Email: info@grouptenmetals.com The Metallic Group of Companies: Metallic Minerals, Stillwater Critical Minerals, Granite Creek Copper
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Vancouver, British Columbia–(Newsfile Corp. – June 28, 2023) – EMX Royalty Corporation (NYSE American: EMX) (TSXV: EMX) (FSE: 6E9) (the “Company” or “EMX”) is pleased to report that all proposed resolutions were approved at the Company’s Annual General and Special Meeting of shareholders held on June 28, 2023, in Vancouver, British Columbia (the “Meeting“). The number of directors was set at 6 and all director nominees, as listed in the Management Information Circular dated May 13, 2023 (the “Information Circular”), were elected as directors of the Company at the Meeting to serve for a one-year term and hold office until the next annual meeting of shareholders. According to the proxy votes received from shareholders, the results were as follows:
Director
Votes FOR
Votes WITHHELD
David M. Cole
96.58%
3.42%
Sunny Lowe
96.01%
3.99%
Henrik Lundin
96.27%
3.73%
Larry M. Okada
93.66%
6.34%
Geoff Smith
96.44%
3.56%
Michael D. Winn
99.19%
0.81%
Shareholders voted 97.22% in favour of setting the number of directors at six, 99.11% in favour of appointing Davidson & Company LLP, Chartered Accountants as auditors, 94.50% in favour of ratifying and approving the Company’s Stock Option Plan, 94.46% in favor of approving certain amendments to the Company’s Stock Options Plan; and 94.51% in favor of approving certain amendments to the Company’s Restricted Share Unit Plan.
Voting results for all resolutions noted above are reported in the Report on Voting Results as filed under the Company’s SEDAR profile on June 28, 2023.
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.
Step-out hole APC-55 was drilled from Pad 6 to the northeast and intercepted continuous gold-silver-copper mineralization from surface over a significant core length as follows:
APC-55 returned 1,356 g/t gold equivalent on a grams X metres basis, which represents the largest grade accumulation drilled to date into the Apollo porphyry system.
APC-55 has extended the strike length of the Apollo system to the northeast with maximum known dimensions now measuring 455 metres by 395 metres by 915 metres.
Hole APC-49 was drilled from Pad 6 to the northwest and intersected continuous gold-silver-copper mineralization from surface over a significant core length as follows:
APC-49, which was drilled to depth in an area with no prior drilling, demonstrated excellent continuity of mineralization over its entire core length. The hole was terminated in mineralization due to a drilling related issue with the final 15.85 metres averaging 0.52 g/t gold equivalent.
Four rigs are now operating at the project with nine holes currently in the lab for analysis. Additional assay results are expected in the near term.
Ari Sussman, Executive Chairman commented: “The Apollo system continues to deliver unusually high-grade intercepts for a porphyry deposit over significant core lengths with today’s results being two of the longest holes ever drilled by the Company. I am most pleased that mineralization in both holes began directly from surface and the size of the Apollo system was once again expanded as a result of APC-55. I am excited about the prospect of what the Guayabales project will deliver in the second half of 2023 as we embark on the aggressive growth phase of our 2023 drilling program where expansion of the Apollo porphyry system and making a new discovery are our top priorities.”
TORONTO, June 27, 2023 /CNW/ – Collective Mining Ltd. (TSXV: CNL) (OTCQX: CNLMF) (“Collective” or the “Company”) is pleased to announce assay results from two drill holes designed to test depth extensions and high-grade mineralization within the Apollo porphyry system (“Apollo”) at the Guayabales project located in Caldas, Colombia. Apollo is a high-grade, bulk tonnage copper-silver-gold system, which owes its excellent metal endowment to an older copper-silver and gold porphyry system being overprinted by younger precious metal rich, carbonate base metal vein systems (intermediate sulphidation porphyry veins) within a magmatic, hydrothermal inter-mineral breccia and diorite porphyry bodies currently measuring 455 metres x 395 metres x 915 metres and open for expansion.
To watch a short video of David Reading, Special Advisor to Collective Mining, speak about the assay results announced today, please click here.
Details (See Table 1 and Figures 1-3)
The 2023 Phase II drilling program is advancing on schedule with 24 holes completed and results announced with an additional nine holes awaiting assay results from the lab. The objectives of the 2023 program are to define high-grade mineralization, the dimensions of the Apollo porphyry system near surface, expand the size of the system through step-out and directional drilling and drill test multiple new targets generated through grassroots exploration. Since the announcement of the discovery hole at Apollo in June 2022, a total of 55 drill holes (approximately 23,907 metres) has been completed and assayed.
This press release outlines results from two, long step out holes. APC-49 and APC-55 were drilled to test high grade, shallow mineralization, and depth extensions in previously undrilled areas. Both holes were drilled from Pad 6 with APC-49 directed steeply to the northwest and APC-55 drilled to the northeast. Results for these holes are summarized below:
APC-49 was drilled steeply to the northwest from Pad 6 to a maximum downhole depth of 852.90 metres (908 metres vertical due to topography). The hole was designed to test the northwestward continuity of the deposit at depth. The hole intercepted saprolite and oxidized sulphide material (transition zone) from 5.7 metres downhole until 28.6 metres. Below this the hole passed into fresh rock consisting of angular breccia with a sulphide cement matrix containing chalcopyrite (up to 0.8 %), pyrite (up to 1.2%) and 0.8% pyrrhotite and some areas of mineralized porphyry (without breccia). Various sheeted carbonate base metal veins (“CBM”) and veinlet zones associated with higher grade gold, which overprint and flood the matrix hosting the earlier breccia-porphyry mineralization, were observed and contain carbonate associated with sphalerite and galena. The hole bottomed in mineralization due to drilling problems with the last 15.85 metres from 837.1 metres downhole returning 0.52 g/t gold equivalent. Complete assay results for the hole are summarized in Table 1 with highlights as follows:
847.25 metres @ 1.09 g/t gold equivalent from 5.65 metres (consisting of 0.64 g/t gold, 16 g/t silver and 0.14% copper) including:
Importantly, APC-49 confirms that the system remains wide open at depth in the northwest area of the deposit and future directional drilling will look to expand the system and tighten up drill spacing.
APC-55 was drilled to the northeast from Pad 6 and was designed to test for an extension of shallow high-grade mineralization to depth within the northeast portion of the Apollo system. The hole was drilled to a maximum downhole depth of 909.45 metres (855 metres vertical) with mineralization beginning at surface. The hole intercepted saprolite and oxidized sulphide material (transition zone) from surface until 48.80 metres down hole. Below this depth, the hole passed into fresh rock consisting of angular breccia with a sulphide cement matrix containing chalcopyrite (up to 1.0 %), pyrite (up to 2.0%) and pyrrhotite (up to 1.2%) with some interfingering areas of mineralized porphyry (without breccia). Four sheeted CBM vein and veinlet zones at 184.7 metres, 364.2 metres, 431.8 metres and 591.5 metres downhole were observed with vein sulphides (sphalerite and galena) overprinting the earlier porphyry mineralization in the breccia matrix. Complete assay results for the hole are summarized in Table 1 with highlights as follows:
792.25 metres @ 1.71 g/t gold equivalent from surface (consisting of 0.88 g/t gold, 39 g/t silver and 0.18% copper) including:
APC-55 returned 1,356 g/t gold equivalent on a grams X metres basis, which represents the largest grade accumulation drilled to date into the Apollo porphyry system. APC-55 has also extended the strike length of the mineralized system to the northeast with maximum know overall dimensions now measuring 455 metres by 395 metres by 915 metres. The multiple north-west and east-west trending CBM vein systems intersected along the hole at both shallow and deeper elevations highlight an excellent opportunity for high grade mineralization to be found over significant vertical dimensions.
Apollo Drill Program Outline and Assay Update
Nine additional holes have been completed at the Apollo system with assay results expected in the near term with all holes except one intersecting bulk tonnage mineralization over significant core lengths.
With four diamond drill rigs now operating at site, the Company is focused on:
Expanding the Apollo porphyry system and the recently discovered high-grade Contact Zone
Stepping-out along the newly discovered high-grade Vein Zone situated above the Apollo porphyry system along a northwest to southeast corridor (where it does not come to surface)
Testing the six newly generated targets surrounding the Apollo porphyry system
Testing a new porphyry target named Plutus, which is located approximately one kilometre east of Apollo. Further details on Plutus will be announced shortly once all surface geochemistry assay results have been delivered, verified, and compiled.
The Apollo target area, as defined to date by surface mapping, rock sampling and copper and molybdenum soil geochemistry covers a 1,000 metres X 1,200 metres area and represents a large and unusually high-grade Cu-Ag-Au porphyry system. Mineralization styles include early-stage porphyry veins, inter-mineral breccia mineralization and multiple zones of porphyry related late stage, sheeted, carbonate-base metal veins with high gold and silver grades. The Apollo target area is still expanding as the Company’s geologists have found multiple additional outcrop areas with porphyry veining, breccia, and late stage, sheeted, carbonate base metal veins. (See press release dated April 18, 2023)
Table 1: Assay Results
Hole #
From (m)
To (m)
Length (m)
Au g/t
Ag g/t
Cu %
Mo %
AuEq g/t*
APC-49
5.65
852.90
847.25
0.64
16
0.14
0.001
1.09
incl
5.65
28.55
22.90
1.13
11
0.06
0.001
1.36
and incl
76.60
240.60
164.00
0.44
40
0.47
0.002
1.77
and incl
253.80
293.85
40.05
0.25
32
0.46
0.001
1.46
and incl
443.85
466.10
22.25
1.14
12
0.03
0.002
1.36
and incl
491.45
533.80
42.35
2.65
11
0.03
0.001
2.78
and incl
559.10
585.20
26.10
1.49
12
0.04
0.000
1.68
and incl
625.60
656.55
30.95
1.80
20
0.04
0.001
2.12
and incl
837.05
852.90
15.85
0.44
3
0.01
0.002
0.52
APC-55
0.00
792.25
792.25
0.88
39
0.18
0.001
1.71
incl
0.00
48.80
48.80
2.93
15
0.10
0.002
3.23
and incl
49.55
80.45
30.90
1.99
14
0.13
0.001
2.35
and incl
96.00
145.55
49.55
1.79
65
0.15
0.002
2.93
and incl
184.70
206.25
21.55
2.97
38
0.14
0.001
3.66
and incl
364.15
395.20
31.05
1.56
47
0.12
0.000
2.37
and incl
431.75
453.40
21.65
1.75
36
0.09
0.001
2.36
and incl
591.50
608.00
16.50
1.99
22
0.05
0.001
2.34
*AuEq (g/t) is calculated as follows: (Au (g/t) x 0.97) + (Ag g/t x 0.016 x 0.88) + (Cu (%) x 1.87 x 0.90)+ (Mo (%)*11.43 x 0.85) and CuEq (%) is calculated as follows: (Cu (%) x 0.90) + (Au (g/t) x 0.51 x 0.97) + (Ag (g/t) x 0.009 x 0.88)+ (Mo(%)x 6.10 x 0.85) utilizing metal prices of Cu – US$3.85/lb, Ag – $24/oz Mo – US$25.00/lb and Au – US$1,475/oz and recovery rates of 97% for Au, 88% for Ag, 85% for Mo, and 90% for Cu. Recovery rate assumptions are speculative as limited metallurgical work has been completed to date.
True widths are unknown, and grades are uncut.
Figure 1: Plan View of Drilling Highlighting Drill Holes APC-49 and APC-55 and Visual Intercepts for Holes for Which Assay Results are Anticipated in the Near Term (CNW Group/Collective Mining Ltd.)
Figure 3: Plan View of the Guayabales Project Highlighting the Apollo Target Area (CNW Group/Collective Mining Ltd.)
About Collective Mining Ltd.
To see our latest corporate presentation and related information, please visit www.collectivemining.com
Founded by the team that developed and sold Continental Gold Inc. to Zijin Mining for approximately $2 billion in enterprise value, Collective Mining is a copper, silver, and gold exploration company with projects in Caldas, Colombia. The Company has options to acquire 100% interests in two projects located directly within an established mining camp with ten fully permitted and operating mines.
The Company’s flagship project, Guayabales, is anchored by the Apollo target, which hosts the large-scale, bulk-tonnage and high-grade copper-silver-gold Apollo porphyry system. The Company’s near-term objective is to drill the shallow portion of the porphyry system while continuing to expand the overall dimensions of the system, which remains open in most directions.
Management, insiders and close family and friends own nearly 45% of the outstanding shares of the Company and as a result, are fully aligned with shareholders. The Company is listed on the TSXV under the trading symbol “CNL” and on the OTCQX under the trading symbol “CNLMF”.
Qualified Person (QP) and NI43-101 Disclosure
David J Reading is the designated Qualified Person for this news release within the meaning of National Instrument 43-101 (“NI 43-101”) and has reviewed and verified that the technical information contained herein is accurate and approves of the written disclosure of same. Mr. Reading has an MSc in Economic Geology and is a Fellow of the Institute of Materials, Minerals and Mining and of the Society of Economic Geology (SEG).
Technical Information
Rock, soils and core samples have been prepared and analyzed at SGS laboratory facilities in Medellin, Colombia and Lima, Peru. Blanks, duplicates, and certified reference standards are inserted into the sample stream to monitor laboratory performance. Crush rejects and pulps are kept and stored in a secured storage facility for future assay verification. No capping has been applied to sample composites. The Company utilizes a rigorous, industry-standard QA/QC program.
Information Contact:
Follow Executive Chairman Ari Sussman (@Ariski73) and Collective Mining (@CollectiveMini1) on Twitter.
FORWARD-LOOKING STATEMENTS
This news release contains certain forward-looking statements, including, but not limited to, statements about the drill programs, including timing of results, and Collective’s future and intentions. Wherever possible, words such as “may”, “will”, “should”, “could”, “expect”, “plan”, “intend”, “anticipate”, “believe”, “estimate”, “predict” or “potential” or the negative or other variations of these words, or similar words or phrases, have been used to identify these forward-looking statements. These statements reflect management’s current beliefs and are based on information currently available to management as at the date hereof.
Forward-looking statements involve significant risk, uncertainties, and assumptions. Many factors could cause actual results, performance, or achievements to differ materially from the results discussed or implied in the forward-looking statements. These factors should be considered carefully, and readers should not place undue reliance on the forward-looking statements. Although the forward-looking statements contained in this news release are based upon what management believes to be reasonable assumptions, Collective cannot assure readers that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this news release, and Collective assumes no obligation to update or revise them to reflect new events or circumstances, except as required by law.
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 news release.
Collective Mining Logo (CNW Group/Collective Mining Ltd.)
VANCOUVER, BC / ACCESSWIRE / June 23, 2023 / Stillwater Critical Minerals Corp. (TSXV:PGE)(OTCQB:PGEZF) (the “Company” or “Stillwater”) announced today that it has executed a definitive agreement for a strategic equity investment by Glencore Canada Corporation, a wholly-owned subsidiary of Glencore plc (“Glencore”) in the form of a non-brokered private placement financing (the “Placement) for exploration and development activities at the Company’s North American nickel projects, as well as for working capital and general and administrative expenses.
Pursuant to the Placement, Glencore has agreed to purchase 19,758,861 units of Stillwater at a price of $0.25 per unit for gross proceeds of $4.94 million, with each unit comprising one common share and 0.70 of a common share purchase warrant. Each full warrant shall entitle Glencore to purchase one common share at an exercise price of $0.375, providing up to approximately $5.2 million additional funding, if exercised in full. The warrants shall be exercisable for three years from the date of issue and contain a customary acceleration provision, which shall be effective if the volume weighted average trading price of the common shares on the TSX-V is greater than $0.5625 for a period of 20 consecutive trading days.
Following closing of the investment, Glencore will have ownership and control of 9.99% of the outstanding common shares of Stillwater on a non-diluted basis and, including the warrants, 15.87% of the outstanding common shares on a partially diluted basis. Glencore does not currently own or control any securities of the Company.
Stillwater Critical Minerals President and CEO, Michael Rowley, stated, “We are very pleased to welcome Glencore, one of the top five largest mining companies in the world, as a major investor. This represents a major step forward for Stillwater as we advance our flagship Stillwater West project with the vision of becoming a large-scale source of battery and precious minerals that are now listed as critical in the US, and elsewhere. There are very few projects globally, and especially located within the United States, that offer the combination of grade and scale in a producing district that we see at Stillwater West. We are now booking drills and crews for our 2023 drill campaign with a focus on expansion of the high-grade nickel-copper sulphides identified in our past campaigns. We look forward to announcing further details in the coming weeks, along with the start of drilling.”
In connection with the Placement, Stillwater and Glencore have agreed to enter into an investor rights agreement, pursuant to which Glencore will be entitled to certain customary rights including participation in future equity issuances and a right to maintain its pro-rata position in Stillwater.
In addition, a technical committee will be formed with representatives from each company.
Net proceeds of the private placement are intended to be used for exploration and development activities at the Company’s North American nickel projects, as well as for working capital and general and administrative expenses.
The Placement is expected to close, subject to customary conditions, upon acceptance by the TSX Venture Exchange. All securities issued pursuant to the Placement will be subject to a four-month hold period from the date of issuance in accordance with applicable securities laws.
This press release is not an offer or a solicitation of an offer of securities for sale in the United States of America. The common shares of Stillwater Critical Minerals have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration.
About Glencore and its Holdings in the Company
Glencore is one of the world’s largest global diversified natural resource companies and a major producer and marketer of more than 60 commodities that advance everyday life. Through a network of assets, customers and suppliers that spans the globe, Glencore produces, processes, recycles, sources, markets and distributes the commodities that support decarbonisation while meeting the energy needs of today.
With around 140,000 employees and contractors and a strong footprint in over 35 countries in both established and emerging regions for natural resources, Glencore’s marketing and industrial activities are supported by a global network of more than 40 offices.
Glencore’s customers are industrial consumers, such as those in the automotive, steel, power generation, battery manufacturing and oil sectors. Glencore also provides financing, logistics and other services to producers and consumers of commodities.
Glencore is proud to be a member of the Voluntary Principles on Security and Human Rights and the International Council on Mining and Metals. Glencore is an active participant in the Extractive Industries Transparency Initiative and is working to decarbonise its operational footprint.
Certain information in this news release is provided by Glencore in satisfaction of the early warning requirements of National Instrument 62-104 – Take-Over Bids and Issuer Bids. Glencore is acquiring the common shares and warrants for investment purposes and will continue to monitor the business, prospects, financial condition and potential capital requirements of the Company. Depending on its evaluation of these and other factors, Glencore may from time to time in the future decrease or increase its direct or indirect ownership, control or direction over securities of the Company through market transactions, private agreements, subscriptions from treasury or otherwise, or may in the future develop plans or intentions relating to any of the other actions listed in (a) through (k) of National Instrument 62-103F1- Required Disclosure Under the Early Warning Requirements.
For the purposes of this press release and early warning disclosure, the number and percentages of outstanding common shares owned and controlled by Glencore following completion of the investment is based on 197,786,398 outstanding common shares following completion of the investment.
Glencore’s address is 100 King Street West, Suite 6900, P.O. Box 403, Toronto, Ontario, Canada, M5X 1E3. Glencore is incorporated under the laws of Ontario. An early warning report in respect of the investment will be filed under the Company’s profile on SEDAR at www.sedar.com. For a copy of the report or for further Glencore information, please contact Peter Fuchs at (416) 305-9273, peter.fuchs@glencore.ca.
About Stillwater Critical Minerals Corp.
Stillwater Critical Minerals (TSX.V: PGE | OTCQB: PGEZF) is a mineral exploration company focused on its flagship Stillwater West Ni-PGE-Cu-Co + Au project in the iconic and famously productive Stillwater mining district in Montana, USA. With the addition of two renowned Bushveld and Platreef geologists to the team, the Company is well positioned to advance the next phase of large-scale critical mineral supply from this world-class American district, building on past production of nickel, copper, and chromium, and the on-going production of platinum group and other metals by neighboring Sibanye-Stillwater. An expanded NI 43-101 mineral resource estimate, released January 2023, delineates a compelling suite of critical minerals contained within five Platreef-style nickel and copper sulphide deposits at Stillwater West, which host a total of 1.6 billion pounds of nickel, copper and cobalt, and 3.8 million ounces of palladium, platinum, rhodium, and gold, and remains open for expansion along trend and at depth.
Stillwater Critical Minerals also holds the high-grade Black Lake-Drayton Gold project adjacent to Treasury Metals’ development-stage Goliath Gold Complex in northwest Ontario, currently under an earn-in agreement with Heritage Mining, and the Kluane PGE-Ni-Cu-Co critical minerals project on trend with Nickel Creek Platinum‘s Wellgreen deposit in Canada‘s Yukon Territory.
The Company’s address is 904, 409 Granville Street, Vancouver, British Columbia, V6C 1T2.
FOR FURTHER INFORMATION, PLEASE CONTACT:
Michael Rowley, President, CEO & Director – Stillwater Critical Minerals
This news release includes certain statements that may be deemed “forward-looking statements”. All statements in this release, other than statements of historical facts including, without limitation, statements regarding potential mineralization, historic production, estimation of mineral resources, the realization of mineral resource estimates, interpretation of prior exploration and potential exploration results, the timing and success of exploration activities generally, the timing and results of future resource estimates, permitting time lines, metal prices and currency exchange rates, availability of capital, government regulation of exploration operations, environmental risks, reclamation, title, and future plans and objectives of the company are forward-looking statements that involve various risks and uncertainties. Although Stillwater believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Forward-looking statements are based on a number of material factors and assumptions. Factors that could cause actual results to differ materially from those in forward-looking statements include failure to obtain necessary approvals, unsuccessful exploration results, changes in project parameters as plans continue to be refined, results of future resource estimates, future metal prices, availability of capital and financing on acceptable terms, general economic, market or business conditions, risks associated with regulatory changes, defects in title, availability of personnel, materials and equipment on a timely basis, accidents or equipment breakdowns, uninsured risks, delays in receiving government approvals, unanticipated environmental impacts on operations and costs to remedy same, and other exploration or other risks detailed herein and from time to time in the filings made by the companies with securities regulators. Readers are cautioned that mineral resources that are not mineral reserves do not have demonstrated economic viability. Mineral exploration and development of mines is an inherently risky business. Accordingly, the actual events may differ materially from those projected in the forward-looking statements. For more information on Stillwater and the risks and challenges of their businesses, investors should review their annual filings that are available at www.sedar.com.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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.
Vancouver, British Columbia–(Newsfile Corp. – June 20, 2023) – Goldshore Resources Inc. (TSXV: GSHR) (OTCQB: GSHRF) (FSE: 8X00) (“Goldshore” or the “Company“), further to its press release of May 8, 2023, confirms that it has filed pursuant to National Instrument 43-101 Standards of Disclosure for Mineral Projects a technical report titled “NI 43-101 Technical Report – Mineral Resource Estimate for the Moss Lake Project, Ontario, Canada” (the “Technical Report“) in connection with the 100%-owned Moss Gold Project in Northwest Ontario, Canada (the “Moss Gold Project“). The Technical Report was prepared by Neal Reynolds, FAusIMM, MAIG and Matthew Field, Pr.Sci. Nat of CSA Global Consultants Canada Ltd. The Technical Report has an effective date of May 5, 2023. The Technical Report is available on SEDAR at www.SEDAR.com and is posted on the Company’s website at www.goldshoreresources.com.
In addition, further to its press release of May 17, 2023, Goldshore is working with Ausenco Engineering Canada Inc. (“Ausenco“) as its lead engineering firm to conduct the preliminary economic assessment (“PEA“) at the Moss Gold Project. Goldshore’s VP Exploration, Pete Flindell, stated, “Goldshore is reviewing high level scoping studies with Ausenco in order to identify the optimum project for the PEA. With high grade shears in low-grade altered wall rock, three viable process routes, and varying mining scales and rates, there are dozens of options that are being carefully evaluated, as the likely optimum project will be a staged hybrid rather than a simple mine-to-mill operation. We look forward to final PEA results in Q4 of this year.”
About Goldshore Goldshore is an emerging junior gold development company and owns 100% of the Moss Gold Project located in Ontario. Wesdome Gold Mines Ltd. is currently a large shareholder of Goldshore, and the Company is supported by an industry-leading management group, board of directors and advisory board. Goldshore is positioned to advance the Moss Gold Project through the next stages of exploration and development.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
For More Information – Please Contact:
Brett A. Richards President, Chief Executive Officer and Director Goldshore Resources Inc.
This news release contains statements that constitute “forward-looking statements.” Such forward looking statements involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, performance or achievements, or developments to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects,” “plans,” “anticipates,” “believes,” “intends,” “estimates,” “projects,” “potential” and similar expressions, or that events or conditions “will,” “would,” “may,” “could” or “should” occur. Forward-looking information herein includes, but is not limited to, statements that address activities, events or developments that Goldshore expects or anticipates will or may occur in the future including conduct and timing of the PEA.
Forward-looking statements in this news release include, among others, statements relating to expectations regarding the exploration and development of the Moss Gold Project, commencement of a preliminary economic assessment and prefeasibility study, and other statements that are not historical facts. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors and risks include, among others: the Company may require additional financing from time to time in order to continue its operations which may not be available when needed or on acceptable terms and conditions acceptable; compliance with extensive government regulation; domestic and foreign laws and regulations could adversely affect the Company’s business and results of operations; the stock markets have experienced volatility that often has been unrelated to the performance of companies and these fluctuations may adversely affect the price of the Company’s securities, regardless of its operating performance; the impact of COVID-19; the ongoing military conflict in Ukraine; and other risk factors outlined in the Company’s public disclosure documents.
The forward-looking information contained in this news release represents the expectations of the Company as of the date of this news release and, accordingly, is subject to change after such date. Readers should not place undue importance on forward-looking information and should not rely upon this information as of any other date. The Company undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.
YERINGTON, Nev., June 20, 2023 (GLOBE NEWSWIRE) — Nevada Copper (TSX: NCU) (OTC: NEVDF) (FSE: ZYTA) (“Nevada Copper” or the “Company”) provides the results from its 2023 Annual General and Special Meeting of shareholders (the “Meeting”), held today in Toronto. Shareholders holding a total of 419,941,084 common shares of the Company (“Common Shares”) were represented by proxy at the Meeting, representing approximately 58.04% of the total 723,508,700 Common Shares outstanding as of the record date. Shareholders voted in favour of all items of business before the Meeting.
Voting Details The following eight nominees were elected as directors of the Company until the next annual shareholder meeting of the Company or until their successors are elected or appointed, with the detailed voting results as follows:
Nominee
Votes For
% For
Votes Withheld
% Withheld
Tom Albanese
405,053,990
99.64%
1,461,605
0.36%
Michael Brown
404,802,022
99.58%
1,713,573
0.42%
Randy Buffington
404,007,547
99.38%
2,508,048
0.62%
Guillaume de Dardel
403,883,029
99.35%
2,632,566
0.65%
Raffaele (Lucio) Genovese
403,618,252
99.29%
2,897,343
0.71%
Stephen Gill
403,990,216
99.38%
2,525,379
0.62%
Evgenij Iorich
404,002,058
99.38%
2,513,537
0.62%
G. Ernest (Ernie) Nutter
404,360,920
99.47%
2,154,675
0.53%
At the Meeting, the shareholders of the Company also (i) fixed the number of directors at eight for the ensuing year, (ii) voted to appoint PricewaterhouseCoopers LLP as the Company’s auditor and authorized the directors to fix their remuneration, and (iii) approved the omnibus equity incentive plan of the Company. A report on all matters voted on at the meeting has been filed on SEDAR.
About Nevada Copper
Nevada Copper (TSX: NCU) is the owner of the Pumpkin Hollow copper project located in Nevada, USA with substantial mineral reserves and resources including copper, gold and silver. Its two permitted projects include the higher-grade Underground Mine and processing facility, which is undergoing a restart of operations, and a large-scale open pit PFS stage project.
Randy Buffington President & CEO
For more information, please see the Company’s website at www.nevadacopper.com, or contact:
Tracey Thom | Vice President, IR and Community Relations tthom@nevadacopper.com | +1-775-391-9029
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.
Hole APC-53 was drilled from Pad 10 with the aim of stepping out to the northeast at depth along the recently discovered high-grade Contact Zone in the Apollo system. Prior to intercepting the Contact Zone downhole, a new bulk tonnage high-grade, sheeted, precious metal vein system was discovered beginning directly from surface with results as follows:
Further along drill hole APC-53, the Contact Zone was intersected as planned. A remarkably continuous long zone of high-grade gold-silver-copper mineralization was cut in the hole and included a very high-grade section with assay results below:
The Contact Zone along the southeastern edge of the system has now been extended to 370 metres (previously 150 metres) and remains open to the northeast for further expansion. Additional drill holes testing the Contact Zone have been completed with assay results expected in July 2023. Furthermore, hole APC-53, has increased the overall dimensions of the Apollo porphyry system to the northeast (see Figure 1).
Three additional drill holes intercepted high-grade gold-silver-copper mineralization. Holes APC-50 through APC-52 confirm that shallow high-grade mineralization begins at or near surface from drill Pads 9 and 10. Furthermore, all three holes added volume to the block model at shallow elevations where no prior drilling had taken place with assay results as follows:
Ari Sussman, Executive Chairman commented: “Hole APC-53 is very significant for the Company. Firstly, we have discovered a high-grade and bulk tonnage sheeted vein system located above the Apollo porphyry system. The vein system has potential to be traced over significant distances to both the northwest and to the southeast and if drilling corroborates this potential, the overall footprint of the shallow mineralization at Apollo would expand significantly. Follow up drilling is underway from Pad 10 with hole APC-63 stepping out at a shallow angle further to the northeast.
“Secondly, the thick intercept in APC-53 testing the contact zone cut remarkably high grades and displayed excellent continuity over a long interval. This interval is the second highest grade intercept (grams x metres) ever drilled at the project and has more than doubled the known strike length of the high-grade Contact Zone.
“With drilling now fully transitioned into expansion mode for the Apollo porphyry system and the testing of newly generated targets, we are truly excited to see what other potential may lie ahead.”
TORONTO, June 13, 2023 /CNW/ – Collective Mining Ltd. (TSXV: CNL) (OTCQX: CNLMF) (“Collective” or the “Company”) is pleased to announce assay results for the first four holes drilled from newly constructed Pads 9 and 10 within the Apollo porphyry system (“Apollo”) at the Guayabales project located in Caldas, Colombia. Apollo is a high-grade, bulk tonnage copper-silver-gold system, which owes its excellent metal endowment to an older copper-silver and gold porphyry system being overprinted by younger precious metal rich, carbonate base metal vein systems (intermediate sulphidation porphyry veins) within a magmatic, hydrothermal inter-mineral breccia and diorite porphyry bodies currently measuring 435 metres x 395 metres x 915 metres and open for expansion.
Details (See Table 1 and Figures 1- 5)
The 2023 Phase II drilling program is advancing on schedule with twenty-two holes completed and results announced. A further seven holes have been drilled and await assay results from the lab. The objectives of the 2023 program are to define high-grade mineralization and the dimensions of the Apollo porphyry system near surface, expand the overall size of the system through step-out and directional drilling and drill test multiple new targets generated through grassroots exploration. Since the announcement of the discovery hole at Apollo in June 2022, a total of 54 drill holes (approximately 22,997 metres) have been completed and announced.
This press release outlines results from four new holes testing the Apollo system. APC-50 and APC-51 were shallow holes drilled from Pad 9 and were designed to test gaps in the current mineralization block model. APC-52 and APC-53 were also drilled into untested areas from Pad 10 with APC-53 designed to step out along the Contact Zone (where the inter-mineral breccia ends at a contact with quartz diorite porphyry and is overprinted by multiple zones of sheeted CBM veins) to the northeast.
APC-50 was the first hole ever drilled from Pad 9 and was completed at a maximum downhole depth of 264.20 metres. The hole was designed to test the eastward extension of the shallow portion of the central high-grade core of the deposit where no drilling had yet to be completed. The hole intercepted angular breccia commencing at 53.30 metres downhole (30 metres vertical) with sulphide mineralization flooding the matrix and consisting of chalcopyrite (up to 1.3%), pyrite (up to 1.5%) and 1% pyrrhotite. The complete assay results for the hole are summarized in Table 1 with highlights as follows:
137.70 metres @ 2.60 g/t gold equivalent from 53.30 metres downhole (consisting of 0.74 g/t gold, 52 g/t silver and 0.66% copper) including:
The hole outlines the presence of shallow mineralization with high copper grades and adds volume to the mineralization block model as this area had not previously been drill tested. As expected, a well-defined post mineral dyke was encountered from surface until the start of mineralization.
APC-51 was drilled to the south from Pad 9 and was designed to test the extension of high-grade mineralization at depth within the southern portion of the Apollo system. The hole was drilled steeply to a maximum downhole depth of 435.65 metres and intercepted mineralized breccia from 163.30 metres downhole (160 metres vertical). Sulphides impregnating the breccia matrix consisted of chalcopyrite (up to 1%), pyrite (0.5%-1.5%) and pyrrhotite (1.2%) with assay results as follows:
112.55 metres @ 2.26 g/t gold equivalent from 163.30 metres downhole (consisting of 1.27 g/t gold, 22 g/t silver and 0.41% copper) including;
The hole confirms the continuity of the high-grade zone in the south part of the Apollo Porphyry System and again adds volume to the mineralization block model as the area had not been previously drill tested.
APC-52 was the first shallow hole drilled to the west from Pad 10 and was designed to test for shallow mineralization in an untested area of the current mineralization block model. Surprisingly, the hole encountered a robust sheeted vein system directly from surface before transitioning to breccia until a downhole depth of 190.20 metres (160 metres vertical). The intercept begins with iron oxide veinlets and veins within porphyry host rock down to 20 metres followed by disseminated sulphides of pyrite (0.3%-1.0%) and pyrrhotite (0.1%-0.3%) within crackle brecciated quartz diorite associated with strong sericite-chlorite alteration to 56 metres downhole. From 56 metres, typical angular breccia was encountered with high-grade copper-silver-gold mineralization relating to a sulphide matrix of chalcopyrite (0.5%), pyrite (up to 1%) and 0.5% pyrrhotite. Additionally, the hole was overprinted by late stage CBM sheeted vein fluid with sphalerite and galena sulphides in association with carbonate. A zone with a higher percentage of chalcopyrite (+2%) was also encountered downhole from 157 metres to 182.80 metres with overall assay results as follows:
190.30 metres @ 2.46 g/t gold equivalent from 1.9 metres downhole (consisting of 1.19 g/t gold, 43 g/t silver and 0.41% copper) including;
APC-53 was drilled from Pad 10 to a final downhole depth of 602.45 metres and was designed to test the high-grade Contact Zone at depth to the northeast of previously announced Contact Zone holes APC-41, APC-42 and APC45 (refer to press releases dated April 25, 2023 and May 30, 2023). Surprisingly, the hole intercepted a robustly enriched zone of north-west and east-west trending overprinting sheeted CBM veins from surface to 145 metres depth. This new discovery is located above the Apollo porphyry system and has potential to be traced in all directions while adhering to a north-west to south-east trend. The mineralization in this new zone relates to sheeted and stockwork carbonate and base metal veinlets and veins with the principal sulphides consisting of sphalerite (0.3%-1%), galena (0.3%-1%), pyrite (0.3%-1.5%) and pyrrhotite (0.2%-0.6%). Further downhole at 232.95 metres depth (225 metres vertical) below this new discovery, the Contact Zone was intercepted over 329.75 metres and consisted of mineralized angular breccia with abundant chalcopyrite (up to 2.5%), pyrite (1%-7%) and 1% pyrrhotite as well as CBM vein system sulphides such as sphalerite (0.2% to 3%) and galena (0.1% to 3%). An extremely high-grade subzone of 56.60 metres was encountered at 277.65 metres downhole with an abundance of CBM vein sulphides flooding the matrix. Assay results for APC-53 are as follows:
145.0 metres @ 2.11 g/t gold equivalent commencing from surface in the newly discovered vein system, and
329.75 metres @ 3.10 g/t gold equivalent from 233 metres downhole (consisting of 2.30 g/t gold, 42 g/t silver and 0.16% copper) in the Contact Zone including;
APC-53 is an important exploration hole in the context of the Apollo system as it has:
Expanded the footprint of the shallow mineralization with the discovery of the new outcropping vein system. The vein system is being driven from the porphyry engine at depth and has potential to be extended over significant distances along strike to the northwest above the Apollo porphyry system and to the southeast. Drilling is currently underway to trace the vein system to the northeast and northwest with follow up holes planned shortly to the south of APC-53.
More than doubled the length of the high-grade Contact Zone, which now measures 370 metres and is open along strike to the northeast. Two additional holes testing the Contact Zone have been completed with a third hole currently being drilled.
The Contact Zone has the potential to extend to deep vertical depths given its metal endowment is being driven exclusively by a source intrusion. Directional drilling will begin in early Q3 at Apollo and will target the depth extensions of the zone.
Extended the Apollo porphyry system to the northeast by 35 metres in this location.
Apollo Drill Program
Seven additional holes have been completed at the Apollo system with assay results expected in the near term. All holes intersected bulk tonnage mineralization over significant core lengths.
The Company presently has three diamond drill rigs operating at the Apollo project. A fourth drill rig is expected to be at the project in June 2023 and is going to test new exploration targets identified around Apollo as well as other targets at the Guayabales project.
The Apollo target area, as defined to date by surface mapping, rock sampling and copper and molybdenum soil geochemistry covers a 1,000 metres X 1,200 metres area and represents a large and unusually high-grade copper-silver-gold porphyry system. Mineralization styles include early-stage porphyry veins, inter-mineral breccia mineralization and multiple zones of porphyry related late stage, sheeted, carbonate-base metal veins with high gold and silver grades. The Apollo target area is still expanding as the Company’s geologists have found multiple additional outcrop areas with porphyry veining, breccia, and late stage, sheeted, carbonate base metal veins. (See press release dated April 18, 2023)
Table 1: Assay Results for APC-50, APC-51, APC-52, and APC-53
Hole #
From (m)
To (m)
Length (m)
Au g/t
Ag g/t
Cu %
Mo %
AuEq g/t*
CuEq %*
APC-50
53.30
191.00
137.70
0.74
52
0.66
0.002
2.60
1.39
incl
64.95
93.50
28.55
0.87
79
0.93
0.003
3.55
and incl
180.70
187.70
7.00
2.74
9
0.05
0.002
2.90
APC-51
163.30
275.85
112.55
1.27
22
0.41
0.002
2.26
1.20
incl
198.25
219.35
21.10
1.50
39
0.72
0.002
3.25
and incl
260.80
275.85
15.05
2.72
13
0.14
0.002
3.08
APC-52
1.90
192.20
190.30
1.19
43
0.41
0.001
2.46
1.31
incl
56.95
91.00
34.05
4.73
26
0.12
0.001
5.16
and incl
157.00
182.80
25.80
0.46
138
0.75
0.002
3.76
APC-53
0
145.00
145.00
1.79
22
0.03
0.001
2.11
incl
21.00
58.30
37.30
2.91
15
0.02
–
3.06
and incl
89.40
114.80
25.40
3.03
52
0.07
0.002
3.80
and incl
129.00
144.40
15.40
2.96
24
0.04
0.001
3.28
and
232.95
562.70
329.75
2.30
42
0.16
0.001
3.10
Incl
277.65
334.25
56.60
8.58
97
0.21
0.001
10.05
410.70
429.80
19.10
3.08
19
0.04
–
3.32
*AuEq (g/t) is calculated as follows: (Au (g/t) x 0.97) + (Ag g/t x 0.016 x 0.88) + (Cu (%) x 1.87 x 0.90)+ (Mo (%)*11.43 x 0.85) and CuEq (%) is calculated as follows: (Cu (%) x 0.90) + (Au (g/t) x 0.51 x 0.97) + (Ag (g/t) x 0.009 x 0.88)+ (Mo(%)x 6.10 x 0.85) utilizing metal prices of Cu – US$4.10/lb, Ag – $24/oz, Mo – US$25.00/lb and Au – US$1,500/oz and recovery rates of 97% for Au, 88% for Ag, 85% for Mo, and 90% for Cu. Recovery rate assumptions are speculative as limited metallurgical work has been completed to date. A 0.2 g/t AuEq cut-off grade was employed with no more than 15% internal dilution. True widths are unknown, and grades are uncut.
Figure 1: Plan View of Drilling Highlighting Drill Holes APC-50, APC-51, APC-52 and APC-53 (CNW Group/Collective Mining Ltd.)
Figure 2: Cross Section Highlighting APC-53 and the Newly Discovered Sheeted Vein System and High-Grade Contact Zone (CNW Group/Collective Mining Ltd.)
Figure 3: Core Tray Highlighting the New Sheeted Vein System Discovered in APC-53 (CNW Group/Collective Mining Ltd.)
Figure 4: Core Photos of Mineralization from the High-Grade Contact Zone in APC-53 (CNW Group/Collective Mining Ltd.)
Figure 5: Plan View of the Guayabales Project Highlighting the Apollo Target Area (CNW Group/Collective Mining Ltd.)
About Collective Mining Ltd.
To see our latest corporate presentation and related information, please visit www.collectivemining.com
Founded by the team that developed and sold Continental Gold Inc. to Zijin Mining for approximately $2 billion in enterprise value, Collective Mining is a copper, silver, and gold exploration company with projects in Caldas, Colombia. The Company has options to acquire 100% interests in two projects located directly within an established mining camp with ten fully permitted and operating mines.
The Company’s flagship project, Guayabales, is anchored by the Apollo target, which hosts the large-scale, bulk-tonnage and high-grade copper-silver-gold Apollo porphyry system. The Company’s near-term objective is to drill the shallow portion of the porphyry system while continuing to expand the overall dimensions of the system and test new targets on the property.
Management, insiders and close family and friends own nearly 45% of the outstanding shares of the Company and as a result, are fully aligned with shareholders. The Company is listed on the TSXV under the trading symbol “CNL” and on the OTCQX under the trading symbol “CNLMF”.
Qualified Person (QP) and NI43-101 Disclosure
David J Reading is the designated Qualified Person for this news release within the meaning of National Instrument 43-101 (“NI 43-101”) and has reviewed and verified that the technical information contained herein is accurate and approves of the written disclosure of same. Mr. Reading has an MSc in Economic Geology and is a Fellow of the Institute of Materials, Minerals and Mining and of the Society of Economic Geology (SEG).
Technical Information
Rock, soils, and core samples have been prepared and analyzed at SGS laboratory facilities in Medellin, Colombia and Lima, Peru. Blanks, duplicates, and certified reference standards are inserted into the sample stream to monitor laboratory performance. Crush rejects and pulps are kept and stored in a secured storage facility for future assay verification. No capping has been applied to sample composites. The Company utilizes a rigorous, industry-standard QA/QC program.
Information Contact:
Follow Executive Chairman Ari Sussman (@Ariski73) and Collective Mining (@CollectiveMini1) on Twitter
FORWARD-LOOKING STATEMENTS
This news release contains certain forward-looking statements, including, but not limited to, statements about the drill programs, including timing of results, and Collective’s future and intentions. Wherever possible, words such as “may”, “will”, “should”, “could”, “expect”, “plan”, “intend”, “anticipate”, “believe”, “estimate”, “predict” or “potential” or the negative or other variations of these words, or similar words or phrases, have been used to identify these forward-looking statements. These statements reflect management’s current beliefs and are based on information currently available to management as at the date hereof.
Forward-looking statements involve significant risk, uncertainties, and assumptions. Many factors could cause actual results, performance, or achievements to differ materially from the results discussed or implied in the forward-looking statements. These factors should be considered carefully, and readers should not place undue reliance on the forward-looking statements. Although the forward-looking statements contained in this news release are based upon what management believes to be reasonable assumptions, Collective cannot assure readers that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this news release, and Collective assumes no obligation to update or revise them to reflect new events or circumstances, except as required by law.
Neither 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 news release.
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