Category: Breaking

Categories
Breaking Gold Shore Resources Junior Mining Precious Metals

Goldshore Announces Open-Pit Constrained Inferred Mineral Resource Estimate of 121.7 Mt at 1.1 g/t Au and 4.17 Moz Contained Gold at Moss Lake Deposit

Vancouver, British Columbia–(Newsfile Corp. – November 15, 2022) – Goldshore Resources Inc. (TSXV: GSHR) (OTCQB: GSHRF) (FSE: 8X00) (“Goldshore” or the “Company“) is pleased to announce a mineral resource estimate (the “MRE“) for the Moss Lake deposit (the “Moss Lake Deposit“) located at its 100%-owned Moss Lake Gold Project in Northwest Ontario, Canada (the “Project” or the “Moss Lake Gold Project“).

Open-Pit Constrained Inferred Mineral Resource Estimate with an Effective Date of November 14, 2022:

Inferred Resources
(Domains)		Tonnes
(Mt)		Grade
(g/t Au)		Contained Metal
(Moz Au)
Shear34.72.02.20
Intrusion87.00.71.97
Total121.71.14.17


Note: Based on a US$1,500 per ounce gold price and economic cut-off grade of 0.40 g/t Au. Refer to complete notes on Mineral Resource Assumptions below.

  • This is a major milestone for the Company as the shear domain represents an opportunity for a high-grade open-pit gold resource.
  • There is significant and clear expansion potential through strike and dip extensions to known shears, as well as parallel shears. The Company has included 48 holes from its 2021 and 2022 drilling campaign in the new MRE and has drilled an additional 52 holes that are not included in the MRE because assays have not been received to date.
  • The current MRE represents a significant expansion over the 2013 historical estimate for the Project with 35% more tonnes and 33% more contained gold ounces.
  • The Moss Lake Gold Project is host to 29 additional targets over a 35 km trend, which the Company continues to evaluate.

President and CEO, Brett Richards, stated: “This mineral resource estimate confirms our belief that the Moss Lake Deposit is larger than previously thought. More importantly, there is a mass of higher-grade mineralization that can be prioritized in a potential phase one operation that Goldshore can build with a smaller capital requirement. Our findings on this MRE are exciting for the future of the Moss Lake Gold Project, as we now have short- and medium-term options to continue to deliver value to the Goldshore shareholders, as we explore expansions and quality increases (infill drilling to Indicated resource category) to the higher-grade resource; but also while testing other areas of known strong mineralization like East Coldstream, North Coldstream, Iris and Vanguard, across a trend of 35 km on the project.”



Figure 1: Shear domain (red) and intrusion domain (yellow) within optimized pit constraints

To view an enhanced version of Figure 1, please visit:
https://images.newsfilecorp.com/files/8051/144351_b836ade6a4de9af8_002full.jpg



Figure 2: Cross section showing extension of shear domain beneath the constraining pit shell

To view an enhanced version of Figure 2, please visit:
https://images.newsfilecorp.com/files/8051/144351_b836ade6a4de9af8_003full.jpg

Notes on MRE Assumptions (refer to table above)

  1. Numbers have been rounded to reflect the precision of an Inferred mineral resource estimate. Totals may vary due to rounding.
  2. Estimation has been completed within the two separate reported geological domains: a higher-grade shear domain which occurs within a larger lower-grade intrusive domain; modelling of domain boundaries has considered both geology and grade.
  3. Gold cut-off has been calculated based on a gold price of US$1,500/oz, mining costs of US$2.50 per tonne, processing costs of US$12.50 per tonne, and mine-site administration costs of US$2.50 per tonne processed. Metallurgical recoveries of 85% are based on prior metallurgical test work.
  4. An economic cut-off grade of 0.40 g/t Au was applied to mineralized rock in the optimized open pit for processing determination.
  5. Mineral Resources conform to NI 43-101, and the 2019 CIM Estimation of Mineral Resources & Mineral Reserves Best Practice Guidelines and 2014 CIM Definition Standards for Mineral Resources & Mineral Reserves.
  6. The Qualified Person and Company are not aware of any environmental, permitting, legal, title, taxation, socio-economic, marketing, or political factors that might materially affect the Mineral Resource estimate.
  7. Mineral resources are not mineral reserves as they do not have demonstrated economic viability. The quantity and grade of reported Inferred Resources in the MRE are uncertain in nature and there has been insufficient exploration to define these Inferred Resources as Indicated and/or Measured Resources. The Company will continue exploration intended to upgrade the Inferred Mineral Resources to Indicated Mineral Resources.

Technical Overview

Details of the MRE will be provided in a technical report with an effective date of November 14, 2022 prepared in accordance with National Instrument 43-101 (“NI 43-101“), which will be filed under the Company’s SEDAR profile within 45 days of this news release. The MRE was prepared by independent mining consulting firm CSA Global Canada (“CSA Global“), a division of ERM Consultants Canada Ltd., in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum (“CIM“) Definition Standards on Mineral Resources and Reserves (2014).

Moss Lake Geology and Model

The Moss Lake Gold Deposit is a structurally controlled gold deposit within the greenstone terrain of the Archean Superior Province. Mineralization is localized where the major NE-trending Wawiag Fault Zone cuts a dioritic to granodioritic intrusive complex. The deposit is defined by a series of anastomosing centimeter- to meter-scale NE-trending shear zones carrying higher-grade gold mineralization, and lower-grade gold mineralization associated with more brittle-style deformation and veining in the intrusive rock mass between the shear zones. Mineralization is associated with pyritic sericitic and chloritic alteration and millimeter- to centimeter-scale irregular quartz-carbonate veinlets.

Detailed geological logging and multi-element geochemical analysis of drill core from the 2021-22 drilling has supported modelling of discrete shear domains within the larger altered and variably mineralized intrusive domain. The shear domains have a different higher-grade gold population to the low-grade intrusive domain and these domains have been estimated separately using different search parameters. Importantly, this allows a more accurate representation of the true variability within the deposit than has been achieved in previous estimates.

Drill Hole Data and QAQC Procedures

The Moss Lake Deposit has been evaluated by several diamond drill programs since the 1970s and earlier. The greatest number of drill holes were completed between 1986 and early 1992 by Tandem/Storimin and Noranda Inc. (311 drill holes for 86,196 meters). A smaller drilling program in 2008 served to validate the older data and lead to the completion of the historical resource estimate (“historical estimate“) by Moss Lake Gold Mines Ltd. in 2013. Following acquisition of the Moss Lake Gold Project, Goldshore commenced a drill program in 2021 that is still ongoing. The program aims to systematically redrill the deposit defined by previous campaigns and, in the process, to validate as much of the historical data as possible.

Prior to the 2008 program, there are no documented QAQC procedures or data available. Additionally, down-hole surveys were not undertaken or used an acid-bottle technique that measured dip and not azimuth. This is the case for most of the historical drilling which was completed in the late 1980s to early 1990s. The ongoing Goldshore drilling program utilizes full industry-standard survey control and QAQC programs and is designed to systematically redrill the Moss Lake Deposit and validate as much of the historical drilling as possible through collar surveys, re-logging, and re-sampling.

Mineral Resource Estimation Methodology

The current MRE is based on an improved understanding of the geological controls on gold mineralization that follows the detailed logging of 48 new drill holes (27,851.75 metres) drilled since August 2021 and with a drill hole database cut-off date of October 14, 2022. The MRE does not include the high-grade intercepts around the margins of the deposit reported on November 1, 2022.

CSA Global was provided with the wireframes for resource estimation by Goldshore. Goldshore modelled the shear zones domain using a combination of geological features and raw assay values above 1 g/t Au using explicit digitizing methods in Seequent Leapfrog 3D geological modelling software (“Leapfrog”). Goldshore modelled the intrusive domain using implicit modelling techniques in Leapfrog using a cut-off grade of 0.25 g/t Au.

CSA Global reviewed the provided wireframes to confirm validity for resource estimation. Statistical and geostatistical assessment of 1 m composites confirmed that the shear domains should be estimated within hard boundaries separating them from the intrusive domain. Statistical analysis was used to determine high-grade capping for each shear zone wireframe and ranged from 20 g/t Au to 60 g/t Au.

The MRE was estimated with a block size of 15 m x 15 m x 5 m utilizing subblocks and constrained within wireframes with a minimum width of 1.50 m. Gold content was estimated using ordinary kriging methods using dynamic anisotropy variogram models. The maximum range of the variogram models generally are between 60 m x 30 m x 10 m in the shear domain and 60 m x 60 m x 40 m in the intrusive domain. The search ellipse was constrained to selecting composites flagged within each domain and varied from half (1st), the full (2nd) and double the variogram ranges (3rd). Additional check estimates were completed using inverse distance squared (ID2) and nearest neighbour methods, the latter on bench scale composites.

Density values for 1,737 samples collected from all Goldshore drill holes were used to determine an average bulk density for each wireframed zone. Values range between 2.70 and 2.72 t/m3 for the mineralized domains, 2.7 t/m3 for waste rock, and 2.0 t/m3 for glacial overburden.

Mineral resources are presented as undiluted and in situ. The historical underground voids from Noranda’s 1980’s exploration program have been removed from the geological model.

Mineral Resource Classification

The MRE has been classified as an Inferred Mineral Resource. This resource classification reflects the fact that the majority of the drill hole data used for the resource estimate is historical, and no QAQC data or reports exist for the majority of these drill holes. Statistical assessment of historical data and recent data provided some support for the historical data, but also included some inconsistencies. The majority of the historical drill holes did not have acceptable downhole surveys meaning that spatial location of the core samples remains uncertain especially beneath 200 m.

While the downhole surveys and QAQC methods utilized for the modern drill holes is of industry standard, these holes remain too sparsely distributed to permit confident mineral resource estimation on their own. Goldshore is now embarking on an extensive program of relogging and resampling of historical drill core, together with downhole surveying where possible. Goldshore’s program of infill and confirmatory drilling is also ongoing. It is expected that this work will support classification of Indicated mineral resource in any subsequent mineral resource updates by Goldshore.

Reasonable Prospects for Eventual Economic Extraction

To support reasonable prospects for eventual economic extraction for the MRE, CSA Global used the estimated block model to generate an optimized open pit using Datamine NPV Scheduler software and the following assumptions: a gold price of US$1,500/oz, plant recovery of 85%, processing costs of US$12.50/tonne, mine-site general and administration costs of US$2.50/tonne processed, mining costs of US$2.50/tonne moved and an overall pit slope angle of 50 degrees. NPV Scheduler Software is widely used by mining engineers to apply the Lerchs-Grossman algorithm to block models in order to generate optimized pit shells upon which economic open pit mine designs may be based.

The MRE is constrained within the selected optimized pit shell which reaches a maximum depth of approximately 580 m.

Figures 1 and 2 above show the relationship of the shear and intrusion domains within the optimized pit shell.

Additional Exploration Potential

The modelled shear-hosted domains extend at depth below the optimized open-pit constraining the reported MRE, but the drill hole data are too sparsely distributed to support underground mining optimization studies and reporting of an underground-constrained MRE at this time.

The shears are also open along strike, beyond the modelled strike length of 3.5 km. Historical drilling intercepted gold mineralization over a total strike length of 8 km, which has been a focus of Goldshore’s summer soil geochemistry and structural mapping programs. Furthermore, there remains potential for additional parallel shears with gold mineralization in historical drill holes 500 m to the southeast of the Moss Lake Deposit.

Figure 3 shows the location of mineralized drill holes along and parallel to the strike of the MRE.



Figure 3: Mineralized zones showing the exploration upside along strike and in parallel structures

To view an enhanced version of Figure 3, please visit:
https://images.newsfilecorp.com/files/8051/144351_b836ade6a4de9af8_004full.jpg

Next Steps

Goldshore has commenced an extensive program of relogging and resampling of all historical drill holes whose collars have been located and accurately surveyed. Where possible, these drill holes will also be surveyed using modern downhole surveying equipment.

Notwithstanding the above, a large proportion of the historical drill collars have not been located. The mineralized volumes defined by these historical drill holes will be redrilled in an optimized pattern to accurately define the shear-hosted and intrusive domain mineralization. This will include a full suite of oriented core measurements and multi-element geochemistry analyses.

Work has also commenced on a comprehensive metallurgical testing program led by Ausenco. This work will include a mineral deportment study, grinding tests, gravity separation, flotation, heap leach, and cyanide leach optimization studies. Once complete, Goldshore expects to commence a preliminary economic assessment to evaluate several mining and processing strategies with a view to selecting the most economic and achievable development option. This study is expected to be completed in 2023.

Infill drilling, re-sampling of historical drill holes, and geological modelling will continue throughout the coming months to support a mineral resource estimate update to attempt to upgrade the resource classification from Inferred Resources to Indicated Resources. This work is targeted for completion by the end of 2023 when the Company expects to commence a prefeasibility mining study.

Pete Flindell, VP Exploration for Goldshore, said, “This mineral resource estimate confirms our understanding that high grade shears form the core of the Moss Lake Deposit and will drive the development of the Moss Lake Gold Project. The Inferred Mineral Resource reflects uncertainty in the collar and downhole surveys of the historical drill holes, as well as the selective sampling technique and lack of oriented core measurements that are critical in directing the high-grade structures that drive the overall estimate. While additional drilling is required to replace many of the historical drill holes and infill gaps in the model, we will be aiming to recover as many of these historical holes as possible by relogging and resampling core and conducting downhole surveys using more accurate survey equipment.“

Qualified Person Statements

Dr. Matthew Field (Pr. Sci. Nat), Manager – Resources at CSA Global is an independent Qualified Person under NI 43-101 and responsible for the MRE. Dr. Field has prepared and approved the scientific and technical information related to the MRE contained in this news release.

Peter Flindell, P.Geo., MAusIMM, MAIG, Vice President – Exploration of the Company, and a Qualified Person under NI 43-101 has also reviewed and approved the scientific and technical information contained in this news release.

About Goldshore

Goldshore is an emerging junior gold development company, and owns the Moss Lake Gold Project located in Ontario. Wesdome Gold Mines Ltd. is currently a large shareholder of Goldshore with an approximate 27% equity position in the Company. Well-financed and supported by an industry-leading management group, board of directors and advisory board, Goldshore is positioned to advance the Moss Lake Gold Project through the next stages of exploration and development.

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

For More Information – Please Contact:

Brett A. Richards
President, Chief Executive Officer and Director
Goldshore Resources Inc.
P. +1 604 288 4416         M. +1 905 449 1500
E. brichards@goldshoreresources.com
W. www.goldshoreresources.com

Facebook: GoldShoreRes | Twitter: GoldShoreRes | LinkedIn: goldshoreres

Cautionary Note Regarding Forward-Looking Statements

This news release contains statements that constitute “forward-looking statements.” Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, performance or achievements, or developments to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects,” “plans,” “anticipates,” “believes,” “intends,” “estimates,” “projects,” “potential” and similar expressions, or that events or conditions “will,” “would,” “may,” “could” or “should” occur.

Forward-looking statements in this news release include, among others, statements relating to expectations regarding the exploration and development of the Project, the filing of a technical report supporting the MRE, commencement of a preliminary economic assessment and prefeasibility study, and other statements that are not historical facts. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors and risks include, among others: the Company may require additional financing from time to time in order to continue its operations which may not be available when needed or on acceptable terms and conditions acceptable; compliance with extensive government regulation; domestic and foreign laws and regulations could adversely affect the Company’s business and results of operations; the stock markets have experienced volatility that often has been unrelated to the performance of companies and these fluctuations may adversely affect the price of the Company’s securities, regardless of its operating performance; the impact of COVID-19; the ongoing military conflict in Ukraine; and other risk factors outlined in the Company’s public disclosure documents.

The forward-looking information contained in this news release represents the expectations of the Company as of the date of this news release and, accordingly, is subject to change after such date. Readers should not place undue importance on forward-looking information and should not rely upon this information as of any other date. The Company undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/144351

Categories
Base Metals Breaking Emx Royalty Energy Junior Mining Precious Metals Project Generators

EMX Royalty Announces Third Quarter 2022 Results

Vancouver, British Columbia–(Newsfile Corp. – November 14, 2022) – EMX Royalty Corporation (NYSE American: EMX) (TSXV: EMX) (FSE: 6E9) (the “Company” or “EMX”) is pleased to report results for the quarter ended September 30, 2022 (“Q3-2022”). 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 Q3-2022

Financial Update

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

  • Revenue and other income for the three months ended September 30, 2022 was $9,338,000 which includes continuing royalty income from the Leeville, Gediktepe, and Balya royalty interests totaling $4,881,000. Other income of $4,113,000 relates to other property payments from partnered properties. Adjusted revenue and other income1 was $12,105,000 which included $2,767,000 for the Company’s share of royalty revenue from its effective Caserones copper royalty interest in Chile.
  • After recovering $4,210,000 from partners, the Company’s net royalty generation costs totaled $2,652,000.
  • General and administrative costs totaled $1,644,000. Impacting general and administrative costs, were higher investor relations costs for increased marketing and communications activities offset by a reduction in fees paid to consultants during the period.
  • Share-based payments totaled $481,000 for the period compared to $1,206,000 in Q3-2021. The aggregate share-based payments relate mainly to the fair value of stock options and restricted share units (“RSUs”) granted and vested during the period.
  • Finance expenses of $1,579,000 associated with the Sprott Credit Facility. The Company had repaid in full the SSR VTB note (including interest) totaling $10,774,000 in the previous quarter.
  • For the quarter, the Company had income from operations of $1,311,000 and a net loss of $16,346,000.
  • Other significant items affecting income for the three months ended September 30, 2022 included unrealized fair value losses on investments of $7,241,000, impairment charges of $7,130,000 primarily related to the Gediktepe royalty in Turkey, and foreign exchange adjustments of $518,000.
  • As at September 30, 2022, the Company had unrestricted cash and cash equivalents of $14,297,000, investments and long-term investments valued at $19,877,000, and a loan payable of $54,961,000.

Corporate Updates

Appointment of Independent Director
In Q3-2022, EMX announced that Mr. Geoff Smith was appointed to the Board of Directors of the Company effective July 5, 2022. Mr. Smith brings to the board the benefit of 17 years of M&A and corporate finance experience having advised on or financed many of the largest, most complex and innovative streaming transactions in the past 10 years.

Purchase of Royalty Portfolio from Nevada Exploration
In Q3-2022, EMX announced it had executed a purchase and sale agreement (the “Agreement”) for a portfolio of royalties, with Pediment Gold LLC, a wholly owned subsidiary of Nevada Exploration Inc. (“NGE”) for US$500,000. The portfolio consists of a 2% net smelter return royalty (“NSR”) on NGE’s Nevada gold exploration portfolio covering ~62.5 square miles in Nevada and includes four district-scale land positions as well as certain other interests. In addition, if NGE options, farms out, or sells a project, beginning on the first anniversary of the third-party agreement, EMX will receive AARs of US$20,000 that escalate US$10,000 per year and are capped at US$50,000. NGE has the right to buy back half of EMX’s 2% NSR by purchasing a 0.5% NSR interest for US$1,000,000 any time prior to the 7th anniversary of the Agreement and then, if the first NSR interest is purchased, purchasing the second 0.5% NSR interest any time prior to production for US$1,500,000.

Receipt of Initial Production Royalty Payments from Gediktepe
In Q3-2022, EMX announced the receipt of initial royalty production payments from its Gediktepe royalty property in western Turkey. EMX holds a 10% NSR on oxide gold production at Gediktepe, a newly commissioned mine operated by Polimetal Madencilik Sanayi ve Ticaret A.S. (“Polimetal”), a private Turkish company. EMX has received payments for production from the months of June and July totaling US$1,842,452, inclusive of US$281,052 in Value Added Tax (“VAT”) for which EMX has credits to recover. These represent the first royalty production payments received from Gediktepe after receiving notice that the definition of commercial production had been satisfied in early June.

The June and July payments are based upon the sales of 4,490 ounces of gold and 23,309 ounces of silver in June and 4,030 ounces of gold and 44,164 ounces of silver in July. The payment for June was pro-rated for the portion of the month’s sales that took place after the satisfaction of the definition of commercial production in the royalty agreement, which took place on June 8th.

The Company has also taken an impairment in Q3-2022 against the carrying value of Gediktepe. While assessing whether any indications of impairment exist, consideration is given to external and internal sources of information. While the operation has only been in production for less than year, review of the oxide operation to date, potential for delay of the sulfide circuit along with revisions to metal pricing and Turkish royalty rates, the Company has reduced the value of Gediktepe by $7,092,000. Please refer to the Company’s interim financial statements for the nine months ended September 30, 2022 for additional information.

Receipt of Initial Production Royalty Payments from Balya North
In Q3-2022, EMX announced the receipt of initial royalty production payments from its Balya North royalty property in western Turkey. EMX holds an uncapped 4% NSR royalty on metals production from Balya North, a newly commissioned lead-zinc-silver mine operated by Esan Eczacibaşi Endüstriyel Hammaddeler San. ve Tic. A.Ş. (“Esan”), a private Turkish company.

In the first half of 2022, Esan’s advancement of the Balya North asset consisted of mine development and opening of production headings and faces for exploitation in Q3 and Q4 of 2022. Production and processing of materials from Balya North in the first half of 2022 largely consisted of material stockpiled during the construction process. EMX received payments from the processing of this material totaling US$98,787, inclusive of US$15,069 in VAT. These royalty payments are from 30,223 tonnes of processed material averaging 1.68% lead, 1.34% zinc, and 39.9 g/t silver.

Receipt of Milestone Payment for the Parks-Salyer Royalty Property
Subsequent to Q3-2022, EMX received a US$3,000,000 milestone payment from Arizona Sonoran Copper Company, Inc. (“ASCU”) for the Parks-Salyer royalty property (the “Royalty Property”) in Arizona. The Royalty Property was held under a lease arrangement by EMX’s wholly owned subsidiary Bronco Creek Exploration Inc. and was transferred to ASCU via Assignment and Royalty Agreements (the “Agreements”) executed earlier this year. EMX’s Royalty Property covers 158 acres of ASCU’s Parks-Salyer copper project. The milestone payment results from ASCU’s maiden resource estimate for the Parks-Salyer project that exceeds thresholds for contained copper included within EMX’s Royalty Property footprint. The Company also retains a 1.5% NSR covering the Royalty Property.

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 and Royalty Generation Updates

EMX’s royalty and mineral property portfolio consists of 265 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 Royalties152
Royalty Generation Properties99



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

To view an enhanced version of Figure 1, please visit:
https://images.newsfilecorp.com/files/1508/144216_fd23da17d415d84b_002full.jpg

During Q3-2022, the Company’s royalty generation business was active in North America, South America, Europe, Turkey, and Australia. The Company spent $6,862,000 and recovered $4,210,000 from partners. During the quarter the Company completed two new property agreements in Northern Europe and one new partnership in the US, and continued to grow the portfolio with new mineral property acquisitions.

Highlights from Q3-2022 include the following:

  • In the US the Company added to its growing royalty portfolio with the completion of one new royalty agreement on a copper project in Arizona, the advancement of ten partner-funded work programs, including five drill projects, the acquisition of four large royalty positions from Nevada Exploration covering key land positions in Nevada, and new generative work leading to the acquisition of a large (i.e., greater than 1950 hectares), prospective land position in the Silver Valley district in Idaho.
  • US highlights also include Arizona Sonoran Copper Company’s (“ASCU”) announcement of a maiden resource at the Parks-Salyer deposit (see ASCU news release dated September 28, 2022) and key drill intercepts within the EMX royalty footprint which include 162 meters at 1.10% copper in drill hole ECP-084 and 68.3 meters at 2.24% copper in drill hole ECP-086 (true widths unknown) (see ASCU news release dated September 7, 2022). As noted earlier, subsequent to Q3-2022, EMX received a US$3,000,000 Milestone Payment from ASCU resulting from the announced resource exceeding 200 million pounds of contained copper within the royalty footprint (see EMX new release dated October 4, 2022).
  • In Canada, EMX continued its summer work programs to advance and delineate targets on available properties in the portfolio as partners conducted multiple field programs, including drill programs on optioned and EMX royalty properties. EMX received $63,000 in cash payments and $4,000 in share equity payments during the quarter.
  • EMX’s Latin American royalty portfolio advanced through field programs at Morros Blancos and Morros Colorado by Austral Gold Limited, Block 4 by Pampa Metals Corporation, and drill programs conducted by AbraSilver Resource Corp., Aftermath Silver Ltd, and GR Silver Mining Ltd. Q3 drill programs at San Marcial, as well as Diablillos and Berenguela continue to produce significant results that expand known resources and add new discoveries at nearby targets. Highlights at San Marcial include the discovery of a new silver zone by GR Silver with a 250 meter step out drill hole intersecting 101.6 meters at 308 g/t silver with multiple higher grade sub-intervals (true width unknown) (see GR Silver news release dated August 8, 2022). An updated resource estimation for San Marcial is scheduled for Q1-2023.
  • As a subsequent event, AbraSilver announced an updated, open pit constrained mineral resource estimate for the Diablillos project’s Oculto deposit reported as measured and indicated of 51.3 Mtonnes averaging 66 g/t silver (109 Moz contained Ag) and 0.79 g/t gold (1.3 Moz contained Au), as well as inferred of 2.2 Mtonnes averaging 30 g/t silver (2.1 Moz contained Ag) and 0.51 g/t gold (37 Koz contained Au) (see AbraSilver news release dated November 3, 2022). The updated resource was based upon drilling through Phase II. The ongoing Phase III drill program is focused on the near surface, high-grade Southwest Zone discovery.
  • In Northern Europe the Company continued to expand its portfolio of projects, acquiring a gold-copper project in Sweden and a gold-cobalt project in Finland totaling nearly 20,000 hectares. Two Norwegian polymetallic projects were sold to Minco Silver in Q3 and eight partner funded projects advanced EMX royalty assets, including three drill programs. Overall, approximately US$2.3 million was spent by partners on EMX royalty properties in Northern Europe in Q3.
  • Drill results were announced at the Tomtebo Project in Sweden by District Metals in Q3. Highlights included 25.5 meters averaging 2.4% zinc, 2.05% lead and 65 ppm silver in drill hole TOM22-38 starting at 249 meters (true width unknown) (see District Metals news release dated August 17, 2022)2.
  • Drill programs were also completed in Norway at Playfair Mining’s RKV project and at Norden Crown Metals’s Burfjord project. Nineteen diamond drill holes totaling 1,107 meters were drilled at Playfair’s RKV Project and 18 diamond drill holes totaling 3,500 meters were drilled at Burfjord.
  • EMX continued to advance its understanding of the newly discovered cobalt enriched manganese mineralization at its 100% owned Yarrol Project in Australia. Soil sampling grids continued to expand the footprint of cobalt-rich mineralization and preparations for an upcoming drill program commenced in Q3.
  • Work also proceeded in the Balkans and in Morocco, where multiple exploration license applications have been filed by the Company, and new areas are being assessed for further acquisitions.

Financing Updates

Exercise of Stock Options granted by EMX
Ending Q3-2022, 1,045,000 stock options were exercised at $1.20 per share pursuant to the Company’s Stock Option Plan, which generated proceeds of $1,254,000 to EMX.

Investment Updates
As at September 30, 2022, the Company had investments totaling $19,877,000 which included $13,651,000 in various public and private entities, and $6,226,000 in non-current investments. The Company will continue to generate cash flow by selling certain of its investments when appropriate.

Strategic Investment in Premium Nickel Resources
Between 2020 and 2022, EMX acquired 5,412,702 shares of Premium Nickel Resources Corporation, a private company with nickel-copper-cobalt assets in Botswana. On April 26, 2022, PNR announced the execution of a definitive agreement for a reverse takeover transaction (“RTO”) with North American Nickel Inc. (“NAN”) to create a new reporting entity, Premium Nickel Resources Ltd (“PNRL”). PNRL began trading on the TSX Venture Exchange in Q3, having completed the RTO process with NAN. As a result of the RTO transaction, EMX’s interests were converted to 5,704,987 shares of PNRL, which represents roughly 5% of the issued and outstanding shares of PNRL.

Subsequent to the listing transaction, PNRL announced initial results from its ongoing diamond drilling program at its 100% owned Selebi nickel-copper-cobalt project in Botswana (see PNRL news release dated August 17, 2022). Highlights included an intercept of 25.65 meters of 0.95% nickel, 2.03% copper and 0.04 % cobalt in drill hole SMD-22-001 starting at 1,374.5 meters (true width estimated to be 70-80% of drilled interval). This was the first hole drilled in the 2022 program, and on September 13, 2022, PNRL announced further intercepts from a wedge drilled off hole SMD-22-001 (hole SMD-22-001-W1) of 4.35 meters averaging 0.98% nickel, 1.61% copper and 0.02% cobalt starting at 1,363 meters and 12.55 meters of 0.39% nickel, 1.99% copper and 0.02% cobalt starting at 1,385.65 meters (true thicknesses estimated to be 70-80% of the drilled interval) (see PNRL news release dated September 13, 2022). Assay results from other holes are pending3.

OUTLOOK

This year will see an increase in revenue and other income coming from our cash flowing royalties, including Leeville in Nevada, Gediktepe and Balya in Turkey, potentially Timok in Serbia (pending conclusion of the royalty rate discussions with Zijin), and our effective royalty interest on Caserones in Chile. 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 portfolio. As a royalty holder, the Company has limited, if any, access to information on properties for which it holds royalties. Accordingly, the Company has not, and does not anticipate that it will have the ability to, provide guidance or outlook as to future production.

So far in 2022, EMX has acquired an additional (effective) 0.3155% royalty interest on Caserones, completed a $12,580,000 (US $10,000,000) private placement with Franco-Nevada, made a strategic investment in PNR, and repaid in full the vendor take back note issued to SSR Mining Inc.

The Company will continue to strengthen its balance sheet over the course of the year by looking to retire portions of its 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 and pursue 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.

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 September 30, 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 24 of the Company’s MD&A for the period ended September 30, 2022 for more information on each non-IFRS financial measure.
2 EMX has not done independent and sufficient to work verify the drill results as published by District Metals, and these results should not be relied upon until they are confirmed. However, EMX believes these results to be reliable and relevant.
3 EMX has not done independent and sufficient to work verify the drill results as published by Premium Nickel Resources Ltd, and these results should not be relied upon until they are confirmed. However, EMX believes these results to be reliable and relevant.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/144216

Categories
Base Metals Breaking Energy Junior Mining Precious Metals Silver Bullet Mines

IIROC Trading Resumption – SBMI

Silver Bullet Mines, Proven and Probable

VANCOUVER, BC, Nov. 14, 2022 /CNW/ – Trading resumes in:

Company: Silver Bullet Mines Corp.

TSX-Venture Symbol: SBMI

All Issues: Yes

Resumption (ET): 9:30 AM 11/15/2022

IIROC can make a decision to impose a temporary suspension (halt) of trading in a security of a publicly-listed company. Trading halts are implemented to ensure a fair and orderly market. IIROC is the national self-regulatory organization which oversees all investment dealers and trading activity on debt and equity marketplaces in Canada.

SOURCE Investment Industry Regulatory Organization of Canada (IIROC) – Halts/Resumptions

Cision
Cision

View original content: http://www.newswire.ca/en/releases/archive/November2022/14/c4378.html

Categories
Breaking Junior Mining Precious Metals Silver Bullet Mines Uncategorized

Silver Bullet Mines Closes Financing and Takes Samples from Diabase

Burlington, Ontario–(Newsfile Corp. – November 3, 2022) – On October 21, 2022 Silver Bullet Mines Corp. (TSXV: SBMI) (OTCQB: SBMCF) (‘SBMI’ or ‘the Company’) announced a financing of Units (the “Financing”), whereby each Unit consisted of one common share and one common share purchase warrant. Each Unit is priced at $0.20 (twenty cents). Each common share purchase warrant has a 2-year term and is exercisable at $0.30 (thirty cents).

SBMI announces it has closed on the first tranche of the Financing, being $447,000. This represents 2,235,000 common shares and 2,235,000 common share purchase warrants. The Company expects further tranches to close in the near future. In relation to the Financing the Company paid commissions by way of 84,000 broker warrants and cash commissions of $16,800. Insiders are still blacked out by order of the Chair and were not allowed to participate in the Financing.

On September 26, 2022 the Company announced it had found high-grade gold, platinum, palladium, rhodium and osmium (the “Bonus Materials”) in concentrates resulting from 200 tons of material from the Buckeye Mine. To help identify the source and/or location of the Bonus Materials, and to help determine whether the Bonus Materials are limited to the Buckeye veins or are also present in the host materials around the veins, the Company recently took samples from the diabase at several locations near and in the Buckeye Silver Mine. “Diabase” is also known as “country rock” or “host rock”, and is the material hosting the many veins in and near the Buckeye Silver Mine.

The Company announces it has received assay results from an independent lab with respect to those samples taken from the diabase. Those results are being considered and will be disclosed to the public as soon as possible.

Finally, and as previously disclosed, the Company has encountered procedural challenges in completing its first audit as an operating company, including but not limited to cross-border documentation. Some of these challenges were caused by COVID-19 restrictions on travel to the mill and mine sites in Arizona, others by a local inexperience with audit processes. Management sees these challenges as transitory and procedural. There are no items in disagreement, whether material or not, between the auditors and the Company. Management and the board expect to be able to file the audited financial statements and the MDA for the year ended June 30, 2022 imminently.

For further information, please contact:

John Carter
Silver Bullet Mines Corp., CEO
cartera@sympatico.ca
+1 (905) 302-3843

Peter M. Clausi
Silver Bullet Mines Corp., VP Capital Markets
pclausi@brantcapital.ca
+1 (416) 890-1232

Cautionary and Forward-Looking Statements

This news release contains certain statements that constitute forward-looking statements as they relate to SBMI and its subsidiaries. Forward-looking statements are not historical facts but represent management’s current expectation of future events, and can be identified by words such as “believe”, “expects”, “will”, “intends”, “plans”, “projects”, “anticipates”, “estimates”, “continues” and similar expressions. Although management believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that they will prove to be correct.

By their nature, forward-looking statements include assumptions, and are subject to inherent risks and uncertainties that could cause actual future results, conditions, actions or events to differ materially from those in the forward-looking statements. If and when forward-looking statements are set out in this new release, SBMI will also set out the material risk factors or assumptions used to develop the forward-looking statements. Except as expressly required by applicable securities laws, SBMI assumes no obligation to update or revise any forward-looking statements. The future outcomes that relate to forward-looking statements may be influenced by many factors, including but not limited to: the impact of SARS CoV-2 or any other global virus; reliance on key personnel; the thoroughness of its QA/QA procedures; the continuity of the global supply chain for materials for SBMI to use in the production and processing of ore; shareholder and regulatory approvals; activities and attitudes of communities local to the location of the SBMI’s properties; risks of future legal proceedings; income tax matters; fires, floods and other natural phenomena; the rate of inflation; availability and terms of financing; distribution of securities; commodities pricing; currency movements, especially as between the USD and CDN; effect of market interest rates on price of securities; and, potential dilution. SARS CoV-2 and other potential global viruses create risks that at this time are immeasurable and impossible to define.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/142903

Categories
Base Metals Breaking Energy Junior Mining Precious Metals Silver Bullet Mines

Silver Bullet Mines Continues to Assay for High-Grade Gold and PGMs

Burlington, Ontario–(Newsfile Corp. – October 18, 2022) – On September 26, 2022, Silver Bullet Mines Corp. (TSXV: SBMI) (OTCQB: SBMCF) (‘SBMI’ or ‘the Company’) disclosed it had found significant levels of palladium, platinum, rhodium, osmium and gold in its concentrate.

To help identify with greater precision the location of the source of the platinum, palladium, rhodium, osmium and gold, SBMI recently took samples directly from locations around the Buckeye Silver Mine and the Company’s mill site, including from crushed material, directly from the vein, from diabase samples from the wall rock and from tailings from the run of lower grade material. The location from which those samples were taken and their assay results are below:

Assay Results are in Grams per Tonne
Sample IDAuPdPtRhIrRuOs
Diabase114.323.70.2460.1930.151nd0.415
222.318.90.1720.076ndnd0.333
38.1715.90.0930.083ndndnd
422.318.20.0970.072ndndnd
Crushed ore 115.19.07nd0.157nd0.9490.08
223.211.60.0640.17nd0.7310.063
334.116.20.150.1150.1110.2590.129
416.216.40.1270.1180.083nd0.097
537.915.60.1070.0580.2780.180.053
626.617.90.1270.0850.08ndnd
725.512.10.0850.052nd0.265nd
823.913.70.1060.069ndndnd
Head ore118.813.50.0930.062ndndnd
221.911.70.06ndnd0.218nd
337.2160.105ndnd0.137nd
430.613.60.07ndnd0.306nd
522.9120.07ndnd0.306nd
624.310.40.061ndnd0.251nd
Tailings118.512.20.0790.064nd0.211nd
219.911.50.0630.068nd0.272nd
328.816.50.091ndnd0.174nd
426.816.20.0850.104ndndnd
537.116.90.1020.083ndndnd
631.817.20.0930.051ndndnd

Samples from all locations above were taken to be as representative of the local mineralized material as possible. Samples taken from the crushed ore are by their nature representative of the source mineralized material.

In management’s opinion, this round of results provides further strong evidence for the conclusion that the Buckeye Silver Mine may host economic amounts of platinum, rhodium, palladium, osmium and gold, in addition to the original silver targets. Management has engaged third party engineers, metallurgists and geologists to assist in creating a new process flow sheet and in determining the nature of the mineralized material at the Buckeye Silver Mine. Without effecting selective disclosure, management has also had positive preliminary discussions with potential financiers, pending the delivery of the flow sheet and a rough budget.

QAQC

For each batch, Lone Pine Analytical of Phoenix, Arizona sampled two distinct samples (approx 200mg), digested, filtered, diluted and analyzed. For the digestion, the lab used [1mL HF: 4.5mL Nitric Acid: 4.5mL HCI]. The samples were digested in a microwave in sealed PTFE tubes where the temperature reached 200C with a total cycle time of 40 minutes. Bismuth (Bi) was used the internal standard. A three-point calibration, plotted through zero was used with excellent linear correlation for each element. Thus, the lab used an internal and external standards (instrument calibration). Chain of custody protocols were strictly observed. Lone Pine Analytical, as of September 11, 2022, is in the process of renewing its ISO /IEC-17025 lab accreditation with a scope for metals in soils and rocks.

Readers are cautioned that although management has made every reasonable effort to ensure the samples are as representative of the local mineralized material as possible, the samples above (apart from the crushed ore samples) are ultimately random by nature and may not be representative of the mineralization throughout the Buckeye Silver Mine.

Mr. Robert G. Komarechka, P.Geo., an independent consultant, has reviewed and verified SBMI’s work referred to herein, and is the Qualified Person for this release.

For further information, please contact:

John Carter
Silver Bullet Mines Corp., CEO
cartera@sympatico.ca
+1 (905) 302-3843

Peter M. Clausi
Silver Bullet Mines Corp., VP Capital Markets
pclausi@brantcapital.ca
+1 (416) 890-1232

Cautionary and Forward-Looking Statements

This news release contains certain statements that constitute forward-looking statements as they relate to SBMI and its subsidiaries. Forward-looking statements are not historical facts but represent management’s current expectation of future events, and can be identified by words such as “believe”, “expects”, “will”, “intends”, “plans”, “projects”, “anticipates”, “estimates”, “continues” and similar expressions. Although management believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that they will prove to be correct.

By their nature, forward-looking statements include assumptions, and are subject to inherent risks and uncertainties that could cause actual future results, conditions, actions or events to differ materially from those in the forward-looking statements. If and when forward-looking statements are set out in this new release, SBMI will also set out the material risk factors or assumptions used to develop the forward-looking statements. Except as expressly required by applicable securities laws, SBMI assumes no obligation to update or revise any forward-looking statements. The future outcomes that relate to forward-looking statements may be influenced by many factors, including but not limited to: the impact of SARS CoV-2 or any other global virus; reliance on key personnel; the thoroughness of its QA/QA procedures; the continuity of the global supply chain for materials for SBMI to use in the production and processing of ore; shareholder and regulatory approvals; the presence and quantity of minerals in the Company’s properties; activities and attitudes of communities local to the location of the SBMI’s properties; risks of future legal proceedings; income tax matters; fires, floods and other natural phenomena; the rate of inflation; availability and terms of financing; distribution of securities; commodities pricing; currency movements, especially as between the USD and CDN; effect of market interest rates on price of securities; and, potential dilution. SARS CoV-2 and other potential global viruses create risks that at this time are immeasurable and impossible to define.info

  •  
  •  
  •  
Silver Bullet Mines Corp.

Sign up for Alerts

Sign up to receive news releases by email for Silver Bullet Mines Corp. or all companies belonging to the Mining and Metals industry.

SIGN UP

Recent News

Categories
Base Metals Breaking Energy Junior Mining

Copper worth nearly half a billion dollars goes missing in China

A group of Chinese companies are investigating why a commodities storage site in northern China is holding only one third of the copper concentrate they were financing, according to people familiar with the situation.

Traders from more than a dozen mostly state-owned firms gathered in Qinhuangdao city this week after becoming aware of the missing material following concerns into the borrower’s finances, said the people, who asked not to be identified as they aren’t authorized to speak publicly.

The group has a total claim on 300,000 tons of concentrate worth about 5 billion yuan ($740 million), but there’s only 100,000 tons at the depot, the people said. That puts the dollar value of the missing material at about $490 million.

The copper discrepancy in Hebei province comes just months after a separate dispute, spanning several locations in southern China, over missing aluminum tied to $1 billion of lending. Scrutiny of commodities financing and warehouse operations in China is growing, especially as volatile global markets expose some of the more opaque funding arrangements to greater risk.

At the center of this latest case is Huludao Risun Trading Co., a medium-sized merchant that purchases between 800,000 and 1 million tons of imported copper concentrate a year for distribution to domestic Chinese smelters, said the people. The company typically relies on larger counterparties to finance the materials, and then repays the loans with interest and fees after finalizing the trade.

Nobody picked up several calls to the company’s main number, and there was no immediate reply to an email seeking comment.

Risky business

Commodities traders have faced a tougher environment this year as banks turn cautious in the wake of high-profile losses — especially in the nickel market — and huge price volatility exacerbated by Russia’s invasion of Ukraine. That’s encouraged alternative financing, in which smaller, privately-owned firms pledge their goods to large state-run traders to get funding for operations.

But that route is also exposed to risk as the growth model that’s sustained China’s economy for decades shows signs of strain. Some state-owned enterprises, including the country’s top steel mills, have asked units to cut back on operations — including third-party trading — to preserve cash and avoid liquidity crunches.

The impact on the spot concentrate market of the Qinhuangdao copper dispute could be limited, consultancy Mysteel said in a note on Wednesday. Chinese smelters who take material from this merchant should be able to use their existing inventory, while traders could re-route cargoes due to arrive at the Qinhuangdao site to other destinations, it said.

source: mining.com

Categories
Base Metals Breaking Energy Junior Mining Metallic Group Metallic Minerals Precious Metals

Metallic Minerals Announces Filing NI 43-101 Technical Report for the Inaugural Mineral Resource Estimate on the La Plata Project in Southwestern Colorado, USA

VANCOUVER, BC / ACCESSWIRE / June 13, 2022 / Metallic Minerals (TSX.V:MMG | US OTCQB:MMNGF) (“Metallic Minerals“, or the “Company“) is pleased to report that, further to its news release dated April 26, 2022, it has filed on SEDAR a National Instrument 43-101 technical report, entitled, “Technical Report on the Inaugural Mineral Resource Estimate for the Allard Cu-Ag Porphyry Deposit, La Plata Project Southwestern Colorado USA”, has an effective date of April 3rd, 2022.

Scott Petsel, President of Metallic Minerals, stated, “The inaugural resource, which defined 889 million pounds of copper and 15 million ounces of silver (Inferred) at the Allard Cu-Ag Porphyry deposit, was a major milestone for the Company. The project team is currently working to finalize the next phases of exploration to include additional ground and airborne geophysical surveys, resource expansion drilling and the testing of newly identified targets representing both potential porphyry centers and high-grade silver-gold-telluride epithermal targets. We look forward to meeting with existing and potential shareholders this week during PDAC 2022 in Toronto June 13-15, as well as during the Yukon Mining Alliance Property Tours and Conference June 20-24 in Dawson City to discuss the exciting potential we see for both our flagship projects.”

The Technical Report was authored by Allan Armitage, Ph.D., P.Geo. of SGS Geologic Services (“SGS”) an independent Qualified Person and was prepared in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects. The report is available under the Company’s profile at www.sedar.com and will also be available on the Company’s website at www.mmgsilver.com.

About SGS Geological Services

SGS Geological Services has an experienced and respected mining team focused on the domestic and international mining industry. The team has considerable experience in estimation and modeling of deposits of all types and practical and theoretical experience having realized hundreds of assessments for clients. The SGS team consists of a multi-disciplinary group of qualified persons with a strong understanding of the disclosure requirements for Mineral Resources set out in the NI 43-101 Standards of Disclosure for Mineral Projects (2016), CIM Definition Standards – For Mineral Resources and Mineral Reserves (2014) and a strong understanding of the CIM Estimation of Mineral Resources & Mineral Reserves Best Practice Guidelines 2019.

Upcoming Events

PDAC 2022 – Metallic will join fellow Metallic Group members Stillwater Critical Minerals (formerly Group Ten Metals) and Granite Creek Copper in Booth 2851 at the Prospectors and Developers Association Convention in Toronto, ON from June 13-15.

Yukon Property Tours & Conference – Metallic will be in Dawson City June 20-24 for the 2022 Yukon Property Tours, with President, Scott Petsel, and CEO, Greg Johnson, both visiting the Keno Silver Project for exploration planning.

About Metallic Minerals

Metallic Minerals Corp. is an exploration and development stage company, focused on silver, gold and copper in the high-grade Keno Hill and La Plata mining districts of North America. Our objective is to create shareholder value through a systematic, entrepreneurial approach to making exploration discoveries, growing resources and advancing projects toward development. Metallic Minerals has consolidated the second-largest land position in the historic Keno Hill silver district of Canada’s Yukon Territory, directly adjacent to Alexco Resource Corp’s operations, with more than 300 million ounces of high-grade silver in past production and current M&I resources. In addition, the Company recently announced the inaugural resource estimate for the La Plata silver-gold-copper project in southwestern Colorado. The Company also continues to add new production royalty leases on its holdings in the Klondike gold district in the Yukon. All three districts have seen significant mineral production and have existing infrastructure, including power and road access. Metallic Minerals is led by a team with a track record of discovery and exploration success on several major precious and base metal deposits, as well as having large-scale development, permitting and project financing expertise.

About the Metallic Group of Companies

The Metallic Group is a collaboration of leading precious and base metals exploration and development companies, with a portfolio of large, brownfields assets in established mining districts adjacent to some of the industry’s highest-grade producers of silver and gold, platinum and palladium, and copper. Member companies include Metallic Minerals in the Yukon’s high-grade Keno Hill silver district and La Plata silver-gold-copper district of Colorado, Granite Creek Copper in the Yukon’s Minto copper district, and Stillwater Critical Minerals in the Stillwater PGM-nickel-copper district of Montana and Kluane district in the Yukon. The founders and team members of the Metallic Group include highly successful explorationists formerly with some of the industry’s leading explorer/developers and major producers. With this expertise, the companies are undertaking a systematic approach to exploration and development using new models and technologies to facilitate discoveries in these proven, but under-explored, mining districts. Members of the Metallic Group have been recognized as recipients of awards for excellence in environmental stewardship demonstrating commitment to responsible resource development and appropriate ESG practices. The Metallic Group is headquartered in Vancouver, BC, Canada, and its member companies are listed on the Toronto Venture, US OTCQB and Frankfurt stock exchanges.

FOR FURTHER INFORMATION, PLEASE CONTACT:

Website: mmgsilver.com Phone: 604-629-7800
Email: cackerman@mmgsilver.com Toll Free: 1-888-570-4420

Forward-Looking Statements

Forward Looking Statements: This news release includes certain statements that may be deemed “forward-looking statements”. All statements in this release, other than statements of historical facts including, without limitation, statements regarding potential mineralization, historic production, estimation of mineral resources, the realization of mineral resource estimates, interpretation of prior exploration and potential exploration results, the timing and success of exploration activities generally, the timing and results of future resource estimates, permitting time lines, metal prices and currency exchange rates, availability of capital, government regulation of exploration operations, environmental risks, reclamation, title, and future plans and objectives of the company are forward-looking statements that involve various risks and uncertainties. Although Metallic Minerals believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Forward-looking statements are based on a number of material factors and assumptions. Factors that could cause actual results to differ materially from those in forward-looking statements include failure to obtain necessary approvals, unsuccessful exploration results, changes in project parameters as plans continue to be refined, results of future resource estimates, future metal prices, availability of capital and financing on acceptable terms, general economic, market or business conditions, risks associated with regulatory changes, defects in title, availability of personnel, materials and equipment on a timely basis, accidents or equipment breakdowns, uninsured risks, delays in receiving government approvals, unanticipated environmental impacts on operations and costs to remedy same, and other exploration or other risks detailed herein and from time to time in the filings made by the companies with securities regulators. Readers are cautioned that mineral resources that are not mineral reserves do not have demonstrated economic viability. Mineral exploration and development of mines is an inherently risky business. Accordingly, the actual events may differ materially from those projected in the forward-looking statements. For more information on Metallic Minerals and the risks and challenges of their businesses, investors should review their annual filings that are available at www.sedar.com

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

SOURCE: Metallic Minerals Corp.

Categories
Breaking Energy Junior Mining Silver Bullet Mines

Commissioning of Silver Bullet Mines Corp.’s Mill Has Begun

Silver Bullet Mines, Proven and Probable

Burlington, Ontario–(Newsfile Corp. – June 9, 2022) – Silver Bullet Mines Corp. (TSXV: SBMI) (OTCQB: SBMCF) (“SBMI” or “the Company”) announces it has commenced commissioning of its wholly owned 125 MTPD state of the art mill located near Globe, Arizona. This is the next step to silver production.

“Commissioning is the culmination of much planning and hard work,” said A. John Carter, SBMI’s CEO. “The field team overcame global supply chain issues to create a functioning 125 MTPD mill, in a location that was an empty field only last September. We are looking forward to processing ore as quickly as possible.”



Water running through piping as part of start of mill commissioning.

To view an enhanced version of this graphic, please visit:
https://orders.newsfilecorp.com/files/8464/127116_fcd72cd6d43ca802_001full.jpg.

Commissioning will take place over the next few weeks and will include the following steps:

  • water will be run through the mill to check for leaks;
  • each motor will be test run individually and sequentially;
  • each piece of equipment will be test run individually and sequentially to confirm technical matters such as the alignment of gears, bearing temperatures, and clearances;
  • the conveyors will be tracked for speed and consistency;
  • the crushers will be adjusted to proper settings as dictated by the conveyors;
  • the ball charge will then be put in the mill, meaning the steel balls will be inserted into the ball mill in anticipation of feedstock;
  • once all the equipment is calibrated, the mill will again be wet run with water to insure pumps and piping are correct; and
  • the installation of ancillary equipment as needed will follow.

SBMI has contracted Sepro Mineral Systems Corp., the manufacturer of the Falcon Concentrators, to provide a start-up technical team to train SBMI’s experienced mill crew, to insure optimum efficiency of each piece of the mill and the mill overall. The third-party electrical engineers will have at least one person on-site during start-up as well.

When the overall mill has been confirmed to be operating properly, test feed material will be added. As previously disclosed the Company has stockpiled at the millsite some lower grade ore from the Buckeye Silver Mine to serve as test feed. This will allow SBMI to fine tune the mill while minimizing the risk of losing valuable metals to tailings.

It is anticipated the entire commissioning process will take a few weeks, following which processing of the higher grade material can begin.

SBMI will provide further updates as it progresses through the commissioning process.

Please check the Company’s website www.silverbulletmines.com, or follow on Twitter @bulletmines or at YouTube “Silver Bullet Mines”.

For further information, please contact:

John Carter
Silver Bullet Mines Corp., CEO
cartera@sympatico.ca
+1 (905) 302-3843

Peter M. Clausi
Silver Bullet Mines Corp., VP Capital Markets
pclausi@brantcapital.ca
+1 (416) 890-1232

Cautionary and Forward-Looking Statements

Silver Bullet Mines Corp. trades on the TSX Venture Exchange under the symbol SBMI and on the OTCQB Venture Market under the symbol SBMCF. The OTCQB Venture Market is for early stage and developing U.S. and international companies. Companies listed there are current in their reporting and undergo an annual verification and management certification process. Investors can find current financial disclosure for the Company on www.otcmarkets.com and at https://money.tmx.com/en/quote/SBMI .

This news release contains certain statements that constitute forward-looking statements as they relate to SBMI and its subsidiaries. Forward-looking statements are not historical facts but represent management’s current expectation of future events, and can be identified by words such as “believe”, “expects”, “will”, “intends”, “plans”, “projects”, “anticipates”, “estimates”, “continues” and similar expressions. Although management believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that they will prove to be correct.

By their nature, forward-looking statements include assumptions, and are subject to inherent risks and uncertainties that could cause actual future results, conditions, actions or events to differ materially from those in the forward-looking statements. If and when forward-looking statements are set out in this new release, SBMI will also set out the material risk factors or assumptions used to develop the forward-looking statements. Except as expressly required by applicable securities laws, SBMI assumes no obligation to update or revise any forward-looking statements. The future outcomes that relate to forward-looking statements may be influenced by many factors, including but not limited to: the impact of SARS CoV-2 or any other global virus; reliance on key personnel; the availability of skilled and unskilled labour; the presence and recoverability of mineralization; ongoing availability of infrastructure such as electrical, diesel and road access; the thoroughness of its QA/QA procedures; the continuity of the global supply chain for materials for SBMI to use in the production and processing of ore; shareholder, permitting and regulatory approvals; activities and attitudes of communities local to the location of SBMI’s properties; price increases related to supply chain issues; risks of future legal proceedings; income tax matters; fires, floods and other natural phenomena; the rate of inflation; availability and terms of financing; distribution of securities; commodities pricing; currency movements, especially as between the USD and CDN; effect of market interest rates on price of securities; and, potential dilution. SARS CoV-2 and other potential global viruses create risks that at this time are immeasurable and impossible to define.

Categories
Breaking Exclusive Interviews Junior Mining Lion One Metals

Lion One Hits Bigly

I have been waiting for a couple of years to write this story. For years Lion One has been my biggest holding because the story is so simple to understand. I’ve written half a dozen pieces on the company and the last one I wrote was seven months ago. I called it, Buying Lion One is like Stealing. And few listened. The shares were $.97 at the time. Between then and now the stock has barely edged higher in spite of excellent results such as their May 31 press release showing 584 grams of gold per tonne over 0.30 meters.

I love the chat boards. You get to see just how stupid some people can be in their failed attempts to look smart. Here is what someone said on the CEO.CA Lion One board in response on May 31st.

@NabtaPlayaEgypt Tuvatu continues to be restricted to returning very narrow (1/3 meter average) high grade shoots which unless such systems are spaced relatively close en-echelon, may not be economic to mine. At the rate that drilling returns are coming in, that it could take another 2-3 years minimum to create a significant resource update.

Someone wrote me privately and asked what I thought about the comment. Here is how he posted my response.

@WisGuy1 BM response: “Absolute rubbish. There is a similar mine a stone’s throw away that has produced millions of ounces of gold of similar grade and thickness.”

(Click on images to enlarge)

Investing in Lion One at a profit is about as difficult as learning how to fall off a bike. If you can handle that, you can make money on Lion One, because there is an identical age and grade alkaline deposit located about 40 km to the Northeast called the Vatukoula Gold mine. In production from 1932 the Vatukoula mine has produced over seven million ounces of gold and shows a resource of an additional four million ounces.

The deposits are identical in age, grade and type of deposit. So anyone saying you can’t mine a 584-gram intercept of gold over 0.30 meters is blowing smoke.

Alkaline deposits tend to be big. Lion One’s Tuvatu project can easily be as big as Vatukoula. But to satisfy the doubting Thomas of the world Lion One released a world class intercept on June 6, 2022 showing 75.9 meters of 20.86 g/t gold. That’s a 1583 gram/meter hole similar to the home run first hole of Newfound Gold in 2020 with 19.0 meters of 92.86 g/t gold giving a 1764 gram/meter hole.

Lion One is fully permitted to go into production. They built their own assay lab and it is run to industry standards so assays that might take 2-3 months in Canada take 2-3 days in Fiji. Lion One plans on production to begin in Q3/Q4 of 2023.

Lion One has a current 43-101 showing just over 910,000 ounces of gold at an average of 5.61 g/t to 5.8 g/t. I had a short conversation with Wally Berukoff about the production plans. He is shooting for annual numbers of around 100,000 ounces of gold. That is pretty much the magic number. The market will not take any company seriously below that number.

Because of silly Covid restrictions put in by the government of Australia and Fiji, Lion One has been pretty much delayed for two years. The stock hit a high of $2.67 in July of 2020 based on excellent results before drifting lower to a low a month ago of $.88. I’ll stand by every word I said in my piece from November of last year. Buying Lion One is like stealing. They have the goods.

Wally realized the project could not be run remotely from Perth so last year he put in a brilliant on site team in Fiji. If you watch this video, I think you will agree with me in saying that this is one of the most professional teams I have ever seen in twenty years.

Currently the company has about $34 million in cash in the treasury. They have six drills turning with two more on order. The incredible latest hole shows they have tapped into a feeder pipe. They will continue to drill to upgrade and increase the near surface gold resource for near term production but I expect them to pincushion the feeder to determine all its limits.

The worst thing that can happen to any stock is for shareholders to become bored. Once they do, they bail out at the first opportunity to break even. While the stock going up 17.5% on the news with over two million shares trading on the news, I suspect that was a lot of weak hands selling. Look for a couple of quiet days without a lot of price movement and then for the shares to go higher, perhaps much higher. The incredible results of the past two years tell me the high of $2.67 will be revisited soon. Lion One is still cheap.

Until the news of the incredible latest intercept hit the market my personal shares have been underwater for most of the last two years. My average price was $1.18 and it took this news to bring me into profit. But I have believed this story since I first heard it and continued to add to my position as the price dropped. I have never sold a single share and right now I am really glad.

Lion One is an advertiser. I love the company; I love the management and the team that Wally has put together. It will be a mine. It will be profitable and it will be a hell of a lot bigger than anyone imagines today. I expect majors will be sniffing around soon wanting to pick up a piece of it while it’s still cheap. That isn’t going to last long. As with the case of Newfound Gold, intercepts similar to this do not occur in a vacuum. There will be more record-breaking hits in the future.

I own shares and have participated in PPs in the past and will in the future. I am biased so do your own due diligence.

Lion One Metals
LIO-V $1.34 (Jun 06, 2022)
LOMLF OTCQX 156 million shares
Lion One website

###

Bob Moriarty
President: 321gold
Archives

321gold Ltd

Categories
Base Metals Breaking Energy Exclusive Interviews Junior Mining Metallic Group Metallic Minerals Precious Metals

Metallic Minerals | High-Grade Silver, Keno Style Intercepts

Metallic Minerals: TSX.V: MMG | OTC: MMNGF)

Website: https://metallic-minerals.com/

Corporate Presentation: https://metallic-minerals.com/investors/presentations/