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EMX Royalty Announces First Quarter 2022 Results

Vancouver, British Columbia–(Newsfile Corp. – May 16, 2022) – EMX Royalty Corporation (NYSE American: EMX) (TSXV: EMX) (FSE: 6E9) (the “Company” or “EMX”) is pleased to report results for the quarter ended March 31, 2022 (“Q1 2022”). The Company’s filings for the quarter are available on SEDAR at www.sedar.com, on the U.S. Securities and Exchange Commission’s website at www.sec.gov, and on EMX’s website at www.EMXroyalty.com. Financial results were prepared in accordance with International Financial Reporting Standards, as issued by the International Accounting Standards Board.

HIGHLIGHTS FOR Q1-2022

Financial Update

All dollar amounts in this news release are Canadian dollars (CDN) unless otherwise noted.

  • Adjusted revenue and other income[1] of $3,369,000 included $1,154,000 in income from the effective Caserones copper royalty interest in Chile.
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  • Royalty generation costs of $5,397,000 of which the Company recovered $2,695,000 from partners.
  • General and administrative costs totaled $2,688,000. Impacting general and administrative costs, were higher professional fees, relating to the Barrick settlement of the Bullion Monarch litigation in the US, as well as the payment or accrual of annual compensation awards and adjustments.
  • Share-based payments totaled $626,000 compared to $542,000 in Q1 2021. The aggregate share-based payments relate mainly to the fair value of restricted share units (“RSUs”) vested during the period.
  • Finance expenses of $1,787,000 associated with the Sprott Credit Facility and the SSR VTB note. The Company also recognized a gain on modification of the Sprott Credit Facility of $5,008,000 resulting from an extension of the maturity date.
  • For the quarter, the Company had a loss from operations of $4,427,000 and net income of $23,547,000.
  • Adjusted cash provided by operating activities1 of $20,928,000.
  • Other significant items affecting income for the three months ended March 31, 2022 included $23,846,000 of net proceeds received (after settlement of legal fees) relating to the Barrick settlement with Bullion Monarch, unrealized fair value gains on investments of $6,329,000, deferred income tax expense of $5,339,000, and foreign exchange adjustments of $1,038,000.
  • As at March 31, 2022, the Company had cash and cash equivalents of $44,970,000, investments, long-term investments and loans receivable valued at $30,511,000, and loans payable of $59,226,000.

Corporate Updates

Suspension of Filing of Notice of Arbitration
EMX suspended the filing of its Notice of Arbitration to Zijin Mining Group Ltd (“Zijin”) and commenced discussions with Zijin with the goal of reaching a mutually acceptable resolution.

Settlement of the Bullion Litigation
The Company’s wholly-owned subsidiary, Bullion Monarch Mining, Inc., (“Bullion”) reached a settlement with Barrick Gold Corporation (“Barrick”) and Barrick affiliates and subsidiaries (“Barrick Entities”) with respect to Bullion’s claim of non-payment of royalties by the Barrick Entities to Bullion on production from properties in the Carlin Trend, Nevada. Bullion initiated litigation in 2008, before EMX acquired Bullion in 2012. Pursuant to the settlement, Barrick paid Bullion US$25 million. Of the US$25 million settlement, US$6.175 million was paid as a fee to Bullion’s Reno, Nevada lawyers. The settlement of the lawsuit does not affect our 1% gross smelter return royalty from portions of Nevada Gold Mine’s Leeville, Carlin East, Four Corners, and other northern Carlin Trend underground gold mining operations (the “Leeville Royalty”), which will continue to be paid.

Acquisition of Additional Royalty Interest on Caserones
Subsequent to Q1, EMX acquired an additional (effective) 0.3155% Net Smelter Return (“NSR”) royalty on the Caserones Copper-Molybdenum Mine located in northern Chile for US$25.74 million. When combined with EMX’s (effective) 0.418% NSR interest acquired in August 2021 (see EMX news release dated August 17, 2021), EMX now holds an effective 0.7335% NSR royalty.

Impact of Covid 19
EMX continues to monitor developments regarding the ongoing coronavirus pandemic (“COVID-19”), with a focus on the jurisdictions in which the Company operates. EMX has implemented COVID-19 prevention, monitoring and response plans following the guidelines of international agencies and the governments and regulatory agencies of each country in which it operates. EMX’s priority is to safeguard the health and safety of its personnel and host communities, support government actions to slow the spread of COVID-19 and assess and mitigate the risks to business continuity.

Royalty Generation Updates

EMX’s royalty and mineral property portfolio consists of over 272 properties in North America, Europe, Turkey, Latin America and Australia (See Figure 1). The Company’s portfolio is comprised of the following:

Producing Royalties5
Advanced Royalties9
Exploration Royalties155
Royalty Generation Properties103



Figure 1. EMX’s royalty and mineral property portfolio.

To view an enhanced version of this graphic, please visit:
https://orders.newsfilecorp.com/files/1508/124262_5dcddb2cd4039817_002full.jpg

During Q1 2022, the Company’s royalty generation business was active in North America, South America, Europe, Turkey, and Australia. The Company spent $5,397,000 and recovered $2,695,000 from partners. During the quarter the Company also completed 3 partnerships across the portfolio all the while continuing to replace partnered properties with new mineral properties.

Highlights from Q1 2022 include the following:

  • In the US the Company added to its growing royalty portfolio with the completion of two new royalty agreements, the advancement of eight partner-funded work programs, including ongoing drill projects, and new generative work leading to new acquisitions.
  • In Canada, partners continued to advance the portfolio with multiple field programs, including drill programs, while EMX received $89,000 in cash payments and $Nil share equity payments.
  • EMX continued to expand its asset portfolio in Fennoscandia with the generation of several additional exploration properties. Nickel and other battery metals continue to be a focus of the Fennoscandia operations.
  • EMX’s South American royalty portfolio advanced through drill programs conducted by AbraSilver Resource Corp. Aftermath Silver Ltd, Austral Gold Ltd., and Pampa Metals Corp.
  • In Australia, partner Many Peaks Gold achieved a public listing on the Australian Securities Exchange (“ASX”) and commenced drilling at the Company’s Queensland Gold project with results anticipated in Q2. As per the option agreement and in connection with the initial public offering, Many Peaks Gold Pty Ltd. issued to the Company 1,175,000 shares valued at $215,000 as an option fee.
  • At the end of Q1, 2022, technical reports were filed for EMX’s Caserones Copper-Molybdenum Mine Royalty in Chile, EMX’s Gediktepe Polymetallic Deposit Royalties in Turkey and for EMX’s Timok Royalty in Serbia that covers the newly commissioned Cukaru Peki Copper and Gold Mine.

Financing Updates

Sprott Credit Facility
The Company entered into a credit facility in Q3 2021 with Sprott Private Resource Lending II (Collector), LP (“Sprott”) totaling US$44 million (the “Credit Facility”). On January 24, 2022, the Company signed a credit agreement modification extending the maturity date to December 31, 2024. In connection with the extension, an additional 1.50% of the principal (US $660,000) was added to the principal balance as at January 24, 2022.

Private Placement with Franco-Nevada
Subsequent to Q1 2022, the Company completed a $12,580,000 (US$10,000,000) private placement with Franco-Nevada Corporation (“Franco-Nevada”). The proceeds were used to acquire the additional (effective) NSR on the Caserones open pit mine in northern Chile (see EMX’s news release dated April 14, 2022).

Franco-Nevada purchased 3,812,121 units at $3.30 per unit. Each unit consisted of one common share of EMX and one warrant to purchase one common share of EMX for $4.45 exercisable until April 14, 2027. The shares issued upon closing and the shares issuable upon the exercise of the warrants will be subject to a four-month restricted resale (hold) period expiring August 15, 2022. Franco-Nevada now owns approximately 3.5% of the issued and outstanding shares of EMX on an undiluted basis.

Investment Updates

As at March 31, 2022, the Company had investments totaling $28,010,000 which included $22,808,000 in various public and private entities, and $5,202,000 in non-current investments. The Company will continue to generate cash flow by selling certain of its investments when appropriate. Much of the investment portfolio was derived from royalty deals completed as part of our organic royalty generation business.

Strategic Investment in Premium Nickel Resources
Subsequent to Q1 2022, the Company completed a strategic investment in Premium Nickel Resources Corporation (“PNR”), a private Canadian company advancing nickel-copper-cobalt and platinum group element (“PGE”) projects in Botswana. EMX now owns 5,412,702 shares or 6.3% of the issued and outstanding shares of PNR having purchased an additional one million shares in April 2022. This purchase was part of a recent financing completed by PNR at US$2.00 per share.

PNR recently acquired the Selebi and Selebi North nickel-copper-cobalt mines and signed an asset purchase agreement to acquire the Selkirk nickel-copper-cobalt-PGE mine, which are located in Botswana’s prolific Selebi-Phikwe and Tati nickel mining districts. In February 2022, PNR announced the signing of a non-binding letter of intent providing for a business combination with North American Nickel, which trades on the TSX-V (NAN), as a path to go public.

OUTLOOK

The year 2022 will see an increase in revenue and other income coming from our cash flowing royalties including Caserones in Chile, Leeville in Nevada, and potentially Timok in Serbia (pending conclusion of the royalty rate discussions with Zijin). Likewise, Gediktepe and Balya in Turkey have been commissioned and are scheduled to contribute to 2022 cash flows. As in previous years, production royalties will continue to be complemented by option, advance royalty, and other pre-production payments from partnered projects across the global asset portfolio. The Company plans to give production guidance for 2022 later this year.

Subsequent to Q1 2022, EMX acquired an additional (effective) 0.3155% royalty interest on Caserones and completed a $12,580,000 (US$10,000,000) private placement Franco-Nevada and a strategic investment in PNR.

The Company will continue to strengthen its balance sheet over the course of the year by looking to retire portions of our long-term debt, continuing to evaluate equity markets (including the filing of a shelf prospectus), and the ongoing monetization of the Company’s marketable securities.

EMX is well funded to identify new royalty and investment opportunities, while further filling a pipeline of royalty generation properties that provide opportunities for additional cash flow, as well as exploration, development, and production success.

INVESTOR RELATIONS UPDATE

EMX is provided with investor relations services by Scott Close, who has provided his services from Colorado since June 1, 2007, initially as a consultant and, since Oct 1, 2010, as an employee, and by Isabel Belger, who has provided her services from Germany since January 1, 2018, as a consultant. Neither Scott nor Isabel provides their services on a fixed term basis, and EMX expects to continue to retain their services for the foreseeable future. Their services cover all aspects of liaising with shareholders and the financial investment community. The annual cost for investor relation services has been approximately US$130,000 per year over the past five years which is, has been and will continue to be paid from EMX’s cash on hand. Both have also been granted, from time to time, stock options to purchase EMX shares in accordance with EMX’s stock option plan and TSX Venture Exchange policy.

QUALIFIED PERSONS

Michael P. Sheehan, CPG, a Qualified Person as defined by NI 43-101 and employee of the Company, has reviewed, verified and approved the above technical disclosure on North America, Latin America, and Strategic Investments. Eric P. Jensen, CPG, a Qualified Person as defined by NI 43-101 and employee of the Company, has reviewed, verified and approved the above technical disclosure on Europe, Turkey, and Australia.

About EMX. EMX is a precious, base and battery metals royalty company. EMX’s investors are provided with discovery, development, and commodity price optionality, while limiting exposure to risks inherent to operating companies. The Company’s common shares are listed on the NYSE American Exchange and TSX Venture Exchange under the symbol “EMX”, and also trade on the Frankfurt exchange under the symbol “6E9”. Please see www.EMXroyalty.com for more information.

For further information contact:

David M. Cole
President and CEO
Phone: (303) 973-8585
Dave@EMXroyalty.com

Scott Close
Director of Investor Relations
Phone: (303) 973-8585
SClose@EMXroyalty.com

Isabel Belger
Investor Relations (Europe)
Phone: +49 178 4909039
IBelger@EMXroyalty.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release

Forward-Looking Statements

This news release may contain “forward looking statements” that reflect the Company’s current expectations and projections about its future results. These forward-looking statements may include statements regarding perceived merit of properties, exploration results and budgets, mineral reserves and resource estimates, work programs, capital expenditures, timelines, strategic plans, market prices for precious and base metal, or other statements that are not statements of fact. When used in this news release, words such as “estimate,” “intend,” “expect,” “anticipate,” “will”, “believe”, “potential” and similar expressions are intended to identify forward-looking statements, which, by their very nature, are not guarantees of the Company’s future operational or financial performance, and are subject to risks and uncertainties and other factors that could cause the Company’s actual results, performance, prospects or opportunities to differ materially from those expressed in, or implied by, these forward-looking statements. These risks, uncertainties and factors may include, but are not limited to unavailability of financing, failure to identify commercially viable mineral reserves, fluctuations in the market valuation for commodities, difficulties in obtaining required approvals for the development of a mineral project, increased regulatory compliance costs, expectations of project funding by joint venture partners and other factors.

Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this news release or as of the date otherwise specifically indicated herein. Due to risks and uncertainties, including the risks and uncertainties identified in this news release, and other risk factors and forward-looking statements listed in the Company’s MD&A for the quarter ended March 31, 2022 (the “MD&A”), and the most recently filed Annual Information Form (“AIF”) for the year ended December 31, 2021, actual events may differ materially from current expectations. More information about the Company, including the MD&A, the AIF and financial statements of the Company, is available on SEDAR at www.sedar.com and on the SEC’s EDGAR website at www.sec.gov.

[1] Adjusted revenue and other income, and adjusted cash provided by (used in) operating activities are non-IFRS financial measures with no standardized meaning under IFRS and might not be comparable to similar financial measures disclosed by other issuers. Refer to the “Non-IFRS financial measures” section on page 20 of the Company’s MD&A for the three months ended March 31, 2022 for more information on each non-IFRS financial measure.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/124262

Categories
Base Metals Junior Mining Nevada Copper

Nevada Copper Achieves Key Development Milestones: Paste Plant Commissioning Underway, First Paste Filled Stope; Open Pit Resource Definition Drilling Program Commenced

YERINGTON, Nev., May 16, 2022 (GLOBE NEWSWIRE) — Nevada Copper (TSX: NCU) (OTC: NEVDF) (FSE: ZYTA) (“Nevada Copper” or the “Company”) today announced its first quarter 2022 financial and operating results as well as recent milestone achievements and updates on key development initiatives for its Pumpkin Hollow underground mine (the “Underground Mine”) and open pit project (the “Open Pit Project”). The Company has filed its interim financial statements and the related management’s discussion and analysis (“MD&A”) for the quarter ended March 31, 2022 with the Canadian securities regulatory authorities, which documents can be accessed under the Company’s profile on www.SEDAR.com.

Recent Developments

  • Underground Mine Ramp Up Continues: Underground production continues to ramp up with hoisting rates of a combination of stope ore and development material expected to increase to approximately 3,000 tons per day (“tpd”) in Q2 2022 and then further increasing to 4,000 to 4,500 tpd during Q3 2022.
  • Paste Plant Commissioning: The Underground Mine paste plant began wet commissioning and filling of the first stope with paste backfill in April 2022. Paste plant commissioning activities are ongoing with initial throughput capacity expected to be realized by the end of June 2022. It is expected that the implementation of paste backfilling will result in quicker stope turnover leading to improvements in hoisting and production rates going forward.
  • Surface Vent Installation and Third Ore Pass Construction: The dry commissioning of the surface ventilation fans was completed in early April. Initial excavation of the third ore pass is complete with construction activities scheduled for completion in Q3 2022.
  • Open Pit Drill Program Commenced: The 2022/23 drill program commenced with one drill arriving on site in late April and a second drill planned to arrive during the second quarter. The primary goals of the planned approximate 25,000-foot (“ft”) drill program are upgrading in-pit inferred mineral resources that are currently considered as waste in the 2019 Technical Report1, to a minimum of an indicated resource, and expanding mineral resources previously inaccessible for drilling. Drilling will also be used to advance the geotechnical and metallurgical understanding of the deposit. Condemnation drilling will be completed in areas planned for major infrastructure. Several holes are also planned to follow up geophysical and surface work and test the nearby Tedeboy porphyry target.
  • Open Pit Project Prefeasibility Study (“PFS”) Update on Track: The Open Pit Project PFS update is progressing well and is expected to be completed in Q3 2022, as planned. The PFS will include updated mineral reserves and resources and economics based on current metals prices, costs, project development strategy and the contemplated solar project, which is expected to have a positive impact on the long-term price expectations for power. The results of the drill program currently underway will not be included in the PFS, however, they are expected to be included in an open pit feasibility study planned for the second half of 2023. The Open Pit Project has all the material permits required at this time for mine construction and operations and proven and probable mineral reserves, as estimated in the 2019 Technical Report, were 3,590 million pounds of copper (385.7 million tons grading 0.47% copper).
  • Key Team Additions: Continued strengthening of the team with the hiring of experienced individuals in the following roles: VP Technical Services; VP Human Resources; VP Finance; VP Investor Relations and Community Relations; Director Safety & Health; Director Supply Chain; Chief Reliability Engineer; Underground Production Manager; Process Manager; IT Manager; and several critical hires in Process Maintenance.

Randy Buffington, President & CEO stated, “I am very pleased with the progress we are making on several fronts at Pumpkin Hollow. We have completed a number of key projects at site that are aimed at improving productivity, stope availability and equipment reliability for the Underground Mine. The prefeasibility study update for the fully permitted Open Pit Project is well underway and will include important sustainable initiatives such as the solar project. In addition, the commencement of our exploration program is an important step towards our longer-term growth strategy. We are laying the groundwork necessary to demonstrate the potential for this significant copper operation and assembling the right team to execute on these plans for the long-term benefit of our stakeholders.”

Q1 2022 Highlights

Underground Mine Operations

  • Underground Mining Operations – During Q1 2022, the Company hoisted approximately 97,518 tons of material, a 66% improvement over Q4 2021. Included in the material hoisted was approximately 32,025 tons at an average grade of 1.3% copper mined from 3 stopes including ore mined from stopes in the Sugar Cube zone.
  • Lateral Development – Lateral development rates improved 31% in Q1 2022 compared with Q4 2021, with 3,126 ft developed. Two additional loaders were lowered underground in April 2022 further increasing mucking capacity and an additional haul truck is scheduled to be hoisted in May 2022. Ore tons mined from development during Q1 2022 were 65,493 tons, at an average grade of 0.7% copper. As previously disclosed, the Company continues to advance across a water-bearing dike structure with the first crossing being completed and grouting activities underway on the second crossing to be followed by advancing development under steel sets through the dike. While there have been some challenges due to highly variable ground and water conditions, the Company is advancing development from Ramp 01 on the other side of the dike to maintain the production schedule. The Company expects to complete the second crossing in Q2 2022.
  • Processing Plant – During Q1 2022, 96,414 tons of ore were processed, a 76% increase over Q4 2021. Processing plant recovery improved by 5% to 84% from Q4 2021. Copper concentrate sales increased by 50% to approximately 2,099 tons of concentrate at an average copper grade of 23%, compared to 1,403 tons of concentrate at an average copper grade of 23% in Q4 2021. The Company continued to batch process ore during Q1 2022, however the number of operating days improved by 112% from 17 days in Q4 2021 to 36 days in Q1 2022.

Q1 2022 Financial Statements and MD&A

The Company has filed on SEDAR its condensed consolidated interim financial statements and the related management’s discussion and analysis for the quarter ended March 31, 2022. These documents are available on the Company’s website at www.nevadacopper.com and the Company’s SEDAR profile at www.sedar.com.

Management Team Changes

In April 2022, Tracey Thom joined the Company as Vice President, Investor Relations and Community Relations. Tracey’s primary roles include implementing and managing the ongoing investor and community relations strategy that aligns all stakeholder engagement with the Company’s vision and goals.

Tracey brings over 25 years of senior management and investor relations experience in the mining industry and joins Nevada Copper from Hycroft Mining Holding Corporation where she was Vice President, Investor Relations and Corporate Communication for over 13 years. Prior to that she held senior executive roles in single and dually listed companies ranging from exploration and development to multi-national operations including Andina Minerals, Kinross Gold Corporation, and TVX Gold Inc.

Effective May 23, 2022, Kris Sims will assume the role of Interim Chief Financial Officer (“CFO”) following the departure of Andre van Niekerk as Executive Vice President and CFO, who is leaving for personal reasons. Kris is a seasoned financial professional with over 30 years of experience in the mining industry in executive leadership roles with large operating and development companies in the precious and base metals sectors including Phelps Dodge Mining Company, Freeport McMoRan Copper and Gold and Kinross Gold Corporation. He focuses on establishing fiscal transparency and accountability, operational excellence, profitability, and sustainability for the companies he works with. He has also been an advocate for mining in Nevada and led the Nevada Mining Association as Chairman in 2015. Kris was previously employed with Nevada Copper as Project Manager and has a strong base of institutional knowledge that will be key to moving forward and transitioning the CFO role.

“On behalf of the Board and Nevada Copper team, our sincere appreciation for the strong leadership and commitment Andre provided during his tenure,” said Randy Buffington. “He has been an incredible asset and we wish him well in his future endeavors. I am glad we are able to seamlessly integrate Kris into this leadership role as his experience and institutional knowledge will be valuable during our ongoing ramp up.”

Qualified Persons

The technical information and data in this news release has been reviewed by Greg French, C.P.G., Vice President, Exploration and Steven Newman, Registered Member – SME, Vice President, Technical Services for Nevada Copper, who are non-independent Qualified Persons within the meaning of NI 43-101.

About Nevada Copper

Nevada Copper (TSX: NCU) is a copper producer and owner of the Pumpkin Hollow copper project. Located in Nevada, USA, Pumpkin Hollow has substantial reserves and resources including copper, gold and silver. Its two fully permitted projects include the high-grade underground mine and processing facility, which is now in the production stage, and a large-scale open pit project, which is advancing towards feasibility status.

Randy Buffington
President & CEO

For additional information, please see the Company’s website at www.nevadacopper.com, or contact:

Tracey Thom | Vice President, IR and Community Relations
tthom@nevadacopper.com
+1 775 391 9029

Rich Matthews | Integrous Communications
rmatthews@integcom.us
+1 604 757 7179

____________
1 Technical Report, entitled “NI 43-101 Technical Report: Nevada Copper Corp. Pumpkin Hollow Project, Open Pit and Underground Mine Prefeasibility Study”, with an effective date of January 21st, 2019.

Cautionary Language on Forward Looking Statements
This news release contains “forward-looking information” and “forward-looking statements” within the meaning of applicable Canadian securities laws. All statements in this news release, other than statements of historical facts, are forward-looking statements. Such forward-looking information and forward-looking statements specifically include, but are not limited to, statements that relate to Underground Mine development, production and ramp-up expectations and objectives, future hoisting and production rates, equipment installation, expectations regarding the prefeasibility study update and the expected completion thereof and the other plans of the Company with respect to exploration, development, construction and commercial production.

Forward-looking statements and information include statements regarding the expectations and beliefs of management. Often, but not always, forward-looking statements and forward-looking information can be identified by the use of words such as “plans”, “expects”, “potential”, “is expected”, “anticipated”, “is targeted”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or the negatives thereof or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. Forward-looking statements or information should not be read as guarantees of future performance and results. They are subject to known and unknown risks, uncertainties and other factors which may cause the actual results and events to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information.

Such risks and uncertainties include, without limitation, those relating to: the ability of the Company to complete the ramp-up of the Underground Mine within the expected cost estimates and timeframe; requirements for additional capital and no assurance can be given regarding the availability thereof; the impact of COVID-19 on the business and operations of the Company; the state of financial markets; history of losses; dilution; adverse events relating to milling operations, construction, development and ramp-up, including the ability of the Company to address underground development and process plant issues; ground conditions; cost overruns relating to development, construction and ramp-up of the Underground Mine; loss of material properties; interest rates increase; global economy; limited history of production; future metals price fluctuations; speculative nature of exploration activities; periodic interruptions to exploration, development and mining activities; environmental hazards and liability; industrial accidents; failure of processing and mining equipment to perform as expected; labour disputes; supply problems; uncertainty of production and cost estimates; the interpretation of drill results and the estimation of mineral resources and reserves; changes in project parameters as plans continue to be refined; possible variations in ore reserves, grade of mineralization or recovery rates from management’s expectations and the difference may be material; legal and regulatory proceedings and community actions; accidents; title matters; regulatory approvals and restrictions; increased costs and physical risks relating to climate change, including extreme weather events, and new or revised regulations relating to climate change; permitting and licensing; dependence on management information systems and cyber security risks; volatility of the market price of the Company’s securities; insurance; competition; hedging activities; currency fluctuations; loss of key employees; other risks of the mining industry as well as those risks discussed in the Company’s Management’s Discussion and Analysis in respect of the year ended December 31, 2021 and the quarter ended March 31, 2022 and in the section entitled “Risk Factors” in the Company’s Annual Information Form dated March 31, 2022. The forward-looking statements and information contained in this press release are based upon assumptions management believes to be reasonable, including, without limitation: no adverse developments in respect of the property or operations at the project; no material changes to applicable laws; the ramp-up of operations at the underground mine in accordance with management’s plans and expectations; no worsening of the current COVID-19 related work restrictions; reduced impacts of COVID-19 going forward; the Company will be able to obtain sufficient additional funding to complete the ramp-up, no material adverse change to the price of copper from current levels; and the absence of any other factors that could cause actions, events or results to differ from those anticipated, estimated or intended.

The forward-looking information and statements are stated as of the date hereof. The Company disclaims any intent or obligation to update forward-looking statements or information except as required by law. Although the Company has attempted to identify important factors that could cause actual actions, events, or results to differ materially from those described in forward-looking information and statements, there may be other factors that could cause actions, events or results not to be as anticipated, estimated or intended. Specific reference is made to “Risk Factors” in the Company’s Management’s Discussion and Analysis in respect of the year ended December 31, 2021 and the quarter ended March 31, 2022 and “Risk Factors” in the Company’s Annual Information Form dated March 31, 2022, for a discussion of factors that may affect forward-looking statements and information. Should one or more of these risks or uncertainties materialize, should other risks or uncertainties materialize or should underlying assumptions prove incorrect, actual results and events may vary materially from those described in forward-looking statements and information. For more information on the Company and the risks and challenges of its business, investors should review the Company’s filings that are available at www.sedar.com.

The Company provides no assurance that forward-looking statements and information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements or information. Accordingly, readers should not place undue reliance on forward-looking statements or information.

Categories
Exclusive Interviews Precious Metals Rover Metals

Rover Metals Corporate Webinar Recording

Rover Metals Corp.

VANCOUVER, British Columbia, May 16, 2022 (GLOBE NEWSWIRE) — Rover Metals Corp. (TSXV: ROVR) (OTCQB: ROVMF) (FSE:4XO) (“Rover” or the “Company”) is pleased to provide a recording of the Company’s CEO, Judson Culter, presenting Rover’s high-grade gold exploration story in northern Canada, including an overview of current operations and upcoming milestones, while sharing the most recent Investor Presentation. We invite all investors and other interested parties to watch the recorded webinar at the link below. The discussion also includes Rover’s plans for gold exploration at its new project in the Battle Mountain gold district of Nevada.

Recorded Webinarhttps://www.youtube.com/watch?v=eXEpbUBOYSQ

About Rover Metals
Rover is a precious metals exploration company specialized in North American (Canada and U.S.) precious metal resources, which is currently advancing the gold potential of its existing projects in the Northwest Territories of Canada (60th parallel), and north-central Nevada, USA. The Company owns five gold projects. Phase 3 Exploration at its Cabin Gold Project, 60th Parallel, NT, Canada, commenced in March 2022 and continues through to the date of this release. Phase 1 Exploration at its Tobin Gold Project commenced in May 2022 and continues through to the date of this release. Lastly, the Company, is also awaiting news from the Phase 2 Exploration Program at its Up Town Gold Project, in the Northwest Territories of Canada (60th parallel).

You can follow Rover on its social media channels:
Twitter: https://twitter.com/rovermetals
LinkedIn: https://www.linkedin.com/company/rover-metals/
Facebook: https://www.facebook.com/RoverMetals/
for daily company updates and industry news, and
YouTube: https://www.youtube.com/channel/UCJsHsfag1GFyp4aLW5Ye-YQ?view_as=subscriber
for corporate videos.
Website: https://www.rovermetals.com/

ON BEHALF OF THE BOARD OF DIRECTORS
“Judson Culter”
Chief Executive Officer and Director

For further information, please contact:
Email: info@rovermetals.com
Phone: +1 (778) 754-2617

Statement Regarding Forward-Looking Information
This news release contains statements that constitute “forward-looking statements.” Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause Rover’s actual results, performance or achievements, or developments in the industry to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects,” “plans,” “anticipates,” “believes,” “intends,” “estimates,” “projects,” “potential” and similar expressions, or that events or conditions “will,” “would,” “may,” “could” or “should” occur. There can be no assurance that such statements prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements, and readers are cautioned not to place undue reliance on these forward-looking statements. Any factor could cause actual results to differ materially from Rover’s expectations. Rover undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.

THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS NEWS RELEASE REPRESENTS THE EXPECTATIONS OF THE COMPANY AS OF THE DATE OF THIS NEWS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY OTHER DATE. WHILE THE COMPANY MAY ELECT TO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME EXCEPT AS REQUIRED IN ACCORDANCE WITH APPLICABLE LAWS.

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OF THIS RELEASE.

Categories
Junior Mining Precious Metals Silver Hammer

Silver Hammer Announces Up to $3,000,000 Private Placement Led by Echelon Wealth Partners

Silver Hammer Mining Corp.

VANCOUVER, British Columbia, May 16, 2022 (GLOBE NEWSWIRE) — (CSE: HAMR/OTCQB: HAMRF) Silver Hammer Mining Corp. (the “Company” or “Silver Hammer”) is pleased to announce its intention to complete a brokered private placement on a commercially reasonable efforts basis for gross proceeds of up to approximately C$3,000,000 (the “Offering”). The Offering will be led by Echelon Wealth Partners Inc. as lead agent and sole bookrunner (the “Agent”).

The Company will grant the Agent an option to increase the size of the Offering by up to 15% of the Units sold under the Offering exercisable, in whole or in part, by the Agent upon written notice to the Company at any time up to 48 hours prior to the final closing date of the Offering.

The Offering will consist of up to 7,894,800 units of the Company (each, a “Unit”, and collectively the “Units”) at a price of C$0.38 per Unit (the “Offering Price”). Each Unit consists of one Common Share (each, a “Common Share”, and collectively the “Common Shares”) and one-half of one Common Share purchase warrant (each whole warrant, a “Warrant” and collectively the “Warrants”). Each Warrant entitles the holder thereof to acquire one Common Share at a price of C$0.50 per Common Share for a period of 24 months from the closing date of the Offering. The Company will apply to list the Common Shares (including the Common Shares underlying the Warrants and the broker warrants (as described below)) on the Canadian Securities Exchange (“CSE”) upon closing of the Offering.

The net proceeds of the Offering will be used for the exploration of the Silver Strand Project in Idaho, the Eliza Silver Project in Nevada, the Silverton Silver-Gold Project in Nevada, and for general and working capital purposes.

The Company will pay a cash commission to the Agent equal to 8.0% of the aggregate gross proceeds of the Offering (4.0% from the sale of Units to purchasers identified on the Company’s president’s list) and will issue broker warrants equal to 8.0% of the number of Units sold under the Offering (4.0% of the number of Units from the sale of Units to purchasers identified on the Company’s president’s list), each exercisable to acquire one Common Share at $0.38 for a period of 24 months from the closing date of the Offering.

Closing of the Offering is expected to occur on or about June 2, 2022.

The Units will be offered and sold by private placement in Canada to “accredited investors” within the meaning of National Instrument 45-106 – Prospectus Exemptions and other exempt purchasers in each province of Canada and may be sold outside of Canada on a basis which does not require the qualification or registration of any of the Common Shares or the Warrants comprising the Units in the subscriber’s jurisdiction. The Company may also concurrently offer and sell Units outside of Canada on a non-brokered, unregistered private placement basis to a limited number of “accredited investors” (as defined in Regulation D under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”)) with whom the Company has substantive pre-existing relationships, in reliance on exemptions from the registration requirements of the U.S. Securities Act and applicable state securities laws or in other jurisdictions where permitted by law. The securities issued in the Offering will be subject to applicable hold periods imposed under applicable securities legislation, including a hold period of 4 months and one day from the date of issuance (the “Hold Period”).

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities described in this news release. Such securities have not been, and will not be, registered under the U.S. Securities Act, or any state securities laws, and, accordingly, may not be offered or sold within the United States, or to or for the account or benefit of persons in the United States or “U.S. Persons”, as such term is defined in Regulation S promulgated under the U.S. Securities Act, unless registered under the U.S. Securities Act and applicable state securities laws or pursuant to an exemption from such registration requirements.

About Silver Hammer Mining Corp.

Silver Hammer Mining Corp. is a junior resource company advancing the flagship past-producing Silver Strand Mine in the Coeur d’Alene Mining District in Idaho, USA, as well both the Eliza Silver Project and the Silverton Silver Mine in one of the world’s most prolific mining jurisdictions in Nevada and the Lacy Gold Project in British Columbia, Canada. Silver Hammer’s primary focus is defining and developing silver deposits near past-producing mines that have not been adequately tested. The Company’s portfolio also provides exposure to copper and gold discoveries

Forward-Looking Information

This release may contain forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential” and similar expressions, or that events or conditions “will”, “would”, “may”, “could” or “should” occur. Forward-looking statements may include, without limitation, statements relating to the Offering and the use of proceeds therefrom. The forward-looking statements contained in this press release are expressly qualified in their entirety by this cautionary statement. All forward-looking statements in this press release are made as of the date of this press release. The forward-looking statements contained herein are also subject generally to assumptions and risks and uncertainties that are described from time to time in the Company’s public securities filings with the Canadian securities commissions, including the Company’s short form prospectus. Although the Company 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 may differ materially from those in forward looking statements. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.

On Behalf of the Board of Silver Hammer Mining Corp.

Morgan Lekstrom, President and CEO
Corporate Office: 551 Howe Street, Vancouver, British Columbia V6C 2C2, Canada

For further information contact:
Kristina Pillon, President, High Tide Consulting Corp.
T: 604.908.1695
E: investors@silverhammermining.com

For media inquiries, contact:
Adam Bello, Primoris Group Inc.
T: 416.489.0092
E: media@primorisgroup.com

The CSE does not accept responsibility for the adequacy or accuracy of this release. The Canadian Securities Exchange has neither approved nor disapproved the contents of this press release.

Categories
Junior Mining Labrador Gold

Labrador Gold Announces Early Exercise of Option to Earn 100% of the Kingsway Property

Labrador Gold Corp.

TORONTO, May 16, 2022 (GLOBE NEWSWIRE) — Labrador Gold Corp. (TSX.V : LAB | OTCQX:NKOSF | FNR: 2N6) (“LabGold” or the “Company”) is pleased to announce that it has exercised its option two years early to earn 100% of the three licenses comprising the Kingsway project near Gander, Newfoundland. The Kingsway project is located in the highly prospective central Newfoundland gold belt.

The Kingsway Property is composed of three licenses 027636M and 027637M which were optioned in March 2020 and 023940M optioned in July 2020. Together these three licenses cover approximately 12km of the Appleton Fault Zone along which prospecting and drilling over the past two years by LabGold and New Found Gold has resulted in the discovery of numerous near-surface high grade gold occurrences. Given the prolific nature of this fault zone and the continued success of the Company’s exploration on the property, the Board agreed to accelerate the option payments to acquire the 100% interest.

“It is clear to us that the Kingsway Property will need sustained exploration over the long term to fully understand its potential. The success we have had in just a year and half spent working in the field speaks to the prospectivity of the Appleton Fault Zone and the remainder of the property in general,” said Roger Moss, President and CEO of Labrador Gold. “Acquiring the 100% interest in the property two years earlier than required shows the confidence we have that there is more to come from Kingsway, and we are excited to continue exploring the entire 12km strike length of the Appleton Fault Zone.”

The Company now owns a 100% undivided interest in license 023940M.
The Company also owns a 100% undivided interest in licenses 027636M and 027637M subject to:
A 1.0% Net Smelter Returns royalty plus $1 per ounce of gold in the measured and indicated mineral resource categories established in a National Instrument 43-101 technical report for the development of the Property.
Expenditure target payments of $750,000 for each $10 million in exploration expenditures up to $30 million.

Upcoming Webinar

Labrador Gold is also pleased to announce that President and CEO, Roger Moss, will be providing the latest update from the Kingsway project in a live webinar taking place on Monday, May 16th at 1:00PM PT/ 4:00PM ET. To register for the event please click the link below.

Registration: https://event.webinarjam.com/channel/LabGold

Qualified Person

Roger Moss, PhD., P.Geo., President and CEO of LabGold, a Qualified Person in accordance with Canadian regulatory requirements as set out in NI 43-101, has read and approved the scientific and technical information that forms the basis for the disclosure contained in this release.

The Company gratefully acknowledges the Newfoundland and Labrador Ministry of Natural Resources’ Junior Exploration Assistance (JEA) Program for its financial support for exploration of the Kingsway property.

About Labrador Gold
Labrador Gold is a Canadian based mineral exploration company focused on the acquisition and exploration of prospective gold projects in Eastern Canada.

Labrador Gold owns a 100% undivided interest in the Kingsway project in the Gander area of Newfoundland. The three licenses comprising the Kingsway project cover approximately 12km of the Appleton Fault Zone which is associated with gold occurrences in the region, including those of New Found Gold immediately to the south of Kingsway. Infrastructure in the area is excellent located just 18km from the town of Gander with road access to the project, nearby electricity and abundant local water. LabGold is drilling a projected 100,000 metres targeting high-grade epizonal gold mineralization along the Appleton Fault Zone following encouraging results including the discovery of near surface gold mineralization at three of three targets drilled to date. The Company has approximately $25 million in working capital and is well funded to carry out the planned program.

The Hopedale property covers much of the Florence Lake greenstone belts that stretches over 60 km. The belt is typical of greenstone belts around the world but has been underexplored by comparison. Work to date by Labrador Gold show gold anomalies in rocks, soils and lake sediments over a 3 kilometre section of the northern portion of the Florence Lake greenstone belt in the vicinity of the known Thurber Dog gold showing where grab samples assayed up to 7.8g/t gold. In addition, anomalous gold in soil and lake sediment samples occur over approximately 40 km along the southern section of the greenstone belt (see news release dated January 25th 2018 for more details). Labrador Gold now controls approximately 40km strike length of the Florence Lake Greenstone Belt.

The Company has 156,740,526 common shares issued and outstanding and trades on the TSX Venture Exchange under the symbol LAB.

For more information please contact:

Roger Moss, President and CEO Tel: 416-704-8291

Or visit our website at: www.labradorgold.com

Twitter @LabGoldCorp

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Statements: This news release contains forward-looking statements that involve risks and uncertainties, which may cause actual results to differ materially from the statements made. When used in this document, the words “may”, “would”, “could”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” and similar expressions are intended to identify forward-looking statements. Such statements reflect our current views with respect to future events and are subject to risks and uncertainties. Many factors could cause our actual results to differ materially from the statements made, including those factors discussed in filings made by us with the Canadian securities regulatory authorities. Should one or more of these risks and uncertainties, such as actual results of current exploration programs, the general risks associated with the mining industry, the price of gold and other metals, currency and interest rate fluctuations, increased competition and general economic and market factors, occur or should assumptions underlying the forward looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, or expected. We do not intend and do not assume any obligation to update these forward-looking statements, except as required by law. Shareholders are cautioned not to put undue reliance on such forward-looking statements.

Categories
Energy Exclusive Interviews Junior Mining Precious Metals Silver Hammer

Silver Hammer – Reports High-Grade Silver And Copper Samples

Silver Hammer Mining, Proven and Probable

Silver Hammer Mining | CSE: HAMR | OTCQX: HAMRF)
Website: https://silverhammermining.com/
Silver Strand: https://silverhammermining.com/silver-strand/
Corporate Presentation: https://silverhammermining.com/wp-content/uploads/2021/09/Silver-Hammer-Mining-Investor-Presentation-Fall-2021-Oc.pdfPresentation-August-2021-FINAL-.pdf
Twitter: https://twitter.com/silverhmr
Contact: 604.908.1695

Categories
Base Metals Junior Mining Noram Lithium Uncategorized

Noram Completes Major Milestone: Infill Drill Program for Pre-Feasiblity Study Completion and Commencement of Plan of Operations

VANCOUVER, BC / ACCESSWIRE / May 12, 2022 / Sandy MacDougall, CEO of Noram Lithium Corp. (“Noram” or the “Company“) (TSXV:NRM)(OTCQB:NRVTF)(Frankfurt:N7R) is pleased to announce” that the Company has successfully completed the Phase VI infill drill program on the Zeus Lithium Project in Clayton Valley, Nevada. The Zeus Project contains a current NI 43-101 measured and indicated resource estimate* of 363 million tonnes grading 923 ppm lithium, and an inferred resource of 827 million tonnes grading 884 ppm lithium utilizing a 400 ppm Li cut-off. In December 2021, a robust PEA** indicated an After-Tax NPV(8) of US$1.3 Billion and IRR of 31% using US$9,500/tonne Lithium Carbonate Equivalent (LCE). Using the LCE long term forecast of US$14,000/tonne, the PEA indicates an NPV (8%) of approximately US$2.6 Billion and an IRR of 52% at US$14,000/tonne LCE.

All 12 of the Phase VI proposed holes were completed to, or beyond, their anticipated depths for a total of 5246 ft (1599 m) of drilling. Most of the holes were drilled with HQ-size core with a diameter of 2.5 inches (63.5 mm). However, 4 of the holes were drilled with PQ-size (3.35 inches, 85 mm diameter) to be used for the ongoing metallurgical test work. The samples from the core have been hand-delivered to ALS Laboratory in Reno, Nevada for processing. QA/QC samples have been inserted into the sample stream to confirm sample results.

Noram Lithium Corp., Thursday, May 12, 2022, Press release picture
Noram Lithium Corp., Thursday, May 12, 2022, Press release picture

Figure 1 – The last batch of Phase VI drilling samples as they were delivered to ALS in Reno, Nevada.

“This is a significant milestone for Noram” stated CEO and Director, Sandy MacDougall “with the completion of this drilling, the inferred resource calculation will be confidently upgraded to the indicated category. This marks one of the final steps required to complete the Prefeasibility Study (“PFS”) in the near term. While we have only received results from 2 of the 12 holes, the results supersede our expectations, and we can confidently say that a PFS superior to the PEA would not be surprising. All assays are being processed on a rush basis and we expect to receive the balance of the results shortly. Noram is on track to complete the PFS in the fall of 2022 while simultaneously working on new and innovative solutions to become a leader in the green technology space.”

Noram Lithium Corp., Thursday, May 12, 2022, Press release picture
Noram Lithium Corp., Thursday, May 12, 2022, Press release picture

Figure 2 – Location of all past drill holes (Phase I to Phase V) previously completed in addition to the 12 holes completed under the Phase VI Program. Phase VI holes are shown as purple squares.https://embed.fireplace.yahoo.com/embed?ctrl=Monalixa&m_id=monalixa&m_mode=document&site=sports&os=android&pageContext=%257B%2522ctopid%2522%253A%25221542500%253B1480989%253B1481489%2522%252C%2522hashtag%2522%253A%25221542500%253B1480989%253B1481489%2522%252C%2522wiki_topics%2522%253A%2522Lithium_carbonate%253BNor-Am_Cup%253BClayton_Valley_Charter_High_School%253BMineral_resource_classification%253BNevada%253BCompany%253BPea%2522%252C%2522lmsid%2522%253A%2522a077000000LnOyOAAV%2522%252C%2522revsp%2522%253A%2522accesswire.ca%2522%252C%2522lpstaid%2522%253A%2522ca745aaf-aa7e-3d2b-b9ed-9909e7380b49%2522%252C%2522pageContentType%2522%253A%2522story%2522%257D

The Company has also begun initial preparation for the completion of a Plan of Operations (PoO) with the Tonopah, Nevada field office of the Bureau of Land Management. Results from the Phase VI drilling will be needed to determine whether additional drilling, bulk sampling, etc. will be required to carry the project through the PFS and DFS stages. These elements are essential to determine what goes into the PoO. The DFS is expected to follow closely on the heels of this fall’s PFS.

The technical information contained in this news release has been reviewed and approved by Brad Peek., M.Sc., CPG, who is a Qualified Person with respect to Noram’s Clayton Valley Lithium Project as defined under National Instrument 43-101.

About Noram Lithium Corp.
Noram Lithium Corp. (TSXV:NRM)(OTCQB:NRVTF)(Frankfurt:N7R) is a well-financed Canadian based advanced Lithium development stage company with less than 90 million shares issued. Noram is aggressively advancing its Zeus Lithium Project in Nevada from the development-stage level through the completion of a Pre-Feasibility Study in 2022. The Company’s flagship asset is the Zeus Lithium Project (“Zeus”), located in Clayton Valley, Nevada. The Zeus Project contains a current 43-101 measured and indicated resource estimate* of 363 million tonnes grading 923 ppm lithium, and an inferred resource of 827 million tonnes grading 884 ppm lithium utilizing a 400 ppm Li cut-off. In December 2021, a robust PEA** indicated an After-Tax NPV(8) of US$1.299 Billion and IRR of 31% using US$9,500/tonne Lithium Carbonate Equivalent (LCE). Using the LCE long term forecast of US$14,000/tonne, the PEA indicates an NPV (8%) of approximately US$2.6 Billion and an IRR of 52% at US$14,000/tonne LCE.

Please visit our web site for further information: www.noramlithiumcorp.com.

ON BEHALF OF THE BOARD OF DIRECTORS
Sandy MacDougall
CEO and Director
C: 778.999.2159

For additional information please contact:
Peter A. Ball
President and Chief Operating Officer
peter@noramlithiumcorp.com
C: 778.344.4653

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. This news release may contain forward-looking information which is not comprised of historical facts. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward-looking information in this news release includes statements regarding, among other things, the completion of the engagement of Bridgeview and the approval of the TSX Venture Exchange. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, regulatory approval processes. Although Noram believes that the assumptions used in preparing the forward-looking information in this news release are reasonable, including that all necessary regulatory approvals will be obtained in a timely manner, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Noram disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by applicable securities laws. *Updated Lithium Mineral Resource Estimate, Zeus Project, Clayton Valley, Esmeralda County, Nevada, USA (August 2021) **Preliminary Economic Assessment Zeus Project, ABH Engineering (December 2021).

SOURCE: Noram Lithium Corp.



View source version on accesswire.com:
https://www.accesswire.com/701089/Noram-Completes-Major-Milestone-Infill-Drill-Program-for-Pre-Feasiblity-Study-Completion-and-Commencement-of-Plan-of-Operations

Categories
Energy Junior Mining MillRock Resources Precious Metals Project Generators Uncategorized

Millrock Resources Updates on 64 North Gold Project Exploration, Goodpaster Mining District, Alaska

Millrock Resources Inc.
Millrock Resources Inc.

Figure 1.

A Fall 2021 photograph showing the Tourmaline Ridge prospect area in the foreground with an excavator digging trenches through shallow overburden to expose bedrock. Northern Star’s Pogo mine and the Goodpaster deposit is visible in the distance five to six kilometers to the east.
A Fall 2021 photograph showing the Tourmaline Ridge prospect area in the foreground with an excavator digging trenches through shallow overburden to expose bedrock. Northern Star’s Pogo mine and the Goodpaster deposit is visible in the distance five to six kilometers to the east.

VANCOUVER, British Columbia, May 11, 2022 (GLOBE NEWSWIRE) — Millrock Resources Inc. (TSX-V: MRO, OTCQB: MLRKF) (“Millrock” or the “Company”) reports on advancements at the 64North gold exploration project, including an imminent drilling program. The project is the subject of an earn-in agreement whereby Resolution Minerals Limited (ASX: RML) (“Resolution”) is earning a joint venture interest from Millrock.

Drilling Program: The Resolution–Millrock technical team has developed a strong drill target area at the Tourmaline Ridge prospect, located on the West Pogo block. The target area was developed through analysis of all historic data, in addition to work that has been funded by Resolution over the past thirty months. Resolution plans to execute a drilling program of approximately 2,200 meters in five boreholes that will commence in late June 2022.

Figure 1. A Fall 2021 photograph showing the Tourmaline Ridge prospect area in the foreground with an excavator digging trenches through shallow overburden to expose bedrock. Northern Star’s Pogo mine and the Goodpaster deposit is visible in the distance five to six kilometers to the east.
https://www.globenewswire.com/NewsRoom/AttachmentNg/f90d17bf-5651-489c-905c-27163607e3d5https://embed.fireplace.yahoo.com/embed?ctrl=Monalixa&m_id=monalixa&m_mode=document&site=sports&os=android&pageContext=%257B%2522ctopid%2522%253A%25221542500%253B1577000%2522%252C%2522hashtag%2522%253A%25221542500%253B1577000%2522%252C%2522wiki_topics%2522%253A%2522Gold_mining%253BThe_Glass_Passenger%253BBritish_Columbia%253BTourmaline%253BExploration%2522%252C%2522lmsid%2522%253A%2522a0770000002m0AbAAI%2522%252C%2522revsp%2522%253A%2522globenewswire.com%2522%252C%2522lpstaid%2522%253A%2522ba632f00-730c-3234-ae82-c09cc166c809%2522%252C%2522pageContentType%2522%253A%2522story%2522%257D

Earned Interest: Resolution has earned a 42% interest in the project by making cash payments (US$150,000), share payments (30,000,000 shares), and expending at least US$7.0 million on exploration (US$7.87 million spent as at January 31, 2022). Additionally, Resolution has elected to continue sole-funding exploration to earn a 51% interest by making further expenditures in 2022 and making further share and cash payments to Millrock.

Millrock President & CEO Gregory Beischer commented: “There is an abundance of geologic evidence pointing to a possible gold deposit at Tourmaline Ridge. We wish Resolution the best of luck as they move the project forward, and we are hopeful for a new gold discovery.”

A large soil geochemical anomaly measuring 1,800 by 750 meters occurs on the Tourmaline Ridge prospect. Recently Resolution reported that it had received rock sample assay results from trenches excavated at Tourmaline Ridge in fall of 2021. Numerous narrow, gold-bearing veins were detected. These steep-dipping veins are interpreted to be “antithetic veins”, which commonly occur in the hanging wall above gold ore bodies at the nearby Pogo mine. Prior historical drilling intersected these veins along with characteristic rock alteration and pathfinder minerals. From geophysical surveys, a moderately northwest dipping structure is interpreted to lie beneath the soil anomaly and historic drill holes. Resolution and Millrock interpret this structure to be the “Pogo Trend”, which appears to be traced from the Goodpaster deposit on the adjacent Pogo Mine property operated by Northern Star Mines Ltd. (“Northern Star”).

Northern Star recently announced a maiden inferred resource estimate of 1.1 million ounces of gold in 3.2 million tonnes of rock, averaging 10.3 grams per ton gold for the Goodpaster deposit.

As of March 31, Pogo is reported by Northern Star to host 6.59 million metric tonnes of proven and probable reserves, averaging 8.5 grams per metric tonne (1.8 million ounces) gold. (Northern Star ANNUAL MINERAL RESOURCE AND ORE RESERVE STATEMENT, May 5, 2022). More than 4 million ounces of gold has been mined at Pogo.

Note: Millrock has not independently verified the information reported by Northern Star. Also, Millrock cannot assure that the structures that host gold ore bodies at Pogo continue onto ground controlled by Millrock and that gold deposits of similar magnitude and concentration will be discovered.

Qualified Person
The scientific and technical information disclosed within this document has been prepared, reviewed, and approved by Gregory A. Beischer, President, CEO, and a director of Millrock Resources. Mr. Beischer is a qualified person as defined in NI 43-101.

About Millrock Resources Inc.
Millrock Resources Inc. is a premier project generator to the mining industry. Millrock identifies, packages, and operates large-scale projects for joint venture, thereby exposing its shareholders to the benefits of mineral discovery without the usual financial risk taken on by most exploration companies. The company is recognized as the premier generative explorer in Alaska, holds royalty interests in British Columbia, Canada, and Sonora State, Mexico, is a significant shareholder of junior explorer ArcWest Exploration Inc., and owns a large shareholding in each of Resolution Minerals Limited and Felix Gold Limited. Funding for drilling at Millrock’s exploration projects is primarily provided by its joint venture partners. Business partners of Millrock have included some of the leading names in the mining industry: EMX Royalty, Coeur Explorations, Centerra Gold, First Quantum, Teck, Kinross, Vale, Inmet, and Altius, as well as junior explorers Resolution, Riverside, PolarX, Felix Gold and Tocvan.

ON BEHALF OF THE BOARD
“Gregory Beischer”
Gregory Beischer, President & CEO

FOR FURTHER INFORMATION, PLEASE CONTACT:
Melanee Henderson, Investor Relations
Toll-Free: 877-217-8978 | Local: 604-638-3164
Twitter | Facebook | LinkedIn

Some statements in this news release may contain forward-looking information (within the meaning of Canadian securities legislation) including without limitation the intention to perform further exploration on the 64North project. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements.

Categories
Junior Mining Precious Metals Silver Hammer

Silver Hammer Purchases Strategic California Mine Patent Claim and Reports up
to 1290 g/t Silver and 7.7% Copper from Spring Sampling Program at its Eliza
Silver-Gold Project in Nevada

Silver Hammer Mining Corp.
Silver Hammer Mining Corp.

Figure 1

Eliza Property Map, Including Newly Acquired California Patent Claim
Eliza Property Map, Including Newly Acquired California Patent Claim

Table 1

Notable Results from the Spring Sampling Program at Eliza
Notable Results from the Spring Sampling Program at Eliza

VANCOUVER, British Columbia, May 11, 2022 (GLOBE NEWSWIRE) — Silver Hammer Mining Corp. (CSE: HAMR/OTCQB:HAMRF) (“Silver Hammer” or the “Company”) is pleased to report high-grade silver assay results obtained during an early phase of exploration at the Company’s Eliza Project (“Eliza” or the “Project”) in Nevada, plus the acquisition of the California Patent (“the Patent”), a strategic claim within the Project area.
https://embed.fireplace.yahoo.com/embed?ctrl=Monalixa&m_id=monalixa&m_mode=document&site=sports&os=android&pageContext=%257B%2522ctopid%2522%253A%25221542500%253B1480989%253B1481489%2522%252C%2522hashtag%2522%253A%25221542500%253B1480989%253B1481489%2522%252C%2522wiki_topics%2522%253A%2522British_Columbia%253BPatent_claim%253BQualified_person_(European_Union)%253BCalifornia%253BLead%2522%252C%2522lmsid%2522%253A%2522a0770000002m0AbAAI%2522%252C%2522revsp%2522%253A%2522globenewswire.com%2522%252C%2522lpstaid%2522%253A%2522e15ee30c-2af4-334d-a8a9-262c0ee2bf34%2522%252C%2522pageContentType%2522%253A%2522story%2522%257D

Silver Hammer recently completed the purchase of the strategic California Mine Patent claim, which is located entirely within the Eliza Project claim block. The Patent covers an area of 4.6 acres and includes the past-producing California Mine (Figure 1).

Figure 1. Eliza Property Map, Including Newly Acquired California Patent Claim

https://www.globenewswire.com/NewsRoom/AttachmentNg/9a6873fd-55a6-4ac7-9d2c-63b2a8908d10

A spring sampling program collected a total of 25 rock chip and grab samples from sites in the northern sector of Eliza, which includes the newly acquired California Mine area. Analytical results derived from these samples confirm the existence of high-grade silver (“Ag”) mineralization, and the presence of significant concentrations of copper (“Cu”), lead (“Pb”) and zinc (“Zn”) associated with the silver.

Sample Highlights Include:

  • PN662703: 1290 grams per tonne (“g/t”) Ag
  • PN662717: 1180 g/t Ag; 7.70% Cu; 11.00% Pb; 13.40% Zn
  • PN662715: 632 g/t silver; 2.2% Cu; 1.49% Pb; 0.55% Zn

See Table 1 for additional results.

“Although we are in the early days of exploring Eliza, these high-grade samples provide further evidence that the Project, including the newly acquired California Patent, is an exciting and high potential area,” stated President & CEO Morgan Lekstrom. “Our exploration work continues to demonstrate the existence of high-grade silver mineralization in a historic mining district that has seen limited modern exploration work. An especially interesting aspect of the results from this recent round of sampling is the presence of high-grade copper, lead and zinc, in addition to the silver. This particular suite of metals is characteristic of vein and replacement-style mineral deposits commonly found peripheral to porphyry copper deposits. Given the recent sampling results, the potential for porphyry-related mineralization will be assessed by our geologists as we further investigate the known silver prospects and potential.”

Table 1: Notable Results from the Spring Sampling Program at Eliza

https://www.globenewswire.com/NewsRoom/AttachmentNg/4cc37fae-9ae8-44e6-869b-8a48ef2bb77d

Ongoing field work at Eliza includes soil sampling and geological mapping. A program of geophysical surveying is planned to commence in Q2-Q3, 2022. Results of the geochemical and geophysical surveys will be used to define priority drill targets ahead of an initial phase of drilling at the Project.

Technical Observations at Eliza

The geological setting at Eliza is similar to that of other mines in the area. District-scale folding of Middle Paleozoic limestone and shale formations appears to have formed open-space fault and fracture zones which channeled mineralizing fluids through chemically receptive host rocks, specifically the Devonian Guillmette and Joana Limestone formations.

The spring sampling program done at and around the historic mines found on the Eliza Project has shown that the replacement-style mineralized zones in limestone exist along axial planar faults and fracture zones and commonly weather into resistant ridges.

The assay results from the sampling program confirm observations made in the field: limestone and dolomite micro-breccia replacement zones show strong to very strong enrichments in Ag, arsenic (“As”), barium (“Ba”), Cu, manganese (“Mn”), Pb and Zn. Notable results are shown in Table 1 and Figure 1.

Qualified Person

Technical aspects of this press release have been reviewed and approved by Philip Mulholland, a Certified Professional Geologist (CPG) with the American Institute of Professional Geologists, a contractor of the Company and the designated Qualified Person (QP) under National Instrument 43-101.

Quality Assurance, Quality Control Sample Security

The following measures were taken to ensure sample security: samples were submitted to AAS American Analytical Services; only authorized personnel attended the samples; samples were collected and recorded by Silver Hammer geologists and then shipped to the AAS lab in Osburn, Idaho.

Analysis Suite

All samples were analyzed by AAS using conventional assay methods involving fire assaying of 50-gram charges of pulverized sample material for gold and silver, with Fire Assay ICP Finish (FA-ICP); AND ICP-35 Element Scan (M-ICP-35).

Audits or reviews

Internal review of sampling techniques, data, and results by the Company’s geologist’s and management was routinely done through the course of the project.

Blanks and Duplicates

For quality assurance/quality control purposes, the batches of samples sent to AAS for assaying and ICP analyses were regularly infused with ‘duplicate’, and ‘blank’ samples. The ‘duplicates’ were created during sample preparation at AAS. The laboratory also provided analytical results for their own reference samples for further QA/QC check.

Disclaimer note: Mineralization hosted on adjacent and/or nearby properties is not necessarily indicative of mineralization hosted on the Company’s projects.

About Silver Hammer Mining Corp.

Silver Hammer Mining Corp. is a junior resource company advancing the flagship past-producing Silver Strand Mine in the Coeur d’Alene Mining District in Idaho, USA, as well both the Eliza Silver Project and the Silverton Silver Mine in one of the world’s most prolific mining jurisdictions in Nevada and the Lacy Gold Project in British Columbia, Canada. Silver Hammer’s primary focus is defining and developing silver deposits near past-producing mines that have not been adequately tested. The Company’s portfolio also provides exposure to copper and gold discoveries.

On Behalf of the Board of Silver Hammer Mining Corp.
Morgan Lekstrom, President and CEO
Corporate Office: 551 Howe Street, Vancouver, British Columbia V6C 2C2, Canada

For investor relations inquiries, contact:
Kristina Pillon, High Tide Consulting Corp.
T: 604.908.1695
E: investors@silverhammermining.com

For media inquiries, contact:
Adam Bello, Primoris Group Inc.
T: 416.489.0092
E: media@primorisgroup.com

The CSE does not accept responsibility for the adequacy or accuracy of this release.

The Canadian Securities Exchange has neither approved nor disapproved the contents of this press release.

Categories
Exclusive Interviews Junior Mining Labrador Gold

Labrador Gold – Discovers 54.17 GPT at Big Vein on Kingsway Gold Project

http://www.labradorgold.com

Labrador Gold: https://labradorgold.com/

Ticker: TSX.V: LAB | OTCQX: NKOSF

Corporate Presentation: https://labradorgold.com/investors/presentations/

Telephone: (416) 704-8291

Email: info@labradorgold.com

Labrador Gold Intersects 54.17 G/T Au Over 0.95m at the Big Vein Target

TORONTO, May 05, 2022 (GLOBE NEWSWIRE) — Labrador Gold Corp. (TSX.V:LAB | OTCQX:NKOSF | FNR: 2N6) (“LabGold” or the “Company”) is pleased to announce the continued extension of the Big Vein Zone to the southwest with an intersection of 54.17 g/t Au over 0.95m as well as the intersection of near surface gold mineralization from initial diamond drilling of the Pristine target at its 100% controlled Kingsway project near Gander, Newfoundland. These holes were drilled as part of the Company’s ongoing 100,000 metre drill program at Kingsway.

At Big Vein, the intercept of 54.17g/t Au over 0.95m in hole K-22-122 contains visible gold and is the furthest intersection of the Big Vein Zone to the southwest drilled to date. This extends the strike length of the zone to 320m and it remains open in this direction. Hole K-22-116 targeted the HTC zone and intersected 14.67 g/t over a 1m interval that also contained visible gold.

At the Pristine target the first six holes all intersected significant near surface gold mineralization, including hole K-21-109 that assayed 3.55 g/t Au over 2.33m from 17.15m that contained visible gold and hole K-21-100 that intersected 3.89 g/t Au over 3m from 53m downhole.

The initial assays from the Pristine target, located approximately 800m northeast of Big Vein along the Appleton Fault Zone, are very similar to the first reported holes from Big Vein that assayed 1.11 g/t Au over 5.50m, 5.0 g/t Au over 0.9m and 2.26 g/t Au over 7.0m in Hole K-21-01 and 1.72 g/t Au over 3.0min Hole K-21-02 (see news release dated May 10, 2021).

The stratigraphy encountered is also very similar to Big Vein, with the mineralized Doyle Zone defined by a network of shear veining that is associated with a highly fractured sandstone in fault contact with a deformed black graphitic shale.

“We are very pleased with the initial results from the Pristine target which proves our interpretation of the existence of a gold occurrence not too far up ice from the pristine gold grains found in till. Pristine is the third of three targets tested to date to show significant near surface gold assays, a result of our systematic exploration strategy at Kingsway and the prospectivity of the Appleton Fault Zone,” said Roger Moss, President and CEO of the LabGold. “We have named the mineralized zone at Pristine the Doyle Zone after our friend and strong supporter James Doyle, who passed away suddenly, and much too early, in late 2020. James helped and advised us in every financing since the start of Labrador Gold in 2017, and gave us support in the market, often when no-one else was interested. James would have loved witnessing all the exploration activity in central Newfoundland over the last two years and would have been working the telephones daily. We will endeavour to ensure that the Doyle Zone lives up to the big personality of its namesake.”

Pristine Target and Appleton Fault Zone

The visible gold found in hole K-21-109 drilled into the Doyle Zone is the third occurrence of visible gold found, after Big Vein and Golden Glove, along the Appleton Fault Zone. The Doyle Zone is the furthest northeast, approximately 4.5km from Golden Glove which lies close to the southern property boundary. The Doyle Zone lies to the east of a fault with a major damage zone approximately 30m wide which may represent the expression of the Appleton Fault Zone in this area. Further work is necessary to determine if this is, in fact, the the case or if it is a major splay of the Appleton Fault Zone. In either case it is a significant structure associated with gold mineralization in the Doyle Zone.

The most detailed exploration along the Appleton Fault Zone to date has been over an approximately 2km section from just southwest of Big Vein to the Pristine target, leaving the remaining 10km length of the fault zone relatively underexplored. This will be a major focus of LabGold’s upcoming field program.

Hole IDfrom (m)to (m)width (m)Au (g/t)Target
K-22-1429610043.44Big Vein
including979925.37
K-22-125707771.72HTC
K-22-12426426622.03Big Vein
28328417.68
K-22-12299114151.46Big Vein
123.33124.280.9554.17*
K-22-116178179114.67*HTC


19419624.18
20720813.25
K-22-143758271.53Pristine
K-22-123232411.98Pristine
434412.3
K-22-119313321.92Pristine
K-21-10917.1518.32.33.55*Pristine


47.4550.4531.31
54.4559.4551.48
K-21-107485241.16Pristine


868931.58
9610371.81
K-21-100535633.89Pristine

Table 1. Summary of Assay Results
* Interval contains visible gold. All intersections are downhole length
as there is insufficient Information to calculate true width.

Hole IDNorthingEastingElevation (m)AzimuthDipDepth (m)
K-22-143543603466180154.126045299.06
K-22-142543501566142636.815545167.00
K-22-125543528366160042.514050326.00
K-22-124543514366140550.214060494.00
K-22-123543610366180856.130045236.00
K-22-122543501666142636.914550228.63
K-22-119543610566180356.230045185.00
K-21-116543528066160042.314560236.00
K-21-109543605866178955.526060218.00
K-21-107543605866178955.629550209.00
K-21-100543619166185158.614045230.00

Table 2. Drill hole collar details

Figure 1. Doyle Zone plan map
https://www.globenewswire.com/NewsRoom/AttachmentNg/d658d985-d462-4293-a32f-4db3365c5d7d

Figure 2. Big Vein Plan Map.
https://www.globenewswire.com/NewsRoom/AttachmentNg/44a9f7c4-1910-4bea-99a8-e815f6ef56c2

QA/QC

True widths of the reported intersections have yet to be calculated. Assays are uncut. Samples of HQ split core are securely stored prior to shipping to Eastern Analytical Laboratory in Springdale, Newfoundland for assay. Eastern Analytical is an ISO/IEC17025 accredited laboratory. Samples are routinely analyzed for gold by standard 30g fire assay with atomic absorption finish as well as by ICP-OES for an additional 34 elements. Samples containing visible gold are assayed by metallic screen/fire assay, as are any samples with fire assay results greater than 1g/t Au. The company submits blanks and certified reference standards at a rate of approximately 5% of the total samples in each batch.

Qualified Person

Roger Moss, PhD., P.Geo., President and CEO of LabGold, a Qualified Person in accordance with Canadian regulatory requirements as set out in NI 43-101, has read and approved the scientific and technical information that forms the basis for the disclosure contained in this release.

The Company gratefully acknowledges the Newfoundland and Labrador Ministry of Natural Resources’ Junior Exploration Assistance (JEA) Program for its financial support for exploration of the Kingsway property.

About Labrador Gold
Labrador Gold is a Canadian based mineral exploration company focused on the acquisition and exploration of prospective gold projects in Eastern Canada.

In early 2020, Labrador Gold acquired the option to earn a 100% interest in the Kingsway project in the Gander area of Newfoundland. The three licenses comprising the Kingsway project cover approximately 12km of the Appleton Fault Zone which is associated with gold occurrences in the region, including those of New Found Gold immediately to the south of Kingsway. Infrastructure in the area is excellent located just 18km from the town of Gander with road access to the project, nearby electricity and abundant local water. LabGold is drilling a projected 50,000 metres targeting high-grade epizonal gold mineralization along the Appleton Fault Zone following encouraging early results. The Company has approximately $28 million in working capital and is well funded to carry out the planned program.

The Hopedale property covers much of the Florence Lake greenstone belts that stretches over 60 km. The belt is typical of greenstone belts around the world but has been underexplored by comparison. Work to date by Labrador Gold show gold anomalies in rocks, soils and lake sediments over a 3 kilometre section of the northern portion of the Florence Lake greenstone belt in the vicinity of the known Thurber Dog gold showing where grab samples assayed up to 7.8g/t gold. In addition, anomalous gold in soil and lake sediment samples occur over approximately 40 km along the southern section of the greenstone belt (see news release dated January 25 th 2018 for more details). Labrador Gold now controls approximately 40km strike length of the Florence Lake Greenstone Belt.

The Company has 156,439,526 common shares issued and outstanding and trades on the TSX Venture Exchange under the symbol LAB.

For more information please contact:

Roger Moss, President and CEO      Tel: 416-704-8291

Or visit our website at: www.labradorgold.com

Twitter: @LabGoldCorp

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release .

Forward-Looking Statements: This news release contains forward-looking statements that involve risks and uncertainties, which may cause actual results to differ materially from the statements made. When used in this document, the words “may”, “would”, “could”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” and similar expressions are intended to identify forward-looking statements. Such statements reflect our current views with respect to future events and are subject to risks and uncertainties. Many factors could cause our actual results to differ materially from the statements made, including those factors discussed in filings made by us with the Canadian securities regulatory authorities. Should one or more of these risks and uncertainties, such as actual results of current exploration programs, the general risks associated with the mining industry, the price of gold and other metals, currency and interest rate fluctuations, increased competition and general economic and market factors, occur or should assumptions underlying the forward looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, or expected. We do not intend and do not assume any obligation to update these forward-looking statements, except as required by law. Shareholders are cautioned not to put undue reliance on such forward-looking statements .