Completion of the second dike crossing, allowing access to the higher-grade EN Zone
YERINGTON, Nev., Nov. 03, 2022 (GLOBE NEWSWIRE) — Nevada Copper (TSX: NCU) (OTC: NEVDF) (FSE: ZYTA) (“Nevada Copper” or the “Company”) is pleased to provide an update on restart and operational activities for its underground mine (the “Underground Mine”) following the closing of the restart financing package that provides up to US$123 million of liquidity to the Company, as announced in the Company’s October 28, 2022 press release.
Additionally, the Company announces the addition to its Board of Directors of Guillaume de Dardel, Head of Energy Transition Metals and part of the Energy Transition desk at Mercuria Energy Trading SA (“Mercuria”), one of Nevada Copper’s largest shareholders.
Operational Updates
Optimized Mine Plan – John Wood Group plc, has completed an optimized life-of-mine plan that focuses on accessing the larger, higher-grade stopes of the East North Zone (“EN Zone”) to bring value forward in the mine life. This optimized plan is being incorporated into our development and mine planning in preparation for restart of mining operations.
Final Dike Crossings – As indicated in the Company’s October 5, 2022 press release, the Company continues to build on the significant progress made to date with the completion of the second dike crossing. This critical achievement provides access to the higher-grade stopes of the EN Zone that is estimated to represent the highest value area of the underground reserve. This zone also represents the most competent geotechnical rock mass within the reserve which is expected to allow larger stopes to be extracted, significantly improving production efficiencies. The Company is encouraged by the rock quality being encountered beyond the dike as progress is made on development headings into the EN Zone, and appears to be as predicted by the geotechnical models. To date, nine of the first stopes to be mined have been drilled to provide critical data for final stope design in preparation for the commencement of mining in the second half of 2023.
Completion of the second dike crossing, allowing access to the higher-grade EN Zone
The underground crews have transitioned to work on the final dike crossing which is expected to be completed in early 2023. A well-known industry grouting and geotechnical consultant has been engaged in developing the final dike crossing design and plan. The completion of the dike crossing will provide necessary access for a development contractor to begin rapid development into the EN Zone in early 2023.
Development Contractor – The Company has received indications of interest in providing proposals for development mining from six large, well-known, and established mining contractors. Discussions are in the advanced stages with these contractors and the Company expects to award a contract by the end of 2022.
Capital Projects Proceeding – The Company has signed a letter of intent (“LOI”) with an engineering firm to bring critical capital projects to completion, including the coarse ore bin, permanent dewatering system, vent shaft rehabilitation and surface fans. The scope of the LOI includes delivery of construction execution plans within the next 30 days. These execution plans would identify any procurement or fabrication of materials and equipment to complete the construction activities, labor requirements, and necessary activities ancillary to these capital projects.
The Company has also secured the remaining long-lead item for the coarse ore bin project, the underground jaw crusher, which is expected to be delivered in November 2022.
Strengthening the Site Technical Leadership – The operations leadership has been strengthened with the recent additions of highly experienced individuals in critical technical and operational roles. Included in these recent additions are an Underground Mine Manager, a Capital Projects Manager, a Senior Paste Backfill Engineer, a Contracts Manager, and a Senior Geotechnical Engineer. The Company has also started to fill out the underground operations crews with several skilled mining and operations crews that will focus on capital development projects ahead of stope mining that is planned to begin in the second half of 2023.
Board Addition
Guillaume de Dardel, Head of Energy Transition Metals and part of the Energy Transition desk at Mercuria, will join the Board of Directors of the Company effective November 4, 2022. Mercuria is a significant shareholder in Nevada Copper. Mr. de Dardel studied in Sao Paulo and Switzerland and holds a BA HSG (magna cum laude) from the University of St. Gallen.
Mercuria is one of the world’s largest independent global energy and commodities groups and makes strategic investments to provide access to key infrastructure and physical commodity markets. They have expanded rapidly into renewables and the energy transition which has become a core pillar of Mercuria’s strategy.
Qualified Person
The technical information and data in this news release has been reviewed by Steven Newman, Registered Member – SME, Vice President, Technical Services for Nevada Copper, who is a non-independent Qualified Person within the meaning of NI 43-101.
About Nevada Copper
Nevada Copper (TSX: NCU) is a copper producer and owner of the Pumpkin Hollow copper project. Located in Nevada, USA, Pumpkin Hollow has substantial reserves and resources including copper, gold and silver. Its two fully permitted projects include the high-grade Underground Mine and processing facility, which is now in the production stage, and a large-scale open pit project, which is advancing towards feasibility status.
Randy Buffington President & CEO
For additional 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
Cautionary Language on Forward Looking Statements This news release contains “forward-looking information” and “forward-looking statements” within the meaning of applicable Canadian securities laws. All statements in this news release, other than statements of historical facts, are forward-looking statements. Such forward-looking information and forward-looking statements specifically include, but are not limited to, statements that relate to the development plans for the Underground Mine and the expected results thereof.
Forward-looking statements and information include statements regarding the expectations and beliefs of management. Often, but not always, forward-looking statements and forward-looking information can be identified by the use of words such as “plans”, “expects”, “potential”, “is expected”, “anticipated”, “is targeted”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or the negatives thereof or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. Forward-looking statements or information should not be read as guarantees of future performance and results. They are subject to known and unknown risks, uncertainties and other factors which may cause the actual results and events to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information.
Such risks and uncertainties include, without limitation, those relating to: requirements for additional capital and no assurance can be given regarding the availability thereof; the outcome of discussions with creditors and vendors; the ability of the Company to complete the ramp-up of the Underground Mine within the expected cost estimates and timeframe; the impact of COVID-19 on the business and operations of the Company; the state of financial markets; history of losses; dilution; adverse events relating to milling operations, construction, development and ramp-up, including the ability of the Company to address underground development and process plant issues; ground conditions; cost overruns relating to development, construction and ramp-up of the Underground Mine; loss of material properties; interest rate increases; global economy; limited history of production; future metals price fluctuations; speculative nature of exploration activities; periodic interruptions to exploration, development and mining activities; environmental hazards and liability; industrial accidents; failure of processing and mining equipment to perform as expected; labour disputes; supply problems; uncertainty of production and cost estimates; the interpretation of drill results and the estimation of mineral resources and reserves; changes in project parameters as plans continue to be refined; possible variations in ore reserves, grade of mineralization or recovery rates from management’s expectations and the difference may be material; legal and regulatory proceedings and community actions; accidents; title matters; regulatory approvals and restrictions; increased costs and physical risks relating to climate change, including extreme weather events, and new or revised regulations relating to climate change; permitting and licensing; dependence on management information systems and cyber security risks; volatility of the market price of the Company’s securities; insurance; competition; hedging activities; currency fluctuations; loss of key employees; other risks of the mining industry as well as those risks discussed in the Company’s Management’s Discussion and Analysis in respect of the year ended December 31, 2021 and the quarter ended March 31, 2022 and in the section entitled “Risk Factors” in the Company’s Annual Information Form dated March 31, 2022. The forward-looking statements and information contained in this news release are based upon assumptions management believes to be reasonable, including, without limitation: no adverse developments in respect of the property or operations at the project; no material changes to applicable laws; the ramp-up of operations at the Underground Mine in accordance with management’s plans and expectations; no worsening of the current COVID-19 related work restrictions; reduced impacts of COVID-19 going forward; the Company will be able to obtain sufficient additional funding to complete the ramp-up, no material adverse change to the price of copper from current levels; and the absence of any other factors that could cause actions, events or results to differ from those anticipated, estimated or intended.
The forward-looking information and statements are stated as of the date hereof. The Company disclaims any intent or obligation to update forward-looking statements or information except as required by law. Although the Company has attempted to identify important factors that could cause actual actions, events, or results to differ materially from those described in forward-looking information and statements, there may be other factors that could cause actions, events or results not to be as anticipated, estimated or intended. Specific reference is made to “Risk Factors” in the Company’s Management’s Discussion and Analysis in respect of the year ended December 31, 2021 and the quarter ended March 31, 2022 and “Risk Factors” in the Company’s Annual Information Form dated March 31, 2022, for a discussion of factors that may affect forward-looking statements and information. Should one or more of these risks or uncertainties materialize, should other risks or uncertainties materialize or should underlying assumptions prove incorrect, actual results and events may vary materially from those described in forward-looking statements and information. For more information on the Company and the risks and challenges of its business, investors should review the Company’s filings that are available at www.sedar.com.
The Company provides no assurance that forward-looking statements and information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements or information. Accordingly, readers should not place undue reliance on forward-looking statements or information.
Vancouver, British Columbia–(Newsfile Corp. – November 2, 2022) – Goldshore Resources Inc. (TSXV: GSHR) (OTCQB: GSHRF) (FSE: 8X00) (“Goldshore” or the “Company“), is pleased to announce assay results from its ongoing 100,000-meter drill program at the Moss Lake Project in Northwest Ontario, Canada (the “Moss Lake Gold Project“).
Highlights:
Results for eight holes, drilled to both expand and infill historic but poorly surveyed drill sections in the Main Zone, have confirmed higher-grade gold mineralization within a large volume of well mineralized diorite with best intercepts of:
Results for four holes, drilled to evaluate the under-drilled Southwest Zone, have confirmed narrow higher-grade gold mineralized structures with best intercepts of:
President and CEO Brett Richards stated: “Throughout our entire drilling campaign from 2021 to now, we have consistently and repeatedly delivered promising drill results, indicating not only the size and scale potential of the Moss Lake Project, but also the quality of the higher-grade areas of the deposit. As we illustrated at the end of H1 2022, our focus turned from identifying and drilling the size of the global resource; to identifying the high(er) grade sections contained within the historical resource (and stepped out from the historical resource), and focusing on building a much smaller open pit project PEA around this. The results from this change in focus are evident in press releases in H1 2022 and Q3 2022, and continue with the results highlighted today. To that end, we are expediting our independent mineral resource estimate (“MRE“) on the high(er) grade sections within the historical resource, and look to have the results of this MRE presented to the market by the end of 2022, versus the end of Q1 2023, as previously guided. This will also lead to the Company accelerating a preliminary economic assessment (“PEA“) on a smaller, high(er) grade resource, but much more manageable project in terms of CapEx and project timeline, versus a large-scale project PEA on an updated larger resource similar to the historic resource. The target delivery to the market of the economic results of the PEA is slated for the end of Q1 2023, under current market conditions and circumstances, versus the end of Q2 2023, as previously guided.”
Technical Overview
Figure 1 shows the better intercepts in plain view and Figure 2 is a typical section through hole MMD-22-057.
Figure 1: Drill plan showing best of several +1 g/t Au intercepts relative to implicit modelled grade shells
Over the last month, results have been received for eighteen holes, including:
Eight holes that have infilled areas of the Main Zone that are between sections drilled by historic holes with collar survey problems. They will replace the low-confidence historic holes in the upcoming resource model update.
Four holes drilled to evaluate the under-drilled Southwest Zone.
Five holes testing the margins of the main +1 g/t Au zones that provide valuable geological information in these marginal areas.
As with the historic holes, the Main and Southwest Zone holes intersected several broad zones of low-grade mineralization within the altered diorite intrusion host. Examples include 0.98 g/t Au over 50.9m from 51m and 0.32 g/t Au over 122m from 473m depth in MMD-22-036; 0.48 g/t Au over 88m from 388m and 0.53 g/t Au over 33m from 279m depth in MMD-22-042; 0.46 g/t Au over 133m from 443m depth and 0.35 g/t Au over 29.25m from 316.85m depth in MMD-22-048; 0.70 g/t Au over 126m from 335m depth and 0.89 g/t Au over 60.6m from 120.4m depth in MMD-22-053; 0.80 g/t Au over 25.35m from 563.65m depth in MMD-22-055; 0.64 g/t Au over 44m from 168m depth and 0.63 g/t Au over 33.65m from 237.35m depth in MMD-22-064; 0.47 g/t Au over 38.1m from 615.45m depth in MMD-22-066; and 0.46 g/t Au over 27.65m from 366.25m depth in MMD-22-078.
All these low-grade zones occur as envelopes to higher-grade structures that form a three-dimensional, anastomosing shear network that has developed in response to strain on the altered diorite intrusion. Results include the broad zones of +1 g/t Au mineralization shown in the highlights (e.g., 1.34 g/t Au over 90.95m from 254.05m depth in MMD-22-057) and several narrow high-grade intervals, including better intercepts of 39.3 g/t Au over 0.7m from 90.45m depth in MMD-22-036; 47.4 g/t Au over 0.5m from 420.25m depth in MMD-22-052; 11.4 g/t Au over 2.35m from 549m depth in MMD-22-056; 26.7 g/t Au over 1m from 287m depth in MMD-22-057; and 231 g/t Au over 0.35m from 182.75m depth in MMD-22-064.
Four holes were drilled into the Link zone and potential overlap between the QES zone and Moss Main zone to properly define the boundaries of each zone and to better understand the behavior of the southern edge of the altered diorite package. These dominantly drilled through the lesser altered and deformed porphyritic diorite phase containing several narrow lenses of low-grade mineralization as indicated by the historic drill results.
Geological modelling of the altered diorite host rock and anastomosing shear network at Moss Lake has progressed faster than anticipated and is now complete. As a result, the Company has embarked on an independent resource modelling exercise and has engaged international consulting group, CSA Global (an ERM group company) to complete this work. This will lead to a new Mineral Resource estimate that will be reported following National Instrument 43-101 standards for disclosure. This new estimate will be published before the end of 2022.
Pete Flindell, VP Exploration for Goldshore, said, “These drill results continue the vein of local high grade gold mineralization that bulks out to produce 50- to 200-meter-wide zones of +1 g/t Au gold mineralization within a “sea” of low-grade mineralization. This style of mineralization is capable of producing large, low-grade gold resources with a significant volume of higher-grade mineralization. We anticipate that this should, with the selection of the appropriate gold price for the constraining Whittle shell, allow the reporting of a smaller, higher-grade resource at the Moss Lake Project.”
Table 1 shows the significant intercepts and Table 2 shows the drill hole locations.
Table 1: Significant downhole gold intercepts
ZONE
HOLE ID
FROM
TO
LENGTH (m)
TRUE WIDTH (m)
CUT GRADE (g/t Au)
UNCUT GRADE (g/t Au)
MAIN
MMD-22-036
22.00
35.80
13.80
4.4
0.62
0.62
51.00
101.90
50.90
16.6
0.98
1.11
including
62.50
67.35
4.85
1.6
1.39
1.39
and
84.50
94.00
9.50
3.1
3.70
4.38
238.50
256.30
17.80
6.1
0.47
0.47
276.40
286.20
9.80
3.4
0.46
0.46
including
279.00
281.85
2.85
1.0
1.01
1.01
419.10
446.50
27.40
10.0
0.36
0.36
including
420.00
422.00
2.00
0.7
1.84
1.84
473.00
595.00
122.00
47.4
0.32
0.32
613.45
619.95
6.50
2.6
0.36
0.36
631.00
634.75
3.75
1.5
0.47
0.47
671.45
686.00
14.55
5.8
0.35
0.35
MAIN
MMD-22-048
190.00
192.40
2.40
1.5
0.78
0.78
220.00
227.00
7.00
4.3
0.54
0.54
277.60
285.00
7.40
4.5
0.34
0.34
316.85
346.10
29.25
18.0
0.35
0.35
373.55
400.00
26.45
16.3
1.05
1.05
including
388.00
399.15
11.15
6.9
1.60
1.60
443.00
576.00
133.00
84.2
0.46
0.46
including
446.00
458.20
12.20
7.6
1.08
1.08
and
467.90
472.00
4.10
2.6
1.37
1.37
and
521.00
538.35
17.35
11.1
1.03
1.03
602.00
614.00
12.00
7.8
0.31
0.31
620.00
635.40
15.40
10.0
0.56
0.56
MAIN
MMD-22-052
104.35
111.00
6.65
3.4
0.46
0.46
138.00
140.00
2.00
1.1
0.31
0.31
274.25
277.30
3.05
1.7
0.44
0.44
311.15
313.35
2.20
1.3
0.35
0.35
MAIN
MMD-22-053
18.00
27.00
9.00
4.9
0.39
0.39
33.00
38.00
5.00
2.7
0.42
0.42
49.35
66.30
16.95
9.1
0.37
0.37
77.00
81.45
4.45
2.4
1.58
1.58
including
77.75
81.45
3.70
2.0
1.81
1.81
92.20
100.20
8.00
4.2
1.63
1.63
including
92.20
98.00
5.80
3.1
2.10
2.10
120.40
181.00
60.60
32.1
0.89
0.89
including
121.00
139.00
18.00
9.5
1.80
1.80
and
158.00
167.00
9.00
4.8
1.72
1.72
201.00
205.00
4.00
2.1
0.53
0.53
222.00
225.00
3.00
1.6
5.24
5.24
248.00
263.00
15.00
7.8
0.38
0.38
285.00
304.00
19.00
9.9
0.35
0.35
310.60
313.00
2.40
1.3
0.35
0.35
335.00
461.00
126.00
65.6
0.70
0.70
including
341.00
344.00
3.00
1.6
1.14
1.14
and
355.60
399.25
43.65
22.7
1.30
1.30
and
444.00
450.00
6.00
3.1
1.63
1.63
487.75
490.00
2.25
1.2
0.57
0.57
MAIN
MMD-22-054
383.00
389.60
6.60
2.1
0.42
0.42
429.40
434.30
4.90
1.6
0.51
0.51
531.05
539.00
7.95
2.6
0.31
0.31
MAIN
MMD-22-055
168.00
182.85
14.85
8.4
0.30
0.30
212.00
215.00
3.00
1.7
0.73
0.73
360.60
374.90
14.30
7.8
1.07
1.07
including
364.00
374.90
10.90
5.9
1.28
1.28
525.40
528.25
2.85
1.6
1.55
1.55
563.65
589.00
25.35
14.2
0.80
0.80
including
581.05
583.80
2.75
1.6
3.08
3.08
600.00
612.10
12.10
6.9
0.36
0.36
MAIN
MMD-22-056
181.00
185.60
4.60
2.1
0.52
0.52
221.00
225.00
4.00
1.8
0.38
0.38
267.00
270.35
3.35
1.5
0.34
0.34
287.85
296.00
8.15
3.7
0.63
0.63
336.35
342.25
5.90
2.6
0.62
0.62
353.70
358.45
4.75
2.1
0.35
0.35
379.40
387.65
8.25
3.6
1.20
1.20
441.00
461.50
20.50
8.9
0.49
0.49
502.00
561.90
59.90
25.5
1.02
1.02
including
509.00
511.00
2.00
0.9
3.16
3.16
and
542.00
551.35
9.35
4.0
4.78
4.78
593.30
598.00
4.70
2.0
0.38
0.38
MAIN
MMD-22-057
18.10
26.25
8.15
2.8
2.66
2.66
40.90
43.10
2.20
0.8
0.46
0.46
254.05
345.00
90.95
34.2
1.34
1.34
including
260.40
272.40
12.00
4.5
2.42
2.42
and
283.55
299.95
16.40
6.2
4.02
4.02
and
312.00
328.75
16.75
6.3
1.04
1.04
366.00
371.25
5.25
2.0
1.11
1.11
382.00
385.00
3.00
1.2
0.70
0.70
457.50
461.00
3.50
1.4
0.36
0.36
552.40
559.00
6.60
2.7
0.36
0.36
570.00
583.00
13.00
5.5
0.34
0.34
594.00
599.00
5.00
2.1
0.34
0.34
SW
MMD-22-042
36.95
41.00
4.05
2.7
0.87
0.87
106.65
110.75
4.10
3.0
0.49
0.49
209.00
212.05
3.05
2.5
0.50
0.50
239.00
241.00
2.00
1.7
0.43
0.43
256.55
266.00
9.45
8.1
0.97
0.97
including
261.95
266.00
4.05
3.5
1.77
1.77
279.00
312.00
33.00
29.0
0.53
0.53
330.00
341.00
11.00
10.0
0.94
0.94
366.00
377.00
11.00
10.2
0.74
0.74
including
370.00
377.00
7.00
6.5
1.08
1.08
388.00
476.00
88.00
84.1
0.48
0.48
including
388.00
396.25
8.25
7.7
2.26
2.26
SW
MMD-22-050
162.00
168.35
6.35
5.0
0.68
0.68
194.40
207.10
12.70
10.4
0.48
0.48
300.15
312.90
12.75
11.4
0.82
0.82
including
303.00
311.00
8.00
7.1
1.10
1.10
SW
MMD-22-064
28.00
31.85
3.85
2.5
1.42
1.42
42.45
55.10
12.65
8.2
0.92
0.92
168.00
212.00
44.00
29.9
0.64
2.24
including
182.00
185.50
3.50
2.4
3.64
23.70
237.35
271.00
33.65
23.2
0.63
0.63
including
250.25
252.40
2.15
1.5
1.59
1.59
SW
MMD-22-066
451.00
453.25
2.25
1.7
0.58
0.58
559.35
572.00
12.65
9.7
0.31
0.31
586.00
589.00
3.00
2.3
0.39
0.39
599.00
609.55
10.55
8.2
0.36
0.36
615.45
653.55
38.10
30.1
0.47
0.47
including
625.00
627.00
2.00
1.6
1.08
1.08
LINK
MMD-22-074
603.85
607.90
4.05
3.1
0.66
0.66
LINK
MMD-22-078
62.55
67.90
5.35
3.6
0.40
0.40
366.25
393.90
27.65
20.1
0.46
0.46
422.55
425.50
2.95
2.2
0.31
0.31
447.80
455.40
7.60
5.7
0.64
0.64
including
452.20
455.40
3.20
2.4
1.08
1.08
492.25
498.40
6.15
4.6
0.31
0.31
LINK
MMD-22-081
83.00
91.00
8.00
5.6
0.45
0.45
253.20
257.65
4.45
3.3
0.64
0.64
286.55
295.00
8.45
6.3
0.51
0.51
335.00
353.95
18.95
14.4
0.30
0.30
LINK
MMD-22-082
122.00
131.00
9.00
6.5
0.74
0.74
including
122.00
124.00
2.00
1.5
1.22
1.22
147.00
149.00
2.00
1.5
0.51
0.51
167.00
178.00
11.00
8.2
0.90
0.90
including
172.00
175.00
3.00
2.2
1.34
1.34
Intersections calculated above a 0.3 g/t Au cut off with a top cut of 30 g/t Au and a maximum internal waste interval of 10 metres. Bordered intervals are intersections calculated above a 1.0 g/t Au cut off. Intervals in bold are those with a grade thickness factor exceeding 20 gram x metres / tonne gold. True widths are approximate and assume a subvertical body.
Table 2: Location of drill holes in this press release
ZONE
HOLE
EAST
NORTH
RL
AZIMUTH
DIP
EOH
MAIN
MMD-22-036
668,868
5,379,279
441
154°
-71°
690.00
SW
MMD-22-042
668,520
5,378,529
436
158°
-50°
516.00
MAIN
MMD-22-048
668,705
5,379,209
435
155°
-52°
690.00
SW
MMD-22-050
668,517
5,378,529
437
110°
-50°
464.00
MAIN
MMD-22-052
668,994
5,379,542
438
155°
-60°
597.30
MAIN
MMD-22-053
669,014
5,379,307
427
154°
-61°
605.85
MAIN
MMD-22-054
668,705
5,379,209
435
150°
-70°
576.00
MAIN
MMD-22-055
668,721
5,379,279
443
154°
-59°
618.00
MAIN
MMD-22-056
668,801
5,379,340
438
151°
-61°
600.00
MAIN
MMD-22-057
668,887
5,379,368
437
154°
-70°
603.00
SW
MMD-22-064
668,481
5,378,460
439
109°
-51°
407.15
SW
MMD-22-066
669,077
5,378,242
432
290°
-50°
654.30
LINK
MMD-22-074
669,241
5,378,339
430
335°
-51°
660.85
LINK
MMD-22-077
669,659
5,379,054
432
335°
-60°
12.00
LINK
MMD-22-078
669,659
5,379,055
432
337°
-50°
603.00
LINK
MMD-22-079
669,573
5,379,011
437
336°
-50°
333.00
LINK
MMD-22-081
669,469
5,378,982
428
334°
-48°
375.00
LINK
MMD-22-082
669,248
5,378,768
437
335°
-46°
347.85
Analytical and QA/QC Procedures
All samples were sent to ALS Geochemistry in Thunder Bay for preparation and analysis was performed in the ALS Vancouver analytical facility. ALS is accredited by the Standards Council of Canada (SCC) for the Accreditation of Mineral Analysis Testing Laboratories and CAN-P-4E ISO/IEC 17025. Samples were analyzed for gold via fire assay with an AA finish (“Au-AA23”) and 48 pathfinder elements via ICP-MS after four-acid digestion (“ME-MS61”). Samples that assayed over 10 ppm Au were re-run via fire assay with a gravimetric finish (“Au-GRA21”).
In addition to ALS quality assurance / quality control (“QA/QC”) protocols, Goldshore has implemented a quality control program for all samples collected through the drilling program. The quality control program was designed by a qualified and independent third party, with a focus on the quality of analytical results for gold. Analytical results are received, imported to our secure on-line database and evaluated to meet our established guidelines to ensure that all sample batches pass industry best practice for analytical quality control. Certified reference materials are considered acceptable if values returned are within three standard deviations of the certified value reported by the manufacture of the material. In addition to the certified reference material, certified blank material is included in the sample stream to monitor contamination during sample preparation. Blank material results are assessed based on the returned gold result being less than ten times the quoted lower detection limit of the analytical method. The results of the on-going analytical quality control program are evaluated and reported to Goldshore by Orix Geoscience Inc.
About Goldshore
Goldshore is an emerging junior gold development company, and owns the Moss Lake Gold Project located in Ontario. Wesdome is currently a large shareholder of Goldshore with an approximate 27% equity position in the Company. Well-financed and supported by an industry-leading management group, board of directors and advisory board, Goldshore is positioned to advance the Moss Lake Gold Project through the next stages of exploration and development.
About the Moss Lake Gold Project
The Moss Lake Gold Project is located approximately 100 km west of the city of Thunder Bay, Ontario. It is accessed via Highway 11 which passes within 1 km of the property boundary to the north. The Moss Lake Gold Project covers 14,292 hectares and consists of 282 unpatented and patented mining claims.
The Moss Lake Gold Project hosts a number of gold and base metal rich deposits including the Moss Lake Deposit, the East Coldstream Deposit (Table 3), the historically producing North Coldstream Mine (Table 4), and the Hamlin Zone, all of which occur over a mineralized trend exceeding 20 km in length. A historical preliminary economic assessment (the “Moss Lake Historical Estimate“) was completed on the Moss Lake Gold Project in 2013 and published by Moss Lake Gold Mines Ltd. (“Moss Lake Gold Mines“)1,3. A historical mineral resource estimate (the “East Coldstream Historical Estimate“) was completed on the East Coldstream Deposit in 2011 by Foundation Resources Inc.2,3 In addition to these zones, the Moss Lake Gold Project also hosts a number of under-explored mineral occurrences which are reported to exist both at surface and in historically drilled holes. The Moss Lake Deposit is a shear-hosted disseminated-style gold deposit which outcrops at surface. It has been drilled over a 2.5 km length and to depths of 300 m with 376 holes completed between 1983 and 2017. The last drilling program conducted in 2016 and 2017 by Wesdome Gold Mines Ltd. (“Wesdome“), which consisted of widely spaced holes along the strike extension of the deposit was successful in expanding the mineralized footprint and hydrothermal system 1.6 km to the northeast. Additionally, the deposit remains largely open to depth. In 2017, Wesdome completed an induced polarization survey which traced the potential extensions of pyrite mineralization associated with the Moss Lake Deposit over a total strike length of 8 km and spanning the entire extent of the survey grids.
The East Coldstream Deposit is a shear-hosted disseminated-style gold deposit which locally outcrops at surface. It has been drilled over a 1.3 km length and to depths of 200 m with 138 holes completed between 1988 and 2017. The deposit remains largely open at depth and may have the potential for expansion along strike. Historic drill hole highlights from the East Coldstream Deposit include 4.86 g/t Au over 27.3 m in C-10-15.
The historically producing North Coldstream Mine is reported to have produced significant amounts of copper, gold and silver4 from mineralization with potential iron-oxide-copper-gold deposit style affinity. The exploration potential immediately surrounding the historic mining area is not currently well understood and historic data compilation is required.
The Hamlin Zone is a significant occurrence of copper and gold mineralization, and also of potential iron-oxide-copper-gold deposit style affinity. Between 2008 and 2011, Glencore tested Hamlin with 24 drill holes which successfully outlined a broad and intermittently mineralized zone over a strike length of 900 m. Historic drill hole highlights from the Hamlin Zone include 0.9 g/t Au and 0.35% Cu over 150.7 m in HAM-11-75.
The Moss Lake, East Coldstream and North Coldstream deposits sit on a mineral trend marked by a regionally significant deformation zone locally referred to as the Wawiag Fault Zone in the area of the Moss Lake Deposit. This deformation zone occurs over a length of approximately 20 km on the Moss Lake Gold Project and there is an area spanning approximately 7 km between the Moss Lake and East Coldstream deposits that is significantly underexplored.
Table 3: Historical Mineral Resources1,2,3
INDICATED
INFERRED
Deposit
Tonnes
Au g/t
Au oz
Tonnes
Au g/t
Au oz
Moss Lake Historical Estimate
Open Pit Potential
39,795,000
1.1
1,377,300
48,904,000
1.0
1,616,300
Underground Potential
–
–
–
1,461,100
2.9
135,400
Moss Lake Total
39,795,000
1.1
1,377,300
50,364,000
1.1
1,751,600
East Coldstream Historical Estimate
East Coldstream Total
3,516,700
0.85
96,400
30,533,000
0.78
763,276
Combined Total
43,311,700
1.08
1,473,700
80,897,000
0.98
2,514,876
Notes:
(1) Source: Poirier, S., Patrick, G.A., Richard, P.L., and Palich, J. “Technical Report and Preliminary Economic Assessment for the Moss Lake Project”, prepared for Moss Lake Gold Mines Ltd. The qualified persons for the Moss Lake Historical Estimate are Pierre-Luc Richard, MSc, PGeo (InnovExplo Inc), and Carl Pelletier, BSc, PGeo (InnovExplo Inc), and the effective date of the Moss Lake Historical Estimate is February 8, 2013. In-Pit results are presented undiluted and in situ, within Whittle-optimized pit shells. Underground results are presented undiluted and in situ, outside Whittle-optimized pit shells. The Moss Lake Historical Estimate includes 18 gold-bearing zones and 1 envelope containing isolated gold intercepts. Whittle parameters: mining cost = C$2.28; pit slope angle = 50.0 degrees; production cost = C$9.55; mining Dilution = 5%; mining recovery = 95%; processing recovery = 80% to 85%; gold price = C$1,500. In-Pit and Underground resources were compiled at cut-off grades from 0.3 to 5.0 g/t Au (for sensitivity characterization). A cut-off grade of 0.5 g/t Au was selected as the official in-pit cut-off grade and a cut-off grade of 2.0 g/t Au was selected as the official underground cut-off grade. The Moss Lake Historical Estimate is based on 352 diamond drill holes (90,978 m) drilled from 1983 and 2008. A fixed density of 2.78 g/cm3 was used. A minimum true thickness of 5.0 m was applied, using the grade of the adjacent material when assayed or a value of zero when not assayed. Capping was established at 35 g/t Au, supported by statistical analysis and the high grade distribution within the deposit. Compositing was done on drill hole sections falling within the mineralized zone solids (composite = 1 m). Resources were evaluated from drill hole samples using the ID2 interpolation method in a multi-folder percent block model using Gems version 6.4. Based on geostatistics, the ellipse range for interpolation was 75m x 67.5m x 40m. The Indicated category is defined by combining the blocks within the two main zones and various statistical criteria, such as average distance to composites, distance to closest composite, quantity of drill holes within the search area. Ounce (troy) = metric tons x grade / 31.10348. Calculations used metric units (metres, tonnes and g/t). The number of metric tonnes was rounded to the nearest thousand. Any discrepancies in the totals are due to rounding effects; rounding followed the recommendations in NI 43-101.
(2) Source: McCracken, T. “Technical Report and Resource Estimate on the Osmani Gold Deposit, Coldstream Property, Northwestern Ontario”, prepared for Foundation Resources Inc. and Alto Ventures Ltd. The East Coldstream Historical Estimate is based on a 0.4 g/t Au cut-off grade. The qualified persons for the East Coldstream Historical Estimate are Todd McCracken, P.Geo. (Tetratech Wardrop), and Jeff Wilson, Ph.D., P.Geo. (Tetratech Wardrop), and the effective date of the East Coldstream Historical Estimate is December 12, 2011. Resources are presented unconstrained, undiluted and in situ. The East Coldstream Historical Estimate includes 2 gold-bearing zones. A cut-off grade of 0.4 g/t Au was selected as the official resource cut-off grade. The East Coldstream Historical Estimate is based on 116 diamond drill holes drilled from 1986 to 2011. A fixed density of 2.78 g/cm3 was used. Capping was established at 5.89 g/t Au and 5.70 g/t Au for domains EC-1 and EC-2, respectively. This is supported by statistical analysis and the high grade distribution within the deposit. Compositing was done on drill hole sections falling within the mineralized zone solids (composite = 1 m). Resources were evaluated from drill hole samples using the ID2 interpolation method in a multi-folder percent block model using Datamine Studio 3 version 3.20.5321.0. Resource categorization is based on spatial continuity based from the variography of the assays within the drillholes. Ounce (troy) = metric tons x grade / 31.10348. Calculations used metric units (metres, tonnes and g/t). The number of metric tonnes was rounded to the nearest thousand. Any discrepancies in the totals are due to rounding effects; rounding followed the recommendations in NI 43-101.
(3) The reader is cautioned that the Moss Lake Historical Estimate East and the East Coldstream Historical Estimate (the “Historical Estimates“) are considered historical in nature and as such is based on prior data and reports prepared by previous property owners. The reader is cautioned not to treat them, or any part of them, as current mineral resources or reserves. The Company has determined these historical resources are reliable, and relevant to be included here in that they demonstrate simply the mineral potential of the Moss Lake Gold Project. A qualified person has not done sufficient work to classify the Historical Estimates as current resources and Goldshore is not treating the Historical Estimates as current resources. Significant data compilation, re-drilling, re-sampling and data verification may be required by a qualified person before the Historical Estimates can be classified as a current resource. There can be no assurance that any of the historical mineral resources, in whole or in part, will ever become economically viable. In addition, mineral resources are not mineral reserves and do not have demonstrated economic viability. Even if classified as a current resource, there is no certainty as to whether further exploration will result in any inferred mineral resources being upgraded to an indicated or measured mineral resource category. The Historical Estimates relating to inferred mineral resources were calculated using prior mining industry standard definitions and practices for estimating mineral resource and mineral reserves. Such prior definitions and practices were utilized prior to the implementation of the current standards of the Canadian Institute of Mining for mineral resource estimation, and have a lower level of confidence.
Table 4: Reported Historical Production from the North Coldstream Deposit4
Deposit
Tonnes
Cu %
Au g/t
Ag
Cu lbs
Au oz
Ag oz
Historical Production
2,700,0000
1.89
0.56
5.59
102,000,000
44,000
440,000
Note:
(4) Source: Schlanka, R., 1969. Copper, Nickel, Lead and Zinc Deposits of Ontario, Mineral Resources Circular No. 12, Ontario Geological Survey, pp. 314-316.
Peter Flindell, P.Geo., MAusIMM, MAIG, Vice President – Exploration of the Company, a qualified person under NI 43-101 has approved the scientific and technical information contained in this news release.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
For More Information – Please Contact:
Brett A. Richards President, Chief Executive Officer and Director Goldshore Resources Inc.
This news release contains statements that constitute “forward-looking statements.” Such forward looking statements involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, performance or achievements, or developments to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects,” “plans,” “anticipates,” “believes,” “intends,” “estimates,” “projects,” “potential” and similar expressions, or that events or conditions “will,” “would,” “may,” “could” or “should” occur.
Forward-looking statements in this news release include, among others, statements relating to expectations regarding the exploration and development of the Moss Lake Gold Project, release of the MRE, release of a PEA, and other statements that are not historical facts. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors and risks include, among others: the Company may require additional financing from time to time in order to continue its operations which may not be available when needed or on acceptable terms and conditions acceptable; compliance with extensive government regulation; domestic and foreign laws and regulations could adversely affect the Company’s business and results of operations; the stock markets have experienced volatility that often has been unrelated to the performance of companies and these fluctuations may adversely affect the price of the Company’s securities, regardless of its operating performance; and the impact of COVID-19.
The forward-looking information contained in this news release represents the expectations of the Company as of the date of this news release and, accordingly, is subject to change after such date. Readers should not place undue importance on forward-looking information and should not rely upon this information as of any other date. The Company undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.
This news release does not constitute an offer to sell, or a solicitation of an offer to buy, any 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.
TORONTO, Nov. 1, 2022 /CNW/ – Collective Mining Ltd. (TSXV: CNL) (OTCQX: CNLMF) (“Collective” or the “Company”) is pleased to provide the following drilling update following the recent closing of its successful $10.7 million bought deal equity financing. The Company is currently advancing on schedule and on budget with its 20,000-metre drill program for 2022.
The Guayabales project is located in the mining-friendly department of Caldas, in the heart of a long-established mining camp with ten fully permitted and operating mines located within three kilometres of the project. As a result, the Guayabales project is blessed with excellent infrastructure with roads and hydroelectric powerlines traversing the project and an abundant labor force located nearby in the townships of Supia and Marmato.
The Company’s Main Breccia discovery at the Apollo target (“Apollo”) has been the primary focus of the current drill program with the discovery hole being announced in June 2022. The Main Breccia discovery is a high-grade and bulk tonnage, copper-silver-gold porphyry-related breccia system characterized by two main yet distinct pulses of mineralized fluids flooding the breccia with metals. The first fluid pulse comes from the porphyry phase of the system and is responsible for impregnating the breccia matrix with most of the copper mineralization as well as some of the silver and gold mineralization. The second fluid pulse comes from the late-stage porphyry related carbonate base metal veins which overprint the breccia and flood the breccia matrix in places with an abundance of silver and gold mineralization and to a lesser extent zinc, lead, and copper mineralization.
There are three drill rigs presently operating at Apollo and to date the Company has completed a total of 25 diamond drill holes with assay results already reported from the first 14 holes. Assay results from holes APC-15 to APC-25 are currently outstanding and are expected to be received throughout the balance of 2022. Also, coring is underway for holes APC-26 and APC-27 with drill hole APC-28 expected to start in the near term. Previously announced intercepts into the Main Breccia discovery at Apollo include:
Table 1: Assay Results from Intercepting the Main Breccia Discovery at Apollo
Hole #
From (m)
To (m)
Intercept (m)
Au (g/t)
Ag (g/t)
Cu%
Zn %
Pb%
Mo %
AuEq (g/t)*
CuEq (%) *
APC-14
84.25
131.70
47.45
0.81
13
0.20
0.01
0.00
0.003
1.36
0.70
and
197.00
391.30
194.30
0.39
56
0.44
0.03
0.01
0.002
2.00
1.02
APC-12
191.35
429.05
237.70
1.15
72
0.38
0.08
0.07
0.001
2.88
1.47
APC-8
202.00
467.75
265.75
1.26
55
0.22
0.07
0.05
0.045
2.44
1.24
APC-7
85.65
111.20
25.55
0.4
23
0.02
0.08
0.04
0.002
0.69
–
and
199.85
238.25
38.40
1.3
21
0.04
0.05
0.03
0.000
1.51
–
and
325.00
345.45
20.45
0.49
31
0.05
0.02
0.01
0.000
0.89
–
APC-6
364.60
690.65
326.05
0.85
10
0.04
0.04
0.02
0.001
1.07
–
APC-5
210.25
478.25
268.00
0.89
22
0.13
0.11
0.07
0.002
1.50
–
APC-3
303.40
484.00
180.60
1.52
39
0.16
0.13
0.11
0.001
2.43
–
APC-2
154.70
361.90
207.15
1.46
45
0.31
0.08
0.05
0.002
2.68
1.37
APC1-W
293.00
382.40
89.40
0.89
58
0.39
0.07
0.06
0.001
2.46
1.25
*See press releases dated August 10, 2022, August 19, 2022, September 7, 2022, September 13, 2022, and October 6, 2022, for further details.
As a result of the cash infusion from the recent financing, the Company expects to remain aggressive with drilling in 2023. A more detailed exploration program for 2023 will be announced in late Q4 once internal planning has been completed and board of director approval has been obtained.
Figure 1. Guayabales Project: Located in the Heart of an Established Mining Camp Abutting Ten Permitted Producing Mines (CNW Group/Collective Mining Ltd.)
Figure 2. Main Breccia Discovery Dimensions, Drill Hole Highlights, and Outstanding Holes (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 based in Canada, 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 discovery of the “Main Breccia” at the Apollo target in June 2022, which is a large bulk-tonnage, and high-grade copper, silver and gold porphyry-related hydrothermal breccia system. The Company’s near-term objective is to continue expanding the size of the Main Breccia discovery through step-out drilling while simultaneously increasing confidence in the highest-grade portions of the system.
Management and insiders own nearly 35% 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 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.
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.
Burlington, Ontario–(Newsfile Corp. – October 28, 2022) – Silver Bullet Mines Corp. (TSXV: SBMI) (OTCQB: SBMCF) (‘SBMI’ or ‘the Company’) on October 21, 2022 announced a financing of Units (the “Financing”), whereby each Unit consisted of one common share and one common share purchase warrant. Each Unit is priced at $0.20 (twenty cents). Each common share purchase warrant has a 2-year term and is exercisable at $0.30 (thirty cents). SBMI announces the Financing has received conditional stock exchange approval. The Financing will close in tranches as funds are received.
A trading blackout on all Company directors, management and consultants was imposed by the Chair of the board, and such blackout continues. This was because the Company has been provided with a steady stream of data and opinions from third parties with respect to adding a further processing facility to the existing mill in Arizona to be able to extract the recently discovered palladium, platinum, rhodium, osmium and high-grade gold, and at this time the Company is unable to determine which facts are material and which are not. This determination can only be made in the fullness of time as further facts are determined. The trading blackout is the most conservative approach to protecting the integrity of the markets and the reputations of the insiders.
During this period the Company has been working with its auditors in the normal course to prepare the Company’s audited financial statements and MDA for the year ending June 30, 2022 (the “Filings”). The likely imminent determination of which facts are material may impact the subsequent event notes for the Filings. Further, the Company has encountered procedural challenges in completing its first audit as an operating company, including but not limited to cross-border documentation. Some of these challenges were caused by COVID-19 restrictions on travel to the mill and mine sites in Arizona, others by a local lack of familiarity with audit processes. Management sees these challenges as transitory and procedural. There are no items in disagreement, whether material or not, between the auditors and the Company.
As a result, it is likely the Filings will not be filed on Friday, October 28th, 2022. The effect of this will likely be a management cease trade order, which is the same in substance as the blackout already imposed by the Chair. There is no impact upon any shareholder apart from directors, management and consultants. The Company anticipates being able to file the Filings very soon thereafter as the procedural challenges are remedied.
The Company waited as long as possible to disseminate this press release, to obtain as current input as possible from the auditors and the Company’s audit committee as to timing to effect the Filings.
For further information, please contact:
John Carter Silver Bullet Mines Corp., CEO cartera@sympatico.ca +1 (905) 302-3843
Peter M. Clausi Silver Bullet Mines Corp., VP Capital Markets pclausi@brantcapital.ca +1 (416) 890-1232
Cautionary and Forward-Looking Statements
This news release contains certain statements that constitute forward-looking statements as they relate to SBMI and its subsidiaries. Forward-looking statements are not historical facts but represent management’s current expectation of future events, and can be identified by words such as “believe”, “expects”, “will”, “intends”, “plans”, “projects”, “anticipates”, “estimates”, “continues” and similar expressions. Although management believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that they will prove to be correct.
By their nature, forward-looking statements include assumptions, and are subject to inherent risks and uncertainties that could cause actual future results, conditions, actions or events to differ materially from those in the forward-looking statements. If and when forward-looking statements are set out in this new release, SBMI will also set out the material risk factors or assumptions used to develop the forward-looking statements. Except as expressly required by applicable securities laws, SBMI assumes no obligation to update or revise any forward-looking statements. The future outcomes that relate to forward-looking statements may be influenced by many factors, including but not limited to: the impact of SARS CoV-2 or any other global virus; reliance on key personnel; the thoroughness of its QA/QA procedures; the continuity of the global supply chain for materials for SBMI to use in the production and processing of ore; shareholder and regulatory approvals; activities and attitudes of communities local to the location of the SBMI’s properties; risks of future legal proceedings; income tax matters; fires, floods and other natural phenomena; the rate of inflation; availability and terms of financing; distribution of securities; commodities pricing; currency movements, especially as between the USD and CDN; effect of market interest rates on price of securities; and, potential dilution. SARS CoV-2 and other potential global viruses create risks that at this time are immeasurable and impossible to define.
VANCOUVER, British Columbia, Oct. 28, 2022 (GLOBE NEWSWIRE) — Rover Metals Corp. (TSXV: ROVR) (OTCQB: ROVMF) (FSE:4XO) (“Rover” or the “Company”) announces that further to its release of October 20, 2022, the Company has received approval from the TSX Venture Exchange (the “TSXV”) to consolidate its outstanding common shares (the “Common Shares”) on the basis of one (1) post-consolidation Common Share for each six (6) pre-consolidation Common Shares (the “Consolidation”). The Company currently has 157,585,212 Common Shares issued and outstanding and following the completion of the Consolidation will have 26,264,202 Common Shares issued and outstanding. Effective at the opening October 31, 2022, the common shares of the Company will begin trading on a consolidated basis.
There will be no name change and no ticker symbol change in connection with the Consolidation and shareholder approval is not required.
Judson Culter, CEO at Rover Metals, states “a consolidation of our Company’s securities is necessary to position Rover for growth and success with our new critical mineral projects. Both the Let’s Go Lithium Project, and the IML Zinc-Copper Project require Phase 1 and Phase 2 Exploration Programs. Additionally, the Company’s existing gold projects require expanded Phase 2 Exploration Programs. Management and the Directors of the Company believe that the timing is right for a consolidation as the Company will need to finance future exploration at all of its mineral resource projects.
Rover is a publicly traded junior mining company that trades on the TSXV under symbol ROVR, on the OTCQB under symbol ROVMF, and on the FSE under symbol 4XO. The Company is now developing a diverse portfolio of mineral resource projects: (1) Nevada Claystone Lithium; (2) Zinc-Copper-Lead-Silver in NT, Canada; as well as (3) Gold in NT, Canada. The Company is exclusive to the mining jurisdictions of Canada and the U.S.
You can follow Rover on its social media channels:
ON BEHALF OF THE BOARD OF DIRECTORS “Judson Culter” Chief Executive Officer and Director
For further information, please contact: Email: info@rovermetals.com Phone: +1 (778) 754-2617
Statement Regarding Forward-Looking Information 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 Rover’s actual results, performance or achievements, or developments in the industry 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. There can be no assurance that such statements prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements, and readers are cautioned not to place undue reliance on these forward-looking statements. Any factor could cause actual results to differ materially from Rover’s expectations. Rover undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.
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. WHILE THE COMPANY MAY ELECT TO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME EXCEPT AS REQUIRED IN ACCORDANCE WITH APPLICABLE LAWS.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OF THIS RELEASE.
Continued Growth and Larger Diamonds result in Net Income of $1,016,568
KELOWNA, BC / ACCESSWIRE / October 26, 2022 / Diamcor Mining Inc. (TSXV.DMI)(OTCQB:DMIFF)(FRA:DC3A), (“Diamcor” or, the “Company”) today reported its quarterly financial statements and related management discussion and analysis for the quarter ended September 30, 2022.
Highlights
Operating results improved quarter over quarter with the tender and sale of 3,776.33 carats of rough diamonds for the interim period ended September 30, 2022 (3,061.70 – June 30, 2022), generating increased revenue of (USD) $2,099,951.32 ($557,559.22 – June 30, 2022), resulting in an average price of (USD) $556.08 per carat ($182.11 – June 30, 2022).
The Company recorded a net income of $1,016,568 for the interim period ended September 30, 2022, as compared to a net loss of $918,953 in the previous interim period ended June 30, 2022
The above total revenue and average price per carat was positively affected by the sale of a 59.35 carat gem quality special rough diamond.
The Company’s focus during the period continued to be on managing costs and remaining supply chain delays, the optimization of operational hours to minimize the effects of national load-shedding in South Africa by the state-run national power supplier (Eskom), and continued refinements to processing plants and equipment aimed at sustaining increased processing volumes for the long-term.
“We are very pleased with the continued quarterly growth achieved again for the period ending September 30, 2022, and remain optimistic given the recent announcement of the delivery of 5,833 carats for the first tender and sale of this quarter” stated Mr. Dean Taylor, Diamcor CEO.
The Company’s recently filed financial statements for the quarter ended September 30, 2022, and accompanying management discussion and analysis can be viewed by interested parties on SEDAR at www.sedar.com.
About Diamcor Mining Inc. Diamcor Mining Inc. is a fully reporting publicly traded junior diamond mining company which is listed on the TSX Venture Exchange under the symbol V.DMI, the OTCQB International under the symbol DMIFF, and on the Frankfurt Exchange under the symbol DC3A. The Company has a well-established operation in South Africa with a proven history of supplying rough diamonds to the world market. Diamcor has established a long-term strategic alliance with world famous luxury retailer Tiffany & Co. and is now in the final stages of developing the Krone-Endora at Venetia Project co-located with De Beer’s flagship Venetia mine.
About the Tiffany & Co. Alliance The Company has established a long-term strategic alliance and first right of refusal with Tiffany & Co. Canada, a subsidiary of world famous New York based Tiffany & Co., to purchase up to 100% of the future production of rough diamonds from the Krone-Endora at Venetia Project at then current prices to be determined by the parties on an ongoing basis. In conjunction with this first right of refusal, Tiffany & Co. Canada also provided the Company with financing to advance the Project. Tiffany & Co. is owned by Moet Hennessy Louis Vuitton SE (LVMH), a publicly traded company which is listed on the Paris Stock Exchange (Euronext) under the symbol LVMH and on the OTC under the symbol LVMHF. For additional information on Tiffany & Co., please visit their website at www.tiffany.com.
About Krone-Endora at Venetia In February 2011, Diamcor acquired the Krone-Endora at Venetia Project from De Beers Consolidated Mines Limited, consisting of the prospecting rights over the farms Krone 104 and Endora 66, which represent a combined surface area of approximately 5,888 hectares directly adjacent to De Beers’ flagship Venetia Diamond Mine in South Africa. On September 11, 2014, the Company announced that the South African Department of Mineral Resources had granted a Mining Right for the Krone-Endora at Venetia Project encompassing 657.71 hectares of the Project’s total area of 5,888 hectares. The Company has also submitted an application for a mining right over the remaining areas of the Project. The deposits which occur on the properties of Krone and Endora have been identified as a higher-grade “Alluvial” basal deposit which is covered by a lower-grade upper “Eluvial” deposit. The deposits are proposed to be the result of the direct-shift (in respect to the “Eluvial” deposit) and erosion (in respect to the “Alluvial” deposit) of material from the higher grounds of the adjacent Venetia Kimberlite areas. The deposits on Krone-Endora occur in two layers with a maximum total depth of approximately 15.0 metres from surface to bedrock, allowing for a very low-cost mining operation to be employed with the potential for near-term diamond production from a known high-quality source. Krone-Endora also benefits from the significant development of infrastructure and services already in place due to its location directly adjacent to the Venetia Mine.
Qualified Person Statement: Mr. James P. Hawkins (B.Sc., P.Geo.), is Manager of Exploration & Special Projects for Diamcor Mining Inc., and the Qualified Person in accordance with National Instrument 43-101 responsible for overseeing the execution of Diamcor’s exploration programmes and a Member of the Association of Professional Engineers and Geoscientists of Alberta (“APEGA”). Mr. Hawkins has reviewed this press release and approved of its contents.
On behalf of the Board of Directors Mr. Dean H. Taylor President & CEO Diamcor Mining Inc. www.diamcormining.com
For further information contact: Mr. Dean H. Taylor Diamcor Mining Inc DeanT@Diamcor.com +1 250 862-3212
This press release contains certain forward-looking statements. While these forward-looking statements represent our best current judgement, they are subject to a variety of risks and uncertainties that are beyond the Company’s ability to control or predict and which could cause actual events or results to differ materially from those anticipated in such forward-looking statements. Further, the Company expressly disclaims any obligation to update any forward-looking statements. Accordingly, readers should not place undue reliance on forward-looking statements.
WE SEEK SAFE HARBOUR
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
VANCOUVER, BC / ACCESSWIRE / October 25, 2022 / Stillwater Critical Minerals (formerly Group Ten Metals) (TSXV:PGE)(OTCQB:PGEZF)(FSE:5D32) (the “Company” or “SWCM”) announces that it has engaged SGS Geological Services (“SGS”) for an updated independent National Instrument 43-101 (“NI 43-101”) mineral resource estimate for its 100%-owned Stillwater West platinum group element, nickel, copper, cobalt, and gold (“PGE-Ni-Cu-Co + Au”) project in Montana, USA.
The Company also provides updates on recently completed field campaigns, the integration of Platreef geologic models, carbon sequestration studies, and other priority objectives.
Highlights
SGS has completed their site visit and is working on an updated NI 43-101-compliant mineral resource estimate at the most advanced target areas at Stillwater West as a priority objective for 2022.
Modelling of the updated resource estimate will be based on results of the 14-hole expansion drilling campaign which were not included in the initial resource in October 2021. Results from the expansion drill campaign demonstrated the impressive scale and grade of mineralization at Stillwater West with multiple drill intercepts of percent level nickel sulphide plus strong copper, cobalt, gold, and Platinum Group Element (“PGE”) values across nine kilometers in wide step-outs from known mineralization at three of the five deposit areas.
The updated resource estimate will be the first to integrate detailed geological insights from similar geology in South Africa’s Platreef district under the direction of Dr. Danie Grobler, who recently joined the team as Vice-President Exploration.
Additional rhodium assay results are pending for inclusion in the updated resource models.
A ground-based gravity geophysical survey covering approximately 15.5 line-km was completed in September 2022 in the Chrome Mountain target area. The survey is a test based on the success of this technique in targeting mineralization in South Africa’s Bushveld complex.
A comprehensive review of the project’s substantial database with targeted core re-logging has been completed to update the Company’s geologic model and integrate the understanding of important controls to mineralization developed in similar geology in the Bushveld. This work, along with channel sampling campaigns also completed in 2022, is expected to drive finalization of the updated resource models and direct future expansion drill campaigns.
The Company is expanding its engagement with the US Geological Service (“USGS”) to include new technical programs in addition to ongoing consultation and data sharing following onsite meetings.
Carbon sequestration studies are ongoing with the University of British Columbia and Carbin Minerals Inc to investigate the potential for carbon capture as part of a potential mining operation at Stillwater West. The Company is also engaging with other US-based research facilities to further explore this potential.
Dr Danie Grobler, Vice-President Exploration, commented, “There is an impressive amount of battery and platinum group metal in the Stillwater system, which is one of the largest in the world. Our collaborative work with the US Geological Survey and other recent academic studies have confirmed that the Stillwater Igneous Complex, including both Stillwater West and Sibanye-Stillwater’s J-M Reef deposit, was deposited as part of the same broad magmatic system. Similar geologic events created South Africa’s Bushveld Igneous Complex, and our recent work in the field has confirmed a number of parallels between Stillwater West and the Platreef district of the Bushveld in particular. This is significant because the Platreef hosts some of the very largest and most profitable critical minerals deposits in the world, including Anglo American’s Mogalakwena mine and Ivanhoe’s Platreef mine. Presently we are focused on fully integrating our understanding of Platreef geology into the Company’s geological model with a view to expanded exploration programs, and this work is well underway. Our summer field programs are now completed and included core relogging, geological mapping, channel sampling, and a focused gravity geophysical survey based on the success of this method in targeting high-grade nickel and copper sulphide mineralization, as well as PGE reef targets, in a similar setting as the Platreef. We look forward to providing further updates in the coming weeks.”
Michael Rowley, President and CEO states, “Stillwater West is a very rare asset, being a district-scale critical minerals project in the western US. The project has percent-level nickel sulphide – plus copper, cobalt, palladium, platinum, rhodium, gold and chromium values – in five deposits across the 12-kilometer-long resource area, which remains open for expansion across a broader 32-kilometer package that is continuously mineralized. In addition, the project is located in a truly world-class district with a long history of critical mineral production, adjacent to mines that are actively producing critical minerals. We continue to see confirmation of a large mineralized system with extraordinary potential to become a strategically significant US-based source of battery metals to meet growing electrification needs while also supplying PGEs for catalytic convertors and increasing fuel cell demand. For the near term, we see significant potential for expansion and are pleased to re-engage SGS for the priority resource modelling work.”
Resource Model Update
The inaugural October 2021 inferred Mineral Resource Estimate (the “2021 Resource”) was prepared by SGS and advanced the Stillwater West project significantly towards its potential to become a world-class source of low-carbon battery, catalytic and precious metals, in the USA.
The potential for resource expansion is driven by the highly successful most recent 14-hole drill campaign, which returned multiple wide and high-grade intercepts in wide step-outs from known mineralization at the three most advanced deposit areas. These 14 holes, which were not included in the 2021 Resource, include:
DR/Hybrid deposit area, Chrome Mountain – Drill hole CM2021-05 returned13.2 meters of 2.31% Ni, plus 1.51 g/t Pd+Pt+Au+Rh (“4E”), 0.35% Cu, and 0.115% Co, starting at 37.6 meters and within 400.8 meters of continuous battery and precious metal mineralization. High-grade mineralization in this hole is of a type not previously identified in the Stillwater district and appears to be related to 8.5 meters of similar high-grade, high-tenor nickel sulphide returned in hole CM2020-04 approximately 125 meters downdip to the west. See news releases from May 3, 2022, and March 3, 2021.
CZ deposit area, Iron Mountain – Drill hole CZ2021-01 returned 63.7 meters of 0.47% Ni, 0.42 g/t Pd, 0.27% Cu, and 0.04% Co as well as significant Pt and Au values, within 367.6 meters of continuous mineralization. Hole CZ2021-01 was a step-out from hole CZ2019-01 which returned 3.54 meters of 1.53% Ni, 0.49% Cu, 0.099% Co, and 3.45 g/t 4E within 399 meters of continuous mineralization, starting at surface. The CZ deposit benefits from a historic resource and positive preliminary metallurgical work completed by AMAX in the 1970s. The Company is expanding nickel-copper mineralization at CZ by the application of Platreef geologic models. See news releases from December 20, 2021, and January 21, 2020.
HGR deposit, Iron Mountain – Drill hole IM2021-05 returned 7.3 meters of 0.45% Ni, 0.51 g/t 4E, 0.17% Cu and 0.026% Co, including 2.4 meters of 1.55% Ni, 0.85 g/t 4E, 0.17% Cu, and 0.087% Co, within 379.2 meters of continuous battery and precious metal mineralization starting at surface. IM2021-05 was a step-out from hole IM2019-03 which returned 26.8 meters of 0.34% Ni, 0.15% Cu, 0.019% Co, and 1.24 g/t 4E within 272.5 meters of continuous mineralization. See news releases from July 7, 2022, and December 18, 2019.
About SGS Geological Services
SGS Geological Services is known globally as an expert in ore body modelling, and resource and reserve evaluation with over 40 years and 1500 consulting projects of experience providing the mining industry with computer-assisted mineral resource estimation services using cutting edge geostatistical techniques. SGS brings the disciplines of geology, geostatistics and mining engineering together to provide accurate and timely mineral project evaluation solutions. As part of the larger SGS Natural Resources group, they draw upon their massive network of laboratories, metallurgists, process engineers and other professionals to help bring mineral projects to the next level.
Option Grant
The Company announces it has granted 1,540,000 incentive stock options (the “Options”) to Directors and Officers of the Company. The Options are exercisable for up to five years, expiring on October 25, 2027, and each Option will allow the holder to purchase one common share of the Company at a price of $0.175 per share. Options are subject to certain vesting requirements in accordance with the Company’s Long-Term Performance Incentive Plan.
About Stillwater West
Stillwater Critical Minerals is rapidly advancing the Stillwater West PGE-Ni-Cu-Co + Au project towards becoming a world-class source of low-carbon, sulphide-hosted nickel, copper, and cobalt, critical to the electrification movement, as well as key catalytic metals including platinum, palladium and rhodium used in catalytic converters, fuel cells, and the production of green hydrogen. Stillwater West positions SWCM as the second-largest landholder in the Stillwater Complex, with a 100%-owned position adjoining and adjacent to Sibanye-Stillwater’s PGE mines in south-central Montana, USA1. The Stillwater Complex is recognized as one of the top regions in the world for PGE-Ni-Cu-Co mineralization, alongside the Bushveld Complex and Great Dyke in southern Africa, which are similar layered intrusions. The J-M Reef, and other PGE-enriched sulphide horizons in the Stillwater Complex, share many similarities with the highly prolific Merensky and UG2 Reefs in the Bushveld Complex. SWCM’s work in the lower Stillwater Complex has demonstrated the presence of large-scale disseminated and high-sulphide battery metals and PGE mineralization, similar to the Platreef in the Bushveld Complex2. Drill campaigns by the Company, complemented by a substantial historic drill database, have delineated five deposits of Platreef-style mineralization across a core 12-kilometer span of the project, all of which are open for expansion into adjacent targets. Multiple earlier-stage Platreef-style and reef-type targets are also being advanced across the remainder of the 32-kilometer length of the project based on strong correlations seen in soil and rock geochemistry, geophysical surveys, geologic mapping, and drilling.
About Stillwater Critical Minerals Corp.
Stillwater Critical Minerals (TSXV: PGE | OTCQB: PGEZF) is a mineral exploration company focused on its flagship Stillwater West PGE-Ni-Cu-Co + Au project in the iconic and famously productive Stillwater mining district in Montana, USA. With the recent 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 ongoing production of platinum group and other metals by neighboring Sibanye-Stillwater. The Platreef-style nickel and copper sulphide deposits at Stillwater West contain a compelling suite of critical minerals and are open for expansion along trend and at depth, with an updated NI 43-101 mineral resource update expected in 2022.
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, which is currently under an earn-in agreement with an option to joint venture whereby Heritage Mining may earn up to a 90% interest in the project by completing payments and work on the project. The Company also holds the Kluane PGE-Ni-Cu-Co project on trend with Nickel Creek Platinum‘s Wellgreen deposit in Canada‘s Yukon Territory.
About the Metallic Group of Companies
The Metallic Group is a collaboration of leading precious and base metals exploration companies, with a portfolio of large, brownfield assets in established mining districts adjacent to some of the industry’s highest-grade producers of silver and gold, platinum and palladium, and copper. Member companies include Metallic Minerals in the Yukon’s high-grade Keno Hill silver district and La Plata silver-gold-copper district of Colorado, Granite Creek Copper in the Yukon’s Minto copper district, and Stillwater Critical Minerals in the Stillwater PGM-nickel-copper district of Montana. The founders and team members of the Metallic Group include highly successful explorationists formerly with some of the industry’s leading explorers/developers and major producers. With this expertise, the companies are undertaking a systematic approach to exploration using new models and technologies to facilitate discoveries in these proven, but under-explored, mining districts. The Metallic Group is headquartered in Vancouver, BC, Canada, and its member companies are listed on the Toronto Venture, US OTC, and Frankfurt stock exchanges.
Note 1: References to adjoining properties are for illustrative purposes only and are not necessarily indicative of the exploration potential, extent or nature of mineralization or potential future results of the Company’s projects. Note 2: Magmatic Ore Deposits in Layered Intrusions-Descriptive Model for Reef-Type PGE and Contact-Type Cu-Ni-PGE Deposits, Michael Zientek, USGS Open-File Report 2012-1010.
Forward Looking Statements: This news release includes certain statements that may be deemed “forward-looking statements”. All statements in this release, other than statements of historical facts including, without limitation, statements regarding potential mineralization, historic production, estimation of mineral resources, the realization of mineral resource estimates, interpretation of prior exploration and potential exploration results, the timing and success of exploration activities generally, the timing and results of future resource estimates, permitting time lines, metal prices and currency exchange rates, availability of capital, government regulation of exploration operations, environmental risks, reclamation, title, and future plans and objectives of the company are forward-looking statements that involve various risks and uncertainties. Although Stillwater Critical Minerals believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Forward-looking statements are based on a number of material factors and assumptions. Factors that could cause actual results to differ materially from those in forward-looking statements include failure to obtain necessary approvals, unsuccessful exploration results, changes in project parameters as plans continue to be refined, results of future resource estimates, future metal prices, availability of capital and financing on acceptable terms, general economic, market or business conditions, risks associated with regulatory changes, defects in title, availability of personnel, materials and equipment on a timely basis, accidents or equipment breakdowns, uninsured risks, delays in receiving government approvals, unanticipated environmental impacts on operations and costs to remedy same, and other exploration or other risks detailed herein and from time to time in the filings made by the companies with securities regulators. Readers are cautioned that mineral resources that are not mineral reserves do not have demonstrated economic viability. Mineral exploration and development of mines is an inherently risky business. Accordingly, the actual events may differ materially from those projected in the forward-looking statements. For more information on Stillwater Critical Minerals and the risks and challenges of their businesses, investors should review their annual filings that are available at www.sedar.com.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
VANCOUVER, British Columbia, Oct. 25, 2022 (GLOBE NEWSWIRE) — Silver Hammer Mining Corp. (CSE: HAMR; OTCQB: HAMRF) (the “Company” or “Silver Hammer”) is pleased to report that soil sampling results at the Eliza Project (“Eliza” or the “Project”) have defined significant anomalies that extend well beyond the small historical mine areas.
A total of 518 soil samples were collected from the northern area of Eliza with results ranging from below detection limit to 26.95 grams per tonne (“g/t”) silver (“Ag”). Thirty-nine samples returned grades higher than 1 g/t silver. Results with over 0.5 g/t Ag are highly anomalous and can be considered a tracer of potential larger systems. The purpose of the soil sampling program was to further define the extent of mineralization within the northern area and examine any geochemical patterns that may exist. The soil sampling program has outlined four distinct target areas, which are now being further evaluated. The historic mining areas include the California, Passynak and Belmont mines; a new fourth area, the Western Anomaly will be added to our focus going forward.
President and CEO, Morgan Lekstrom commented: “Our thesis has always been that a methodical and modern exploration approach in districts with small-scale, high-grade historical production can lead to the discovery of much larger mineralized systems. Soil sampling does not typically return silver results greater than 1 g/t, so we are very encouraged not only by the widespread nature of mineralization, but by the highly anomalous values from this program.” Lekstrom added, “This type of low-cost, high-impact exploration work aligns with our current view towards maintaining a strong treasury during the current market environment and we have initiated preliminary discussions with prospective partners on our Nevada assets as we advance these projects toward a drill-ready stage.”
Soil samples are commonly used as a targeting tool to find major discoveries and these results provide evidence supporting the potential for widespread mineralization well beyond the small historical mines dating back to the1860’s Hamilton Silver Rush.
Eliza North Soil Grid To date, 518 soil samples have been collected from the Eliza North Grid Area, which includes the Passynak, Belmont and California historical mines. The mines are accessible by road and are situated within 670 m of each other. Each mine has a distinct geochemical anomaly collectively stretching over 700 m.
Passynak The Passynak area is the strongest multi-element anomaly. Significant soil sample results were found over a broad 200 m diameter area. Twelve soil samples show greater than 1 g/t Ag with anomalous copper, lead, antimony, and zinc. Care and attention were given to eliminate any samples collected from past mine dumps or transported surface debris.
Table 1. Sample Result Highlights from Passynak Anomaly
Sample_ID
Silver ICP g/t
Copper ICP g/t
Lead ICP g/t
Antimony ICP g/t
Zinc ICP g/t
PN35339
26.95
23.4
72
9.81
63
PN0000473023
13.95
18.9
42
5.68
83
PN35342
4.88
18.3
36
4.69
76
PN0000473137
4.46
313.7
289
17.39
555
PN0000473125
3.83
301.8
581
38.58
398
PN0000473025
3.66
19.5
25
3.00
86
PN0000473120
3.51
559.3
1223
27.83
1316
PN35314
2.51
153.8
207
14.24
339
PN35336
1.27
14.0
29
2.22
96
PN35333
1.25
204.8
130
9.29
395
PN0000473143
1.22
141.9
138
6.49
299
PN0000473135
1.09
60.3
120
15.74
107
Belmont The Belmont area is characterized by high silver-in-soil values, plus accessory copper, lead, antimony, and zinc. Further work in this area is required to define the zone and the nature of the mineralization.
Table 2. Sample Result Highlights from Belmont Anomaly
Sample_ID
Silver ICP g/t
Copper ICP g/t
Lead ICP g/t
Antimony ICP g/t
Zinc ICP g/t
PN35258
16.18
21.0
66
7.07
89
PN0000473286
8.03
91.6
171
19.15
157
PN0000473288
1.68
12.5
26
2.54
91
PN35286
1.02
36.2
82
6.02
128
California The California prospect area is as widespread as Passynak and crosses the Eberhardt Fault on both the north and south. The Eberhardt Fault is considered a main structure and integral to the mineralizing system. Antimony remained fairly consistent; however, gold appeared in minor values in surface soil samples.
Table 3. Sample Result Highlights from California Anomaly
Sample_ID
Silver ICP g/t
Copper ICP g/t
Lead ICP g/t
Gold FA ICP ppb
Zinc ICP g/t
PN35361
15.57
25.7
30
48
87
PN35331
9.31
22.5
47
-3
80
PN0000473259
7.66
17.8
25
15
90
PN35371
4.09
16.8
26
6
95
PN0000473163
4.00
16.2
22
36
98
PN0000473152
2.44
21.9
17
-3
99
PN0000473166
2.35
24.1
19
14
94
PN35330
2.32
15.9
40
5
95
PN35318
1.94
19.1
39
18
131
PN0000473106
1.81
16.1
18
3
54
PN0000473095
1.66
17.8
24
17
112
PN0000473260
1.63
18.4
24
4
99
PN35344
1.51
16.7
23
-3
68
PN35370
1.48
15.6
41
22
89
PN35357
1.38
16.1
48
3
91
PN0000473164
1.20
20.5
15
3
85
New Western Anomaly Two samples south of the Eberhardt Fault on the west side of the grid reported silver and gold anomalies. This area is on the edge of a wider spaced soil grid, but adjacent to the prospective fault zone and will be investigated further in near future work with prospecting and geochemistry.
Table 4: Sample Result Highlights from New Western Anomaly
Sample_ID
WGS East
WGS North
Silver ICP g/t
Copper ICP g/t
Lead ICP g/t
Gold FA ICP ppb
Zinc ICP g/t
PN0000473397
630525.1
4340803
2.09
26.9
27
0.233
161
PN35264
630304.6
4340950
2.70
21.9
30
0.298
89
Sampling Protocol
Soil samples were collected from the “B Horizon” every 75 metres (“m”) on 75m line spacing and then infilled on a 37.5 m spacing in areas of greater interest. Typical sample depths ranged between 30 and 45 centimetres.
Quality Assurance/Quality Control
Assays were processed by American Assay Laboratories Inc. in Sparks, Nevada. The laboratory has its own QA/QC protocols running standards and blanks with duplicate samples in each batch stream. Silver Hammer geological staff inserted a system of field duplicates, blanks and lab standards into the sample stream every 10 samples to ensure QA/QC of the work. A multi-element assay method was used for silver and all other elements called ICP-5AM48 with an ICP-OES/MS finish and reported in ppm. Gold was assayed by fire assay with an ICP finish and reported down to 3 ppb in method FA-PB30-ICP.
Qualified Person
Technical aspects of this press release have been reviewed and approved by Philip Mulholland, a Certified Professional Geologist (CPG) with the American Institute of Professional Geologists, a contractor of the Company and the designated Qualified Person (QP) under National Instrument 43-101.
About Silver Hammer Mining Corp.
Silver Hammer Mining Corp. is a junior resource company advancing the flagship past-producing Silver Strand Mine in the Coeur d’Alene Mining District in Idaho, USA, as well both the Eliza Silver Project and the Silverton Silver Mine in one of the world’s most prolific mining jurisdictions in Nevada and the Lacy Gold Project in British Columbia, Canada. Silver Hammer’s primary focus is defining and developing silver deposits near past-producing mines that have not been adequately tested. The Company’s portfolio also provides exposure to copper and gold discoveries.
Disclaimer note: Mineralization hosted on adjacent and/or nearby properties is not necessarily indicative of mineralization hosted on the Company’s projects.
On Behalf of the Board of Silver Hammer Mining Corp.
Morgan Lekstrom, President and CEO Corporate Office: 551 Howe Street, Vancouver, British Columbia V6C 2C2, Canada
Burlington, Ontario–(Newsfile Corp. – October 21, 2022) – On September 26, 2022 Silver Bullet Mines Corp. (TSXV: SBMI) (OTCQB: SBMCF) (‘SBMI’ or ‘the Company’) disclosed it had found significant levels of palladium, platinum, rhodium, osmium and gold in its concentrate. On October 18, 2022 SBMI announced a second round of assay results proving up the palladium, platinum, rhodium, osmium and gold in representative mineralized material from its Buckeye Silver Mine near Globe, Arizona.
To allow SBMI to exploit the palladium, platinum, rhodium, osmium and gold, in addition to the original silver targets, SBMI announces its intention to carry out a non-brokered financing of Units. Each Unit will be priced at $0.20 (twenty cents) and will comprise of one common share and one full 30-cent (thirty cents) warrant with a 24-month term, with each such warrant being exercisable into a common share (the “Financing”).
The target amount for the Financing will be $600,000 (six hundred thousand dollars), with the number of Units to issue as a result of the Financing being 3,000,000. Units will be allocated on a first come, first served basis although SBMI retains the right to accept, reject or modify subscription agreements as it sees fit. The Financing is subject to regulatory approval.
SBMI currently owns a gravity mill near Globe, Arizona that is fully functional for the extraction of silver. The use of proceeds from the Financing will be to determine what equipment will be required to augment that mill’s capabilities to also extract the other elements mentioned above. All of the existing mill will be retained. Other proceeds from the Financing will be for working capital.
For further information, please contact:
John Carter Silver Bullet Mines Corp., CEO cartera@sympatico.ca +1 (905) 302-3843
Peter M. Clausi Silver Bullet Mines Corp., VP Capital Markets pclausi@brantcapital.ca +1 (416) 890-1232
Cautionary and Forward-Looking Statements
This news release contains certain statements that constitute forward-looking statements as they relate to SBMI and its subsidiaries. Forward-looking statements are not historical facts but represent management’s current expectation of future events, and can be identified by words such as “believe”, “expects”, “will”, “intends”, “plans”, “projects”, “anticipates”, “estimates”, “continues” and similar expressions. Although management believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that they will prove to be correct.
By their nature, forward-looking statements include assumptions, and are subject to inherent risks and uncertainties that could cause actual future results, conditions, actions or events to differ materially from those in the forward-looking statements. If and when forward-looking statements are set out in this new release, SBMI will also set out the material risk factors or assumptions used to develop the forward-looking statements. Except as expressly required by applicable securities laws, SBMI assumes no obligation to update or revise any forward-looking statements. The future outcomes that relate to forward-looking statements may be influenced by many factors, including but not limited to: the impact of SARS CoV-2 or any other global virus; reliance on key personnel; the thoroughness of its QA/QA procedures; the continuity of the global supply chain for materials for SBMI to use in the production and processing of ore; shareholder and regulatory approvals; the presence and quantity of minerals in the Company’s properties; activities and attitudes of communities local to the location of the SBMI’s properties; risks of future legal proceedings; income tax matters; fires, floods and other natural phenomena; the rate of inflation; availability and terms of financing; distribution of securities; commodities pricing; currency movements, especially as between the USD and CDN; effect of market interest rates on price of securities; and, potential dilution. SARS CoV-2 and other potential global viruses create risks that at this time are immeasurable and impossible to define.
