TORONTO, ONTARIO – April 17, 2023 – AIM6 Ventures Inc. (TSXV: AIMF.P) (“AIM6” or the “Company”) and Copper Bullet Mines Inc. (“CBMI”) are pleased to announce that they have entered into a binding letter of intent dated April 17, 2023, pursuant to which AIM6 and CBMI intend to complete a business combination or other similarly structured transaction which will constitute a reverse take-over of AIM6 (the “Transaction”). It is intended that the Transaction will be an arm’s length “Qualifying Transaction” for AIM6, as such term is defined in Policy 2.4 of the Corporate Finance Manual of the TSX Venture Exchange (the “TSXV”).
Upon consummation of the definitive agreement (the “Definitive Agreement”), a comprehensive news release will be issued setting out the terms of the Transaction and the proposed financing of CBMI in connection with the Transaction.
About Copper Bullet Mines Inc.
Since its incorporation on April 10, 2021, CBMI has acquired, through staking and option, a significant land package in the heart of Arizona’s Copper Triangle. CBMI’s Copper Springs Project (the “Property”) has more than 96 historic drills holes and a historic, non-43-101 compliant inferred mineral resource of 47 million tonnes grading 0.4% copper (NI 43-101 Technical Report Copper Springs Project, Gila County, Arizona. Feinstein, 2022), equating to over 400 million lbs of copper contained. This historic resource is one of many exploration targets across the Property and represents approximately 10% of the Historic Supergene Oxide Blanket (HSOB) footprint which was identified by wide spaced drilling in the 1960s.
The Property is adjacent to Arizona State highway 60, located 1 hour east of Phoenix. High voltage power lines cross the project and water is available from perennial springs. The Property is surrounded by producing mines, including Capstone’s Pinto Valley, KGHM’s Carlotta mine, Group Mexico’s Ray Mine, and various other mines and projects owned by South 32, BHP, Rio Tinto and Freeport-McMoRan.
The Globe-Miami, Arizona area, where the Property is situated, has produced over 37 billion lbs of copper. A recent report published by the Arizona Geological Study suggests unmined resources to be over 94 billion lbs of copper (Geology and History of the Globe-Miami Region, Gila and Pinal County, Arizona. Briggs, 2022). The Copper Triangle is also home to 2 of the 3 copper smelters in the USA.
From exploration through discovery, development, capital raising, and successful execution of commercial mining and milling operations, CBMI’s team includes a full-range of experienced industry professionals. Additional information about CBMI may be found on its website: www.copperbulletmines.com.
Any reference to historical estimates and resources should not be relied upon. These historical estimates are not current and a “Qualified Person” under National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”) has not done sufficient work to classify the historical estimate and CBMI is not treating the historical estimate as a current resource estimate.
AIM6 Ventures
AIM6 was incorporated under the Business Corporations Act (Ontario) on February 13, 2021 and is a Capital Pool Company (as defined in the policies of the TSXV) listed on the TSXV. AIM6 has no commercial operations and no assets other than cash.
Qualified Person
Michael Feinstein, is the “Qualified Person” under NI 43-101 and he has reviewed and approved the scientific and technical disclosure contained in this press release.
Cautionary Note Regarding Forward Looking Information
This press release contains statements that constitute “forward-looking information” (“forward-looking information”) within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking information and are based on expectations, estimates and projections as at the date of this news release. Any statement that discusses predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information. In disclosing the forward-looking information contained in this press release, the Company has made certain assumptions, including that: all applicable shareholder, and regulatory approvals for the Transaction will be received. Although the Company believes that the expectations reflected in such forward-looking information are reasonable, it can give no assurance that the expectations of any forward-looking information will prove to be correct. Known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information. Such factors include, but are not limited to: availability of financing; delay or failure to receive board, shareholder or regulatory approvals; and general business, economic, competitive, political and social uncertainties. Accordingly, readers should not place undue reliance on the forward-looking information contained in this press release. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking information to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking information or otherwise.
Not for distribution to United States newswire services or for dissemination in the United States. This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
All information provided in this press release relating to CBMI, including any information about its property and the surrounding area and information on its website, has been provided by management of CBMI and has not been independently verified by management of the Company. As the date of this press release, the Company has not entered into a Definitive Agreement with CBMI in connection with the Transaction, and readers are cautioned that there can be no assurances that a Definitive Agreement will be executed.
Completion of the Transaction is subject to a number of conditions, including but not limited to, TSXV acceptance and if applicable pursuant to TSXV requirements, majority of the minority shareholder approval. Where applicable, the Transaction cannot close until the required shareholder approval is obtained. There can be no assurance that the Transaction will be completed as proposed or at all.
Investors are cautioned that, except as disclosed in the management information circular or filing statement to be prepared in connection with the Transaction, any information released or received with respect to the Transaction may not be accurate or complete and should not be relied upon. Trading in the securities of a capital pool company should be considered highly speculative.
The TSXV has in no way passed upon the merits of the proposed Transaction and has neither approved nor disapproved the contents of this press release.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
North Vancouver, British Columbia–(Newsfile Corp. – June 20, 2023) – Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) (ASX: LLO) (“Lion One” or the “Company”) is pleased to announce that it has completed a CSAMT (Controlled Source Audio-frequency Magnetotellurics) survey at its 100% owned Tuvatu Alkaline Gold Project in Fiji.
Highlights:
14 new CSAMT survey lines were completed, including 7 across the main Tuvatu deposit area.
3 lines from the 2019 CSAMT survey were extended.
Station density has doubled from 100 m in the 2019 survey to 50 m in the 2022-23 survey.
Line spacing has halved from an average of 560 m in 2019 to an average of 300 m in 2023.
A total of approximately 33 line-kms were surveyed (11 km in 2022 and 22 km in 2023).
CSAMT processing and interpretation is expected to be complete in July; increased resolution of the CSAMT data will be used to generate high quality drill targets across the Navilawa caldera.
Lion One Chairman and CEO Walter Berukoff commented: “We’re thrilled to have completed our CSAMT survey and we eagerly await the results of the survey, which we hope to have available later in July. The 2019 survey was invaluable in helping us to discover the feeder zone underlying Tuvatu and led us directly to the 500 Zone, where we intersected 75.9 m of 20.86 g/t Au.1 The 2022-2023 survey will complement the 2019 survey and will dramatically improve survey resolution across the property, where we have already identified numerous exciting and untested prospects. The CSAMT data will help us to identify and refine drill targets underlying those prospects and we look forward to drill testing select targets later in 2023.”
Figure 1. Location of 2022-2023 CSAMT Survey Lines.
CSAMT is a ground geophysical method used for obtaining information about subsurface resistivity in a survey area. It measures the electrical resistivity of rocks down to depths of approximately 1.2 to 1.5 km, which is much deeper than alternative resistivity techniques. The survey identifies areas of bedrock with contrasting electrical properties, often due to variations in lithology, porosity, or alteration. Abrupt changes in resistivity occur when two rock types with differing resistivity characteristics are juxtaposed against one another, or when an area is highly fractured and allows groundwater to penetrate resistive rocks thereby producing an area of lower resistivity. CSAMT surveys are highly beneficial in identifying subsurface structures, such as lithological contact zones, faults, and fracture systems, especially if these are deep-rooted structures.
In alkaline gold deposits such as Tuvatu, it is these deep-rooted structures that provide the conduits for fluid flow to rise up in the earth’s crust and in which gold is deposited. When interpreting CSAMT data, the main focus is on steep resistivity gradients that may indicate the presence of such structures. CSAMT surveys are the pre-eminent geophysical tool in identifying mineralized structures and drill targets in alkaline gold deposits.
2022-2023 Survey
Lion One’s 2022-2023 CSAMT survey was designed to complement the 2019 survey by adding infill and extension lines to the previous survey area. The 2019 survey was moderate to widely spaced, with line spacing ranging from 300 m to 800 m, and station spacing every 100 m. Line and station spacing has improved significantly across the Navilawa Caldera following the 2022-2023 CSAMT survey, with line spacing ranging from 100 m to 400 m, and station spacing only 50 m apart on all new lines (Figure 1). The increased line and station density will provide greater resolution across the property and will assist in refining and generating new drill targets in the caldera.
The 2022-2023 CSAMT survey was conducted by Zonge Engineering and Research Organization of Adelaide, Australia. The 2022 portion of the survey was completed on October 8th, 2022 and the 2023 portion was completed on June 10th, 2023. A total of 33 line-km were surveyed, with 11 km completed in 2022 and 22 km completed in 2023. In addition to the 22.5 line-km surveyed in 2019, Lion One has now surveyed a total of 55.5 line-km of CSAMT across the Navilawa Caldera. Notably, the 2022-2023 survey included 5 survey lines oriented north-south across the main Tuvatu deposit, providing a high-density grid of coverage across the Tuvatu area. This will provide high-quality resistivity data for the Tuvatu deposit and all near-mine exploration targets, such as the West Zone.
Lion One has also identified numerous regional prospects throughout the Navilawa Caldera, with multiple surface samples returning grades of over 100 g/t Au (Figure 2). One of the goals of the 2022-2023 CSAMT survey was to improve coverage and understanding of the structural architecture underlying these prospects, some of which are located on the edge of the 2019 survey lines where results can be less reliable. The 2022-2023 infill and extension lines will dramatically improve survey resolution and reliability in these areas and will help refine drill targets underlying those prospects.
The 2022-2023 CSAMT survey was originally planned for 2021 but was delayed by the COVID-19 pandemic. The 2022-2023 survey was completed under budget.
Figure 2. Select Regional Prospects. Select regional prospects covered by the CSAMT survey area. The goal of the CSAMT survey is to define high resolution structures underlying these prospects and to thereby identify high priority drill targets. All grades shown are peak results from surface samples, either rock chips or channel samples. Refer to the November 15th, 2022 news release and the April 22nd, 2022 technical report for full contextualization of data.
Figure 3. Example 2019 CSAMT Interpretation, West Zone. The 2019 CSAMT survey identified several resistivity gradients in the area of the West Zone which may indicate a potential new feeder zone. The 2022-2023 CSAMT infill and extension lines in this area will increase resolution and help to refine drill targets in the West Zone. Warm colors indicate areas of high resistivity, cool colors indicate areas of low resistivity. Inset map shows the location of this interpretation section in relation to the Navilawa caldera, with the D-D’ line highlighted in yellow and the main Tuvatu deposit indicated by the star. The 2019 survey, including this figure, is the subject of a news release dated February 5, 2020.
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.
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.
Grade Control Drilling in URW1 and Zone 5 Areas Returns Grades over 100 g/t Au
North Vancouver, British Columbia–(Newsfile Corp. – June 14, 2023) – Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) (ASX: LLO) (“Lion One” or the “Company”) is pleased to report significant high-grade gold results from ongoing grade control drilling at its 100% owned Tuvatu Alkaline Gold Project in Fiji.
Assay results are presented here for grade control drilling completed on both the URW1 lode system as well as the Zone 5 area of the deposit, which encompasses the upper portion of lodes UR1, UR2, UR3, UR4, URW2, URW3, URW1A, and UR2A (Figure 1). As reported on May 18, 2023, initial mining of the URW1 lode system has already commenced and grade control drilling is being completed in advance of mining. The Zone 5 area of the deposit is scheduled for mining in early 2024 and thus the grade control drilling in this area is being conducted in anticipation of future mining, as well as to increase the knowledge of the deposit in that area. Additional high-grade intersections peripheral to both the URW1 and the Zone 5 areas are also included in this release as part of the grade control program.
Highlights of new grade control drilling:
7.14 g/t Au over 21.6 m (including 18.61 g/t Au over 5.1 m) (TGC-0042, from 73.6 m depth)
52.05 g/t Au over 2.1 m (including 345.3 g/t Au over 0.3m) (TGC-0042, from 118.0 m depth)
23.11 g/t Au over 3.6 m (including 125.31 g/t Au over 0.3 m) (TGC-0040, from 65.4 m depth)
19.43 g/t Au over 3.3 m (including 80.87 g/t Au over 0.6 m) (TGC-0051, from 49.5 m depth)
21.15 g/t Au over 2.7 m (including 67.59 g/t Au over 0.6 m) (TGC-0047, from 123.3 m depth)
9.39 g/t Au over 4.2 m (including 67.30 g/t Au over 0.3 m) (TGC-0050, from 26.7 m depth)
10.13 g/t Au over 3.9 m (including 38.58 g/t Au over 0.6 m) (TGC-0043, from 66.3 m depth)
33.99 g/t Au over 0.9 m (including 100.89 g/t Au over 0.3 m) (TGC-0045, from 62.1 m depth)
78.03 g/t Au over 0.3 m (TGC-0052, from 40.2 m depth)
Grade control drilling is being conducted on 5-10 m centers and is designed to provide a much higher resolution of the lode arrays than compared to infill drilling, which is being conducted on approximately 20 m centers. This increased resolution provides a much better understanding of the geometry and mineralization of the lodes and helps to optimize mine development and extraction. The grade control drilling program is currently on schedule and the results to date confirm the local understanding of the URW1 and Zone 5 geological models.
Figure 1. Plan View of the Main Tuvatu Deposit with Reported Grade Control Drilling. Plan view image illustrating the location of the most recent grade control drillholes in relation to the Tuvatu lode system. Grade control holes are shown in black, currently modelled mineralized lodes are shown in light grey, the main decline is shown in red, and the historical exploration decline in blue. Previous grade control, infill and exploration drillholes are not shown.
URW1 Grade Control Drilling The URW1 lode system consists of narrow, high-grade to locally bonanza-grade vein arrays and vein swarms that strike approximately N-S and dip sub-vertically to steeply east. Current modelling suggests that there are multiple separate lodes within the URW1 lode system. The first two of these lodes, URW1a and URW1b, are currently being mined. The URW1 lode system has a current strike length of approximately 300 m in the N-S direction, and a vertical extent of approximately 300 m.
A total of 52 grade control holes have been completed to date in the grade control drill program. Results from the first 36 drillholes (TGC-0001 to TGC-0036) were reported on April 25, 2023, and the next 16 drillholes (TGC-0037 to TGC-0052) are reported here. Ten of the most recent grade control drillholes targeted the URW1 area. Figure 2 shows the location of the most recent drillholes in relation to the URW1a and URW1b lodes, as well as to the main Tuvatu decline. Grade control drilling on the URW1 lode system has been conducted from underground from both the main decline and the historical exploration decline, and has been designed to target an 80 m strike section within the overall 300 m strike length of the URW1 system.
Figure 2. Plan View of URW1 Lode System. Plan view image illustrating the location of the most recent grade control holes in relation to the URW1 lode system. The URW1 lode system consists of multiple separate lodes, two of which are highlighted here; URW1a in purple and URW1b in green. The remaining URW1 lodes are shown in brown. The main decline is shown in red, the historical exploration decline in blue, and the grade control drillholes in black.
Figure 3. Long Section View of URW1 Lode System. Long section view showing recent high-grade drill intercepts of URW1 with URW1a highlighted in pink and URW1b highlighted in green. All other URW1 lodes are shown in brown. Composite intervals with grades between 3 and 10 g/t Au are shown in yellow, intervals with grades over 10 g/t Au are shown in red. Image is looking north.
Figure 4. Example URW1 Drill Core. LEFT: TGC-0040 at 67.3 m depth. Monzonite-hosted stockwork-style veining with a narrow high-grade silica vein containing coarse grained visible gold. RIGHT: TGC-0042 at 91.60 m depth. Vuggy silica vein with narrow bleached alteration halo in monzonite. Width of core is 4.76 cm in each photo.
Zone 5 Grade Control Drilling The Zone 5 area of the Tuvatu deposit consists of the upper portion of a series of closely spaced lode systems. The lode systems targeted by the most recent grade control drilling in Zone 5 are the UR1, UR2, and URW3 lodes. These three lodes are located just east of the historical exploration decline, strike approximately N-S, and dip sub-vertically to steeply east, similar to the URW1 lodes. As currently modelled, the UR1, UR2, and URW3 lodes have vertical extents ranging from approximately 700 m to approximately 900 m, and strike lengths ranging from 300 m to 600 m. All three of the lodes are open both along strike and at depth.
A total of six Zone 5 grade control drillholes are included in this report. These are the first six grade control drillholes to target the Zone 5 area and they follow upon the initial results from an ongoing infill drill program in the area. Figure 5 shows the location of these drillholes in relation to the UR1, UR2, and URW3 lodes, as well as to the historical exploration decline. Grade control drilling in the Zone 5 area has been conducted from the historical exploration decline and has been designed to target a 60 m strike section within the overall 300 m to 600 m strike length of these lodes.
Figure 5. Zone 5 Grade Control Drilling in Relation to Targeted Zone 5 Lodes. Image shows the Zone 5 grade control holes in relation to the targeted UR1, UR2, and URW3 lodes. These lodes are slightly concave with URW3 on the inside (left side on image), closest to the exploration decline, and UR1 on the outside. UR1 is shown in pink, UR2 in green, and URW3 in blue. The historical exploration decline is shown in bright blue, and the grade control drillholes are partially visible in black within the circle.
Figure 6. Zone 5 Grade Control Intercepts. Section view facing north, showing a 60 m slice of lodes UR1, UR2, and URW3 within Zone 5. Composite intervals with grades between 3 and 10 g/t Au are shown in yellow, while intervals with grades over 10 g/t Au are shown in red and purple.
Figure 7. Examples of Zone 5 Drill Core. LEFT: UR2 lode in TGC-0049 at 35.15 m depth. Coarse grained honey sphalerite and pyrite in variable light to dark grey quartz vein with narrow potassic alteration halo. RIGHT: URW3 lode in TGC-0050 at 29.6 m depth. Abundant coarse honey sphalerite rimmed by fine grained sooty pyrite +/- galena and narrow potassic alteration halo, within a larger zone of stockwork style mineralization. Width of core is 4.76 cm in each photo.
Table 1. Highlights of composited drill results in the URW1 area. Only new grade control drilling results are included here. For previous results see news release from April 25, 2023. For full results see Table 3 in the appendix.
Hole ID
From
To
Interval (m)
Au (g/t)
TGC-0039
77.4
78.3
0.9
8.37
TGC-0039
101.7
102.9
1.2
7.18
including
102.3
102.6
0.3
15.64
TGC-0040
30.3
31.5
1.2
4.7
TGC-0040
51.3
53.1
1.8
12.63
including
51.9
52.5
0.6
27.05
TGC-0040
65.4
69
3.6
23.1
including
66
66.3
0.3
85.87
and
67.2
67.5
0.3
125.31
and
68.4
68.7
0.3
13.93
and
68.7
69
0.3
46.89
TGC-0040
82.5
82.8
0.3
64.65
TGC-0041
16.8
19.8
3
1.52
TGC-0042
47.4
51
3.6
3.96
including
50.7
51
0.3
31.99
TGC-0042
52.8
54.6
1.8
11.82
including
53.7
54
0.3
64.24
TGC-0042
60
63
3
5.52
including
61.8
63
1.2
11.1
TGC-0042
64.5
66.6
2.1
7.19
including
64.5
65.1
0.6
17.34
TGC-0042
68.5
72.4
3.9
4.46
including
68.5
69.7
1.2
8.25
TGC-0042
73.6
95.2
21.6
7.14
including
76.3
78.1
1.8
7.47
and
82
92.5
10.5
12.06
which includes
83.2
83.5
0.3
19.99
and
85.9
86.2
0.3
11.88
and
88.6
88.9
0.3
19.92
and
89.5
90.1
0.6
15.26
and
90.4
91.9
1.5
42.05
which includes
90.4
91
0.6
19.98
and
91
91.3
0.3
24.93
and
91.3
91.9
0.6
72.68
TGC-0042
118
120.1
2.1
52.05
including
118.6
119.2
0.6
177.66
which includes
118.9
119.2
0.3
345.34
TGC-0043
33.3
34.5
1.2
5.72
including
33.3
33.6
0.3
9.15
TGC-0043
66.3
70.2
3.9
10.13
including
66.3
68.1
1.8
19.74
which includes
66.3
66.9
0.6
38.58
and
66.9
67.5
0.6
12.69
TGC-0044
36.6
39
2.4
8.87
including
36.6
37.5
0.9
16.81
TGC-0045
62.1
63
0.9
33.99
including
62.7
63
0.3
100.89
TGC-0045
75
75.6
0.6
5.94
including
75
75.3
0.3
9.3
TGC-0047
100.5
101.4
0.9
23.16
TGC-0047
100.5
100.8
0.3
59.63
TGC-0047
102.6
107.7
5.1
1.54
TGC-0047
123.3
126
2.7
21.14
including
124.5
126
1.5
37.08
which includes
124.5
124.8
0.3
45.88
and
124.8
125.4
0.6
67.59
TGC-0051
16.2
19.2
3
10.15
including
16.8
17.4
0.6
19.15
and
18
18.6
0.6
16.29
and
18.6
19.2
0.6
9.57
TGC-0051
49.5
52.8
3.3
19.43
including
49.5
50.1
0.6
8.35
and
50.1
50.7
0.6
80.87
and
51.9
52.8
0.9
8.69
Table 2. Highlights of composited 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-0049
29.4
35.1
5.7
4.07
including
30
32.1
2.1
9.15
which includes
30.3
30.9
0.6
16.71
and
31.2
31.8
0.6
8.88
TGC-0049
43.3
45.1
1.8
7.59
including
43.9
44.5
0.6
16.87
TGC-0050
26.7
30.9
4.2
9.39
including
27.6
30.6
3
12.78
which includes
27.9
29.7
1.8
18
which includes
29.4
29.7
0.3
67.3
TGC-0052
40.2
40.5
0.3
78.03
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 3. Composited results from grade control drillholes in the URW1 area (grade >0.5 g/t Au)
Hole ID
From
To
Interval (m)
Au (g/t)
TGC-0039
77.4
78.3
0.9
8.37
TGC-0039
86.1
87
0.9
1.1
TGC-0039
101.7
102.9
1.2
7.18
TGC-0039
including
102.3
102.6
0.3
15.64
TGC-0039
106.5
107.1
0.6
0.99
TGC-0039
112.5
113.1
0.6
1.09
TGC-0039
117.3
117.6
0.3
5.86
TGC-0040
10.8
12.3
1.5
2.05
TGC-0040
30.3
31.5
1.2
4.7
TGC-0040
49.8
50.1
0.3
0.85
TGC-0040
51.3
53.1
1.8
12.63
TGC-0040
including
51.9
52.5
0.6
27.05
TGC-0040
56.1
56.7
0.6
1.44
TGC-0040
65.4
69
3.6
23.1
TGC-0040
including
66
66.3
0.3
85.87
TGC-0040
and
67.2
67.5
0.3
125.31
TGC-0040
and
68.4
68.7
0.3
13.93
TGC-0040
and
68.7
69
0.3
46.89
TGC-0040
82.5
82.8
0.3
64.65
TGC-0040
85.5
87
1.5
2.47
TGC-0040
90.9
91.2
0.3
4.66
TGC-0041
16.8
19.8
3
1.52
TGC-0041
51.9
52.8
0.9
0.82
TGC-0042
24
25.2
1.2
0.92
TGC-0042
39
39.6
0.6
1.94
TGC-0042
47.4
51
3.6
3.96
TGC-0042
including
50.7
51
0.3
31.99
TGC-0042
52.8
54.6
1.8
11.82
TGC-0042
including
53.7
54
0.3
64.24
TGC-0042
56.1
57.3
1.2
2.32
TGC-0042
60
63
3
5.52
TGC-0042
including
61.8
63
1.2
11.1
TGC-0042
64.5
66.6
2.1
7.19
TGC-0042
including
64.5
65.1
0.6
17.34
TGC-0042
68.5
72.4
3.9
4.46
TGC-0042
including
68.5
69.7
1.2
8.25
TGC-0042
73.6
95.2
21.6
7.14
TGC-0042
including
76.3
78.1
1.8
7.47
TGC-0042
and
82
92.5
10.5
12.06
TGC-0042
which includes
83.2
83.5
0.3
19.99
TGC-0042
and
85.9
86.2
0.3
11.88
TGC-0042
and
88.6
88.9
0.3
19.92
TGC-0042
and
89.5
90.1
0.6
15.26
TGC-0042
and
90.4
91.9
1.5
42.05
TGC-0042
which includes
90.4
91
0.6
19.98
TGC-0042
and
91
91.3
0.3
24.93
TGC-0042
and
91.3
91.9
0.6
72.68
TGC-0042
97.6
99.7
2.1
0.96
TGC-0042
110.8
112.3
1.5
2.49
TGC-0042
118
120.1
2.1
52.05
TGC-0042
including
118.6
119.2
0.6
177.66
TGC-0042
which includes
118.9
119.2
0.3
345.34
TGC-0042
122.5
122.8
0.3
0.61
TGC-0042
124
124.6
0.6
2.88
TGC-0043
33.3
34.5
1.2
5.72
TGC-0043
including
33.3
33.6
0.3
9.15
TGC-0043
66.3
70.2
3.9
10.13
TGC-0043
including
66.3
68.1
1.8
19.74
TGC-0043
which includes
66.3
66.9
0.6
38.58
TGC-0043
and
66.9
67.5
0.6
12.69
TGC-0043
84
85.5
1.5
1.02
TGC-0044
1.8
2.7
0.9
2.37
TGC-0044
36.6
39
2.4
8.87
TGC-0044
including
36.6
37.5
0.9
16.81
TGC-0044
40
40.3
0.3
1.19
TGC-0044
47.6
47.9
0.3
0.57
TGC-0044
64.4
65.3
0.9
1.3
TGC-0044
74
74.6
0.6
1.02
TGC-0044
76.1
76.4
0.3
0.94
TGC-0044
80
80.3
0.3
0.66
TGC-0045
3.3
4.5
1.2
1.48
TGC-0045
39.3
39.6
0.3
1.2
TGC-0045
44.1
44.7
0.6
1.78
TGC-0045
57.9
58.8
0.9
2.74
TGC-0045
62.1
63
0.9
33.99
TGC-0045
including
62.7
63
0.3
100.89
TGC-0045
67.8
68.7
0.9
2.47
TGC-0045
75
75.6
0.6
5.94
TGC-0045
including
75
75.3
0.3
9.3
TGC-0045
82.5
83.1
0.6
1.09
TGC-0045
86.1
88.5
2.4
1.33
TGC-0045
93.3
94.2
0.9
2.29
TGC-0045
105.6
105.9
0.3
0.87
TGC-0047
4.8
5.4
0.6
2.55
TGC-0047
41.7
44.4
2.7
1.41
TGC-0047
48.6
49.2
0.6
1.12
TGC-0047
53.1
54
0.9
1.83
TGC-0047
61.5
61.8
0.3
0.67
TGC-0047
69.9
70.2
0.3
2.68
TGC-0047
72.3
73.8
1.5
0.94
TGC-0047
77.7
78.6
0.9
2.71
TGC-0047
81
81.9
0.9
1.44
TGC-0047
84.3
84.9
0.6
0.89
TGC-0047
91.5
91.8
0.3
0.56
TGC-0047
96
96.6
0.6
2.8
TGC-0047
98.4
98.7
0.3
0.61
TGC-0047
100.5
101.4
0.9
23.16
TGC-0047
100.5
100.8
0.3
59.63
TGC-0047
102.6
107.7
5.1
1.54
TGC-0047
110.4
111
0.6
1.08
TGC-0047
113.1
114.9
1.8
0.94
TGC-0047
123.3
126
2.7
21.14
TGC-0047
including
124.5
126
1.5
37.08
TGC-0047
which includes
124.5
124.8
0.3
45.88
TGC-0047
and
124.8
125.4
0.6
67.59
TGC-0047
127.2
128.4
1.2
0.99
TGC-0047
131.7
132.3
0.6
0.54
TGC-0047
134.7
138.3
3.6
1.39
TGC-0047
143.7
144.3
0.6
2.44
TGC-0051
16.2
19.2
3
10.15
TGC-0051
including
16.8
17.4
0.6
19.15
TGC-0051
and
18
18.6
0.6
16.29
TGC-0051
and
18.6
19.2
0.6
9.57
TGC-0051
23.7
24.3
0.6
1.77
TGC-0051
49.5
52.8
3.3
19.43
TGC-0051
including
49.5
50.1
0.6
8.35
TGC-0051
and
50.1
50.7
0.6
80.87
TGC-0051
and
51.9
52.8
0.9
8.69
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-0037
24.8
27.2
2.4
0.95
TGC-0037
29.6
29.9
0.3
0.57
TGC-0037
30.5
30.8
0.3
0.56
TGC-0038
27.5
27.8
0.3
0.53
TGC-0038
30.5
30.8
0.3
0.61
TGC-0046
21.2
21.5
0.3
3.33
TGC-0049
29.4
35.1
5.7
4.07
TGC-0049
including
30
32.1
2.1
9.15
TGC-0049
which includes
30.3
30.9
0.6
16.71
TGC-0049
and
31.2
31.8
0.6
8.88
TGC-0049
41.5
42.1
0.6
1.77
TGC-0049
43.3
45.1
1.8
7.59
TGC-0049
including
43.9
44.5
0.6
16.87
TGC-0049
47.2
47.8
0.6
0.87
TGC-0050
26.7
30.9
4.2
9.39
TGC-0050
including
27.6
30.6
3
12.78
TGC-0050
which includes
27.9
29.7
1.8
18
TGC-0050
which includes
27.9
28.2
0.3
10.04
TGC-0050
and
28.8
29.1
0.3
12.83
TGC-0050
and
29.4
29.7
0.3
67.3
TGC-0050
34.5
35.7
1.2
0.83
TGC-0052
27.3
28.8
1.5
0.77
TGC-0052
34.5
34.8
0.3
0.67
TGC-0052
40.2
40.5
0.3
78.03
TGC-0052
50.1
50.4
0.3
1.62
Table 5. Collar coordinates and dates of completion for grade control drillholes reported in this release. Coordinates are in Fiji map grid.
Kelowna, British Columbia–(Newsfile Corp. – June 1, 2023) – Diamcor Mining Inc. (TSXV: DMI) (OTCQB: DMIFF) (FSE: DC3A) (“Diamcor” or, the “Company”), a Canadian diamond mining Company with a proven history in exploration, mining, and sale of rough diamonds, announces today that its CEO, Mr. Dean Taylor, will be presenting at the 13th Annual LD Micro Invitational at the Luxe Sunset Boulevard Hotel, California on Tuesday, June 6th, at 1:00 PM ET and will be available for private 1 vs 1 meetings.
The presentation will provide an update on the Company’s Krone-Endora at Venetia Project (the “Project”), the efforts underway to ramp up processing volumes, and the recently announced drilling and bulk sampling exercises aimed at identifying the deposits on the remaining 85% of the Project’s 5,833 ha areas. The Project is co-located with De Beer’s Venetia Diamond Mine (“Venetia”), and the diamond deposits on the Company’s Krone and Endora properties are known to have been created from the direct shift and erosion of an estimated 50 million tons of material from Venetia. The Company has established significant infrastructure at the Project and developed unique approaches to mining using advanced technologies and techniques to initially extract over 200,000 carats of rough diamonds from trial-mining exercises at the Project in a safe, efficient, and environmentally responsible manner. The Venetia diamond mine is considered one of the world’s top producing diamond mines and De Beers has confirmed its recent investment of an additional $2.0B USD in Venetia.
“I look forward to providing the LD Micro audience with an overview of our progress at our Krone-Endora at Venetia Project and the efforts underway aimed at advancing the Project to the next stages to support our future growth and the creation of Shareholder value for the long-term,” stated Mr. Dean Taylor, Diamcor’s CEO.
Diamcor Mining Inc. is a fully reporting publicly traded Canadian diamond mining company with a well-established history in the mining, exploration, and sale of rough diamonds. The Company has established a long-term strategic alliance with world famous Tiffany & Co. and is listed on the TSX Venture Exchange (TSXV: DMI), and trades on the OTC QB Venture Market (OTCQB: DMIFF). The Company’s primary focus is on the development of its Krone-Endora at Venetia Project which is co-located and directly adjacent to De Beers’ Venetia Diamond Mine in South Africa. The Venetia diamond mine is recognized as one of the world’s top diamond-producing mines, and the deposits which occur on Krone-Endora have been identified as being the result of shift and subsequent erosion of an estimated 50M tonnes of material from the higher grounds of Venetia to the lower surrounding areas in the direction of Krone and Endora. The Company focuses on the acquisition and development of mid-tier projects with near-term production capabilities and growth potential and uses unique approaches to mining that involves the use of advanced technology and techniques to extract diamonds in a safe, efficient, and environmentally responsible manner. The Company has a strong commitment to social responsibility, including supporting local communities and protecting the environment.
About the Tiffany & Co. Alliance
The Company has established a long-term strategic alliance and first right of refusal with Tiffany & Co. Canada, a subsidiary of world famous New York based Tiffany & Co., to purchase up to 100% of the future production of rough diamonds from the Krone-Endora at Venetia Project at market prices. In conjunction with this first right of refusal, Tiffany & Co. Canada also provided the Company with financing in an effort to advance the Project as quickly as possible. Tiffany & Co. is now owned by Moet Hennessy Louis Vuitton SE (LVMH), a publicly traded company which is listed on the Paris Stock Exchange (Euronext) under the symbol LVMH and on the OTC under the symbol LVMHF. For additional information on Tiffany & Co., please visit their website at www.tiffany.com.
About LD Micro
LD Micro, a wholly owned subsidiary of Freedom US Markets, was founded in 2006 with the sole purpose of being an independent resource in the micro-cap space. Whether it is the Index, comprehensive data, or hosting the most significant events annually, LD’s sole mission is to serve as an invaluable asset for all those interested in finding the next generation of great companies.
This press release contains certain forward-looking statements. While these forward-looking statements represent our best current judgement, they are subject to a variety of risks and uncertainties that are beyond the Company’s ability to control or predict and which could cause actual events or results to differ materially from those anticipated in such forward-looking statements. Further, the Company expressly disclaims any obligation to update any forward-looking statements. Accordingly, readers should not place undue reliance on forward-looking statements.
WE SEEK SAFE HARBOUR
Neither 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.
India is demonetizing again. This time it is the INR 2,000 bills that were issued when the last demonization of 2016 happened. Here are my thoughts:
I will soon have another article about Argentinian-style dual rates emerging in India.
On Investments
Many people who invest in mining have a very bullish expectation of a specific commodity and use mining companies as a proxy for that commodity. In the following discussion with Brian Leni, I explain why this is erroneous.
Disclaimer: All information found here, including any ideas, opinions, views, predictions, forecasts, commentaries, suggestions, or stock picks, expressed or implied herein, are for informational, entertainment, or educational purposes only and should not be construed as personal investment advice. While the information provided is believed to be accurate, it may include errors or inaccuracies. The sole purpose of these musings is to show my thinking process when analyzing a stock, not to provide any recommendations. I will not and cannot be held liable for any actions you take resulting from anything you read here. Conduct your due diligence, or consult a licensed financial advisor or broker before making any investment decisions. Any investments, trades, speculations, or decisions made based on any information found on this site, expressed or implied herein, are committed at your own risk, financial or otherwise.
Presentation on Thursday, May 25, 2023 at 10:00 AM ET
KELOWNA, BC / ACCESSWIRE / May 23, 2023 / Diamcor Mining Inc. (TSX-V.DMI)(OTCQB-DMIFF)(FRA:DC3A), (“Diamcor” or, the “Company”) a Canadian diamond mining Company with a proven history in exploration, mining, and sale of rough diamonds announces today that its CEO, Mr. Dean Taylor, will be presenting virtually at the upcoming Sequire Metals & Mining Conference on Thursday, May 25th, at 10:00 AM ET.
The presentation will provide an update on the Company’s Krone-Endora at Venetia Project (the “Project”), the efforts underway to ramp up processing volumes, and the recently announced drilling and bulk sampling exercises aimed at identifying the deposits on the remaining 85% of the Project’s 5,833 ha areas. The Project is co-located with De Beer’s Venetia Diamond Mine (“Venetia”), and the diamond deposits on the Company’s Krone and Endora properties are known to have been created from the direct shift and erosion of an estimated 50 million tons of material from Venetia. The Company has established significant infrastructure at the Project and developed unique approaches to mining using advanced technologies and techniques to initially extract over 200,000 carats of rough diamonds from trial-mining exercises at the Project in a safe, efficient, and environmentally responsible manner. The Venetia diamond mine is considered one of the world’s top producing diamond mines and De Beers has confirmed its recent investment of an additional $2.0B USD in Venetia.
Bottom of Form
“I look forward to providing the Sequire audience with an overview of our progress at our Krone-Endora at Venetia Project and the efforts underway aimed at advancing the Project to the next stages to support our future growth and the creation of Shareholder value for the long-term,” stated Mr. Dean Taylor, Diamcor’s CEO.
Event: Diamcor Mining Presentation at the Sequire Metals & Mining Conference
Diamcor Mining Inc. is a fully reporting publicly traded Canadian diamond mining company with a well-established history in the mining, exploration, and sale of rough diamonds. The Company has established a long-term strategic alliance with world famous Tiffany & Co. and is listed on the TSX Venture Exchange (V.DMI), and trades on the OTC QB Venture Market (DMIFF). The Company’s primary focus is on the development of its Krone-Endora at Venetia Project which is co-located and directly adjacent to De Beers’ Venetia Diamond Mine in South Africa. The Venetia diamond mine is recognized as one of the world’s top diamond-producing mines, and the deposits which occur on Krone-Endora have been identified as being the result of shift and subsequent erosion of an estimated 50M tonnes of material from the higher grounds of Venetia to the lower surrounding areas in the direction of Krone and Endora. The Company focuses on the acquisition and development of mid-tier projects with near-term production capabilities and growth potential and uses unique approaches to mining that involves the use of advanced technology and techniques to extract diamonds in a safe, efficient, and environmentally responsible manner. The Company has a strong commitment to social responsibility, including supporting local communities and protecting the environment.
About the Tiffany & Co. Alliance
The Company has established a long-term strategic alliance and first right of refusal with Tiffany & Co. Canada, a subsidiary of world famous New York based Tiffany & Co., to purchase up to 100% of the future production of rough diamonds from the Krone-Endora at Venetia Project at market prices. In conjunction with this first right of refusal, Tiffany & Co. Canada also provided the Company with financing in an effort to advance the Project as quickly as possible. Tiffany & Co. is now owned by Moet Hennessy Louis Vuitton SE (LVMH), a publicly traded company which is listed on the Paris Stock Exchange (Euronext) under the symbol LVMH and on the OTC under the symbol LVMHF. For additional information on Tiffany & Co., please visit their website at www.tiffany.com.
This press release contains certain forward-looking statements. While these forward-looking statements represent our best current judgement, they are subject to a variety of risks and uncertainties that are beyond the Company’s ability to control or predict and which could cause actual events or results to differ materially from those anticipated in such forward-looking statements. Further, the Company expressly disclaims any obligation to update any forward looking statements. Accordingly, readers should not place undue reliance on forward-looking statements.
WE SEEK SAFE HARBOUR
Neither 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.
North Vancouver, British Columbia–(Newsfile Corp. – May 18, 2023) – Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) (ASX: LLO) (“Lion One” or the “Company”) is pleased to announce that it has commenced mining on the URW1 lode at its 100% owned Tuvatu Alkaline Gold Project in Fiji.
Strike driving has reached the URW1 Lode and the first underground images of the lode have been received (Figure 1). The initial intersection of the lode revealed one primary vein and numerous stockwork style veins. Visible gold was observed in multiple locations on the face of the lode and within four different fracture orientations (Figure 2). Three of these fracture orientations are sub-parallel to the grade control drill axis and would therefore be difficult to identify given their orientation relative to the grade control drilling (Figure 3). A sample line was completed perpendicular to the main vein, and a grab sample was collected from the foot of the face.
Highlights of the initial face sampling on URW1 are as follows:
51.2 g/t Au over 0.56 m
117.48 g/t Au over 0.19 m
37.99 g/t Au over 0.19 m
58.68 g/t Au (grab sample)
Figure 1. URW1 face and select samples. Face of URW1. Red lines indicate the approximate locations and widths of select chip samples collected from the sample line, dashed red circle indicates the approximate location of the grab sample, and small red circles indicate the locations of visible gold on the face. Gold grades in g/t are indicated in yellow.
Figure 2. Visible gold. A), B), C) Close-ups of visible gold highlighted in Figure 1, with gold circled in red. Width of each image is approximately 10-15cm.
Figure 3. Fracture orientations vs orientation of grade control drilling. Grade control drilling (red arrow) is oriented perpendicular to the URW1 lode (blue rectangle). Shapes A, B, C, and D represent the approximate orientations of the gold bearing fractures within the URW1 lode. Orientations B, C, and D are sub-parallel to the axis of the bulk of the grade control drilling and are therefore difficult to identify. The approximate orientations of these fractures are as follows: A) sub-parallel to the main lode, B) striking E-W and dipping steeply to the south, C) striking E-W and subvertical dip, and D) sub-horizontal with variable dip directions.
Lion One Chairman and CEO Walter Berukoff commented: “We are excited to have started mining our second lode at the Tuvatu gold mine, especially so soon after we started mining our first lode. Without the diligence and hard work performed by our geology and engineering teams in Fiji we could not have located the lode as successfully and as accurately as we did.”
“We are extremely pleased with the amount of coarse-grained gold visible on the face of the lode, which is even more than was anticipated. Following our initial sampling of the face, and due to the presence of visible gold in multiple fracture orientations, we are optimistic that the overall grade of the URW1 lode could end up being even higher than what the grade control drilling has suggested. We continue to learn more about the Tuvatu system as we open the system up underground, and we are beginning to see how well-endowed the Tuvatu system truly is. Just like the discovery of the URA1 lode on our initial drive underground, the system continues to provide surprises to the upside as our underground developments progress.”
Figure 4. Location of URW1 Lode within Tuvatu. Plan view of the Tuvatu Main and West Zone deposits, with the URW1 Lode highlighted in blue. Underground developments are shown in red, and the other lodes within the Tuvatu Main and West Zones are shown in grey.
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.
Vancouver, British Columbia–(Newsfile Corp. – May 15, 2023) – EMX Royalty Corporation (NYSE American: EMX) (TSXV: EMX) (FSE: 6E9) (the “Company” or “EMX”) is pleased to report results for the quarter ended March 31, 2023 (“Q1-2023”). The Company’s filings for the quarter are available on SEDAR at www.sedar.com, 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 March 31, 2023
Revenue and other income for the three months ended March 31, 2023 was $2,742,000 (Q1-2022 – $1,749,000). Adjusted revenue and other income[1] of $4,968,000 (Q1-2022 – $3,209,000) included $2,226,000 (Q1-2022 – $1,460,000) in income for the Company’s share of royalty revenue from the Caserones Mine (effective) royalty interest in Chile.
Net loss for the three months ended March 31, 2023 was $3,726,000 (Q1-2022 – income of $18,592,000). The prior year comparative quarter included a net settlement paid by Barrick Gold Corporation of $18,825,000.
Cash used in operating activities for the three months ended March 31, 2023 was $2,832,000 (Q1-2022 – cash provided by operating activities of $16,270,000). Adjusted cash1 used in operating activities for the three months ended March 31, 2023 was $1,935,000 (Q1-2022 – adjusted cash provided by operating activities of $17,172,000).
As at March 31, 2023, EMX had cash and cash equivalents of $9,089,000 (December 31, 2022 – $15,508,000), $3,517,000 in cash held in trust to acquire an additional 2.263% ownership in SLM California SpA, investments, long-term investments and loans receivable valued at $15,116,000 (December 31, 2022 – $14,561,000) and loans payable of $40,949,000 (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 Q1 2023. Both companies are expecting to execute a modified royalty agreement in 2023.
Acquisition of Additional Royalty Interest on Caserones Subsequent to March 31, 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%.
Royalty and Royalty Generation Updates
During Q1 2023, the Company’s royalty generation business was active in North America, South America, Europe, Turkey, Australia and Morocco. The Company spent $5,730,000 (Q1-2022 – $4,262,000) on royalty generation costs and recovered $2,884,000 (Q1-2022 – $2,128,000) 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. During Q1 2023, the Company also completed four partnerships across the portfolio while continuing to replace partnered properties with new royalty generation projects.
In the US, the Company’s royalty portfolio advanced with more than 10 partner-funded work programs, including 2 drill projects, and the expansion of several properties through the staking of new claims. The Company continued to advance projects retained by South32 Limited, including the ongoing drill program at the Copper Springs project in Arizona’s Globe-Miami district.
EMX executed definitive agreements to sell the Company’s a) portfolio of 14 early stage precious and base metal projects in Idaho (i.e., ranging from grassroot to historical resource properties) and b) wholly-owned core drilling subsidiary, Scout Drilling LLC, to Scout Discoveries Corp. (see EMX news release dated March 8, 2023). The terms of the definitive agreements provide EMX with an equity interest, retained 3.25% NSR royalty interests, AAR payments, and certain milestone payments as the portfolio is advanced. The portfolio represents the largest unpatented claim holdings in Idaho.
In Canada, EMX programs advanced available properties in the portfolio as partners conducted multiple field programs, including drill programs on EMX royalty properties. EMX received C$16,000 in cash payments and C$Nil in share equity payments during the quarter.
EMX’s Latin American royalty portfolio advanced with work programs that included drilling at the Diablillos project’s JAC Zone silver-gold discovery by AbraSilver Resource Corp., the commencement of a drill program at Pampa Metals Corporation’s Block 4 Buenavista target, as well as updated resource estimates at Aftermath Silver Ltd.’s Berenguela polymetallic CRD project and GR Silver Mining Ltd’s San Marcial epithermal silver project.
Lundin Mining Corporation (“Lundin”) entered into a binding purchase agreement with JX Nippon to acquire fifty-one percent (51%) of the issued and outstanding equity of MLCC, the Caserones mine operator (see Lundin news release dated March 27, 2023). Lundin will also have the right to acquire up to an additional 19% interest in Caserones.
In Northern Europe the Company continued to develop its portfolio of projects, acquiring new gold and battery metals (nickel, copper and cobalt) royalty generation projects totaling 15,456 hectares, and partnered four available properties. Partner funded drill programs were completed by Capella Minerals Ltd at EMX’s Kjoli royalty property in Norway and by Kendirck Resources PLC at EMX’s Espedalen royalty property in Norway. Results from those programs are pending. Drilling also commenced at the Mo-I-Rana royalty property in Norway at the end of Q1 (operated by Mahvie Minerals AB, a private Swedish corporation).
Royalty generation programs proceeded in the Balkans and in Morocco, where multiple exploration license applications have been filed by the Company. New target areas are being assessed for further acquisitions.
Investment Updates
As at March 31, 2023, the Company had marketable securities of $9,421,000 (December 31, 2022 – $9,966,000), and $4,678,000 (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. During the three months ended March 31, 2023 EMX generated $776,000 (Q1-2022 – $662,000) from the sale of investments. Much of the investment portfolio was derived from strategic investments including Premium Nickel Resources Ltd., and royalty deals completed as part of our organic royalty generation business.
OUTLOOK
The 2023 year will continue to see revenue and other income coming from our cash flowing royalties, including Leeville in Nevada, Gediktepe 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. As a royalty holder, the Company has limited, if any, access to information on properties for which it holds royalties. Additionally, the Company may receive information from the owners and operators of the properties, which the Company is not permitted to disclose to the public pursuant to the underlying agreement or the information is not NI 43-101 compliant. Accordingly, the Company has not, and does not anticipate that it will have the ability to, provide guidance or outlook as to future production.
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.sedar.com 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 23 of the Q1 2023 MD&A for more information on each non-IFRS financial measure.
Many people consider wokeism to consist of harmless, left-wing talking points. Darcy Gerow and I discussed that these people should not be regarded as leftists, certainly not communists:
On Investments
Gold79 Mines (AUU; $0.035) has released some exciting results from their Gold Chain project, with one hole (GC23-28) grading 51 g/t over 9 m. This hole is at the junction of the Tyro mine vein and White Spar fault, opening up a possibility of a so-far unexplored higher grade zone. Here are briefly their projects:
The drilling at the Gold Chain project is giving them approximately 30 m of 1.5 g/t Au over a structure that is 100m deep. They have, in my view, shown a 500 m strike length at the Tyro mine vein. This would equate to about 200,000 oz. This rock should be oxidized. This, even without the higher-grade hit, should justify the market capitalization. Moreover, in its news release, the company believes that the strike could exceed 2,000 m, giving it the potential to contain 800,000 oz. If further drilling proves this potential, the upside from this project is substantial.
The Jeffrey Canyon project has been optioned to Kinross. To earn 70% of the project, Kinross must pay US$5 million in cash and spend US$0.6 million. Assuming this agreement continues, AUU will have earned US$5 million in cash and retained 30% of the project, whose attributed value based on money spent by Kinross would be US$2.4 million. This would be a total value of US$7.4 million or $10 million for AUU.
AUU bought the Tip Top project for a consideration of over $1.5 million in 2020.
The Greyhound project is being operated by Agnico Eagle, which has spent $3 million to earn about two-thirds of the project. The attributed value for AUU is $1.5 million.
Based on the above, I see the market capitalization of AUU well-underpinned by the Gold Chain project. The recent higher grade hit, the potential at Gold Chain to prove a much longer strike length, and the other three projects give me a free upside.
AUU is short of cash. They also have 27 million warrants with an exercise price of $0.05 (expiry, November 2025). Twenty-seven million shares from the last financing will be free-trading on the 19th of March, 2023. They have 174 million shares, most of which are with retail investors. While I see a terrific upside, these technical reasons could limit the move up for the next few weeks, particularly when AUU has increased by 60%. I am happy to bid at C$0.035.
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