VANCOUVER, BC / ACCESSWIRE / October 3, 2022 / Stillwater Critical Minerals (formerly Group Ten Metals) (TSX.V:PGE)(OTCQB:PGEZF)(FSE:5D32) (the “Company” or “SWCM”) is pleased to announce the Company will be presenting at the Emerging Growth Metals Mining & Resource Conference on October 5th, 2022 at 8:15am PT (11:15am ET).
Stillwater Critical Minerals, Monday, October 3, 2022, Press release picture
This live, interactive online event will give existing shareholders and the investment community the opportunity to interact with President and CEO, Michael Rowley, who will provide an overview of global and domestic markets for critical minerals and upcoming catalysts from America’s iconic Stillwater mining district where the Company is advancing the next phase of low-carbon critical mineral supply. Discussion will include a Q&A session.
The Company is further pleased to announce that President and CEO Michael Rowley will attend the New Orleans Investment Conference on October 12 – 15, 2022. Investors are invited to contact the Company to arrange to meet Mr. Rowley at the show.
Stillwater Critical Minerals President and CEO, Michael Rowley, commented “We are pleased to maintain a presence at select tradeshows in support of major upcoming catalysts as we advance world-class critical mineral supply from Montana’s Stillwater mining district. Chief among these is the updated resource estimate which remains on track for delivery later this year. In addition, we have made excellent progress on the integration of Platreef deposit models into our geologic models and look forward to providing a detailed update on this foundational work which will guide subsequent resource expansion work. We also look forward to reporting results from this years’ exploration campaigns and continued studies on carbon sequestration, as well as updates from Heritage Mining as they advance their earn-in at our Drayton-Black Lake gold project.”
“Although broader markets are challenging at present, the fundamentals remain very strong for our work advancing low-carbon, sulphide-hosted battery and precious metals in the US, with physical nickel supply at near-term lows and domestic demand – increasingly supported by US government incentives and initiatives – attaining new highs. Against this backdrop our ‘Platreef-in-Montana’ model, which is focused on large-scale domestic production of eight of the metals identified as critical for clean air and energy transmission and storage, is more relevant than ever.”
About the Emerging Growth Conference
The Emerging Growth conference is an effective way for public companies to present opportunities and communicate major announcements to the investment community in a time efficient manner.
Conference focus and coverage includes companies in a wide range of growth sectors with strong management teams, focused strategy and execution, and overall potential for long-term growth. The audience includes individual and institutional investors, as well as investment advisors and analysts.
About New Orleans Investment Conference
The New Orleans Investment Conference is the one place where the world’s most sophisticated investors gather every year to discover new opportunities and strategies, exchange ideas, plan for the coming year and enjoy the camaraderie of like-minded individuals in America’s most fascinating and entertaining city.
Speakers at the New Orleans Conference have included Lady Margaret Thatcher, former President Gerald Ford, novelist Ayn Rand, General H. Norman Schwarzkopf, Nobel Prize-winning economists Milton Friedman and F.A. Hayek, Dr. Henry Kissinger, Senator Barry Goldwater, Admiral Hyman Rickover, Louis Rukeyser, Sir John Templeton, Lord William Rees-Mogg, Charlton Heston, Jeane Kirkpatrick, Robert Bleiberg, Jack Kemp, William F. Buckley, General Colin Powell, Ron Paul and J. Peter Grace, among hundreds of other notables.
Founded in 1974 by legendary entrepreneur James U. Blanchard III, the Conference is now in its 47th consecutive year. It ranks as the preeminent gathering of private investors and attracts wealthy individuals from all 50 states and over 35 nations.
About Stillwater Critical Minerals
Stillwater Critical Minerals (TSX.V: 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 a robust debut mineral resource in 2021 and 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 on-going production of platinum group and other metals by neighbouring Sibanye-Stillwater. The Platreef-style nickel and copper sulphide deposits defined by the Company in 2021 at Stillwater West contain a compelling suite of critical minerals and are open for expansion along trend and at depth. An updated NI 43-101 mineral resource is a priority objective for 2022.
Stillwater Critical Minerals also holds the high-grade Drayton-Black Lake 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 is looking to similarly monetize its district-scale Kluane PGE-Ni-Cu-Co project, which is on trend with Nickel Creek Platinum‘s Wellgreen deposit in Canada‘s Yukon Territory, as part of its focus on Stillwater West.
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.
Rover Metals (“Rover”) is a publicly traded Canadian junior mining company specialized in North American critical minerals and precious metal development-stage mining projects. Rover’s twelve month forward-looking plan is to advance exploration at our Nevada Claystone Lithium project and at our Northern Canada Zinc-Copper project, located near the city of Yellowknife, NT, Canada. The Indian Mountain Lake Project is the Company’s first district scale land package, representing approximately 30,000 acres of greenstone belt.
Rover Metals also has 100% ownership of several gold mining assets located near to the city of Yellowknife, NT. Rover obtained a public listing for its securities on the TSX Venture Exchange as a Tier II Mining Issuer on June 26, 2018.
Rover Metals trades under the symbol “ROVR” on the TSXV. Rover also obtained a public co-listing of its securities on the OTCQB on January 17, 2019 (OTCQB: ROVMF), and on the Frankfurt Stock Exchange on February 1, 2021 (FRA: 4XO).
The Company is run by an experienced management team and board that are career mining executives. Our management team and board have a proven history financing the development of mining projects, taking them into production, and re-selling them.
Proven and Probable Where we deliver Mining Insights & Bullion Sales. I’m a licensed broker for Miles Franklin Precious Metals Investments (https://www.milesfranklin.com/contact/) Where we provide unlimited options to expand your precious metals portfolio, from physical delivery, offshore depositories, and precious metals IRA’s. Call me directly at (855) 505-1900 or you may email maurice@milesfranklin.com.
Proven and Probable provides insights on mining companies, junior miners, gold mining stocks, uranium, silver, platinum, zinc & copper mining stocks, silver and gold bullion in Canada, the US, Australia, and beyond.
VANCOUVER, British Columbia, Sept. 29, 2022 (GLOBE NEWSWIRE) — Millrock Resources Inc. (TSX-V: MRO) (“Millrock”) is pleased to report positive initial results from a mineralogical assessment of historical drill core from the Upper Eureka Zone (“UEZ”) and Core Eureka Zone (“CEZ”) at its 100% owned Nikolai Project, which hosts nickel (Ni) – copper (Cu) –cobalt (Co) – platinum group elements (PGE) prospects. The Nikolai Project is located within Alaska’s Delta Mining District, approximately 130 kilometers by road south of Delta Junction and approximately 280 kilometers southeast of Fairbanks. The Eureka zone consists of disseminated Ni-Cu-Co-PGE mineralization initially discovered by a subsidiary of INCO, and further expanded by Pure Nickel Inc., as reported in their press releases ranging between 2007-2014.
Highlights from the mineralogical assessment include:
94% of the nickel within the CEZ is contained within nickel sulfide (pentlandite) and nickel alloy minerals.
72% of the copper within the CEZ is contained within copper sulfides (chalcopyrite, bornite, chalcocite).
80% of the nickel within the UEZ is contained within nickel sulfide (pentlandite) and nickel alloy minerals.
75% of the copper within the UEZ is contained within copper sulfides (chalcopyrite, bornite, chalcocite).
Millrock President and CEO Gregory Beischer commented: “These are encouraging results! For large tonnage – low-grade deposits, it is crucial that potential recovery rates of the valuable metals are well understood. This first-pass work shows that much of the nickel and copper is in mineral form that allows strong recoveries with common processing methods.”
Methodology – Metal Content Two composite samples from hole FL-003 were created for the UEZ and CEZ. Each composite was comprised of six quarter-core sample intervals spread across the mineralized zones. The anticipated metals content for each of the composited samples was calculated using historical assays from the work done by INCO in 1997 (Table 1). Historical logging and sampling of the INCO drill core was done under the direct supervision of Gregory Beischer, the qualified person responsible for the contents of this disclosure. Historical assays were performed at Chemex, Inc. in Reno, Nevada. Chemical analysis of the composites for this study were completed prior to the mineralogical study to validate the historical assay results completed by INCO (Table 1). Concentrations determined by INCO and by Millrock were found to be similar.
Table 1. Sample intervals, historical grades, calculated composite grades, and actual assay results from mineralogical study for selected samples from hole FL-003 to create composites for the CEZ and UEZ.
Composite 1 – Core Eureka Zone (CEZ)
Sample
Hole ID
From ft
To ft
Ni ppm
Cu ppm
Co ppm
Pd ppb
Pt ppb
Au ppb
FX536263
FL-003
758
763
1900
1800
290
164
105
10
FX536264
FL-003
763
768
1900
1870
260
162
80
14
FX536270
FL-003
793
798
2500
1270
220
164
80
10
FX536274
FL-003
813
818
3000
1560
240
206
80
52
FX536277
FL-003
828
833
2300
820
180
118
50
16
FX536281
FL-003
848
853
3200
1460
210
132
50
24
CEZ Calculated Grade (Historic Assays)
0.25
0.14
0.02
0.157
0.072
0.023
New Assays Results from Composite Samples
0.25
0.16
0.02
0.173
0.043
0.068
Composite 2 – Upper Eureka Zone (UEZ)
Sample
Hole ID
From ft
To ft
Ni ppm
Cu ppm
Co ppm
Pd ppb
Pt ppb
Au ppb
FX536768
FL-003
257
262
1690
385
141
82
42.5
2
FX536772
FL-003
283
288
1500
340
120
71
33
2
FX536084
FL-003
347
350
2397
938
146
128
55
14
FX536086
FL-003
400
405
2636
918
154
132
65
16
FX536798
FL-003
415
420
1975
630
133
83
36
12
FX536253
FL-003
708
713
2000
940
220
146
70
24
UEZ Calculated Grade (Historic Assays)
0.20
0.07
0.02
0.104
0.049
0.009
New Assays Results from Composite Samples
0.23
0.06
0.02
0.135
0.031
0.095
Methodology Mineralogical Study The mineral processing work was completed by the Bureau Veritas Metallurgical Laboratory in Richmond, British Columbia, Canada. The individual composites were ground to ~125µm following standard grind calibration procedures. The ground composites were sized using wet screens and a cyclone sizer, and then sized into four fractions for chemical analysis and QEMSCAN analysis. QEMSCAN Particle Mineral Analysis was conducted on each size fraction of the sized composites to determine nickel and copper deportment and fragmentation characteristics.
Initial Mineralogical Study Results Nickel sulfide and nickel alloys accounted for ~94% of the total nickel within the CEZ composite sample (only 5.1% of total nickel in silicates). Pentlandite was the principal nickel bearing sulfide and carried ~92% of the total nickel in the CEZ composite. Pentlandite content was measured at 0.68% by weight. The remaining potentially recoverable nickel was in the nickel alloys and nickel metal, which accounted for ~2% of the total nickel. Sulfur is higher in the CEZ (1.32%) and there is an increased amount of pyrrhotite (1.78% by weight). Interlocking between pentlandite and pyrrhotite was rarely observed, which will be favorable to the pentlandite separation from pyrrhotite.
Nickel sulfide and nickel alloys accounted for ~80% of the total nickel within the UEZ composite sample (18.9% of total nickel in silicates). Pentlandite was the principal nickel bearing sulfide and carried ~64% of the total nickel in the CEZ composite. Pentlandite content was measured at 0.44% by weight. The remaining potentially recoverable nickel was in the form of nickel alloy and nickel metal, which accounted for ~16% of the total nickel. Sulfur is lower in the UEZ (0.49%), likely due to the decrease in pyrrhotite. These results are summarized in Table 2 below.
Table 2.Summary of Ni-Fe-S deportment of Eureka Zone composites
Nickel Deportment
CEZ
UEZ
Ni-Fe Sulfides
92.2
%
64.1
%
Ni-Fe Alloys
2.1
%
16.7
%
Sulfide-Hydroxide
0.6
%
0.3
%
Silicates (Olivine)
5.1
%
18.9
%
Total Potential Recoverable Nickel
94.3
%
80.8
%
% Ni from chemical analysis
0.25
%
0.23
%
% S from chemical analysis
1.32
%
0.49
%
Weight % pentlandite
0.68
%
0.44
%
Weight % pyrrhotite
1.78
%
0.55
%
Copper sulfides accounted for ~71% to 75% of the total copper within the CEZ and UEZ composites. Chalcopyrite is the dominant copper sulfide and accounts for ~67% to 71% of the copper in the composite samples. Bornite, chalcocite, cuprite, malachite, and azurite were also present, in the composite samples. The remainder of the copper (~24% to 28%) was present in valleriite (Cu-Fe-Mg sulphate). The copper sulfide contents were 0.31% by weight in the CEZ and 0.14% by weight in the UEZ. These results are summarized in Table 3 below.
Table 3.Summary of Cu-Fe-S deportment of Eureka Zone composites
Copper Deportment
CEZ
UEZ
Chalcopyrite
66.8
%
70.7
%
Bornite
1.0
%
1.7
%
Chalcocite/Covellite
3.5
%
2.9
%
Cuprite, Malachite, Azurite
1.1
%
0.2
%
Valleriite
27.5
%
24.5
%
Total Potential Recoverable Copper
72.4
%
75.5
%
% Cu from chemical analysis
0.16
%
0.07
%
Weight % Cu Sulfides
0.31
%
0.14
%
An additional composite sample from the Lower Eureka Zone (“LEZ”) has been submitted to Bureau Veritas to complete identical mineralogical analysis. Assay results from the LEZ were reported in the Millrock press release from September 26, 2022. The results of the third composite will be released when completed.
Quality Control – Quality Assurance Millrock adheres to stringent Quality Assurance – Quality Control (“QA/QC”) standards. Core samples are kept in a secure location at all times. In this case, the samples were assayed at the Bureau Veritas laboratory in Vancouver, Canada. Preparation and analysis methods are described in further detail here. Analysis methods used include MA270 – 4-acid digestion ICP-ES/MS Finish and FA330 – Fire assay fusion Au, Pt, Pd by ICP-ES. The Qualified Person is of the opinion that the results reported in this press release are reliable.
Qualified Person The technical information within this document has been reviewed and approved by Gregory A. Beischer, President, CEO, and a director of Millrock. Mr. Beischer is a Qualified Person as defined in NI 43-101.
About Millrock Resources Inc. Millrock Resources Inc. is a premier project generator to the mining industry. Millrock identifies, packages, and operates large-scale projects for joint venture, thereby exposing its shareholders to the benefits of mineral discovery without the usual financial risk taken on by most exploration companies. The company is recognized as the premier generative explorer in Alaska, holds royalty interests in British Columbia, Canada, and Sonora State, Mexico, is a significant shareholder of junior explorer ArcWest Exploration Inc. and owns a large shareholding in Resolution Minerals Limited. Funding for drilling at Millrock’s exploration projects is primarily provided by its joint venture partners. Business partners of Millrock have included some of the leading names in the mining industry: EMX Royalty, Centerra Gold, First Quantum, Teck, Kinross, Vale, Inmet and, Altius as well as junior explorers Resolution, Riverside, PolarX, Felix Gold, and Tocvan.
ON BEHALF OF THE BOARD “Gregory Beischer” Gregory Beischer, President & CEO
FOR FURTHER INFORMATION, PLEASE CONTACT: Melanee Henderson, Investor Relations Toll-Free: 877-217-8978 | Local: 604-638-3164 Twitter | Facebook | LinkedIn
Some statements in this news release contain forward-looking information, including but not limited to execution of further deportment studies. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. Such factors include without limitation the completion of planned expenditures, the ability to complete exploration programs on schedule and the success of exploration programs.
“NEITHER 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–(Newsfile Corp. – September 29, 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 five holes, drilled to 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:
192.75m @ 1.02 g/t Au from 94.45m depth in MMD-22-051, including
62m @ 1.49 g/t Au from 113m and
48.7m @ 1.29 g/t Au from 208.3m
11.85m @ 1.87 g/t Au from 441.15m depth in MMD-22-041
28.0m @ 1.51 g/t Au from 580.0m depth in MMD-22-046, including
11.0m @ 3.45 g/t Au from 587.0m
9.75m @ 1.78 g/t Au from 282.55m depth in MMD-22-047
34.25m @ 1.03 g/t Au from 209.0m depth in MMD-22-049, including
3.8m @ 6.98 g/t Au from 239.45m
President and CEO Brett Richards stated: “As we have been discussing for some time, the continued results of intersecting wide zones of +1 g/t Au mineralization underpin our belief that the Moss Lake Deposit has potential to develop an initial high-grade phase 1 open pit within the larger low-grade open pit operation. It can be seen that the projected grade shell of +1.0 g/t Au is significant at this early stage, and we will look to further explore these high grade areas, as we continue with our program.”
Technical Overview
Figure 1 shows the better intercepts in plain view and Figure 2 is a typical section through hole MMD-22-041 and MMD-22-051.
Figure 1: Drill plan showing best of several +1 g/t Au intercepts relative to implicit modelled grade shells
Table 1 shows the significant intercepts. Table 2 shows the drill hole locations.
Table 1: Significant downhole gold intercepts
HOLE ID
FROM
TO
LENGTH (m)
TRUE WIDTH (m)
CUT GRADE (g/t Au)
UNCUT GRADE (g/t Au)
MMD-22-041
41.00
45.00
4.00
2.0
0.38
0.38
132.80
137.00
4.20
2.1
0.75
0.75
152.75
158.60
5.85
3.0
0.39
0.39
175.35
187.00
11.65
5.9
0.30
0.30
189.90
205.25
15.35
7.8
0.36
0.36
258.75
262.15
3.40
1.7
0.48
0.48
308.10
332.05
23.95
12.3
0.67
0.67
including
330.00
332.05
2.05
1.1
1.89
1.89
348.45
383.00
34.55
18.0
0.43
0.43
including
380.00
382.00
2.00
1.0
2.50
2.50
439.00
480.00
41.00
21.3
0.79
0.79
including
441.15
453.00
11.85
6.1
1.87
1.87
493.00
495.35
2.35
1.2
0.32
0.32
519.00
565.75
46.75
24.3
0.46
0.46
including
525.00
527.00
2.00
1.0
2.18
2.18
and
543.50
549.00
5.50
2.9
1.02
1.02
MMD-22-046
8.00
37.50
29.50
14.3
0.50
0.50
including
29.40
31.40
2.00
1.0
1.16
1.16
65.00
111.00
46.00
21.9
0.82
0.82
including
66.00
77.00
11.00
5.3
1.41
1.41
and
100.00
111.00
11.00
5.2
1.30
1.29
144.00
148.00
4.00
1.9
0.31
0.31
154.00
157.00
3.00
1.4
0.55
0.55
172.00
182.00
10.00
4.6
1.29
1.29
including
176.00
182.00
6.00
2.8
1.96
1.96
220.00
239.00
19.00
8.5
0.48
0.48
253.00
268.00
15.00
6.7
0.35
0.35
306.45
346.00
39.55
17.3
0.71
0.71
including
307.00
312.25
5.25
2.3
2.48
2.48
and
334.00
336.10
2.10
0.9
2.93
2.93
and
342.00
344.20
2.20
1.0
1.27
1.27
370.00
386.90
16.90
7.4
0.37
0.37
411.00
416.90
5.90
2.5
0.31
0.31
421.90
496.55
74.65
32.1
0.66
0.66
including
424.00
426.00
2.00
0.9
2.51
2.51
and
468.10
472.00
3.90
1.7
3.37
3.37
512.45
520.00
7.55
3.2
0.46
0.46
575.00
577.00
2.00
0.8
0.45
0.45
580.00
608.00
28.00
11.8
1.51
1.51
including
587.00
598.00
11.00
4.6
3.45
3.45
MMD-22-047
26.50
59.70
33.20
22.6
0.36
0.36
including
40.50
43.90
3.40
2.3
1.08
1.08
94.90
107.00
12.10
8.4
0.35
0.35
136.40
138.90
2.50
1.7
0.30
0.30
141.90
204.90
63.00
43.8
0.37
0.37
including
172.20
175.05
2.85
2.0
1.12
1.12
239.90
242.75
2.85
2.0
1.09
1.09
including
240.65
242.75
2.10
1.5
1.29
1.29
282.55
333.90
51.35
36.9
0.73
0.73
including
282.55
292.30
9.75
7.0
1.78
1.78
363.90
366.20
2.30
1.7
0.52
0.52
371.80
375.60
3.80
2.8
0.36
0.36
398.90
407.70
8.80
6.4
0.54
0.54
580.00
582.70
2.70
2.1
0.34
0.34
MMD-22-049
20.00
47.00
27.00
13.8
0.59
0.59
68.25
91.00
22.75
11.6
0.48
0.48
140.00
142.00
2.00
1.0
0.35
0.35
166.00
193.00
27.00
13.7
0.44
0.44
209.00
243.25
34.25
17.7
1.03
1.03
including
217.95
220.00
2.05
1.1
2.09
2.09
and
239.45
243.25
3.80
2.0
6.98
6.98
254.35
279.70
25.35
13.2
0.66
0.66
including
254.80
260.65
5.85
3.1
2.07
2.07
290.75
318.00
27.25
14.1
0.50
0.50
353.00
410.00
57.00
29.4
0.51
0.51
434.00
436.00
2.00
1.1
0.54
0.54
468.50
471.40
2.90
1.6
0.31
0.31
518.00
523.00
5.00
2.8
0.38
0.38
572.00
575.30
3.30
1.9
0.53
0.53
640.70
642.90
2.20
1.3
0.59
0.59
MMD-22-051
44.85
55.60
10.75
7.9
0.35
0.35
94.45
287.20
192.75
149.1
1.02
1.02
including
94.45
97.00
2.55
1.9
1.08
1.08
and
113.00
175.00
62.00
48.0
1.49
1.49
and
188.00
191.80
3.80
2.9
1.59
1.59
and
208.30
257.00
48.70
37.7
1.29
1.29
Intersections calculated above at 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
HOLE
EAST
NORTH
RL
AZIMUTH
DIP
EOH
MMD-22-041
668,784
5,379,185
436
154°
-61°
606.0
MMD-22-046
668,865
5,379,218
435
156°
-61°
609.1
MMD-22-047
669,155
5,379,424
429
153°
-47°
602.05
MMD-22-049
668,953
5,379,245
428
155°
-60°
666.05
MMD-22-051
668,704
5,379,104
434
154°
-45°
293.0
Approximate collar coordinates in NAD 83, Zone 15N
Results have been received for five holes that have infilled areas of the Main Zone that are between sections drilled by historic holes with collar survey problems. As a result, they will replace the low-confidence historic holes in the upcoming resource model update.
As with the historic holes, these holes intersected several broad zones of low-grade mineralization within the altered diorite intrusion host. Examples include 41.0m @ 0.79 g/t Au from 439.0m depth and 46.75m @ 0.46 g/t Au from 519.0m in MMD-22-041; 88.0m @ 0.48 g/t Au from 388.0m in MMD-22-042; 46.0m @ 0.82 g/t Au from 65.0m, 39.55m @ 0.71 g/t Au from 306.45m and 74.65m @ 0.66 g/t Au from 421.9m in MMD-22-046; 63.0m @ 0.37 g/t Au from 141.9m and 51.35m @ 0.73 g/t Au from 282.55m in MMD-22-047; and 57.0m @ 0.51 g/t Au from 353.0m in MMD-22-049. The long intercept in MMD-22-051 of 192.75m @ 1.02 g/t Au from 94.45m is similar but higher grade.
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., 192.75m @ 1.02 g/t Au from 94.45m depth in MMD-22-051) and several narrow high-grade intervals, including 1.0m @ 9.14 g/t Au from 449.0m depth in MMD-22-041; 1.0m @ 12.7 g/t Au from 441.0m, 0.9m @ 9.99 g/t Au from 468.1m and 1.0m @ 16.6 g/t Au from 587.0m in MMD-22-046; 0.85m @ 5.93 g/t Au from 290.7m in MMD-22-047; 0.45m @ 8.22 g/t Au from 30.55m, 0.75m @ 12.0 g/t Au from 421.25m, 0.55m @ 9.93 g/t Au from 306.95m and 0.65m @ 15.1 g/t Au from 365.35m in MMD-22-049; and 1.0m @ 14.0 g/t Au from 159.0m and 1.0m @ 10.6 g/t Au from 256.0m in MMD-22-051.
Geological modelling of the altered diorite host rock and anastomosing shear network has progressed faster than anticipated and is nearly complete. The new model will enable the interpolation of low and high-grade gold populations within constraining wireframes, which we expect will provide a more accurate estimation of the gold distribution and, therefore, the contained gold resource.
Pete Flindell, VP Exploration for Goldshore, said, “These drill results confirm our contention that there are coherent zones of +1 g/t Au gold mineralization with a “sea” of low grade mineralization that should allow for the generation of a smaller, higher-grade resource at the Moss Lake Project. Drilling around these higher grade zones continues.”
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, 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.
North Vancouver, British Columbia–(Newsfile Corp. – September 28, 2022) – Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) (ASX: LLO) (“Lion One” or the “Company“) is pleased to announce that it has closed its previously announced bought deal offering of 17,348,000 units (the “Units“) (including 1,108,0000 Units issued pursuant to Eight Capital and Canaccord Genuity Corp.’s (together, the “Underwriters“) partial exercise of the over-allotment option granted to the Underwriters) at a price of $0.77 per Unit for gross proceeds of $13,357,960 (the “Offering“).
Each Unit consists of a common share of the Company (each, a “Common Share“) and one-half (1/2) of one common share purchase warrant (each whole common share warrant, a “Warrant“) to purchase a Common Share at a price of $1.05 for a period of 36 months following the closing date of the Offering. In the event that the volume weighted average trading price of the Common Shares on the TSX Venture Exchange (the “TSX-V“), or such other principal exchange on which the Common Shares are then trading, is greater than $1.75 for a period of twenty consecutive trading days at any time after the closing of the Offering, the Company may accelerate the expiry date of the Warrants by giving written notice to the holder thereof and in such case the Warrants will expire on the 30th day after the date on which such notice is given by the Company.
Pursuant to the Offering the Company issued 1,040,880 compensation warrants (the “Compensation Warrants“) to the Underwriters. Each Compensation Warrant is exercisable to purchase a Common Share at a price of $0.77 for a period of 36 months following the closing date of the Offering.
The net proceeds from the Offering will be used for exploration and development of the Company’s Tuvatu Gold Project.
The Offering was made by way of prospectus supplement dated September 22, 2022 (the “Prospectus Supplement“) to the Company’s base shelf prospectus dated May 13, 2022. Distribution of the Units issued pursuant to the Offering was insufficient to meet the TSX-V’s requirements for the listing of the Warrants so the Company has accordingly not applied to list the Warrants on the TSX-V.
About Lion One Metals Limited
Lion One’s flagship asset is 100% owned, fully permitted high grade Tuvatu Alkaline Gold Project, located on the island of Viti Levu in Fiji. Lion One envisions a low-cost high-grade underground gold mining operation at Tuvatu coupled with exciting exploration upside inside its tenements covering the entire Navilawa Caldera, an underexplored yet highly prospective 7km diameter alkaline gold system. Lion One’s CEO Walter Berukoff leads an experienced team of explorers and mine builders and has owned or operated over 20 mines in 7 countries. As the founder and former CEO of Miramar Mines, Northern Orion, and La Mancha Resources, Walter is credited with building over $3 billion of value for shareholders.
On behalf of the Board of Directors of Lion One Metals Limited “Walter Berukoff“ Chairman and CEO
Neither the TSX Venture Exchange nor its Regulation Service Provider accepts responsibility for the adequacy or accuracy of this release. This press release may contain statements that may be deemed to be “forward-looking statements” within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein are forward-looking information. Generally, forward-looking information may be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “proposed”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases, or by the use of words or phrases which state that certain actions, events or results may, could, would, or might occur or be achieved. This forward-looking information reflects Lion One Metals Limited’s current beliefs and is based on information currently available to Lion One Metals Limited and on assumptions Lion One Metals Limited believes are reasonable. These assumptions include, but are not limited to, the actual results of exploration projects being equivalent to or better than estimated results in technical reports, assessment reports, and other geological reports or prior exploration results. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Lion One Metals Limited or its subsidiaries to be materially different from those expressed or implied by such forward-looking information. Such risks and other factors may include, but are not limited to: the use of proceeds from the Offering, the stage development of Lion One Metals Limited, general business, economic, competitive, political and social uncertainties; the actual results of current research and development or operational activities; competition; uncertainty as to patent applications and intellectual property rights; product liability and lack of insurance; delay or failure to receive board or regulatory approvals; changes in legislation, including environmental legislation, affecting mining, timing and availability of external financing on acceptable terms; not realizing on the potential benefits of technology; conclusions of economic evaluations; and lack of qualified, skilled labour or loss of key individuals. Although Lion One Metals Limited has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information. Lion One Metals Limited does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
VANCOUVER, British Columbia, Sept. 28, 2022 (GLOBE NEWSWIRE) — Rover Metals Corp. (TSXV: ROVR) (OTCQB: ROVMF) (FSE:4XO) (“Rover” or the “Company”) announces that further to its releases of August 16, 2022, September 14, 2022, and September 22, 2022, the Company has now received approval from the Toronto Venture Exchange for the Indian Mountain Lake (“IML”) option purchase agreement, and the milestone payments contained therein.
IML VMS Project The IML VMS Project has had exploration dating back to the 1940s and has a historical resource spread across four zones on the project. The BB Zone and Kennedy Lake Zone have a combined historic resource of 1,400,000 tons grading 10% combined zinc and lead with 3.5 OPT (ounces per ton) of silver*. Approximately 900 metres west of the BB Zone, the Kennedy Lake West Zone has a historic resource of 610,000 tons grading 1.15% copper*. About 8 km southeast of the BB Zone, the Susu Lake Zone, has a historical resource consisting of 142,500 tons grading 0.95% copper*.
The property is located approximately 195 km east-northeast of Yellowknife, NT, off the eastern arm of Great Slave Lake. Seasonal access relies upon fixed or rotor wing support. A right of way was cleared to the Project from Thompson Landing in the 1970s. If this right of way were to be brushed out, it would provide barge access at Thompson Landing, from Yellowknife, with ground transportation, considerably lowering any logistical costs. Future Government of Canada federally funded hydro-energy infrastructure could come close to the Project if the Taltson Hydro Dam expansion proceeds through the eastern arm of Great Slave Lake into Yellowknife. At the southwest-end of Great Slave Lake, Osisko Metals is gearing up to reopen the Pine Point Zinc-Lead Mine. At nearby Hay River, NT, there is a rail line to the Teck Resources Zinc Refinery in Trail, BC.
*These resources are historic in nature. Further drilling is needed to bring them up to CIM Definition Standards. The historic data has not been verified by Rover. The historic information is provided in the 2103 Assessment Report for Indian Mountain Lake which is in public record with the Government of the Northwest Territories.
Technical information has been approved by Gary Vivian, M.Sc., P.Geo., QP for the purposes of NI 43-101.
New Website An updated Corporate Fact Sheet, reflecting the addition of Nevada Lithium, is now available on our new website and a new corporate presentation will be available shortly.
Judson Culter, CEO at Rover Metals, states “Zinc and Copper, along with Lithium are the future, and fundamental to the growth of our company. However, we’re not abandoning our precious metals roots. Greenstone belts in northern Canada are well known for their abundance of gold and silver. The IML greenstone belt is comprised of 31,000 acres, and the historic base metal resource is coming from just three percent of the land package. The historic BB Zone and historic Kennedy Lake Zone include a historic resource of 4,900,000 ounces of high-grade silver. We believe the existing silver endowment is indicative of the potential for the remainder of the 30,000 acres of greenstone belt.”
About Rover Metals 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.
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.
Three widely spaced reconnaissance holes up to 600 metres apart were drilled to test the Trap target (“Trap”), a north-northwest trending structurally controlled corridor with evidence of overprinting porphyry veins and late-stage carbonate base metal (“CBM”) veins. All three holes intersected highly altered porphyry rocks with multiple sheeted and stockwork veinlets, with hole TRC-1 yielding the most robust results as follows:
Recent geological mapping and sampling has materially extended the strike length of the Trap target to 1.75 kilometres, and it remains open in both directions along strike for further expansion.
TORONTO, Sept. 27, 2022 /CNW/ – Collective Mining Ltd. (TSXV: CNL) (OTCQX: CNLMF) (“Collective” or the “Company”) is pleased to announce diamond drill hole and rock chip assay results from reconnaissance work, which outlines a new discovery referred to as the Trap mineralized corridor (“Trap”). Trap is located approximately four kilometres to the north-northeast of the Company’s flagship Apollo discovery and is one of seven grassroots generated porphyry and porphyry-related targets at its flagship Guayabales project located in Caldas, Colombia. Apollo is a newly discovered high-grade copper-gold-silver porphyry-related breccia with previously announced intercepts including the discovery hole APC-2, which intersected 207.15 metres @ 2.68 g/t AuEq and APC-8, which intersected 265.75 metres @ 2.44 g/t gold equivalent (See press releases dated August 10th and September 13th respectively). As part of its fully funded 20,000+ metre drill program for 2022, there are currently three diamond drill rigs operating at the Apollo target.
“This new and early-stage discovery at the Trap target highlights the immensely prospective nature of our Guayabales project. With slightly more than one year of exploration under our belt, our young Company, which is anchored by a core team of talented individuals, has drilled four new grassroot discoveries. Our priority remains the drilling and expanding of our flagship Main Breccia discovery at the Apollo target, but our reconnaissance exploration teams continue to identify new zones and targets with different styles of mineralization located within a four-kilometre by four-kilometre area hosting a cluster of porphyry and porphyry-related style targets. I am impressed with the continued drilling success at the Guayabales project. Our robust rate in making new discoveries at the project is virtually unparalleled in the mining industry and is a strong testament to the mineral endowment of this emerging mining district,” commented Ari Sussman, Executive Chairman.
Details (See Table 1 and Figures 1 – 3)
The Company recently completed three scout diamond drill holes plus additional channel chip sampling and geological mapping at the Trap target, a newly discovered structural corridor with details as follows:
Geology mapping and rock sampling highlights a north-northwest trending structural corridor superimposed on earlier porphyry related mineralization event and all hosted within quartz diorite rocks. Rock sampling of sporadic outcrops along the 1.75-kilometre mineralized corridor yielded 32 samples grading over 1 g/t gold (range 1 g/t Au to 10.7 g/t Au) with silver values up to 687 g/t and copper values up to 3.7%.
Three scout drill holes were completed in the central (TRC-1) and southern portion (VICE-1 & 2) of the trap corridor and returned the following significant intercepts:
In each hole the mineralization relates to an early gold-copper (chalcopyrite) phase linked with potassic alteration which is overprinted by a younger precious-polymetallic vein system associated with intense sericite alteration resulting in a white bleaching of the rock fabric. Veinlet systems include sheeted and stockwork forms in multiple different orientations.
Trap remains open in all directions and further reconnaissance work continues along this zone. A follow up drill program will ensue once additional data is collected, and targets are further refined.
The Company continues to prioritize the Apollo discovery due to the significant results intercepted to date with diamond drilling including hole APC-2, which intersected 207.15 metres @ 2.68 g/t AuEq and hole APC-8, which intersected 265.75 metres @ 2.44 g/t gold equivalent as announced in press releases dated August 10th, 2022, and September 13th respectively). Assay results are anticipated in the near term for four additional holes from Apollo with the following encouraging visual intercepts for two of the holes that targeted and successfully intersected the Main Breccia discovery:
Table 1: Assays Results
HoleID
From (m)
To (m)
Intercept (m)
Au (g/t)
Ag (g/t)
Cu %
AuEq (g/t) *
TRC-1
233.80
336.00
102.20
1.26
12
0.09
1.53
Incl
259.10
269.00
9.90
3.00
25
0.25
3.65
294.50
303.70
9.20
1.82
31
0.07
2.27
VICE-1
212.60
227.30
14.70
1.14
26
0.01
1.44
Incl
213.20
214.80
1.60
2.33
47
0.01
2.87
219.55
220.70
1.15
1.91
131
0.04
3.66
and
253.50
270.50
17.00
0.69
6
0.01
0.75
VICE-2
214.60
233.50
18.90
1.06
36
0.18
1.83
Incl
214.60
216.60
2.00
3.55
208
0.17
6.51
*AuEq (g/t) is calculated as follows: (Au (g/t) x 0.95) + (Ag g/t x 0.014 x 0.95) + (Cu (%) x 1.96 x 0.95) utilizing metal prices of Cu – US$4.00/lb, Ag – $20/oz and Au – US$1,400/oz and recovery rates of 95% for Au, Ag and Cu. Recovery rate assumptions are speculative as no metallurgical work has been completed to date.
** A 0.2 g/t AuEq cut-off grade was employed with no more than 15% internal dilution. True widths are unknown, and grades are uncut.
Figure 1: Plan View of the Guayabales Project Highlighting the Trap and Apollo Targets (CNW Group/Collective Mining Ltd.)
Figure 2: Plan View of Trap Highlighting Reconnaissance Drill Holes and Rock Samples Over 1 g/t AuEq (CNW Group/Collective Mining Ltd.)
Figure 3: Images of Drill Core for Trap Outlining Late Stage Porphyry Related CBM Veins in A and C, and Porphyry Mineralization in B. (CNW Group/Collective Mining Ltd.)
About Collective Mining Ltd.
To see our latest corporate presentation and related information, please visit www.collectivemining.com
Collective Mining is an exploration and development company focused on identifying and exploring prospective mineral projects in South America. Founded by the team that developed and sold Continental Gold Inc. to Zijin Mining for approximately $2 billion in enterprise value, the mission of the Company is to repeat its past success in Colombia by making significant new mineral discoveries and advance the projects to production. Management, insiders and close family and friends own nearly 45% of the outstanding shares of the Company and as a result, are fully aligned with shareholders.
The Company currently holds an option to earn up to a 100% interest in two projects located in Colombia. As a result of an aggressive exploration program at both the Guayabales and San Antonio projects, a total of seven major targets have been defined at Guayabales as well as another three at San Antonio. The Company has made a total of five significant grassroot discoveries at both projects with near-surface discovery holes at the Guayabales project yielding 302 metres at 1.11 g/t AuEq at the Olympus target, 163 metres at 1.3 g/t AuEq at the Donut target, 207.15 metres at 2.68 g/t AuEq, 180.6 metres at 2.43 g/t AuEg and 87.8 metres at 2.49 g/t AuEg at the Apollo target and most recently, 102.2m @ 1.53 g/t AuEq at the Trap target. At the San Antonio project, the Company intersected, from surface, 710 metres at 0.53 AuEq. (See related press releases on our website for AuEq calculations)
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.
YERINGTON, Nev., Sept. 26, 2022 (GLOBE NEWSWIRE) — Nevada Copper (TSX: NCU) (OTC: NEVDF) (FSE: ZYTA) (“Nevada Copper” or the “Company”) is pleased to provide an update on planned restart activities at its Pumpkin Hollow underground copper mine (the “Underground Mine”) and developments with respect to the proposed financing package that was previously announced in the Company’s news release dated August 25, 2022 (the “Prior Announcement”). The financing is expected to provide up to US$93 million of liquidity to the Company in order to support the restart and ramp-up of the Underground Mine (the “Restart Financing Package”).
Randy Buffington, President & CEO, commented: “These past few weeks the team has been focused on ensuring that we are prepared for the restart of underground operations. We have made significant progress in developing the plans, recruiting the people and implementing the systems necessary to derisk the restart. We have attracted several key technical positions and built the initial underground team to be able to execute on the first critical projects, primarily the remaining two dike crossings required to access the EN zone. We believe that taking a careful, phased approach to restarting the mine removes some of the bottlenecks the operation has faced in the past and will facilitate a rapid ramp-up to nameplate capacity once the mill restarts in mid-2023. We are looking forward to completing the capital projects and bringing the underground mine up to full operations so that we can turn our attention to development of the large open pit project. I continue to appreciate the ongoing commitment and support of our team and key stakeholders as we work diligently to close this financing and get back to operations.”
Operations and Mine Planning Activities Update
As previously announced, the Company has advanced planning for the restart of operations at its Underground Mine. The Company engaged a third-party consulting firm, John Wood Group plc, to complete a mine plan focusing on accessing the larger, higher-grade stopes in the East North Zone (EN Zone). The mine plan has been completed with an optimized stoping sequence that brings value forward in the life of mine and derisks the restart by advancing development activities and building significant underground inventory ahead of restarting the mill in mid-2023. Included in the mine plan are updated operating costs, which are not expected to be materially different from previous estimates as they have not been significantly impacted by inflationary pressures.
The restart plan, as envisaged, will be executed in three phases following the closing of the Restart Financing Package:
Phase 1 – Completion of the remaining two dike crossings and certain capital projects, workforce development
Phase 2 – Underground stope and inventory development
Phase 3 – Stope mining and mill start-up
In September, the Company entered Phase 1 by reinitiating development activities with one mining crew focused on completing the second dike crossing. It is anticipated that the crossing will be completed and well advanced beyond the geological dike feature within the next 30 days, at which time the crew will move onto the third and final dike crossing. In addition, the Company is preparing to issue bid packages to interested development contractors to perform underground development activities and for completion of the remaining capital projects, including: (i) coarse ore bin 2; (ii) vent shaft stripping and surface fans installation; and (iii) Geho dewatering system.
In early 2023, the Company plans to begin rapid development with the use of a development contractor to advance into the higher-grade stopes of the EN Zone and build significant underground ore inventory. The Company will continue to recruit additional underground personnel to prepare for stope mining in the second quarter of 2023. With a significant stockpile of ore on surface and underground inventory expected to be built up, the mill is planned to start up in the third quarter of 2023.
Restart Financing Package Update
As disclosed in the Prior Announcement, the key components of the Restart Financing Package are as follows:
Equity Investments (US$40 million): Pala Investments Limited (“Pala”), the Company’s largest shareholder, and Mercuria Energy (“Mercuria”), a significant shareholder of the Company, are each expected to provide US$20 million in exchange for common shares of the Company (“Common Shares”). Pala has already advanced US$13.5 million of such funding to the Company.
Stream and Royalty Financing (US$30 million): Triple Flag Precious Metals Corp. (“Triple Flag”) is expected to increase its existing net smelter returns royalty on the Company’s open pit project from 0.7% to 2% for a purchase price of approximately US$26.2 million, subject to a full buyback of the increased royalty percentage. In addition, Triple Flag is expected to accelerate the approximately US$3.8 million remaining to be funded under the Company’s existing metals purchase and sale agreement with Triple Flag.
KfW Facility Extension (US$15 million committed): The Company’s senior credit facility (the “KfW Facility”) with KfW IPEX-Bank GmbH (“KfW”) is expected to be amended to provide for a new tranche of up to US$25 million, of which Pala, Triple Flag and Mercuria would commit the first US$15 million as a backstop.
Deferrals under Senior Project Facility and Working Capital Facility (expected to be at least US$8 million): KfW is expected to defer three interest payments under the KfW Facility. Concord Resources Limited is expected to defer interest and principal payments under the Company’s working capital facility.
Under the Restart Financing Package, Pala is expected to consolidate approximately US$73 million of the indebtedness currently owing to Pala by the Company into an amended or new debt instrument (the “Pala Debt Instrument”), which indebtedness would be convertible into Common Shares.
Please see the Prior Announcement for additional details regarding the Restart Financing Package.
Nevada Copper reminds shareholders that the terms of the Restart Financing Package are currently non-binding and closing is subject to, among other things, finalization of the specific terms thereof, negotiation and execution of definitive documentation and the satisfaction of various regulatory requirements. The Company and its key financing partners intend to enter into definitive documents in respect of and close the Restart Financing Package concurrently on or about October 5, 2022 (the “Closing Date”). The closing of the Restart Financing Package will be subject to the approval of the Toronto Stock Exchange (the “TSX”).
As disclosed in the Prior Announcement, there can be no assurance that binding agreements will be entered into or completed (or the required regulatory approvals obtained) on terms satisfactory to the Company and within the required timeframe, or at all. In addition, there can be no assurance that the Company will be able to raise the further funding to supplement the Restart Financing Package that will be required to complete the restart and ramp-up process. The Company expects the costs of the restart and ramp-up process to be in the range of US$70 million-US$75 million. In addition, the Company needs to satisfy and/or defer various outstanding vendor payables. Together these costs and payables are expected to exceed the amount of the Restart Financing Package. As a result, the Company continues to evaluate other additional financing options, including a public offering.
The Company intends to use the available proceeds from the Restart Financing Package of approximately US$71.5 million (representing the US$93 million of liquidity less US$13.5 million already advanced by Pala and less US$8 million in deferrals under the KfW Facility and the Company’s working capital facility) to fund ramp-up costs (approximately US$15.7 million to fund capital expenditures and approximately US$29.1 million to fund operating costs), vendor payments (approximately US$23.5 million) and for general corporate purposes, such as overhead (approximately US$3.2 million).
If the Restart Financing Package is not completed, absent other financing, the Company will not be able to continue carrying on business in the ordinary course and may need to pursue proceedings for creditor protection. The Company’s creditors may also seek to commence enforcement action, including realizing on their security over the Company’s assets.
Potential Maximum Dilution in Respect of the Restart Financing Package
Pala currently owns 167,759,110 Common Shares, representing approximately 37% of the outstanding Common Shares on a non-diluted basis. Mercuria currently owns 48,700,000 Common Shares, representing approximately 11% of the outstanding Common Shares on a non-diluted basis.
Pala is expected to fund its equity investment of US$20 million by the cancellation of approximately US$13.5 million in short-term debt advanced to the Company by Pala as interim financing and by the payment of approximately US$6.5 million on the Closing Date. The Pala Equity Investment will be at a subscription price equal to a 15% discount to the five-day volume weighted average price (the “VWAP”) of the Common Shares on the TSX as of the trading day prior to the Closing Date (the “Equity Subscription Price”). By way of illustration, if the closing of the Pala Equity Investment occurred on September 23, 2022, 120,088,496 Common Shares would be issued to Pala using a 15% discount to the five-day VWAP of C$0.266 and then converting such VWAP into U.S. dollars using the Bank of Canada exchange rate on September 23, 2022 of C$1.00=US$0.7369 (the “Illustrative Equity Subscription Price”). In addition, approximately US$1.665 million of guarantee and other fees will be satisfied by the issuance of Common Shares to Pala at the Equity Subscription Price. Based on the Illustrative Equity Subscription Price, this will result in an additional 9,999,655 Common Shares being issued to Pala. The transactions described in this paragraph together with the Pala Debt Instrument are referred to as the “Pala Equity Investment” herein.
Mercuria is expected to fund its equity investment of US$20 million in two tranches. The first tranche of US$10 million will be paid on the Closing Date. The second tranche of US$10 million will be deposited into escrow on the Closing Date and will be released upon the satisfaction or waiver of certain conditions. These conditions include the completion of certain steps in the ramp-up process that the Company expects to achieve before the end of 2022. The first tranche of the Mercuria Equity Investment will be at a subscription price equal to the Equity Subscription Price. The second tranche of the Mercuria Equity Investment will be at a subscription price equal to a 15% discount to the five-day VWAP of the Common Shares on the TSX as of the trading day prior to the applicable date of closing. By way of illustration, if the closing of both tranches of the Mercuria Equity Investment occurred today, 120,088,496 Common Shares would be issued to Mercuria using the Illustrative Equity Subscription Price.
In connection with the Mercuria Equity Investment, Mercuria is expected to receive Common Share purchase warrants of the Company (the “Warrants”). Each Warrant will entitle Mercuria to, subject to satisfying certain vesting conditions, acquire one Common Share at an exercise price equal to a 20% premium to the Equity Subscription Price. The Warrants will vest, from time to time, in conjunction with the conversion of the Pala Debt Instrument, thereby providing Mercuria with an ability to maintain its pro rata shareholding interest. The vesting of 50% of the Warrants will also be subject to the vesting condition that the second tranche of the Mercuria Equity Investment has closed. The Warrants will expire upon maturity of the Pala Debt Instrument. By way of illustration, if all Warrants vested and were exercised today, 119,205,651 Common Shares would be issued to Mercuria assuming the illustrated conversion of the Pala Debt Instrument described below. The transactions described in the foregoing two paragraphs are referred to as the “Mercuria Equity Investment” herein (the Mercuria Equity Investment together with the Pala Equity Investment are referred to herein as the “Equity Investments”).
Pala is expected to consolidate approximately US$73 million of the indebtedness currently owing to Pala by the Company into the Pala Debt Instrument. The loans outstanding to be consolidated into the Pala Debt Instrument would include (i) the total of approximately US$53 million outstanding under the existing credit agreement entered into by Pala and the Company in November 2021; and (ii) US$20 million that was advanced to the Company under a promissory note in June and July 2022. In connection with the entering of the Pala Debt Instrument, a 4% fee on the US$20 million amount referred to above will be payable to Pala and capitalized as additional principal under the Pala Debt Instrument. Amounts owing under the Pala Debt Instrument would be convertible into Common Shares, at Pala’s option, at a conversion price equal to a 20% premium to the Equity Subscription Price. By way of illustration, if all amounts owing under the Pala Debt Instrument were converted today, 374,402,808 Common Shares would be issued to Pala using a 20% premium to the Illustrative Equity Subscription Price.
Based on the above illustrations, the number of Common Shares that will be issued as a result of the Equity Investments is set out below, assuming the conversion in full of the Pala Debt Instrument and the exercise in full of the Warrants:
Total Number of Common Shares currently held
Total Number of Common Shares that will be held after the Equity Investments excluding conversion of the Pala Debt Instrument and exercise of the Warrants
Total Number of Common Shares that will be held after the Equity Investments including conversion of the Pala Debt Instrument and exercise of the Warrants
% of Common Shares currently owned relative to Common Shares currently outstanding
% of Common Shares owned relative to Common Shares outstanding after the Equity Investments excluding conversion of the Pala Debt Instrument and exercise of the Warrants
% of Common Shares owned relative to Common Shares outstanding after the Equity Investments including conversion of the Pala Debt Instrument and exercise of the Warrants
Pala
167,759,110
297,847,261
672,250,069
37.41%
42.63%
56.39%
Mercuria
48,700,000
168,788,496
287,994,147
10.86%
24.16%
24.16%
The total number of Common Shares to be issued pursuant to the Equity Investments (excluding conversion of the Pala Debt Instrument and exercise of the Warrants) is 250,176,647, which represents approximately 56% relative to the number of Common Shares currently issued and outstanding. The total number of Common Shares to be issued pursuant to the Equity Investments (including conversion of the Pala Debt Instrument and exercise of the Warrants) is 743,785,105, which represents approximately 166% relative to the number of Common Shares currently issued and outstanding.
TSX Financial Hardship Exemption
Nevada Copper has applied to the TSX, pursuant to the provisions of Section 604(e) of the TSX Company Manual, for a “financial hardship” exemption from the requirements to obtain shareholder approval of components of the Restart Financing Package on the basis that, absent the Restart Financing Package the Company is in serious financial difficulty due to the lack of available cash and funding resources. Moreover, the Company is currently in default under its various credit facilities and the Company’s metals purchase and sale agreement with Triple Flag. The Restart Financing Package, including the Equity Investments, are designed to improve the Company’s financial situation. The entry into of each of the definitive agreements required in respect of the Restart Financing Package will occur concurrently. The application was approved by the Special Committee (as defined below) who has determined that the transactions discussed herein are reasonable for Nevada Copper in the circumstances. Under the policies of the TSX, on the basis that the Restart Financing Package was determined to be subject to the provisions of Section 607 of the TSX Company Manual for private placements, components of the Restart Financing Package would have required shareholder approval by the Company due to: (a) the number of Common Shares (including the Common Shares issuable upon the conversion of the Pala Debt Instrument and upon exercise of the Warrants) issuable in connection with the Restart Financing Package is in excess of 25% of the number of Common Shares outstanding; (b) the number of Common Shares to be issued to insiders (assuming conversion of the Pala Debt Instrument and exercise Warrants) is greater than 10% of the number of Common Shares outstanding; and (c) the consideration (being the Equity Investments) to be received by insiders is greater than 10% of the Company’s market capitalization. The Restart Financing Package will not materially affect control of the Company given Pala’s existing level of ownership in the Company.
The board of directors of the Company (the “Board”) has formed a special committee (the “Special Committee”) consisting of members of the Board who are independent of Pala, Mercuria and management of the Company, to consider the proposed terms of the Restart Financing Package, including the terms of the Equity Investments. The Special Committee has meet continuously throughout the negotiation of the proposed terms of the Restart Financing Package.
Nevada Copper expects that as a consequence of its financial hardship application, the TSX will conduct a remedial delisting review of the Company. Although Nevada Copper believes that it will be in compliance with all continued listing requirements of the TSX upon the closing of the Restart Financing Package, no assurance can be provided as to the outcome of such review or continued qualification for listing on the TSX. There can be no assurance that the TSX will accept the application for the use of the financial hardship exemption from the requirement to obtain shareholder approval described above.
The Equity Investments will be related party transactions of the Company for purposes of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”) and are subject to the formal valuation and minority approval requirements thereof, unless an exemption is available. It is the intention of the Company to rely on the financial hardship exemption provided for in Sections 5.5(g) and 5.7(e) of MI 61-101.
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 completion of the funding package described above, including the terms and timing thereof, the plans and requirement for supplementary financing and the expected amounts thereof, regulatory requirements, the Company’s “financial hardship” exemption application, the use of proceeds from the Restart Financing Package, creditor protection proceedings, mine planning, the execution of the mine restart plan and expected development schedule, and the expected costs of the restart and ramp-up process. There can be no assurance that the Restart Financing Package will close or that the cost estimates or allocation thereof will be accurate.
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; potential creditor protection proceedings; 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.
View looking east along the Eureka Zone within a large mafic-ultramafic magmatic complex. Note: Outline of the Ultramafic complex and Eureka zone are approximate.
Figure 2
Cross section view of Eureka Zone looking west, showing trace of holes FL-003 and FL-006 drilled by INCO in 1997.
VANCOUVER, British Columbia, Sept. 26, 2022 (GLOBE NEWSWIRE) — Millrock Resources Inc. (TSX-V: MRO) (“Millrock”) is pleased to report additional assay results from the sampling of historical core from the Eureka Zone at its 100% owned Nikolai Project, which hosts nickel (Ni) – copper (Cu) – cobalt (Co) – platinum group elements (PGE) prospects.
The Nikolai Project is located within Alaska’s Delta Mining District, approximately 130 kilometers by road south of Delta Junction and approximately 280 kilometers southeast of Fairbanks. The Eureka zone consists of disseminated Ni-Cu-Co-PGE mineralization initially discovered by a subsidiary of INCO, and further expanded by Pure Nickel Inc., as reported in their press releases ranging between 2007-2014 (see Figure 1).
The new assay results confirm the existence of low-grade Ni-Cu-Co-PGE mineralization immediately below and adjacent to the Core Eureka Zone (“CEZ”). The new zone is named the Lower Eureka Zone (“LEZ”). Along with the Upper Eureka Zone (“UEZ”), hole FL-003, drilled by INCO in 1997, intersected 346 meters of nickel mineralization, representing an approximate true width of 275 meters (Figure 2).
Millrock President and CEO Gregory Beischer commented: “From historical drilling, it is clear that a large volume of mineralized rock is present in the Eureka Zone. We believe the demand for nickel, cobalt, and other Critical and Strategic Metals will be exceptionally strong in the coming decades, making low-grade mineralization such as at Eureka of interest.”
About Eureka Zone: Based on historical drill hole results, Millrock identified a probable zone of mineralization measuring approximately 1,200 meters by 400 meters by 300 meters that contains low but potentially economic concentrations of nickel, copper, cobalt, platinum, palladium, and gold. Upon further review of the historical drill hole results, it was noted that only incomplete, non-continuous sampling was done in rocks intersected below the CEZ in hole FL-003. Drill core from this hole is preserved at the Geologic Materials Center in Anchorage, Alaska. Millrock collected and assayed samples from hole FL-003 in the suspected LEZ.
Highlights of the core sampling program include:
FL-003: 100 samples were assayed between hole depths of 273.4 meters and 412.1 meters
FL-003: mineralized interval of 135.6 meters grading 0.20% Ni, 0.05% Cu, 0.016% Co, 0.062 ppm Pd, 0.026 ppm Pt, and 0.014 ppm Au (including eight historical intervals).
Based on the newly received assays and historical assays from INCO holes FL-003 and FL-006, Millrock now interprets there to be three distinct domains (UEZ, CEZ, and LEZ) within the Eureka Zone, with an estimated true thickness at the drilled location of 275 meters (Figure 2).
These three domains consist of strongly serpentinized rocks:
1: Upper Eureka Zone (UEZ) – sulfur-poor peridotite, with disseminated sulfides.
Drillhole
To (m)
From (m)
Interval (m)
Ni (%)
Cu (%)
Co (%)
Pd (ppm)
Pt (ppm)
Au (ppm)
NiEq%
CuEq%
FL-003
60.2
173.7
113.5
0.20
0.05
0.014
0.101
0.046
0.007
0.32
0.65
FL-006
185.0
298.1
113.1
0.21
0.06
0.018
0.093
0.046
0.006
0.35
0.70
2: Core Eureka Zone (CEZ) – sulfur-rich peridotite and norite with disseminated sulfides.
Drillhole
To (m)
From (m)
Interval (m)
Ni (%)
Cu (%)
Co (%)
Pd (ppm)
Pt (ppm)
Au (ppm)
NiEq%
CuEq%
FL-003
173.7
271.9
98.2
0.22
0.12
0.019
0.141
0.064
0.018
0.42
0.85
FL-006
298.1
382.8
84.7
0.26
0.13
0.020
0.143
0.069
0.025
0.47
0.94
3: Lower Eureka Zone (LEZ) – sulfur-poor melanorite, with disseminated sulfides.
Drillhole
To (m)
From (m)
Interval (m)
Ni (%)
Cu (%)
Co (%)
Pd (ppm)
Pt (ppm)
Au (ppm)
NiEq%
CuEq%
FL-003
271.9
407.5
135.6
0.20
0.05
0.016
0.062
0.027
0.014
0.32
0.64
FL-006
Hole was ended prior to the LEZ
Note: NiEq% and CuEq% in this press release are calculated using the following metal prices: Nickel = $7.00/lb., Copper = $3.50/lb., Cobalt = $25.00/lb., Palladium = $1800/oz., Platinum = $900/oz. and Gold = $1600/oz.
In order to determine the deportment of nickel, copper, cobalt, and the precious metals, Millrock has submitted samples for laboratory analysis to identify which minerals are host to the valuable metals. From this information, an idea of metal recoverability can be gleaned. This will be very important information to have for a project of this type and scale.
Quality Control – Quality Assurance Millrock adheres to stringent Quality Assurance – Quality Control (“QA/QC”) standards. Core samples are kept in a secure location at all times. In this case, the samples were assayed at the Bureau Veritas laboratory in Vancouver, Canada. Preparation and analysis methods are described in further detail here. The sample preparation method code being utilized for the current sampling program was PRP70-250. Analysis methods used include MA370 – 4-acid digestion ICP-ES Finish and FA330 – Fire assay fusion Au, Pt, Pd by ICP-ES. For every 10 core samples, a blank, duplicate, or standard sample (Certified Reference Materials) of known copper, nickel, platinum, palladium, and gold concentration was analyzed. The Qualified Person is of the opinion that the results reported in this press release are reliable.
Historical assay results for core samples originally obtained by INCO in 1997 were used, in part, for the composite grade calculation for the LEZ in hole FL-003. Millrock has not independently verified the results. However, the drilling work completed in 1997 was done under the direct supervision of Gregory Beischer in his prior role as Exploration Manager for INCO. Mr. Beischer is the Qualified Person responsible for the contents of this disclosure. The historical samples were assayed at Chemex Lab, Inc. Appropriate quality control measures were in place.
Qualified Person The technical information within this document has been reviewed and approved by Gregory A. Beischer, President, CEO, and a director of Millrock. Mr. Beischer is a Qualified Person as defined in NI 43-101.
About Millrock Resources Inc. Millrock Resources Inc. is a premier project generator to the mining industry. Millrock identifies, packages, and operates large-scale projects for joint venture, thereby exposing its shareholders to the benefits of mineral discovery without the usual financial risk taken on by most exploration companies. The company is recognized as the premier generative explorer in Alaska, is a significant shareholder of junior explorer ArcWest Exploration Inc. and owns a large shareholding in Resolution Minerals Limited and Felix Gold. Funding for drilling at Millrock’s exploration projects is primarily provided by its joint venture partners. Business partners of Millrock have included some of the leading names in the mining industry: EMX Royalty, Centerra Gold, First Quantum, Teck, Kinross, Vale, Inmet and, Altius as well as junior explorers Resolution, Riverside, PolarX, Felix Gold, and Tocvan.
ON BEHALF OF THE BOARD “Gregory Beischer” Gregory Beischer, President & CEO
FOR FURTHER INFORMATION, PLEASE CONTACT: Melanee Henderson, Investor Relations Toll-Free: 877-217-8978 | Local: 604-638-3164 Twitter | Facebook | LinkedIn
Some statements in this news release contain forward-looking information. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. Such factors include without limitation the completion of the ongoing metal deportment study, and the completion of planned expenditures, the ability to complete exploration programs on schedule and the success of exploration programs.
“NEITHER 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.”
Burlington, Ontario–(Newsfile Corp. – September 26, 2022) – Silver Bullet Mines Corp. (TSXV: SBMI) (OTCQB: SBMCF) (‘SBMI’ or ‘the Company’) has assayed, among other elements, significant quantities of palladium and gold in the mineralized material from its Buckeye Silver Mine in Arizona. These surprise discoveries are not factored into any of the Company’s internal financial projections. This mineralized material was taken from a newly exposed section at the Buckeye.
Palladium is currently trading at roughly USD$2,100 per ounce and gold is currently trading at roughly USD$1,650 per ounce. For reference below, SBMI notes that one ppm (part per million) is equivalent to one gram per tonne. There are 28.35 grams in one ounce.
How The Gold and Palladium Were Found
The gold and palladium were discovered after SBMI initially processed roughly 60 tons of Buckeye Mine material at its 100%-owned mill, and then encountered challenges in pouring proper silver dore bars to satisfy the outstanding sample run order. An example of such challenges is in the picture below.
Recent dore bar from material bulk sampled at the Buckeye
To help identify the possible source of this, SBMI sent a sample (the “First Batch”) on September 7, 2022, from its concentrates of the 60 ton bulk sample to Lone Pine Analytical, a third-party lab, for further analysis. That analysis completed on September 11, 2022 revealed, from this sample, being an average of 2 collected concentrate samples, elevated levels of palladium and gold, as per the chart below:
Element
Unit
Concentration
Report
(Duplicates)
Limits
Au
ppm
(1) 50.8
0.05
(2) 38.1
Pd
ppm
(1) 83.8
0.05
(2) 80.0
Pt
ppm
(1) .0457
0.05
(2) .667
Rh
ppm
(1) .150
0.05
(2) .255
Ir
ppm
(1) 0.172
0.05
(2) .308
Os
ppm
(1) .572
0.05
(2) .382
Ru
ppm
(1) ND
0.05
(2) ND
In response to these unusual values, SBMI will be undertaking referee sampling with another independent third-party ISO accredited lab.
“Those are astonishing results for the gold and palladium,” said A. John Carter, SBMI’s CEO. “To the best of our knowledge the only significant producer of palladium in the United States of America is Sibanye-Stillwater in Montana, so this is a possible game-changer, not just for SBMI but for platinim group metal exploration in Arizona. We have heard anecdotal evidence of Pt-Pd production as a by-product of porphyry mining in the Globe area and have seen data from a local prospective Pt-Pd property, but we are still investigating what our results mean. At this time the Company is actively investigating the source and recovery of the anomalous palladium and gold values and are currently engaging additional technical support in this pursuit.”
The Company believes the results above are representative of the 60 tons of the material extracted from the Buckeye Mine.
Second Batch Samples From a 140 ton Bulk Sample
SBMI then took, from another larger bulk sample, a sample batch (the “Second Batch”) of a further seven samples from various locations in the mill. This bulk sample represents roughly 140 tons of material from the Buckeye Mine. SBMI’s assay team had initially assayed those samples for silver only. Subsequently, each of the following samples from this 140 ton bulk sample were labelled with unique identifiers as shown below:
Head Feed 700 oz/Ton Ag
100 gm 2503oz/Ton Ag Conc
#1 Table Cons. Original
#1 Table Cons from Mill
#2 Table Cons from Mill
Tails
Dorie Bead
Those labels were provided by SBMI’s assay team to Lone Pine Analytics by the leader of SBMI’s assay team, Mr. Robert Budd, who also collected and assayed those samples for silver. SBMI has on prior occasions and on its website made disclosure of Mr. Budd’s credentials and QAQC processes, and will include these matters below in the QA/QC for SBMI.
Second Batch Samples to Lone Pine Analytics
After being assayed for silver only by SBMI, the Second Batch was then sent to Lone Pine Analytical for further analysis of additional elements. The average values for Au and Pd of the 7 samples returned from Long Pine Analytics for the gold and the palladium were as follows:
The Company believes these results are representative of the 140 ton bulk sample. The complete assay certificates with a photo of each sample will be posted to the Company’s website.
In response to these unusual values, SBMI will be undertaking referee sampling with another independent third party ISO accredited lab.
All of the roughly 200 tons of material (combined from the 2 bulk samples) were taken directly from the vein accessed at the lower drift. All 200 tons were taken and processed in the normal course, with no selective sampling.
“We made a decision early on to build our own mill in Arizona to high standards, and as a result we have been able to immediately recognize there were significant amounts of elements other than silver in this new material” continued Mr. Carter. “Standard exploration techniques may not have found the gold or palladium without the expenditure of millions of exploration dollars. We are there now, more quickly for much less money.”
SBMI has found a potential buyer for the concentrates who is likely able to process the palladium in addition to the gold and silver, but before making final decisions SBMI is waiting on further assay data and input from metallurgists, engineers and others.
QAQC For SBMI
All the samples above were collected by Mr. Robert Budd, a Metallurgical Process Engineer who began his career in metallurgical engineering in 1972. He has held various positions with various employers including Senior Engineer, Superintendent, Engineer, Technical Assistant, Technician, and Lab Assistant. Most recently, prior to joining SBMI he was involved in designing and creating an internal assay facility in Arizona for Freeport McMorran Inc. He has also been the the Principal Process Specialist for Fluor Canada out of Vancouver, the Senior Metallurgical Engineer for Doe Run Lead, the Project Engineer for the commissioning of a copper concentrator start-up at Oz Minerals’ Prominent Hill Mine in South Australia, Senior Metallurgical Engineer for Cyprus Miami/Phelps Dodge Miami in Arizona, Metallurgical Engineer and Metallurgical Lab Supervisor for Newmont Gold in Nevada, and Chief Metallurgist for Inspiration/Cyprus Miami in Arizona among other positions.
The samples analyzed by SBMI at its facility near Globe, Arizona were processed by Mr. Budd through the Lab Jaw Crusher, Lab Hammer Mill and Splitter Box into an aliquot. Most of the pulverized aliquot was mixed with a flux and flour combination and melted in a crucible at 1,850 degree Fahrenheit, with the remainder being logged and archived. Upon cooling, the poured melt was in the form of a metal button and slag, following which a bone ash cupel was utilized to eliminate the lead in the button to form a bead. The bead was then weighed, following which a solution of 6 to 1 distilled water to nitric acid was utilized to dissolve the silver in the bead at approximately 175 degrees Fahrenheit. A much more detailed description of the process and a picture of the assay lab can be found at https://www.silverbulletmines.com/qaqcassaylab.
QAQC For Lone Pine Analytics
For each batch, Lone Pine Analytical of Phoenix, Arizona sampled two distinct samples (approx 200mg), digested, filtered, diluted and analyzed. For the digestion, the lab used [1mL HF: 4.5mL Nitric Acid: 4.5mL HCI]. The samples were digested in a microwave in sealed PTFE tubes where the temperature reached 200C with a total cycle time of 40 minutes. Bismuth (Bi) was used the internal standard. A three-point calibration, plotted through zero was used with excellent linear correlation for each element. Thus, the lab used an internal and external standards (instrument calibration). Chain of custody protocols were strictly observed. Lone Pine Analytical, as of September 11, 2023, is in the process of renewing its ISO /IEC-17025 lab accreditation with a scope for metals in soils and rocks
Mr. Robert G. Komarechka, P.Geo., an independent consultant, has reviewed and verified SBMI’s work referred to herein, and is the Qualified Person for this release.
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.
