NORTH VANCOUVER, British Columbia, July 19, 2024 (GLOBE NEWSWIRE) — Lion One Metals Limited (TSX-V: LIO) (OTCQX: LOMLF) (ASX: LLO) (“Lion One” or the “Company”) is pleased to announce that it has entered into an amended agreement with Eight Capital as lead agent (the “Agent”), to upsize the previously announced private placement. In connection with the upsized offering, the Company will issue up to 27,027,027 units of the Company (the “Units”) at a price of $0.37 per Unit (the “Issue Price”) for aggregate gross proceeds of up to $10,000,000 pursuant to the listed issuer financing exemption available under National Instrument 45-106 – Prospectus Exemptions (the “Offering”), in each of the Provinces of Canada other than Quebec. Each Unit will consist of one common share of the Company (a “Share”) and one common share purchase warrant (a “Warrant”). Each Warrant will entitle the holder thereof to acquire one Share at an exercise price of $0.50 for a period of three years from the date of issuance.
The Company will make available an offering document relating to the Offering (the “Offering Document”) which will be accessible under the Company’s profile at www.sedarplus.ca and at https://liononemetals.com. Prospective investors in the Offering should read the Offering Document before making an investment decision.
The Offering is expected to close on or around July 26, 2024 (the “Closing Date”). Closing of the Offering is subject to certain customary conditions including receipt of all necessary approvals including satisfaction of listing conditions of the TSX Venture Exchange.
The Company intends to use the net proceeds from the Offering for working capital and general corporate purposes.
This news release does not constitute an offer to sell or a solicitation of an offer to sell any Shares in the United States. The securities to be sold in the Offering have not been and will not be registered under 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.
About Lion One Metals Limited
Lion One Metals is an emerging Canadian gold producer headquartered in North Vancouver BC, with new operations established in late 2023 at its 100% owned Tuvatu Alkaline Gold Project in Fiji. The Tuvatu project comprises the high-grade Tuvatu Alkaline Gold Deposit, the Underground Gold Mine, the Pilot Plant, and the Assay Lab. The Company also has an extensive exploration license covering the entire Navilawa Caldera, which is host to multiple mineralized zones and highly prospective exploration targets.
On behalf of the Board of Directors of Lion One Metals Limited “Walter Berukoff” Chairman and CEO
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.
Forward-Looking Information
This news release contains forward‐looking statements and forward‐looking information within the meaning of applicable securities laws. All statements other than statements of historical fact may be forward‐looking statements or information. Forward-looking statements are frequently identified by such words as “may”, “will”, “plan”, “expect”, “anticipate”, “estimate”, “intend” and similar words referring to future events and results. The forward‐looking statements and information are based on certain key expectations and assumptions made by management of the Company. Forward-looking statements made in this news release include statements regarding anticipated completion of the Offering and debt settlement, and the proposed use of proceeds of the Offering. Although management of the Company believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward‐looking statements and information since no assurance can be given that they will prove to be correct.
Forward-looking statements and information are provided for the purpose of providing information about the current expectations and plans of management of the Company relating to the future. Readers are cautioned that reliance on such statements and information may not be appropriate for other purposes, such as making investment decisions. Actual results could differ materially from those currently anticipated due to a number of factors and risks, including, with respect to the Offering and debt settlement, the conditions of the financial markets, availability of financing, timeliness of completion of the Offering, and the timing of TSX Venture Exchange approval; and with respect to the use of proceeds, the sufficiency of the proceeds, the speculative nature of mineral exploration and development, fluctuating commodity prices, and competitive, as described in more detail in our recent securities filings available at www.sedarplus.ca, including the Offering Document. Accordingly, readers should not place undue reliance on the forward‐looking statements and information contained in this news release. Readers are cautioned that the foregoing list of factors is not exhaustive. The forward‐looking statements and information contained in this news release are made as of the date hereof and no undertaking is given to update publicly or revise any forward‐looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws. The forward-looking statements or information contained in this news release are expressly qualified by this cautionary statement.
NORTH VANCOUVER, British Columbia, July 18, 2024 (GLOBE NEWSWIRE) — Lion One Metals Limited (TSX-V: LIO) (OTCQX: LOMLF) (ASX: LLO) (“Lion One” or the “Company”) is pleased to announce that it has entered into an agreement with Eight Capital as lead agent (the “Agent”) and sole bookrunner in connection with a “best efforts” private placement of up to 20,271,000 units of the Company (the “Units”) at a price of $0.37 per Unit (the “Issue Price”) for aggregate gross proceeds of up to $7,500,270, pursuant to the listed issuer financing exemption available under National Instrument 45-106 – Prospectus Exemptions (the “Offering”), in each of the Provinces of Canada other than Quebec. Each Unit will consist of one common share of the Company (a “Share”) and one common share purchase warrant (a “Warrant”). Each Warrant will entitle the holder thereof to acquire one Share at an exercise price of $0.50 for a period of three years from the date of issuance.
The Company will make available an offering document relating to the Offering (the “Offering Document”) which will be accessible under the Company’s profile at www.sedarplus.ca and at https://liononemetals.com. Prospective investors in the Offering should read the Offering Document before making an investment decision.
The Offering is expected to close on or around July 26, 2024 (the “Closing Date”). Closing of the Offering is subject to certain customary conditions including receipt of all necessary approvals including satisfaction of listing conditions of the TSX Venture Exchange. The Company has granted the Agent an option to offer for sale up to an additional 15% of the Units, at the Issue Price, exercisable in whole or in part at any time for a period of up to 48 hours prior to the Closing Date. The Units issued pursuant to the Offering will not be subject to any hold periods pursuant to applicable Canadian securities laws.
The Company intends to use the net proceeds from the Offering for working capital and general corporate purposes.
This news release does not constitute an offer to sell or a solicitation of an offer to sell any Shares in the United States. The securities to be sold in the Offering have not been and will not be registered under 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.
About Lion One Metals Limited
Lion One Metals is an emerging Canadian gold producer headquartered in North Vancouver BC, with new operations established in late 2023 at its 100% owned Tuvatu Alkaline Gold Project in Fiji. The Tuvatu project comprises the high-grade Tuvatu Alkaline Gold Deposit, the Underground Gold Mine, the Pilot Plant, and the Assay Lab. The Company also has an extensive exploration license covering the entire Navilawa Caldera, which is host to multiple mineralized zones and highly prospective exploration targets.
On behalf of the Board of Directors of Lion One Metals Limited “Walter Berukoff” Chairman and CEO
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.
Forward-Looking Information
This news release contains forward‐looking statements and forward‐looking information within the meaning of applicable securities laws. All statements other than statements of historical fact may be forward‐looking statements or information. Forward-looking statements are frequently identified by such words as “may”, “will”, “plan”, “expect”, “anticipate”, “estimate”, “intend” and similar words referring to future events and results. The forward‐looking statements and information are based on certain key expectations and assumptions made by management of the Company. Forward-looking statements made in this news release include statements regarding anticipated completion of the Offering and debt settlement, and the proposed use of proceeds of the Offering. Although management of the Company believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward‐looking statements and information since no assurance can be given that they will prove to be correct.
Forward-looking statements and information are provided for the purpose of providing information about the current expectations and plans of management of the Company relating to the future. Readers are cautioned that reliance on such statements and information may not be appropriate for other purposes, such as making investment decisions. Actual results could differ materially from those currently anticipated due to a number of factors and risks, including, with respect to the Offering and debt settlement, the conditions of the financial markets, availability of financing, timeliness of completion of the Offering, and the timing of TSX Venture Exchange approval; and with respect to the use of proceeds, the sufficiency of the proceeds, the speculative nature of mineral exploration and development, fluctuating commodity prices, and competitive, as described in more detail in our recent securities filings available at www.sedarplus.ca, including the Offering Document. Accordingly, readers should not place undue reliance on the forward‐looking statements and information contained in this news release. Readers are cautioned that the foregoing list of factors is not exhaustive. The forward‐looking statements and information contained in this news release are made as of the date hereof and no undertaking is given to update publicly or revise any forward‐looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws. The forward-looking statements or information contained in this news release are expressly qualified by this cautionary statement.
VANCOUVER, BC / ACCESSWIRE / July 18, 2024 / Stillwater Critical Minerals Corp. (TSXV:PGE)(OTCQB:PGEZF)(FSE:J0G) (the “Company” or “Stillwater”) announces it has commenced 2024 field activities including a property-wide airborne electro-magnetic geophysical survey at its flagship Stillwater West Ni-PGE-Cu-Co + Au project in Montana.
The Company has engaged Expert Geophysics Ltd. for a combined time-domain electromagnetic (“EM”) survey using their TargetEM26 system along with a magneto-telluric survey using their MobileMTm system. The survey will utilize the newest technological advancements in airborne EM, building on the success of the first generation DIGHEM airborne EM survey flown over the project in 2000. The total survey will cover approximately 1,069 line-kilometers and provide higher-resolution and improved depth of investigation from the DIGHEM airborne EM survey, as well as VLF coverage. The survey has been designed in collaboration with Glencore plc via the Stillwater West technical committee to fine-tune priority conductive drill targets across the 12-kilometer main resource area, as well as to assist with prioritization and ranking of additional untested conductive targets across the broader 61-square-kilometer property.
Stillwater’s President and CEO, Michael Rowley, said “We are very pleased to kick off our field activities for the season at Stillwater West. This large-scale geophysical survey is part of a larger program that is expected to include an updated mineral resource estimate that will support the commencement of various studies relating to potential production scenarios. These objectives will be important milestones in preparation for continued resource expansion drilling across the nine-kilometer deposit area as well as in developing target areas. In addition, the Company is pursuing a number of other studies and initiatives with strategic partners such as Cornell University and various US Government agencies.”
Vice-President of Exploration, Dr. Danie Grobler, said, “Work has been on-going at our core facility as we ramp up for the year. The technical committee, including Glencore, continues to be focused on the expansion potential of the lower Stillwater Igneous Complex. Detailed geological and structural interpretive work during the past two years added significantly to our understanding of the large Platreef-style mineralized system discovered within the footwall contact zone of the Stillwater Complex. Our geological models now display strong geological control and continuity on mineralized zones. The planned airborne surveys will provide important high-resolution datasets to refine targeting of high-grade nickel-copper-PGE sulphide-hosted mineralization within the multi-kilometer-scale geophysical anomalies that we see across the 32-kilometer-long mineralized system.”
Upcoming Events
Stillwater is pleased to announce that President and CEO Michael Rowley will be presenting at the following events:
Precious Metals Summit, Beaver Creek, Colorado, September 10-13, 2024. For information and registration please click here.
Precious Metals Summit, Zurich, Switzerland, November 11-12, 2024. For information and registration please click here.
About Stillwater Critical Minerals Corp.
Stillwater Critical Minerals (TSXV:PGE)(OTCQB:PGEZF)(FSE:J0G) is a mineral exploration company focused on its flagship Stillwater West Ni-PGE-Cu-Co + Au project in the iconic and famously productive Stillwater mining district in Montana, USA. With the addition of two renowned Bushveld and Platreef geologists to the team and strategic investments by Glencore plc, 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, nickel, and other metals by neighboring Sibanye-Stillwater. An expanded NI 43-101 mineral resource estimate, released January 2023, positions Stillwater West with the largest nickel resource in an active US mining district as part of a compelling suite of nine minerals now listed as critical in the USA. To date, five Platreef-style nickel and copper sulphide deposits host a total of 1.6 billion pounds of nickel, copper and cobalt, and 3.8 million ounces of palladium, platinum, rhodium, and gold at Stillwater West. All of these deposits remain open for expansion along trend and at depth.
Stillwater also holds the high-grade Black Lake-Drayton Gold project adjacent to Nexgold Mining’s development-stage Goliath Gold Complex in northwest Ontario, currently under an earn-in agreement with Heritage Mining, and the Kluane PGE-Ni-Cu-Co critical minerals project on trend with Nickel Creek Platinum‘s Wellgreen deposit in Canada‘s Yukon Territory.
FOR FURTHER INFORMATION, PLEASE CONTACT: Michael Rowley, President, CEO & Director – Stillwater Critical Minerals Email: info@criticalminerals.com Phone: (604) 357 4790 Web: http://criticalminerals.com Toll Free: (888) 432 0075
Quality Control and Quality Assurance
Mr. Mike Ostenson, P.Geo., is the qualified person for the purposes of National Instrument 43-101, and he has reviewed and approved the technical disclosure contained in this news release.
Forward-Looking Statements
This news release includes certain statements that may be deemed “forward-looking statements”. All statements in this release, other than statements of historical facts including, without limitation, statements regarding potential mineralization, historic production, estimation of mineral resources, the realization of mineral resource estimates, interpretation of prior exploration and potential exploration results, the timing and success of exploration activities generally, the timing and results of future resource estimates, permitting time lines, metal prices and currency exchange rates, availability of capital, government regulation of exploration operations, environmental risks, reclamation, title, and future plans and objectives of the company are forward-looking statements that involve various risks and uncertainties. Although Stillwater Critical Minerals believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Forward-looking statements are based on a number of material factors and assumptions. Factors that could cause actual results to differ materially from those in forward-looking statements include failure to obtain necessary approvals, unsuccessful exploration results, changes in project parameters as plans continue to be refined, results of future resource estimates, future metal prices, availability of capital and financing on acceptable terms, general economic, market or business conditions, risks associated with regulatory changes, defects in title, availability of personnel, materials and equipment on a timely basis, accidents or equipment breakdowns, uninsured risks, delays in receiving government approvals, unanticipated environmental impacts on operations and costs to remedy same, and other exploration or other risks detailed herein and from time to time in the filings made by the companies with securities regulators. Readers are cautioned that mineral resources that are not mineral reserves do not have demonstrated economic viability. Mineral exploration and development of mines is an inherently risky business. Accordingly, the actual events may differ materially from those projected in the forward-looking statements. For more information on Stillwater Critical Minerals and the risks and challenges of their businesses, investors should review their annual filings that are available at www.sedar.com.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Casa Grande, AZ and Toronto, ON, July 16, 2024 – Arizona Sonoran Copper Company Inc. (TSX:ASCU) (“ASCU” or the “Company”), releases its updated Mineral Resource Estimate (“MRE”) for the Cactus brownfield copper project, located 45 miles south of Phoenix, Arizona (see FIGURES 1-3). The updated and expanded MRE is inclusive of a seven-month drilling program targeting the MainSpring property, which was completed in April 2024. The Cactus Project is wholly owned and located on private land in Arizona with direct road and rail access, infrastructure onsite, is at an advanced permitting stage, and has permitted access to onsite water wells. Highlights and key changes from the updated MRE are listed below.
Highlights:
Updated total Cactus Project Mineral Resource Estimate (“MRE”) including Primary Mineral Resources:
Measured and Indicated (“M&I”) 632.6 million short tons @ 0.58% Total Copper (“CuT”) for 7.3 billion pounds (“lbs”) of copper
Inferred 474.0 million short tons @ 0.41% CuT for 3.8billion lbs of copper
Key Changes:
Confirms Parks/Salyer and MainSpring as one deposit, renamed to “Parks/Salyer”
Parks/Salyer mineral resource contains 339.0 million short tons @ 0.71% CuT for 4.8 billion lbs of copper in the M&I category and 299.3 million short tons @ 0.43% CuT for 2.6 billion lbs of copper in the Inferred category
Parks/Salyer amenable as an open pit within the pending Preliminary Economic Assessment
New Parks/Salyer mineral resource dimensions are 6,400 feet (“ft”)(1,950 meters (“m”) by 3,000 ft (915 m) to a maximum depth of 2,350 ft (716 m) below surface
1,904% increase to the Measured Category with inclusion of initial Measured mineral resources at Parks/Salyer, 26% increase to the total M&I and a 60% increase in total Inferred resource, with no change to cut-off grade criteria or underlying price and cost assumptions
42% increase of M&I mineral resources at Parks/Salyer attributed to success of measured infill drilling program, reporting of open pit resources, and reporting based on total copper pounds
Parks/Salyer infill drilling (56,907 ft | 17,345 m) converted 55.9 M short tons @ 1.03% CuT for 1.2 billion lbs of copper reported to the measured category
60% increase to the Inferred mineral resources attributed to expansion of Parks/Salyer mineral resource onto the MainSpring property and reporting based on total copper pounds
7-month drilling program at MainSpring (49,193 ft | 14,994 m) delivered 244.9 M short tons @ 0.39% CuT for 1.9 Billion lbs of copper reported to the Inferred mineral resource
Table 1 below reports the July 11, 2024, Cactus Project MRE, containing the combined Parks/Salyer, Cactus West, Cactus East, and Stockpile mineral resource areas. Each mineral resource area is broken out individually in Table 4. Mineral resources defined within this July 11, 2024, the Cactus Project MRE will be used to form the basis of the ASCU Preliminary Economic Assessment (“PEA”), on track for release in early Q3 2024.
TABLE 1: Cactus Project MRE, Contained Copper Separated into Total Copper and Soluble Copper
Material Type
Tons kt
Grade CuT %
Grade Cu Tsol %
Contained Total Cu (k lbs)
Contained Cu Tsol (k lbs)
Measured
Total Leachable
55,200
0.94
0.79
1,032,200
873,800
Total Primary
12,300
0.51
0.05
124,400
13,400
Total Measured
67,500
0.86
0.66
1,156,500
887,200
Indicated
Total Leachable
414,800
0.60
0.53
4,965,000
4,365,700
Total Primary
150,400
0.39
0.04
1,173,300
126,000
Total Indicated
565,200
0.54
0.40
6,138,200
4,491,700
M&I
Total Leachable
470,000
0.64
0.56
5.997,200
5,239,500
Total Primary
162,700
0.40
0.04
1,297,600
139,400
Total M&I
632,600
0.58
0.43
7,294,800
5,378,900
Inferred
Total Leachable
299,600
0.43
0.38
2,572,400
2,262,800
Total Primary
174,500
0.36
0.04
1,267,500
124,700
Total Inferred
474,000
0.41
0.25
3,839,900
2,387,500
NOTES: 1. Total soluble copper grades (Cu TSol) are reported using sequential assaying to calculate the soluble copper grade. Tons are reported as short tons. 2. Stockpile resource estimates have an effective date of 1st March, 2022, Cactus mineral resource estimates have an effective date of 29th April, 2022, Parks/Salyer-MainSpring mineral resource estimates have an effective date of 11th July, 2024. All mineral resources use a copper price of US$3.75/lb. 3. Technical and economic parameters defining mineral resource pit shells: mining cost US$2.43/t; G&A US$0.55/t, 10% dilution, and 44°-46° pit slope angle. 4. Technical and economic parameters defining underground mineral resource: mining cost US$27.62/t, G&A US$0.55/t, and 5% dilution. Underground mineral resources are only reported for material located outside of the open pit mineral resource shells. Designation as open pit or underground mineral resources are not confirmatory of the mining method that may be employed at the mine design stage. 5. Technical and economic parameters defining processing: Oxide heap leach (HL) processing cost of US$2.24/t assuming 86.3% recoveries, enriched HL processing cost of US$2.13/t assuming 90.5% recoveries, sulphide mill processing cost of US$8.50/t assuming 92% recoveries. HL selling cost of US$0.27/lb; Mill selling cost of US$0.62/lb. 6. Royalties of 3.18% and 2.5% apply to the ASCU properties and state land respectively. No royalties apply to the MainSpring property. 7. Variable cut-off grades were reported depending on material type, potential mining method, potential processing method, and applicable royalties. For ASCU properties – Oxide open pit or underground material = 0.099% or 0.549% TSol respectively; enriched open pit or underground material = 0.092% or 0.522% TSol respectively; primary open pit or underground material = 0.226% or 0.691% CuT respectively.For state land property – Oxide open pit or underground material = 0.098 % or 0.545% TSol respectively; enriched open pit or underground material = 0.092% or 0.518% TSol respectively; primary openpit or underground material = 0.225% or 0.686% CuT respectively.For MainSpring properties – Oxide openpit or underground material = 0.096% or 0.532% TSol respectively; enriched open pit or underground material = 0.089% or 0.505% TSol respectively; primary open pit or underground material = 0.219% or 0.669% CuT respectively. Stockpile cutoff = 0.095% TSol. 8. Mineral resources, which are not mineral reserves, do not have demonstrated economic viability. The estimate of mineral resources may be materially affected by environmental, permitting, legal, title, sociopolitical, marketing, or other relevant factors. 9. The quantity and grade of reported inferred mineral resources in this estimation are uncertain in nature and there is insufficient exploration to define these inferred mineral resources as an indicated or measured mineral resource; it is uncertain if further exploration will result in upgrading them to an indicated or measured classification. 10. Totals may not add up due to rounding.
George Ogilvie, Arizona Sonoran Copper Company President and CEO commented, “The new Parks/Salyer deposit, inclusive of MainSpring could be transformational for the Company as we foresee the opportunity to right size a larger operation and rescope Parks/Salyer to an open pit mine. The pending result would lead to reduced mining execution risks and lowered operating costs which could manifest themselves in improved Project economics. The key difference in the larger mineral resource used for the pending PEA, relates to the MainSpring property acquisition and subsequent inferred drilling program identifying the continuation of near surface mineralization south of Parks/Salyer.”
Doug Bowden, Arizona Sonoran Copper Company VP Exploration stated, “Our Cactus Project is a successful copper porphyry growth story resulting from an aggressive exploration program. Our mineral resource journey began with our initial PEA in 2021, and continuously expanded outward from the Cactus Pit area to include Parks/Salyer and most recently MainSpring within the 5.5 km mine trend. The Parks/Salyer discovery includes significant quantities of high-grade (+1.00% CuT) copper, similar to the grades in Cactus East (as shown in FIGURES 2 and 3). Through systematic step out and infill drilling following our first mineral resource in 2021 to today’s update, our Cactus Project MRE indicates an increase to the M&I by an impressive 353%, from 1.61 Billion lbs to 7.29 Billion lbs of copper, while the inferred mineral resources increased 94%, from 1.98 Billion lbs to 3.84 Billion lbs. Lastly, these mineral resource areas have responded favorably and impressively to infill drilling with a consistently high conversion rate into higher resource classifications and will look forward to future infill programs as we move through the technical studies.”
Cactus Mineral Resources Estimate The Parks/Salyer mineral resources as shown in FIGURE 3, inclusive of MainSpring, indicate 339.0 M short tons @ 0.71% CuT in the M&I category and 299.2 M short tons @ 0.43% CuT in the Inferred Category. Notably, Parks/Salyer is mostly contained within an optimized resource open pit shell indicating the rescoped potential of open pit mining of the deposit with the inclusion of shallower mineralization located on the MainSpring property. Parks/Salyer mineral resources were calculated with a cutoff date of March 31, 2024. There are no material changes to the Cactus East, West and Stockpile deposits as reported within the FEB 21, 2024 PFS.
For the purposes of the MRE, Cactus East reports as open pit mineral resources in compliance with Reasonable Prospects for Eventual Economic Extraction (“RPEEE”). For the purposes of the pending PEA, Cactus East is expected to be exploited as an underground operation.
Table 2 below reports a direct like–for-like comparison of the updated July 11, 2024, MRE, to the MRE comprising the Prefeasibility Study (“PFS”) MRE and illustrates a significant change to the Measured (+1,900%) and Inferred (+60%) categories, as it relates to successful expansion and infill programs at Parks/Salyer, including the MainSpring Property. The Table below calculates a combination of the Soluble Copper grades and Total Copper grades based on the leachable (oxides and enriched) zones, and the primary sulphides, respectively, going forward, mineral resources will calculate both the contained Total Copper and Soluble Copper inventory. Table 2 uses the same notes and assumptions as Table 1.
Table 2: The Cactus Project Mineral Resource Estimate, as of July 11, 2024, as Compared to August 31, 2023
PREVIOUS MINERAL RESOURCE (As of August 31, 2023)
UPDATED MINERAL RESOURCE (As of July 11, 2024)
VARIANCE
Material Type
Tons kt
Grade Cu%¹
Contained Cu k lbs
Tons kt
Grade Cu%¹
Contained Cu k lbs
Cu Content %
Leachable
9,100
0.23¹
41,900
55,200
0.79¹
873,800
1,985%
Primary
1,300
0.32
8,000
12,300
0.51
124,400
1,455%
Total Measured
10,400
0.24
49,800
67,500
0.74
998,200
1,904%
Leachable
348,500
0.63¹
4,387,200
414,800
0.53¹
4,365,700
0%
Primary
86,800
0.43
737,000
150,400
0.39
1,173,300
59%
Total Indicated
435,300
0.59
5,124,200
565,200
0.49
5,539,000
8%
Leachable
357,600
0.62¹
4,429,000
470,000
0.56¹
5,239,500
18%
Primary
88,000
0.42
745,000
162,700
0.40
1,297,600
74%
Total M&I
445,700
0.58
5,174,000
632,600
0.52
6,537,100
26%
Leachable
107,700
0.61¹
1,307,900
299,600
0.38¹
2,262,800
73%
Primary
126,200
0.36
900,000
174,500
0.36
1,267,500
41%
Total Inferred
233,800
0.47
2,207,900
474,000
0.37
3,530,300
60%
NOTES: refer to TABLE 1 1 Grade shown is Soluble Copper (Cu TSol)
Drilling programs The updated Cactus Project MRE is supported by a systematic drilling program targeting MainSpring, the near surface southern extension of the Parks/Salyer deposit, and infill to measured drilling at Parks/Salyer, within the 5.5 kilometre (“km”) (~3.5 mile (“mi”)) mine trend. Mineral resources were classified using data of 125 ft (38 m) drill spacing for Measured, 250 ft (76 m) drill spacing for Indicated and 500 ft (~152 m) drill spacing for Inferred. The in-ground mineral resources were calculated using 435 total drillholes including 161 new holes drilled into the Cactus West and East deposits since 2019 and 159 new holes drilled into the Parks/Salyer deposits since 2020. The Stockpile mineral resource was calculated using 514 new holes drilled into the stockpile on a regular grid since 2021. The isolated MainSpring mineral resource estimate containing 244.9 M short tons @ 0.39% CuT, is shown in TABLE 3 below, while each deposit is broken out separately within TABLE 4.
TABLE 3: MainSpring Property Resource contained within New Parks/Salyer Mineral Resource
Material Type
Tons kt
Grade CuT %
Grade Cu Tsol %
Contained Total Cu (k lbs)
Contained Cu Tsol (k lbs)
Inferred
Total Leachable
200,100
0.39
0.34
1,562,700
1,370,300
Total Primary
44,800
0.38
0.04
344,000
33,100
Total Inferred
244,900
0.39
0.29
1,906,700
1,403,500
NOTES: refer to TABLE 1
TABLE 4: Cactus Project Mineral Resources by Resource Area
Material Type
Tons kt
Grade CuT %
Grade Cu Tsol %
Contained Total Cu (k lbs)
Contained Cu Tsol (k lbs)
Measured
Leachable
Parks Salyer O/P
45,000
1.09
0.92
981,200
828,700
Parks Salyer U/G
5
1.30
0.92
100
100
Cactus O/P
10,200
0.25
0.22
50,800
45,000
Cactus U/G
n/a
Stockpile
n/a
Total Leachable
55,200
0.93
0.79
1,032,100
873,800
Primary
Parks Salyer O/P
10,900
0.53
0.06
115,500
12,200
Parks Salyer U/G
40
0.77
0.07
700
100
Cactus O/P
1,300
0.32
0.04
8,200
1,100
Cactus U/G
n/a
Stockpile
n/a
Total Primary
12,300
0.51
0.05
124,400
13,400
Total Measured
67,500
0.86
0.66
1,156,500
887,200
Indicated
Leachable
Parks Salyer O/P
201,300
0.75
0.66
3,027,000
2,671,100
Parks Salyer U/G
1,100
0.96
0.85
21,400
18,900
Cactus O/P
131,000
0.55
0.49
1,446,100
1,277,000
Cactus U/G
10,200
1.04
0.89
213,100
181,100
Stockpile
71,100
0.18
0.15
257,400
217,600
Total Leachable
414,800
0.60
0.53
4,965,000
4,365,700
Primary
Parks Salyer O/P
80,400
0.42
0.04
680,600
69,200
Parks Salyer U/G
100
0.77
0.12
1,200
200
Cactus O/P
68,300
0.34
0.03
465,800
45,100
Cactus U/G
1,600
0.81
0.36
25,700
11,500
Stockpile
n/a
Total Primary
150,400
0.39
0.04
1,173,300
126,000
Total Indicated
565,200
0.54
0.40
6,138,200
4,491,700
Measured & Indicated
Leachable
Parks Salyer O/P
246,300
0.81
0.71
4,008,200
3,499,800
Parks Salyer U/G
1,100
0.98
0.86
21,500
19,000
Cactus O/P
141,200
0.53
0.47
1,496,900
1,322,000
Cactus U/G
10,200
1.04
0.89
213,100
181,100
Stockpile
71,100
0.18
0.15
257,400
217,600
Total Leachable
470,000
0.64
0.56
5,997,200
5,239,500
Primary
Parks Salyer O/P
91,300
0.44
0.04
796,100
81,400
Parks Salyer U/G
100
0.95
0.15
1,900
300
Cactus O/P
69,600
0.34
0.03
474,000
46,200
Cactus U/G
1,600
0.80
0.36
25,700
11,500
Stockpile
n/a
Total Primary
162,700
0.40
0.04
1,297,600
139,400
Total M&I
632,600
0.58
0.43
7,294,800
5,378,900
Inferred
Leachable
Parks Salyer O/P
234,500
0.42
0.38
1,990,200
1,767,500
Parks Salyer U/G
9,600
0.84
0.76
161,200
146,300
Cactus O/P
50,400
0.34
0.28
344,600
286,900
Cactus U/G
3,900
0.94
0.77
72,800
59,100
Stockpile
1,200
0.15
0.13
3,600
3,000
Total Leachable
299,600
0.43
0.38
2,572,400
2,262,800
Primary
Parks Salyer O/P
54,100
0.39
0.04
427,300
41,000
Parks Salyer U/G
1,000
0.82
0.26
16,700
5,300
Cactus O/P
117,800
0.34
0.03
798,700
68,300
Cactus U/G
1,500
0.82
0.33
24,900
10,200
Stockpile
n/a
Total Primary
174,500
0.36
0.04
1,267,600
124,800
Total Inferred
474,000
0.41
0.25
3,839,900
2,387,500
NOTES: refer to TABLE 1
Cactus Project Mineral Resource Modelling The geological modelling, statistical analysis, and resource estimation in respect of the Cactus Project MRE were prepared by the ASCU resource team and by Allan Schappert – CPG #11758, who is a qualified person as defined by National Instrument 43-101– Standards of Disclosure for Mineral Projects (“NI43-101”).
The Cactus Project MRE updates are based upon updated drilling data and interpretations. The Cactus Mineral Resource model was developed in Vulcan. Drilling data is supported by industry standard quality assurance and quality control programs, with quality control sampling comprising preparation blanks, certified reference materials, and field and pulp duplicate analyses. Review of the QA/QC data indicates it is of a quality suitable for use in resource estimation.
The mineralized domains are consistent with domaining for porphyry copper systems. Mineralized domains represent combinations of rock type and copper mineral zonation associated with secondary copper enrichment weathering processes. The main mineral zones are leached, oxide, enriched, and primary. Mineral zones are determined by logging and the assay attributes of sequential copper analyses.
Physical density measurements have been undertaken across the deposits, both historically by ASARCO, and more recently by ASCU. Density measurements on inground deposits use the wet / dry weight method and comprise 3,372 samples for Cactus and 143 samples for Parks/Salyer. Due to the unconsolidated nature of the stockpile material, physical bulk density measurements were attained by weight and volume calculations. Four test holes were excavated from which the material removed was dried and weight and the volume of each hole calculated.
Copper grades were estimated using Ordinary Kriging, using 20 ft (6.1 m) composites and top cutting determined by log normal probability plots on a per domain basis. Grade estimates were validated using visual and statistical methods including statistical distribution comparisons, visual comparison against the drilling data on sections, swath plots comparing block grades trends against de-clustered composites, and by smoothing checks using change of support. The effective date of the Cactus Project MRE is July 11, 2024. The Cactus Project MRE will form the basis of a PEA technical report prepared in accordance with NI 43-101, and prepared by M3 Engineering, which will be filed on SEDAR+ under the Company’s issuer profile within 45 days of this news release and will also be available at such time on the Company’s website. The PFS will be superseded in all respects once the Company has publicly disclosed the PEA.
Quality Assurance / Quality Control Drilling completed on the project between 2020 and 2024 was supervised by on-site ASCU personnel who prepared core samples for assay and implemented a full QA/QC program using blanks, standards, and duplicates to monitor analytical accuracy and precision. The samples were sealed on site and shipped to Skyline Laboratories in Tucson AZ for analysis. Skyline’s quality control system complies with global certifications for Quality ISO9001:2008.
Scientific and technical information contained in this news release have been reviewed and verified by Allan Schappert – CPG #11758, who is a qualified person as defined by NI 43-101.
Neither the TSX nor the regulating authority has approved or disproved the information contained in this news release.
About Arizona Sonoran Copper Company (www.arizonasonoran.com | www.cactusmine.com) ASCU’s objective is to become a mid-tier copper producer with low operating costs and to develop the Cactus 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 brownfield Cactus Project (former ASARCO, Sacaton mine) which is situated on private land in an infrastructure-rich area of Arizona. The Company is led by an executive management team and Board which have a long-standing track record of successful project delivery in North America complemented by global capital markets expertise.
Forward-Looking Statements This news release contains certain information that may constitute “forward-looking information” under applicable Canadian securities legislation. All information, other than historical fact, are forward-looking information. Generally, statements containing forward-looking information or statements can be identified by the use of forward-looking terminology such as “plans”, “expect”, “is expected”, “in order to”, “is focused on” (a future event), “estimates”, “intends”, “anticipates”, “believes” or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, or the negative connotation thereof. Forward looking information includes, but is not limited to, the Company’s future operations, future exploration and development activities or other development plans, the potential of the Cactus Project (including the Parks/Salyer deposit), timing of economic studies and mineral resource estimates including the filing of the technical report in respect of the Cactus Project MRE, the results (if any) of further exploration work to define and or upgrade mineral resources and reserves at the Company’s properties; the anticipated exploration, drilling, development, construction and other activities of ASCU and the result of such activities; the mineral resources and mineral reserves estimates of the Cactus Project including the Cactus Project MRE (and the assumptions underlying such estimates); the ability of exploration work (including drilling) to accurately predict mineralization; the ability of management to understand the geology and potential of the Cactus Project; the completion and timing for the filing of the technical report in respect of the Cactus Project MRE; the timing and ability of the Company to produce a preliminary economic assessment (if at all); the scope of any future technical reports and studies conducted by ASCU; the ability to realize upon mineralization in a manner that is economic; the impact of bringing the Parks/Salyer deposit including the MainSpring property into the mine plan; , and corporate and technical objectives. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of ASCU to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such risks and uncertainties that could affect the outcome include, among others: future prices and the supply of metals; risks relating to fluctuations in the Canadian dollar and other currencies relative to the US dollar; the results of drilling; the ability to access capital on terms acceptable to the Company necessary to incur the expenditures required to retain and advance the properties; changes in exploration, development or mining plans due to exploration results and changing budget priorities of the Company or its joint venture partners; environmental liabilities (known and unknown); general business, economic, competitive, political and social uncertainties; results of exploration programs or further exploration work; the ability to continue exploration and development of the ASCU properties; changes in any of the assumptions underlying the Cactus Project MRE; accidents, labour disputes and other risks of the mining industry; political instability, terrorism, insurrection or war; or delays in obtaining governmental approvals, projected cash operating costs, failure to obtain any required consents, permits or approvals; and the additional risks described in ASCU’s most recently filed Annual Information Form, annual and interim management’s discussion and analysis, copies of which are available on SEDAR+ (www.sedarplus.ca) under ASCU’s issuer profile.
Although ASCU has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. The Company considers its assumptions to be reasonable based on information currently available but cautions the reader that their assumptions regarding future events, many of which may be beyond the control of the Company, may ultimately prove to be incorrect since they are subject to risks and uncertainties that affects the Company and its operations. Accordingly, readers should not place undue reliance on forward-looking information and are urged to carefully consider the foregoing factors as well as other uncertainties and risks outlined in the Company’s public disclosure record. Forward-looking statements contained herein are made as of the date of this news release and ASCU disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or results or otherwise, except as required by applicable securities laws.
North Vancouver, British Columbia–(Newsfile Corp. – July 12, 2024) – Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) (ASX: LLO) (“Lion One” or the “Company”) is pleased to report Q2 CY2024 gold production for the Tuvatu Gold Mine in Fiji.
Highlights:
3,551 oz of gold recovered during Q2 2024
3,251 oz of gold poured during Q2 2024
32,100 tonnes milled during Q2 2024
Quarterly Production Results
Lion One Metals has produced 3,551 oz of gold during the three-month period ending June 30th, 2024. This marks an increase from the prior three-month period ending March 31st, 2024, during which 1,394 oz of gold was produced, and represents a ramp-up of mining and processing activities during the pilot plant phase of operations (Figure 1).
The increase in production is due to the introduction of mechanized production in May and June, as well as the increased mill throughput from February to May (Figure 2). A total of 32,100 tonnes of mineralized material was processed during Q2 CY2024, compared to 20,751 tonnes in Q1 CY2024.
Lion One Chairman and CEO Walter Berukoff commented: “We’re pleased with the production results at Tuvatu this quarter. Commissioning of the processing plant was only completed in January, with some components only installed in April and May.”
“This quarter represents a milestone for the company as it is the first quarter in which the plant has been operating at full capacity. It is also the first quarter in which we have had mechanized production. We are just beginning to see the potential at Tuvatu and we’re excited as we look forward to doubling the plant capacity from 300 TPD to 600-700 TPD, and to advancing towards the ultra-high-grade Zone 500.”
Figure 1. Tuvatu Monthly Gold Production. Gold recovery and production has increased steadily at Tuvatu as mining and processing activities have ramped up during the pilot plant phase of operations. A step change increase in production occurred in May and June following the introduction of mechanized production.
Figure 2. Tuvatu Monthly Mill Throughput. Mill throughput at Tuvatu has steadily increased since the first gold pour in October 2023. The second quarter or 2024 is the first quarter in which the Tuvatu processing plant has been operating at full capacity.
Mr. David Tretbar has resigned from the company’s Board of Directors. Mr Tretbar has resigned due to his increased management responsibilities at San Cristobal Mining, for which he is the founder, Senior Vice President of Exploration, and Director. Mr Tretbar was appointed to the Board of Directors in June 2020 and helped guide Lion One Metals through a period of tremendous growth, including the discovery of the Zone 500 feeder zone, the construction and commissioning of the Tuvatu underground gold mine and processing plant, the first gold pour at Tuvatu, and the ramp-up of gold production during the 300 TPD pilot plant phase.
Lion One CEO Walter Berukoff commented, “We’re grateful for all the contributions David has made to the success of Lion One over the past four years. The Tuvatu gold project has benefitted greatly from David’s technical knowledge and experience, and we wish him all the best in his work with San Cristobal Mining.”
Competent Persons Statement The information in this report that relates to mineral exploration at the Tuvatu Gold Project is based on information compiled by the Lion One team and reviewed by Alex Nichol, who is the company’s Vice President of Geology and Exploration. Mr Nichol is a Member of the Australian Institute of Geoscientists and has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration, and to the activity being undertaken, to qualify as a Competent Person as defined in the 2012 edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’ (JORC code). Mr Nichol has read and approved this news release and consents to the inclusion in this report of the matters based on the information in the form and context in which it appears.
About Lion One Metals Limited Lion One Metals is an emerging Canadian gold producer headquartered in North Vancouver BC, with new operations established in late 2023 at its 100% owned Tuvatu Alkaline Gold Project in Fiji. The Tuvatu project comprises the high-grade Tuvatu Alkaline Gold Deposit, the Underground Gold Mine, the Pilot Plant, and the Assay Lab. The Company also has an extensive exploration license covering the entire Navilawa Caldera, which is host to multiple mineralized zones and highly prospective exploration targets.
On behalf of the Board of Directors, Walter Berukoff, Chairman & CEO
Neither the TSX-V nor its Regulation Service Provider accepts responsibility or 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 labor 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.
ancouver, British Columbia–(Newsfile Corp. – June 20, 2024) – EMX Royalty Corporation (NYSE American: EMX) (TSXV: EMX) (FSE: 6E9) (the “Company” or “EMX“) is pleased to announce it has entered into a credit agreement (the “Credit Agreement“) with a wholly-owned subsidiary (the “Lender“) of Franco-Nevada Corporation (NYSE: FNV) (TSX: FNV) (“Franco-Nevada“) to borrow $35 million (the “Loan“). The Company will use the proceeds of the Loan to repay the $34.66 million outstanding balance of the loan owed to Sprott Private Resource Lending II (Collector), LP (“Sprott“) and for general working capital purposes. The Company anticipates that the funding of the Loan will take place in July 2024.
The Company is pleased to further develop its working relationship with Franco-Nevada. In addition to the Loan arrangement, EMX and Franco-Nevada have jointly syndicated royalty purchases (e.g., Caserones) and are actively engaged in a joint venture seeking new royalty financing opportunities. Franco-Nevada is also a key EMX shareholder.
Credit Agreement – The Loan is structured as a $35 million senior secured term loan facility which matures on July 1, 2029. Interest is payable monthly at a rate equal to the three-month SOFR (i.e., Secured Overnight Financing Rate) plus the applicable margin based on the ratio of the Company’s net debt to adjusted EBITDA (see table below), adjusted quarterly.
Ratio of Net Debt / AdjustedEBITDA:
Applicable Interest Rate (per annum):
< 1.00:1
Term SOFR plus 300 basis points
>= 1.00:1 and <1.50:1
Term SOFR plus 325 basis points
>= 1.50:1 and <2.00:1
Term SOFR plus 350 basis points
>= 2.00:1 and <3.00:1
Term SOFR plus 375 basis points
>= 3.00:1
Term SOFR plus 425 basis points
On closing, the Company will pay a commitment fee equal to 1% of the principal amount of the Loan. During each year, up to $10 million of the Loan may be voluntarily prepaid without penalty, on a cumulative basis.
The Loan will be secured by a general security agreement over the assets of EMX and share pledges by certain of EMX’s subsidiaries, with the Lender retaining the ability, at any time, to designate certain material subsidiaries of the Company to be guarantors of the Loan and provide similar security. Certain covenants under the Credit Agreement, including restrictions on incurring indebtedness and encumbrances, shall apply to the Company and its subsidiaries. Closing and the advance of the Loan are subject to customary conditions precedent, including the delivery of the above-noted security.
All amounts referred to herein are to United States dollars.
About EMX – EMX is a precious and base metals royalty company. EMX’s investors are provided with discovery, development, and commodity price optionality, while limiting exposure to risks inherent to operating companies. The Company’s common shares are listed on the NYSE American Exchange and TSX Venture Exchange under the symbol “EMX”. Please see www.EMXroyalty.com for more information.
About Franco-Nevada – Franco-Nevada Corporation is the leading gold-focused royalty and streaming company with the most diversified portfolio of cash-flow producing assets. Its business model provides investors with gold price and exploration optionality while limiting exposure to cost inflation. Franco-Nevada is debt free and uses its free cash flow to expand its portfolio and pay dividends. It trades under the symbol “FNV” on both the Toronto and New York stock exchanges.
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 the expected timing for the closing of the Loan, the satisfaction of the conditions of closing of the Loan and the expected use of proceeds from the Loan, 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 the Company being unable to satisfy the conditions of closing of the Loan or being unable comply with the covenants under the Credit Agreement, including the repayment of any amounts owing under the Loan, 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 March 31, 2024 (the “MD&A”), and the most recently filed Annual Information Form (“AIF”) for the year ended December 31, 2023, 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.sedarplus.caand on the SEC’s EDGAR website atwww.sec.gov.
North Vancouver, British Columbia–(Newsfile Corp. – June 26, 2024) – Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) (ASX: LLO) (“Lion One” or the “Company”) is pleased to report record preliminary gold production at Tuvatu for the month of June and significantly expands the surface gold-in-soil anomaly to the south of Tuvatu. The company also announces an increase in the planned mill expansion to 600-700 TPD, and files an updated NI43-101 compliant Technical Report with an effective date of June 24, 2024.
Gold production at Tuvatu has steadily increased since the completion of mill commissioning in December 2023/January 2024. A step change in production occurred in June following the commencement of mechanized production. The total gold recovered for the month of June up to and including June 24th is approximately 1370 oz of gold, with projected gold recovered of approximately 1700 oz for the month.
Soil sampling to the south of Tuvatu has revealed a 650 m extension of anomalous gold at surface. High-grade gold in soil results were recovered along a north-south corridor directly south of and along strike from the known deposit at Tuvatu. The gold anomaly is coincident with wider arsenic, lead, and zinc anomalies, which are known pathfinders for gold, thereby widening the potential footprint of the gold mineralization. The Tuvatu deposit has a north-south strike length of approximately 950 m. The southern soil extension therefore represents a potential 70% increase in the overall strike length of Tuvatu. These soil results are a significant discovery at Tuvatu and represent a prime target for near-mine exploration and resource expansion. They highlight the potential for more discovery both near-mine at Tuvatu and regionally throughout the Navilawa Caldera.
The planned mill expansion has been increased to 600-700 TPD. The current pilot plant operation has a name plate capacity of 300 TPD, and the originally planned expansion was to 500 TPD. The expansion has now been increased to 600-700 TPD, which represents a doubling of the name plate capacity at Tuvatu. The expansion is expected to be complete in mid-2025.
Highlights:
Record gold production for the month of June
Consistent month-over-month increase in gold production since January 2024
650 m high-grade gold-in-soil anomaly extension to the south of Tuvatu
Coincident arsenic-, lead-, and zinc-in-soil anomalies
Potential 70% increase in strike length of Tuvatu
Increased planned mill expansion to 600-700 TPD
Figure 1. Gold Dore Bars Poured at Tuvatu. Gold doré bars poured for the June 25th, 2024 gold sale.
Figure 2. Tuvatu Monthly Gold Production. Gold recovery and production has increased steadily at Tuvatu as mining and processing activities have ramped up during the pilot plant phase of operations. Projected gold recovery for June is approximately 1700 oz with approximately 1370 oz recovered as of June 24th.
Gold production at Tuvatu has steadily increased since the first gold pour in October 2023 and the completion of mill commissioning in December 2023/January 2024. Record gold production of approximately 1700 oz is projected for June 2024, with 1370 oz of gold already recovered as of June 24th, 2024. This is a step change increase in production from previous months and is a result of the onset of mechanized production mining at Tuvatu.
During the period from October 2023 to May 2024, the majority of the material mined at Tuvatu was development material, with limited production material resulting from handheld mining methods. Mechanized production mining commenced in mid-May with the first long hole stope blast occurring on May 18th, as reported in the June 5, 2024 news release. The proportion of production material being processed at Tuvatu has therefore increased in May and June, with further increases expected as the mine continues to develop.
Long hole stoping is ongoing both in Zone 2 and in Zone 5. In Zone 2, where the deposit is characterized by a large stockwork zone of mineralization, the mining widths are 10 m to 12 m wide. In Zone 5, where the deposit is characterized by high grade narrow vein mineralization, the mining widths are 0.9 m to 1.2 m wide.
Plant Expansion
Mill throughput at Tuvatu has also increased steadily from January to June 2024. The current name plate capacity of the Tuvatu processing plant is 300 TPD. As a result of improved efficiency initiatives, the plant is now capable of operating sustainably at over 400 TPD. This has resulted in steadily increased tonnage from February to May with a record throughput of over 11,000 tonnes in May. Mill throughput in June is projected to be over 10,000 tonnes (Figure 3).
The Tuvatu processing plant is a modular processing plant that was originally planned for a staged expansion up to 500 TPD. As a result of the successful mining operations and the increased throughput achieved at the 300 TPD capacity, the company is now planning to expand plant operations from 300 TPD directly to 600-700 TPD. This is expected to double mill throughput and production at Tuvatu. The plant expansion is anticipated to be complete in mid-2025.
Figure 3. Tuvatu Monthly Mill Throughput. Mill throughput at Tuvatu has steadily increased since the first gold pour in October 2023. A significant increase in production was achieved from February to May as a result of the successful implementation of debottlenecking and efficiency improvement initiatives at the plant.
As part of Lion One’s regional exploration program, a near-mine soil sampling program has been completed. The soil program is divided into two halves: the West Grid and the East Grid (Figure 4). The West Grid encompasses the area immediately to the West of Tuvatu, including the West Zone, as well as the area immediately to the south of Tuvatu. The East Grid encompasses the area immediately to the east of Tuvatu.
Figure 4. Tuvatu Soil Sample Locations. The 2024 near-mine soil sample program is divided into two sections – a West Grid and an East Grid.
The soil sampling program consisted of 25 m spacing between samples and 100 m spacing between sample lines. Samples were collected from the B or C horizon of the soil profile by means of hand auger with extension rod. A total of 549 samples were collected across 14 lines in the West Grid, with a total of 521 samples collected across 17 lines in the East Grid, for a total of 1070 samples across both grids. Assay results from the West Grid have been received whereas those from the East Grid are still outstanding. Peak gold assay results returned from the West Grid are 1.66 g/t, 0.65 g/t, 0.57 g/t, and 0.51 g/t gold, which are significantly above background values and are considered very high-grade for soil samples. A total of 19 samples returned gold assays above 0.1 g/t gold. This compares favourably to the Tuvatu deposit itself, which is associated with a 0.05 g/t surface gold-in-soil anomaly from historic auger soil surveys. Soil assay results above 0.1 g/t gold are available in Table 3 in the appendix.
Assay results from the West Grid indicate a clear 650 m long north-south gold anomaly immediately to the south of and along strike from the known mineralization at Tuvatu. The Tuvatu deposit has a known strike length of 950 m and therefore these results indicate a potential 70% increase in the strike length of Tuvatu. The gold-in-soil anomaly is coincident with wider arsenic, lead, and zinc anomalies, all of which are known pathfinders for gold, thereby increasing the strength of the anomaly. These soil results are a new discovery at Tuvatu and represent a prime target for near-mine exploration and resource expansion. Making such a significant discovery in close proximity to Tuvatu highlights the potential for more discovery both near-mine at Tuvatu and throughout the Navilawa Caldera. Strong gold soil assay results were also observed in the West Zone.
In 2023 Lion One upgraded the multi-element assay capacity at its Nadi laboratory. This increase in capacity has enabled Lion One to incorporate widespread soil sampling into its exploration program. Throughout 2024 and 2025 further soil sampling campaigns will be completed targeting extensions of Tuvatu, as well as gold only and copper-gold targets throughout the Navilawa caldera.
Figure 5. Gold Soil Assay Results, West Grid. The gold assay results from the West Grid soil sampling program reveal a clear 650 m long north-south anomaly directly south of and along strike from the Tuvatu deposit. This represents a potential 70% increase in the strike length of Tuvatu and is a prime target for near-mine exploration and resource expansion. Strong gold results are also observed in the West Zone.
Figure 6. Arsenic, Lead, and Zinc Soil Assay Results, West Grid. The arsenic, lead, and zinc assay results from the West Grid soil sampling program also reveal a strong north-south anomaly directly south of and along strike from the know deposit at Tuvatu.
It is important to note that the gold assays reported here exhibit a binary grade distribution whereas a bell curve distribution would be expected to result from a soil sample grid. Low grade gold assay results appear to be under-represented in the soil survey and an investigation is underway to determine if this is due to higher than expected detection limits in the lab. The under-representation of gold assays has been highlighted by the failed detection of low grade QAQC Samples (0.016 and 0.049 g/t Certified Reference Material). Higher grade QAQC samples performed successfully with respect to accuracy and precision indicating that the high gold in soil values are valid. Duplicate samples will be sent to ALS Australia to determine the low-grade gold results. With a bell curve distribution of gold assay results it would be expected that the gold anomalies presented in Figure 5 would broaden out with low grade results, similar to the arsenic, lead, and zinc anomalies seen in Figure 6.
NI 43-101 Technical Report
Lion One Metals has SEDAR-filed an updated NI 43-101 Technical Report for Tuvatu with an effective date of June 24, 2024. An independent mineral resource estimate (MRE) has been carried out for gold contained in the portion of the Tuvatu Property that is currently being developed and mined. The effective date of the MRE is March 25, 2024, and is based on a drillhole dataset in csv format, 69 wireframes representing mineralized veins and zones in the Tuvatu deposit, as well as underground development as of March 24, 2024, all in dxf format and all provided by Lion One. Two wireframes representing satellite mineralization around Zones Two and Five that were not captured by the wireframes for those zones were provided by Lion One on April 05, 2024.
The drillhole database, including pre-Lion One drilling, contained 7,592 collar locations and 240,002 assays for gold. Some samples fall outside the limits of the MRE, and their exclusion resulted in a useable data set of 233,703 assays. Assays for sludge (69) and face (channel) samples (6,205) were removed from the data set. The sludge samples were removed because the source location of their assay values cannot be established with sufficient accuracy for use in an MRE. The face samples were removed because attempts to reconcile estimated resources against mined resources within Zone Two resulted in an overestimation of gold present when face samples were included in the dataset. A further 30 samples were removed because they had anomalously long lengths and were either of unidentified source or had not been sampled. The resultant imported dataset included 1,288 collars and 233,703 gold assays. All sample data used for the MRE was obtained from drill core samples (85%) and reverse circulation cuttings (15%).
The estimated tonnes and ounces of gold represented by the Underground Development were subtracted from the estimated tonnes and ounces of gold estimated for the 69 Domains and the net (depleted) resource within the 69 Domains is reported as the current MRE. The resource within the Outside Domains is reported separately. Blocks were classified as Indicated or Inferred. For the 69 Domains, classification was carried out using all composites for all 69 domains. Classification of the Underground Development was carried out using composites for only that domain. In both cases, interpolation was by ID². The Outside Domains were classified as Inferred. The search ellipse for the Indicated class is of the same dimensions as that used for the first interpolation pass for most domains. The Inferred classification was designed to capture all blocks in each domain that fall outside the Indicated category.
Table 1 summarizes the Tuvatu MRE for the 69 Domains by Class. The left-hand columns of the table show the gross tonnes and ounces within the 69 Domains, the central columns show the tonnes and ounces in the Underground Development, and the right-hand columns show the resources in the 69 Domains net of the tonnes and ounces in the Underground Development. The base case is taken as 3 g/t and is highlighted. Table 2 shows the resource in the Outside Domains. The 3 g/t base case is highlighted.
Table 1. Tuvatu 69 Domains Mineral Resource Estimate Summary Net of Underground Development
CutOff Au g/t
Classification
69 Domains Gross
Underground Development
69 Domains Net
Au g/t
Tonnes
Ounces
Au g/t
Tonnes
Ounces
Au g/t
Net Tonnes
Net Ounces
4
Indicated
9.95
500,000
160,000
5.00
8,000
1,300
10.05
492,000
159,000
4
Inferred
9.47
958,000
292,000
5.22
2,000
300
9.50
956,000
292,000
3
Indicated
8.41
655,000
177,000
4.44
14,000
2,000
8.48
642,000
175,000
3
Inferred
7.61
1,388,000
340,000
4.43
3,000
500
7.62
1,384,000
339,000
2
Indicated
6.89
880,000
195,000
3.84
19,000
2,300
6.97
861,000
193,000
2
Inferred
5.99
2,023,000
389,000
4.23
4,000
500
5.99
2,019,000
389,000
Table 2. Tuvatu Mineral Resource Summary for Outside Domains
CutOff Au g/t
Classification
Aug/t
Tonnes
Ounces Au
4
Inferred
11.72
8,000
3,000
3
Inferred
9.32
11,000
3,000
2
Inferred
7.47
15,000
4,000
a) Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. b) There is no certainty that all or any part of the Mineral Resources estimated will be converted into Mineral Reserves. c) Mineral Resource tonnage and contained metal have been rounded to reflect the accuracy of the estimate, and numbers may not add due to rounding. d) The base case is based on a 3 g/t Au cutoff and cost estimates for mining of US$56/tonne, processing of US$56/tonne and G&A of US$25/tonne; gold recovery of 80%; and a three-year trailing gold price of US$1,973/ounce. e) Mineral Resource tonnage and grades are reported as undiluted. f) The effective date of the mineral resource estimate is March 25, 2024
The MRE in the NI 43-101 Technical Report was prepared independently by Gregory Z. Mosher, P. Geo. with cooperation and information from Lion One geologists. Other portions of the Technical Report were prepared by Darren Holden, Ph.D., FAusIMM and William J. Witte, P.Eng. Messrs. Mosher, Holden and Witte have read and approved this news release, and consent to the inclusion in this news release of the matters based on form and context of the June 24, 2024 “NI 43-101 Technical Report and Mineral Estimate Tuvatu Gold Project.”
The Technical Report is available for download from SEDAR and from the company’s website.
Competent Persons Statement
The information in this report that relates to mineral exploration at the Tuvatu Gold Project is based on information compiled by the Lion One team and reviewed by Alex Nichol, who is the company’s Vice President of Geology and Exploration. Mr Nichol is a Member of the Australian Institute of Geoscientists and has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration, and to the activity being undertaken, to qualify as a Competent Person as defined in the 2012 edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’ (JORC code). Mr Nichol has read and approved this news release and consents to the inclusion in this report of the matters based on the information in the form and context in which it appears.
Lion One Laboratories / QAQC
Lion One adheres to rigorous QAQC procedures above and beyond basic regulatory guidelines in conducting its drilling, sampling, testing, and analyses. The Company operates its own geochemical assay laboratory and its own fleet of diamond drill rigs using PQ, HQ and NQ sized drill rods.
Diamond drill core samples are logged and split by Lion One personnel on site and delivered to the Lion One Laboratory for preparation and analysis. All drill samples are pulverized at the Lion One lab to 85% passing through 75 microns and gold analysis is carried out using fire assay with an AA finish. Samples that return grades greater than 10.00 g/t Au are re-analyzed by gravimetric method, which is considered more accurate for very high-grade samples.
For soil samples, 2 samples (A & B) of 2 kg each are taken using a hand auger at each sampling site. The A- sample is then dried and sieved using -80 stainless steel mesh at the Lion One Laboratory and assayed for gold and multi-element. Each batch of 50 samples will have one specific low-grade CRM, one blank and one duplicate. The B duplicate sample is retained for further testing.
Due to the elevated gold detection limits observed at the Lion One laboratory (not suitable for less than 100 part per billion analysis), a sub-set of the soil campaign will be sent to ALS in Australia. The sub-set will be based on the area defined by the multi-element soil anomaly as defined by the associated pathfinder elements (As, Cu, Pb, Te and Zn). The Lion One lab can test a range of up to 71 elements through Inductively Coupled Plasma Optical Emission Spectrometry (ICP-OES), but currently focuses on a suite of 23 important pathfinder elements with an aqua regia digest and ICP-OES finish.
About Lion One Metals Limited
Lion One Metals is an emerging Canadian gold producer headquartered in North Vancouver BC, with new operations established in late 2023 at its 100% owned Tuvatu Alkaline Gold Project in Fiji. The Tuvatu project comprises the high-grade Tuvatu Alkaline Gold Deposit, the Underground Gold Mine, the Pilot Plant, and the Assay Lab. The Company also has an extensive exploration license covering the entire Navilawa Caldera, which is host to multiple mineralized zones and highly prospective exploration targets.
On behalf of the Board of Directors, Walter Berukoff, Chairman & CEO
Neither the TSX-V nor its Regulation Service Provider accepts responsibility or 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 labor or loss of key individuals. Although Lion One Metals Limited has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated, or intended. Accordingly, readers should not place undue reliance on forward-looking information. Lion One Metals Limited does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
Appendix 1: Soil Survey Results
Table 3. Soil Survey Results and Sample Coordinates. Assay results >0.01 ppm Au, listed in descending gold grade. Coordinates are in Fiji map grid.
Vancouver, British Columbia–(Newsfile Corp. – April 29, 2024) – EMX Royalty Corporation (NYSE American: EMX) (TSXV: EMX) (FSE: 6E9) (the “Company” or “EMX“) is pleased to announce the appointment of Mr. Dawson Brisco and Mr. Chris Wright as independent directors to the Board effective immediately.
Dawson Brisco
Mr. Brisco is a Professional Geologist with 20 years of mining industry and business development experience in a variety of roles in the bulk commodity, metals and energy sectors. Mr. Brisco is currently the President and CEO of Morien Resources Corp., a Canadian mining royalty company specialized in bulk commodities, a position he has held since 2018. Prior to joining Morien, Mr. Brisco held numerous senior business development and technical roles including senior manager of an exploration alliance with Xstrata in Asia from 2005 to 2010. Mr. Brisco is an independent Director of the Mining Association of Nova Scotia and holds an Honours Bachelor of Science degree in Geology from Saint Mary’s University in Halifax, Nova Scotia.
Chris Wright
Mr. Wright serves as Chief Executive Officer and Chairman of the Board of Liberty Energy. Mr. Wright is a dedicated humanitarian with a passion for bringing the benefits of energy to every community in the world. This passion has inspired a career in energy working not only in oil and gas but nuclear, solar, and geothermal. Mr. Wright embraces all sources of energy if they are abundant, affordable, and reliable.
Mr. Wright completed an undergraduate degree in Mechanical Engineering at MIT and graduate work in Electrical Engineering at both UC Berkeley and MIT. Mr. Wright founded Pinnacle Technologies and served as CEO from 1992 to 2006. Pinnacle created the hydraulic fracture mapping industry and its innovations helped launch commercial shale gas production in the late 1990s. Mr. Wright was Chairman of Stroud Energy, an early shale gas producer, before its sale to Range Resources in 2006. Additionally, Mr. Wright founded and served as Executive Chairman of Liberty Resources and Liberty Midstream Solutions until its sale in 2024. He also sits on the Board of Directors for Urban Solutions Group, and the Federal Reserve Bank, Denver Branch. In addition to his role at Liberty Energy, Mr. Wright serves on the board of numerous organizations and nonprofits, including a founding board member of the Bettering Human Lives Foundation.
About EMX – EMX is a precious, and base metals royalty company. EMX’s investors are provided with discovery, development, and commodity price optionality, while limiting exposure to risks inherent to operating companies. The Company’s common shares are listed on the NYSE American Exchange and TSX Venture Exchange under the symbol “EMX”. Please see www.EMXroyalty.com for more information.
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 EMX’s normal course issuer bid, the Company’s pre-defined plan with its broker to allow for the repurchase of Shares and the timing, number and price of Shares that may be purchased under the normal course issuer bid, 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 the market price of the Shares being too high to ensure that purchases benefit the Company and its shareholders, 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 year ended December 31, 2023 (the “MD&A”), and the most recently filed Annual Information Form (“AIF”) for the year ended December 31, 2023, 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.sedarplus.caand on the SEC’s EDGAR website at www.sec.gov.
North Vancouver, British Columbia–(Newsfile Corp. – April 25, 2024) – Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) (ASX: LLO) (“Lion One” or the “Company”) is pleased to report significant new high-grade gold results from ongoing infill and grade control drilling at its 100% owned Tuvatu Alkaline Gold Project in Fiji and provides an update to mining operations at Tuvatu.
Assay results are presented here for infill and grade control drilling completed in the Zone 2 area of Tuvatu and include multiple bonanza grade gold results such as 448.98 g/t, 202.34 g/t, 108.5 g/t, 92.89 g/t, and 82.35 g/t. These drill intercepts are all located in the near surface portion of Tuvatu and are scheduled for mining in the short term. The results included in this news release are from drill holes that targeted the URW1 and Murau lode systems proximal to underground development. Previous results from Zone 2 drilling are available in the news releases dated October 19, 2023 and September 14, 2023.
Mining operations are also advancing in Zone 2 and in Zone 5. A total of 2,630 m of sludge hole drilling has been completed in advance of longhole mining in Zone 2. In Zone 5, airleg stoping on the UR2 lode is ongoing, with two leadings stopes underway and sublevels being driven for a gallery stope. Longhole production drilling is expected to commence in both Zone 2 and Zone 5 in late April, generating production tonnes in mid-May.
Highlights of Zone 2 drill results (3.0 g/t cutoff):
226.55 g/t Au over 0.6 m (including 448.98 g/t Au over 0.3 m) (TGC-0113, from 84.6 m depth)
18.35 g/t Au over 4.8 m (including 40.99 g/t Au over 0.6 m) (TUDDH-686A, from 128.9 m depth)
9.99 g/t Au over 8.1 m (including 30.34 g/t Au over 0.3 m) (TGC-0121, from 65.0 m depth)
82.35 g/t Au over 0.9 m (including 82.35 g/t Au over 0.9 m) (TGC-0110, from 65.1 m depth)
7.48 g/t Au over 9 m (including 20.78 g/t Au over 0.9 m) (TGC-0118, from 86.3 m depth)
105.86 g/t Au over 0.6 m (including 202.34 g/t Au over 0.3 m) (TGC-0121, from 83.3 m depth)
14.9 g/t Au over 4.2 m (including 21.44 g/t Au over 2.4 m) (TUDDH-698, from 146.3 m depth)
8.27 g/t Au over 7.2 m (including 25.58 g/t Au over 0.3 m) (TGC-0127, from 66.0 m depth)
27.94 g/t Au over 2.1 m (including 54.65 g/t Au over 0.9 m) (TGC-0118, from 66.2 m depth)
15.72 g/t Au over 3.6 m (including 25.53 g/t Au over 1.2 m) (TUDDH-682, from 74.3 m depth)
16.29 g/t Au over 3.3 m (including 46.63 g/t Au over 0.6 m) (TGC-0130, from 107.8 m depth)
33.92 g/t Au over 1.5 m (including 92.89 g/t Au over 0.3 m) (TGC-0134, from 113.8 m depth)
20.86 g/t Au over 2.4 m (including 23.67 g/t Au over 1.2 m) (TGC-0125, from 14.4 m depth)
11.08 g/t Au over 4.5 m (including 46.77 g/t Au over 0.6 m) (TGC-0102, from 41.4 m depth)
13.18 g/t Au over 3.3 m (including 22.4 g/t Au over 0.9 m) (TGC-0125, from 100.2 m depth)
Highlights of operations update:
2,630 m of sludge hole drilling complete in the URW1 and Murau lodes in Zone 2.
Airleg mining of the UR2 leading stopes ongoing in Zone 5.
Two longhole drill rigs successfully commissioned.
Two remote capable loaders to be commissioned by early May.
Upgrades to CIL circuit advancing, two new blowers to be installed in late April and early May.
Figure 1. Location of Zone 2 infill and grade control drillholes. Left image: Plan view of Tuvatu showing Zone 2 infill and grade control drillholes in relation to the mineralized lodes at Tuvatu, shown in grey. Right image: Oblique view of Zone 2 infill and grade control drilling looking approximately northeast.
Table 1. Highlights of composited infill and grade control drill results in the Zone 2 area, 3.0 g/t Au cutoff. For full results see Table 3 in the appendix.
Hole ID
From
To
Interval (m)
Au (g/t)
TGC-0113
84.6
85.2
0.6
226.55
including
84.6
84.9
0.3
448.98
TUDDH-686A
128.9
133.7
4.8
18.35
including
128.9
129.5
0.6
20.80
and
129.5
130.1
0.6
40.99
and
130.7
131.3
0.6
9.97
and
131.9
132.8
0.9
30.02
and
132.8
133.4
0.6
18.88
and
133.4
133.7
0.3
13.23
TGC-0121
65.0
73.1
8.1
9.99
including
65.0
65.3
0.3
30.34
and
68.3
69.2
0.9
11.96
and
70.1
71.3
1.2
22.51
and
71.3
72.2
0.9
12.22
and
72.2
73.1
0.9
15.63
TGC-0110
65.1
66.0
0.9
82.35
TGC-0118
86.3
95.3
9.0
7.48
including
87.2
88.1
0.9
20.27
and
91.1
92.3
1.2
8.33
and
93.2
94.1
0.9
20.78
TGC-0121
83.3
83.9
0.6
105.86
including
83.3
83.6
0.3
9.38
and
83.6
83.9
0.3
202.34
TUDDH-698
146.3
150.5
4.2
14.90
including
146.3
146.9
0.6
20.45
and
146.9
147.5
0.6
28.43
and
147.5
148.1
0.6
20.89
and
148.1
148.7
0.6
15.99
and
149.3
150.5
1.2
8.96
TGC-0127
66.0
73.2
7.2
8.27
including
66.0
66.6
0.6
25.25
and
67.2
67.8
0.6
8.10
and
69.9
70.2
0.3
15.57
and
70.2
70.5
0.3
13.03
and
70.5
71.1
0.6
7.91
and
71.1
71.4
0.3
6.29
and
71.4
71.7
0.3
19.87
and
71.7
72.0
0.3
25.58
TGC-0118
66.2
68.3
2.1
27.94
including
66.2
67.1
0.9
54.65
and
67.1
68.3
1.2
7.91
TUDDH-682
74.3
77.9
3.6
15.72
including
74.3
75.5
1.2
25.53
and
76.4
77.3
0.9
11.87
and
77.3
77.9
0.6
25.25
TGC-0130
107.8
111.1
3.3
16.29
including
107.8
108.4
0.6
8.66
and
108.4
109.0
0.6
46.63
and
109.0
109.6
0.6
17.82
and
110.2
111.1
0.9
8.16
TGC-0134
113.8
115.3
1.5
33.92
including
113.8
114.1
0.3
58.96
and
114.1
114.4
0.3
92.89
and
114.4
114.7
0.3
9.39
TGC-0125
14.4
16.8
2.4
20.86
including
14.4
14.7
0.3
8.60
and
14.7
15.9
1.2
23.67
and
15.9
16.8
0.9
21.22
TGC-0102
41.4
45.9
4.5
11.08
including
41.4
42
0.6
15.02
and
42.9
43.5
0.6
46.77
and
43.5
43.8
0.3
11.96
and
44.7
45.3
0.6
7.21
TGC-0125
100.2
103.5
3.3
13.18
including
100.2
100.8
0.6
25.65
and
100.8
101.1
0.3
15.69
and
101.1
101.4
0.3
10.76
and
102.3
102.6
0.3
15.92
and
102.9
103.2
0.3
21.22
and
103.2
103.5
0.3
30.11
Zone 2 Drilling
The Zone 2 area of Tuvatu is located in the northwest part of the deposit, near the main portal. The URW1 and Murau lode systems are the primary mineralized systems in Zone 2, with production mining starting first in URW1 and then in Murau. A total of 38 drill holes are reported in this news release, including 18 targeting the URW1 lodes and 20 targeting the Murau system.
The URW1 drilling reported here was designed to provide grade control results between the 1161 and 1101 levels in Zone 2, and to provide infill and down-dip extension results in the URW1 system below the 1101 level. Leading edge airleg stoping has been completed on the 1141 level, and a 5 m wide access drive on the 1161 level has also been completed. The 1161 access drive will provide longhole drill and underground loader access to the upper part of the URW1 lode system for mechanized production.
Figure 2. Zone 2 URW1 drilling with high-grade intersects highlighted, 3.0 g/t gold cutoff. Drilling below the 1101 level is targeting URW1 down-dip extension, drilling above the 1101 level is grade control drilling.
The Murau drilling reported here was designed to provide infill and grade control results in the upper portion of the Murau lode system, which will be the first part of the system to be mined and is scheduled for production in Q3 2024. The Murau lode system dips moderately to the SSW and is open down dip and at depth. The upper portion of the system that is targeted for near-term mining has a strike length of 80m and extends down dip for a length of 100 m.
Figure 3. Zone 2 Murau drilling with high-grade intersects highlighted, 3.0 g/t gold cutoff. The Murau lode system will be the second area to enter production in Zone 2 after the URW1 lode system. The drilling shown here is infill and grade control drilling in the upper portion of the system. View is to the southeast, looking approximately down the decline from the entrance portal. The intersections on the bottom left of the image represent newly discovered mineralized lodes to be followed up with near-mine exploration drilling.
The URW1 lodes will be the first at Tuvatu to undergo mechanized production mining. Development has been ongoing across the 1101, 1121, 1141, and 1161 levels in advance of production. A leading airleg stope has been completed on the 1141 level, and the 1141 A and B vein drives are undergoing stripping to facilitate larger equipment, in preparation for bulk stoping. An access drive has been completed on the 1161 level and will provide access for the longhole drills and larger loaders.
The URW1 lodes consist of primary subvertical veins with a halo of stockwork mineralization. Sludge drilling is being conducted in advance of mining to confirm the extent of stockwork mineralization beyond the primary vein as well as to inform the final stope design. A total of 1,930 m of sludge hole drilling has been completed in the URW1 lode system. Sludge hole drilling on the 1101 level is complete (1,200 m) and is ongoing on the 1121 and 1141 levels (730 m complete to date). Longhole drilling will commence in the URW1 lode system in late April with production mining of the 1101 level starting in May. Sludge drilling has also commenced on the Murau lode system with 700 m complete to date.
Figure 4. Zone 2 mine development and sludge drilling. Sludge drilling on the 1101 level is complete and is ongoing on the 1121 and 1141 levels. Longhole drilling is scheduled to begin on the 1101 level in late April.
In Zone 5, airleg stoping on the UR2 lode is underway on the 1130 North level and on the 1120 South level. Airleg development is ongoing on the URW3 lode with airleg rises planned above the 1126 Sublevel. Mineralization in the UR2 and URW3 lodes is predominantly subvertical high-grade narrow-vein gold with minimal stockwork veining. Longhole mining is scheduled to take place in Zone 5 on the 1120 North UR2 drive, beginning in May.
Figure 5. Oblique view of Zone 5 development. Airleg stoping of the UR2 lode is ongoing on the 1130 North and 1120 South levels. Airleg development on the URW3 lode is ongoing on the 1126 Sublevel. The first area scheduled for longhole mining in Zone 5 will be the 1120 North drive on the UR2 lode.
Two remote-capable loaders required to facilitate the extraction of material from longhole stopes have been acquired. A CAT 1700 loader fitted with remote technology will be commissioned in May for bogging of the 1101 bulk stope at the URW1 lodes, and a CAT 1300 remote loader from Australia is now on site and will also be commissioned in early May. These loaders will enable increased production from the mine.
The first of two blowers ordered to upgrade the CIL circuit and improve aeration within the tanks has arrived on site and will be installed by April 30, 2024. The second blower is scheduled to arrive by the end of April and will be installed in early May. Air sparger installation in the CIL tanks was completed in April resulting in improved aeration and gold recovery in the CIL circuit, with gold recoveries of over 80% achieved. Installation of the new blowers is anticipated to further improve aeration and recoveries in the CIL circuit.
Qualified Person (NI43-101) In accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43- 101”), Alex Nichol, MAIG, VP Geology and Exploration, is the Qualified Person for the Company, and has reviewed, validated, and approved the technical and scientific content of this news release.
Lion One Laboratories / QAQC Lion One adheres to rigorous QAQC procedures above and beyond basic regulatory guidelines in conducting its drilling, sampling, testing, and analyses. The Company operates its own geochemical assay laboratory and its own fleet of 7 diamond drill rigs using PQ, HQ and NQ sized drill rods.
Diamond drill core samples are logged and split by Lion One personnel on site and delivered to the Lion One Laboratory for preparation and analysis. All samples are pulverized at the Lion One lab to 85% passing through 75 microns and gold analysis is carried out using fire assay with an AA finish. Samples that return grades greater than 10.00 g/t Au are re-analyzed by gravimetric method, which is considered more accurate for very high-grade samples.
Duplicates of 5% of samples with grades above 0.5 g/t Au are delivered to ALS Global Laboratories in Australia for check assay determinations using the same methods (Au-AA26 and Au-GRA22 where applicable). ALS also analyses 33 pathfinder elements by HF-HNO3-HClO4 acid digestion, HCl leach and ICP-AES (method ME-ICP61). The Lion One lab can test a range of up to 71 elements through Inductively Coupled Plasma Optical Emission Spectrometry (ICP-OES), but currently focuses on a suite of 23 important pathfinder elements with an aqua regia digest and ICP-OES finish.
About Lion One Metals Limited Lion One Metals is an emerging Canadian gold producer headquartered in North Vancouver BC, with new operations established in late 2023 at its 100% owned Tuvatu Alkaline Gold Project in Fiji. The Tuvatu project comprises the high-grade Tuvatu Alkaline Gold Deposit, the Underground Gold Mine, the Pilot Plant, and the Assay Lab. The Company also has an extensive exploration license covering the entire Navilawa Caldera, which is host to multiple mineralized zones and highly prospective exploration targets.
Neither the TSX-V nor its Regulation Service Provider accepts responsibility or 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 labor or loss of key individuals. Although Lion One Metals Limited has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated, or intended. Accordingly, readers should not place undue reliance on forward-looking information. Lion One Metals Limited does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
Appendix 1: Full Drill Results and Collar Information
Table 2. Collar coordinates for drillholes reported in this release. Coordinates are in Fiji map grid.
Hole ID
Easting
Northing
Elevation
Azimuth
Dip
Depth
TGC-0102
1876266
3920768
152
24.7
-60.3
65.6
TGC-0103
1876266
3920768
152
26.6
-45.6
71.8
TGC-0104
1876267
3920763
152
52.9
-45.6
62.6
TGC-0105
1876268
3920762
152
56.5
-38.6
200.7
TGC-0108
1876267
3920762
151
56.4
-72.4
66.7
TGC-0110
1876268
3920763
153
50.6
-17.6
80.2
TGC-0111
1876268
3920763
153
54.3
-10.8
80.4
TGC-0113
1876269
3920758
153
85.0
-2.0
115.9
TGC-0115
1876269
3920758
153
76.8
3.9
107.0
TGC-0117
1876375
3920628
128
355.2
-19.0
135.0
TGC-0118
1876269
3920758
152
76.3
-14.2
107.3
TGC-0119
1876375
3920628
127
348.7
-29.2
120.7
TGC-0120
1876374
3920628
128
327.3
-18.6
150.0
TGC-0121
1876269
3920758
152
82.9
-12.8
107.3
TGC-0122
1876269
3920757
152
88.0
-16.6
113.3
TGC-0123
1876375
3920628
128
347.3
-18.8
11.5
TGC-0124
1876375
3920628
128
341.3
-19.4
125.2
TGC-0125
1876268
3920757
152
92.7
-36.5
125.7
TGC-0126
1876375
3920628
127
341.0
-26.1
120.8
TGC-0127
1876268
3920757
151
98.6
-70.0
83.5
TGC-0128
1876375
3920628
128
330.3
-19.7
120.4
TGC-0129
1876267
3920756
151
135.1
-79.6
26.2
TGC-0130
1876375
3920628
128
338.6
-8.3
130.3
TGC-0131
1876267
3920757
151
127.4
-78.7
95.8
TGC-0132
1876375
3920628
128
350.0
-19.5
11.5
TGC-0133
1876375
3920628
128
348.8
-19.8
135.3
TGC-0134
1876375
3920628
128
337.7
-18.5
125.0
TGC-0136
1876375
3920628
127
337.4
-26.6
120.7
TUDDH-682
1876259
3920803
203
63.8
-71.1
101.4
TUDDH-683
1876225
3920709
218
27.2
-65.2
170.5
TUDDH-684
1876260
3920802
203
75.0
-61.1
100.0
TUDDH-686
1876225
3920709
218
36.9
-58.2
25.0
TUDDH-686A
1876225
3920709
218
36.5
-58.1
160.1
TUDDH-689
1876260
3920801
203
79.2
-67.3
105.1
TUDDH-694
1876259
3920803
203
44.4
-81.1
99.8
TUDDH-697
1876259
3920804
203
36.6
-69.2
96.2
TUDDH-698
1876224
3920708
218
37.6
-66.3
180.0
TUDDH-700
1876254
3920802
203
18.6
-72.3
95.4
Table 3. Composited results from infill and grade control drillholes in the Zone 2 area (grade >3.0 g/t Au)
Vancouver, British Columbia–(Newsfile Corp. – April 15, 2024) – EMX Royalty Corporation(NYSE American: EMX) (TSXV: EMX) (FSE: 6E9) (the “Company” or “EMX“) is pleased to announce that it has entered into an automatic share purchase plan (“ASPP“) with its broker in order to facilitate repurchases of EMX’s common shares (the “Shares“) under the Company’s previously announced normal course issuer bid (the “NCIB“).
The Company previously announced that it had received approval from the TSX Venture Exchange (“TSXV“) to purchase up to 5,000,000 Shares for cancellation over a twelve-month period that commenced on February 13, 2024 and terminates no later than February 12, 2025. All purchases made pursuant to the NCIB will be made through the facilities of the TSXV, NYSE American Stock Exchange (“NYSE American“), other designated exchanges and/or alternative Canadian trading systems or by such other means as may be permitted by applicable securities laws. The price that EMX will pay for Shares in open market transactions will be the market price at the time of purchase. Any Shares that are purchased under the NCIB will be cancelled. Since the commencement of the NCIB on February 13, 2024, the Company has purchased 17,700 Shares on the TSXV and alternative Canadian trading systems at a weighted average price per Share of $2.62 for an aggregate value of approximately $46,000, and 58,302 Shares on the NYSE American and alternative U.S. trading systems at a weighted average price per Share of US$1.93 for an aggregate value of approximately US$112,000.
EMX believes that from time to time, the market price of its Shares may not reflect their underlying value and that the purchase of its Shares will enhance shareholder value and increase liquidity of the Shares. The Company intends to fund the purchases out of available cash. The ASPP will facilitate purchases under the NCIB as it will allow for purchases of Shares to be made at times when the Company would ordinarily not be permitted to make purchases, whether due to regulatory restriction or customary self-imposed blackout periods.
Under the ASPP, the Company’s broker may purchase Shares from the effective date of the ASPP until the end of the NCIB. The ASPP will facilitate purchases of Shares under the NCIB by authorizing the Company’s broker to make purchases at its sole discretion based on parameters set by the Company in accordance with the rules of the TSXV and NYSE American, applicable law and the terms of the ASPP. Outside of periods that the Company is restricted from purchasing Shares pursuant to insider trading rules or its own internal trading blackout policies, Shares may also be purchased at the Company’s discretion, in compliance with the rules of the TSXV and NYSE American and applicable law.
All purchases of Shares made under the ASPP will be included in determining the number of Shares purchased under the NCIB. Any Shares purchased by the Company pursuant to the ASPP will be cancelled. The Company is not currently in possession of any material undisclosed information in relation to the Company, the Shares or any of the Company’s other securities. The ASPP constitutes a “written automatic purchase plan” for purposes of applicable Canadian securities legislation and the ASPP has been pre-cleared by the TSXV and will be effective on April 12, 2024.
The ASPP will terminate on the earliest of the date on which: (a) the maximum purchase limit under the NCIB has been reached; (b) the NCIB expires; or (c) the ASPP otherwise terminates in accordance with its terms.
About EMX – EMX is a precious, and base metals royalty company. EMX’s investors are provided with discovery, development, and commodity price optionality, while limiting exposure to risks inherent to operating companies. The Company’s common shares are listed on the NYSE American Exchange and TSX Venture Exchange under the symbol “EMX”. Please see www.EMXroyalty.com for more information.
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 of 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 EMX’s normal course issuer bid, the Company’s pre-defined plan with its broker to allow for the repurchase of Shares and the timing, number and price of Shares that may be purchased under the normal course issuer bid, 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 the market price of the Shares being too high to ensure that purchases benefit the Company and its shareholders, 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 year ended December 31, 2023 (the “MD&A”), and the most recently filed Annual Information Form (“AIF”) for the year ended December 31, 2023, 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.sedarplus.ca and on the SEC’s EDGAR website at www.sec.gov.
