VANCOUVER, BC / ACCESSWIRE / December 11, 2023 / Rover Metals Corp. (TSXV:ROVR)(OTCQB:ROVMF)(FSE:4XO) (“Rover” or the “Company“) is pleased to announce that the NI 43-101 Technical Report for the Cabin Lake Gold project (the “Cabin Technical Report”) near to Yellowknife, NT, Canada, is nearing completion. The Company is incorporating three years of exploration data and drill programs (from 2020 to 2022) into the Cabin Technical Report. The Company anticipates that the report will be available the in the middle of Q1-2024.
On November 24, 2020, the Company reported multiple high-grade gold drill intercepts. Highlights of this release included drill results from the Arrow Zone at Cabin Lake of:
Hole ID
From
To
Length
Au g/t (weighted)
CL-20-08
17.5m
49.4m
31.9m
13.66 g/t Au
CL-20-01
24.6m
46.6m
22.0m
7.94 g/t Au
CL-20-03
41.2m
54.8m
13.7m
6.97 g/t Au
CL-20-06
13.1m
20.5m
7.49m
7.55 g/t Au
For a full copy of the release click on the link above.
In 2021, the Company performed extensive geophysical exploration programs including LiDAR and regional airborne magnetic surveys, as well as detailed ground IP geophysics work that identified multiple sulphide anomalies along the Bugow Iron Formation that still have not been drilled. The Bugow Iron Formation at Cabin Lake is over 15km in surface length, and is considered to structurally control the gold at the project across multiple reported zones (the Arrow Zone, the Beaver Zone, and the Andrew Zone). Comparabes for the project are the historic Lupin Gold mine, as well as the Back River gold project in Nunavut, Canada.
Yellowknife, NT, Canada
The Yellowknife area of Canada is a proven mining district hosting an endowment of precious metals, diamonds, critical minerals such as lithium and cobalt, as well as several rare earth elements. Late-stage brownfields exploration projects in the area promise to bring new infrastructure and investment to the area aided by the Government of Canada’s $1.5B Critical Minerals Infrastructure Fund. Fortune Minerals’ NICO cobalt-gold-copper-bismuth project is a recent recipient of this federal government funding. The Cabin Lake Gold project is located approximately 40km from the NICO project. Other regional junior mining companies are likely to receive federal government funding in 2024. Lithium pegmatite discoveries made this summer in the Yellowknife Pegmatite Province by companies such as Canadian listed Li-FT Power and Australian listed Loyal Lithium are also contributing to increased private sector investment into the area on a global scale.
Terms for Sale
The 100% owned Cabin Lake Gold project is being offered for sale under a staged-ownership purchase option, including an up-front cash payment. The Company intends to retain a royalty on the project. The Cabin Technical Report will qualify the project as a listing asset for multiple stock exchanges. The report can be made compliant for an ASX listing upon request. Interested parties should contact the Company at info@rovermetals.com.
Judson Culter, CEO at Rover Metals, states, “The sale of an option for the Cabin Lake Gold project will help bring-in needed working capital for 2024. Management at Rover is focussed on the continued permitting work at its Let’s Go Lithium project, NV, USA. The Company also has identified hard rock pegmatites at its IML project in the Northwest Territories. In 2024, we will be renewing our efforts to further explore and identify pegmatites at the IML project, including regional exploration in the Yellowknife Pegmatite Province, where the IML project is located. We have received a territorial government grant of $153,000 for exploration work at the IML project and we are pursuing federal government funding opportunities for the project as well.”
Technical information in this news release has been approved by Dave White, M.Sc., P.Geo., Technical Advisor of Rover Metals Corp. and a Qualified Person for the purposes of National Instrument 43-101.
Rover is a publicly traded junior mining company that trades on the TSXV under symbol ROVR, on the OTCQB under symbol ROVMF, and on the FSE under symbol 4XO. The Company has a diverse portfolio of mining resource development projects with varying exploration timelines. Its critical mineral projects include lithium, zinc, and copper. Its precious metals projects include gold and silver. The Company is exclusive to the mining jurisdictions of the U.S. and Canada.
You can follow Rover on its social media channels:
Chief Executive Officer and Director For further information, please contact: Email: info@rovermetals.com Phone: +1 (778) 754-2617
Statement Regarding Forward-Looking Information
This news release contains statements that constitute “forward-looking statements.” Such forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause Rover’s actual results, performance, achievements, or developments in the industry to differ materially from the anticipated results, performance, or achievements expressed or implied by such forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects,” “plans,” “anticipates,” “believes,” “intends,” “estimates,” “projects,” “potential” and similar expressions, or that events or conditions “will,” “would,” “may,” “could” or “should” occur. There can be no assurance that such statements prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements, and readers are cautioned not to place undue reliance on these forward-looking statements. Any factor could cause actual results to differ materially from Rover’s expectations. Rover undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates, opinions, or other factors, should change.
THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS NEWS RELEASE REPRESENTS THE EXPECTATIONS OF THE COMPANY AS OF THE DATE OF THIS NEWS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY OTHER DATE. WHILE THE COMPANY MAY ELECT TO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME EXCEPT AS REQUIRED IN ACCORDANCE WITH APPLICABLE LAWS.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OF THIS RELEASE.
Four directional holes drilled into the Apollo Porphyry System (“Apollo”) have expanded the wireframed envelope to the southwest, intercepted high-grade mineralization at the deepest vertical depth drilled to date and improved upon the grade profile below 1,500 metres elevation in a sparsely drilled area.
APC70-D4 intersected 389.45 metres @ 1.36 g/t gold equivalent up to 935 metres below surface with the final 21.8 metres of this intercept grading 4.41 g/t gold equivalent. APC70-D4 has locally extended the system by 100 metres to the southwest and intercepted the deepest mineralization ever encountered at Apollo.
APC70-D1, which was drilled to the south across the Apollo system at a near true angle, intersected 199.40 metres @ 1.65 g/t gold equivalent, including 26.5 metres @ 3.48 g/t gold equivalent to a maximum vertical depth of 745 metres below surface.
APC70-D2, which was drilled to the southeast also at a near true angle to the Apollo system, intersected 168.20 metres @ 1.32 g/t gold equivalent, including 21.35 metres @ 3.11 g/t gold equivalent to a maximum vertical depth of 625 metres below surface.
APC70-D3, which was drilled to the southwest, intersected 168.80 metres @ 1.82 g/t gold equivalent to a maximum vertical depth of 654 metres below surface. The hole bottomed while still in mineralization with the final 4.70 metres grading 1.40 g/t gold equivalent indicating potential for further expansion of the mineralized envelope.
Visual logging of recently completed directional drill hole APC70-D5 and APC88-D1 have intercepted a potential expansion at depth for Apollo as well as a new porphyry unit located north of Apollo under the Olympus system. Assay results for both holes are expected in January.
Drilling continues at the Guayabales project with four rigs, two operating at the Apollo and Trap targets respectively and a backlog of assay results expected in the near future.
Ari Sussman, Executive Chairman commented: “Our directional drill program is off to an excellent start by demonstrating that orthogonal drilling improves the grade profile locally due to an abundance of zones flooded with mineralized CBM vein fluid. Additionally, directional drilling is making it much easier for the Company to test and expand the Apollo envelope by allowing the Company to quickly reach areas that are not possible to drill from surface due to topography. Visual observations of holes APC70-D5 (Pad 1) and APC88-D1 (Pad 14) notes intercepts of more than 500 metres (APC70-D5) and 500 metres plus a second zone of more than 200 metres (APC-88-D1) indicating that a potential material size increase to the envelope of the system will be forthcoming upon receipt of assays in early Q1, 2024.”
TORONTO, Dec. 11, 2023 /CNW/ – Collective Mining Ltd. (TSX: CNL) (OTCQX: CNLMF) (“Collective” or the “Company”) is pleased to announce assay results from the first four directional drill holes into the Apollo porphyry system (“Apollo”). Apollo hosts an outcropping high-grade, bulk tonnage gold-silver-copper-tungsten porphyry system measuring 520 metres x 395 metres x 935 metres (previously 915 metres) which remains open for further expansion. Presently there are four diamond drill rigs operating at the Guayabales project as part of the Company’s planned 42,000 metre drilling program for 2023.
Details (See Table 1 and Figures 1-5)
This press release outlines the first results from the mother hole (APC-70) and four directional holes (APC70-D1 to D4) drilled from the end of the mother hole and designed to test for grade continuity at depth as well as western extensions to the Apollo porphyry system. APC-70 was drilled due south from Pad 1 and its directional holes form a fan pattern from southeast to southwest, intersecting the Apollo system more perpendicularly than prior drilling.
APC-70 was the mother hole for this first directional program and was drilled steeply to the south from Pad 1 to a final downhole depth of 293.30 metres. The principal objective of this hole was to reach the optimal depth to commence the directional drillholes. The hole intersected shallow mineralization related to carbonate and base metal (“CBM”) veining at 83.30 metres downhole for 22.70 metres with assays results as follows:
APC70-D1 was the first deflection from the mother hole and was drilled due south to a final directional downhole depth of 624.10 metres (745 metres vertical from surface due to depth of mother hole). The hole entered brecciated porphyry at 229.30 metres downhole and continued in mineralization for 199.40 metres. The mineralized breccia zone consists of a sulphide matrix cement hosting chalcopyrite (up to 0.4%), pyrite (up to 1.6%) and pyrrhotite (up to 0.8%) as well as later and overprinting CBM vein sulphides such as sphalerite (up to 0.8%), galena (up to 0.3%) and trace amounts of fine, free gold with assay results as follows:
199.40 metres @ 1.65 g/t gold equivalent from 229.30 metres downhole (consisting of 1.46 g/t gold, 11 g/t silver and 0.04% copper) including:
APC70-D1 encountered better grades than previously modelled in this area from drill holes APC-17 and APC-49 and as a result will improve the grade block model in this location. Directional drilling perpendicular to the breccia body has also identified multiple zones of sheeted CBM veins which were intersected from downhole depths of 229.30 metres, 281.40 metres and 402.2 metres over intersection lengths ranging from 22.3 metres to 32.90 metres with grades between 2.32 g/t gold equivalent to 3.48 g/t gold equivalent.
APC70-D2 was drilled in a southeast direction from the mother hole to a maximum downhole deflection depth of 501.80 metres (625 metres vertical from surface due to depth of mother hole). The hole encountered sheeted CBM vein zones at 15.00 metres and 181.40 metres downhole depths for intervals of 11.70 metres and 5.90 metres, with grades of 1.52 g/t gold equivalent and 1.78 g/t gold equivalent, respectively. The hole entered brecciated porphyry at 213.10 metres depth and intersected 168.20 metres of mineralization consisting of a sulphide cement matrix hosting chalcopyrite (up to 0.3%), pyrite (up to 1.5%) and pyrrhotite (up to 1.0%) with CBM vein sulphides such as sphalerite (up to 0.3%) and galena (up to 0.2%). The following assay results are highlighted:
11.70 metres @ 1.52 g/t gold equivalent from 15.00 metres downhole (consisting of 1.38 g/t gold, 10 g/t silver and 0.02% copper) and;
168.20 metres @ 1.32 g/t gold equivalent from 213.10 metres downhole (consisting of 1.14 g/t gold, 11 g/t silver and 0.03% copper) including:
APC70-D2 also encountered better grades than previously modelled in this area due to the presence of multiple zones hosting sheeted CBM veins (see Table 1) and as a result will improve upon the grade block model in this location.
APC70-D3 was drilled southwest to a maximum directional depth of 481.10 metres (654 metres vertical from surface due depth of mother hole). At the beginning of the hole, sheeted CBM vein mineralization was intersected over intervals between 5.10 metres and 28.45 metres with grades of up to 3.33 g/t gold equivalent. Beginning at 245 metres downhole, brecciated porphyry mineralization was intercepted over a total of 168.80 metres. The sulphide mineralization in the breccia matrix in this interval consists of chalcopyrite (up to 0.3%), pyrite (up to 1.1%), sphalerite (up to 0.6%), galena (up to 0.8%) and pyrrhotite (up to 1.5%). The following assay results are highlighted:
· 168.80 metres @ 1.82 g/t gold equivalent from 245.50 metres downhole (consisting of 1.59 g/t gold, 14 g/t silver and 0.03% copper) including:
The APC70-D3 intercept has extended the Apollo system locally for a further 25 metres to the southwest into an area with no previous drilling. Furthermore, the hole bottomed in mineralization with the final 4.7 metres grading 1.4 g/t gold equivalent, opening the opportunity for further mineralization extensions in this area.
APC70-D4 was drilled southwest to a maximum directional downhole depth of 728.25 metres (935 metres vertical from surface due to depth of mother hole). APC70-D4 is the deepest hole drilled to date at Apollo, reaching depths of 935 metres below surface (1,075 RL).
From 45.25 metres to 197.80 meters the hole encountered a series of sheeted CBM vein intervals hosted within quartz diorite porphyry. Beginning at 268.55 metres downhole, the hole intersected 389.45 metres of brecciated porphyry mineralization with sulphide matrix cement hosting chalcopyrite (up to 0.2%), pyrite (up to 3.0%), sphalerite (up to 0.5%), galena (up to 0.2%) and pyrrhotite (up to 1.3%). The following assay results are highlighted:
4.25 metres @ 14.35 g/t gold equivalent from 119.35 metres downhole (consisting of 13.87 g/t gold, 60 g/t silver and 0.02% copper) and;
389.45 metres @ 1.36 g/t gold equivalent from 268.55 metres downhole (consisting of 1.17 g/t gold, 11 g/t silver and 0.03% copper) including:
The results of directional hole APC70-D4 confirm the discovery of a 100-metre southwest depth extension to the Apollo Porphyry system.Apollo remains open to the west for further expansion and recent visual logging of new, westerly directed, directional hole APC70-D5 has confirmed the discovery of over 500 metres of brecciated porphyry mineralization in this area.
Exploration Drill Program and Assay Update
Diamond drilling at the Guayabales project currently totals 128 drill holes (approximately 51,380 meters) completed and assayed. The 2023 Phase II drilling program is advancing on schedule with assay results reported for 57 holes and an additional ten holes awaiting assay results from the laboratory.
With four diamond drill rigs now operating at site, the Company is advancing with the following objectives:
Expanding the Apollo porphyry system both laterally and vertically. The Company is currently advancing with directional drilling utilizing two rigs aimed at expanding the Apollo system to the north, west and at depth.
Drill test the Trap target in the northern portion on the Guayabales project. Three widely spaced reconnaissance holes were completed at Trap in 2022 with the discovery hole, TRC-1 assaying 102.2 metres @ 1.53 g/t gold equivalent (see press release dated September 7, 2022) and containing similar mineralization to the Apollo porphyry system. Follow up drilling is now underway and initial assay results are expected in due course.
The Apollo area, as defined to date by surface mapping, rock sampling and copper and molybdenum soil geochemistry covers a 1,000 metres X 1,200 metres area and represents a large and unusually high-grade gold-silver-copper tungsten porphyry system. Mineralization styles include early-stage porphyry veins, inter-mineral brecciated porphyry mineralization and multiple zones of late stage, sheeted, carbonate-base metal veins with high gold and silver grades. The Apollo area is still expanding as the Company’s geologists have found multiple additional outcrop areas with porphyry veining, breccia, and late stage, sheeted, carbonate base metal veins. (See press release dated April 18, 2023)
Table 1: Assay Results for APC-70, APC70-D1, APC70-D2, APC70-D3 and APC70-D4
Hole #
From (m)
To (m)
Length (m)
Au g/t
Ag g/t
Cu %
Mo %
WO3 %
AuEq g/t*
APC-70
83.30
106.00
22.70
0.71
23
0.03
0.008
–
1.15
Incl
83.30
86.55
3.25
4.78
104
0.03
0.002
–
6.19
APC70-D1
229.30
428.70
199.40
1.46
11
0.04
0.001
–
1.65
Incl
229.30
251.60
22.30
1.82
31
0.08
0.002
–
2.36
and Incl
281.40
314.30
32.90
2.17
11
0.03
0.002
–
2.32
and Incl
341.10
372.90
31.80
1.67
9
0.03
0.001
–
1.81
and Incl
402.20
428.70
26.50
3.41
7
0.04
0.001
–
3.48
and
488.15
513.85
25.70
1.27
4
0.03
0.004
–
1.36
APC70-D2
15.00
26.70
11.70
1.38
10
0.02
0.000
–
1.52
and
181.40
187.30
5.90
1.25
34
0.04
0.000
–
1.77
and
213.10
381.30
168.20
1.14
11
0.03
0.001
–
1.32
Incl
240.00
261.35
21.35
2.83
20
0.04
0.001
–
3.10
and incl
296.90
324.20
27.30
2.32
16
0.04
0.001
–
2.55
and incl
366.00
381.30
15.30
1.44
10
0.05
0.001
–
1.64
APC70-D3
7.45
12.55
5.10
3.23
11
0.02
0.000
–
3.33
and
106.45
134.90
28.45
0.48
6
0.01
0.000
–
0.58
and
245.50
414.30
168.80
1.59
14
0.03
0.002
–
1.82
Incl
247.95
269.60
21.65
1.79
30
0.06
0.001
–
2.27
and Incl
305.50
414.30
108.80
2.00
14
0.03
0.002
–
2.21
and
476.40
481.10
4.70
0.99
28
0.01
0.002
–
1.40
APC70-D4
45.25
51.30
6.05
1.90
35
0.10
0.002
–
2.52
and
119.35
123.60
4.25
13.87
60
0.02
0.000
–
14.34
and
192.00
197.80
5.80
5.35
19
0.02
0.000
–
5.50
and
268.55
658.00
389.45
1.17
11
0.03
0.001
–
1.36
Incl
279.20
308.45
29.25
2.18
30
0.05
0.000
–
2.62
and Incl
456.25
540.50
84.25
1.64
16
0.03
0.001
–
1.88
and Incl
579.90
592.25
12.35
1.70
14
0.03
0.001
–
1.92
and Incl
636.20
658.00
21.80
4.40
8
0.02
0.000
–
4.41
**AuEq (g/t) is calculated as follows: (Au (g/t) x 0.97) + (Ag (g/t) x 0.016 x 0.88) + (Cu (%) x 1.79 x 0.90)+ (Mo (%)*11.62 x 0.85) + (WO3 (%)*6.54 x 0.50) utilizing metal prices of Cu – US$3.85/lb, Ag – US$24/oz Mo – US$25/lb, WO3 – US$31,000/t and Au – US$1,475/oz and recovery rates of 97% for Au, 88% for Ag, 85% for Mo, 50% for WO3 and 90% for Cu. Recovery rate assumptions for gold are based on metallurgical results announced on October 17, 2023. Recovery rates for copper, molybdenum, tungsten and silver are speculative as limited metallurgical work has been completed to date on these metals. True widths are unknown, and grades are uncut. All depths outlined in directional holes are from commencement of kick off point in the mother hole.
To see our latest corporate presentation and related information, please visit www.collectivemining.com
Founded by the team that developed and sold Continental Gold Inc. to Zijin Mining for approximately $2 billion in enterprise value, Collective Mining is a gold, silver, copper and tungsten exploration company with projects in Caldas, Colombia. The Company has options to acquire 100% interests in two projects located directly within an established mining camp with ten fully permitted and operating mines.
The Company’s flagship project, Guayabales, is anchored by the Apollo system, which hosts the large-scale, bulk-tonnage and high-grade gold-silver-copper-tungsten Apollo porphyry system. The Company’s near-term objective is to continue to expand the overall dimensions of the system, which remains open in most directions and test newly generated grassroots targets.
Management, insiders and close family and friends own nearly 45% of the outstanding shares of the Company and as a result, are fully aligned with shareholders. The Company is listed on the TSX under the trading symbol “CNL” and on the OTCQX under the trading symbol “CNLMF”.
Qualified Person (QP) and NI43-101 Disclosure
David J Reading is the designated Qualified Person for this news release within the meaning of National Instrument 43-101 (“NI 43-101”) and has reviewed and verified that the technical information contained herein is accurate and approves of the written disclosure of same. Mr. Reading has an MSc in Economic Geology and is a Fellow of the Institute of Materials, Minerals and Mining and of the Society of Economic Geology (SEG).
Technical Information
Rock, soils and core samples have been prepared and analyzed at SGS and ALS laboratory facilities in Medellin, Colombia and Lima, Peru. Blanks, duplicates, and certified reference standards are inserted into the sample stream to monitor laboratory performance. Crush rejects and pulps are kept and stored in a secured storage facility for future assay verification. No capping has been applied to sample composites. The Company utilizes a rigorous, industry-standard QA/QC program.
Information Contact:
Follow Executive Chairman Ari Sussman (@Ariski73) and Collective Mining (@CollectiveMini1) on Twitter.
FORWARD-LOOKING STATEMENTS
This news release contains “forward-looking information” within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking information and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussion with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often, but not always using phrases such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or variations (including negative variations) of such words and phrases, or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved) are not statements of historical fact and may be forward-looking information. In this news release, forward-looking information relate, among other things, to: anticipated advancement of mineral properties or programs; future operations; future recovery metal recovery rates; future growth potential of Collective; and future development plans.
These forward-looking statements, and any assumptions upon which they are based, are made in good faith and reflect our current judgment regarding the direction of our business. Management believes that these assumptions are reasonable. Forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include, among others: risks related to the speculative nature of the Company’s business; the Company’s formative stage of development; the Company’s financial position; possible variations in mineralization, grade or recovery rates; actual results of current exploration activities; conclusions of future economic evaluations; fluctuations in general macroeconomic conditions; fluctuations in securities markets; fluctuations in spot and forward prices of gold, precious and base metals or certain other commodities; fluctuations in currency markets; change in national and local government, legislation, taxation, controls regulations and political or economic developments; risks and hazards associated with the business of mineral exploration, development and mining (including environmental hazards, industrial accidents, unusual or unexpected formation pressures, cave-ins and flooding); inability to obtain adequate insurance to cover risks and hazards; the presence of laws and regulations that may impose restrictions on mining; employee relations; relationships with and claims by local communities and indigenous populations; availability of increasing costs associated with mining inputs and labour; the speculative nature of mineral exploration and development (including the risks of obtaining necessary licenses, permits and approvals from government authorities); and title to properties, as well as those risk factors discussed or referred to in the annual information form of the Company dated April 7, 2022. Forward-looking information contained herein are made as of the date of this news release and the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results, except as may be required by applicable securities laws. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements and there may be other factors that cause results not to be anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information.
VANCOUVER, BC, Dec. 7, 2023 /CNW/ – Uranium Royalty Corp. (NASDAQ: UROY) (TSX: URC) (“URC” or the “Company“) is pleased to report President and Chief Executive Officer, Scott Melbye, presented his views at the COP 28 Net-Zero Nuclear Pavilion in a panel discussion addressing the sustainability of the uranium sector. The panel was part of the United Nations Conference on Climate Change in Dubai, United Arab Emirates and hosted by the World Nuclear Association and Emirates Nuclear Energy Corporation. While at COP 28, URC demonstrated its support to the Net Zero Nuclear Industry Pledge, as one of 120 industry signatories.
The Net Zero Nuclear Industry Pledge, launched at COP 28 on December 5, 2023, commits to industry support for a tripling of global nuclear capacity by 2050. Twenty-two countries, including the United States, the United Kingdom, France, the United Arab Emirates, Japan, South Korea, and Canada, made the same declaration to tripling nuclear energy capacity by 2050 from a 2020 base in support of their net-zero commitments. The declaration recognizes the importance of extending lifetimes of existing reactors and supporting development and construction of nuclear reactors such as small modular and other advanced reactors for power generation.
Scott Melbye stated: “As a capital provider to miners and developers globally that can help fill this growing demand for uranium, we are excited about the government and industry commitment to support the tripling of nuclear energy by 2050. This growing demand for clean energy has reinforced nuclear power as an indispensable solution in global efforts to curb climate change.”
About Uranium Royalty Corp.
Uranium Royalty Corp. (URC) is the world’s only uranium-focused royalty and streaming company and the only pure-play uranium listed company on the NASDAQ. URC provides investors with uranium commodity price exposure through strategic acquisitions in uranium interests, including royalties, streams, debt and equity in uranium companies, as well as through trading of physical uranium.
Forward Looking Statements
Certain statements in this news release may constitute “forward looking information” and “forward looking statements”, as defined under applicable Canadian and U.S. securities laws (“forward looking statements”), including market expectations and the Company’s strategy and business plans, which ultimately remains the subject of the Company’s discretion. Forward looking statements include statements that address or discuss activities, events or developments that the Company expects or anticipates may occur in the future. When used in this news release, words such as “estimates”, “expects”, “plans”, “anticipates”, “will”, “believes”, “intends” “should”, “could”, “may” and other similar terminology are intended to identify such forward looking statements. Forward looking statements reflect the current expectations and beliefs of the Company’s management. These statements involve significant uncertainties, known and unknown risks, uncertainties and other factors and, therefore, actual results, performance or achievements of the Company and its industry may be materially different from those implied by such forward looking statements. They should not be read as a guarantee of future performance or results, and will not necessarily be an accurate indication of whether or not such results will be achieved. A number of factors could cause actual results to differ materially from such forward looking statements, including, without limitation, risks inherent to royalty companies, any failures by counterparties to perform their respective obligations, market conditions, share price, uranium price volatility and risks related to the operators of the projects underlying the Company’s existing and proposed interests and those other risks described in filings with Canadian securities regulators and the U.S. Securities and Exchange Commission. These risks, as well as others, could cause actual results and events to vary significantly. Accordingly, readers should exercise caution in relying upon forward looking statements and the Company undertakes no obligation to publicly revise them to reflect subsequent events or circumstances, except as required by law.
VANCOUVER, BC / ACCESSWIRE / December 5, 2023 /Stillwater Critical Minerals Corp. (TSXV:PGE)(OTCQB:PGEZF) (the “Company” or “Stillwater”) is pleased to provide an update on diamond drilling completed at the Company’s flagship Stillwater West Ni-PGE-Cu-Co + Au project in Montana in 2023, and other initiatives.
Highlights – Stillwater West
The 2023 drill campaign focused on expansion of the NI 43-101-compliant resources, announced on January 25, 2023 (the “2023 Resource”), with particular focus on expanding recent high-grade discoveries at Chrome Mountain at the west end of the nine-kilometer-long resource area.
Six holes totaling 2,310 meters were completed within and outside of the current resource area, west and south of the current DR-Hybrid deposit, as part of a planned multi-phase program.
Multiple new mineralized zones were intercepted (see Figure 1 above and September 12, 2023, release).
Results include identification and expansion of the N series of sulphide-rich mineralized structures parallel to high-grade nickel sulphide mineralization first discovered by the Company in drill holes CM2021-05 and CM2020-04.
Drilling in 2023 intercepted the N2 and N3 mineralized zones in parallel to high-grade mineralization in CM2021-05, which is now known as N1. As reported May 3, 2022, N1 returned 13.2 meters grading 2.89% Recovered Nickel Equivalent1 (“NiEq”) (2.31% Ni, 1.51 g/t 4E, 0.35% Cu, and 0.115% Co), starting at 37.6 meters and is contained within 400.8 meters of continuous battery and precious metal mineralization.
N series structures and associated high-grade mineralization are now understood to be part of a series of north-south trending structures that crosscut the layered sequence and Platreef-style mineralization of the Stillwater Igneous Complex.
Drilling also confirmed nickel and copper sulphide mineralization in a large and previously untested geophysical anomaly which forms part of a string of untested anomalies extending over 12 kilometers along strike.
All core has now been submitted to the lab for assay with results expected over the coming weeks.
Mineralized zones were predicted by the updated exploration model, demonstrating the Company’s success in advancing the first ever detailed geologic model of the lower Stillwater Igneous Complex.
The 2023 drill campaign is the first campaign funded by the strategic investment made by Glencore PLC in June 2023, and the first to apply updated geological models which incorporate similar geology from South Africa’s Platreef district under the direction of Dr. Danie Grobler, who joined the team in May of 2022 as Vice-President of Exploration.
Drilling for 2024 is now being planned to continue expansion around known mineralization at the existing resource areas, at recent discoveries including the N series structures, and also more broadly across the 32-kilometer-long project.
Michael Rowley, Stillwater President and CEO, stated, “We continue to advance new sulphide-rich discoveries at our flagship Stillwater West project as we apply geologic models from South Africa’s giant polymetallic nickel sulphide mines to similar geology at our Stillwater West project. Recent work is identifying additional styles of mineralization, and we look forward to expanding further on these exciting developments as they advance. Overall, the Stillwater district remains underexplored – and therefore wide open for significant expansion of known mineralization – despite having produced critical and strategic minerals such as nickel, copper, palladium, platinum and chrome for over a century. We look forward to reporting assay results and providing updated analysis as we work with our partners at Glencore PLC and the US Geological Survey to advance primary domestic supply of nine of the commodities identified as critical by the US Government. Additional news is expected from our Kluane and Drayton-Black Lake projects, carbon sequestration studies, and other initiatives including continued work on government funding channels.”
Dr. Danie Grobler, Stillwater Vice-President of Exploration, said “Drilling in 2023 focused on intersecting several of the north-south trending high-grade and high-tenor nickel sulphide mineralized N-structures recognized during the 2022 field season. A 100% target intercept rate was achieved due to predictability and good correlation of the N-structure orientations within the 3D structural model developed by the team including results from a 2023 ground magnetic survey across Chrome Mountain. The first two holes intersected both of the sulphide-rich N1 and N2 structures at shallow depth. Drillhole CM2023-03 intersected an approximately 20-meter-thick zone of nickel sulphide mineralization at a depth of 223 meters from surface. All three of these holes also intersected a PGE+Ni+Cu mineralized pegmatoidal pyroxenite layer at its predicted position within the geological model. Drillhole CM2023-04 intersected disseminated, net-textured to semi-massive nickel sulphide mineralization from approximately 100 to 180 meters depth. In addition to the above, drillholes CM2023-05 and CM2023-06 both intersected zones of net-textured to semi-massive nickel and copper sulphide mineralization associated with a previously untested large shallow electromagnetic anomaly at Chrome Mountain. This anomaly forms part of a string of untested anomalies found near the footwall contact zone which runs more than 12 kilometers along strike from west of Chrome Mountain to Iron Mountain in the east. Visual inspection of the 2023 core shows many similarities to Stillwater’s CZ deposit, located approximately five kilometers to the east, which contains the highest nickel grades in the 2023 declared resource. This exciting discovery is expected to form a priority target for the upcoming 2024 campaign.”
Upcoming Events – Clean Energy and Precious Metals Virtual Investor Conference and AMEBC Core Shack
Stillwater Critical Minerals President & CEO, Michael Rowley, will present live on December 5th at 10am ET | 1pm PT with a Q&A to follow. Mr. Rowley is also available for one-on-one meetings following the event. For more information and to register click here.
The Company looks forward to displaying core from the 2023 drill season at the upcoming AMEBC Mineral Roundup event held in Vancouver, BC from January 22 to 25, 2024. For more information click here.
Government Funding
The Company continues to work with Cornell University under a Department of Energy grant, as announced February 14, 2023, and separately with the US Geological Survey on other programs at Stillwater West. In addition, the Company is actively pursuing other US government initiatives relating to developing domestic supply of critical minerals and will make further announcements as information becomes available.
Kluane PGE-Ni-Cu Project Update
Geological mapping, drone LiDAR and imagery acquisition, claim staking, and prospecting and rock sampling programs were completed in 2023 at the Company’s 100%-owned Kluane PGE-Ni-Cu project in Yukon, Canada, with field work funded in part by a Yukon Mineral Exploration Program grant. Follow-up work including completion of detailed geologic maps over priority areas and the advancement targets for later campaigns is on-going.
The Company has also begun to formally examine potential opportunities for carbon capture at the Kluane project with an initial focus on developing a procedure to identify and map rocks for their potential to sequester carbon based on existing data sources, remote sensing and imagery.
The Kluane project consists of a large 260 km2 land position containing the Spy, Ultra and Catalyst properties, all of which occur within the Kluane Mafic-Ultramafic Belt; a system of PGE-Ni-Cu deposits which are part of a sequence of mafic-ultramafic rocks that extends through the Yukon from northern British Columbia to central Alaska. Located near the Alaska Highway, the Kluane project properties are on trend with the Wellgreen Ni-Cu-PGE deposit.
Drayton – Black Lake
Heritage Mining (“Heritage”, CSE: HML) continues to meet the requirements of the earn-in agreement announced November 29, 2021, by the completion of exploration work on the Company’s district-scale Drayton-Black Lake gold project in Ontario, and the issuance of shares and cash to the Company. Results are pending from Heritage’s recent drill campaigns, and follow-up exploration programs are now being planned for 2024.
The Drayton-Black Lake Project site is located in northwestern Ontario in the Abrams‐Minnitaki Lake Archean greenstone belt approximately 25 kilometers east of the town of Sioux Lookout, Ontario. Access and infrastructure are excellent, featuring direct road access, and proximity to rail and power. Heritage Mining compiled the significant project database as part of advancing the substantial exploration potential of the project including demonstrated high-grade gold in drill results and bulk samples across more than 30 kilometers of underexplored strike in a geologic setting that is shared with Treasury Metals’ adjacent development-stage Goliath Gold Complex project. Work since the 1990s has proven more than 14 million ounces of gold in the broader district in this emerging and highly active gold belt lead by New Gold’s Rainy River mine and other deposits, and Heritage is effectively applying geological models and exploration methods that have been successful elsewhere in the district.
About Stillwater Critical Minerals Corp.
Stillwater Critical Minerals (TSX.V: PGE | OTCQB: PGEZF) is a mineral exploration company focused on its flagship Stillwater West Ni-PGE-Cu-Co + Au project in the iconic and famously productive Stillwater mining district in Montana, USA. With the addition of two renowned Bushveld and Platreef geologists to the team and a strategic investment by Glencore, the Company is well positioned to advance the next phase of large-scale critical mineral supply from this world-class American district, building on past production of nickel, copper, and chromium, and the on-going production of platinum group and other metals by neighboring Sibanye-Stillwater. An expanded NI 43-101 mineral resource estimate, released January 2023, delineates a compelling suite of critical minerals contained within five Platreef-style nickel and copper sulphide deposits at Stillwater West, which host a total of 1.6 billion pounds of nickel, copper and cobalt, and 3.8 million ounces of palladium, platinum, rhodium, and gold, and remains open for expansion along trend and at depth.
Stillwater also holds the high-grade Black Lake-Drayton Gold project adjacent to Treasury Metals’ development-stage Goliath Gold Complex in northwest Ontario, currently under an earn-in agreement with Heritage Mining, and the Kluane PGE-Ni-Cu-Co critical minerals project on trend with Nickel Creek Platinum‘s Wellgreen deposit in Canada‘s Yukon Territory.
FOR FURTHER INFORMATION, PLEASE CONTACT:
Michael Rowley, President, CEO & Director – Stillwater Critical Minerals
1 – Recovered Nickel Equivalents (“NiEq”) are presented for comparative purposes using long-term metal prices (all USD): $8.00/lb nickel (Ni), $4.00/lb copper (Cu), $24.00/lb cobalt (Co), $1,000/oz platinum (Pt), $2,200/oz palladium (Pd), $1,800/oz gold (Au), and $10,000/oz rhodium (Rh). NiEq is determined as follows: NiEq% = [Ni% x recovery] + [Cu% x recovery x Cu price/ Ni price] + [Co% x recovery x Co price / Ni price] + [Pt g/t x recovery / 31.103 x Pt price / Ni price / 2,204 x 100] + [Pd g/t x recovery / 31.103 x Pd price / Ni price / 2,204 x 100] + [Au g/t x recovery / 31.103 x Au price / Ni price / 2,204 x 100]. In the above calculations: 31.103 = grams per troy ounce, 2,204 = lbs per metric tonne, and 100 and 0.01 convert assay results reported in % and g/t. The following recoveries have been assumed for purposes of the above equivalent calculations: 85% for Ni and 90% for all other listed metals, based on recoveries at similar nearby operations.
Quality Control and Quality Assurance
Mr. Mike Ostenson, P.Geo., is the qualified person for the purposes of National Instrument 43-101 for the Montana property, and he has reviewed and approved the technical disclosure contained in this news release.
Ms. Debbie James, P.Geo., is the qualified person for the purposes of National Instrument 43-101 for the Yukon and Ontario properties, and she has reviewed and approved the technical disclosure contained in this news release.
Forward-Looking Statements
This news release includes certain statements that may be deemed “forward-looking statements”. All statements in this release, other than statements of historical facts including, without limitation, statements regarding potential mineralization, historic production, estimation of mineral resources, the realization of mineral resource estimates, interpretation of prior exploration and potential exploration results, the timing and success of exploration activities generally, the timing and results of future resource estimates, permitting time lines, metal prices and currency exchange rates, availability of capital, government regulation of exploration operations, environmental risks, reclamation, title, and future plans and objectives of the company are forward-looking statements that involve various risks and uncertainties. Although Stillwater Critical Minerals believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Forward-looking statements are based on a number of material factors and assumptions. Factors that could cause actual results to differ materially from those in forward-looking statements include failure to obtain necessary approvals, unsuccessful exploration results, changes in project parameters as plans continue to be refined, results of future resource estimates, future metal prices, availability of capital and financing on acceptable terms, general economic, market or business conditions, risks associated with regulatory changes, defects in title, availability of personnel, materials and equipment on a timely basis, accidents or equipment breakdowns, uninsured risks, delays in receiving government approvals, unanticipated environmental impacts on operations and costs to remedy same, and other exploration or other risks detailed herein and from time to time in the filings made by the companies with securities regulators. Readers are cautioned that mineral resources that are not mineral reserves do not have demonstrated economic viability. Mineral exploration and development of mines is an inherently risky business. Accordingly, the actual events may differ materially from those projected in the forward-looking statements. For more information on Stillwater Critical Minerals and the risks and challenges of their businesses, investors should review their annual filings that are available at www.sedar.com.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Vancouver, British Columbia, Dec. 01, 2023 (GLOBE NEWSWIRE) — Terra Balcanica Resources Corp. (“Terra” or the “Company”) (CSE:TERA) announces the intent to complete a non-brokered, private placement (“Private Placement”) for gross proceeds of up to $150,000 through the issuance of up to 3,750,000 common shares (“Common Shares”) at a purchase price of $0.04 per share.
The Common Shares will be offered by way of prospectus exemptions in Canada and the Common Shares sold in the Private Placement will be subject to a hold period of four months plus one day. The Closing Date is expected to occur on or about December 11th, 2023, subject to regulatory approvals, including the approval by the CSE and certain other customary conditions including, but not limited to, execution of subscription agreements between the Company and the subscribers. The Private Placement will be utilized for opportunities in the critical battery metal exploration space in the Western Balkans.
About the Company Terra Balcanica is a polymetallic exploration company targeting large-scale mineral systems in the Balkans of southeastern Europe. The Company has 90% interest in the Viogor-Zanik Project in eastern Bosnia and Herzegovina, 100% of the Kaludra and Ceovishte mineral exploration licences in Serbia. The Company emphasizes responsible engagement with local communities and stakeholders. It is committed to proactively implementing Good International Industry Practice (GIIP) and sustainable health, safety and environmental management.
ON BEHALF OF THE BOARD OF DIRECTORS
Terra Balcanica Resources Corp. Aleksandar (Alex) Mišković President and CEO
This news release contains certain forward-looking information and forward-looking statements within the meaning of applicable securities legislation (collectively “forward-looking statements”). The use of any of the words “will”, “intends” and similar expressions are intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Such forward-looking statements should not be unduly relied upon. Actual results achieved may vary from the information provided herein as a result of numerous known and unknown risks and uncertainties and other factors. The Company believes the expectations reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct. The Company does not undertake to update these forward-looking statements, except as required by law.
Burlington, Ontario–(Newsfile Corp. – November 27, 2023) – Silver Bullet Mines Corp. (TSXV: SBMI) (OTCQB: SBMCF) (‘SBMI’ or ‘the Company’) is pleased to announce high grade silver results as it moves to the next stage in the development of the new Zone1, as outlined in previous press releases.
In its press release of November 1, 2023, SBMI advised it was continuing to blast and muck in Zone1 towards what management believed to be a volume of higher grade silver mineralization. Since then, in the last three blasts the vein width significantly increased to over 19 feet wide, with current assays of up to 24.2 oz/ton silver from the new muck piles and directly from the vein (see chart below). This is significant as the Company believes it is very close to the 1969 historical drill holes, and expects the grade to increase in future blasts. It also provides strong support for management’s theory of the grade increasing as blasting penetrates further into Zone1.
Sample1
Oz/t silver
g/tonne silver
1A
17.6
603.4
1B
17.4
596.6
1C
18.0
617.1
Sample2
2A
11.0
377.1
2B
12.8
438.9
2C
12.8
438.9
Sample3
3A
20.2
692.6
3B
18.8
644.6
3C
20.2
692.6
Sample4
4A
24.2
829.7
4B
24.2
829.7
4C
24.2
829.7
“These results validate our interpretation of the historical and current data,” said A. John Carter, SBMI’s CEO. “The grades are increasing the further we blast into Zone1, as we expected. After battling through Covid, severe supply chain challenges, Mother Nature and unexpected price increases, it is rewarding to be hitting our targetted area, almost exactly where we expected it to be.”
As a result of these grades, management believes the recently blasted material to be economically viable and therefore is being prepared for transportation to the mill for processing. Upon receipt of the material the Company will restart the mill. SBMI is working with a transport company to arrange transportation to the mill.
The Company believes that due to the nugget effect nature of the host rock, milling could increase or decrease the overall grade.
SBMI believes Zone1 to be the zone outlined in the historical data, including the 1969 drill results, and could contain a significant quantity of silver and other metals. The Company intends to continue to drill and blast in Zone1.
As described in the November 1, 2023 press release, a third party has advised it intends to soon send 900 pounds of gold concentrate to SBMI’s mill for processing into a higher purity product. SBMI and the third party will agree upon commercial terms once SBMI has had an opportunity to inspect the gold concentrate. Only minor changes will be made to the mill to enable the processing of the concentrate.
QA/QC
Channel samples and grab samples are taken after each blast, to be processed at the Company’s production assay lab located at the mill. In accordance with best practices, multiple assays have been and should continue to be sent to third party ISO-accredited labs for multielement analysis including precious metals and PGMs. Readers are cautioned that these samples may not be representative of the Buckeye Mine as a whole.
Samples 1, 2 and 3 were processed on November 17, 2023. Sample 4 was processed on November 22, 2023. All samples were run in triplicate.
All samples above were analyzed by SBMI at its facility near Globe, Arizona. They were processed through the Lab Jaw Crusher, Lab Hammer Mill and Splitter Box into an aliquot. Most of the pulverized aliquot was mixed with a flux and flour combination and melted in a crucible at 1,850 degree Fahrenheit, with the remainder being logged and archived. Upon cooling, the poured melt was in the form of a metal button and slag, following which a bone ash cupel was utilized to eliminate the lead in the button to form a bead. The bead was then weighed, following which a solution of 6 to 1 distilled water to nitric acid was utilized to dissolve the silver in the bead at approximately 175 degrees Fahrenheit. A much more detailed description of the process and a picture of the assay lab can be found at https://www.silverbulletmines.com/qaqcassaylab.
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; 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 pathogens create risks that at this time are immeasurable and impossible to define.
Edmonton, Alberta–(Newsfile Corp. – November 22, 2023) – Grizzly Discoveries Inc. (TSXV: GZD) (FSE: G6H) (OTCQB: GZDIF) (“Grizzly” or the “Company”) is pleased to announce the first assay results for rock samples collected from the newly staked mineral claims in the Marshall Lake to Eholt area of Greenwood. These are some of the first geochemical results from several batches of samples, that the Company expects to receive additional results for over the coming months, for work conducted at the Marshall Lake area, Midway, Sappho-Lexington, Imperial and Beaverdell target areas within the Greenwood Precious and Battery Metals Project.
In addition, results will also be forthcoming from prospecting and sampling that have been conducted at the Robocop Property following up on copper-cobalt anomalous soils identified in work over the last two years.
Highlights:
A total of 92 rock grab samples were collected from outcrop and mineralized dump material across the new claims staked in August (highlighted in blue in Figures 1 and 2) yielding 21 samples with >0.5 grams per tonne (g/t) gold (Au) up to 154.5 g/t Au, along with high silver (Ag) up to 205 g/t Ag and high copper (Cu) up to 8.44 percent (%) Cu (Figures 1 and 2).
Rock grab samples from showings and mineralized dumps in the Marshall Lake area returned 11 samples with >0.5 g/t Au up to 154.5 g/t Au including 4 samples with >8.95 g/t Au up to 154.5 g/t Au. The high Au values are often accompanied by high Cu in the 0.1 to 0.6% range. The anomalous values are associated with high sulphide material in what appears to be gossanous skarnified sedimentary rocks (Figure 3).
Rock grab samples from the exploration areas of the Great Laxey showing and west of the Emma showings returned significant Cu values with up to 1.235% Cu and 8.44% Cu respectively. The area west of the Emma showings and old workings has also provided grab samples with high Au and Ag values including 4 samples with 2.13 g/t Au up to 17.55 g/t Au, 107 g/t Ag up to 205 g/t Ag and 0.98% Cu up to 8.44% Cu (Figures 1 and 2).
Sulphide mineralization at Great Laxey and west of the Emma historical workings is associated with skarnified sedimentary rocks and intrusions. The west Emma area may also show alteration patterns consistent with intermediate to high sulphidation epithermal mineralization.
Brian Testo, President and CEO of Grizzly Discoveries stated “We are excited with the new results to date from the new mineral claims and we are planning follow-up exploration including extensive soil and rock sampling programs along with ground geophysical surveys. Much of newly staked ground has seen little exploration and evaluation since the 1990’s. We also are looking forward to pursuing a number of high grade gold – silver – copper showings and historical mines with drilling in the New Year along with additional exploration for significant battery metal prospects in our current 165,000+ acre land holdings in the Greenwood District. We have barely scratched the surface in terms of exploration!“
Figure 1: Initial Gold Results Rock Sampling 2023 – New Mineral Claims.
As the Company awaits drilling permits from the BC Government, significant ground based prospecting and sampling programs have been executed at the newly staked Marshall Lake claims as well as at a number of other exploration target areas including Midway, Imperial, Sappho-West Lexington and Beaverdell areas (Figure 4). A total of more than 800 rock samples and 3,800 soil samples have been collected during the 2023 field season. Results will be announced as they are received and interpreted over the coming weeks.
Update on Drilling:
Drilling will initially be focused at the historical Midway Mine (Figure 4) but the intent is that eventually the Company will complete new drilling in 2024 at Midway, Imperial, Copper Mountain (Mable Jenny, Coronation and Prince of Wales targets), and potentially the Sappho areas, depending upon the timing of the receipt of drill permits, additional funding and weather permitting. We eagerly await drilling permits from the BC Ministry of Energy Mines and Petroleum Resources. The permit applications were submitted initially in January-February of this year and the Company is now awaiting final comments and any required conditions or changes resulting from the recently completed 30 day notification periods. Archaeological and biological surveys are being conducted where required.
Summary of 2023 Exploration at Greenwood:
An extensive rock and soil sampling program along with new geological mapping during 2023 has been conducted in preparation for drilling. The work has yielded two new showings identified near the historical Midway Mine including up 5.64 g/t Au from a showing 400 m to the north of the Midway Mine and a second showing along an apparent fault structure with 4.19 g/t Au from a grab sample collected about 375 m to the west of the Midway Mine. At least 6 new areas with anomalous gold (> 100 ppb Au), silver or copper in soils have been identified across the Midway Mine Property with the results from follow up exploration in progress (See Company News Release Dated October 12, 2023). A summary of all the Midway results will be provided once all the results are received.
Figure 4: Grizzly active exploration target areas 2023.
To date, gold-silver-base metal mineralization appears to be related to veins and stockworks at contacts between altered ultramafic-carbonate rocks (listwanites) in contact with diorite intrusions in a complex structural setting, with the intersections of structures playing a key role in the localization of alteration.
At the historical Imperial Mine area, a total of 50 new rock grab and rock chip samples were collected from the Imperial showing area, with 6 samples returning greater than 1 (g/t) gold (Au) up to 12.1 g/t Au and 8 samples retuning greater than 40 g/t silver (Ag) up to 469 g/t Ag (Figure 4). The samples define a targeted north – south strike length of over 170 m for future drilling. The samples show significant amounts of lead (Pb), zinc (Zn) and Cu with several samples yielding greater than 2% combined base metals (See Company News Release Dated October 12, 2023). Geological mapping is in progress and ground geophysical surveys are planned prior to conducting drilling at this target.
The Copper Mountain area continues to yield excellent results from a number of showings including the Coronation and Prince of Wales historical mines along with the Mabel Jenny area (Figure 4). A total of 9 of 14 rock grab and chip samples collected this year from a new zone discovered late in 2022 has yielded greater than 1 g/t Au up to 13.75 g/t Au (along with up to 61.9 g/t Ag) and up to 0.475% Cu and 2.93% Zn (See Company News Release Dated October 12, 2023). The discovery was made along a new logging road cut late in 2022 and appears to demonstrate quartz vein stockwork mineralization in an altered diorite over a strike length of more than 400 m when combined with anomalous samples from 2022.
Geological and prospecting crews have concluded prospecting, geological mapping, rock and soil sampling within the Greenwood Project area and have conducted an initial pass at the new mineral claim area staked August 1, 2023 (See Company News Release dated September 7, 2023). A number of existing showings and parts or extensions to known showings have been acquired with the staking of the new mineral claims including but not limited to Marshall Lake, Sylvester K, the Great Laxey, Eholt and lands adjacent to and surrounding the historical Phoenix Mine. Results from the initial sampling programs on these new claims will be released as they are received.
The geological and prospecting crew has made several discoveries of sulphide, quartz vein zones and skarn on the new claims (Figures 1 and 2). Sulphide showings associated with skarn at Marshall Lake hosted in Triassic Brooklyn Formation sedimentary rocks including limestone that has been intruded by diorite. The showings have been trenched and bulk sampled in the past (1960’s to 1970’s) yielding significant copper, silver and gold. Little to no modern exploration has been performed at the Marshall Lake target as well as a number of other showings in the Brooklyn sequence such as the Great Laxey.
The goal is to have a pipeline of high priority precious metal and battery metal targets that are all permitted and ready for a long 2024 drilling campaign in order to prioritize these assets into those that can deliver future mineral resources with additional drilling, eventually leading to some form of economic studies and scenarios that might be able to take advantage of local toll treating opportunities that exist in the Greenwood – Republic region.
Quality Assurance and Control
Rock and soil samples were analyzed at ALS Global Laboratories (Geochemistry Division) in Vancouver, Canada (an ISO/IEC 17025:2017 accredited facility). Gold was assayed using a fire assay with atomic emission spectrometry and gravimetric finish when required (+10 g/t Au). Rock grab and rock chip samples from outcrop/bedrock are selective by nature and may not be representative of the mineralization hosted on the project.
The sampling program was undertaken by Company personnel under the direction of Michael B. Dufresne, M.Sc., P.Geol., P.Geo. A secure chain of custody is maintained in transporting and storing of all samples.
The technical content of this news release and the Company’s technical disclosure has been reviewed and approved by Michael B. Dufresne, M. Sc., P. Geol., P.Geo., who is the Qualified Person as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects.
ABOUT GRIZZLY DISCOVERIES INC.
Grizzly is a diversified Canadian mineral exploration company with its primary listing on the TSX Venture Exchange focused on developing its approximately 72,700 ha (approximately 180,000 acres) of precious and base metals properties in southeastern British Columbia. Grizzly is run by highly experienced junior resource sector management team, who have a track record of advancing exploration projects from early exploration stage through to feasibility stage.
On behalf of the Board,
GRIZZLY DISCOVERIES INC. Brian Testo, CEO, President
Suite 363-9768 170 Street NW Edmonton, Alberta T5T 5L4
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.
Caution concerning forward-looking information
This press release contains “forward-looking information” and “forward-looking statements” within the meaning of applicable securities laws. This information and statements address future activities, events, plans, developments and projections. All statements, other than statements of historical fact, constitute forward-looking statements or forward-looking information. Such forward-looking information and statements are frequently identified by words such as “may,” “will,” “should,” “anticipate,” “plan,” “expect,” “believe,” “estimate,” “intend” and similar terminology, and reflect assumptions, estimates, opinions and analysis made by management of Grizzly in light of its experience, current conditions, expectations of future developments and other factors which it believes to be reasonable and relevant. Forward-looking information and statements involve known and unknown risks and uncertainties that may cause Grizzly’s actual results, performance and achievements to differ materially from those expressed or implied by the forward-looking information and statements and accordingly, undue reliance should not be placed thereon.
Risks and uncertainties that may cause actual results to vary include but are not limited to the availability of financing; fluctuations in commodity prices; changes to and compliance with applicable laws and regulations, including environmental laws and obtaining requisite permits; political, economic and other risks; as well as other risks and uncertainties which are more fully described in our annual and quarterly Management’s Discussion and Analysis and in other filings made by us with Canadian securities regulatory authorities and available at www.sedar.com. Grizzly disclaims any obligation to update or revise any forward-looking information or statements except as may be required by law.
Drilling is now underway at the Guayabales Project’s Trap porphyry target (“Trap”) with the objective of following up on the 2022 discovery hole TRC-1, which intersected 102.20 metres of gold-silver-copper mineralization averaging @ 1.53 g/t gold equivalent.
Trap is located approximately three kilometres to the northeast of the Company’s flagship Apollo porphyry system (“Apollo”) and is significantly larger than Apollo in dimensions measuring approximately 2 kilometres by 2 kilometres in area.
The mineralization styles and geochemical signatures encountered at Trap are very similar to those observed at the Apollo system, namely porphyry vein and alteration systems being overprinted by subsequent carbonate base metal (“CBM”) sheeted vein systems.
High-grade assay results have been received from a short hole drill program at Apollo. The aim of the program was designed to provide important data for block modelling by infilling the shallowest portion of the dip of the system as it moves under cover, with results including:
130.45 metres @ 2.17 g/t gold equivalent from 119.90 metres downhole in APC-80.
98.75 metres @ 2.71 g/t gold equivalent from 132.35 metres downhole in APC-82.
Drilling in the southern part of Apollo into the porphyry halo located outside of the high-grade brecciated porphyry system has cut shallow, lower grade mineralization while extending the maximum known dimensions of the brecciated porphyry to 560 metres (previously 520 metres). The system remains open to the west, north and at depth. Assay results include:
109.15 metres @ 0.46 g/t gold equivalent from 7 metres downhole in APC-75.
Drilling continues at the Guayabales project with four rigs currently in operation and a backlog of assay results expected in short order. Assay results outstanding include a series of directional drill holes at Apollo as well as initial results from the ME target area.
Ari Sussman, Executive Chairman commented: “Trap is an extremely exciting target, one which we did not appreciate appropriately when the discovery hole was drilled in mid-2022 as our geological knowledge of the Guayabales project was only in its infancy. After careful review, it is now clear that the 2022 Trap discovery hole is hosted in a long and continuous zone of quartz diorite porphyry with overprinting styles of mineralization similar to those observed at Apollo. Trap possesses all the characteristics of a potentially large porphyry system, and we look forward to seeing what transpires from our drilling program now underway.”
TORONTO, Nov. 22, 2023 /CNW/ – Collective Mining Ltd. (TSX: CNL) (OTCQX: CNLMF) (“Collective” or the “Company”) is pleased to announce that is has commenced drilling at the Trap target (“Trap”) and assay results for seven holes drilled in the Apollo porphyry system (“Apollo). Apollo and Trap are both targets within the Company’s flagship Guayabales project located in Caldas, Colombia. Presently, there are four diamond drill rigs operating at the Guayabales project as part of the Company’s planned 42,000 metre drilling program for 2023.
Details (See Table 1-4 and Figures 1-2)
This press release outlines details of the Trap target and results from seven holes drilled within and peripheral to the Apollo system.
Trap Target
The Company announces that drilling is now underway at the Trap target in the northern portion of the Guayabales project. Trap is located approximately three kilometres to the northeast of the Apollo Porphyry system in the largest porphyry intrusion centre outlined to date at the Guayabales project.
On September 27, 2022, grass roots reconnaissance drilling at Trap resulted in a porphyry discovery with drill hole TRC-1 assaying 102.20 metres @ 1.53 g/t gold equivalent (Table 1) including:
16.10 metres @ 2.63 g/t gold equivalent from 250.20 metres downhole related to a copper- gold-silver porphyry style mineralization (Table 2).
14.70 metres @ 2.00 g/t gold equivalent from 289.00 metres downhole related to gold-silver rich CBM style mineralization (Table 3).
Mineralization styles and metal geochemistry at Trap is very similar to the Apollo porphyry system in terms of gold, silver, and copper (see Tables 2 and Table 3). Hole TRC-1 intersected porphyry style mineralization (see Table 2, downhole depths from 250.2 metres to 266.30 metres) with secondary biotite, hydrothermal magnetite (up to 0.5%) in veinlets, albite, chlorite, chalcopyrite (up to 1.0 % and replacing the magnetite) and pyrite (up to 1.3%). Below this at 289.00 metres downhole, the hole entered into a polymetallic, CBM mineralization phase enveloped by strong sericite alteration. The sheeted carbonate veins host gold, silver, lead and zinc with sulphides including sphalerite (up to 0.5%), galena (up to 0.2%), pyrite (up to 2.0%), copper oxides, quartz, and carbonates.
Table 1: Assay Results for TRC-1 (announced September 27, 2022)
Hole #
From (m)
To (m)
Length (m)
Au (g/t)
Ag (g/t)
Cu (%)
Mo (%)
AuEq (g/t*)
TRC-1
233.80
336.00
102.20
1.26
12
0.09
0.003
1.53
Incl
259.10
269.00
9.90
3.00
25
0.25
0.007
3.65
and incl
294.50
303.70
9.20
1.82
31
0.07
0.003
2.27
*AuEq (g/t) is calculated as follows: (Au (g/t) x 0.95) + (Ag (g/t9 x 0.014 x 0.95) + (Cu (%) x 1.96 x 0.95) utilizing metal prices of Cu – US$4.00/lb, Ag – $20/oz and Au – US$1,400/oz and recovery rates of 95% for Au, Ag and Cu. Recovery rate assumptions are speculative as no metallurgical work has been completed to date. True widths are unknown, and grades are uncut. (See press release dated September 27, 2022)
Table 2: Individual Assay Results from Within Trap Hole TRC-1 Highlighting Porphyry Style Mineralization (Low Values of Zinc and Lead mineralization)
Hole #
From (m)
To (m)
Length (m)
Au (g/t)
Ag (g/t)
Cu (%)
Zn (%)
Pb (%)
TRC-1
250.20
250.80
0.60
0.61
37
0.15
0.01
0.03
250.80
251.40
0.60
1.95
37
0.34
0.01
–
251.40
252.10
0.70
1.64
50
0.30
0.01
–
252.10
252.80
0.70
1.46
33
0.30
0.01
–
252.80
253.50
0.70
1.41
25
0.25
0.01
–
253.50
254.20
0.70
2.27
21
0.29
0.01
–
254.20
255.00
0.80
0.18
3
0.04
–
–
255.00
255.80
0.80
0.28
2
0.04
0.01
–
255.80
256.60
0.80
0.25
8
0.03
0.02
–
256.60
257.20
0.60
0.40
12
0.03
0.05
0.01
257.20
257.80
0.60
0.40
12
0.05
0.08
–
257.80
258.40
0.60
0.51
11
0.02
0.01
–
258.40
259.10
0.70
0.84
21
0.05
0.01
–
259.10
259.80
0.70
1.33
24
0.13
0.01
–
259.80
260.40
0.60
1.15
13
0.11
0.01
–
260.40
261.00
0.60
1.60
26
0.13
0.03
0.01
261.00
261.60
0.60
1.37
14
0.12
0.01
–
261.60
262.30
0.70
0.99
12
0.10
0.01
–
262.30
263.00
0.70
11.12
62
0.47
0.01
–
263.00
263.70
0.70
3.39
21
0.16
0.07
–
263.70
264.30
0.60
2.21
36
0.19
0.24
0.01
264.30
265.00
0.70
2.25
24
0.21
0.02
–
265.00
265.65
0.65
4.06
79
0.38
0.11
–
265.65
266.30
0.65
7.70
39
0.50
0.02
–
Table 3: Assay Results for Within Trap Hole TRC-1 Highlighting Later Stage CBM Style Vein Overprinting Mineralization (Zinc and Lead Enriched Mineralization)
Hole #
From (m)
To (m)
Length (m)
Au (g/t)
Ag (g/t)
Cu (%)
Zn (%)
Pb (%)
TRC-1
289.00
289.80
0.80
1.14
4
0.22
0.01
–
289.80
290.40
0.60
1.62
4
0.21
0.04
–
290.40
291.00
0.60
1.19
19
0.06
0.61
0.01
291.00
291.70
0.70
1.44
17
0.26
0.08
–
291.70
292.50
0.80
1.03
20
0.17
0.07
–
292.50
293.20
0.70
0.90
20
0.05
0.05
0.01
293.20
293.90
0.70
0.72
8
0.01
0.16
0.07
293.90
294.50
0.60
1.41
29
0.08
0.84
–
294.50
295.20
0.70
2.11
37
0.11
1.53
0.01
295.20
295.80
0.60
3.13
37
0.10
0.22
0.01
295.80
296.40
0.60
1.36
30
0.03
0.02
0.03
296.40
297.00
0.60
1.16
21
0.04
0.08
0.10
297.00
297.60
0.60
0.90
14
0.07
0.03
0.02
297.60
298.20
0.60
1.29
69
0.16
0.52
0.16
298.20
299.00
0.80
2.82
21
0.07
0.04
0.03
299.00
299.70
0.70
0.95
16
0.07
0.06
0.04
299.70
300.60
0.90
1.36
17
0.04
0.04
0.01
300.60
301.20
0.60
1.32
5
0.01
0.01
–
301.20
301.70
0.50
1.48
10
0.01
0.06
0.05
301.70
302.20
0.50
1.80
49
0.06
0.40
0.26
302.20
303.00
0.80
3.79
81
0.08
0.54
0.40
303.00
303.70
0.70
1.34
18
0.11
0.09
0.01
Apollo Drilling
Three holes were drilled from Pad 12 in order to better outline the shallowest portion of the dip of the system for block modelling. High-grade and shallow brecciated porphyry mineralization was intersected in holes APC-80, APC-82 and APC-84 (see Table 4) and was fringed to the north by lower grade and peripheral mineralization. These three holes have added grade and volume at shallow levels to the Apollo system with assay results as follows:
130.45 metres @ 2.17 g/t gold equivalent from 119.90 metres downhole in APC-80.
98.75 metres @ 2.71 g/t gold equivalent from 132.35 metres downhole in APC-82.
53.70 metres @ 0.67 g/t gold equivalent from 120.00 metres downhole in APC-84.
Additionally, from Pad 3, drillhole APC-75, APC-77 and APC-79 (see Table 4) were fanned in southerly directions to test for the potential of the low-grade halo of mineralization surrounding the main brecciated high-grade Apollo system. These holes were drilled so that the Company can begin to assess the potential of the low-grade halo and its potential to positively impact future mining scenarios as well as determining the eastern boundary of the Apollo intrusion. Assay results are as follows:
109.15 metres @ 0.46 g/t gold equivalent from 7.00 metres downhole in APC-75.
36.10 metres @ 0.36 g/t gold equivalent from 52.40 metres downhole in APC-77.
As a result of drill holes APC-75 and APC-77, the maximum known strike of the Apollo system has been extended by 40 metres and now measures 560 metres in length.
Finally, a seventh hole, APC-76 was drilled to the west from Pad 5 with the objective of intersecting a deep zone of the brecciated porphyry. Unfortunately, the hole was abandoned at a shallow depth before reaching the target zone when it entered a fault zone and encountered mechanical problems.
Table 4: Assay Results for Apollo Drilling
Hole #
From (m)
To (m)
Length (m)
Au (g/t)
Ag (g/t)
Cu (%)
Mo (%)
WO3 (%)
AuEq (g/t*)
APC-75
7.00
116.15
109.15
0.27
6
0.05
0.002
0.01
0.46
Incl
109.75
116.15
6.40
3.42
9
0.04
0.003
–
3.54
and
302.25
337.05
34.80
0.23
21
0.06
0.005
–
0.66
Incl
333.40
335.10
1.70
3.87
351
0.07
0.003
–
9.21
APC-76
Hole abandoned due to technical issues
APC-77
52.40
88.50
36.10
0.08
10
0.07
0.003
–
0.36
APC-79
no significant interval; drilled outside the Apollo intrusion
APC-80
119.90
250.35
130.45
1.30
33
0.19
0.001
0.03
2.17
incl
139.00
155.30
16.30
2.72
23
0.05
0.002
0.01
3.11
and incl
159.05
173.10
14.05
0.87
55
0.16
0.002
0.26
2.76
and incl
213.50
250.35
36.85
2.57
16
0.13
0.001
–
2.95
APC-82
70.00
105.80
35.80
0.46
8
0.01
–
–
0.58
and
132.35
231.10
98.75
1.27
52
0.39
–
0.03
2.71
incl
152.20
175.05
22.85
1.27
22
0.06
–
0.02
1.69
and incl
175.05
204.65
29.60
1.81
82
0.75
0.001
0.09
4.43
and incl
204.65
231.10
26.45
1.42
79
0.54
0.001
0.01
3.42
APC-84
120.00
173.70
53.70
0.51
10
0.02
0.001
–
0.67
Incl
147.50
166.20
18.70
1.05
15
0.02
0.001
–
1.29
and
257.60
269.25
11.65
0.93
5
0.03
0.002
0.01
1.08
*AuEq (g/t) is calculated as follows: (Au (g/t) x 0.97) + (Ag (g/t) x 0.016 x 0.88) + (Cu (%) x 1.79 x 0.90)+ (Mo (%)*11.62 x 0.85) + (WO3 (%)*6.54 x 0.50) utilizing metal prices of Cu – US$3.85/lb, Ag – US$24/oz Mo – US$25/lb, WO3 – US$31,000/t and Au – US$1,475/oz and recovery rates of 97% for Au, 88% for Ag, 85% for Mo, 50% for WO3 and 90% for Cu. Recovery rate assumptions for gold are based on metallurgical results announced on October 17, 2023. Recovery rates for copper, molybdenum, tungsten and silver are speculative as limited metallurgical work has been completed to date on these metals. True widths are unknown, and grades are uncut.
Exploration Drill Program and Assay Update
Diamond drilling at the Guayabales project now totals 123 drill holes (approximately 48,751 meters) completed and assayed. The 2023 Phase II drilling program is advancing on schedule with assay results reported for 52 holes and an additional ten holes awaiting assay results from the lab.
The Company now has four diamond drill rigs operating within the Guayabales project area with the following objectives for the remainder of 2023:
Expanding the Apollo porphyry system both laterally and vertically. The Company is currently advancing with directional drilling utilizing two rigs aimed at expanding the Apollo system at depth, to the west and north.
Drill test the Trap target in the northern portion on the Guayabales project. Three widely spaced reconnaissance holes were completed at Trap in 2022 with the discovery hole, TRC-1 assaying 102.2 metres @ 1.53 g/t gold equivalent and containing similar mineralization to the Apollo porphyry system. Follow up drilling is now underway and initial assay results are expected in due course.
About Collective Mining Ltd.
To see our latest corporate presentation and related information, please visit www.collectivemining.com
Founded by the team that developed and sold Continental Gold Inc. to Zijin Mining for approximately $2 billion in enterprise value, Collective Mining is a copper, silver, and gold exploration company with projects in Caldas, Colombia. The Company has options to acquire 100% interests in two projects located directly within an established mining camp with ten fully permitted and operating mines.
The Company’s flagship project, Guayabales, is anchored by the Apollo system, which hosts the large-scale, bulk-tonnage and high-grade copper-silver-gold Apollo porphyry system. The Company’s near-term objective is to drill the shallow portions of the Apollo system, continue to expand the overall dimensions of the system, which remains open in most directions and test newly generated grassroots targets.
Management, insiders and close family and friends own nearly 45% of the outstanding shares of the Company and as a result, are fully aligned with shareholders. The Company is listed on the TSX under the trading symbol “CNL” and on the OTCQX under the trading symbol “CNLMF”.
Qualified Person (QP) and NI43-101 Disclosure
David J Reading is the designated Qualified Person for this news release within the meaning of National Instrument 43-101 (“NI 43-101”) and has reviewed and verified that the technical information contained herein is accurate and approves of the written disclosure of same. Mr. Reading has an MSc in Economic Geology and is a Fellow of the Institute of Materials, Minerals and Mining and of the Society of Economic Geology (SEG).
Technical Information
Rock, soils and core samples have been prepared and analyzed at SGS and ALS laboratory facilities in Medellin, Colombia and Lima, Peru. Blanks, duplicates, and certified reference standards are inserted into the sample stream to monitor laboratory performance. Crush rejects and pulps are kept and stored in a secured storage facility for future assay verification. No capping has been applied to sample composites. The Company utilizes a rigorous, industry-standard QA/QC program.
Information Contact:
Follow Executive Chairman Ari Sussman (@Ariski73) and Collective Mining (@CollectiveMini1) on Twitter.
FORWARD-LOOKING STATEMENTS
This news release contains “forward-looking information” within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking information and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussion with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often, but not always using phrases such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or variations (including negative variations) of such words and phrases, or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved) are not statements of historical fact and may be forward-looking information. In this news release, forward-looking information relate, among other things, to: anticipated advancement of mineral properties or programs; future operations; future recovery metal recovery rates; future growth potential of Collective; and future development plans.
These forward-looking statements, and any assumptions upon which they are based, are made in good faith and reflect our current judgment regarding the direction of our business. Management believes that these assumptions are reasonable. Forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include, among others: risks related to the speculative nature of the Company’s business; the Company’s formative stage of development; the Company’s financial position; possible variations in mineralization, grade or recovery rates; actual results of current exploration activities; conclusions of future economic evaluations; fluctuations in general macroeconomic conditions; fluctuations in securities markets; fluctuations in spot and forward prices of gold, precious and base metals or certain other commodities; fluctuations in currency markets; change in national and local government, legislation, taxation, controls regulations and political or economic developments; risks and hazards associated with the business of mineral exploration, development and mining (including environmental hazards, industrial accidents, unusual or unexpected formation pressures, cave-ins and flooding); inability to obtain adequate insurance to cover risks and hazards; the presence of laws and regulations that may impose restrictions on mining; employee relations; relationships with and claims by local communities and indigenous populations; availability of increasing costs associated with mining inputs and labour; the speculative nature of mineral exploration and development (including the risks of obtaining necessary licenses, permits and approvals from government authorities); and title to properties, as well as those risk factors discussed or referred to in the annual information form of the Company dated April 7, 2022. Forward-looking information contained herein are made as of the date of this news release and the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results, except as may be required by applicable securities laws. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements and there may be other factors that cause results not to be anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information.
VANCOUVER, BC / ACCESSWIRE / November 22, 2023 / Rover Metals Corp. (TSXV:ROVR)(OTCQB:ROVMF)(FSE:4XO) (“Rover” or the “Company“) is pleased to announce it has conducted a successful meeting with the Bureau of Landa Management (“BLM”) and numerous other U.S. government agencies to discuss the Project Description for the Let’s Go Lithium (“LGL”) project. Rover updated the original project description to address environmental concerns expressed by the agencies. The Project Description, is in effect, an executive summary of the Company’s Plan of Operations (the “Plan”) for the LGL project. The meeting was held to solicit feedback as the Company moves to finalize its Plan.
LGL Plan of Operations
Rover has been working with McGinley and Associates, dba UES (“UES”) since August 2023 to produce a water table flow model across the subject claim blocks. Although still in draft form, the water table flow model, developed by UES’ Principal Hydrologist – Dwight Smith PE, PG, CHg, and team, is an integral part of Rover’s new Plan. Following the Company’s release of July 24, 2023, the BLM, and supporting U.S. government agencies voiced their concerns to Rover about regional hydrology flow systems in the area. The revised plan has been developed to explicitly address the agencies environmental concerns, de-risking future regulatory challenges and potential for adverse environmental impacts. Further to the Company’s release of October 5, 2023, approximately 80% of the Company’s intended future exploration activities will occur on the recently acquired October mining claims.
Judson Culter, CEO at Rover Metals, states, “UES continues to help Rover to ensure that there will be no impact to the critical water tables and sensitive biological resources in the Amargosa basin. Dwight Smith has over 20 years of hydrogeology experience working in the Amargosa basin. Rover and UES have obtained a copy of the Plan of Operations and Environmental Assessment study that the neighbouring mine, operated by Lhoist North America, is operating under. Lhoist has been mining in the area for over 50 years, and their Plan of Operations was mostly recently updated in 1992. Management at Rover, and UES, feel confident that sustainable lithium mining can be supported in the Amargosa Valley.“
A Call for Battery Recycling Partnerships and Joint Ventures
Management at Rover has met with the Nevada State Governor’s Office to discuss developing partnerships with EV battery recycling companies in the city of Las Vegas. Management of the company will be continuing to pursue high-level joint venture opportunities at the state level in H1 of 2024.
The eastern Amargosa Valley has been slated for solar farm energy development by the BLM. Solar energy, in addition to the existing hydro energy infrastructure in the area, allows for new development opportunities like EV raw materials battery recycling. Rover is seeking inbound requests to partner with recycling technology companies. Please contact info@rovermetals.com with inquiries. The LGL project is a one and half hour drive from the city of Las Vegas, one of the fastest growing cities in the U.S.
Rover is a publicly traded junior mining company that trades on the TSXV under symbol ROVR, on the OTCQB under symbol ROVMF, and on the FSE under symbol 4XO. The Company has a diverse portfolio of mining resource development projects with varying exploration timelines. Its critical mineral projects include lithium, zinc, and copper. Its precious metals projects include gold and silver. The Company is exclusive to the mining jurisdictions of the U.S. and Canada.
You can follow Rover on its social media channels:
This news release contains statements that constitute “forward-looking statements.” Such forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause Rover’s actual results, performance, achievements, or developments in the industry to differ materially from the anticipated results, performance, or achievements expressed or implied by such forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects,” “plans,” “anticipates,” “believes,” “intends,” “estimates,” “projects,” “potential” and similar expressions, or that events or conditions “will,” “would,” “may,” “could” or “should” occur. There can be no assurance that such statements prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements, and readers are cautioned not to place undue reliance on these forward-looking statements. Any factor could cause actual results to differ materially from Rover’s expectations. Rover undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates, opinions, or other factors, should change.
THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS NEWS RELEASE REPRESENTS THE EXPECTATIONS OF THE COMPANY AS OF THE DATE OF THIS NEWS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY OTHER DATE. WHILE THE COMPANY MAY ELECT TO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME EXCEPT AS REQUIRED IN ACCORDANCE WITH APPLICABLE LAWS.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OF THIS RELEASE.
A respected analyst report has recently commented on the value proposition of EMX Royalty. The decision seems to have merit based on this week’s recent news announcement on the 3rd Quarter Results for 2023. A projected 12-month price point of C$5.75 was the target by the analyst. At the present EMX Royalty is trading at C$2.22. We highly regard EMX Royalty, we’ve been long-term shareholders since 2016/17. In our opinion EMX Royalty is a legacy company that you buy and pass along to your children. It’s the Goose that keeps laying the Golden Egg.
Highlights from Q3 2023 include the following:
EMX earned approximately $1,955,000 in royalty revenue from the Gediktepe Mine as production continued from the oxide gold deposit. Partner Lidya Madencilik Anayi ve Ticaret A.S. (“Lidya”) also notified EMX that it has completed an internal Feasibility Study for development of the underlying polymetallic sulfide deposit. A decision regarding financing and construction for the sulfide project is pending.
The Caserones (effective) royalty distribution for Q3 totaled approximately $1,741,000. Lundin Mining Corporation (“Lundin”), in connection with their acquisition of fifty-one percent (51%) of the issued and outstanding equity of SCM Minera Lumina Copper Chile SpA (see Lundin news release dated July 13, 2023), filed a technical report on SEDAR titled “NI 43-101 Technical Report on the Caserones Mining Operation, Atacama Region, Chile” that included current mineral resource and reserve estimates. Lundin also provided Caserones H1 production and H2 production guidance.
Leeville revenue earned by EMX totaled approximately $773,000 from royalty production that totaled 403 ounces of gold. Q3 2023 marked another strong quarter of Leeville royalty production along with robust gold prices.
EMX recognized $568,000 in royalty revenue from the Balya property in Q3 2023 which included $212,000 from Q2 production and $356,000 from Q3 production subsequently received. Production began to ramp up again in Q2 2023 with 99,185 tonnes of mineralized material produced from Balya North. Production continued to accelerate in Q3 2023, with 161,133 tonnes of mineralized material produced according to calculations provided by Esan at the end of Q3.
EMX received $134,000 from Gold Bar South for royalty revenue earned in Q1 2023 and Q2 2023, and earned royalty revenue of $59,000 from Q3 2023 production, which was subsequently received.
AbraSilver Resource Corp. (“AbraSilver”) reported final results from the Phase III drill program at the Diablillos silver-gold royalty property. Phase III drill holes will be incorporated into an updated mineral resource estimate to be included in the Diablillos PFS scheduled for completion in H2 of 2023. As part of its ongoing PFS work, AbraSilver also reported on positive results from metallurgical optimization test work conducted for the Oculto deposit.
Arizona Sonoran Copper continued to report infill drilling results from the Parks-Sayler porphyry copper royalty property. Subsequent to quarter-end, Arizona Sonoran announced updated mineral resource estimates for the Parks-Sayler deposit, which is partially covered by an EMX royalty, as well as other deposits that constitute its Cactus Project.
Exploration drilling by South32 at the Hermosa Project’s Peake prospect returned mineralized intercepts covered by EMX’s Hardshell royalty property that included the best copper intercept to date of 139 meters averaging 1.88% copper, 0.51% lead, 0.34% zinc, and 52 g/t silver (true width not reported).
EMX’s U.S. royalty generation portfolio progressed with 13 partner-funded work programs consisting of five drill programs, the expansion of properties through the staking of new claims, and the permitting of key projects in preparation for three additional drill programs to be conducted in Q4 2023 and early 2024. EMX has 39 projects in partnership in the western U.S and received various option, AAR, and management fee payments during the quarter.
Scout Discoveries Corp. (“Scout”) (a private Idaho company) and EMX closed on an amended transaction, originally announced in Q1 2023 (see EMX news release dated March 8, 2023) for the sale of EMX’s Erickson Ridge, South Orogrande, Lehman Butte, and Jackknife precious and base metal projects to Scout.
In Canada, EMX executed two new agreements to partner the Jean Lake property to Canada Nickel Company, and the Ear Falls property to Beyond Lithium. EMX and its partners conducted summer field programs to continue advancing the properties in the portfolio. EMX received $104,000 in cash payments during the quarter from partnered projects.
In Chile, Pampa Metals announced assay results from its initial three hole drill program totaling 1,957 meters at the Buena Vista target on the Block 4 property. Anomalous copper, molybdenum and precious metals were intercepted, indicative of shallow levels of a porphyry system. Elsewhere within the portfolio, EMX was notified by Pampa Metals that it was abandoning the Arrieros, Redondo-Veronica, Cerro Blanco, Cerro Buena Aries, and Block 3 properties, resulting in EMX gaining 100% control of each property. These properties are now available for partnership.
In Northern Europe the Company continued to develop and advance its portfolio of projects, with summer field programs continuing on numerous properties in Q3 2023. EMX has 37 projects in partnership with other companies in Northern Europe. New partnerships were established for the Bamble and Flåt battery metals projects in Norway (Londo Nickel plc) and the Njuggträskliden and Mjövattnet battery metals projects in Sweden (Kendrick Resources plc).
The Company optioned the Copperhole Creek project in Queensland, Australia to Lumira Energy LTD, a private Australian company. The agreement provides EMX with a 2.5% NSR royalty interest, cash and equity payments, work commitments and other considerations. In conjunction with the transaction, Lumira Energy intends to establish a public listing on the Australian Securities Exchange (ASX) by mid-year 2024.
Also in Q3 2023 in Australia, partner companies executed drill programs comprising over 5,000 meters on three EMX royalty properties (Yarrol, Mt Steadman and Koonenberry) and field programs continued to advance the Queensland Gold and Copperhole Creek projects.
Royalty generation programs continued in the Balkans and in Morocco in Q3 2023, where multiple exploration license applications have been filed by the Company. Surface sampling programs commenced on several new exploration licenses awarded to EMX in Morocco targeting a variety of styles of mineralization. EMX also continued to assess projects and opportunities in the Balkans.
Investment Updates
As at September 30, 2023, the Company had marketable securities of $6,830,000 (December 31, 2022 – $9,966,000), and $5,313,000 (December 31, 2022 – $4,591,000) in private investments. The Company will continue to generate cash flow by selling certain of its investments when appropriate.
OUTLOOK
The 2023 year will continue to see revenue and other income coming from our cash flowing royalties, including Leeville and Gold Bar South in Nevada, Gediktepe and Balya in Turkey, and Timok in Serbia, 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 asset portfolio.
The Company will continue to strengthen its balance sheet over the course of the year by looking to retire portions of our long-term debt, continuing to evaluate equity markets, and the ongoing monetization of the Company’s marketable securities.
EMX is well positioned 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.
Marketing Consulting Services
The Company is also pleased to announce that it has entered into an agreement with LFG Equities Corp. (“LFG”), an independent contractor with a business address at 402-9140 Leslie St., Richmond Hill, ON, L4B 0A9. Commencing on September 10th, 2023 for an initial term of six months, under the terms of the Agreement, LFG will provide marketing consulting services to the Company to communicate to the financial community information about EMX by way of newsletters and be paid US$50,000 plus applicable taxes.
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.
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 themost 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.sedarplus.ca and on the SEC’s EDGAR website at www.sec.gov.
1Adjusted revenue and other income and adjusted cash provided by 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 Q3-2023 MD&A for more information on each non-IFRS financial measure.
Be sure to perform your due diligence, we are biased.
Sign up to Stay Up to Date on News and Progress from Page