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There’s a global migration underway in the gold market, as western investors dump bullion while Asian buyers take advantage of a tumbling price to snap up cheap jewelry and bars.
Rising rates that make gold less attractive as an investment mean that large volumes of metal are being drawn out of vaults in financial centers like New York and heading east to meet demand in Shanghai’s gold market or Istanbul’s Grand Bazaar.
In fact, it can’t move fast enough.
Logistical issues combined with quirks of the market are making it difficult for traders to get enough bullion where it’s wanted. As a result, gold and silver are selling at unusually large premiums over the global benchmark price in some Asian markets.
“The incentive to hold gold is a lot lower. It’s going from west to east now,” said Joseph Stefans, head of trading at MKS PAMP SA, a gold refining and trading firm. “We are trying to keep up as best we can.”
Gold items displayed in the window of a jewelry shop inside the Grand Bazaar in Istanbul, Turkey.Photographer: Nicole Tung/Bloomberg
The rotation of metal around the world is part of a gold-market cycle that has repeated for decades: when investors retreat and prices drop, Asian buying picks up and precious metals flow east — helping to put a floor on the gold price during times of weakness.Sponsored ContentWomen are Finding Their Voices in Financial PlanningFirst Horizon Bank
Then, when gold eventually rallies again, much of it returns to sit in bank vaults beneath the streets of New York, London and Zurich.
Since peaking in March, gold prices have tumbled 18% as the Federal Reserve’s aggressive rate hikes caused mass liquidation by financial investors.
More than 527 tons of gold has poured out of New York and London vaults that back the two biggest Western markets since the end of April, according to data from the CME Group Inc. and London Bullion Market Association.
At the same time, shipments are rising into big Asian gold consumers like China, whose imports hit a four-year high in August.
Gold Flows East
Asia has net-imported gold from the West since Aprilhttps://www.bloomberg.com/toaster/v2/charts/8e101e907831c2855279f794770d9a13.html?brand=business&webTheme=default&web=true&hideTitles=true
Source: Swiss Federal Customs Administration
Note: Data shows net-imports from Switzerland from May to August
While plenty of gold is heading east, it’s still not enough to meet demand. Gold in Dubai and Istanbul or on the Shanghai Gold Exchange has traded at multi-year premiums to the London benchmark in recent weeks, according to MKS PAMP — a sign that buying is outstripping imports.
“Demand typically picks up when prices fall,” said Philip Klapwijk, managing director of Hong Kong-based consultant Precious Metals Insights Ltd. “Buyers want to source metal at the lower price and in the local physical market in question there may not be sufficient metal available when the price falls, so the local premium increases.”
Gold in Thailand is also trading at a premium to London prices, due to a lack of supply and weakness in the local currency, according to Jitti Tangsithpakdi, the president of Thailand’s Gold Traders Association.
In India, it is silver that is seeing big premiums. The differential has soared recently to $1, more than triple the usual level, according to consultancy Metals Focus Ltd.
“Right now the demand for silver is huge as traders restock,” said Chirag Sheth, the firm’s principal consultant in Mumbai. “Premiums could remain elevated during the festival season that concludes with Diwali.”
Analysts say that much of the precious metals feeding Asia’s appetite is coming out of vaults run by CME Group, which back the Comex futures market in New York.
Market dislocations early in the pandemic drove a massive surge in prices there, forcing banks to build large stockpiles to cover their futures positions. In recent months gold has traded at a discount on the Comex compared to London, and those inventories are now being drawn down to meet Asian demand.
However, it can be slow going, partly because Asian buyers tend to prefer one-kilogram bars over larger sizes. To fill a standard shipment box of 25 kg of gold, physical traders must take delivery of multiple Comex gold futures, often backed by bullion in different warehouses.
Traders say they are facing other logistical challenges as well, which are contributing to the high Asian premiums.
“Getting stuff on boats or on planes is a bit harder than it used to be,” said MKS PAMP’s Stefans. “It’s really just a classic example of demand far out-pacing supply.”
— With assistance by Swansy Afonso, Suttinee Yuvejwattana and Masumi Suga
North Vancouver, British Columbia–(Newsfile Corp. – October 4, 2022) – Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) (ASX: LLO) (“Lion One” or the “Company”) is pleased to announce assay results from recent wide-diameter (PQ) core drilled for metallurgical test work at its Tuvatu Gold Project in Fiji.
These results complement the excellent results obtained by the infill drill program completed earlier this year and reported on February 23, 2022 (Lion One Reports Additional High Grade Intercepts, Completes Phase 1 Infill Drill Program at Tuvatu – Lion One Metals). The additional results provided by the metallurgical drill program reported here will be applied to the ongoing remodelling of the Tuvatu orebody that will inform the resource update scheduled for Q1 2023. Results of the metallurgical study that will be based on the material provided by this drilling program will be reported as they are received.
Highlight intercepts include:
TUDDM-001 intersecting the URW1 mineralized vein:
14.96 g/t Au over 24.0m from 81.8-105.8m including:
– 105.19 g/t Au over 0.3m from 86.9-87.2m
– 18.67 g/t Au over 0.6m from 91.4-92.0m
– 19.43 g/t Au over 0.6m from 93.2-93.8m
– 26.59 g/t Au over 0.9m from 95.6-96.5m
– 14.80 g/t Au over 0.6m from 96.5-97.1m
– 23.43 g/t Au over 0.6m from 97.1-97.7m
– 13.63 g/t Au over 0.6m from 97.7-98.3m
– 33.76 g/t Au over 0.6m from 98.3-98.9m
– 22.36 g/t Au over 0.6m from 98.9-99.5m
– 6.04 g/t Au over 0.9m from 99.5-100.4m
– 78.64 g/t Au over 2.4m from 103.4-105.8m which includes:
– 9.44 g/t Au over 0.6m from 104.6-105.2m
– 297.70 g/t Au over 0.6m from 105.2-105.8m
TUDDM-003 intersecting the URW1 mineralized vein:
65.13 g/t Au over 3.2m from 78.8-82.0m including:
– 98.88 g/t Au over 2.1m from 78.8-80.9m which includes:
– 58.18 g/t Au over 0.3m from 78.8-79.1m
– 624.81 g/t Au over 0.3m from 79.1-79.4m
23.27 g/t Au over 3.3m from 118.9-122.2m including
– 50.67 g/t Au over 1.5m from 118.9-120.4m which includes:
– 19.49 g/t Au over 0.9m from 118.9-119.8m
– 97.45 g/t Au over 0.6m from 119.8-120.4m
TUDDM-004 intersecting the SKL and URW1 mineralized veins:
260.44 g/t Au over 0.3m from 55.7-56.0m
213.52 g/t Au over 0.9m from 56.6-57.5m
40.08 g/t Au over 0.9m from 78.2-79.1m
10.03 g/t Au over 3.0m from 130.6-133.6m including:
– 59.82 g/t Au over 0.3m from 130.6-130.9m
– 11.39 g/t Au over 0.3m from 130.9-131.2m
– 13.64 g/t Au over 0.3m from 131.2-131.5m
TUDDM-005 intersecting the Murau (M) mineralized vein:
9.30 g/t Au over 5.4m from 127.7-133.1m including:
– 31.56 g/t Au over 0.6mfrom 128.9-129.5m
– 14.99 g/t Au over 1.2mfrom 129.5-130.7m
– 6.08 g/t Au over 0.9mfrom 132.2-133.1m
22.80g/t Au over 1.5m from 140.3-141.8m including:
– 9.55 g/t Au over 0.3m from 140.6-140.9m
– 10.54 g/t Au over 0.3m from 140.9-141.2m
– 58.59 g/t Au over 0.3m from 141.2-141.5m
– 32.03 g/t Au over 0.3m from 141.5-141.8m
TUDDM-006 intersecting the Murau (M) Lodes
9.87g/t Au over 3.9m from 141.8-145.7m including:
– 10.01g/t Au over 1.2mfrom 141.8-143.0m
– 13.74g/t Au over 0.6m from 143.3-143.9m
– 13.49g/t Au over 1.2m from 144.5-145.7m
All six metallurgical drill holes were drilled from surface using wide diameter PQ core (85mm) between June 6 and August 10, 2022. The purpose of the program was to collect samples from areas scheduled for mining in the first 3 years of development. These assays presented are a result of one eighth split core, with the remaining seven eighths being sent to Bureau Veritas metallurgical laboratory in Vancouver, Canada for test work to assist in the design of optimised recoveries. As this is a metallurgical program, the holes were designed to intersect some vein sets at an oblique angle in-order to maximise mineralized sample recovery and as such, while drill widths does not necessarily represent true widths, the results provide information on the continuity of Au grades. The URW1 lode is interpreted to strike north-south and dip steeply east and has a true width of approximately 1 to 7 metres. The Murau lodes are interpreted to strike east-west with a moderate southerly dip with multiple lodes of true-width between 0.3 and 4 metres. The SKL lodes are dip subhorizontally, with true-widths of between 0.3 and 1 metre.
Lion One CEO Walter Berukoff commented, “These latest results underscore the continuous, high-grade nature of the mineralization at Tuvatu. Each batch of drill results adds enormous value to the project in both addition of ounces to the total metal budget as well as clarification of important upside potential.”
Figure 1. Image from Leapfrog software long-section view west showing select results from metallurgical drilling campaign. The Murau (red) and SKL lode (purple) orientations are projected on to section.
Figure 2. Image from Leapfrog software plan view showing select results from metallurgical drilling campaign. The general outline of the Murau (red) and SKL lode (purple) is projected onto the plan.
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.
Hole ID
From (m)
To (m)
Interval
Metres
Lode
TUDDM-001
62.0
62.9
0.9
0.58
SKLW7
TUDDM-001
70.4
71.3
0.9
0.78
SKLW8
TUDDM-001
76.4
77.3
0.9
1.04
Undefined
TUDDM-001
79.4
80.6
1.2
1.56
SKLW12
TUDDM-001
81.8
105.8
24.0
14.96
URW1
Incl.
86.9
87.2
0.3
105.19
URW1
Incl.
91.4
92.0
0.6
18.67
URW1
Incl.
93.2
93.8
0.6
19.43
URW1
Incl.
95.6
96.5
0.9
26.59
URW1
Incl.
96.5
97.1
0.6
14.80
URW1
Incl.
97.1
97.7
0.6
23.43
URW1
Incl.
97.7
98.3
0.6
13.63
URW1
Incl.
98.3
98.9
0.6
33.76
URW1
Incl.
98.9
99.5
0.6
22.36
URW1
Incl.
99.5
100.4
0.9
6.04
URW1
Incl.
103.4
105.8
2.4
78.64
URW1
Which Incl.
104.6
105.2
0.6
9.44
URW1
and incl.
105.2
105.8
0.6
297.70
URW1
TUDDM-001
107.3
112.4
5.1
4.40
URW1
Incl.
107.3
107.9
0.6
17.00
URW1
Incl.
107.9
108.5
0.6
5.63
URW1
TUDDM-001
122.9
123.8
0.9
6.07
M7
Incl.
122.9
123.5
0.6
6.12
M7
Incl.
123.5
123.8
0.3
5.96
M7
TUDDM-002
11.5
19.4
7.9
0.93
ME1
TUDDM-002
23.0
23.3
0.3
2.93
ME1
TUDDM-002
24.8
26.6
1.8
1.31
ME1
TUDDM-002
28.7
29.0
0.3
1.11
ME1
TUDDM-002
30.8
36.2
5.4
3.29
SKLW6
Incl.
33.2
33.5
0.3
19.60
SKLW6
Incl.
33.5
34.1
0.6
6.03
SKLW6
TUDDM-002
40.1
41.0
0.9
1.45
SKLW7
TUDDM-002
47.6
48.2
0.6
1.55
SKLW8
TUDDM-002
51.2
51.5
0.3
14.26
SKLW9
TUDDM-002
55.1
55.7
0.6
0.84
SKLW9
TUDDM-002
59.0
59.6
0.6
3.71
SKLW9
Incl.
59.3
59.6
0.3
5.15
SKLW9
TUDDM-002
61.1
61.7
0.6
0.89
SKLW9
TUDDM-002
64.7
72.6
7.9
2.39
URW1
Incl.
65.6
66.2
0.6
6.76
URW1
Incl.
67.7
68.0
0.3
5.81
URW1
Incl.
69.8
70.1
0.3
5.14
URW1
TUDDM-002
75.3
75.6
0.3
1.66
M8
TUDDM-002
78.9
81.5
2.6
4.83
M8
Incl.
79.7
80.3
0.6
6.75
M8
Incl.
80.3
80.9
0.6
6.71
M8
TUDDM-002
84.2
86.3
2.1
4.24
M8
Incl.
84.2
84.5
0.3
11.91
M8
Incl.
84.5
84.8
0.3
7.41
M8
Incl.
84.8
85.1
0.3
5.17
M8
TUDDM-002
97.8
98.4
0.6
0.81
M9
TUDDM-002
101.1
101.7
0.6
1.71
M9
TUDDM-003
8.6
10.4
1.8
2.52
Undefined
Incl.
9.5
9.8
0.3
6.76
Undefined
TUDDM-003
12.2
13.1
0.9
0.73
Undefined
TUDDM-003
14.3
16.1
1.8
0.64
Undefined
TUDDM-003
17.6
17.9
0.3
0.82
Undefined
TUDDM-003
19.4
20.0
0.6
0.69
Undefined
TUDDM-003
23.6
23.9
0.3
1.43
Undefined
TUDDM-003
26.3
35.9
9.6
2.47
ME1
Incl.
31.7
32.0
0.3
6.79
ME1
Incl.
34.1
34.4
0.3
45.68
ME1
TUDDM-003
37.1
42.3
5.2
0.61
SKLW6
TUDDM-003
45.6
47.1
1.5
0.89
SKLW8
TUDDM-003
49.1
49.7
0.6
2.34
SKLW8
TUDDM-003
50.9
55.1
4.2
2.84
SKLW9
Incl.
51.5
51.8
0.3
5.16
SKLW9
Incl.
54.2
54.5
0.3
7.39
SKLW9
TUDDM-003
65.9
67.4
1.5
0.65
SKLW9
TUDDM-003
71.0
73.4
2.4
9.74
URW1
Incl.
71.6
72.2
0.6
5.00
URW1
Incl.
72.2
72.8
0.6
14.41
URW1
Incl.
72.8
73.4
0.6
16.77
URW1
TUDDM-003
78.8
82.0
3.2
65.13
URW1
Which Incl.
78.8
80.9
2.1
98.88
URW1
Incl.
78.8
79.1
0.3
58.18
URW1
Incl.
79.1
79.4
0.3
624.81
URW1
Incl.
79.4
79.7
0.3
6.20
URW1
TUDDM-003
91.9
93.1
1.2
1.00
URW1
TUDDM-003
95.2
98.9
3.7
4.89
M4
Incl.
95.2
95.8
0.6
12.44
M4
Incl.
97.6
97.9
0.3
18.60
M4
TUDDM-003
101.0
106.4
5.4
4.17
M5
Incl.
101.0
102.2
1.2
9.01
M5
Incl.
103.1
103.7
0.6
10.33
M5
Incl.
103.7
104.3
0.6
5.52
M5
TUDDM-003
118.9
122.2
3.3
23.29
M7
Which Incl.
118.9
120.4
1.5
50.67
M7
Incl.
118.9
119.8
0.9
19.49
M7
Incl.
119.8
120.4
0.6
97.45
M7
TUDDM-003
132.1
133.3
1.2
1.13
M7
TUDDM-004
8.6
8.9
0.3
1.22
M7
TUDDM-004
10.1
10.7
0.6
0.71
M7
TUDDM-004
12.5
16.7
4.2
0.42
M7
TUDDM-004
17.9
18.2
0.3
2.19
M7
TUDDM-004
19.4
22.1
2.7
1.85
M7
Incl.
19.7
20.0
0.3
6.95
M7
TUDDM-004
23.3
23.9
0.6
0.99
M7
TUDDM-004
26
29.6
3.6
0.78
ME1
TUDDM-004
31.1
36.8
5.7
1.11
ME1
TUDDM-004
38.6
39.8
1.2
0.77
Undefined
TUDDM-004
43.4
44.0
0.6
0.56
SKLW6
TUDDM-004
55.7
56.0
0.3
260.44
SKLW8
TUDDM-004
56.6
57.5
0.9
213.52
SKLW8
TUDDM-004
64.7
68.6
3.9
0.85
Undefined
TUDDM-004
78.2
79.1
0.9
40.08
SKLW10
TUDDM-004
83.0
83.9
0.9
1.40
Undefined
TUDDM-004
85.7
86.9
1.2
21.10
SKLW11
Incl.
86
86.9
0.9
26.72
SKLW11
TUDDM-004
89.6
92.3
2.7
3.13
Undefined SKL
Incl.
91.7
92.0
0.3
10.05
Undefined SKL
Incl.
92.0
92.3
0.3
11.03
Undefined SKL
TUDDM-004
95.9
101.2
5.3
4.13
Undefined SKL
Incl.
96.4
97.0
0.6
9.28
Undefined SKL
Incl.
97.0
97.6
0.6
6.87
Undefined SKL
Incl.
100.6
101.2
0.6
7.30
Undefined SKL
TUDDM-004
112.9
114.4
1.5
14.14
Undefined SKL
Incl.
112.9
113.2
0.3
22.61
Undefined SKL
Incl.
113.2
113.5
0.3
11.88
Undefined SKL
Incl.
113.5
114.4
0.9
12.07
Undefined SKL
TUDDM-004
116.2
117.4
1.2
0.95
Undefined SKL
TUDDM-004
121.6
122.5
0.9
4.02
Undefined SKL
TUDDM-004
124.9
125.5
0.6
6.02
URW1
Incl.
125.2
125.5
0.3
11.51
URW1
TUDDM-004
128.5
129.1
0.6
1.09
URW1
TUDDM-004
130.6
133.6
3.0
10.03
URW1
Incl.
130.6
130.9
0.3
59.82
URW1
Incl.
130.9
131.2
0.3
11.39
URW1
Incl.
131.2
131.5
0.3
13.64
URW1
TUDDM-004
136.3
136.9
0.6
2.80
URW1
TUDDM-004
153.0
153.6
0.6
9.79
URW1
TUDDM-005
74.3
79.7
5.4
1.69
M1
Incl.
77.3
77.6
0.3
11.66
M1
TUDDM-005
80.9
83.0
2.1
5.89
M2
TUDDM-005
85.7
86.9
1.2
1.85
M3
TUDDM-005
105.5
106.4
0.9
8.84
M4
TUDDM-005
123.8
126.5
2.7
10.98
M8
Incl.
124.4
124.7
0.3
8.51
M8
Incl.
125.9
126.2
0.3
64.21
M8
Incl.
126.2
126.5
0.3
18.15
M8
TUDDM-005
127.7
133.1
5.4
9.30
M8
Incl.
128.9
129.5
0.6
31.56
M8
Incl.
129.5
130.7
1.2
14.99
M8
Incl.
132.2
133.1
0.9
6.08
M8
TUDDM-005
136.7
139.1
2.4
11.50
M9
Incl.
138.2
138.5
0.3
50.06
M9
Incl.
138.5
138.8
0.3
16.66
M9
Incl.
138.8
139.1
0.3
10.14
M9
TUDDM-005
140.3
141.8
1.5
22.80
M10
Incl.
140.6
140.9
0.3
9.55
M10
Incl.
140.9
141.2
0.3
10.54
M10
Incl.
141.2
141.5
0.3
58.59
M10
Incl.
141.5
141.8
0.3
32.03
M10
TUDDM-006
56.3
56.6
0.3
0.53
M10
TUDDM-006
93.2
95.6
2.4
4.20
M3
Incl.
94.4
95.6
1.2
6.30
M3
TUDDM-006
98.9
99.5
0.6
9.06
M4
Incl.
99.2
99.5
0.3
15.96
M4
TUDDM-006
113.9
114.8
0.9
3.39
M5
TUDDM-006
136.7
138.5
1.8
3.64
M8
Incl.
137.3
138.5
1.2
5.12
M8
TUDDM-006
141.8
145.7
3.9
9.87
M9
Incl.
141.8
143.0
1.2
10.01
M9
Incl.
143.3
143.9
0.6
13.74
M9
Incl.
144.5
145.7
1.2
13.49
M9
Table 2: Survey details of diamond drill holes referenced in this release
Hole No
Coordinates (Fiji map grid)
RL
final depth
dip
azimuth
E
N
m
(TN)
TUDDM-001
1876337
3920739
227.2
151.4
-90
–
TUDDM-002
1876348
3920796
209.5
112.4
-76
219
TUDDM-003
1876350
3920793
206.7
159.4
-59
197
TUDDM-004
1876352
3920798
209.7
154.2
-59
180
TUDDM-005
1876335
3920737
227.3
173.6
-69
304
TUDDM-006
1876335
3920738
227.2
180.1
-59
302
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–(Newsfile Corp. – October 4, 2022) – EMX Royalty Corporation (NYSE American: EMX) (TSXV: EMX) (FSE: 6E9) (the “Company” or “EMX”) is pleased to announce that it will receive a US$3 million milestone payment from Arizona Sonoran Copper Company, Inc. (TSX: ASCU) (“ASCU”) for the Parks-Salyer royalty property (the “Royalty Property”) in Arizona. The Royalty Property was held under a lease arrangement by EMX’s wholly owned subsidiary Bronco Creek Exploration Inc., and was transferred to ASCU via Assignment and Royalty Agreements (the “Agreements”) executed earlier this year (see EMX news release dated February 10, 2022). EMX’s Royalty Property covers 158 acres of ASCU’s Parks-Salyer copper project. The milestone payment results from ASCU’s maiden resource estimate for the Parks-Salyer project that exceeds thresholds for contained copper included within EMX’s Royalty Property footprint. The Company also retains a 1.5% net smelter return (“NSR”) royalty covering the Royalty Property.
EMX’s Parks-Salyer Royalty Property provides an example of a significant pre-production payment to the Company resulting from its copper porphyry royalty generation program in Arizona. The Property’s porphyry targets, which are concealed beneath post-mineral cover, were identified by EMX based upon structural geological assessments of historical exploration data. The open ground covering these targets was acquired by EMX at minimal cost. The 158 acres transferred to ASCU complemented the property position at its Parks-Salyer project, while providing EMX with pre-production payments and exploration, development, and royalty upside optionality at no additional cost to the Company.
Commercial Terms and Property Summary (all dollar amounts in USD). The Agreements provided for a one-time cash payment to EMX for the assignment of EMX’s rights covering the Property, as well as the 1.5% NSR royalty interest (ASCU may buy back 1% of the royalty for $500,000), work commitments, annual advance royalty (“AAR”) payments, and the $3 million milestone payment to EMX based upon declared resources totaling 200 million pounds or more of contained copper covered by EMX’s Royalty Property. ASCU’s (global) maiden resources for its Parks-Salyer project were disclosed in a news release dated September 28, 2022.
Parks-Salyer is located approximately five kilometers northwest of Casa Grande, Arizona and approximately 1.5 kilometers southwest of the historical Sacaton open pit copper mine. Sacaton was a porphyry copper-molybedenum mine operated by Asarco (1974-1984), and is now being advanced by ASCU as the PEA stage Cactus Project. The Parks-Salyer deposit lies beneath post-mineral gravels and represents a tilted, and fault-displaced portion of the Casa Grande-Santa Cruz porphyry system.
Qualified Person. Michael P. Sheehan, 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.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%2522Arizona%253BCompany%253BCasa_Grande%252C_Arizona%253BCopper_Project%2522%252C%2522lmsid%2522%253A%2522a0V0W00000HOPDcUAP%2522%252C%2522revsp%2522%253A%2522newsfile_64%2522%252C%2522lpstaid%2522%253A%2522d7d1d544-54c0-352e-9892-db00e84c428c%2522%252C%2522pageContentType%2522%253A%2522story%2522%257D
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.
About Arizona Sonoran Copper Company. ASCU’s objective is to become a mid-tier copper producer with low operating costs, develop the Cactus and Parks-Salyer Project that could generate robust returns for investors, and provide a long term sustainable and responsible operation for the community and all stakeholders. The Company’s principal asset is a 100% interest in the Cactus Project (former ASARCO, Sacaton mine) and Parks-Salyer deposit which is situated on private land in an infrastructure-rich area of Arizona.
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” 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 and the year ended December 31, 2021 (the “MD&A”), and the most recently filed Revised 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.
VANCOUVER, BC / ACCESSWIRE / October 3, 2022 / Stillwater Critical Minerals (formerly Group Ten Metals) (TSX.V:PGE)(OTCQB:PGEZF)(FSE:5D32) (the “Company” or “SWCM”) is pleased to announce the Company will be presenting at the Emerging Growth Metals Mining & Resource Conference on October 5th, 2022 at 8:15am PT (11:15am ET).
Stillwater Critical Minerals, Monday, October 3, 2022, Press release picture
This live, interactive online event will give existing shareholders and the investment community the opportunity to interact with President and CEO, Michael Rowley, who will provide an overview of global and domestic markets for critical minerals and upcoming catalysts from America’s iconic Stillwater mining district where the Company is advancing the next phase of low-carbon critical mineral supply. Discussion will include a Q&A session.
The Company is further pleased to announce that President and CEO Michael Rowley will attend the New Orleans Investment Conference on October 12 – 15, 2022. Investors are invited to contact the Company to arrange to meet Mr. Rowley at the show.
Stillwater Critical Minerals President and CEO, Michael Rowley, commented “We are pleased to maintain a presence at select tradeshows in support of major upcoming catalysts as we advance world-class critical mineral supply from Montana’s Stillwater mining district. Chief among these is the updated resource estimate which remains on track for delivery later this year. In addition, we have made excellent progress on the integration of Platreef deposit models into our geologic models and look forward to providing a detailed update on this foundational work which will guide subsequent resource expansion work. We also look forward to reporting results from this years’ exploration campaigns and continued studies on carbon sequestration, as well as updates from Heritage Mining as they advance their earn-in at our Drayton-Black Lake gold project.”
“Although broader markets are challenging at present, the fundamentals remain very strong for our work advancing low-carbon, sulphide-hosted battery and precious metals in the US, with physical nickel supply at near-term lows and domestic demand – increasingly supported by US government incentives and initiatives – attaining new highs. Against this backdrop our ‘Platreef-in-Montana’ model, which is focused on large-scale domestic production of eight of the metals identified as critical for clean air and energy transmission and storage, is more relevant than ever.”
About the Emerging Growth Conference
The Emerging Growth conference is an effective way for public companies to present opportunities and communicate major announcements to the investment community in a time efficient manner.
Conference focus and coverage includes companies in a wide range of growth sectors with strong management teams, focused strategy and execution, and overall potential for long-term growth. The audience includes individual and institutional investors, as well as investment advisors and analysts.
About New Orleans Investment Conference
The New Orleans Investment Conference is the one place where the world’s most sophisticated investors gather every year to discover new opportunities and strategies, exchange ideas, plan for the coming year and enjoy the camaraderie of like-minded individuals in America’s most fascinating and entertaining city.
Speakers at the New Orleans Conference have included Lady Margaret Thatcher, former President Gerald Ford, novelist Ayn Rand, General H. Norman Schwarzkopf, Nobel Prize-winning economists Milton Friedman and F.A. Hayek, Dr. Henry Kissinger, Senator Barry Goldwater, Admiral Hyman Rickover, Louis Rukeyser, Sir John Templeton, Lord William Rees-Mogg, Charlton Heston, Jeane Kirkpatrick, Robert Bleiberg, Jack Kemp, William F. Buckley, General Colin Powell, Ron Paul and J. Peter Grace, among hundreds of other notables.
Founded in 1974 by legendary entrepreneur James U. Blanchard III, the Conference is now in its 47th consecutive year. It ranks as the preeminent gathering of private investors and attracts wealthy individuals from all 50 states and over 35 nations.
About Stillwater Critical Minerals
Stillwater Critical Minerals (TSX.V: PGE | OTCQB: PGEZF) is a mineral exploration company focused on its flagship Stillwater West PGE-Ni-Cu-Co + Au project in the iconic and famously productive Stillwater mining district in Montana, USA. With a robust debut mineral resource in 2021 and the recent addition of two renowned Bushveld and Platreef geologists to the team, the Company is well-positioned to advance the next phase of large-scale critical mineral supply from this world-class American district, building on past production of nickel, copper, and chromium, and the on-going production of platinum group and other metals by neighbouring Sibanye-Stillwater. The Platreef-style nickel and copper sulphide deposits defined by the Company in 2021 at Stillwater West contain a compelling suite of critical minerals and are open for expansion along trend and at depth. An updated NI 43-101 mineral resource is a priority objective for 2022.
Stillwater Critical Minerals also holds the high-grade Drayton-Black Lake gold project adjacent to Treasury Metals’ development-stage Goliath Gold Complex in northwest Ontario, which is currently under an earn-in agreement with an option to joint venture whereby Heritage Mining may earn up to a 90% interest in the project by completing payments and work on the project. The Company is looking to similarly monetize its district-scale Kluane PGE-Ni-Cu-Co project, which is on trend with Nickel Creek Platinum‘s Wellgreen deposit in Canada‘s Yukon Territory, as part of its focus on Stillwater West.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Rover Metals (“Rover”) is a publicly traded Canadian junior mining company specialized in North American critical minerals and precious metal development-stage mining projects. Rover’s twelve month forward-looking plan is to advance exploration at our Nevada Claystone Lithium project and at our Northern Canada Zinc-Copper project, located near the city of Yellowknife, NT, Canada. The Indian Mountain Lake Project is the Company’s first district scale land package, representing approximately 30,000 acres of greenstone belt.
Rover Metals also has 100% ownership of several gold mining assets located near to the city of Yellowknife, NT. Rover obtained a public listing for its securities on the TSX Venture Exchange as a Tier II Mining Issuer on June 26, 2018.
Rover Metals trades under the symbol “ROVR” on the TSXV. Rover also obtained a public co-listing of its securities on the OTCQB on January 17, 2019 (OTCQB: ROVMF), and on the Frankfurt Stock Exchange on February 1, 2021 (FRA: 4XO).
The Company is run by an experienced management team and board that are career mining executives. Our management team and board have a proven history financing the development of mining projects, taking them into production, and re-selling them.
Proven and Probable Where we deliver Mining Insights & Bullion Sales. I’m a licensed broker for Miles Franklin Precious Metals Investments (https://www.milesfranklin.com/contact/) Where we provide unlimited options to expand your precious metals portfolio, from physical delivery, offshore depositories, and precious metals IRA’s. Call me directly at (855) 505-1900 or you may email maurice@milesfranklin.com.
Proven and Probable provides insights on mining companies, junior miners, gold mining stocks, uranium, silver, platinum, zinc & copper mining stocks, silver and gold bullion in Canada, the US, Australia, and beyond.
VANCOUVER, British Columbia, Sept. 29, 2022 (GLOBE NEWSWIRE) — Millrock Resources Inc. (TSX-V: MRO) (“Millrock”) is pleased to report positive initial results from a mineralogical assessment of historical drill core from the Upper Eureka Zone (“UEZ”) and Core Eureka Zone (“CEZ”) at its 100% owned Nikolai Project, which hosts nickel (Ni) – copper (Cu) –cobalt (Co) – platinum group elements (PGE) prospects. The Nikolai Project is located within Alaska’s Delta Mining District, approximately 130 kilometers by road south of Delta Junction and approximately 280 kilometers southeast of Fairbanks. The Eureka zone consists of disseminated Ni-Cu-Co-PGE mineralization initially discovered by a subsidiary of INCO, and further expanded by Pure Nickel Inc., as reported in their press releases ranging between 2007-2014.
Highlights from the mineralogical assessment include:
94% of the nickel within the CEZ is contained within nickel sulfide (pentlandite) and nickel alloy minerals.
72% of the copper within the CEZ is contained within copper sulfides (chalcopyrite, bornite, chalcocite).
80% of the nickel within the UEZ is contained within nickel sulfide (pentlandite) and nickel alloy minerals.
75% of the copper within the UEZ is contained within copper sulfides (chalcopyrite, bornite, chalcocite).
Millrock President and CEO Gregory Beischer commented: “These are encouraging results! For large tonnage – low-grade deposits, it is crucial that potential recovery rates of the valuable metals are well understood. This first-pass work shows that much of the nickel and copper is in mineral form that allows strong recoveries with common processing methods.”
Methodology – Metal Content Two composite samples from hole FL-003 were created for the UEZ and CEZ. Each composite was comprised of six quarter-core sample intervals spread across the mineralized zones. The anticipated metals content for each of the composited samples was calculated using historical assays from the work done by INCO in 1997 (Table 1). Historical logging and sampling of the INCO drill core was done under the direct supervision of Gregory Beischer, the qualified person responsible for the contents of this disclosure. Historical assays were performed at Chemex, Inc. in Reno, Nevada. Chemical analysis of the composites for this study were completed prior to the mineralogical study to validate the historical assay results completed by INCO (Table 1). Concentrations determined by INCO and by Millrock were found to be similar.
Table 1. Sample intervals, historical grades, calculated composite grades, and actual assay results from mineralogical study for selected samples from hole FL-003 to create composites for the CEZ and UEZ.
Composite 1 – Core Eureka Zone (CEZ)
Sample
Hole ID
From ft
To ft
Ni ppm
Cu ppm
Co ppm
Pd ppb
Pt ppb
Au ppb
FX536263
FL-003
758
763
1900
1800
290
164
105
10
FX536264
FL-003
763
768
1900
1870
260
162
80
14
FX536270
FL-003
793
798
2500
1270
220
164
80
10
FX536274
FL-003
813
818
3000
1560
240
206
80
52
FX536277
FL-003
828
833
2300
820
180
118
50
16
FX536281
FL-003
848
853
3200
1460
210
132
50
24
CEZ Calculated Grade (Historic Assays)
0.25
0.14
0.02
0.157
0.072
0.023
New Assays Results from Composite Samples
0.25
0.16
0.02
0.173
0.043
0.068
Composite 2 – Upper Eureka Zone (UEZ)
Sample
Hole ID
From ft
To ft
Ni ppm
Cu ppm
Co ppm
Pd ppb
Pt ppb
Au ppb
FX536768
FL-003
257
262
1690
385
141
82
42.5
2
FX536772
FL-003
283
288
1500
340
120
71
33
2
FX536084
FL-003
347
350
2397
938
146
128
55
14
FX536086
FL-003
400
405
2636
918
154
132
65
16
FX536798
FL-003
415
420
1975
630
133
83
36
12
FX536253
FL-003
708
713
2000
940
220
146
70
24
UEZ Calculated Grade (Historic Assays)
0.20
0.07
0.02
0.104
0.049
0.009
New Assays Results from Composite Samples
0.23
0.06
0.02
0.135
0.031
0.095
Methodology Mineralogical Study The mineral processing work was completed by the Bureau Veritas Metallurgical Laboratory in Richmond, British Columbia, Canada. The individual composites were ground to ~125µm following standard grind calibration procedures. The ground composites were sized using wet screens and a cyclone sizer, and then sized into four fractions for chemical analysis and QEMSCAN analysis. QEMSCAN Particle Mineral Analysis was conducted on each size fraction of the sized composites to determine nickel and copper deportment and fragmentation characteristics.
Initial Mineralogical Study Results Nickel sulfide and nickel alloys accounted for ~94% of the total nickel within the CEZ composite sample (only 5.1% of total nickel in silicates). Pentlandite was the principal nickel bearing sulfide and carried ~92% of the total nickel in the CEZ composite. Pentlandite content was measured at 0.68% by weight. The remaining potentially recoverable nickel was in the nickel alloys and nickel metal, which accounted for ~2% of the total nickel. Sulfur is higher in the CEZ (1.32%) and there is an increased amount of pyrrhotite (1.78% by weight). Interlocking between pentlandite and pyrrhotite was rarely observed, which will be favorable to the pentlandite separation from pyrrhotite.
Nickel sulfide and nickel alloys accounted for ~80% of the total nickel within the UEZ composite sample (18.9% of total nickel in silicates). Pentlandite was the principal nickel bearing sulfide and carried ~64% of the total nickel in the CEZ composite. Pentlandite content was measured at 0.44% by weight. The remaining potentially recoverable nickel was in the form of nickel alloy and nickel metal, which accounted for ~16% of the total nickel. Sulfur is lower in the UEZ (0.49%), likely due to the decrease in pyrrhotite. These results are summarized in Table 2 below.
Table 2.Summary of Ni-Fe-S deportment of Eureka Zone composites
Nickel Deportment
CEZ
UEZ
Ni-Fe Sulfides
92.2
%
64.1
%
Ni-Fe Alloys
2.1
%
16.7
%
Sulfide-Hydroxide
0.6
%
0.3
%
Silicates (Olivine)
5.1
%
18.9
%
Total Potential Recoverable Nickel
94.3
%
80.8
%
% Ni from chemical analysis
0.25
%
0.23
%
% S from chemical analysis
1.32
%
0.49
%
Weight % pentlandite
0.68
%
0.44
%
Weight % pyrrhotite
1.78
%
0.55
%
Copper sulfides accounted for ~71% to 75% of the total copper within the CEZ and UEZ composites. Chalcopyrite is the dominant copper sulfide and accounts for ~67% to 71% of the copper in the composite samples. Bornite, chalcocite, cuprite, malachite, and azurite were also present, in the composite samples. The remainder of the copper (~24% to 28%) was present in valleriite (Cu-Fe-Mg sulphate). The copper sulfide contents were 0.31% by weight in the CEZ and 0.14% by weight in the UEZ. These results are summarized in Table 3 below.
Table 3.Summary of Cu-Fe-S deportment of Eureka Zone composites
Copper Deportment
CEZ
UEZ
Chalcopyrite
66.8
%
70.7
%
Bornite
1.0
%
1.7
%
Chalcocite/Covellite
3.5
%
2.9
%
Cuprite, Malachite, Azurite
1.1
%
0.2
%
Valleriite
27.5
%
24.5
%
Total Potential Recoverable Copper
72.4
%
75.5
%
% Cu from chemical analysis
0.16
%
0.07
%
Weight % Cu Sulfides
0.31
%
0.14
%
An additional composite sample from the Lower Eureka Zone (“LEZ”) has been submitted to Bureau Veritas to complete identical mineralogical analysis. Assay results from the LEZ were reported in the Millrock press release from September 26, 2022. The results of the third composite will be released when completed.
Quality Control – Quality Assurance Millrock adheres to stringent Quality Assurance – Quality Control (“QA/QC”) standards. Core samples are kept in a secure location at all times. In this case, the samples were assayed at the Bureau Veritas laboratory in Vancouver, Canada. Preparation and analysis methods are described in further detail here. Analysis methods used include MA270 – 4-acid digestion ICP-ES/MS Finish and FA330 – Fire assay fusion Au, Pt, Pd by ICP-ES. The Qualified Person is of the opinion that the results reported in this press release are reliable.
Qualified Person The technical information within this document has been reviewed and approved by Gregory A. Beischer, President, CEO, and a director of Millrock. Mr. Beischer is a Qualified Person as defined in NI 43-101.
About Millrock Resources Inc. Millrock Resources Inc. is a premier project generator to the mining industry. Millrock identifies, packages, and operates large-scale projects for joint venture, thereby exposing its shareholders to the benefits of mineral discovery without the usual financial risk taken on by most exploration companies. The company is recognized as the premier generative explorer in Alaska, holds royalty interests in British Columbia, Canada, and Sonora State, Mexico, is a significant shareholder of junior explorer ArcWest Exploration Inc. and owns a large shareholding in Resolution Minerals Limited. Funding for drilling at Millrock’s exploration projects is primarily provided by its joint venture partners. Business partners of Millrock have included some of the leading names in the mining industry: EMX Royalty, Centerra Gold, First Quantum, Teck, Kinross, Vale, Inmet and, Altius as well as junior explorers Resolution, Riverside, PolarX, Felix Gold, and Tocvan.
ON BEHALF OF THE BOARD “Gregory Beischer” Gregory Beischer, President & CEO
FOR FURTHER INFORMATION, PLEASE CONTACT: Melanee Henderson, Investor Relations Toll-Free: 877-217-8978 | Local: 604-638-3164 Twitter | Facebook | LinkedIn
Some statements in this news release contain forward-looking information, including but not limited to execution of further deportment studies. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. Such factors include without limitation the completion of planned expenditures, the ability to complete exploration programs on schedule and the success of exploration programs.
“NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.”
Vancouver, British Columbia–(Newsfile Corp. – September 29, 2022) – Goldshore Resources Inc. (TSXV: GSHR) (OTCQB: GSHRF) (FSE: 8X00) (“Goldshore” or the “Company“), is pleased to announce assay results from its ongoing 100,000-meter drill program at the Moss Lake Project in Northwest Ontario, Canada (the “Moss Lake Gold Project“).
Highlights:
Results for five holes, drilled to infill historic but poorly surveyed drill sections in the Main Zone, have confirmed higher-grade gold mineralization within a large volume of well mineralized diorite with best intercepts of:
192.75m @ 1.02 g/t Au from 94.45m depth in MMD-22-051, including
62m @ 1.49 g/t Au from 113m and
48.7m @ 1.29 g/t Au from 208.3m
11.85m @ 1.87 g/t Au from 441.15m depth in MMD-22-041
28.0m @ 1.51 g/t Au from 580.0m depth in MMD-22-046, including
11.0m @ 3.45 g/t Au from 587.0m
9.75m @ 1.78 g/t Au from 282.55m depth in MMD-22-047
34.25m @ 1.03 g/t Au from 209.0m depth in MMD-22-049, including
3.8m @ 6.98 g/t Au from 239.45m
President and CEO Brett Richards stated: “As we have been discussing for some time, the continued results of intersecting wide zones of +1 g/t Au mineralization underpin our belief that the Moss Lake Deposit has potential to develop an initial high-grade phase 1 open pit within the larger low-grade open pit operation. It can be seen that the projected grade shell of +1.0 g/t Au is significant at this early stage, and we will look to further explore these high grade areas, as we continue with our program.”
Technical Overview
Figure 1 shows the better intercepts in plain view and Figure 2 is a typical section through hole MMD-22-041 and MMD-22-051.
Figure 1: Drill plan showing best of several +1 g/t Au intercepts relative to implicit modelled grade shells
Table 1 shows the significant intercepts. Table 2 shows the drill hole locations.
Table 1: Significant downhole gold intercepts
HOLE ID
FROM
TO
LENGTH (m)
TRUE WIDTH (m)
CUT GRADE (g/t Au)
UNCUT GRADE (g/t Au)
MMD-22-041
41.00
45.00
4.00
2.0
0.38
0.38
132.80
137.00
4.20
2.1
0.75
0.75
152.75
158.60
5.85
3.0
0.39
0.39
175.35
187.00
11.65
5.9
0.30
0.30
189.90
205.25
15.35
7.8
0.36
0.36
258.75
262.15
3.40
1.7
0.48
0.48
308.10
332.05
23.95
12.3
0.67
0.67
including
330.00
332.05
2.05
1.1
1.89
1.89
348.45
383.00
34.55
18.0
0.43
0.43
including
380.00
382.00
2.00
1.0
2.50
2.50
439.00
480.00
41.00
21.3
0.79
0.79
including
441.15
453.00
11.85
6.1
1.87
1.87
493.00
495.35
2.35
1.2
0.32
0.32
519.00
565.75
46.75
24.3
0.46
0.46
including
525.00
527.00
2.00
1.0
2.18
2.18
and
543.50
549.00
5.50
2.9
1.02
1.02
MMD-22-046
8.00
37.50
29.50
14.3
0.50
0.50
including
29.40
31.40
2.00
1.0
1.16
1.16
65.00
111.00
46.00
21.9
0.82
0.82
including
66.00
77.00
11.00
5.3
1.41
1.41
and
100.00
111.00
11.00
5.2
1.30
1.29
144.00
148.00
4.00
1.9
0.31
0.31
154.00
157.00
3.00
1.4
0.55
0.55
172.00
182.00
10.00
4.6
1.29
1.29
including
176.00
182.00
6.00
2.8
1.96
1.96
220.00
239.00
19.00
8.5
0.48
0.48
253.00
268.00
15.00
6.7
0.35
0.35
306.45
346.00
39.55
17.3
0.71
0.71
including
307.00
312.25
5.25
2.3
2.48
2.48
and
334.00
336.10
2.10
0.9
2.93
2.93
and
342.00
344.20
2.20
1.0
1.27
1.27
370.00
386.90
16.90
7.4
0.37
0.37
411.00
416.90
5.90
2.5
0.31
0.31
421.90
496.55
74.65
32.1
0.66
0.66
including
424.00
426.00
2.00
0.9
2.51
2.51
and
468.10
472.00
3.90
1.7
3.37
3.37
512.45
520.00
7.55
3.2
0.46
0.46
575.00
577.00
2.00
0.8
0.45
0.45
580.00
608.00
28.00
11.8
1.51
1.51
including
587.00
598.00
11.00
4.6
3.45
3.45
MMD-22-047
26.50
59.70
33.20
22.6
0.36
0.36
including
40.50
43.90
3.40
2.3
1.08
1.08
94.90
107.00
12.10
8.4
0.35
0.35
136.40
138.90
2.50
1.7
0.30
0.30
141.90
204.90
63.00
43.8
0.37
0.37
including
172.20
175.05
2.85
2.0
1.12
1.12
239.90
242.75
2.85
2.0
1.09
1.09
including
240.65
242.75
2.10
1.5
1.29
1.29
282.55
333.90
51.35
36.9
0.73
0.73
including
282.55
292.30
9.75
7.0
1.78
1.78
363.90
366.20
2.30
1.7
0.52
0.52
371.80
375.60
3.80
2.8
0.36
0.36
398.90
407.70
8.80
6.4
0.54
0.54
580.00
582.70
2.70
2.1
0.34
0.34
MMD-22-049
20.00
47.00
27.00
13.8
0.59
0.59
68.25
91.00
22.75
11.6
0.48
0.48
140.00
142.00
2.00
1.0
0.35
0.35
166.00
193.00
27.00
13.7
0.44
0.44
209.00
243.25
34.25
17.7
1.03
1.03
including
217.95
220.00
2.05
1.1
2.09
2.09
and
239.45
243.25
3.80
2.0
6.98
6.98
254.35
279.70
25.35
13.2
0.66
0.66
including
254.80
260.65
5.85
3.1
2.07
2.07
290.75
318.00
27.25
14.1
0.50
0.50
353.00
410.00
57.00
29.4
0.51
0.51
434.00
436.00
2.00
1.1
0.54
0.54
468.50
471.40
2.90
1.6
0.31
0.31
518.00
523.00
5.00
2.8
0.38
0.38
572.00
575.30
3.30
1.9
0.53
0.53
640.70
642.90
2.20
1.3
0.59
0.59
MMD-22-051
44.85
55.60
10.75
7.9
0.35
0.35
94.45
287.20
192.75
149.1
1.02
1.02
including
94.45
97.00
2.55
1.9
1.08
1.08
and
113.00
175.00
62.00
48.0
1.49
1.49
and
188.00
191.80
3.80
2.9
1.59
1.59
and
208.30
257.00
48.70
37.7
1.29
1.29
Intersections calculated above at 0.3 g/t Au cut off with a top cut of 30 g/t Au and a maximum internal waste interval of 10 metres. Bordered intervals are intersections calculated above a 1.0 g/t Au cut off. Intervals in bold are those with a grade thickness factor exceeding 20 gram x metres / tonne gold. True widths are approximate and assume a subvertical body.
Table 2: Location of drill holes in this press release
HOLE
EAST
NORTH
RL
AZIMUTH
DIP
EOH
MMD-22-041
668,784
5,379,185
436
154°
-61°
606.0
MMD-22-046
668,865
5,379,218
435
156°
-61°
609.1
MMD-22-047
669,155
5,379,424
429
153°
-47°
602.05
MMD-22-049
668,953
5,379,245
428
155°
-60°
666.05
MMD-22-051
668,704
5,379,104
434
154°
-45°
293.0
Approximate collar coordinates in NAD 83, Zone 15N
Results have been received for five holes that have infilled areas of the Main Zone that are between sections drilled by historic holes with collar survey problems. As a result, they will replace the low-confidence historic holes in the upcoming resource model update.
As with the historic holes, these holes intersected several broad zones of low-grade mineralization within the altered diorite intrusion host. Examples include 41.0m @ 0.79 g/t Au from 439.0m depth and 46.75m @ 0.46 g/t Au from 519.0m in MMD-22-041; 88.0m @ 0.48 g/t Au from 388.0m in MMD-22-042; 46.0m @ 0.82 g/t Au from 65.0m, 39.55m @ 0.71 g/t Au from 306.45m and 74.65m @ 0.66 g/t Au from 421.9m in MMD-22-046; 63.0m @ 0.37 g/t Au from 141.9m and 51.35m @ 0.73 g/t Au from 282.55m in MMD-22-047; and 57.0m @ 0.51 g/t Au from 353.0m in MMD-22-049. The long intercept in MMD-22-051 of 192.75m @ 1.02 g/t Au from 94.45m is similar but higher grade.
All these low-grade zones occur as envelopes to higher-grade structures that form a three-dimensional, anastomosing shear network that has developed in response to strain on the altered diorite intrusion. Results include the broad zones of +1 g/t Au mineralization shown in the highlights (e.g., 192.75m @ 1.02 g/t Au from 94.45m depth in MMD-22-051) and several narrow high-grade intervals, including 1.0m @ 9.14 g/t Au from 449.0m depth in MMD-22-041; 1.0m @ 12.7 g/t Au from 441.0m, 0.9m @ 9.99 g/t Au from 468.1m and 1.0m @ 16.6 g/t Au from 587.0m in MMD-22-046; 0.85m @ 5.93 g/t Au from 290.7m in MMD-22-047; 0.45m @ 8.22 g/t Au from 30.55m, 0.75m @ 12.0 g/t Au from 421.25m, 0.55m @ 9.93 g/t Au from 306.95m and 0.65m @ 15.1 g/t Au from 365.35m in MMD-22-049; and 1.0m @ 14.0 g/t Au from 159.0m and 1.0m @ 10.6 g/t Au from 256.0m in MMD-22-051.
Geological modelling of the altered diorite host rock and anastomosing shear network has progressed faster than anticipated and is nearly complete. The new model will enable the interpolation of low and high-grade gold populations within constraining wireframes, which we expect will provide a more accurate estimation of the gold distribution and, therefore, the contained gold resource.
Pete Flindell, VP Exploration for Goldshore, said, “These drill results confirm our contention that there are coherent zones of +1 g/t Au gold mineralization with a “sea” of low grade mineralization that should allow for the generation of a smaller, higher-grade resource at the Moss Lake Project. Drilling around these higher grade zones continues.”
Analytical and QA/QC Procedures
All samples were sent to ALS Geochemistry in Thunder Bay for preparation and analysis was performed in the ALS Vancouver analytical facility. ALS is accredited by the Standards Council of Canada (SCC) for the Accreditation of Mineral Analysis Testing Laboratories and CAN-P-4E ISO/IEC 17025. Samples were analyzed for gold via fire assay with an AA finish (“Au-AA23”) and 48 pathfinder elements via ICP-MS after four-acid digestion (“ME-MS61”). Samples that assayed over 10 ppm Au were re-run via fire assay with a gravimetric finish (“Au-GRA21”).
In addition to ALS quality assurance / quality control (“QA/QC”) protocols, Goldshore has implemented a quality control program for all samples collected through the drilling program. The quality control program was designed by a qualified and independent third party, with a focus on the quality of analytical results for gold. Analytical results are received, imported to our secure on-line database and evaluated to meet our established guidelines to ensure that all sample batches pass industry best practice for analytical quality control. Certified reference materials are considered acceptable if values returned are within three standard deviations of the certified value reported by the manufacture of the material. In addition to the certified reference material, certified blank material is included in the sample stream to monitor contamination during sample preparation. Blank material results are assessed based on the returned gold result being less than ten times the quoted lower detection limit of the analytical method. The results of the on-going analytical quality control program are evaluated and reported to Goldshore by Orix Geoscience Inc.
About Goldshore
Goldshore is an emerging junior gold development company, and owns the Moss Lake Gold Project located in Ontario. Wesdome is currently a large shareholder of Goldshore with an approximate 27% equity position in the Company. Well-financed and supported by an industry-leading management group, board of directors and advisory board, Goldshore is positioned to advance the Moss Lake Gold Project through the next stages of exploration and development.
About the Moss Lake Gold Project
The Moss Lake Gold Project is located approximately 100 km west of the city of Thunder Bay, Ontario. It is accessed via Highway 11 which passes within 1 km of the property boundary to the north. The Moss Lake Gold Project covers 14,292 hectares and consists of 282 unpatented and patented mining claims.
The Moss Lake Gold Project hosts a number of gold and base metal rich deposits including the Moss Lake Deposit, the East Coldstream Deposit (Table 3), the historically producing North Coldstream Mine (Table 4), and the Hamlin Zone, all of which occur over a mineralized trend exceeding 20 km in length. A historical preliminary economic assessment (the “Moss Lake Historical Estimate“) was completed on the Moss Lake Gold Project in 2013 and published by Moss Lake Gold Mines Ltd. (“Moss Lake Gold Mines“)1,3. A historical mineral resource estimate (the “East Coldstream Historical Estimate“) was completed on the East Coldstream Deposit in 2011 by Foundation Resources Inc.2,3 In addition to these zones, the Moss Lake Gold Project also hosts a number of under-explored mineral occurrences which are reported to exist both at surface and in historically drilled holes. The Moss Lake Deposit is a shear-hosted disseminated-style gold deposit which outcrops at surface. It has been drilled over a 2.5 km length and to depths of 300 m with 376 holes completed between 1983 and 2017. The last drilling program conducted in 2016 and 2017 by Wesdome Gold Mines Ltd. (“Wesdome“), which consisted of widely spaced holes along the strike extension of the deposit was successful in expanding the mineralized footprint and hydrothermal system 1.6 km to the northeast. Additionally, the deposit remains largely open to depth. In 2017, Wesdome completed an induced polarization survey which traced the potential extensions of pyrite mineralization associated with the Moss Lake Deposit over a total strike length of 8 km and spanning the entire extent of the survey grids.
The East Coldstream Deposit is a shear-hosted disseminated-style gold deposit which locally outcrops at surface. It has been drilled over a 1.3 km length and to depths of 200 m with 138 holes completed between 1988 and 2017. The deposit remains largely open at depth and may have the potential for expansion along strike. Historic drill hole highlights from the East Coldstream Deposit include 4.86 g/t Au over 27.3 m in C-10-15.
The historically producing North Coldstream Mine is reported to have produced significant amounts of copper, gold and silver4 from mineralization with potential iron-oxide-copper-gold deposit style affinity. The exploration potential immediately surrounding the historic mining area is not currently well understood and historic data compilation is required.
The Hamlin Zone is a significant occurrence of copper and gold mineralization, and also of potential iron-oxide-copper-gold deposit style affinity. Between 2008 and 2011, Glencore tested Hamlin with 24 drill holes which successfully outlined a broad and intermittently mineralized zone over a strike length of 900 m. Historic drill hole highlights from the Hamlin Zone include 0.9 g/t Au and 0.35% Cu over 150.7 m in HAM-11-75.
The Moss Lake, East Coldstream and North Coldstream deposits sit on a mineral trend marked by a regionally significant deformation zone locally referred to as the Wawiag Fault Zone in the area of the Moss Lake Deposit. This deformation zone occurs over a length of approximately 20 km on the Moss Lake Gold Project and there is an area spanning approximately 7 km between the Moss Lake and East Coldstream deposits that is significantly underexplored.
Table 3: Historical Mineral Resources1,2,3
INDICATED
INFERRED
Deposit
Tonnes
Au g/t
Au oz
Tonnes
Au g/t
Au oz
Moss Lake Historical Estimate
Open Pit Potential
39,795,000
1.1
1,377,300
48,904,000
1.0
1,616,300
Underground Potential
–
–
–
1,461,100
2.9
135,400
Moss Lake Total
39,795,000
1.1
1,377,300
50,364,000
1.1
1,751,600
East Coldstream Historical Estimate
East Coldstream Total
3,516,700
0.85
96,400
30,533,000
0.78
763,276
Combined Total
43,311,700
1.08
1,473,700
80,897,000
0.98
2,514,876
Notes:
(1) Source: Poirier, S., Patrick, G.A., Richard, P.L., and Palich, J. “Technical Report and Preliminary Economic Assessment for the Moss Lake Project”, prepared for Moss Lake Gold Mines Ltd. The qualified persons for the Moss Lake Historical Estimate are Pierre-Luc Richard, MSc, PGeo (InnovExplo Inc), and Carl Pelletier, BSc, PGeo (InnovExplo Inc), and the effective date of the Moss Lake Historical Estimate is February 8, 2013. In-Pit results are presented undiluted and in situ, within Whittle-optimized pit shells. Underground results are presented undiluted and in situ, outside Whittle-optimized pit shells. The Moss Lake Historical Estimate includes 18 gold-bearing zones and 1 envelope containing isolated gold intercepts. Whittle parameters: mining cost = C$2.28; pit slope angle = 50.0 degrees; production cost = C$9.55; mining Dilution = 5%; mining recovery = 95%; processing recovery = 80% to 85%; gold price = C$1,500. In-Pit and Underground resources were compiled at cut-off grades from 0.3 to 5.0 g/t Au (for sensitivity characterization). A cut-off grade of 0.5 g/t Au was selected as the official in-pit cut-off grade and a cut-off grade of 2.0 g/t Au was selected as the official underground cut-off grade. The Moss Lake Historical Estimate is based on 352 diamond drill holes (90,978 m) drilled from 1983 and 2008. A fixed density of 2.78 g/cm3 was used. A minimum true thickness of 5.0 m was applied, using the grade of the adjacent material when assayed or a value of zero when not assayed. Capping was established at 35 g/t Au, supported by statistical analysis and the high grade distribution within the deposit. Compositing was done on drill hole sections falling within the mineralized zone solids (composite = 1 m). Resources were evaluated from drill hole samples using the ID2 interpolation method in a multi-folder percent block model using Gems version 6.4. Based on geostatistics, the ellipse range for interpolation was 75m x 67.5m x 40m. The Indicated category is defined by combining the blocks within the two main zones and various statistical criteria, such as average distance to composites, distance to closest composite, quantity of drill holes within the search area. Ounce (troy) = metric tons x grade / 31.10348. Calculations used metric units (metres, tonnes and g/t). The number of metric tonnes was rounded to the nearest thousand. Any discrepancies in the totals are due to rounding effects; rounding followed the recommendations in NI 43-101.
(2) Source: McCracken, T. “Technical Report and Resource Estimate on the Osmani Gold Deposit, Coldstream Property, Northwestern Ontario”, prepared for Foundation Resources Inc. and Alto Ventures Ltd. The East Coldstream Historical Estimate is based on a 0.4 g/t Au cut-off grade. The qualified persons for the East Coldstream Historical Estimate are Todd McCracken, P.Geo. (Tetratech Wardrop), and Jeff Wilson, Ph.D., P.Geo. (Tetratech Wardrop), and the effective date of the East Coldstream Historical Estimate is December 12, 2011. Resources are presented unconstrained, undiluted and in situ. The East Coldstream Historical Estimate includes 2 gold-bearing zones. A cut-off grade of 0.4 g/t Au was selected as the official resource cut-off grade. The East Coldstream Historical Estimate is based on 116 diamond drill holes drilled from 1986 to 2011. A fixed density of 2.78 g/cm3 was used. Capping was established at 5.89 g/t Au and 5.70 g/t Au for domains EC-1 and EC-2, respectively. This is supported by statistical analysis and the high grade distribution within the deposit. Compositing was done on drill hole sections falling within the mineralized zone solids (composite = 1 m). Resources were evaluated from drill hole samples using the ID2 interpolation method in a multi-folder percent block model using Datamine Studio 3 version 3.20.5321.0. Resource categorization is based on spatial continuity based from the variography of the assays within the drillholes. Ounce (troy) = metric tons x grade / 31.10348. Calculations used metric units (metres, tonnes and g/t). The number of metric tonnes was rounded to the nearest thousand. Any discrepancies in the totals are due to rounding effects; rounding followed the recommendations in NI 43-101.
(3) The reader is cautioned that the Moss Lake Historical Estimate East and the East Coldstream Historical Estimate (the “Historical Estimates“) are considered historical in nature and as such is based on prior data and reports prepared by previous property owners. The reader is cautioned not to treat them, or any part of them, as current mineral resources or reserves. The Company has determined these historical resources are reliable, and relevant to be included here in that they demonstrate simply the mineral potential of the Moss Lake Gold Project. A qualified person has not done sufficient work to classify the Historical Estimates as current resources and Goldshore is not treating the Historical Estimates as current resources. Significant data compilation, re-drilling, re-sampling and data verification may be required by a qualified person before the Historical Estimates can be classified as a current resource. There can be no assurance that any of the historical mineral resources, in whole or in part, will ever become economically viable. In addition, mineral resources are not mineral reserves and do not have demonstrated economic viability. Even if classified as a current resource, there is no certainty as to whether further exploration will result in any inferred mineral resources being upgraded to an indicated or measured mineral resource category. The Historical Estimates relating to inferred mineral resources were calculated using prior mining industry standard definitions and practices for estimating mineral resource and mineral reserves. Such prior definitions and practices were utilized prior to the implementation of the current standards of the Canadian Institute of Mining for mineral resource estimation, and have a lower level of confidence.
Table 4: Reported Historical Production from the North Coldstream Deposit4
Deposit
Tonnes
Cu %
Au g/t
Ag
Cu lbs
Au oz
Ag oz
Historical Production
2,700,0000
1.89
0.56
5.59
102,000,000
44,000
440,000
Note:
(4) Source: Schlanka, R., 1969. Copper, Nickel, Lead and Zinc Deposits of Ontario, Mineral Resources Circular No. 12, Ontario Geological Survey, pp. 314-316.
Peter Flindell, P.Geo., MAusIMM, MAIG, Vice President – Exploration of the Company, a qualified person under NI 43-101 has approved the scientific and technical information contained in this news release.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
For More Information – Please Contact:
Brett A. Richards President, Chief Executive Officer and Director Goldshore Resources Inc.
This news release contains statements that constitute “forward-looking statements.” Such forward looking statements involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, performance or achievements, or developments to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects,” “plans,” “anticipates,” “believes,” “intends,” “estimates,” “projects,” “potential” and similar expressions, or that events or conditions “will,” “would,” “may,” “could” or “should” occur.
Forward-looking statements in this news release include, among others, statements relating to expectations regarding the exploration and development of the Moss Lake Gold Project, and other statements that are not historical facts. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors and risks include, among others: the Company may require additional financing from time to time in order to continue its operations which may not be available when needed or on acceptable terms and conditions acceptable; compliance with extensive government regulation; domestic and foreign laws and regulations could adversely affect the Company’s business and results of operations; the stock markets have experienced volatility that often has been unrelated to the performance of companies and these fluctuations may adversely affect the price of the Company’s securities, regardless of its operating performance; and the impact of COVID-19.
The forward-looking information contained in this news release represents the expectations of the Company as of the date of this news release and, accordingly, is subject to change after such date. Readers should not place undue importance on forward-looking information and should not rely upon this information as of any other date. The Company undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.
This news release does not constitute an offer to sell, or a solicitation of an offer to buy, any securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
North Vancouver, British Columbia–(Newsfile Corp. – September 28, 2022) – Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) (ASX: LLO) (“Lion One” or the “Company“) is pleased to announce that it has closed its previously announced bought deal offering of 17,348,000 units (the “Units“) (including 1,108,0000 Units issued pursuant to Eight Capital and Canaccord Genuity Corp.’s (together, the “Underwriters“) partial exercise of the over-allotment option granted to the Underwriters) at a price of $0.77 per Unit for gross proceeds of $13,357,960 (the “Offering“).
Each Unit consists of a common share of the Company (each, a “Common Share“) and one-half (1/2) of one common share purchase warrant (each whole common share warrant, a “Warrant“) to purchase a Common Share at a price of $1.05 for a period of 36 months following the closing date of the Offering. In the event that the volume weighted average trading price of the Common Shares on the TSX Venture Exchange (the “TSX-V“), or such other principal exchange on which the Common Shares are then trading, is greater than $1.75 for a period of twenty consecutive trading days at any time after the closing of the Offering, the Company may accelerate the expiry date of the Warrants by giving written notice to the holder thereof and in such case the Warrants will expire on the 30th day after the date on which such notice is given by the Company.
Pursuant to the Offering the Company issued 1,040,880 compensation warrants (the “Compensation Warrants“) to the Underwriters. Each Compensation Warrant is exercisable to purchase a Common Share at a price of $0.77 for a period of 36 months following the closing date of the Offering.
The net proceeds from the Offering will be used for exploration and development of the Company’s Tuvatu Gold Project.
The Offering was made by way of prospectus supplement dated September 22, 2022 (the “Prospectus Supplement“) to the Company’s base shelf prospectus dated May 13, 2022. Distribution of the Units issued pursuant to the Offering was insufficient to meet the TSX-V’s requirements for the listing of the Warrants so the Company has accordingly not applied to list the Warrants on the TSX-V.
About Lion One Metals Limited
Lion One’s flagship asset is 100% owned, fully permitted high grade Tuvatu Alkaline Gold Project, located on the island of Viti Levu in Fiji. Lion One envisions a low-cost high-grade underground gold mining operation at Tuvatu coupled with exciting exploration upside inside its tenements covering the entire Navilawa Caldera, an underexplored yet highly prospective 7km diameter alkaline gold system. Lion One’s CEO Walter Berukoff leads an experienced team of explorers and mine builders and has owned or operated over 20 mines in 7 countries. As the founder and former CEO of Miramar Mines, Northern Orion, and La Mancha Resources, Walter is credited with building over $3 billion of value for shareholders.
On behalf of the Board of Directors of Lion One Metals Limited “Walter Berukoff“ Chairman and CEO
Neither the TSX Venture Exchange nor its Regulation Service Provider accepts responsibility for the adequacy or accuracy of this release. This press release may contain statements that may be deemed to be “forward-looking statements” within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein are forward-looking information. Generally, forward-looking information may be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “proposed”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases, or by the use of words or phrases which state that certain actions, events or results may, could, would, or might occur or be achieved. This forward-looking information reflects Lion One Metals Limited’s current beliefs and is based on information currently available to Lion One Metals Limited and on assumptions Lion One Metals Limited believes are reasonable. These assumptions include, but are not limited to, the actual results of exploration projects being equivalent to or better than estimated results in technical reports, assessment reports, and other geological reports or prior exploration results. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Lion One Metals Limited or its subsidiaries to be materially different from those expressed or implied by such forward-looking information. Such risks and other factors may include, but are not limited to: the use of proceeds from the Offering, the stage development of Lion One Metals Limited, general business, economic, competitive, political and social uncertainties; the actual results of current research and development or operational activities; competition; uncertainty as to patent applications and intellectual property rights; product liability and lack of insurance; delay or failure to receive board or regulatory approvals; changes in legislation, including environmental legislation, affecting mining, timing and availability of external financing on acceptable terms; not realizing on the potential benefits of technology; conclusions of economic evaluations; and lack of qualified, skilled labour or loss of key individuals. Although Lion One Metals Limited has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information. Lion One Metals Limited does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
VANCOUVER, British Columbia, Sept. 28, 2022 (GLOBE NEWSWIRE) — Rover Metals Corp. (TSXV: ROVR) (OTCQB: ROVMF) (FSE:4XO) (“Rover” or the “Company”) announces that further to its releases of August 16, 2022, September 14, 2022, and September 22, 2022, the Company has now received approval from the Toronto Venture Exchange for the Indian Mountain Lake (“IML”) option purchase agreement, and the milestone payments contained therein.
IML VMS Project The IML VMS Project has had exploration dating back to the 1940s and has a historical resource spread across four zones on the project. The BB Zone and Kennedy Lake Zone have a combined historic resource of 1,400,000 tons grading 10% combined zinc and lead with 3.5 OPT (ounces per ton) of silver*. Approximately 900 metres west of the BB Zone, the Kennedy Lake West Zone has a historic resource of 610,000 tons grading 1.15% copper*. About 8 km southeast of the BB Zone, the Susu Lake Zone, has a historical resource consisting of 142,500 tons grading 0.95% copper*.
The property is located approximately 195 km east-northeast of Yellowknife, NT, off the eastern arm of Great Slave Lake. Seasonal access relies upon fixed or rotor wing support. A right of way was cleared to the Project from Thompson Landing in the 1970s. If this right of way were to be brushed out, it would provide barge access at Thompson Landing, from Yellowknife, with ground transportation, considerably lowering any logistical costs. Future Government of Canada federally funded hydro-energy infrastructure could come close to the Project if the Taltson Hydro Dam expansion proceeds through the eastern arm of Great Slave Lake into Yellowknife. At the southwest-end of Great Slave Lake, Osisko Metals is gearing up to reopen the Pine Point Zinc-Lead Mine. At nearby Hay River, NT, there is a rail line to the Teck Resources Zinc Refinery in Trail, BC.
*These resources are historic in nature. Further drilling is needed to bring them up to CIM Definition Standards. The historic data has not been verified by Rover. The historic information is provided in the 2103 Assessment Report for Indian Mountain Lake which is in public record with the Government of the Northwest Territories.
Technical information has been approved by Gary Vivian, M.Sc., P.Geo., QP for the purposes of NI 43-101.
New Website An updated Corporate Fact Sheet, reflecting the addition of Nevada Lithium, is now available on our new website and a new corporate presentation will be available shortly.
Judson Culter, CEO at Rover Metals, states “Zinc and Copper, along with Lithium are the future, and fundamental to the growth of our company. However, we’re not abandoning our precious metals roots. Greenstone belts in northern Canada are well known for their abundance of gold and silver. The IML greenstone belt is comprised of 31,000 acres, and the historic base metal resource is coming from just three percent of the land package. The historic BB Zone and historic Kennedy Lake Zone include a historic resource of 4,900,000 ounces of high-grade silver. We believe the existing silver endowment is indicative of the potential for the remainder of the 30,000 acres of greenstone belt.”
About Rover Metals Rover is a publicly traded junior mining company that trades on the TSXV under symbol ROVR, on the OTCQB under symbol ROVMF, and on the FSE under symbol 4XO. The Company is now developing a diverse portfolio of mineral resource projects: (1) Nevada Claystone Lithium; (2) Zinc-Copper-Lead-Silver in NT, Canada; as well as (3) Gold in NT, Canada. The Company is exclusive to the mining jurisdictions of Canada and the U.S.
ON BEHALF OF THE BOARD OF DIRECTORS “Judson Culter” Chief Executive Officer and Director
For further information, please contact: Email: info@rovermetals.com Phone: +1 (778) 754-2617
Statement Regarding Forward-Looking Information This news release contains statements that constitute “forward-looking statements.” Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause Rover’s actual results, performance or achievements, or developments in the industry to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects,” “plans,” “anticipates,” “believes,” “intends,” “estimates,” “projects,” “potential” and similar expressions, or that events or conditions “will,” “would,” “may,” “could” or “should” occur. There can be no assurance that such statements prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements, and readers are cautioned not to place undue reliance on these forward-looking statements. Any factor could cause actual results to differ materially from Rover’s expectations. Rover undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.
THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS NEWS RELEASE REPRESENTS THE EXPECTATIONS OF THE COMPANY AS OF THE DATE OF THIS NEWS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY OTHER DATE. WHILE THE COMPANY MAY ELECT TO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME EXCEPT AS REQUIRED IN ACCORDANCE WITH APPLICABLE LAWS.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OF THIS RELEASE.
Three widely spaced reconnaissance holes up to 600 metres apart were drilled to test the Trap target (“Trap”), a north-northwest trending structurally controlled corridor with evidence of overprinting porphyry veins and late-stage carbonate base metal (“CBM”) veins. All three holes intersected highly altered porphyry rocks with multiple sheeted and stockwork veinlets, with hole TRC-1 yielding the most robust results as follows:
Recent geological mapping and sampling has materially extended the strike length of the Trap target to 1.75 kilometres, and it remains open in both directions along strike for further expansion.
TORONTO, Sept. 27, 2022 /CNW/ – Collective Mining Ltd. (TSXV: CNL) (OTCQX: CNLMF) (“Collective” or the “Company”) is pleased to announce diamond drill hole and rock chip assay results from reconnaissance work, which outlines a new discovery referred to as the Trap mineralized corridor (“Trap”). Trap is located approximately four kilometres to the north-northeast of the Company’s flagship Apollo discovery and is one of seven grassroots generated porphyry and porphyry-related targets at its flagship Guayabales project located in Caldas, Colombia. Apollo is a newly discovered high-grade copper-gold-silver porphyry-related breccia with previously announced intercepts including the discovery hole APC-2, which intersected 207.15 metres @ 2.68 g/t AuEq and APC-8, which intersected 265.75 metres @ 2.44 g/t gold equivalent (See press releases dated August 10th and September 13th respectively). As part of its fully funded 20,000+ metre drill program for 2022, there are currently three diamond drill rigs operating at the Apollo target.
“This new and early-stage discovery at the Trap target highlights the immensely prospective nature of our Guayabales project. With slightly more than one year of exploration under our belt, our young Company, which is anchored by a core team of talented individuals, has drilled four new grassroot discoveries. Our priority remains the drilling and expanding of our flagship Main Breccia discovery at the Apollo target, but our reconnaissance exploration teams continue to identify new zones and targets with different styles of mineralization located within a four-kilometre by four-kilometre area hosting a cluster of porphyry and porphyry-related style targets. I am impressed with the continued drilling success at the Guayabales project. Our robust rate in making new discoveries at the project is virtually unparalleled in the mining industry and is a strong testament to the mineral endowment of this emerging mining district,” commented Ari Sussman, Executive Chairman.
Details (See Table 1 and Figures 1 – 3)
The Company recently completed three scout diamond drill holes plus additional channel chip sampling and geological mapping at the Trap target, a newly discovered structural corridor with details as follows:
Geology mapping and rock sampling highlights a north-northwest trending structural corridor superimposed on earlier porphyry related mineralization event and all hosted within quartz diorite rocks. Rock sampling of sporadic outcrops along the 1.75-kilometre mineralized corridor yielded 32 samples grading over 1 g/t gold (range 1 g/t Au to 10.7 g/t Au) with silver values up to 687 g/t and copper values up to 3.7%.
Three scout drill holes were completed in the central (TRC-1) and southern portion (VICE-1 & 2) of the trap corridor and returned the following significant intercepts:
In each hole the mineralization relates to an early gold-copper (chalcopyrite) phase linked with potassic alteration which is overprinted by a younger precious-polymetallic vein system associated with intense sericite alteration resulting in a white bleaching of the rock fabric. Veinlet systems include sheeted and stockwork forms in multiple different orientations.
Trap remains open in all directions and further reconnaissance work continues along this zone. A follow up drill program will ensue once additional data is collected, and targets are further refined.
The Company continues to prioritize the Apollo discovery due to the significant results intercepted to date with diamond drilling including hole APC-2, which intersected 207.15 metres @ 2.68 g/t AuEq and hole APC-8, which intersected 265.75 metres @ 2.44 g/t gold equivalent as announced in press releases dated August 10th, 2022, and September 13th respectively). Assay results are anticipated in the near term for four additional holes from Apollo with the following encouraging visual intercepts for two of the holes that targeted and successfully intersected the Main Breccia discovery:
Table 1: Assays Results
HoleID
From (m)
To (m)
Intercept (m)
Au (g/t)
Ag (g/t)
Cu %
AuEq (g/t) *
TRC-1
233.80
336.00
102.20
1.26
12
0.09
1.53
Incl
259.10
269.00
9.90
3.00
25
0.25
3.65
294.50
303.70
9.20
1.82
31
0.07
2.27
VICE-1
212.60
227.30
14.70
1.14
26
0.01
1.44
Incl
213.20
214.80
1.60
2.33
47
0.01
2.87
219.55
220.70
1.15
1.91
131
0.04
3.66
and
253.50
270.50
17.00
0.69
6
0.01
0.75
VICE-2
214.60
233.50
18.90
1.06
36
0.18
1.83
Incl
214.60
216.60
2.00
3.55
208
0.17
6.51
*AuEq (g/t) is calculated as follows: (Au (g/t) x 0.95) + (Ag g/t x 0.014 x 0.95) + (Cu (%) x 1.96 x 0.95) utilizing metal prices of Cu – US$4.00/lb, Ag – $20/oz and Au – US$1,400/oz and recovery rates of 95% for Au, Ag and Cu. Recovery rate assumptions are speculative as no metallurgical work has been completed to date.
** A 0.2 g/t AuEq cut-off grade was employed with no more than 15% internal dilution. True widths are unknown, and grades are uncut.
Figure 1: Plan View of the Guayabales Project Highlighting the Trap and Apollo Targets (CNW Group/Collective Mining Ltd.)
Figure 2: Plan View of Trap Highlighting Reconnaissance Drill Holes and Rock Samples Over 1 g/t AuEq (CNW Group/Collective Mining Ltd.)
Figure 3: Images of Drill Core for Trap Outlining Late Stage Porphyry Related CBM Veins in A and C, and Porphyry Mineralization in B. (CNW Group/Collective Mining Ltd.)
About Collective Mining Ltd.
To see our latest corporate presentation and related information, please visit www.collectivemining.com
Collective Mining is an exploration and development company focused on identifying and exploring prospective mineral projects in South America. Founded by the team that developed and sold Continental Gold Inc. to Zijin Mining for approximately $2 billion in enterprise value, the mission of the Company is to repeat its past success in Colombia by making significant new mineral discoveries and advance the projects to production. Management, insiders and close family and friends own nearly 45% of the outstanding shares of the Company and as a result, are fully aligned with shareholders.
The Company currently holds an option to earn up to a 100% interest in two projects located in Colombia. As a result of an aggressive exploration program at both the Guayabales and San Antonio projects, a total of seven major targets have been defined at Guayabales as well as another three at San Antonio. The Company has made a total of five significant grassroot discoveries at both projects with near-surface discovery holes at the Guayabales project yielding 302 metres at 1.11 g/t AuEq at the Olympus target, 163 metres at 1.3 g/t AuEq at the Donut target, 207.15 metres at 2.68 g/t AuEq, 180.6 metres at 2.43 g/t AuEg and 87.8 metres at 2.49 g/t AuEg at the Apollo target and most recently, 102.2m @ 1.53 g/t AuEq at the Trap target. At the San Antonio project, the Company intersected, from surface, 710 metres at 0.53 AuEq. (See related press releases on our website for AuEq calculations)
Qualified Person (QP) and NI43-101 Disclosure
David J Reading is the designated Qualified Person for this news release within the meaning of National Instrument 43-101 (“NI 43-101”) and has reviewed and verified that the technical information contained herein is accurate and approves of the written disclosure of same. Mr. Reading has an MSc in Economic Geology and is a Fellow of the Institute of Materials, Minerals and Mining and of the Society of Economic Geology (SEG).
Technical Information
Rock and core samples have been prepared and analyzed at SGS laboratory facilities in Medellin, Colombia and Lima, Peru. Blanks, duplicates, and certified reference standards are inserted into the sample stream to monitor laboratory performance. Crush rejects and pulps are kept and stored in a secured storage facility for future assay verification. No capping has been applied to sample composites. The Company utilizes a rigorous, industry-standard QA/QC program.
FORWARD-LOOKING STATEMENTS
This news release contains certain forward-looking statements, including, but not limited to, statements about the drill programs, including timing of results, and Collective’s future and intentions. Wherever possible, words such as “may”, “will”, “should”, “could”, “expect”, “plan”, “intend”, “anticipate”, “believe”, “estimate”, “predict” or “potential” or the negative or other variations of these words, or similar words or phrases, have been used to identify these forward-looking statements. These statements reflect management’s current beliefs and are based on information currently available to management as at the date hereof.
Forward-looking statements involve significant risk, uncertainties, and assumptions. Many factors could cause actual results, performance, or achievements to differ materially from the results discussed or implied in the forward-looking statements. These factors should be considered carefully, and readers should not place undue reliance on the forward-looking statements. Although the forward-looking statements contained in this news release are based upon what management believes to be reasonable assumptions, Collective cannot assure readers that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this news release, and Collective assumes no obligation to update or revise them to reflect new events or circumstances, except as required by law.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this news release.
