”, dated September 25, 2020, and prepared by Mining Associates Pty Ltd of Brisbane Qld, comprises 1,007,000 tonnes indicated at 8.50 g/t Au (274,600 oz. Au) and 1,325,000 tonnes inferred at 9.0 g/t Au (384,000 oz. Au) at a cut-off grade of 3.0 g/t Au. The technical report is available on the Lion One website at www.liononemetals.com and on the SEDAR website at www.sedar.com.
Qualified Person
In accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43- 101”), Sergio Cattalani, P.Geo, Senior Vice President Exploration, is the Qualified Person for the Company and has reviewed and is responsible for the technical and scientific content of this news release.
QAQC Procedures
Lion One adheres to rigorous QAQC procedures above and beyond basic regulatory guidelines in conducting its sampling, drilling, testing, and analyses. The Company utilizes its own fleet of diamond drill rigs, using PQ, HQ and NQ sized drill core rods. Drill core is logged and split by Lion One personnel on site. Samples are delivered to and analyzed at the Company’s geochemical and metallurgical laboratory in Fiji. Duplicates of all samples with grades above 0.5 g/t Au are both re-assayed at Lion One’s lab and delivered to ALS Global Laboratories in Australia (ALS) for check assay determinations. All samples for all high-grade intercepts are sent to ALS for check assays. All samples are pulverized to 85% passing through 75 microns. Gold analysis is carried out using fire assay with an AA finish. Samples that have returned grades greater than 10.00 g/t Au are then re-analyzed by gravimetric method. For samples that return greater than 0.50 g/t Au, repeat fire assay runs are carried out and repeated until a result is obtained that is within 10% of the original fire assay run. Lion One’s laboratory can also assay for a range of 71 other elements through Inductively Coupled Plasma Optical Emission Spectrometry (ICP-OES), but currently focuses on a suite of 9 important pathfinder elements. All duplicate anomalous samples are sent to ALS labs in Townsville QLD and are analyzed by the same methods (Au-AA26, and Au-GRA22 where applicable). ALS also analyses 33 pathfinder elements by HF-HNO3-HClO4 acid digestion, HCl leach and ICP-AES (method ME-ICP61).
About Lion One Metals Limited
Lion One’s flagship asset is 100% owned, fully permitted high grade Tuvatu Alkaline Gold Project, located on the island of Viti Levu in Fiji. Lion One envisions a low-cost high-grade underground gold mining operation at Tuvatu coupled with exciting exploration upside inside its tenements covering the entire Navilawa Caldera, an underexplored yet highly prospective 7km diameter alkaline gold system. Lion One’s CEO Walter Berukoff leads an experienced team of explorers and mine builders and has owned or operated over 20 mines in 7 countries. As the founder and former CEO of Miramar Mines, Northern Orion, and La Mancha Resources, Walter is credited with building over $3 billion of value for shareholders.
On behalf of the Board of Directors of Lion One Metals Limited “Walter Berukoff“, Chairman and CEO
Neither the TSX Venture Exchange nor its Regulation Service Provider accepts responsibility for the adequacy or accuracy of this release
This press release may contain statements that may be deemed to be “forward-looking statements” within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein are forward-looking information. Generally, forward-looking information may be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “proposed”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases, or by the use of words or phrases which state that certain actions, events or results may, could, would, or might occur or be achieved. This forward-looking information reflects Lion One Metals Limited’s current beliefs and is based on information currently available to Lion One Metals Limited and on assumptions Lion One Metals Limited believes are reasonable. These assumptions include, but are not limited to, the actual results of exploration projects being equivalent to or better than estimated results in technical reports, assessment reports, and other geological reports or prior exploration results. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Lion One Metals Limited or its subsidiaries to be materially different from those expressed or implied by such forward-looking information. Such risks and other factors may include, but are not limited to: the stage development of Lion One Metals Limited, general business, economic, competitive, political and social uncertainties; the actual results of current research and development or operational activities; competition; uncertainty as to patent applications and intellectual property rights; product liability and lack of insurance; delay or failure to receive board or regulatory approvals; changes in legislation, including environmental legislation, affecting mining, timing and availability of external financing on acceptable terms; not realizing on the potential benefits of technology; conclusions of economic evaluations; and lack of qualified, skilled labour or loss of key individuals. Although Lion One Metals Limited has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information. Lion One Metals Limited does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
Appendix 1: Full Drill Results and Collar Information
Table 3. Composited results from infill drillholes in the Zone 5 area (grade >0.5 g/t Au)
Hole ID
From
To
Interval (m)
Au (g/t)
TUDDH-634
92.2
92.8
0.6
0.52
TUDDH-634
93.7
94.3
0.6
0.5
TUDDH-634
123.4
124
0.6
25.95
TUDDH-634
125.2
125.5
0.3
1
TUDDH-634
128.5
129.4
0.9
6.8
TUDDH-634
including
129.1
129.4
0.3
10.89
TUDDH-634
148.5
149.1
0.6
1.46
TUDDH-637
48.2
48.8
0.6
0.6
TUDDH-637
68.8
69.4
0.6
0.81
TUDDH-637
161.7
163.2
1.5
15.96
TUDDH-637
including
161.7
162.3
0.6
38.62
TUDDH-637
which includes
161.7
162
0.3
72.46
TUDDH-637
173.1
177.6
4.5
2.69
TUDDH-637
including
173.1
174
0.9
8.59
TUDDH-637
180
182.1
2.1
2.7
TUDDH-637
183.9
187.5
3.6
2.76
TUDDH-637
including
185.7
187.5
1.8
5.03
TUDDH-637
198.2
202.1
3.9
5.38
TUDDH-637
including
198.2
198.5
0.3
10.02
TUDDH-637
and
199.7
200.6
0.9
3.42
TUDDH-637
and
201.2
202.1
0.9
16.13
TUDDH-637
which includes
201.8
202.1
0.3
40.21
TUDDH-637
219.2
220.4
1.2
8.32
TUDDH-637
including
219.5
220.4
0.9
12.79
TUDDH-637
222.2
222.5
0.3
2.29
TUDDH-637
224
226.4
2.4
1.87
TUDDH-637
243.5
245
1.5
1.13
TUDDH-637
251.3
253.7
2.4
2.46
TUDDH-637
258.5
259.1
0.6
0.94
TUDDH-637
281.9
282.5
0.6
5.96
TUDDH-637
290.9
292.1
1.2
1.97
TUDDH-637
298.7
299.6
0.9
6.68
TUDDH-638
14.2
14.8
0.6
1.31
TUDDH-638
29.8
30.4
0.6
1.29
TUDDH-638
106.9
107.2
0.3
0.99
TUDDH-638
123.1
123.7
0.6
1.44
TUDDH-638
154.9
155.2
0.3
15.17
TUDDH-638
162.4
163.3
0.9
3.19
TUDDH-638
166.3
167.5
1.2
6.23
TUDDH-638
including
166.3
166.9
0.6
8.43
TUDDH-638
169.9
171.7
1.8
3.6
TUDDH-638
including
170.8
171.7
0.9
6.07
TUDDH-638
179.8
181.3
1.5
1.62
TUDDH-638
235.9
236.5
0.6
0.87
TUDDH-638
241.3
242.5
1.2
4.8
TUDDH-638
including
241.9
242.5
0.6
9.06
TUDDH-639
50.3
50.6
0.3
5.17
TUDDH-641
153
153.7
0.7
2.78
TUDDH-641
including
153
153.3
0.3
5.1
TUDDH-641
174.5
174.8
0.3
0.57
TUDDH-641
176.9
178.7
1.8
2.32
TUDDH-641
including
176.9
177.5
0.6
5.1
TUDDH-643
111.6
114.9
3.3
17.48
TUDDH-643
including
111.6
113.7
2.1
28.44
TUDDH-643
which includes
113.1
113.7
0.6
95.63
TUDDH-643
133.4
133.7
0.3
10.37
TUDDH-643
158.8
159.1
0.3
0.83
TUDDH-643
163.3
163.9
0.6
5.3
TUDDH-643
173.6
173.9
0.3
10.14
TUDDH-643
213.7
214.6
0.9
0.61
TUDDH-643
216.4
217
0.6
10.99
TUDDH-643
233.8
234.4
0.6
5.48
TUDDH-643
242.7
249.3
6.6
80.78
TUDDH-643
including
242.7
246.3
3.6
17.39
TUDDH-643
which includes
243.9
245.7
1.8
55.49
TUDDH-643
which includes
243.9
244.5
0.6
79.84
TUDDH-643
and
245.1
245.7
0.6
14.89
TUDDH-643
and also including
247.5
249.3
1.8
271.14
TUDDH-643
which includes
247.5
247.8
0.3
40.03
TUDDH-643
and
248.7
249.6
0.6
793.24
TUDDH-643
251.7
252.9
1.2
0.97
TUDDH-643
254.7
257
2.3
9.41
TUDDH-643
including
254.7
255.3
0.6
35.54
TUDDH-643
260.4
261.3
0.9
0.69
TUDDH-643
262.8
266.1
3.3
1.63
TUDDH-643
268.3
268.8
0.5
1.3
TUDDH-644
172.3
175
2.7
2.33
TUDDH-644
including
173.8
174.4
0.6
5.83
TUDDH-644
208.6
208.9
0.3
4.37
TUDDH-644
220.3
220.6
0.3
12.85
TUDDH-644
237.1
237.7
0.6
1.19
TUDDH-646
116.7
117.3
0.6
1.65
TUDDH-646
154.8
155.1
0.3
0.67
TUDDH-646
181.5
183.3
1.8
2.41
TUDDH-646
including
183
183.3
0.3
13.29
TUDDH-646
223.9
224.5
0.6
8.98
TUDDH-646
including
224.2
224.5
0.3
15.09
TUDDH-646
231.1
233.2
2.1
4.23
TUDDH-646
including
232
232.6
0.6
10.27
TUDDH-646
252.3
252.7
0.4
2.81
TUDDH-646
253.9
254.2
0.3
2.16
TUDDH-649
24.9
25.2
0.3
1.93
TUDDH-649
153.6
154.2
0.6
0.74
TUDDH-649
161.7
162.3
0.6
0.52
TUDDH-649
188.1
190.8
2.7
1.21
TUDDH-649
248.7
249.3
0.6
1.17
TUDDH-649
251.4
252.3
0.9
0.86
TUDDH-649
257.1
257.4
0.3
3.31
TUDDH-650
53.6
53.9
0.3
0.61
TUDDH-650
76.7
77
0.3
0.62
TUDDH-650
104.1
104.4
0.3
0.67
TUDDH-650
148.5
149.1
0.6
0.51
TUDDH-650
179.1
179.4
0.3
1.62
TUDDH-650
180.6
181.2
0.6
0.51
TUDDH-650
192.6
194.1
1.5
14.93
TUDDH-650
including
192.6
193.5
0.9
23.89
TUDDH-650
199
199.3
0.3
1.66
TUDDH-650
203.5
207.4
3.9
11.84
TUDDH-650
including
203.5
204.7
1.2
35.18
TUDDH-650
which includes
203.5
204.1
0.6
48.27
TUDDH-650
and
204.1
204.7
0.6
22.09
TUDDH-650
210.4
210.7
0.3
2.05
TUDDH-651
18.25
18.85
0.6
0.93
TUDDH-651
80.55
81.15
0.6
2.09
TUDDH-651
100.65
100.95
0.3
1.46
TUDDH-651
118.65
119.25
0.6
1.46
TUDDH-651
139.95
140.55
0.6
4.39
TUDDH-651
184.6
185.2
0.6
32.65
TUDDH-651
194.5
197.2
2.7
17.2
TUDDH-651
including
194.5
196
1.5
25.92
TUDDH-651
which includes
195.4
195.7
0.3
124.52
TUDDH-651
and also including
196.9
197.2
0.3
25.22
TUDDH-651
222.4
224.8
2.4
2.22
TUDDH-653
0
0.6
0.6
3.37
TUDDH-653
21.9
22.2
0.3
1.26
TUDDH-653
53
56.9
3.9
9.53
TUDDH-653
including
55.1
56.9
1.8
19.47
TUDDH-653
which includes
56
56.3
0.3
46.92
TUDDH-653
and
56.6
56.9
0.3
55.08
TUDDH-653
64.4
65
0.6
0.56
TUDDH-653
89.5
96.3
6.8
9.96
TUDDH-653
including
91.3
92.2
0.9
66.62
TUDDH-653
which includes
91.6
91.9
0.3
165.95
TUDDH-653
and
91.9
92.2
0.3
30.46
TUDDH-653
111.6
111.9
0.3
6.53
TUDDH-653
116.7
118.8
2.1
1.59
TUDDH-653
120
120.6
0.6
0.59
TUDDH-655
59.7
61.5
1.8
2.74
TUDDH-656
27.2
28.4
1.2
0.89
TUDDH-656
77
77.6
0.6
1.05
TUDDH-656
80.6
81.2
0.6
0.7
TUDDH-656
101.9
103.1
1.2
13.13
TUDDH-656
including
101.9
102.5
0.6
19.73
TUDDH-656
and
102.5
103.1
0.6
6.54
TUDDH-656
106.7
107
0.3
0.58
TUDDH-656
119.6
119.9
0.3
1.71
Table 4. Composited results from grade control drillholes in the Zone 5 area (grade >0.5 g/t Au)
Hole ID
From
To
Interval (m)
Au (g/t)
TGC-0056
26.7
29.4
2.7
1.52
TGC-0056
38.1
38.4
0.3
2.31
TGC-0056
39.6
39.9
0.3
0.73
TGC-0058
34.2
34.8
0.6
0.66
TGC-0058
35.4
35.7
0.3
0.51
TGC-0058
48.3
48.6
0.3
4.83
TGC-0058
53.1
55.2
2.1
3.82
TGC-0058
including
53.1
54
0.9
8.74
TGC-0058
56.4
57
0.6
1.1
TGC-0059
39.4
40.3
0.9
0.53
TGC-0059
50.5
50.8
0.3
3.1
TGC-0059
53.2
54.4
1.2
0.88
TGC-0059
57.4
58.3
0.9
6.88
TGC-0059
including
57.4
57.7
0.3
12.89
TGC-0059
and
58
58.3
0.3
8.14
TGC-0061
34.2
34.5
0.3
0.69
TGC-0061
35.4
36
0.6
0.75
TGC-0061
45.6
46.8
1.2
0.56
TGC-0061
49.8
50.4
0.6
0.84
TGC-0061
55.8
58.2
2.4
3.4
TGC-0061
including
57.3
37.6
0.3
12.84
TGC-0065
29.7
30
0.3
0.61
TGC-0065
32.4
33.6
1.2
2.44
TGC-0065
45.3
45.6
0.3
36.2
TGC-0065
49.2
50.7
1.5
5.68
TGC-0065
including
49.2
49.5
0.3
9.59
TGC-0065
and
50.4
50.7
0.3
15.76
TGC-0065
52.2
52.5
0.3
33.51
TGC-0067
23.6
23.9
0.3
1.06
TGC-0067
48.2
50
1.8
261.93
TGC-0067
including
48.8
49.4
0.6
934.91
TGC-0067
which includes
48.8
49.1
0.3
1839.55
TGC-0067
and
49.1
49.4
0.3
30.26
TGC-0067
53.3
54.2
0.9
93.05
TGC-0067
including
53.3
53.9
0.6
155.68
TGC-0067
which includes
53.3
53.6
0.3
10.89
TGC-0067
and
53.6
53.9
0.3
300.47
TGC-0067
63.2
63.8
0.6
2.89
TGC-0067
67.1
67.4
0.3
9.18
Table 5. Collar coordinates for grade control and infill drillholes reported in this release. Coordinates are in Fiji map grid.
