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Vancouver, British Columbia–(Newsfile Corp. – September 12, 2022) – Goldshore Resources Inc. (TSXV: GSHR) (OTCQB: GSHRF) (FSE: 8X00) (“Goldshore” or the “Company“), is pleased to announce assay results from eight holes drilled to test gold mineralization at the East Coldstream deposit at the Moss Lake Project in Northwest Ontario, Canada (the “Moss Lake Gold Project“).
Highlights:
Results for eight holes, drilled to better define the gold mineralization of the East Coldstream deposit, have confirmed three broad lenses of gold mineralization within the two main shear zones with best intercepts of:
23m @ 1.34 g/t Au from 244m depth in CED-22-004, including
7.35m @ 3.77 g/t Au from 254.2m
17.3m @ 1.55 g/t Au from 487m depth in CED-22-005
20m @ 1.15 g/t Au from 402m depth in CED-22-006
26m @ 1.66 g/t Au from 451m, including
7.9m @ 4.20 g/t Au from 465m
25.7m @ 2.07 g/t Au from 488m
37.05m @ 1.54 g/t Au from 209.3m depth in CED-22-007
27.9m @ 1.14 g/t Au from 387m depth in CED-22-008, including
13m @ 2.14 g/t Au from 401m
The better intercepts are all centered around five high-grade gold zones of mineralized breccia, including:
1.05m @ 15.8 g/t Au from 257.95m depth in CED-22-004
0.9m @ 14.3 g/t Au from 472m depth in CED-22-006, and
0.65m @ 13.5 g/t Au from 502m
0.85m @ 10.6 g/t Au from 244.35m depth in CED-22-007, and
0.4m @ 12.6 g/t Au from 418m
These results show that the three gold mineralized lenses have a clear steep plunge and highlight significant upside potential at depth within structurally controlled shoots.
President and CEO Brett Richards stated: “These first results are extremely encouraging and significant to the overarching strategy of developing a secondary resource to Moss Lake. This will provide optionality that can only help improve the new PEA study next year. The results also point to a second significant project within our land package, which highlights the potential for further discoveries.”
Technical Overview
Figure 1 shows the location of the East Coldstream deposit relative to the Moss Lake deposit and the Archean Shebandowan Greenstone Belt. Table 1 and Figure 3 show the significant intercepts. Table 2 and Figure 2 show the drill hole locations. Figures 4 and 5 show a cross section through CED-22-006 and long section along the southern zone, respectively.
Figure 1: Location map showing East Coldstream relative to Moss Lake
Intersections calculated above a 0.3 g/t Au cut off with a top cut of 30 g/t Au and a maximum internal waste interval of 10 metres. Bordered intervals are intersections calculated above a 1.0 g/t Au cut off. Intervals in bold are those with a grade thickness factor exceeding 20 gram x metres / tonne gold. True widths are approximate and assume a subvertical body.
Table 2: Location of drill holes in this press release
HOLE
EAST
NORTH
RL
AZIMUTH
DIP
EOH
CED-22-001
681,136
5,386,570
479
337°
-50°
483.0m
CED-22-002
681,420
5,386,640
479
335°
-50°
494.85m
CED-22-003
680,507
5,386,473
481
336°
-50°
360.0m
CED-22-004
680,008
5,386,430
477
155°
-60°
302.8m
CED-22-005
680,559
5,386,340
486
342°
-60°
810.1m
CED-22-006
680,010
5,386,586
475
140°
60°
600.0m
CED-22-007
680,085
5,386,604
473
138°
-59°
657.05m
CED-22-008
680,559
5,386,340
483
340°
-50°
603.0m
Approximate collar coordinates in NAD 83, Zone 15N
Results have been received for eight of the initial 17 holes in the first pass drilling program at East Coldstream. These drillholes tested the existing mineralized lenses, as well as possible eastern and down-dip extensions.
Our work on the mineralization paragenesis and its structural controls has shown that gold mineralization is related to pervasive silica-hematite alteration and sulfide veining associated with an extensional brecciation event following extensive shearing. At the deposit scale, this formed three lenticular bodies within two main shear zones (Figure 1). Based on structural measurements from oriented core, each body has a steeply west-dipping plunge and a gently east-pitching stretching lineation that creates an internal fabric to mineralization (Figure 4). This structural control creates the potential for additional high-grade mineralization to occur below the shallowly drilled portions of the shears zones such as encountered in CED-22-007.
CED-22-001 and -002 tested a similar geophysical feature to the east of the East Coldstream deposit. CED-22-001 was drilled closest to East Coldstream and encountered narrow zones of mineralization, while CED-22-002 was drilled 300 meters further east and did not encounter significant results. This sterilizes the immediate extension, but given the lenticular geometry of mineralization, leaves open the prospectively of the structure further to the east.
CED-22-003 and -004 drilled the North and Main Lenses, respectively. Both holes intersected broad low-grade mineralized zones, including 19.15m @ 0.61 g/t Au from 269.55m in CED-22-003; and 48m @ 0.39 g/t Au from 168m and 23m @ 1.34 g/t Au in CED-22-004.
Holes CED-22-005 to -008 tested down plunge extensions of the known mineralization. All holes intersected variable widths of higher grade mineralization, including 17.3m @ 1.55 g/t Au from 487m in CED-22-005; 20.0m @ 1.15 g/t Au from 402m, 26.0m @ 1.66 g/t Au from 451m, and 25.7m @ 2.07 g/t Au from 488m in CED-22-006; 37.05m @ 1.54 g/t Au from 209.3m in CED-22-007; and 27.9m @ 1.14 g/t Au from 387m in CED-22-008.
Pete Flindell, VP Exploration for Goldshore, said “Our analysis of drill results at East Coldstream confirms the two parallel shear zones that were modelled in the past. The recognition of a greater structural control within these shears has led to the modelling of three steeply dipping lenticular shoots that remain open at depth. A gently dipping internal fabric suggests that mineralization is focused within discrete structures that may allow us to model a higher-grade resource than exists in the historic estimate.”
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 Gold Mines Ltd. (“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, 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:
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.
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. Recource 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.
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:
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.
TORONTO, Sept. 09, 2022 (GLOBE NEWSWIRE) — Collective Mining Ltd. (TSXV: CNL) (OTCQX: CNLMF) (“Collective” or the “Company”) is proud to announce the publication of its inaugural 2021 ESG Report, detailing the Company’s commitments and contributions to environmental, social and governance (ESG) factors, practices and management. The report offers stakeholders a clear and comprehensive understanding of its most material sustainability topics in key areas that include health and safety, environmental stewardship, social management, governance, inclusion, and diversity. It also highlights the Company’s initiatives and commitments for the 2021 calendar year, as well as the Company’s plans and priorities for 2022.
“I am very pleased to present Collective Mining’s first ESG report, which summarizes the significant efforts we have made since our young Company began operations in Colombia a little over two years ago. The report discloses our Company’s approach and performance on a series of sustainability topics which are part of our core beliefs. We continue our commitment to achieving our ESG goals and creating value that benefits all stakeholders, employees, host communities and the environment,” commented Ari Sussman, Executive Chairman.
To see our latest corporate presentation and related information, please visit www.collectivemining.com.https://embed.fireplace.yahoo.com/embed?ctrl=Monalixa&m_id=monalixa&m_mode=document&site=sports&os=android&pageContext=%257B%2522ctopid%2522%253A%25221542500%253B1577000%2522%252C%2522hashtag%2522%253A%25221542500%253B1577000%2522%252C%2522wiki_topics%2522%253A%2522TSX_Venture_Exchange%253BZijin_Mining%253BCompany%253BBasic_belief%253BColombia%253BEnvironmental_stewardship%2522%252C%2522lmsid%2522%253A%2522a0770000002m0AbAAI%2522%252C%2522revsp%2522%253A%2522globenewswire.com%2522%252C%2522lpstaid%2522%253A%2522be8a4532-cc1d-3024-ba14-1301d900f699%2522%252C%2522pageContentType%2522%253A%2522story%2522%257D
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 on both the Guayabales and San Antonio projects, a total of eight major targets have been defined. The Company has made significant grassroot discoveries at both projects with near-surface discovery holes at the Guayabales project yielding 302 metres at 1.11g/t AuEq at the Olympus target, 163 metres at 1.3 g/t AuEq at the Donut target and recently, at the Apollo target, 207.15 metres at 2.68 g/t AuEq, 180.6metres at 2.43 g/t AuEg and 87.8 metres at 2.49 g/t AuEg. 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)
Contact Information
Collective Mining Ltd. Steven Gold, Vice President, Corporate Development and Investor Relations Tel. (416) 648-4065
FORWARD-LOOKING STATEMENTS
This news release contains certain forward-looking statements. 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.
Vancouver, British Columbia–(Newsfile Corp. – September 9, 2022) – EMX Royalty Corporation (NYSE American: EMX) (TSXV: EMX) (FSE: 6E9) (the “Company” or “EMX”)is pleased to announce the receipt of initial royalty production payments from its Gediktepe royalty property in western Turkey. EMX holds a 10% net smelter return (“NSR”) royalty on oxide gold production at Gediktepe, a newly commissioned mine operated by Polimetal Madencilik Sanayi ve Ticaret A.S. (“Polimetal”), a private Turkish company. EMX has received payments for production from the months of June and July totaling $1,842,452 inclusive of $281,052 in Value Added Tax (“VAT”) for which EMX has credits to recover. These represent the first royalty production payments received from Gediktepe after receiving notice that the definition of commercial production had been satisfied in early June (see EMX News Release dated July 13, 2022).
The June and July payments are based upon the sales of 4,490 ounces of gold and 23,309 ounces of silver in June and 4,030 ounces of gold and 44,164 ounces of silver in July. It should be noted that the payment for June was pro-rated for the portion of the month’s sales that took place after the satisfaction of the definition of commercial production in the royalty agreement, which took place on June 8.
In addition to the oxide gold royalty, EMX also owns a 2% NSR royalty on production from an underlying polymetallic copper, zinc, lead and gold deposit that is slated for future development.
Polimetal had informed EMX earlier in 2022 that it expects to produce between 35,000 and 45,000 ounces of gold per year from Gediktepe (with additional contributions from silver production) while mining the oxide gold cap over the next 3-4 years. The production proceeds received for June and July production are consistent with those projections. The Gediktepe royalty is the subject of a NI 43-101 technical report authored by Dama Engineering with an effective date of February 1, 2022. This technical report has been filed on SEDAR under the Company’s profile and contains historical mining reserve and mineral resource estimates.
Gediktepe VMS Deposit: The Gediktepe volcanogenic massive sulfide (“VMS”) deposit is a polymetallic system with precious metal, copper, and zinc rich domains. The upper portion of the deposit is oxidized, forming a precious metal-enriched gossanous cap that will be mined first, followed by production from the underlying polymetallic sulfide deposit.
Gediktepe was discovered in 2012 by a joint venture between Alacer Gold Corporation (which merged with SSR in 2020) and Lidya Madencilik Sanayi ve Ticaret A.S. (“Lidya”), a private Turkish company. Alacer Gold Corp later converted its 50% joint venture interest at Gediktepe into the royalty interests now owned by EMX. Polimetal is a wholly owned subsidiary of Lidya and serves as the operator for the Gediktepe project.
More information on the Gediktepe royalty asset can be found at www.EMXroyalty.com.
Dr. Eric P. Jensen, CPG, a Qualified Person as defined by National Instrument 43-101 and employee of the Company, has reviewed, verified and approved the disclosure of the technical information contained in this news release.
About EMX. EMX is a precious, base and battery metals royalty company. EMX’s investors are provided with discovery, development, and commodity price optionality, while limiting exposure to risks inherent to operating companies. The Company’s common shares are listed on the NYSE American Exchange and the TSX Venture Exchange under the symbol EMX, and also trade on the Frankfurt exchange under the symbol “6E9”. Please see www.EMXroyalty.com for more information.
For further information contact:
David M. Cole President and Chief Executive Officer Phone: (303) 973-8585 Dave@emxroyalty.com
Scott Close Director of Investor Relations Phone: (303) 973-8585 SClose@emxroyalty.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
This news release may contain “forward looking statements” that reflect the Company’s current expectations and projections about its future results. These forward-looking statements may include statements regarding perceived merit of properties, exploration results and budgets, mineral reserve and resource estimates, work programs, capital expenditures, timelines, strategic plans, market prices for precious and base metal, or other statements that are not statements of fact. When used in this news release, words such as “estimate,” “intend,” “expect,” “anticipate,” “will”, “believe”, “potential”, “go forward” and similar expressions are intended to identify forward-looking statements, which, by their very nature, are not guarantees of the Company’s future operational or financial performance, and are subject to risks and uncertainties and other factors that could cause the Company’s actual results, performance, prospects or opportunities to differ materially from those expressed in, or implied by, these forward-looking statements. These risks, uncertainties and factors may include, but are not limited to: unavailability of financing, failure to identify commercially viable mineral reserves, fluctuations in the market valuation for commodities, difficulties in obtaining required approvals for the development of a mineral project, increased regulatory compliance costs, expectations of project funding by joint venture partners and other factors.
Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this news release or as of the date otherwise specifically indicated herein. Due to risks and uncertainties, including the risks and uncertainties identified in this news release, and other risk factors and forward-looking statements listed in the Company’s MD&A for the quarter ended June 30, 2022 (the “MD&A”) and the most recently filed Annual Information Form (the “AIF”) for the year ended December 31, 2021, actual events may differ materially from current expectations. More information about the Company, including the MD&A, the AIF and financial statements of the Company, is available on SEDAR at www.sedar.com and on the SEC’s EDGAR website at www.sec.gov.
North Vancouver, British Columbia–(Newsfile Corp. – September 8, 2022) – Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) (ASX: LLO) (“Lion One” or the “Company”) is pleased to announce the results from 20 additional drill holes, as part of ongoing infill drilling at its high-grade, fully permitted Tuvatu Alkaline Gold Project in Fiji.
Drill results for 20 holes totalling approximately 3,900m of diamond drilling in Zone 5 cover a portion of the Tuvatu gold project, part of the Navilawa volcanic caldera which is host to numerous gold occurrences. outcropping mineralization, as well as the high-grade Tuvatu Alkaline gold deposit.
The drill program represents a significant improvement to the extent of known mineralization; additions are highlighted in blue in Table 1. The main orebody (Figure 1), is scheduled to enter production in Q2 of 2023. Its dimensions and continuity are further defined and expanded with the infill program which adds to the 11 earlier holes in Zone 5 (Lion One news release: May 31, 2022). The additional data outlines high-grade to bonanza-grade mineralized lode swarms <100m from surface. Vein-hosted mineralization remains open along strike and at depth. Lion One is upgrading its resource model which is expected to be significantly improved by this round of drill results. The mineralization reported here is a significant development which is expected to upgrade the resource model, as it represents a critical addition of gold mineralisation to the resources model that grades well above the average resource grade, at relatively shallow levels. As a result, the newly identified mineralization will enhance the economic model, likely upgrading the production stream at Tuvatu.
Top Intercepts include:
20.59 g/t Au over 3.9m from 98.4-102.3m, including 52.89 g/t Au over 1.5m, including 171.5 g/t Au over 0.3m, and 79.18 g/t Au over 0.3m from TUG-144
12.22 g/t Au over 3.3m from 54.9-58.2m, including 32.08 g/t Au over 0.6m, 24.08 g/t Au over 0.6m from TUG-143
56.90 g/t Au over 1.8m from 144.6-146.4m, including 163.19 g/t Au over 0.6m from TUDDH-604
35.98 g/t Au over 1.8m from 53.0-54.8m, including 194.00 g/t Au over 0.3m from TUDDH-609
9.13 g/t Au over 3.3m from 60.3-63.6m, including 44.85 g/t Au over 0.6m from TUG-146, as well as 8.15 g/t Au over 5.1m from 97.5-102.6m, including 19.70 g/t Au over 1.8m from 99.3-101.7 including 13.28 g/t Au over 0.6, 11.73 g/t Au over 0.6m, and 34.08 g/t Au over 0.6m also from TUG-146
9.33 g/t Au over 1.5m from 10.5-12.0m, including 37.42 g/t Au over 0.3m from TUG-144
7.14 g/t Au over 3.0m from 107.5-110.5m, including 28.56 g/t Au over 0.3m, 10.54 g/t Au over 0.3m, and 28.74 g/t Au over 0.3m from TUDDH-591
6.80 g/t Au over 4.2m from 92.1-96.3m including 10.39 g/t Au over 0.3m, 24.57 g/t Au over 0.6m, and 9.62 g/t Au over 0.6m from TUDDH-596
17.85 g/t Au over 0.6m from 127.9-128.5m including 26.79 g/t Au over 0.3m, 5.52 g/t Au over 2.7m from 161.8-164.5m incl. 36.81 g/t Au over 0.3m from TUDDH-605
Results are summarized below in Table 1, with vertical sections including all of the newly reported drill holes presented as Figures 2-8. Highlighted in blue on Table 1 are drill intercepts outside of the mineralized lodes that define the existing resource model. Each additional intercept will likely add width, grade, and continuity to the resource in the near-surface portion of the Tuvatu orebody.
Lion One Drilling Programs in Progress Lion One reports that in addition to its Zone 5 infill drilling it is progressing with deep extensional drilling on the 500 Zone, where TUDDH-608, targeting the high-grade intersection of TUG-141 and TUDD-601, has been terminated at a depth of 678.1m. Visible veining and sulphide mineralization has been recorded from approximately ~530m to 645m depth along the drill hole. Assay results for TUDDH-608 have been commissioned from the Lion One Lab with preliminary results expected soon. Drilling on TUG-147 from the underground decline, targeting the same dilational zone further to the north and deeper has also commenced this week.
The Company has also mobilized a drill rig 2km northeast of Tuvatu to test the Batiri Creek occurrence, the new regional discovery in the Navilawa Caldera (see news release dated August 29, 2022), and underground development continues toward the near-surface Zone 2 of the Tuvatu resource with the No. 2 decline having advanced >80m. Finally, results from a separate batch of 6 PQ diameter diamond drill holes aimed at collecting a 300 kg composite sample for metallurgical testing of Zone 2 mineralization have also been received and compiled. The company will continue to provide further progress updates and results on these activities.
Lion One CEO, Walter Berukoff, stated, “We are confident that the high-grade intercepts indicated by our infill programs and the increased drilling density will lead to a more robust resource model. The high-grade near-surface infill results, along with the continuing success of the deep-drilling program, underscores the potential of Tuvatu to be a multi-million-ounce, high-grade Au producer. Lion One is well positioned to continue advancing all three tiers of our exploration strategy: ongoing, near-surface infill drilling; extensions of deep, high-grade feeder targets, and from our pipeline of regional targets in the surrounding Navilawa caldera.”
Infill Drilling Program Two phases of infill drilling have been planned at Tuvatu with the aim of infilling areas within the current resource and thus augmenting the data density, to further improve the resolution of the geological model in portions of the deposit scheduled for earliest production. Phase 1 infill drilling was completed over Zone 2 (Figure 1) in mid-February 2022, adding over 8,400m of new data from drill core, including 7,475m of new drilling and 955m of sampling of previously unsampled historic drill core (see Feb. 23, 2022 News Release).
This release presents final assay data from 20 previously unreported drill holes completed as part of the Phase 2 infill program, which is planned for approximately 8,200m of diamond drilling from surface and underground, and which is aimed at upgrading the resource database in Zone 5 of the Tuvatu orebody. The Phase 2 program as planned includes 30 holes totalling 5,475m carried out from 4 separate drill stations at surface, and 35 holes totalling 2,695m carried out from 6 underground drill stations. Phase 2 infill drill program began February 17, 2022, with drill hole TUDDH-577, and is expected to require 8-9 months of drilling using three rigs (two from surface and one from underground) to complete.
Results from the initial approximately 6,200m of drilling in Zone 5, represent approximately 75% of the planned program total, indicating and indeed confirming consistent high-grade to locally bonanza-grade Au mineralization for known mineralized lodes in this portion of the current resource, as well as new high-grade mineralization that was not identified prior to this drill program (Table 1, highlighted), and therefore not included in the current resource model.
Numerous high-grade mineralized intervals occur outside of existing modelled lodes. These notably include 35.98 g/t Au over 1.8m which includes a bonanza grade intercept of 194.00 g/t Au from a downhole depth of only 53.0m in hole TUDDH-609, as well as 19.70 g/t Au over 1.8m from only 99.3m downhole depth in hole TUG-146. These additional near-surface intercepts will add significantly to the overall inventory of high-grade mineralization slated for early production at Tuvatu.
Figure 1: A) Oblique view looking N060° and down 17° showing the current conceptual mine plan ore panels (gold) highlighting the location of Zone 2 and Zone 5, the exploration decline (yellow) and the planned Zone 5 infill drilling program (blue). The planned drilling consists of 4 surface and 6 underground drill stations. B) Oblique view looking N060° and down 40° showing the UR1 to UR5, URW1A, URW1C, and URW3 lodes (transparent grey), exploration decline (yellow) and the planned Zone 5 infill drilling program (blue).
Figures 2-8: Composite vertical sections through Zone 5 at Tuvatu, showing the UR1 to UR5, URW1A, URW2A, and URW3 lodes (labelled) and the traces of the infill drilling reported in this release (drill holes are labelled). Grade legend is as follows: orange = >3g/t Au; red = >10 g/t Au; magenta = >30 g/t Au. All figures are at the same scale with views as indicated.
Table 1: Drilling intervals returning >0.5 g/t Au (intervals > 3.0 g/t Au cutoff are shown in red, and intervals >9.0 g/t Au or longer than 1.2m are bolded). Intercepts that are outside of the current geological model are highlighted in light blue.
Hole ID
From (m)
To (m)
Interval (m)
Grade (g/t Au)
TUDDH-589
19.1
19.4
0.3
0.91
85.1
85.4
0.3
0.81
89.6
91.4
1.8
1.44
113
113.6
0.6
17.33
170.9
171.2
0.3
7.36
209.3
209.6
0.3
0.96
210.8
224
13.2
3.79
Incl.
213.2
213.5
0.3
17.03
Incl.
213.8
214.1
0.3
7.85
Incl.
215.6
215.9
0.3
7.17
Incl.
216.5
216.8
0.3
11.41
Incl.
218
218.3
0.3
33.30
Incl.
222.5
222.8
0.3
7.21
Incl.
223.7
224
0.3
15.34
TUDDH-591
73.4
74.0
0.6
1.04
102.3
102.6
0.3
9.28
103.7
104.6
0.9
0.93
106.1
106.6
0.5
2.01
107.5
110.5
3.0
7.14
Incl.
107.5
107.8
0.3
28.56
Incl.
108.1
108.4
0.3
10.54
Incl.
109.0
109.3
0.3
28.74
112.0
112.6
0.6
0.73
113.2
113.5
0.3
0.84
117.7
118.6
0.9
2.02
126.3
127.8
1.5
1.29
129.0
130.2
1.2
0.65
132.9
134.1
1.2
0.88
142.7
143.6
0.9
1.71
TUDDH-592
14.6
14.9
0.3
1.83
18.5
18.8
0.3
0.55
75.2
75.5
0.3
0.55
101.6
102.2
0.6
15.24
147.5
148.7
1.2
0.74
158.9
159.2
0.3
7.76
184.1
184.7
0.6
8.32
Incl.
184.4
184.7
0.3
10.36
TUDDH-593
9.9
11.7
1.8
4.49
Incl.
10.5
11.1
0.6
8.98
28.2
29.4
1.2
0.54
34.5
34.8
0.3
0.69
88.5
89.7
1.2
4.31
140.1
140.4
0.3
3.50
152.7
154.2
1.5
0.78
168.9
170.4
1.5
1.42
TUDDH-594
105.0
105.3
0.3
13.10
189.9
191.1
1.2
8.01
195.0
195.3
0.3
1.80
203.4
207.6
4.2
0.85
203.4
203.7
0.3
3.67
TUDDH-595
54.9
56.1
1.2
0.64
112.2
112.8
0.6
0.85
114.0
114.3
0.3
80.65
121.8
123.9
2.1
1.61
190.2
191.1
0.9
2.20
194.4
194.7
0.3
3.75
201.3
201.6
0.3
1.31
209.7
211.5
1.8
1.88
213.6
213.9
0.3
2.18
224.4
225.9
1.5
1.46
234.9
235.5
0.6
0.52
236.7
238.2
1.5
3.19
247.5
247.8
0.3
1.10
TUDDH-596
77.1
77.4
0.3
0.8
88.8
91.2
2.4
1.35
92.1
96.3
4.2
6.8
Incl.
92.1
92.4
0.3
10.39
Incl.
93.3
93.9
0.6
24.57
Incl.
94.8
95.4
0.6
9.62
102.3
102.9
0.6
7.77
TUDDH-597
91.1
91.7
0.6
1.24
137.9
138.5
0.6
8.59
Incl.
137.9
138.2
0.3
16.50
152.9
153.5
0.6
1.37
176.6
178.4
1.8
0.81
189.5
190.4
0.9
0.55
194.9
195.8
0.9
8.89
TUDDH-598
96.7
97
0.3
0.84
139.6
140.5
0.9
1.85
144.1
144.7
0.6
9.19
170.2
173.8
3.6
4.68
Incl.
170.2
170.5
0.3
12.89
Incl.
171.4
172.6
1.2
8.37
209.5
209.8
0.3
0.65
TUDDH-600
65
65.3
0.3
0.55
73.4
77
3.6
2.66
Incl.
74
74.3
0.3
5.75
Incl.
74.9
75.2
0.3
10.95
78.8
79.4
0.6
0.96
147.8
148.7
0.9
1.26
TUDDH-602
127.4
127.7
0.3
2.73
152
153.2
1.2
0.79
182.3
182.6
0.3
1.03
209.6
210.5
0.9
3.12
Incl.
210.2
210.5
0.3
7.45
214.4
214.7
0.3
1.10
225.2
225.5
0.3
7.12
TUDDH-603
28.7
30.5
1.8
1.64
TUDDH-604
84.6
84.9
0.3
0.64
144.6
146.4
1.8
56.90
Incl.
144.6
145.2
0.6
163.19
167.1
170.7
3.6
8.75
Incl.
167.1
167.7
0.6
45.36
TUDDH-605
127.9
128.5
0.6
17.85
Incl.
127.9
128.2
0.3
26.79
Incl.
128.2
128.5
0.3
8.90
157.6
158.5
0.9
4.10
Incl.
158.2
158.5
0.3
10.21
161.8
164.5
2.7
5.52
Incl.
164.2
164.5
0.3
36.81
190
190.6
0.6
1.21
193.9
194.5
0.6
0.71
197.2
199
1.8
0.64
201.1
201.7
0.6
2.05
214
214.3
0.3
1.09
TUDDH-606
66.0
66.6
0.6
0.88
98.4
98.7
0.3
1.00
TUDDH-609
53.0
54.8
1.8
35.98
Incl.
53.9
54.2
0.3
194.0
Incl.
54.2
54.8
0.6
9.32
TUG-143
14.7
15.3
0.6
2.96
17.1
17.7
0.6
0.89
30.3
30.9
0.6
0.93
32.4
33.0
0.6
1.29
54.9
58.2
3.3
12.22
Incl.
54.9
55.5
0.6
32.08
Incl.
57
57.6
0.6
24.08
Incl.
57.6
58.2
0.6
8.82
60.9
61.2
0.3
17.23
66.6
67
0.4
2.26
67.8
68.4
0.6
1.24
71.1
73.2
2.1
0.86
74.4
74.7
0.3
7.19
80.4
80.7
0.3
2.2
89.4
89.7
0.3
8.48
TUG-144
6.9
8.4
1.5
6.82
Incl.
6.9
7.5
0.6
8.07
Incl.
7.5
7.8
0.3
9.77
10.5
12.0
1.5
9.33
Incl.
11.1
11.4
0.3
37.42
30.6
31.5
0.9
4.25
Incl.
30.6
31.2
0.6
5.77
43.5
43.8
0.3
0.9
45.6
45.9
0.3
0.9
51
51.6
0.6
0.95
52.8
54
1.2
2.03
64.2
66.6
2.4
0.81
68.4
69.9
1.5
3.93
Incl.
68.4
68.7
0.3
8.35
Incl.
69.6
69.9
0.3
11.08
75.3
76.2
0.9
1.83
77.7
78.3
0.6
0.78
84.3
86.7
2.4
1.52
93.9
95.1
1.2
8.3
Incl.
93.9
94.5
0.6
12.48
98.4
102.3
3.9
20.59
Incl.
98.4
99.9
1.5
52.89
which includes
98.4
98.7
0.3
11.35
and
99.0
99.3
0.3
171.5
and
99.6
99.9
0.3
79.18
103.8
106.8
3.0
4.76
Incl.
104.4
104.9
0.5
17.11
Incl.
105.3
105.9
0.6
5.80
115.5
115.8
0.3
0.64
119.1
121.5
2.4
1.46
TUG-146
3.3
3.6
0.3
3.86
10.8
11.4
0.6
1.73
12.9
13.5
0.6
6.30
38.4
39.3
0.9
5.48
Incl.
38.4
38.7
0.3
10.97
60.3
63.6
3.3
9.13
Incl.
60.3
60.9
0.6
44.85
68.4
70.8
2.4
1.41
97.5
102.6
5.1
8.15
which includes
99.3
101.7
1.8
19.70
Incl.
99.3
99.9
0.6
13.28
and
99.9
100.5
0.6
11.73
and
101.1
101.7
0.6
34.08
105
109.5
4.5
3.95
Incl.
106.5
107.1
0.6
8.29
Incl.
107.7
108
0.3
7.62
110.7
111
0.3
9.37
111.9
113.1
1.2
1.44
114.3
119.4
5.1
2.76
Incl.
115.5
115.8
0.3
8.27
144.3
145.2
0.9
5.59
Incl.
144.3
144.6
0.3
14.63
Table 2: Survey details of diamond drill holes referenced in this release
Hole No
Coordinates (Fiji map grid)
RL
final depth
dip
azimuth
N
E
m
(TN)
TUDDH-589
1876513
3920435
348.5
266.6
-65
255
TUDDH-591
1876442
3920520
314.0
149.3
-65
297
TUDDH-592
1876513
3920435
348.6
221.6
-55
220
TUDDH-593
1876513
3920435
348.6
224.4
-45
220
TUDDH-594
1876527
3920502
309.6
239.3
-45
200
TUDDH-595
1876527
3920502
309.6
265.9
-56
225
TUDDH-596
1876442
3920520
314.0
132.0
-55
297
TUDDH-597
1876527
3920502
309.6
227.3
-42
200
TUDDH-598
1876527
3920502
309.6
296.3
-52
280
TUDDH-600
1876442
3920519
311.1
150.8
-71
251
TUDDH-602
1876530
3920503
309.8
251.4
-54
275
TUDDH-603
1876529
3920503
309.8
234.6
-40
290
TUDDH-604
1876529
3920503
309.9
212.4
-45
291
TUDDH-605
1876530
3920503
309.7
254.5
-57
288
TUDDH-606
1876442
3920519
311.1
142.5
-65
249
TUDDH-609
1876442
3920519
311.4
in progress
-54
250
TUG-142
3920486
1876411
102.0
85.8
-12
090
TUG-143
3920486
1876412
103.7
97.7
+30
087
TUG-144
3920486
1876411
101.3
156.3
-40
089
TUG-146
3920486
1876411
101.3
163.9
-45
089
Qualified Person In accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”), Sergio Cattalani, P.Geo, Senior Vice President Exploration, is the Qualified Person for the Company and has reviewed and is responsible for the technical and scientific content of this news release.
QAQC Procedures Lion One adheres to rigorous QAQC procedures above and beyond basic regulatory guidelines in conducting its sampling, drilling, testing, and analyses. The Company utilizes its own fleet of diamond drill rigs, using PQ, HQ and NQ sized drill core rods. Drill core is logged and split by Lion One personnel on site. Samples are delivered to and analysed at the Company’s geochemical and metallurgical laboratory in Fiji. Duplicates of all samples with grades above 0.5 g/t Au are both re-assayed at Lion One’s lab and delivered to ALS Global Laboratories in Australia (ALS) for check assay determinations. All samples for all high-grade intercepts are sent to ALS for check assays. All samples are pulverized to 80% passing through 75 microns. Gold analysis is carried out using fire assay with an AA finish. Samples that have returned grades greater than 10.00 g/t Au are then re-analysed by gravimetric method. For samples that return greater than 0.50 g/t Au, repeat fire assay runs are carried out and repeated until a result is obtained that is within 10% of the original fire assay run. For samples with multiple fire assay runs, the average of duplicate runs is presented. Lion One’s laboratory can also assay for a range of 71 other elements through Inductively Coupled Plasma Optical Emission Spectrometry (ICP-OES), but currently focuses on a suite of 9 important pathfinder elements. All duplicate anomalous samples are sent to ALS labs in Townsville QLD and are analysed by the same methods (Au-AA26, and Au-GRA22 where applicable). ALS also analyses for 33 pathfinder elements by HF-HNO3-HClO4 acid digestion, HCl leach and ICP-AES (method ME-ICP61).
About Lion One Metals Limited Lion One’s flagship asset is 100% owned, fully permitted high grade Tuvatu Alkaline Gold Project, located on the island of Viti Levu in Fiji. Lion One envisions a low-cost high-grade underground gold mining operation at Tuvatu coupled with exciting exploration upside inside its tenements covering the entire Navilawa Caldera, an underexplored yet highly prospective 7km diameter alkaline gold system. Lion One’s CEO Walter Berukoff leads an experienced team of explorers and mine builders and has owned or operated over 20 mines in 7 countries. As the founder and former CEO of Miramar Mines, Northern Orion, and La Mancha Resources, Walter is credited with building over $3 billion of value for shareholders.
On behalf of the Board of Directors of Lion One Metals Limited “Walter Berukoff“ Chairman and CEO
Neither the TSX Venture Exchange nor its Regulation Service Provider accepts responsibility for the adequacy or accuracy of this release.
This press release may contain statements that may be deemed to be “forward-looking statements” within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein are forward-looking information. Generally, forward-looking information may be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “proposed”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases, or by the use of words or phrases which state that certain actions, events or results may, could, would, or might occur or be achieved. This forward-looking information reflects Lion One Metals Limited’s current beliefs and is based on information currently available to Lion One Metals Limited and on assumptions Lion One Metals Limited believes are reasonable. These assumptions include, but are not limited to, the actual results of exploration projects being equivalent to or better than estimated results in technical reports, assessment reports, and other geological reports or prior exploration results. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Lion One Metals Limited or its subsidiaries to be materially different from those expressed or implied by such forward-looking information. Such risks and other factors may include, but are not limited to: the stage development of Lion One Metals Limited, general business, economic, competitive, political and social uncertainties; the actual results of current research and development or operational activities; competition; uncertainty as to patent applications and intellectual property rights; product liability and lack of insurance; delay or failure to receive board or regulatory approvals; changes in legislation, including environmental legislation, affecting mining, timing and availability of external financing on acceptable terms; not realizing on the potential benefits of technology; conclusions of economic evaluations; and lack of qualified, skilled labour or loss of key individuals. Although Lion One Metals Limited has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information. Lion One Metals Limited does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
VANCOUVER, British Columbia, Sept. 08, 2022 (GLOBE NEWSWIRE) — Rover Metals Corp. (TSXV: ROVR) (OTCQB: ROVMF) (FSE:4XO) (“Rover” or the “Company”) further to its release of August 16, 2022, Rover is pleased to announce the launch of its new website showcasing the pivot by the Company into critical minerals. On August 16, 2022, the Company announced its intent to option a 90% ownership interest in the Indian Mountain Lake VMS project, NT, Canada.
Indian Mountain Lake VMS Project The Indian Mountain Lake 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.https://embed.fireplace.yahoo.com/embed?ctrl=Monalixa&m_id=monalixa&m_mode=document&site=sports&os=android&pageContext=%257B%2522ctopid%2522%253A%25221542500%253B1577000%2522%252C%2522hashtag%2522%253A%25221542500%253B1577000%2522%252C%2522wiki_topics%2522%253A%2522Indian_Mountain_Lake%252C_Pennsylvania%253BCompany%253BGreat_Slave_Lake%253BTSX_Venture_Exchange%253BGovernment_of_Canada%253BYellowknife%253BCanada%253BVancouver%253BMetal%2522%252C%2522lmsid%2522%253A%2522a0770000002m0AbAAI%2522%252C%2522revsp%2522%253A%2522globenewswire.com%2522%252C%2522lpstaid%2522%253A%2522536092c9-1665-3bdf-9dc6-31420ca7ae8e%2522%252C%2522pageContentType%2522%253A%2522story%2522%257D
An updating release will be provided once the Company has executed its Definitive Option Agreement for the Indian Mountain Lake project.
Judson Culter, CEO at Rover Metals, states “We see tremendous growth coming for critical minerals fueled by domestic EV demand in the U.S. and Canada. We are also excited to see initiatives being put in place by the securities regulators to help publicly traded junior mining companies succeed, this includes enforcing rules against manipulative stock trading practices, such as naked short selling.”
Corporate Update A Q&A interview with Rover’s CEO, Judson Culter, is now also available for viewing here.
Upcoming Conference Rover Metals will be presenting at the Redefining Electric Metals Conference in Calgary, AB, on September 19th and 20th. Registration is at www.redefiningelectricalmetals.com
Shares for Services Agreement The Toronto Venture Exchange (TSXV) has approved a shares for services agreement with one of the Company’s Advisors (the “Services Agreement”). The Services Agreement calls for monthly advisory services of $7,500 to be settled through the issuance of common shares in the Company for a three-month period beginning July 1, 2022 and ending on September 30, 2022. Thereafter, for the final three months of the contract, the monthly fee shall revert to $5,000 per month, with up to 50% of the $5,000 monthly fee to be settled in common shares of the Company, at the option of the Company. The share issuances shall be made on a quarterly basis, and the conversion price shall be the higher of: (1) closing price on the last trading day of the calendar business quarter, or (2) the five day VWAP at the end of the quarter. In connection with TSXV policy, the conversion price shall not be lower then $0.05 per share.
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 both: (1) critical minerals projects; as well as (2) precious metals projects. The Company is exclusive to the mining jurisdictions of Canada and the U.S. Five of the Company’s mineral resource development projects are located near to the city of Yellowknife, 60th parallel, Canada.
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.
TORONTO, Sept. 08, 2022 (GLOBE NEWSWIRE) — Labrador Gold Corp. (TSX.V:LAB | OTCQX:NKOSF | FNR: 2N6) (“LabGold” or the “Company”) is pleased to announce results from recent drilling targeting the prospective Appleton Fault Zone over a 12km strike length. The drilling is part of the Company’s ongoing 100,000 metre diamond drilling program at its 100% owned Kingsway Project.
Highlights of the drilling include an intersection of 2.02 g/t Au over 32 metres from 134 metres that included 18.08 g/t Au over 0.63 metres and 11.42 g/t Au over 1.05 metres in Hole K-22-177 from the north end of Big Vein. The intersection is approximately 75 metres north of the discovery outcrop. In addition, Hole K-22-187 at Big Vein southwest intersected 12.84 g/t Au over 0.8 metres from 341 metres.
The last results from initial drilling at Midway showed an intersection of 5.69 g/t Au over 1.33 metres in Hole K-22-171. Further drilling is planned at Midway to test the continuity of gabbro-hosted mineralization along strike towards Cracker.
“Drilling at Big Vein continues to deliver excellent results with the longest mineralized intersection of 32 metres grading 2.02 g/t gold drilled on the property to date. We are currently testing this intersection down dip. The intersection is approximately 30 metres north of another long intercept of 6.07 g/t Au over 19m in hole K-21-111.” said Roger Moss, President and CEO. “Big Vein has now been drilled over a strike length of approximately 520 metres and remains open both to the northeast and southwest. Two rigs continue drilling at Big Vein to test for extensions of the mineralization in both directions.”
Hole ID
From (m)
To (m)
Interval (m)
Au (g/t)
Zone
K-22-187
157.80
158.25
1.20
1.08
Big Vein SW
328.55
328.85
0.30
3.27
341.00
341.80
0.80
12.84
K-22-184
140.26
140.59
0.33
2.89
Big Vein SW
336.25
337.89
1.64
2.69
K-22-180
nsv
CSAMT
K-22-179
72.00
72.76
0.76
1.08
Golden Glove
K-22-178
nsv
Big Vein SW
K-22-177
8.00
9.00
1.00
1.01
Big Vein
93.74
94.55
0.81
1.11
134.00
166.00
32.00
2.02
including
142.77
143.40
0.63
18.08
and
158.95
160.00
1.05
11.42
212.00
215.00
3.00
2.63
245.00
248.00
3.00
3.60
265.00
266.00
1.00
1.73
K-22-176
nsv
Golden Glove
K-22-175
63.00
65.00
2.00
1.48
Big Vein
230.00
232.00
2.00
2.87
K-22-174
296.00
297.49
1.49
3.65
Big Vein SW
407.00
407.30
0.30
3.24
K-22-173
11.00
12.00
1.00
1.04
Big Vein
16.00
17.00
1.00
1.38
50.00
51.00
1.00
2.23
K-22-172
nsv
CSAMT
K-22-171
194.50
198.00
3.50
1.44
Midway
201.17
202.50
1.33
5.69
K-22-170
11.00
12.00
1.00
1.10
HTC
35.00
44.00
9.00
1.42
218.00
219.00
1.00
1.01
K-22-169
nsv
Golden Glove
K-22-168
165.91
166.21
0.30
1.01
Midway
217.90
218.40
0.50
1.82
K-22-167
57.00
62.00
5.00
1.90
Big Vein
K-22-166
nsv
Midway
K-22-165
243.00
244.00
1.00
1.05
Golden Glove
Table 1. Summary of assay results. All intersections are downhole length as there is insufficient Information to calculate true width.
A total of 52,648 metres have been drilled to date out of the planned 100,000 metre program. Assays are pending for samples from approximately 3,343 metres of core (11% of the total submitted).
Drilling at Kingsway continues with four drill rigs, two working at Big Vein, one at Golden Glove and one at the CSAMT target. Ongoing detailed till sampling and prospecting continues to generate new drill targets along the Appleton Fault Zone and the gabbro trend north and south of Midway. Drilling will begin on these targets once initial drilling at CSAMT is complete.
The Company has $23.6 million in cash and is well funded to carry out the remaining 47,000 metres of the planned drill program as well as further target generation on the property.
True widths of the reported intersections have yet to be calculated. Assays are uncut. Samples of HQ split core are securely stored prior to shipping to Eastern Analytical Laboratory in Springdale, Newfoundland for assay. Eastern Analytical is an ISO/IEC17025 accredited laboratory. Samples are routinely analyzed for gold by standard 30g fire assay with atomic absorption finish as well as by ICP-OES for an additional 34 elements. Samples containing visible gold are assayed by metallic screen/fire assay, as are any samples with fire assay results greater than 1g/t Au. The company submits blanks and certified reference standards at a rate of approximately 5% of the total samples in each batch.
Qualified Person
Roger Moss, PhD., P.Geo., President and CEO of LabGold, a Qualified Person in accordance with Canadian regulatory requirements as set out in NI 43-101, has read and approved the scientific and technical information that forms the basis for the disclosure contained in this release.
The Company gratefully acknowledges the Newfoundland and Labrador Ministry of Natural Resources’ Junior Exploration Assistance (JEA) Program for its financial support for exploration of the Kingsway property.
About Labrador Gold Labrador Gold is a Canadian based mineral exploration company focused on the acquisition and exploration of prospective gold projects in Eastern Canada.
Labrador Gold’s flagship property is the 100% owned Kingsway project in the Gander area of Newfoundland. The three licenses comprising the Kingsway project cover approximately 12km of the Appleton Fault Zone which is associated with gold occurrences in the region, including those of New Found Gold immediately to the south of Kingsway. Infrastructure in the area is excellent located just 18km from the town of Gander with road access to the project, nearby electricity and abundant local water. LabGold is drilling a projected 100,000 metres targeting high-grade epizonal gold mineralization along the Appleton Fault Zone with encouraging results. The Company has approximately $23.6 million in working capital and is well funded to carry out the planned program.
The Hopedale property covers much of the Florence Lake greenstone belt that stretches over 60 km. The belt is typical of greenstone belts around the world but has been underexplored by comparison. Work to date by Labrador Gold show gold anomalies in rocks, soils and lake sediments over a 3 kilometre section of the northern portion of the Florence Lake greenstone belt in the vicinity of the known Thurber Dog gold showing where grab samples assayed up to 7.8g/t gold. In addition, anomalous gold in soil and lake sediment samples occur over approximately 40 km along the southern section of the greenstone belt (see news release dated January 25th 2018 for more details). Labrador Gold now controls approximately 40km strike length of the Florence Lake Greenstone Belt.
The Company has 169,189,979 common shares issued and outstanding and trades on the TSX Venture Exchange under the symbol LAB.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements: This news release contains forward-looking statements that involve risks and uncertainties, which may cause actual results to differ materially from the statements made. When used in this document, the words “may”, “would”, “could”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” and similar expressions are intended to identify forward-looking statements. Such statements reflect our current views with respect to future events and are subject to risks and uncertainties. Many factors could cause our actual results to differ materially from the statements made, including those factors discussed in filings made by us with the Canadian securities regulatory authorities. Should one or more of these risks and uncertainties, such as actual results of current exploration programs, the general risks associated with the mining industry, the price of gold and other metals, currency and interest rate fluctuations, increased competition and general economic and market factors, occur or should assumptions underlying the forward looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, or expected. We do not intend and do not assume any obligation to update these forward-looking statements, except as required by law. Shareholders are cautioned not to put undue reliance on such forward-looking statements.
Vancouver, British Columbia–(Newsfile Corp. – September 8, 2022) – Goldshore Resources Inc. (TSXV: GSHR) (OTCQB: GSHRF) (FSE: 8X00) (“Goldshore” or the “Company“), is pleased to announce assay results from its ongoing 100,000-meter drill program at the Moss Lake Project in Northwest Ontario, Canada (the “Moss Lake Gold Project“).
Highlights:
Results for eight holes, drilled to infill historic but poorly surveyed drill sections in the Main Zone, have confirmed high-grade gold mineralization within a large volume of well mineralized diorite with best intercepts of:
29.05m @ 2.99 g/t Au from 478.6m depth in MMD-22-045, including
13.5m @ 6.08 g/t Au from 481.25m
16.4m @ 1.87 g/t Au from 415.6m depth in MMD-22-033, including
6.65m @ 4.09 g/t Au from 416.15m
5.85m @ 3.47 g/t Au from 110m depthin MMD-22-034
17.0m @ 1.44 g/t Au from 58m depth in MMD-22-039, including
14.45m @ 1.63 g/t Au from 58.55m
18.0m @ 1.43 g/t Au from 354m depth, including
6.7m @ 3.37 g/t Au from 365.3m
22.65m @ 1.59 g/t Au from 344.15m depth in MMD-22-040
The better intercepts are all centered around twelve very high-grade gold zones that represent the axis of the shear network, including:
1.0m @ 22.0 g/t Au from 418m in MMD-22-033,
1.0m @ 17.7 g/t Au from 349m in MMD-22-040, and
0.75m @ 88.6 g/t Au from 481.25m in MMD-22-045
President and CEO Brett Richards stated: “We continue to intersect wide zones of +1 g/t Au mineralization that 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 expand upon these exploration results, as we continue with our program.”
The Goldshore team has obtained sufficient quality drill information, along with oriented core data, to generate working models of the grade distribution using implicit modelling algorithms. These show coherent high grade structural zones that reflect the three dimensional anastomosing shear network, which are projected to surface in the following figures.
Table 1 shows the significant intercepts. Table 2 and Figure 1 show the drill hole locations. Figure 2 shows the better intercepts and Figure 3 is a typical section through holes MMD-22-040 and -045.
Figure 1: Drill plan showing drill holes relative to implicit modelled grade shells
Intersections calculated above a 0.3 g/t Au cut off with a top cut of 30 g/t Au and a maximum internal waste interval of 10 metres. Bordered intervals are intersections calculated above a 1.0 g/t Au cut off. Intervals in bold are those with a grade thickness factor exceeding 20 gram x metres / tonne gold. True widths are approximate and assume a subvertical body.
Table 2: Location of drill holes in this press release
HOLE
EAST
NORTH
RL
AZIMUTH
DIP
EOH
MMD-22-033
669,348
5,379,506
427
152°
-62°
675.25m
MMD-22-034
668,868
5,379,279
441
155°
-56°
236.9m
MMD-22-037
668,587
5,379,078
430
154°
-59°
654m
MMD-22-038
669,160
5,379,417
428
154°
-59°
602m
MMD-22-039
669,256
5,379,456
429
155°
-60°
605m
MMD-22-040
668,790
5,379,260
438
153°
-70°
609m
MMD-22-043
668,791
5,379,259
438
155°
-55°
22m
MMD-22-045
668,815
5,379,285
435
165°
-54°
717m
Approximate collar coordinates in NAD 83, Zone 15N
Results have been received for eight 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.
MMD-22-043 was terminated early as it hit the old underground exploration decline. MMD-22-045 was drilled at slightly different azimuth to intersect the volume targeted by hole -043.
As with the historic holes, these holes intersected several broad zones of low-grade mineralization within the altered diorite intrusion host. Examples include 105m @ 0.43 g/t Au from 329m depth and 63.0m @ 0.42 g/t Au from 539m depth in MMD-22-038; 58.05m @ 0.86 g/t Au from 319.45m depth in MMD-22-040; 20.8m @ 0.97 g/t Au from 130.2m depth and 93.05m @ 0.49 g/t Au from 256.3m depth in MMD-22-044; and 67.5m @ 0.44 g/t Au from 243m depth and 41.0m @ 0.70 g/t Au from 656m depth in MMD-22-045.
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., 29.05m @ 2.99 g/t Au from 478.6m depth in MMD-22-045) and several narrow high-grade intervals, including 0.5m @ 18.5 g/t Au from 34m and 1.0m @ 22.0 g/t Au from 418m in MMD-22-033; 0.6m @ 21.0 g/t Au from 113.4m in MMD-22-034; 0.9m @ 10.6 g/t Au from 332.85m in MMD-22-038; 0.4m @ 25.2 g/t Au from 366.2m in MMD-22-039; 1.0m @ 17.7 g/t Au from 349m in MMD-22-040; 0.35m @ 10.3 g/t Au from 261.95m and 0.55m @ 10.6 g/t Au from 395.7m in MMD-22-042; 0.5m @ 15.2 g/t Au from 24m, 1.0m @ 12.3 g/t Au from 138.8m and 0.85m @ 15.6 g/t Au from 260.8m in MMD-22-044; and 0.75m @ 88.6 g/t Au from 481.25m in MMD-22-045.
Geological modelling of the altered diorite host rock and anastomosing shear network has commenced. It will continue for the next three months as we continue with our campaigns of active drilling and relogging of historic drill core. The final model will enable the interpolation of low and high-grade gold populations within constraining wireframes, which should 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 the excellent results that we are receiving from our 100,000-meter drill program. All results received to date confirm our improved understanding of geological controls, which shows grade decreasing away from a network of anastomosing shears. This has enabled us to more accurately model high-grade gold zones within the deposit using an implicit modelling algorithm.”
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 Gold Mines Ltd. 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.
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.
Diamcor Mining Inc.Diamcor Mining Inc.Wed, September 7, 2022 at 9:00 AMIn this article:
DMIFF-4.47%
KELOWNA, BC / ACCESSWIRE / September 7, 2022 / Diamcor Mining Inc. (TSX-V.DMI)(OTCQB:DMIFF)(FRA:DC3A), (“Diamcor” or, the “Company”) announces today the results of its second tender and sale of rough diamonds recovered from the processing of quarry material from the Company’s Krone-Endora at Venetia Project (the “Project”) held during the current quarter. In the second tender and sale of its second fiscal quarter, the Company sold a total of 1,836.52 carats of rough diamonds including the previously announced 59.35 carat gem diamond, generating gross revenues of USD $1,621,559.42, resulting in an average price of USD $882.95 per carat.
Highlights
The larger gem quality 59.35 carat special rough diamond clearly enhanced the overall average dollar per carat achieved in the second tender and sale of the quarter, and is further confirmation of the potential for these types of rough diamonds to be recovered from the deposits and positively affect gross revenues.
The results of the tender and sale exclusive of the 59.35 carat special rough diamond was 1,777.17 carats, generating gross revenues of USD $425,423.42, resulting in an average price of USD $239.38 per carat.
Although the total number of carats sold to date this quarter is greater than the previous quarter, the total number of carats offered for tender and sale was lower than anticipated, largely a result of the significant Eskom power outages experienced in South Africa during July and August, and the resulting loss of operational hours during those months. Additionally, while the average dollar per carat net of the 59.35 carat rough diamond remained consistent with recent sales, the percentage of +2.0 carat rough diamonds appeared to be lower than normal. This deficiency is believed to be the result of errors in the Project’s final recovery systems, which may have been caused by repeated power supply issues. With both the Eskom outages and power variations now ended for the most part, the Company has undertaken a full review of these systems to ensure any potential for further issues in this area have been minimized moving forward.
In total, 3,776.33 carats have now been sold in the current quarter to date, generating gross revenues of USD $2,099,951.32 resulting in an average price of USD $556.08 per carat inclusive of the 59.35 carat special rough diamond. These gross revenues in the current quarter represent a 276% increase from the gross revenues generated in the previous quarter ending June 30, 2022.
“We are very pleased with the strong results achieved at our latest tender and sale, despite dealing with the significant challenges of operational interruptions and the resulting lower processing volumes caused by the rolling blackouts implemented by South Africa’s national power supplier, Eskom.”, stated Mr. Dean Taylor, Diamcor CEO. “The revenues achieved confirm the potential and value of recovering large gem quality rough diamonds in the specials category, and with the country’s power supply now appearing to have stabilized, we look forward to increased processing volumes through to the end of this year and the potential of recovering additional large rough diamonds in the specials category.”
Update on the Annual Filings and Revocation of the MCTO
The Company is also pleased to announce that the delay in filing its audited financial statements and corresponding management’s discussion and analysis for the year ended March 31, 2022, resulting from the ongoing delays in South Africa related to Stage 6 load-shedding (also known as rolling blackouts) in July by the state-owned electricity utility, Eskom, has been rectified. The Company is now current in its required filings, and the Management Cease Trade Order detailed in its news releases on July 29, 2022, and August 12, 2022, has been revoked by the British Columbia Securities Commission.
About Diamcor Mining Inc.
Diamcor Mining Inc. is a fully reporting publicly traded junior diamond mining company which is listed on the TSX Venture Exchange under the symbol V.DMI, and on the OTC QB International under the symbol DMIFF. The Company has a well-established operational and production history in South Africa and extensive prior experience supplying rough diamonds to the world market.
About the Tiffany & Co. Alliance
The Company has established a long-term strategic alliance and first right of refusal with Tiffany & Co. Canada, a subsidiary of world famous New York based Tiffany & Co., to purchase up to 100% of the future production of rough diamonds from the Krone-Endora at Venetia Project at then current prices to be determined by the parties on an ongoing basis. In conjunction with this first right of refusal, Tiffany & Co. Canada also provided the Company with financing to advance the Project. Tiffany & Co. is now owned by Moet Hennessy Louis Vuitton SE (LVMH), a publicly traded company which is listed on the Paris Stock Exchange (Euronext) under the symbol LVMH and on the OTC under the symbol LVMHF. For additional information on Tiffany & Co., please visit their website at www.tiffany.com.
About Krone-Endora at Venetia
In February 2011, Diamcor acquired the Krone-Endora at Venetia Project from De Beers Consolidated Mines Limited, consisting of the prospecting rights over the farms Krone 104 and Endora 66, which represent a combined surface area of approximately 5,888 hectares directly adjacent to De Beers’ flagship Venetia Diamond Mine in South Africa. On September 11, 2014, the Company announced that the South African Department of Mineral Resources had granted a Mining Right for the Krone-Endora at Venetia Project encompassing 657.71 hectares of the Project’s total area of 5,888 hectares. The Company has also submitted an application for a mining right over the remaining areas of the Project. The deposits which occur on the properties of Krone and Endora have been identified as a higher-grade “Alluvial” basal deposit which is covered by a lower-grade upper “Eluvial” deposit. The deposits are proposed to be the result of the direct-shift (in respect to the “Eluvial” deposit) and erosion (in respect to the “Alluvial” deposit) of material from the higher grounds of the adjacent Venetia Kimberlite areas. The deposits on Krone-Endora occur in two layers with a maximum total depth of approximately 15.0 metres from surface to bedrock, allowing for a very low-cost mining operation to be employed with the potential for near-term diamond production from a known high-quality source. Krone-Endora also benefits from the significant development of infrastructure and services already in place due to its location directly adjacent to the Venetia Mine.
Qualified Person Statement:
Mr. James P. Hawkins (B.Sc., P.Geo.), is Manager of Exploration & Special Projects for Diamcor Mining Inc., and the Qualified Person in accordance with National Instrument 43-101 responsible for overseeing the execution of Diamcor’s exploration programmes and a Member of the Association of Professional Engineers and Geoscientists of Alberta (“APEGA”). Mr. Hawkins has reviewed this press release and approved of its contents.
This press release contains certain forward-looking statements. While these forward-looking statements represent our best current judgement, they are subject to a variety of risks and uncertainties that are beyond the Company’s ability to control or predict and which could cause actual events or results to differ materially from those anticipated in such forward-looking statements. Further, the Company expressly disclaims any obligation to update any forward looking statements. Accordingly, readers should not place undue reliance on forward-looking statements.
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