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EMX Executes Agreement to Sell Four Projects in Western USA to Pacific Ridge Exploration

Post author By admin
Post date January 8, 2025

Vancouver, British Columbia–(Newsfile Corp. – January 8, 2025) – EMX Royalty Corporation (NYSE American: EMX) (TSXV: EMX) (the “Company” or “EMX”) is pleased to announce that it has executed four separate option agreements (the “Agreements”), all dated January 7, 2025, with Pacific Ridge Exploration Ltd. (TSXV: PEX) (“Pacific Ridge” or “PEX”) for the Ripsey West, Royston, Red Star, and Mineral Hill projects (the “Projects” or individually a “Project”) located in Arizona, Nevada, Utah, and Wyoming, respectively. The Agreements provide EMX with cash payments, an equity stake in PEX, and required work commitments on the Projects during the earn-in period. Additionally, upon earn-in for a given Project, a 3% net smelter return (“NSR”) royalty, annual advance royalty (“AAR”) payments, and milestone payments provide a strong foundation for future upside as the Projects advance.

The Ripsey West Project is a shallow copper porphyry target in central Arizona’s Laramide copper province with exploration potential for both supergene and hypogene mineralization. The Royston Project in western Nevada targets a late Triassic-early Jurassic copper porphyry system. Of note, porphyries of this age have not traditionally been explored for in the region, even though this age of magmatic activity generally displays a stronger gold affinity than Laramide systems. The Red Star Project is a copper porphyry target adjacent to the historical Star mining district in Utah, and has added potential for skarn, manto, and carbonate-replacement deposit (CRD) styles of mineralization. The Mineral Hill Project in eastern Wyoming is centered on an alkaline intrusive complex, which displays both epithermal and copper-gold porphyry exploration potential.

EMX acquired the Projects through the staking of open ground after recognizing overlooked opportunities in districts with historical exploration. EMX’s track record of organically generating new targets in historical mining districts underscores the strength of the Company’s project generation business model.

Commercial Terms Overview (all dollar amounts in USD). Under the terms of the Agreements, subject to the approval of the TSX Venture Exchange, Pacific Ridge can earn 100% interest in each Project over a five-year option period by satisfying the following terms on a per-Project basis: a) upon receipt of regulatory approval, Pacific Ridge will pay $60,000 in cash and issue 200,000 Pacific Ridge shares (on a post 10:1 consolidation basis), and b) Pacific Ridge will also make option payments totaling $180,000, issue 1,175,000 additional shares, and complete $2,250,000 in exploration expenditures over the five-year term of the option agreement.

Upon option exercise by Pacific Ridge, EMX will retain a 3% NSR royalty on each applicable Project; 1% of the royalty may be bought back by first completing an initial 0.5% royalty buyback for a payment of $1,000,000 to the Company prior to the eighth anniversary of the Effective Date of the Agreement. If the first buyback is completed, then the remaining 0.5% of the royalty buyback can be purchased any time prior to production for $3,000,000. Pacific Ridge will also make AAR payments of $25,000 per Project, which will increase by $10,000 per year until reaching a cap of $75,000 per year. In addition, Pacific Ridge will make Project milestone payments consisting of: a) $500,000 upon completion of a Preliminary Economic Assessment, b) $1,000,000 upon completion of a Pre-Feasibility study, and c) $2,000,000 upon completion of a Feasibility Study.

Project Overviews

Ripsey West: The Ripsey West Project spans over 2,161 hectares and consists of 36 unpatented mining claims and eight state exploration leases in central Arizona’s prolific Laramide copper province. Historical exploration by Conoco, Bear Creek, Noranda, BHP, Freeport-McMoRan, and others concentrated on altered and mineralized outcrops adjacent to EMX’s primary target area. These outcrops display distal chlorite-epidote and sericitic alteration over a broad footprint measuring approximately four by six kilometers, with a central zone of moderate sericitic alteration. Locally, structurally controlled zones exhibit strong sericitic alteration and variable copper mineralization. Through a detailed compilation of historical drilling and an iterative structural study, EMX determined that the district has undergone significant tilting of approximately 90 degrees. The historically explored area represents distal alteration and mineralization, along the paleo-eastern margin of the tilted and dismembered porphyry copper system, whereas EMX’s Ripsey West Project targets the core of the system several kilometers to the west. Exploration by a previous partner included two drill holes totaling 649 meters which primarily tested the depth to bedrock. Beneath the post-mineral alluvium, the alteration in the drill holes matches well with the predictive interpretation of the system, but left the target and the core of the porphyry system untested at depth.

Red Star: The Red Star Project covers 3,005 hectares and consists of unpatented mining claims adjacent to the historical Star mining district in Beaver County, Utah. Geologic observations indicate that the source of polymetallic fissure veins and replacements in the Star mining district may be a concealed porphyry copper system. Although historical workers explored for the source porphyry, they misunderstood the timing relationships between the exposed mineralization and intrusive rocks in the area as well as erroneously mapped normal faults as thrust faults. Structural reinterpretation and geochemical zonation patterns in outcropping stratigraphy indicate a westward vector towards a down-faulted block, or blocks, within the Red Star Project. The strongest copper and pathfinder geochemical anomalies occur at the western side of the exposed Paleozoic sedimentary package, coincident with the highest abundance of prospects in the Star district. Recent geophysical datasets, including drone magnetics, induced polarization (IP), and magnetotelluric (MT) surveys, are supportive of a target in the same area independently predicted by geological and geochemical vectors. The abundance of Paleozoic carbonate rocks in the host stratigraphy indicates potential for skarn, manto, and CRD-style mineralization at the Red Star Project, in addition to the target Cu-Mo porphyry.

Royston: The Royston Project spans over 1,830 hectares and consists of 227 unpatented mining claims northwest of Tonopah, Nevada. The Royston Project represents a compelling porphyry prospect within a belt of Jurassic to late Triassic intrusive rocks in the western US, which are underexplored with respect to copper mineralization. Surface exposures and historical drilling reveal a significant zone of quartz-pyrite-sericite “QSP” style alteration in porphyry dikes and surrounding host rocks. Subsequent geological, geochemical, and geophysical work advanced EMX’s understanding of the system and led to the identification of strong vectors based on system-scale zoning of alteration and mineralization. A reconnaissance reverse-circulation (“RC”) drilling campaign was recently conducted which further validated the target concept and outlined a robust porphyry system which has undergone significant post-mineral tilting. Two of the RC drill holes were cased for re-entry with a core rig due to the shallow intersections of intense QSP (-clay) alteration with increasing base metal mineralization downhole. Follow-up core drilling will target the high temperature core of the porphyry system, which has not previously been intersected in drilling.

Mineral Hill: The Mineral Hill Project in eastern Wyoming spans over 600 hectares across 77 unpatented and 19 patented mining claims. The Project is centered on a zoned Eocene-age alkaline intrusive complex with an outer ring, interior intrusive zones, and a central breccia. Historical mining in the late 19^th and early 20^th centuries produced gold from alluvial deposits, gold and silver from the Treadwell Mine, and gold and copper from the Interocean Mine. EMX and previous partners recognized that the gold and silver mineralization at the Treadwell Mine is associated with lower-temperature adularia-bearing potassic alteration and is consistent with epithermal-style mineralization. In contrast, the gold and copper mineralization at the Interocean Mine is associated with higher-temperature potassic alteration mineral assemblages (including potassium feldspar and biotite), consistent with a porphyry system. Reconnaissance drill programs with previous partners confirmed these two distinct mineralization styles, but never followed up on initial drill results. Mineral Hill’s proximity to significant historical producers, such as the Homestake and Wharf mines, highlights the potential for additional discoveries in this productive belt.

EMX and Pacific Ridge look forward to commencing work on the Projects.

This transaction is another example of the execution of EMX’s business model in providing turn-key and drill ready exploration projects to its partner companies in exchange for royalty interests.

More information on the Projects can be found at www.EMXroyalty.com.

Comments on Adjacent or nearby Districts, Mines, and Deposits. The districts, mines and deposits discussed in this news release provide context for EMX’s projects, which occur in similar geologic settings, but this is not necessarily indicative that the Company’s projects host similar tonnages or grades of mineralization.

Michael P. Sheehan, CPG, a Qualified Person as defined by National Instrument 43-101 and employee of the Company, has reviewed, verified and approved the disclosure of the technical information contained in this news release.

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. For further information contact:

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

Isabel Belger
Investor Relations
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 September 30, 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.ca and on the SEC’s EDGAR website at www.sec.gov.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/236325

Base Metals Emx Royalty Energy Junior Mining Precious Metals Project Generators

EMX Purchases Royalty Interest Over Hayasa’s Urasar Project in Armenia

Post author By admin
Post date January 7, 2025

Vancouver, British Columbia–(Newsfile Corp. – January 7, 2025) – EMX Royalty Corporation (NYSE American: EMX) (TSXV: EMX) (the “Company” or “EMX”) is pleased to announce the purchase of a 0.625% NSR royalty interest covering all minerals produced from the Urasar gold-copper project in northern Armenia, which is wholly owned and being advanced by Hayasa Metals Inc. (“Hayasa”, (TSXV: HAY), formerly Fremont Gold Ltd. Further to a Joint Acquisition Agreement between EMX and Franco-Nevada Corporation (“Franco”) entered into in 2023 (see EMX News Release dated August 1, 2023), Franco has also acquired a 0.625% NSR royalty.

Commercial Terms Overview. EMX and Franco will pay Hayasa a combined US$1 million (with EMX contributing US$450,000 and Franco contributing US$550,000 in accordance with the terms of the Joint Acquisition Agreement) in exchange for:

A 1.25% NSR royalty interest to be shared evenly between EMX and Franco (i.e. each company will receive a 0.625% NSR royalty interest) that covers the Urasar project licenses and a surrounding area of interest; and
500,000 share purchase warrants, which can be exercised on a one-for-one basis for common shares of Hayasa within 18 months at a strike price of C$0.22 per share (EMX and Franco will each receive 250,000 of the share purchase warrants).

As part of the transaction, EMX and Franco will have a right of first refusal in respect of any royalty, stream or similar interest on Urasar.

Overview of the Urasar Project. The Urasar gold-copper project was acquired by Hayasa in 2023 by direct acquisition of an exploration license from the Armenian government following an assessment of the Tethyan Metallogenic Belt by Hayasa that was led by Dennis Moore. Mr. Moore is a well-known and accomplished explorer who is credited with the discoveries of the Tocantinzinho and Cuiu Cuiu gold deposits in Brazil.

The Urasar project is positioned along a regional structural zone that juxtaposes an older package of ophiolitic rocks with younger volcanic and volcaniclastic rocks. Gold and copper mineralization are localized along the contact zones throughout the Urasar exploration license and elsewhere in the region. Urasar saw historic copper production by the French during World War I and was later explored by the Soviets in the 1920’s, 1930’s and 1950’s. Several Soviet era resources were defined (in accordance with the Soviet reporting systems at the time), but virtually no work has been completed since. The styles of mineralization at Urasar bear resemblance to the styles of mineralization in the Sokt gold deposit, the largest developed gold deposit in Armenia. Further information on the project is summarized on Hayasa’s website.

Armenia has seen recent exploration and development efforts by other western companies, including Orion Mine Finance and Osisko Gold Royalties, who are working to develop the Amulsar gold project in southern Armenia. In addition to its modern mining code and favorable fiscal regime, Armenia currently has over ten active metals mines, and mining is a significant contributor to its GDP.

EMX believes that Urasar has potential to become a significant discovery based upon the historical work done on the property, new surface geochemical and geophysical data collected by Hayasa, and overall geological characteristics. The royalty acquisition at Urasar represents the first co-investment between EMX and Franco as part of their Joint Acquisition Agreement.

Comments on Historical Mineral Resources. EMX does not consider the historical mineral resources defined at Urasar during the Soviet era to be compliant with NI 43-101 standards, nor is EMX treating the historic resources as current resources on the project. They are discussed here strictly for their historical context and should not be relied upon until they can be confirmed.

Comments on Nearby Mines and Deposits. The mines and deposits discussed in this news release provide context for EMX’s projects, which occur in similar geologic settings, but this is not necessarily indicative that the Company’s projects host similar styles, tonnages or grades of mineralization.

Dr. Eric P. Jensen, CPG, a Qualified Person as defined by National Instrument 43-101 and employee of the Company, has reviewed, verified and approved the disclosure of the technical information contained in this news release.

For further information contact:

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

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

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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/236237

Base Metals Emx Royalty Energy Junior Mining Precious Metals Project Generators

EMX Announces Acquisition of a Royalty on the Chapi Copper Mine Property in Peru

Post author By admin
Post date January 6, 2025

Vancouver, British Columbia–(Newsfile Corp. – January 6, 2025) – EMX Royalty Corporation (NYSE American: EMX) (TSXV: EMX) (the “Company” or “EMX”) is pleased to announce that the Company has entered into a Royalty Agreement (the “Agreement”) with Minera Pampa de Cobre S.A.C. (“MPC”), a Peruvian company focused on restarting production at the Chapi copper mine located south of the city of Arequipa in Peru (the “Chapi Mine“). MPC is owned indirectly by a privately held Canadian company, Quilla Resources Inc. (“Quilla”).

Pursuant to the terms of the Agreement, EMX will acquire a royalty interest of up to 2% of Net Smelter Returns (“NSR“) on minerals produced from the approximately 26,000 hectare property (“Property Royalty”) owned by MPC (see Figure 1), as well as up to a 2% NSR royalty from any minerals that are produced from outside the Property Royalty area, but that are processed at the Chapi Mine processing facilities (“Facilities Royalty”). The Agreement also includes a two-kilometer area of interest (“AOI”) around the Property Royalty area, and any property acquired by MPC within this AOI will also be subject to an NSR royalty of up to 2% (“AOI Royalty”). As consideration for the acquisition of the first 1% of the NSR interests, the Company has paid MPC the amount of US$3,000,000. A second 1% NSR interest can be acquired by EMX, at the election of MPC, for an additional US$7,000,000 until February 28, 2025. The Property Royalty is perpetual and cannot be reduced. The Facilities Royalty and the AOI Royalty will be reduced by half (to either 0.5% NSR or 1% NSR – depending on the MPC election) on July 1, 2034.

EMX’s right to receive royalty payments will be secured by a guarantee from Quilla, and by various personal property and real property security instruments in Peru. EMX’s security interests will be subordinated to those of Hartree Partners, LP (“Hartree”), acting as the first lien lender to MPC and Quilla, in accordance with an intercreditor agreement entered into between EMX, Hartree, MPC, and Quilla.

EMX is excited by the addition of a high-quality copper royalty to the portfolio that has excellent upside development and exploration potential located in the prolific Paleocene-Eocene copper-molybdenum porphyry belt of Southern Peru.

Background on Quilla

Quilla is a newly formed Canadian company that recently (December 2024) acquired MPC from Nexa Resources S.A. (NYSE: NEXA), one of the world’s top zinc producers with operations in Brazil and Peru. Quilla was founded by Victor Gobitz and a select group of shareholders looking to rapidly build an intermediate-sized base metals company. Mr. Gobitz is a senior mining executive who will be transitioning from his role as President and General Manager for the world class Antamina mine in Peru to lead Quilla. Mr. Gobitz has worked with a number of companies in Peru over recent years including Rio Alto Mining, Compañía Minera Milpo (now Nexa Resources Peru), and Compañía de Minas Buenaventura, and from his deep knowledge of the mining industry in Peru has assembled an experienced and accomplished team to quickly execute on Quilla’s plans to restart copper production at Chapi.

Background on the Chapi Mine¹

The Chapi Mine is located in southern Peru’s Moquegua and Arequipa Departments at an elevation of approximately 2,750 meters, and has ready access approximately 50 kilometers south-southeast from the city of Arequipa. Historical, small-scale copper production, which is poorly documented, occurred intermittently from the 1930s through the early 1980s. Subsequently, between 2006 and 2012 the Chapi Mine produced approximately 5,000 to 8,500 tonnes per annum, initially of copper sulphates from open-pit and underground mining and heap leaching, and later copper cathodes from open-pit mining, heap leaching, and SX-EW (solvent extraction-electrowinning) processing. The grades mined during 2006-2012 were reported as 0.59% – 1.04% copper. The operations were halted in 2012 due to declining copper prices and operational challenges that were mainly related to insufficient ore control on materials delivered to the leach pads.

The historical Chapi Mine is comprised of two principal open pits, underground workings, a crushing and grinding circuit, heap leach pads, a solvent extraction plant, an electrowinning copper cathode plant, and related infrastructure including mine camp, office facilities, water supply, and power. Since 2012, Chapi has been maintained under care and maintenance with the principal permits for mining operations remaining in place under a temporary suspension.

Chapi Geology and Exploration Upside²

The deposits at Chapi are comprised of sandstone-hosted copper mineralized mantos, partially oxidized and secondarily enriched, that are related to a series of porphyry intrusions. The Chapi Mine lies between, and directly along trend from, some of the world’s largest producing porphyry copper deposits, including Cerro Verde and the Cuajone-Quellaveco-Toquepala cluster (refer to inset in Figure 1). All of these deposits and districts, as well as others, comprise the Paleocene-Eocene Cu-Mo porphyry belt of Southern Peru, and contribute to making Peru the second ranked copper producer in the world.

The ~26,000 hectare land package owned by MPC, and subject to EMX’s royalty interests, includes historical resources based on an extensive drill database that delineates the well-mineralized, leachable manto horizons at Chapi, which are open for potential resource expansion from both open pit and underground exploitation. Porphyritic intrusions, intimately associated with the mineralized mantos, have low-grade copper mineralization in sericitic-altered zones, but also have exploration potential for higher-grade copper mineralization within the porphyry system. Further, although gold assays in the drill database are limited in number, those that are present suggest that gold, not recovered by the historical mining operations, might have wider exploration potential.

Additional, potentially leachable copper-oxide and chalcocite drill-defined mineralization, as well as primary sulphide mineralization, occurs at the Pampa Negra and Candelaria projects, related to porphyritic intrusions and associated supergene manto horizons that are covered by the Property Royalty or by the AOI Royalty. Furthermore, early-stage exploration targets at San Jose (with drilling), and Justicia prospect areas (no drilling) show evidence of porphyry-style mineralization with some evidence for oxidation of primary sulphides. These deposits provide upside potential for processing at the existing Chapi plant subject to further drilling, engineering, and permitting.

Chapi Restart Plans

Quilla’s near-term plan is to restart Chapi Mine operations utilizing the SX-EW process circuit which is designed to produce a nominal 10,000 tonnes per annum of copper cathode, with the option to potentially increase capacity in the future. Initially, the restart plan is contingent on additional drilling and metallurgical test work, updated resource and reserve modelling, rehabilitation of the mining and leach-processing infrastructure, and updated environmental and other permits. Quilla and MPC have raised the necessary capital to complete the Chapi restart program, and anticipate initial production in H1 2026.

Comments on Mines and Districts in the Region. The mines and districts in the region of the Chapi Mine property, which include Cerro Verde and the Cuajone-Quellaveco-Toquepala cluster, provide geological context for EMX’s Chapi royalty property. However, this is not necessarily indicative that the Chapi royalty property hosts similar styles, grades, or tonnages of mineralization.

Comments on Chapi Background, Geology, and Exploration Upside. EMX has not verified the historical information and data from the previous Chapi operators, but believes this information and data to be reliable and relevant. Updated information and data will result from Quilla’s restart program technical work.

Dean D. Turner, CPG, a Qualified Person as defined by National Instrument 43-101 and consultant to the Company, has reviewed, verified and approved the disclosure of the technical information contained in this news release.

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.

For further information contact:

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

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

Forward-Looking Statements

Figure 1. EMX’s Chapi royalty property and AOI, southeast Peru.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1508/236195_6341df32242d9a93_002full.jpg

¹ Background and production information taken from internal, proprietary reports and documents by historical operators, as well as “Memoria Anual” reports filed with the Peruvian government by historical operator Compañia Minera Milpo S.A.A.

² Geology and exploration upside taken from EMX’s due diligence field review and review of internal, proprietary reports and documents from historical operators, as well as “Memoria Anual” reports filed with the Peruvian government by historical operator Compañia Minera Milpo S.A.A.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/236195

Base Metals Blog Energy Junior Mining

Special Report | The Uranium Miners Opportunity

Post author By admin
Post date December 23, 2024

For the latest standardized performance and holdings of Sprott Uranium ETFs, please visit the individual website pages: URNM and URNJ. Past performance is no guarantee of future results.

Key Takeaways

Uranium Market Consolidation: Thus far in 2024, the uranium spot price has stabilized between $80 to $90 per pound after a significant 88.54% increase in 2023. This phase indicates a healthy correction within a bullish market cycle.
Miners’ Catch-Up: Uranium miners have shown improved performance, catching up to gains in the spot price.
Long-Term Contracting Trends: Long-term uranium contract prices point to higher uranium prices as contract ceilings reach $130 per pound.
Geopolitical Impacts and Demand: Geopolitical tensions and supply uncertainties persist, influencing uranium supply dynamics. Despite these challenges, global demand remains robust, driven by nuclear reactor restarts and new builds, supporting a sustained bullish outlook for uranium.

Artificial Intelligence and the Need for Electricity

Global electricity demand is estimated to increase by 165% by 2050.² Surging energy consumption in the East is driven by the urbanization and industrialization of developing countries, while the rise of artificial intelligence (AI), data centers, electrification and reshoring is driving demand in the West.

Figure 1.

Source: Boston Consulting Group, the Impact of Electricity. Data as of 12/31/2023.

Globally, data centers’ electricity demand is forecasted to grow 258% from 2023 to 2030.³ Growing demand from global data centers is expected to increase from 1.2% of global electricity supply to 4.1%.⁴ AI data centers require much more electricity for computing, cooling and other IT infrastructure compared to traditional data centers because of:

Higher computational demands from complex algorithms and large datasets
Increased workloads and demand for real-time data from continuous, intense computational workloads running 24/7
Densely packed servers requiring significant power for cooling requirements

To support the growth of AI, Silicon Valley is increasingly turning to nuclear energy. Firms like Google, Amazon and Microsoft have signed deals to purchase power from nuclear energy providers.⁵ The benefits of such arrangements are twofold. First, data centers will have access to the reliable baseload power provided by nuclear energy to run their energy-intensive operations. Second, nuclear energy is one of the cleanest forms of energy, and by going nuclear, tech companies can still progress toward their corporate net zero carbon emissions pledges, even as their energy footprints expand.

Why Uranium Miners?

We believe we are in the early stages of a sustained uranium bull market. An already positive outlook was given an additional boost at the COP28 conference in December 2023, where more than 20 nations agreed to triple nuclear energy capacity by 2050. The pledge grew to 31 countries after the COP29 conference in November 2024. Uranium miners stand to benefit from the growing acceptance of nuclear energy.

We anticipate that the uranium supply-demand imbalance will continue through at least 2040. Demand for uranium may outstrip supply and reach a cumulative deficit of 1 billion pounds by 2040. The uranium market may see a cumulative deficit of 2.1 billion pounds when factoring in global net zero pledges.

Figure 2. Uranium Supply and Demand Estimates (2008-2040E)

Source: UxC and Cameco Corp. Data as of 9/30/2024.

Higher uranium prices and more investment in uranium miners are needed to reduce the expected supply shortfall and meet current and future demand. Our focus is on uranium miners, which are upstream in the supply chain. Miners may be less susceptible to some geopolitical risks and may benefit as Western governments seek to secure critical supply chains by incentivizing domestic expansion for uranium miners.

In November 2024, Russia imposed restrictions on the export of enriched uranium to the U.S. This development has the potential to meaningfully impact downstream nuclear companies, such as utilities and enriched uranium importers, as Russia controls about 44% of global uranium enrichment capacity.⁶

Figure 3. Uranium Miners’ Market Capitalizations Have Grown with Increased Investment⁷ (2020-2024)

Source: Indxx and Bloomberg. Data as of 10/31/24.

2025 May Provide an Attractive Entry Point for Uranium Miners

After years of growth, uranium miners took a healthy pause amidst the broader uranium bull market. Off recent highs, spot uranium prices spent much of 2024 between $80 and $90 per pound before moving lower to $75 to $80 in Q4. Uranium miners tend to offer leverage to the price of uranium (see Figure 4), outperforming in rising markets while underperforming in falling markets. However, as a group, uranium miners showed resiliency in 2024, having outperformed the spot market as of the time of this writing.

Figure 4. Uranium Miners vs. Spot Uranium (2014-2024)

Source: Bloomberg and TradeTech LLC. Data from 9/30/2014 to 9/30/2024. World Uranium Equities measured by URAX Index, which tracks the performance of stocks globally that conduct business with uranium. URAX and Uranium Spot denominated in U.S. dollars.

Despite the bull market pause, the underlying fundamentals for uranium improved with positive support from technology companies, accelerating supply and demand constraints, and continued advancement on the political front. Among market developments in 2024 were:

The ban of importing Russian-enriched uranium by the United States by no later than 2027. This action was met with a preemptive Russian ban on exporting enriched uranium to the United States.
The announcement of plans to restart the Palisades Nuclear Plant in Michigan⁸ and Three Mile Island in Pennsylvania.⁹
Talen Energy’s announcement of its sale of a nuclear-powered data center to Amazon.¹⁰
Meta’s requests for proposals to identify nuclear energy developers to help the company meet its AI innovation and sustainability objectives.¹¹

We believe 2025 may represent an attractive buying opportunity for investors amid increasingly positive fundamentals.

Sprott Uranium Miners ETF (Ticker: URNM)

URNM provides focused pure-play¹² exposure to uranium mining equities. Pure-play companies devote at least 50% of their assets to the uranium mining industry, including mining, exploration, development and production of uranium, holding physical uranium, owning uranium royalties or engaging in other non-mining activities supporting the uranium mining industry.

Only¹³ U.S.-listed ETF to provide targeted pure-play exposure to senior and junior uranium miners and physical uranium
- Aggregate weight of 82.5% of the index is assigned to uranium miners, explorers, developers and producers
- An aggregate weight of 17.5% of the index is allocated to entities that hold physical uranium, uranium royalties or other non-mining assets
Traditional market portfolios may provide very little, if any, exposure to uranium miners. Investors may consider adding URNM to existing portfolios to:
- Diversify energy exposure traditionally allocated to the oil and gas sector
- Provide growth potential as part of a thematic or growth allocation

URNM Is Part of the Sprott Critical Materials Suite of ETFs

Footnotes

1	Source: Boston Consulting Group, the Impact of Electricity.
2	Source: IEA World Energy Outlook 2023 Net Zero Emissions Scenario.
3	Source: International Energy Agency, World Energy Outlook 2023.
4	Source: International Energy Agency, World Energy Outlook 2023.
5	Source: Reuters, Microsoft deal propels Three Mile Island restart, with key permits still needed.
6	Source: Reuters, Russia restricts enriched uranium exports to the United States.
7	Source: Indxx and Bloomberg, as of 10/31/24.
8	Source: The New York Times, U.S. Approves Billions in Aid to Restart Michigan Nuclear Plant.
9	Source: Reuters, US nuclear regulator kicks off review on Three Mile Island restart.
10	Source: NuclearNewswire, Amazon buys nuclear-powered data center from Talen.
11	Source: Meta, Accelerating the Next Wave of Nuclear to Power AI Innovation.
12	The term “pure-play” relates directly to the exposure that the Fund has to the total universe of investable, publicly listed securities in the investment strategy.
13	Based on Morningstar’s universe of Natural Resources Sector Equity ETFs as of 9/30/2024.

Junior Mining Lion One Metals Precious Metals

Lion One Drills 1517.79 g/t Gold over 0.3 M at Tuvatu Gold Mine in Fiji

Post author By admin
Post date December 17, 2024

North Vancouver, British Columbia–(Newsfile Corp. – December 17, 2024) – Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) (“Lion One” or the “Company”) is pleased to report significant new high-grade gold results from Zone 5 infill and grade control drilling at its 100% owned Tuvatu Alkaline Gold Project in Fiji.

Assay results are presented here for infill and grade control drilling in the Zone 5 area of Tuvatu. Drill results include multiple bonanza grade gold assays such as 1517.79 g/t, 513.50 g/t, 113.76 g/t, 137.50 g/t, and 115.25 g/t (see Table 1 below). These results are all located proximal to underground development in the near-surface portion of the mine. Drilling was focused on the up-dip and down-dip areas of the UR2 and URW3 lodes. Previous drill results from the Zone 5 area are available in the June 12, 2024, June 5, 2024, and December 13, 2023 news releases.

Top New Drill Results:

1517.79 g/t Au over 0.3 m (TGC-0237, from 42.6 m depth)
513.50 g/t Au over 0.3 m (TGC-0263, from 60.47 m depth)
67.45 g/t Au over 0.75 m (TGC-0254, from 90.75 m depth)
17.89 g/t Au over 2.7 m (including 113.76 g/t Au over 0.3 m) (TGC-0225, from 94.6 m depth)
25.73 g/t Au over 1.8 m (including 96.78 g/t Au over 0.4 m) (TGC-0251, from 46.9 m depth)
18.42 g/t Au over 2.5 m (including 62.83 g/t Au over 0.4 m) (TGC-0240, from 44.0 m depth)
30.99 g/t Au over 1.4 m (including 137.50 g/t Au over 0.3 m) (TGC-0239, from 97.8 m depth)
64.25 g/t Au over 0.6 m (TGC-0256, from 98.11 m depth)
72.55 g/t Au over 0.5 m (TGC-0245, from 91.0 m depth)
115.25 g/t Au over 0.3 m (TGC-0250, from 52.7 m depth)

*All drill intersects are downhole lengths, 3.0 g/t cutoff. See Table 1 for additional data.

Figure 1. Location of the Zone 5 drilling reported in this news release. Left image: Plan view of Tuvatu showing Zone 5 drillholes in relation to the mineralized lodes at Tuvatu, shown in grey. Yellow dashed square represents the area shown in the right image. Right image: Oblique view of Zone 5 drilling looking approximately east-northeast. Zone 5 drilling is targeting the up-dip and down-dip extensions of the mineralized lodes above and below current underground developments, shown in red.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2178/234067_b75a094e047079b4_001full.jpg

Table 1. Highlights of composited grade control and infill drill results in the Zone 5 area. Composites are calculated using a 3 g/t Au cutoff with maximum internal dilution intervals of 1 m at <3 g/t Au. For full results see Table 3 in the appendix.

Hole ID		From (m)	To (m)	Width (m)	Au (g/t)
TGC-0237		42.6	42.9	0.3	1517.79
TGC-0263		60.5	60.8	0.3	513.50
TGC-0254		90.8	91.5	0.8	67.45
TGC-0225		94.6	97.3	2.7	17.89
	including	95.8	97.0	1.2	37.40
	which includes	96.1	96.4	0.3	113.76
TGC-0251		46.9	48.7	1.8	25.73
	including	46.9	47.6	0.7	59.42
	which includes	47.2	47.6	0.4	96.78
TGC-0240		44.0	46.5	2.5	18.42
	including	46.1	46.5	0.4	62.83
TGC-0239		97.8	99.2	1.4	30.99
	including	97.8	98.1	0.3	137.50
TGC-0256		98.1	98.7	0.6	64.25
TGC-0245		91.0	91.5	0.5	72.55
TGC-0250		52.7	53.0	0.3	115.25
TGC-0247		61.1	62.6	1.5	19.11
TGC-0212		69.5	69.8	0.3	90.50
TGC-0224		25.8	28.5	2.7	9.85
	including	25.8	26.4	0.6	27.65
TGC-0259		57.4	57.7	0.3	86.50
TGC-0231		92.8	96.0	3.2	7.59
	including	95.0	95.6	0.6	26.34
TGC-0210		61.2	62.7	1.5	15.70
	including	62.1	62.4	0.3	57.08
TGC-0228		90.8	91.1	0.3	77.50
TGC-0247		89.1	89.4	0.3	75.86
TGC-0261		97.1	100.2	3.2	7.00
	including	97.8	98.1	0.3	26.35
	and	98.1	98.4	0.4	15.55
TGC-0263		63.2	65.6	2.4	8.98
	including	63.5	64.1	0.6	26.30
TGC-0212		90.3	90.9	0.6	33.92
	including	90.3	90.6	0.3	58.64
TGC-0226		28.5	28.8	0.3	63.72

*All drill intersects are downhole lengths

Zone 5 Drilling

The Zone 5 area of Tuvatu is located along the main decline and includes the principal north-south oriented lodes (UR1 to UR3), the principal northeast-southwest oriented lodes (UR4 to UR8), and several of the western lodes (URW2, URW2A, URW3). These lodes are steeply dipping structures that converge at approximately 500 m depth to form Zone 500, which is the highest-grade part of the deposit and is interpreted to be the feeder zone at Tuvatu. The system remains open at depth with the deepest high-grade intersections occurring below 1000 m depth.

The drilling reported in this news release targeted the near-surface portions of the UR2 and URW3 lodes. Drilling was focused on the up-dip and down-dip areas of the UR2 and URW3 lodes, directly above and below current underground developments. The drilling targeted a 320 m strike length of the UR2 and URW3 lodes. The current total strike length of the UR2 lode is approximately 620 m, while that of the URW3 lode is approximately 330 m. Both lodes remain open along strike and at depth.

Zone 5 grade control drilling is being conducted from three underground locations: the 1130 drill cuddy, the 1135 drill cuddy, and the 1090 drill cuddy. These drillholes are designed to intersect the mineralized lodes in a perpendicular to sub-perpendicular orientation such that the mineralized intervals approximate the true width of the lodes. Grade control drilling is being conducted on 10 m centers to provide a detailed understanding of the geometry and mineralization of the Zone 5 lodes. The purpose of the current Zone 5 grade control drill program is to enhance the mine model and inform stope design in advance of mining in the target areas. Highlights of the Zone 5 drilling reported here are shown in Figure 2.

Figure 2. Zone infill and grade control drilling with high-grade intersects highlighted, 3.0 g/t gold cutoff. View is looking down with north to the left. The primary areas targeted by the Zone 5 drilling are the up-dip and down-dip areas of the UR2 and URW3 lodes above and below current underground developments. These areas are scheduled for near-term mining. Drill holes are oriented perpendicular to sub-perpendicular to the mineralized lodes.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2178/234067_b75a094e047079b4_002full.jpg

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 Melvyn Levrel, who is the company’s Senior Geologist. Mr Levrel 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 Qualified Person as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43- 101”). Mr Levrel 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 by Lion One personnel on site. Exploration diamond drill core is split by Lion One personnel on site, with half core samples sent for analysis and the other half core remaining on site. Grade control diamond drill core is whole core assayed. Core samples are 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.

On behalf of the Board of Directors,
Walter Berukoff, Chairman & CEO

Contact Information
Email: info@liononemetals.com
Phone: 1-855-805-1250 (toll free North America)
Website: www.liononemetals.com

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-0210	1876384	3920430	96	114.6	20.9	85.8
TGC-0211	1876384	3920429	96	140.5	21.6	85.6
TGC-0212	1876381	3920532	131	80.5	14.3	115.3
TGC-0213	1876383	3920628	129	65.0	12.5	125.0
TGC-0214	1876384	3920432	96	106.7	22.1	70.8
TGC-0215	1876380	3920529	130	134.2	6.3	150.0
TGC-0216	1876384	3920431	95	127.7	14.5	81.2
TGC-0217	1876383	3920628	129	60.7	16.4	135.0
TGC-0218	1876384	3920431	95	117.2	14.7	81.0
TGC-0219	1876380	3920529	130	129.2	8.6	140.3
TGC-0220	1876383	3920627	130	80.5	21.8	11.2
TGC-0221	1876384	3920430	96	105.9	22.2	68.1
TGC-0222	1876384	3920429	96	115.8	20.5	11.0
TGC-0223	1876384	3920424	96	154.8	22.9	180.0
TGC-0224	1876380	3920530	130	124.9	4.8	140.0
TGC-0225	1876382	3920627	129	76.4	22.4	115.0
TGC-0226	1876380	3920529	130	125.6	11.1	140.2
TGC-0227	1876384	3920425	94	155.6	-1.8	181.1
TGC-0228	1876380	3920530	130	120.8	8.5	140.0
TGC-0229	1876383	3920627	129	75.9	15.3	11.2
TGC-0230	1876383	3920424	96	170.7	22.4	268.4
TGC-0231	1876383	3920627	129	77.3	15.4	115.1
TGC-0232	1876383	3920627	127	76.2	-49.2	11.2
TGC-0233	1876384	3920627	127	78.0	-48.5	166.4
TGC-0234	1876381	3920531	129	98.3	-19.1	99.8
TGC-0235	1876384	3920627	127	80.0	-36.5	11.1
TGC-0236	1876383	3920627	128	79.8	-36.1	146.0
TGC-0237	1876384	3920428	95	108.1	13.7	82.5
TGC-0238	1876381	3920531	129	90.7	-13.7	10.7
TGC-0239	1876381	3920531	129	90.7	-19.4	130.8
TGC-0240	1876384	3920428	95	99.9	13.0	122.2
TGC-0241	1876383	3920627	129	82.8	19.2	110.0
TGC-0242	1876384	3920428	95	92.0	13.2	95.4
TGC-0243	1876384	3920626	127	95.7	-37.1	140.1
TGC-0244	1876384	3920429	95	84.8	13.7	100.7
TGC-0245	1876381	3920532	129	88.0	-13.6	130.8
TGC-0246	1876384	3920625	127	114.9	-28.7	140.0
TGC-0247	1876384	3920430	94	83.7	-4.0	110.3
TGC-0248	1876378	3920532	129	82.4	-15.3	130.9
TGC-0249	1876384	3920626	127	103.4	-31.1	140.1
TGC-0250	1876384	3920429	94	97.3	-3.8	110.0
TGC-0251	1876384	3920429	94	105.1	-4.4	86.0
TGC-0252	1876381	3920532	129	76.0	-18.3	24.6
TGC-0254	1876380	3920532	129	75.9	-15.1	130.0
TGC-0255	1876384	3920428	94	114.5	-4.1	80.0
TGC-0256	1876381	3920531	128	92.7	-22.1	136.9
TGC-0257	1876384	3920428	94	123.3	-4.4	80.2
TGC-0259	1876384	3920427	94	131.0	-4.7	83.1
TGC-0261	1876380	3920530	129	115.1	-11.2	140.0
TGC-0263	1876384	3920429	94	82.2	-7.8	120.8

Table 3. Composite results from drillholes reported in this news release (composite grade >3.0 g/t Au)

Hole ID		From (m)	To (m)	Width (m)	Au (g/t)
TGC-0210		40.5	40.8	0.3	6.12
TGC-0210		45.0	46.2	1.2	6.36
TGC-0210		47.4	47.7	0.3	5.45
TGC-0210		61.2	62.7	1.5	15.70
	including	61.2	62.1	0.9	4.08
	and	62.1	62.4	0.3	57.08
	and	62.4	62.7	0.3	9.20
TGC-0210		65.4	65.7	0.3	26.66
TGC-0210		78.6	79.8	1.2	7.59
	including	78.6	78.9	0.3	4.46
	and	78.9	79.2	0.3	0.82
	and	79.2	79.8	0.6	12.54
TGC-0211		63.6	63.9	0.3	9.60
TGC-0211		66.3	66.9	0.6	21.85
	including	66.3	66.6	0.3	39.97
	and	66.6	66.9	0.3	3.72
TGC-0212		37.1	39.8	2.7	4.56
	including	37.1	37.4	0.3	15.20
	and	37.4	37.7	0.3	2.58
	and	37.7	38.0	0.3	1.89
	and	38.0	38.3	0.3	5.06
	and	38.3	38.9	0.6	0.13
	and	38.9	39.2	0.3	0.24
	and	39.2	39.5	0.3	5.90
	and	39.5	39.8	0.3	9.87
TGC-0212		41.0	41.6	0.6	3.63
TGC-0212		43.1	44.6	1.5	9.17
	including	43.1	44.0	0.9	13.38
	and	44.0	44.3	0.3	<0.01
	and	44.3	44.6	0.3	5.71
TGC-0212		69.5	69.8	0.3	90.50
TGC-0212		74.7	75.6	0.9	4.69
	including	74.7	75.0	0.3	3.65
	and	75.0	75.3	0.3	6.36
	and	75.3	75.6	0.3	4.06
TGC-0212		86.1	86.7	0.6	11.45
	including	86.1	86.4	0.3	7.81
	and	86.4	86.7	0.3	15.09
TGC-0212		90.3	90.9	0.6	33.92
	including	90.3	90.6	0.3	58.64
	and	90.6	90.9	0.3	9.19
TGC-0213		98.0	98.3	0.3	38.50
TGC-0214		45.3	48.0	2.7	4.22
	including	45.3	45.6	0.3	3.75
	and	45.6	45.9	0.3	5.00
	and	45.9	46.2	0.3	0.96
	and	46.2	46.5	0.3	1.95
	and	46.5	46.8	0.3	15.32
	and	46.8	47.1	0.3	2.40
	and	47.1	47.4	0.3	1.66
	and	47.4	47.7	0.3	3.33
	and	47.7	48.0	0.3	3.62
TGC-0215		15.6	15.9	0.3	10.00
TGC-0215		37.8	38.4	0.6	6.20
TGC-0215		97.5	97.8	0.3	10.02
TGC-0215		103.8	104.1	0.3	3.62
TGC-0215		106.5	107.4	0.9	5.97
	including	106.5	106.8	0.3	5.02
	and	106.8	107.1	0.3	1.55
	and	107.1	107.4	0.3	11.35
TGC-0215		109.8	111.0	1.2	13.19
	including	109.8	110.1	0.3	15.89
	and	110.1	110.4	0.3	22.48
	and	110.4	110.7	0.3	6.27
	and	110.7	111.0	0.3	8.11
TGC-0215		126.9	127.5	0.6	19.12
	including	126.9	127.2	0.3	14.40
	and	127.2	127.5	0.3	23.83
TGC-0217		112.7	114.5	1.8	6.14
	including	112.7	113.0	0.3	3.02
	and	113.0	113.3	0.3	10.87
	and	113.3	113.9	0.6	7.23
	and	113.9	114.5	0.6	4.24
TGC-0218		43.8	44.4	0.6	9.60
TGC-0218		61.5	62.7	1.2	9.29
	including	61.5	61.8	0.3	4.44
	and	61.8	62.1	0.3	0.19
	and	62.1	62.4	0.3	26.78
	and	62.4	62.7	0.3	5.76
TGC-0218		66.3	66.9	0.6	3.50
TGC-0219		31.5	31.8	0.3	4.30
TGC-0219		47.4	47.7	0.3	5.45
TGC-0219		54.3	55.5	1.2	3.55
TGC-0219		58.5	58.8	0.3	5.22
TGC-0219		97.8	98.1	0.3	9.99
TGC-0219		111.9	112.2	0.3	6.35
TGC-0219		126.0	126.3	0.3	11.82
TGC-0221		44.7	47.4	2.7	4.03
	including	44.7	45.0	0.3	10.99
	and	45.0	45.3	0.3	2.47
	and	45.3	45.6	0.3	3.47
	and	45.6	45.9	0.3	0.24
	and	45.9	46.2	0.3	<0.01
	and	46.2	46.5	0.3	5.82
	and	46.5	46.8	0.3	6.03
	and	46.8	47.1	0.3	0.50
	and	47.1	47.4	0.3	6.71
TGC-0223		75.6	76.2	0.6	7.46
TGC-0223		78.6	79.2	0.6	4.90
TGC-0223		91.4	92.0	0.6	7.78
TGC-0224		25.8	28.5	2.7	9.85
	including	25.8	26.4	0.6	27.65
	and	26.4	27.3	0.9	5.49
	and	27.3	27.6	0.3	2.18
	and	27.6	27.9	0.3	3.23
	and	27.9	28.5	0.6	5.75
TGC-0224		57.2	57.5	0.3	48.09
TGC-0224		91.7	92.9	1.2	8.81
	including	91.7	92.3	0.6	7.73
	and	92.3	92.9	0.6	9.89
TGC-0224		116.0	116.6	0.6	5.83
TGC-0224		136.1	137.0	0.9	3.33
TGC-0225		93.7	94.0	0.3	4.56
TGC-0225		94.6	97.3	2.7	17.89
	including	94.6	94.9	0.3	4.50
	and	94.9	95.1	0.2	3.66
	and	95.1	95.5	0.4	<0.01
	and	95.5	95.8	0.3	1.31
	and	95.8	96.1	0.3	19.08
	and	96.1	96.4	0.3	113.76
	and	96.4	96.7	0.3	9.14
	and	96.7	97.0	0.3	7.62
	and	97.0	97.3	0.3	3.16
TGC-0226		19.8	20.4	0.6	10.58
	including	19.8	20.1	0.3	17.32
	and	20.1	20.4	0.3	3.84
TGC-0226		28.5	28.8	0.3	63.72
TGC-0226		41.0	41.3	0.3	9.70
TGC-0226		55.4	56.0	0.6	3.10
TGC-0226		56.3	56.6	0.3	4.68
TGC-0226		58.1	58.4	0.3	18.52
TGC-0226		88.4	88.7	0.3	3.97
TGC-0226		91.7	92.9	1.2	5.75
	including	91.7	92.0	0.3	19.58
	and	92.0	92.3	0.3	0.07
	and	92.3	92.6	0.3	0.12
	and	92.6	92.9	0.3	3.22
TGC-0226		104.3	104.6	0.3	5.89
TGC-0226		110.6	110.9	0.3	7.13
TGC-0226		111.8	112.1	0.3	4.46
TGC-0227		100.7	101.0	0.3	36.04
TGC-0227		169.6	169.9	0.3	3.12
TGC-0228		14.9	15.6	0.8	3.39
TGC-0228		21.5	23.0	1.5	6.25
	including	21.5	21.8	0.3	4.60
	and	21.8	22.2	0.4	6.43
	and	22.2	22.6	0.4	8.77
	and	22.6	23.0	0.4	4.65
TGC-0228		32.8	33.4	0.6	29.89
TGC-0228		54.7	55.3	0.6	16.78
TGC-0228		57.8	58.5	0.7	12.64
TGC-0228		87.3	89.3	2.0	9.20
	including	87.3	87.6	0.3	21.49
	and	87.6	88.4	0.8	<0.01
	and	88.4	89.3	0.9	12.98
TGC-0228		90.8	91.1	0.3	77.50
TGC-0228		101.4	101.7	0.3	4.80
TGC-0228		108.5	108.8	0.3	41.99
TGC-0231		92.8	96.0	3.2	7.59
	including	92.8	93.3	0.5	7.66
	and	93.3	93.8	0.5	1.06
	and	93.8	94.3	0.5	4.04
	and	94.3	94.6	0.3	0.18
	and	94.6	95.0	0.5	3.60
	and	95.0	95.6	0.6	26.34
	and	95.6	96.0	0.5	4.31
TGC-0234		24.5	24.8	0.3	18.69
TGC-0234		44.8	47.1	2.3	6.03
	including	44.8	45.1	0.3	3.15
	and	45.1	45.4	0.3	0.30
	and	45.4	45.9	0.5	<0.01
	and	45.9	46.5	0.6	16.87
	and	46.5	46.8	0.3	4.07
	and	46.8	47.1	0.3	4.96
TGC-0234		50.7	51.0	0.3	5.70
TGC-0234		52.2	52.8	0.6	7.07
TGC-0234		54.9	55.8	0.9	3.90
TGC-0234		88.3	88.9	0.6	7.39
TGC-0234		90.6	92.0	1.4	3.62
	including	90.6	90.9	0.3	6.06
	and	90.9	91.7	0.8	0.35
	and	91.7	92.0	0.3	9.92
TGC-0236		116.5	117.1	0.6	4.41
TGC-0237		42.6	42.9	0.3	1517.79
TGC-0237		45.0	46.5	1.5	11.79
	including	45.0	45.3	0.3	41.53
	and	45.3	45.9	0.6	4.84
	and	45.9	46.5	0.6	3.86
TGC-0237		62.3	62.6	0.3	4.70
TGC-0239		97.8	99.2	1.4	30.99
	including	97.8	98.1	0.3	137.50
	and	98.1	98.9	0.8	0.51
	and	98.9	99.2	0.3	5.75
TGC-0240		44.0	46.5	2.5	18.42
	including	44.0	44.3	0.3	5.90
	and	44.3	44.6	0.3	<0.01
	and	44.6	44.9	0.3	8.88
	and	44.9	45.8	0.9	16.99
	and	45.8	46.1	0.3	3.98
	and	46.1	46.5	0.4	62.83
TGC-0240		66.7	67.0	0.3	6.15
TGC-0240		102.6	102.9	0.3	4.33
TGC-0240		117.8	118.4	0.6	14.67
TGC-0241		92.2	94.2	2.0	4.91
	including	92.2	93.1	0.9	6.40
	and	93.1	93.7	0.6	1.15
	and	93.7	94.2	0.5	6.71
TGC-0242		61.6	61.9	0.3	11.58
TGC-0242		71.6	71.9	0.3	3.70
TGC-0242		72.8	73.8	1.0	4.48
	including	72.8	73.5	0.7	3.34
	and	73.5	73.8	0.3	6.95
TGC-0244		55.4	56.3	0.9	4.97
	including	55.4	55.7	0.3	5.24
	and	55.7	56.3	0.6	4.83
TGC-0244		76.2	78.5	2.3	8.37
	including	76.2	76.8	0.6	13.71
	and	76.8	77.4	0.6	9.23
	and	77.4	78.2	0.8	0.56
	and	78.2	78.5	0.3	15.73
TGC-0244		84.1	85.0	0.9	4.37
TGC-0245		82.6	82.9	0.3	3.76
TGC-0245		91.0	91.5	0.5	72.55
TGC-0245		103.9	104.2	0.3	8.42
TGC-0246		131.7	132.0	0.3	4.01
TGC-0246		134.0	134.9	0.9	15.07
	including	134.0	134.3	0.3	31.99
	and	134.3	134.6	0.3	9.12
	and	134.6	134.9	0.3	4.10
TGC-0246		136.4	137.3	0.9	5.62
	including	136.4	137.0	0.6	5.08
	and	137.0	137.3	0.3	6.69
TGC-0247		43.5	43.8	0.3	20.55
TGC-0247		51.0	51.6	0.6	7.11
TGC-0247		61.1	62.6	1.5	19.11
	including	61.1	61.4	0.3	9.08
	and	61.4	61.8	0.4	9.67
	and	61.8	62.6	0.8	27.59
TGC-0247		81.9	82.2	0.3	16.11
TGC-0247		84.9	85.2	0.3	12.24
TGC-0247		86.4	87.3	0.9	10.89
	including	86.4	87.0	0.6	9.59
	and	87.0	87.3	0.3	13.50
TGC-0247		89.1	89.4	0.3	75.86
TGC-0248		53.3	53.6	0.3	4.22
TGC-0248		55.1	55.6	0.4	4.48
TGC-0248		59.1	59.5	0.4	3.54
TGC-0248		61.2	61.6	0.4	3.96
TGC-0248		67.5	67.8	0.3	4.96
TGC-0248		88.0	88.5	0.5	24.99
TGC-0248		92.0	92.6	0.6	11.13
	including	92.0	92.3	0.3	9.59
	and	92.3	92.6	0.3	12.67
TGC-0248		99.3	99.6	0.3	6.21
TGC-0248		103.2	103.5	0.3	4.44
TGC-0250		45.6	46.3	0.7	6.21
	including	45.6	45.9	0.3	9.10
	and	45.9	46.3	0.4	4.05
TGC-0250		52.7	53.0	0.3	115.25
TGC-0250		57.3	58.9	1.6	7.13
	including	57.3	57.6	0.3	6.64
	and	57.6	57.9	0.3	3.52
	and	57.9	58.2	0.3	1.71
	and	58.2	58.5	0.3	1.42
	and	58.5	58.9	0.4	18.55
TGC-0250		68.1	68.5	0.4	5.28
TGC-0250		69.5	69.9	0.4	3.13
TGC-0251		46.9	48.7	1.8	25.73
	including	46.9	47.2	0.3	9.60
	and	47.2	47.6	0.4	96.78
	and	47.6	48.4	0.8	0.10
	and	48.4	48.7	0.3	15.50
TGC-0251		63.8	64.5	0.8	5.56
	including	63.8	64.2	0.5	5.93
	and	64.2	64.5	0.3	4.99
TGC-0254		54.2	54.5	0.3	9.48
TGC-0254		58.3	58.9	0.6	12.55
TGC-0254		90.8	91.5	0.8	67.45
TGC-0254		101.9	102.2	0.3	17.89
TGC-0254		106.1	106.4	0.3	4.02
TGC-0255		49.9	50.2	0.3	9.89
TGC-0255		61.5	61.8	0.3	6.67
TGC-0256		92.8	93.7	0.9	14.66
	including	92.8	93.1	0.3	6.31
	and	93.1	93.4	0.3	0.07
	and	93.4	93.7	0.3	37.59
TGC-0256		98.1	98.7	0.6	64.25
TGC-0256		108.3	108.9	0.6	3.46
TGC-0257		51.2	54.5	3.3	5.26
	including	51.2	51.5	0.3	3.66
	and	51.5	52.1	0.6	0.09
	and	52.1	52.5	0.4	15.98
	and	52.5	53.0	0.6	0.95
	and	53.0	53.3	0.3	9.58
	and	53.3	53.6	0.3	<0.01
	and	53.6	53.9	0.3	4.80
	and	53.9	54.2	0.3	0.12
	and	54.2	54.5	0.3	16.79
TGC-0257		56.9	57.5	0.7	10.19
	including	56.9	57.2	0.4	14.58
	and	57.2	57.5	0.3	4.92
TGC-0259		57.4	57.7	0.3	86.50
TGC-0259		60.0	61.9	1.9	6.98
	including	60.0	60.3	0.3	4.31
	and	60.3	60.6	0.3	0.78
	and	60.6	60.9	0.3	<0.01
	and	60.9	61.9	1.0	11.99
TGC-0261		20.1	20.5	0.4	3.19
TGC-0261		25.3	26.7	1.3	3.54
	including	25.3	25.6	0.3	9.99
	and	25.6	25.9	0.3	<0.01
	and	25.9	26.4	0.4	0.06
	and	26.4	26.7	0.3	5.74
TGC-0261		33.3	34.4	1.1	5.62
	including	33.3	33.6	0.3	3.60
	and	33.6	33.9	0.3	7.12
	and	33.9	34.4	0.5	5.89
TGC-0261		61.6	61.9	0.4	5.34
TGC-0261		63.5	64.3	0.8	4.93
TGC-0261		95.9	96.2	0.3	6.58
TGC-0261		97.1	100.2	3.2	7.00
	including	97.1	97.4	0.3	3.76
	and	97.4	97.8	0.4	0.18
	and	97.8	98.1	0.3	26.35
	and	98.1	98.4	0.4	15.55
	and	98.4	98.7	0.3	4.96
	and	98.7	99.1	0.3	9.95
	and	99.1	99.4	0.4	0.27
	and	99.4	99.9	0.5	0.04
	and	99.9	100.2	0.3	8.31
TGC-0261		115.1	115.5	0.4	3.85
TGC-0261		121.9	123.2	1.3	11.74
	including	121.9	122.2	0.3	34.63
	and	122.2	122.6	0.4	0.08
	and	122.6	122.9	0.3	3.62
	and	122.9	123.2	0.3	11.33
TGC-0261		130.6	130.9	0.3	6.02
TGC-0263		60.5	60.8	0.3	513.50
TGC-0263		63.2	65.6	2.4	8.98
	including	63.2	63.5	0.3	5.61
	and	63.5	64.1	0.6	26.30
	and	64.1	64.4	0.3	5.39
	and	64.4	64.7	0.3	0.33
	and	64.7	65.0	0.3	0.96
	and	65.0	65.6	0.6	3.48
TGC-0263		78.6	79.5	0.9	5.99
	including	78.6	78.9	0.3	3.82
	and	78.9	79.5	0.6	7.08
TGC-0263		83.6	84.2	0.6	5.08
TGC-0263		85.4	85.7	0.3	3.66
TGC-0263		91.8	92.1	0.3	22.76
TGC-0263		97.8	98.1	0.3	9.45

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/234067

Energy Junior Mining Lion One Metals Precious Metals

Lion One Announces Results of Annual and Special General Meeting

Post author By admin
Post date December 12, 2024

North Vancouver, British Columbia–(Newsfile Corp. – December 12, 2024) – Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) (“Lion One” or the “Company”) is pleased to announce the results of the Company’s annual and special general meeting of shareholders (the “Meeting”) held on December 12, 2024.

At the Meeting, the number of directors of the Company was set at three (3) with the following directors re-elected at the Meeting: Walter Berukoff, Richard Meli, and Kevin Puil. In addition, shareholders of the Company approved the Company’s Omnibus Equity Incentive Compensation Plan as described in the management information circular dated October 29, 2024 (the “Circular”) as well as the re-appointment of Davidson & Company LLP, Chartered Professional Accountants as the auditor of the Company for the ensuing fiscal year.

About Lion One Metals Limited

On behalf of the Board of Directors,
Walter Berukoff, Chairman & CEO

Contact Information
Email: info@liononemetals.com
Phone: 1-855-805-1250 (toll free North America)
Website: www.liononemetals.com

Neither the TSX-V nor its Regulation Service Provider accepts responsibility or the adequacy or accuracy of this release

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/233639

Base Metals Blog Junior Mining Precious Metals Project Generators

NEW REPORT | Copper in the US: Opportunities and Challenges

Post author By admin
Post date December 12, 2024

Base Metals Blog Energy Junior Mining Precious Metals

US budget deficit climbs to $367 billion in November on calendar payment shifts

Post author By admin
Post date December 11, 2024

The U.S Treasury building in Washington. · Reuters

By David Lawder

WASHINGTON (Reuters) -The U.S. government posted a $367 billion budget deficit for November, up 17% from a year earlier, as calendar adjustments for benefit payments boosted outlays by some $80 billion compared to the same month in 2023, the Treasury Department said on Wednesday.

The Treasury Department said that without the acceleration of December payments for the Medicare and Social Security programs into November, the deficit last month would have been about $29 billion, or 9% lower than last year.

The health care and pension programs for seniors are two of the government’s largest expenditure items.

But as reported, the November deficit was a record high for that month. Receipts and outlays also were record highs for the month of November, with receipts up 10% to $302 billion, and outlays up 14% to $669 billion.

The deficit for the first two months of the 2025 fiscal year also was a record high for that period – higher than the deficits of the COVID-19 era – reaching $624 billion, up $244 billion, or 64%, from the same period a year earlier. The government’s fiscal year starts on Oct. 1.

Those deficits were also inflated by calendar-related benefit shifts as well as higher receipts in October and November of 2023 due to the expiration of tax payment deferrals tied to California wildfires and other weather-related disasters that year.

Year-to-date receipts as reported were down 7% from a year earlier to $629 billion, while year-to-date outlays were up 18% to $1.253 trillion.

The outlays for the first two months of the fiscal year included a $4 billion, or 30%, increase in Department of Homeland Security spending to $19 billion, largely reflecting Federal Emergency Management Agency spending related to recent hurricanes.

But the Treasury’s interest cost on public debt for the fiscal year’s first two months was flat at $169 billion, despite a $7 billion increase for November.

(Reporting by David Lawder; Editing by Paul Simao)

Original Source: https://finance.yahoo.com/news/buy-dogecoin-while-under-1-092700666.html

Energy Junior Mining Lion One Metals Precious Metals

Lion One Releases Financial Results for Quarter Ended September 30, Announces USD $4 Million Tranche 3 Draw down on Nebari Financing Facility

Post author By admin
Post date December 2, 2024

North Vancouver, British Columbia–(Newsfile Corp. – December 2, 2024) – Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) (ASX: LLO) (“Lion One” or the “Company”) is pleased to release the Company’s financial results for Q1 FY 2025, and announces that the Company has entered into an agreement to amend certain terms and draw down a further USD $4,000,000 (“Tranche 3”) of its Senior Secured Financing Facility (the “Financing Facility”) provided by Nebari.

Financial Highlights Q1-FY25

During the three-month period ended September 30, 2024, the Company achieved the following:

Mine operating income of CAD$1,529,978
Record revenue of CAD$10,468,452
3,129 ounces (oz) of gold sold, and 1,093 oz of silver sold
Average realized gold selling price of CAD$3,332 per oz
Cost of sales per gold oz of CAD$2,843 (net of silver revenue)

Mine Operations Highlights Q1-FY25

During the three-month period ended September 30, 2024, the Company achieved the following mining physicals:

Total 54,829 tonnes mined
21,852 tonnes of waste mined
32,977 tonnes of mineralized material mined at average grade of approximately 4.83 Au g/t
Total capital development of 283 meters
Total operating development of 666 meters
Decline advancement of 163 meters and vertical development of 155 meters

Mine production during the quarter was impacted by mine equipment availability in July and August as two underground loaders and a single boom jumbo were out of service for repairs. A new underground loader arrived on site in September resulting in improved equipment availability. Despite the mine equipment utilization issues, the mine was still able to deliver 32,977 tonnes of mineralized materials at 4.83 g/t Au, including 28,922 tonnes of mineralized materials at 5.16 Au g/t and 4,055 tonnes of lower grade mineralized materials at 2.46 Au g/t. The Company will stockpile the lower grade materials (mineralized materials below 3 Au g/t) with the intention of feeding the lower grade mineralized materials once the mill expansion has been completed and excess milling capacity is available.

In the near term, the Company will continue to add mining equipment to improve equipment availability and invest in critical mine infrastructure projects such as the raise bore and mine ventilation project which started in October 2024 and scheduled for completion in January 2025.

Pilot Plant Operations Highlights Q1-FY25

During the three-month period ended September 30, 2024, the Company achieved the following mill physicals:

31,391 tonnes of mineralized material processed at an average head grade of 4.6 Au g/t
Record 3,639 oz of gold recovered
2,889 oz gold doré poured
3,129 oz gold refined and sold
Overall 78.2% recovery achieved for the quarter
Record 81.3% recovery achieved in September
81 days of mill operations in the quarter
11 days of mill downtime, including 9 days for scheduled mill maintenance
Approximately 1,889 oz of mineralized material (primarily gold) was retained within the mill circuit as in process store of metal as of September 30, 2024, with an additional 112 oz of gold doré stored in inventory.

Mill production during the quarter was impacted by a scheduled nine-day mill maintenance shutdown in July 2024, which was conducted to maintain and upgrade the Tuvatu processing plant facilities. These upgrades will have a significant impact on processing efficiency and cost savings moving forward. Major upgrades completed during the shutdown include re-lining the primary ball mill with rubber liners, replacing the bowl/mantle for the cone crusher, replacing the #1 conveyor belt, replacing the grinding and gravity circuit piping with flexible slurry hoses, and installing new detox feed pumps and feed splitter box for the detox circuit. Despite the down time from July, the Company nevertheless achieved a record quarterly gold production of 3,639 oz recovered for the three-month period ending September 30, 2024. This marks three consecutive quarters of record production during the pilot plant phase of operations at Tuvatu.

The Company advises that it has not based its current mine development plan on a feasibility study of mineral reserves demonstrating economic and technical viability, and as a result there may be an increased uncertainty of achieving any particular level either of the recovery of minerals or of the cost of such recovery, including increased risks associated with developing a commercially mineable deposit.

Drilling Highlights Q1-FY25

Lion One has a total of five drills currently operating at Tuvatu. Three drills are located underground and are engaged in grade control and infill drilling, while two drills are located on surface, engaged in near mine exploration, extension, and infill drilling.

During the three-month period ended September 30, 2024, the Company completed 9,809.9 meters of diamond drilling in 65 completed holes, with a further 5 drill holes still in progress.

September 2024 Quarter Exploration Summary
Activity	Number
# of drill holes completed	65
# of drill holes in progress at end of Quarter	5
# of meters drilled	9,809.9
# of drill core samples submitted for analysis	13,984
# of channels excavated and sampled	164
# of samples from channel sampling	1,701
# of surface rock chip samples collected	96
# of samples analyzed in Lion One Laboratory	20,748

On October 1, 2024, the Company reported significant new high-grade gold results from near-mine exploration and infill drilling at the West Zone target, located 300 m to the west of to the Tuvatu Gold Mine in Fiji.

Highlights of West Zone exploration and infill drilling:

105.20 g/t Au over 2.1 m (including 248.35 g/t Au over 0.3 m) (TUDDH-636, from 67.8 m depth)
70.07 g/t Au over 2.1 m (including 73.43 g/t Au over 1.2 m) (TUDDH-647, from 144.5 m depth)
102.38 g/t Au over 1.2 m (TUDDH-645, from 97.7 m depth)
19.82 g/t Au over 5.1 m (including 68.88 g/t Au over 0.9 m) (TUDDH-636, from 34.5 m depth)
146.61 g/t Au over 0.6 m (including 289.85 g/t Au over 0.3 m) (TUDDH-645, from 164.3 m depth)
24.16 g/t Au over 3.3 m (including 96.78 g/t Au over 0.3 m) (TUDDH-652, from 173.5 m depth)
49.72 g/t Au over 0.8 m (including 78.61 g/t Au over 0.4 m) (TUDDH-755, from 52.94 m depth)
42.44 g/t Au over 1.8 m (including 61.66 g/t Au over 0.6 m) (TUDDH-636, from 60.6 m depth)
7.68 g/t Au over 4.2 m (including 28.63 g/t Au over 0.3 m) (TUDDH-645, from 142.4 m depth)
14.86 g/t Au over 2.0 m (TUDDH-636, from 228.8 m depth)

*All drill intersects are downhole lengths, 3.0 g/t cutoff.

Subsequent to the quarter end, on November 12, 2024, the Company reported that development of a new near-surface roscoelite-bearing high-grade gold zone had commenced at Tuvatu. Roscoelite is a rare green to black vanadium bearing mica mineral, the presence of which is a defining characteristic of alkaline gold systems such as Tuvatu. It is directly associated with higher-grade gold occurrences and as such it is an important indicator mineral in these systems.

An initial bulk sample of the near-surface roscoelite zone at Tuvatu returned 11.6 g/t gold from 861 tonnes of mineralized materials mined at full mining widths. The Company is enhancing its mine plan with this gold-rich roscoelite material, which is already being processed through the pilot plant.

Roscoelite veining is directly related to high-grade gold mineralization at the nearby Vatukoula gold mine in Fiji where over 7 million ounces of gold have been produced over the last 95 years. Roscoelite is also observed in association with gold mineralization at the Porgera gold mine in PNG, which has been a top ten ranked gold mine globally and which has produced over 25 million ounces of gold. Vatukoula and Porgera are both alkaline gold systems similar to Tuvatu. At Porgera, the most economically significant veins are the Stage II quartz-roscoelite-pyrite veins with native gold, found in the Roamane fault zone. Similar Stage II quartz-roscoelite-pyrite veins are also observed in the new near-surface roscoelite zone at Tuvatu.

Nebari Tranche 3 Draw Down

In addition to releasing the quarterly financial results, the Company also announces that it has entered into an agreement to amend certain terms and drawn down a further USD $4,000,000 (“Tranche 3“) of its Senior Secured Financing Facility (the “Financing Facility“) provided by Nebari Gold Fund 1, LP, Nebari Natural Resources Credit Fund I, LP, and Nebari Natural Resources Credit Fund II, LP (collectively, “Nebari“), previously announced on January 13, 2023 and January 2, 2024. Including the gross up for the original issue discount, Tranche 3 represents a further US$4,347,826 of principal under the Financing Facility. Proceeds from the Financing Facility have to date facilitated construction and commissioning of the Company’s 100% owned Tuvatu Gold Mine in Fiji, and Tranche 3 will facilitate investments as part of a Mine Enhancement Plan to stabilise and increase current production and prepare the mine to support future expansion of the process plant.

The Company has now fully drawn down the Financing Facility. In addition to amending the terms of the Financing Facility to facilitate drawing down Tranche 3, the Company amended certain reporting covenants.

Interest on the first USD $23 million drawn in Tranche 1 of the Facility remains at 8% (plus three-month SOFR), and amortization is on the Maturity Date 42 months from the original closing date, and no closing fees were payable. The USD $8 million drawn under Tranche 2 was subject to an 8% original issue discount and interest remains at 10% plus SOFR, with progressive amortization over 42 months from the Tranche 2 funding date, and closing fees equal to 2% of the amount funded. The USD $4 million drawn under Tranche 3 is subject to an 8% original issue discount and interest is 10% plus SOFR, with progressive amortization over 6 months from 30 June 2025, with closing fees equal to 2% of the amounts funded.

In connection with the drawdown of Tranche 3, the Company has agreed to issue Nebari an aggregate of 4,142,759 common shares in the capital of the Company as a loan bonus in accordance with the policies of the TSX Venture Exchange. The Company has also agreed to amend the exercise price of the 15,333,087 share purchase warrants issued to Nebari as part of the Financing Facility to an exercise price of $0.38 per warrant. All other terms of the warrants remain the same, including the acceleration provision that requires Nebari to exercise the warrants that can be triggered upon the volume weighted average price of the Company’s common shares on the TSX Venture Exchange being in excess of 200% of the exercise price of the warrants on each of 20 consecutive trading days. The issuance of the share loan bonus and amendment of share purchase warrants is subject to the approval of the TSX Venture Exchange.

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 Melvyn Levrel, who is the company’s Senior Geologist. Mr Levrel 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 Levrel consents to the inclusion in this report of the matters based on the information in the form and context in which it appears.

Mr. Patrick Hickey, P. Eng., MBA, who is an officer of the Company, is a Qualified Person under the meaning of Canadian National Instrument 43-101, is responsible for the development and engineering content of this report.

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 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.

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

Contact Information
Email: info@liononemetals.com
Phone: 1-855-805-1250 (toll free North America)
Website: www.liononemetals.com

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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/232125

Energy Junior Mining Lion One Metals Precious Metals

Lion One Intensifies Roscoelite Focus and Enhances Fiji Gold Team with Addition of Two Ex-newmont Geologists

Post author By admin
Post date November 19, 2024

North Vancouver, British Columbia–(Newsfile Corp. – November 19, 2024) – Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) (“Lion One” or the “Company”) is pleased to report an intensification of roscoelite-targeting efforts at Tuvatu and announces the return of Sergio Cattalani to Fiji to lead the technical team in these efforts. The company is also pleased to announce the additions of Ivan Maldonado and Alexander Valencia as the new Mine Geology Manager and Senior Mine Geologist respectively at the Company’s Tuvatu Gold Mine in Fiji.

Roscoelite Targeting

A new significantly mineralized structure has been exposed in the near-surface underground workings at Tuvatu. This structure has consistently returned very high-grade gold since it was first identified in September from underground face sampling. The structure is associated with abundant roscoelite, a feature which is characteristic of several large alkaline gold deposits such as Porgera¹, Cripple Creek², and Vatukoula³ (see Figure 1 below). An initial underground bulk sample from this structure has returned 11.6 g/t gold from 861 tonnes of material fully diluted (November 12, 2024 News Release).

Figure 1. Visible gold and roscoelite vein underground at Tuvatu. Top: Abundant visible gold and roscoelite from exposed vuggy quartz-roscoelite vein seen in-situ underground at Tuvatu. The gold displays a “wire gold” textural habit indicating the rapid deposition of gold from hydrothermal fluids. Bottom: Close-up image of visible gold in quartz-roscoelite vein. Tungsten-carbide scratcher used for scale.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2178/230539_ecf2afc914a22932_001full.jpg

The new structure has been continuously mapped and mined for over 100 m in the E-W direction and appears to extend further to the east of the current underground workings. While roscoelite-bearing mineralized structures have been identified in drill core at Tuvatu, this is the first time that a significant roscoelite-bearing lode array with high-grade gold has been identified and exposed continuously over a significant distance underground.

Notably, this structure is striking E-W and dipping at approximately -20° to the north. This is an orientation that has not previously been defined or predicted in the Tuvatu geological model, though it has been identified in recent structural analysis.

Roscoelite-bearing structures represent an important target-type at Tuvatu as they are directly associated with high-grade gold. Lion One management has therefore determined that a dedicated effort be allocated to better characterize these lode types, with the goal being to define specific criteria that can be used to identify additional structures with similar attributes at Tuvatu. The current underground exposure of a high-grade roscoelite-bearing structure provides the Company with an invaluable opportunity to carry out detailed sampling and analysis to better understand the mineralogy, geochemistry, and orientation of these structures in situ. Sergio Cattalani has returned to Fiji to lead these efforts on site. Mr Cattalani has over 40 years of experience and as the former Senior Vice President of Exploration for Lion One Metals from mid-2021 to the end of 2023, he is intimately familiar with the deposit and is ideally suited to lead these efforts.

One of the Company’s primary objectives is to develop a detailed understanding of the spatial mineralogical and grade characteristics of the exposed roscoelite structure, and to document if/how the structure and associated gold mineralization varies with proximity to cross-cutting structures of different orientations. The conceptual model, strengthened by direct observations underground, suggests that high-grade “blow-out” zones (or “shatter zones” as described at Vatukoula) are produced at the intersection of multiple structures with different orientations, as has previously been observed in deposits with similar alteration and grade characteristics to Tuvatu, such as the Porgera gold mine.¹ Mr. Cattalani has been charged with investigating precisely how the gold grades, widths, and alteration type and intensity vary along the exposed roscoelite-bearing structure with proximity to the cross-cutting, predominantly steeply dipping, structures that are widely prevalent at Tuvatu. An increased understanding of both the primary characteristics of these roscoelite-bearing structures, as well as their structural interactions, will enable the company to efficiently interrogate and augment the extensive database at Tuvatu to effectively target additional similar features throughout the deposit, and to thereby enhance and expand the long-term mine plan at Tuvatu.

Strengthened Fiji Technical Team

Lion One Metals is pleased to welcome Mr Ivan Maldonado and Mr Alexander Valencia to the Lion One technical team in Fiji. Both Mr Maldonado and Mr Valencia bring extensive technical experience to Lion One, and both will be working with the production geology team at Tuvatu.

Ivan Maldonado, P.Geo. – Mine Geology Manager
Mr. Ivan Maldonado is a professional geoscientist with over 17 years’ experience in mine production, resource modeling, and brownfields exploration in Mexico and Canada. Mr Maldonado gained significant experience with Red Lake Gold Mines at the Campbell mine & Cochenour mine where he spent six years in positions such as Underground Production Geologist, Exploration Geologist and Resource estimation Geologist, followed by six years at Newmont’s Borden gold mine where he rose to the rank of Senior Underground Production Geologist.

Mr. Maldonado’s past experiences as a production geologist includes positions at Pan American Silver’s Dolores open pit mine, and Goldcorp’s San Dimas underground gold-silver mine, both in Mexico.

Alexander Valencia MSc. G.I.T. CAPM – Senior Mine Geologist
Mr. Alexander Valencia is a professional geoscientist with over 12 years’ experience in the mining industry, specializing in resource modeling and with expertise in the exploration of Porphyry Cu-Au, Epithermal Au-Ag, VMS, Orogenic and Skarn deposits. Mr Valencia also has experience in open-pit and underground mining production, ground control, and slope stability and gained significant experience over the last four years as Underground Production Geologist at Newmont’s Borden, Porcupine, and Hoyle Pond gold mines in Ontario.

Mr. Valencia’s prior experience includes one year as a Geological Technician at Glencore’s Kidd Creek Mine, and five years as a Geologist Engineer for ESCARTEC and Constructora Villacreces Andrade in Quito, Ecuador.

The Company also announces that Mr. Alex Nichol has resigned from his role as Vice President, Exploration and Geology, to pursue other opportunities. The Company thanks Mr. Nichol for his hard work and significant contributions to Tuvatu and extends their best wishes to him on his future endeavors.

Lion One Chairman and CEO Walter Berukoff commented: “We are delighted to welcome Ivan and Alexander to Fiji where their expertise will be invaluable to our team at the Tuvatu Gold Mine. I also wish to thank Alex Nichol for his valuable contributions to the Company and wish him the best of luck in all his future endeavours.”

References:

Ronacher, E. (2002). The Porgera gold deposit: Fluid characteristics, ore deposition processes, and duration of the ore forming event. [Doctoral Thesis, University of Alberta].
Kadel-Harder, I. K., Spry, P. G., McCombs, A. L., Zhang, H. (2020). Identifying pathfinder elements for gold in bulk-rock geochemical data from the Cripple Creek Au-Te deposit: a statistical approach. Geochemistry: Exploration, Environment, Analysis, v. 21.
Scherbath, N. L., & Spry, P. G. (2006). Mineralogical, Petrological, Stable Isotope, and Fluid Inclusion Characteristics of the Tuvatu Gold-Silver Telluride Deposit, Fiji: Comparisons with the Emperor Deposit. Economic Geology, v 101.

On behalf of the Board of Directors,
Walter Berukoff, Chairman & CEO

Contact Information
Email: info@liononemetals.com
Phone: 1-855-805-1250 (toll free North America)
Website: www.liononemetals.com

Neither the TSX-V nor its Regulation Service Provider accepts responsibility or the adequacy or accuracy of this release

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/230539

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