Vancouver, British Columbia–(Newsfile Corp. – February 4, 2025) – EMX Royalty Corporation (NYSE American: EMX) (TSXV: EMX) (the “Company” or “EMX”) congratulates EMX board member, Mr. Chris Wright, on his confirmation as U.S. Secretary of Energy under President Donald Trump. Mr. Wright was confirmed as Secretary on February 3, 2025 in a bipartisan vote in the U.S. Senate and will now join the Cabinet of the United States in Washington, D.C. Mr. Wright is known for his innovations and entrepreneurial contributions to the energy sector, but also for his focus on humanitarian efforts such as co-founding the Bettering Human Lives Foundation. He has been a spirited contributor at EMX board meetings and management discussions. As a consequence of his confirmation, Mr. Wright will step down from the board of EMX. The Company sincerely thanks Mr. Wright for his contributions at EMX and is excited to observe his future role in leading and shaping the energy policy of the United States.
About EMX – EMX is a precious and base metals royalty company. EMX’s investors are provided with discovery, development, and commodity price optionality, while limiting exposure to risks inherent to operating companies. The Company’s common shares are listed on the NYSE American Exchange and TSX Venture Exchange under the symbol “EMX”. Please see www.EMXroyalty.com for more information.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release
Forward-Looking Statements
This news release may contain “forward looking statements” that reflect the Company’s current expectations and projections about its future results. These forward-looking statements may include statements regarding perceived merit of properties, exploration results and budgets, mineral reserves and resource estimates, work programs, capital expenditures, timelines, strategic plans, market prices for precious and base metal, or other statements that are not statements of fact. When used in this news release, words such as “estimate,” “intend,” “expect,” “anticipate,” “will”, “believe”, “potential” and similar expressions are intended to identify forward-looking statements, which, by their very nature, are not guarantees of the Company’s future operational or financial performance, and are subject to risks and uncertainties and other factors that could cause the Company’s actual results, performance, prospects or opportunities to differ materially from those expressed in, or implied by, these forward-looking statements. These risks, uncertainties and factors may include, but are not limited to unavailability of financing, failure to identify commercially viable mineral reserves, fluctuations in the market valuation for commodities, difficulties in obtaining required approvals for the development of a mineral project, increased regulatory compliance costs, expectations of project funding by joint venture partners and other factors.
Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this news release or as of the date otherwise specifically indicated herein. Due to risks and uncertainties, including the risks and uncertainties identified in this news release, and other risk factors and forward-looking statements listed in the Company’s MD&A for the quarter ended September 30, 2024 (the “MD&A”), and the most recently filed Annual Information Form (“AIF”) for the year ended December 31, 2023, actual events may differ materially from current expectations. More information about the Company, including the MD&A, the AIF and financial statements of the Company, is available on SEDAR at www.sedarplus.ca and on the SEC’s EDGAR website at www.sec.gov.
Vancouver, British Columbia–(Newsfile Corp. – February 3, 2025) – Dolly Varden Silver Corporation (TSXV: DV) (OTCQX: DOLLF) (the “Company” or “Dolly Varden“) is pleased to announce drill results from its 2024 program at the Homestake Silver deposit and exploration drilling at the Homestake Ridge Property in BC’s Golden Triangle. The twenty (20) drillholes reported in this release have successfully expanded and infilled multiple high-grade gold and silver-rich zones within the Homestake Silver Deposit. Three (3) drillholes reported in this release tested exploration targets across various prospects on the property. Dolly Varden’s 2024 drill program consisted of 69 drill holes for a total of 31,726m, with 41 holes totalling 15,546 meters drilled at the Dolly Varden area and 28 holes totalling 16,181 meters drilled at Homestake Ridge area. Planning for the fully funded 2025 drill program is underway to build on the expanded silver and gold zones drilled in 2024.
Highlights from the Homestake Silver Deposit Area (*intervals shown are core length):
HR24-431: Step out to north: 21.55 g/t Au and 27 g/t Ag over 8.72 meters, including 47.92 g/t Au and 58 g/t Ag over 3.74meters and including 91.1 g/t Au and 114 g/t Ag over 0.51 meters
HR24-433: Step out on new eastern lens: 35.05 g/t Au and 114 g/t Ag over 2.32 meters, including 74.7 g/t Au and 297 g/t Ag over 0.72 meters within 29.50 meters of 3.48 g/t Au and 13 g/t Ag
HR24-437: South end infill: 5.54 g/t Au and 97 g/t Ag over 10.20 meters, including 21.34 g/t Au and 384 g/t Ag over 2.40 meters, including 42.10 g/t Au and 1,135 g/t Ag over 0.77 meters
HR24-438: South end infill: 4.48 g/t Au and 16 g/t Ag over 14.33 meters, including 29.17 g/t Au and 59 g/t Ag over 1.62 meters
HR24-439: Step out 170 meter down dip: 1.56 g/t Au and 5 g/t Ag over 28.9 meters including 9.55 g/t Au and 32 g/t Ag over 0.50 meters and 12.15 g/t Au and 14 g/t Ag over 1.00 meter
HR24-448: infill hole, 91.20 meters grading 1.88 g/t Au and 3 g/t Ag, including 13.90 g/t Au and 6 g/t Ag over 0.74 m, 21.70 g/t Au and 5 g/t Ag over 0.57 meters and 36.10 g/t Au and 12 g/t Ag over 1.00 meter as well as silver dominant intercepts including 1.10 g/t Au and 786 g/t Ag over 0.91 meters and 0.31g/t Au and 571 g/t Ag over 0.82 meters
*Estimated true widths vary depending on intersection angles and range from 55% to 75% of core lengths, further modelling of the new interpretation is needed before true widths can be calculated **Assay results reported are uncapped
“Homestake Silver was originally considered a primary silver-rich deposit, however our drilling has continued to identify multiple gold-rich zones and remains wide open for expansion. Fully funded drilling in 2025 will target continued growth and further infill-drilling as a high-priority amongst the many targets in the Kitsault Valley trend,” said Shawn Khunkhun, CEO of Dolly Varden Silver.
2024 drilling at Homestake Silver targeted infill of Inferred Resources and Resource expansion drilling along strike to the north and south, as well as the down-dip. Complete drill results are presented in Table 1.
Highlight drill hole HR24-431 intersected 21.55 g/t Au and 27 g/t Ag over 8.72 meters, including 47.92g/t Au and 58 g/t Ag over 3.74 meters. This is one of five drill holes targeting the northern extension of Homestake Silver deposit by testing the projected extension of the shallow angle plunge of wider, higher grade gold mineralization (Figure 3). HR24-431 targeted 180 meters down plunge from previously released drill hole HR23-410, that intersected 10.17 g/t Au over 6.61 meters, including 50.70 g/t Au over 0.62 meters (February 12, 2024, news release).
The other four drill holes testing the extent of the northern gold-rich zone all intersected a broad alteration zone with internal areas of strong veining and vein breccias. Drill hole HR24-433 intersected the new gold-rich zone to the east of the main Homestake Silver trend, grading 3.48 g/t Au and 13 g/t Ag over 29.50 meters and included higher grade vein intervals of 35.05 g/t Au and 114 g/t Ag over 2.32 meters (Figure 5). HR24-433 stepped out from previously released hole HR23-399, that intersected the new east gold lens grading 2.68 g/t Au and 20 g/t Ag over 57.70 meters and included higher grade vein intervals of 43.10 g/t Au and 66 g/t Ag over 1.01 meters and 40.33 g/t Au and 418 g/t Ag over 1.75 meters. (February 12, 2024, new release).
Figure 2. Drill hole HR24-431 north end of Homestake Silver deposit. Mineralization is hosted in multi phase vein and vein breccias with strong pyrite, chalcopyrite, galena and sphalerite mineralization and visible gold.
Drill hole HR24-425 was drilled at an orientation to test the continuity of the new style of quartz-carbonate veining with abundant visible gold intersected in previously released drill hole HR23-389 (February 12, 2024, news release). HR24-425 intersected individual veins grading 8.86 g/t Au over 0.84 meters and 5.78 g/t Au over 2.00 meters.
Drill holes HR24-426 and HR24-449 tested the possible connection of Homestake Main and Homestake Silver deposits with a 250 meter step-out along the projected trend from Homestake Silver. Both drill holes intersected alteration associated with the continuation lower grade anomalous Au that indicate the structural corridor is continuous between the deposits.
Eight drill holes were drilled as infill holes to target larger gaps in drillhole spacing to aid in geological interpretation and increase resource confidence. These holes intersected wide mineralized envelopes with internal high-grade zones of strong veining and vein breccias. Wider zones include: 5.54 g/t Au and 97 g/t Ag over 10.20 meters in HR24-437 and 4.48 g/t Au and 16 g/t Ag over 14.33 meters in HR24-438. Drill holes HR24-437 and HR24-438 targeted a section located 32 meters south of previously released drill hole HR23-407 which intersected 8.94 g/t Au and 191 g/t Ag over 10.72 meters length (January 16, 2024, News Release). Holes HR24-446 and HR24-448 were drilled off the same pad but at different azimuths (Figure 3). Hole HR24-446 intersected 1.71 g/t Au and 287 g/t Ag over 2.91 meters including 7.06 g/t Au, 1,580 g/t Ag, 2.25% Pb and 2.54% Zn over 0.5 meters.
Drill holes HR24-436 and HR24-439 targeted the down-dip extension of the known mineralization and are separated by 110 meters along strike (Figure 4). Drill hole HR24-439 was a 170-meter down dip test from the main mineralized plunge and indicates that mineralization continues at depth and remains open for expansion. The alteration and veining intersected in holes HR24-436 graded 1.09 g/t Au over 31.75 meters, including 11.10 g/t Au over 0.55m and HR24-439 graded 1.56 g/t Au over 28.90 meters including 12.15 g/t Au over 1.00 meters.
Figure 3. Plan View of the Homestake Silver and Main Deposits; 2024 drilling in bold lithology and red outline of mineralized zones.
The Homestake Ridge deposits are interpreted as structurally controlled, multi-phase epithermal vein stockwork and vein breccia system hosted in Jurassic Hazelton volcanic rocks. Mineralization consists of pyrite, +/-galena and sphalerite with visible gold in a breccia matrix within a silica breccia vein system (see Figure 2). The northwest orientation of the main Homestake structural trend appears to have numerous subparallel internal structures that are interpreted to form the controls for higher grade gold and silver shoots within a broader mineralized envelope at the Homestake Silver deposit. The main structural corridor dips steeply to the northeast at Homestake Main and rolls to vertical or steeply southwest at Homestake Silver.
Figure 5. Homestake Silver Cross Section (A-A’) with 2024 and previous drill holes.
Table 1. Assays from the 2024 Homestake Silver Deposit Drilling
Hole ID
From (m)
To (m)
Length (m)
Au** (g/t)
Ag (g/t)
Base Metals (%)
HR24-425
395.7
396.5
0.8
1.17
10
and
410
426.07
16.07
0.5
8
From 421.85-422.35m 1.38%Pb
including
416
419
3
1.13
8
and
450.45
454.16
3.71
2.51
3
including
451.18
452.02
0.84
8.86
6
and
459.25
476
16.75
1.38
2
including
464.5
466.5
2
1.82
2
including
472.5
474.5
2
5.78
3
HR24-426
627
628
1
1.75
3
HR24-427
560.5
561
0.5
0.37
2
HR24-428
322.58
323.18
0.6
0.68
10
and
723
734.3
11.3
0.32
NSV
including
725
727
2
1.05
NSV
HR24-429
635.6
636.1
0.5
1.97
NSV
and
697.9
706
8.1
0.48
NSV
including
700.3
700.8
0.5
2.24
8
0.73% Pb and 1.30% Zn
HR24-431
480.5
481
0.5
3.3
6
and
530.5
533.18
2.68
1.06
NSV
and
656.35
665.07
8.72
21.55
27
0.22% Cu, 2.36% Pb and 1.64% Zn
including
658.26
662
3.74
47.92
58
0.49% Cu, 5.24% Pb and 3.80% Zn
including
659.77
660.28
0.51
91.1
114
1.15% Cu, 8.00% Pb and 9.80% Zn
HR24-433
397
426.5
29.5
3.48
13
including
400.7
403
2.3
1.18
4
including
410.25
412.57
2.32
35.05
114
including
411.85
412.57
0.72
74.7
297
0.24% Cu, 0.51% Pb and 0.17% Zn
including
422.49
424.94
2.45
1.65
6
and
445.25
448.25
3
2.14
NSV
including
446.25
446.75
0.5
11.55
15
and
476
479.9
3.9
1.16
NSV
and
510
525
15
0.91
NSV
including
523.35
523.9
0.55
15.65
7
and
536.62
537.12
0.5
4.61
11
and
562
563
1
1.11
1
HR24-436
645.75
677.5
31.75
1.09
3
including
669.7
673.44
3.74
4.2
7
including
670.75
671.3
0.55
11.1
15
1.54% Zn
and
692.5
695.6
3.1
2.44
3
including
694
694.5
0.5
14.3
13
1.34% Pb and 1.79% Zn
HR24-437
285.36
296.34
10.98
0.88
12
including
290
293.72
3.72
1.88
19
and
308.41
335
26.59
1
12
including
316.32
317.45
1.13
5.62
37
including
325
325.5
0.5
8.76
13
and
342.35
352.55
10.2
5.54
97
including
345
347.4
2.4
21.34
384
including
345
345.77
0.77
42.1
1,135
2.28% Pb and 2.27% Zn
and
360.58
378.7
18.12
1.85
165
including
360.58
367.51
6.93
4.15
425
including
360.58
364
3.42
6.69
484
and
384
399.82
15.82
0.58
3
including
390
393.51
3.51
1.2
2
HR24-438
384
387.15
3.15
1.09
16
including
385.05
386.26
1.21
2.01
8
and
389.17
403.5
14.33
4.48
16
including
389.17
390.79
1.62
29.17
59
1.79% Pb and 2.40% Zn
including
393.58
394.21
0.63
9.81
11
and
417
432
15
0.96
1
including
425.2
426
0.8
8.62
4
HR24-439
690.85
719.75
28.9
1.56
5
including
693
694
1
3.31
1
including
699.99
700.49
0.5
9.55
32
2.16% Pb and 6.30% Zn
including
705.7
706.41
0.71
3.29
5
including
718.75
719.75
1
12.15
14
HR24-440
177.18
177.89
0.71
0.51
106
and
179.8
180.3
0.5
0.17
123
and
219.04
223.03
3.99
1.14
50
including
222
223.03
1.03
3.25
89
HR24-441
325.29
366.34
41.05
0.54
30
including
338
340
2
4.26
55
including
355
357
2
0.65
112
including
363
364.75
1.75
0.19
182
HR24-443
245.12
254.73
9.61
0.5
221
and
270.21
273.99
3.78
0.98
92
including
273.23
273.99
0.76
4.19
315
HR24-444
340.1
340.69
0.59
0.01
149
HR24-446
281.64
284.55
2.91
1.71
287
including
282.24
282.74
0.5
7.06
1,580
2.25% Pb and 2.54% Zn
and
316.24
344.1
27.86
0.8
3
including
323.05
323.77
0.72
3.47
3
including
337.53
338.6
1.07
7.35
5
HR24-447
567.11
567.73
0.62
0.17
150
HR24-448
292.04
294.19
2.15
0.54
423
including
292.04
292.95
0.91
1.1
786
including
297
297.82
0.82
0.31
571
and
317.26
342.29
25.03
0.7
15
including
322.12
322.72
0.6
4.2
107
and
353.15
444.35
91.2
1.88
3
including
359.14
359.88
0.74
13.9
6
including
382.92
394.2
11.28
2.57
3
including
405.67
406.24
0.57
21.7
5
including
411
412
1
36.1
12
including
413
422.59
9.59
2.59
7
HR24-449
429.99
431
1.01
1.23
1
HR24-451
507
510
3
1.23
1
and
516
522.74
6.74
0.63
1
including
521.5
522.74
1.24
2.22
1
and
540.15
541.07
0.92
3.39
1
and
552.74
554.86
2.12
3.82
2
including
554.05
554.86
0.81
9.49
3
and
567.27
571.83
4.56
0.83
1
and
578.8
586.25
7.45
0.23
12
From 580.40-582.60m: 6.68%Pb
*Estimated true widths vary depending on intersection angles and range from 55% to 75% of core lengths **Assay results reported are uncapped
Table 2. Drill Hole Collar Data for 2024 Homestake Ridge Drilling Reported in this release
Hole ID
Easting UTM83 (m)
Northing UTM83 (m)
Elev. (m)
Azimuth
Dip
Length (m)
HR24425
463346
6179256
901
178
-53
501
HR24426
463430
6179428
841
228
-48
774
HR24427
463553
6179233
832
227
-54
669
HR24428
463539
6179288
828
229
-52
792
HR24429
463553
6179233
832
228
-52
720
HR24430
462402
6179054
1333
260
-48
438
HR24431
463539
6179288
828
225
-45
750
HR24433
463553
6179233
832
228
-46
636
HR24436
463716
6179084
792
224
-45
750
HR24437
463672
6178796
835
226
-54
447
HR24438
463672
6178796
835
222
-60
585
HR24439
463716
6179084
792
238
-46
756
HR24440
463717
6178701
830
224
-52
393
HR24441
463717
6178701
830
227
-62
501
HR24443
463772
6178667
801
224
-52
450
HR24444
463772
6178667
801
221
-57
495.9
HR24446
463490
6179012
879
213
-55
600
HR24447
464035
6178571
734
231
-45
671
HR24448
463490
6179012
879
229
-60
594
HR24449
463430
6179428
841
222
-45
711
HR24450
464642
6176803
973
60
-55
306
HR24451
463539
6179288
828
224
-45
691.4
HR24452
468232
6167663
267
250
-60
63
Exploration Drilling
Three (3) early-stage exploration drill holes were completed on three different targets across the property testing for possible mineralization at depth on mapped structures. Complete results are presented in Table 3.
Table 3. Assays from the 2024 Homestake Ridge Exploration Drilling
Target
Hole ID
From (m)
To (m)
Length (m)
Au (g/t)
Ag (g/t)
Blue Ribbon
HR24430
190.00
195.38
5.38
0.53
NSV
including
192.65
193.45
0.80
1.83
NSV
and
318.21
321.02
2.81
0.64
NSV
including
318.21
319.05
0.84
1.21
NSV
and
325.00
325.75
0.75
0.76
NSV
Homeguard
HR24452
NSV
Vanguard Copper
HR22450
NSV
Quality Assurance and Quality Control
The Company adheres to CIM Best Practices Guidelines for exploration related activities conducted on its property. Quality Assurance and Quality Control (QA/QC) procedures are overseen by the Qualified Person.
Dolly Varden QA/QC protocols are maintained through the insertion of certified reference material (standards), blanks and field duplicates within the sample stream. Drill core is cut in-half with a diamond saw, with one-half placed in sealed bags and shipped to the laboratory and the other half retained on site. Third party laboratory checks on 5% of the samples are carried out as well. Chain of custody is maintained from the drill to the submittal into the laboratory preparation facility.
Analytical testing was performed by ALS Canada Ltd. in North Vancouver, British Columbia. The entire sample is crushed to 70% minus 2mm (10 mesh), of which a 500 gram split is pulverized to minus 200 mesh. Multi-element analyses were determined by Inductively Coupled Plasma Mass Spectrometry (ICP-MS) for 48 elements following a 4-acid digestion process. High grade silver testing was determined by Fire Assay with either an atomic absorption, or a gravimetric finish, depending on grade range. Au is also determined by fire assay on a 30g split with either atomic absorption, or gravimetric finish, depending on grade range. Metallic screen assays may be completed on very high grade samples.
Qualified Person
Rob van Egmond, P.Geo., Vice-President Exploration for Dolly Varden Silver, the “Qualified Person” as defined by NI43-101 has reviewed, validated and approved the scientific and technical information contained in this news release and supervises the ongoing exploration program at the Dolly Varden Project.
About Dolly Varden Silver Corporation
Dolly Varden Silver Corporation is a mineral exploration company focused on advancing its 100% held Kitsault Valley Project (which combines the Dolly Varden Project and the Homestake Ridge Project) located in the Golden Triangle of British Columbia, Canada, 25kms by road to tide water. The 163 sq. km. project hosts the high-grade silver and gold resources of Dolly Varden and Homestake Ridge along with the past producing Dolly Varden and Torbrit silver mines. It is considered to be prospective for hosting further precious metal deposits, being on the same structural and stratigraphic belts that host numerous other, on-trend, high-grade deposits, such as Eskay Creek and Brucejack. The Kitsault Valley Project also contains the Big Bulk property which is prospective for porphyry and skarn style copper and gold mineralization, similar to other such deposits in the region (Red Mountain, KSM, Red Chris).
Forward-Looking Statements
This release may contain forward-looking statements or forward-looking information under applicable Canadian securities legislation that may not be based on historical fact, including, without limitation, statements containing the words “believe”, “may”, “plan”, “will”, “estimate”, “continue”, “anticipate”, “intend”, “expect”, “potential”, and similar expressions. Forward-looking statements involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of Dolly Varden to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements. Forward looking statements or information in this release relates to, among other things, the 2024 drill program at the Kitsault Valley Project, the results of previous field work and programs and the continued operations of the current exploration program, interpretation of the nature of the mineralization at the project and that that the mineralization on the project is similar to Eskay and Brucejack, results of the mineral resource estimate on the project, the potential to grow the project, the potential to expand the mineralization and our beliefs about the unexplored portion of the property.
These forward-looking statements are based on management’s current expectations and beliefs and assume, among other things, the ability of the Company to successfully pursue its current development plans, that future sources of funding will be available to the company, that relevant commodity prices will remain at levels that are economically viable for the Company and that the Company will receive relevant permits in a timely manner in order to enable its operations, but given the uncertainties, assumptions and risks, readers are cautioned not to place undue reliance on such forward-looking statements or information. The Company disclaims any obligation to update, or to publicly announce, any such statements, events or developments except as required by law.
For additional information on risks and uncertainties, see the Company’s most recently filed annual management discussion & analysis (“MD&A“) dated August 22, 2024 and management information circular dated August 22, 2024 (the “Circular“), both of which are available on SEDAR at www.sedar.com. The risk factors identified in the MD&A and the Circular are not intended to represent a complete list of factors that could affect the Company.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this news release.
Vancouver, British Columbia–(Newsfile Corp. – February 3, 2025) – EMX Royalty Corporation (NYSE American: EMX) (TSXV: EMX) (the “Company” or “EMX”) is pleased to announce that the Company has, pursuant to Royalty Agreement (“Agreement”) announced on January 6, 2025 with Minera Pampa de Cobre S.A.C. (“MPC”), acquired the additional 1% Net Smelter Returns (“NSR”) royalty interest on the Chapi Copper Mine Property for US$7,000,000. MPC is owned indirectly by a privately held Canadian company, Quilla Resources Inc.
EMX now holds a 2% NSR royalty on the Chapi Copper Mine Property, for a total consideration of US$10,000,000. The Agreement includes a 2% NSR royalty on minerals produced from the approximately 26,000 hectare property (“Property Royalty”) owned by MPC, as well as a 2% NSR royalty from any minerals that are produced from outside the Property Royalty area, but that are processed at the Chapi Mine processing facilities. The Agreement also includes a two-kilometer area of interest (“AOI”) around the Property Royalty area, and any property acquired by MPC within this AOI will also be subject to a 2% NSR royalty.
For more information on the Royalty Agreement and the Chapi Copper Mine Property, please refer to the Company’s news release published on January 6, 2025.
About EMX – EMX is a precious and base metals royalty company. EMX’s investors are provided with discovery, development, and commodity price optionality, while limiting exposure to risks inherent to operating companies. The Company’s common shares are listed on the NYSE American Exchange and TSX Venture Exchange under the symbol “EMX”. Please see www.EMXroyalty.com for more information.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release
Forward-Looking Statements
This news release may contain “forward looking statements” that reflect the Company’s current expectations and projections about its future results. These forward-looking statements may include statements regarding perceived merit of properties, exploration results and budgets, mineral reserves and resource estimates, work programs, capital expenditures, timelines, strategic plans, market prices for precious and base metal, or other statements that are not statements of fact. When used in this news release, words such as “estimate,” “intend,” “expect,” “anticipate,” “will”, “believe”, “potential” and similar expressions are intended to identify forward-looking statements, which, by their very nature, are not guarantees of the Company’s future operational or financial performance, and are subject to risks and uncertainties and other factors that could cause the Company’s actual results, performance, prospects or opportunities to differ materially from those expressed in, or implied by, these forward-looking statements. These risks, uncertainties and factors may include, but are not limited to unavailability of financing, failure to identify commercially viable mineral reserves, fluctuations in the market valuation for commodities, difficulties in obtaining required approvals for the development of a mineral project, increased regulatory compliance costs, expectations of project funding by joint venture partners and other factors.
Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this news release or as of the date otherwise specifically indicated herein. Due to risks and uncertainties, including the risks and uncertainties identified in this news release, and other risk factors and forward-looking statements listed in the Company’s MD&A for the quarter ended September 30, 2024 (the “MD&A”), and the most recently filed Annual Information Form (“AIF”) for the year ended December 31, 2023, actual events may differ materially from current expectations. More information about the Company, including the MD&A, the AIF and financial statements of the Company, is available on SEDAR at www.sedarplus.ca and on the SEC’s EDGAR website at www.sec.gov.
Kelowna, British Columbia–(Newsfile Corp. – February 3, 2025) – F3 Uranium Corp (TSV: FUU) (OTCQB: FUUFF) (“F3” or “the Company“) is pleased to announce that it has started drilling as part of the $6 million 2025 winter exploration program on the PLN Project, with the initial focus of JR Zone expansion drilling on the PLN Property on an area where drillhole PLN24-176 returned 7.5m of 30.9% U3O8 including 4.5m of 50.1%U3O8 (see NR December 3, 2024). Initially, exploration drilling for a new zone of mineralization will begin on the continuation of the A1 structure around PLN24-152 – an exploration hole with the best geochemistry to date – where a 7m mineralized interval assayed up to 0.051% U3O8 (see NR July 30, 2024), approximately 2,800m south of the JR Zone.
Sam Hartmann, Vice President Exploration, commented:
“We are excited to get back to work and continue drill exploration at the PLN property; this will consist of JR Zone drilling in high reward areas where we stand to add value, starting with the exceptional high grade cored in PLN24-176. Exploration drilling will start by following up on high priority areas defined during the 2024 program based on radioactivity and geochemistry results. Due to our unique methodology of drilling by pre-casing drill holes with a sonic rig and the diamond drill following, the drilling sequence will be variable and go back-and forth between zone drilling and exploration. Meanwhile we are still waiting for assay results from 25 drill holes from the 2024 season including both JR Zone and exploration holes and will release those as they come available. These results will also be used for the planning of further exploration drilling.”
Samples from the drill core are split into half sections on site. Where possible, samples are standardized at 0.5m down-hole intervals. One-half of the split sample is sent to SRC Geoanalytical Laboratories (an SCC ISO/IEC 17025: 2005 Accredited Facility) in Saskatoon, SK while the other half remains on site for reference. Analysis includes a 63 element suite including boron by ICP-OES, uranium by ICP-MS and gold analysis by ICP-OES and/or AAS.
The Company considers uranium mineralization with assay results of greater than 1.0 weight % U3O8 as “high grade” and results greater than 20.0 weight % U3O8 as “ultra-high grade”.
All depth measurements reported are down-hole and true thicknesses are yet to be determined.
About the Patterson Lake North Property:
The Company’s 42,961-hectare 100% owned Patterson Lake North Project (PLN) is located just within the south-western edge of the Athabasca Basin in proximity to Paladin’s Triple R and NexGen Energy’s Arrow high-grade uranium deposits, an area poised to become the next major area of development for new uranium operations in northern Saskatchewan. The PLN Project consists of the 4,074-hectare Patterson Lake North Property, the 19,864-hectare Minto Property, and the 19,022-hectare Broach Property. All three properties comprising the PLN Project are accessed by Provincial Highway 955; the new JR Zone uranium discovery on the PLN property is located 23km northwest of Paladin’s Triple R deposit.
Qualified Person:
The technical information in this news release has been prepared in accordance with the Canadian regulatory requirements set out in National Instrument 43-101 and approved on behalf of the company by Raymond Ashley, P.Geo., President & COO of F3 Uranium Corp, a Qualified Person. Mr. Ashley has verified the data disclosed.
About F3 Uranium Corp.:
F3 Uranium is a uranium exploration company, focusing on the recently discovered high-grade JR Zone on its Patterson Lake North (PLN) Project in the Western Athabasca Basin. F3 Uranium currently has 3 properties in the Athabasca Basin: Patterson Lake North, Minto, and Broach. The western side of the Athabasca Basin, Saskatchewan, is home to some of the world’s largest high grade uranium deposits including Triple R and Arrow and poised to become the next major area of high grade uranium operations in the world.
Forward-Looking Statements
This news release contains certain forward-looking statements within the meaning of applicable securities laws. All statements that are not historical facts, including without limitation, statements regarding future estimates, plans, programs, forecasts, projections, objectives, assumptions, expectations or beliefs of future performance, including statements regarding the suitability of the Properties for mining exploration, future payments, issuance of shares and work commitment funds, entry into of a definitive option agreement respecting the Properties, are “forward-looking statements.” These forward-looking statements reflect the expectations or beliefs of management of the Company based on information currently available to it. Forward-looking statements are subject to a number of risks and uncertainties, including those detailed from time to time in filings made by the Company with securities regulatory authorities, which may cause actual outcomes to differ materially from those discussed in the forward-looking statements. These factors should be considered carefully and readers are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements and information contained in this news release are made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
The TSX Venture Exchange and the Canadian Securities Exchange have not reviewed, approved or disapproved the contents of this press release, and do not accept responsibility for the adequacy or accuracy of this release.
F3 Uranium Corp. 750-1620 Dickson Avenue Kelowna, BC V1Y9Y2 Contact Information Investor Relations Telephone: 778 484 8030 Email: ir@f3uranium.com
ON BEHALF OF THE BOARD “Dev Randhawa” Dev Randhawa, CEO
North Vancouver, British Columbia–(Newsfile Corp. – January 30, 2025) – Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) (“Lion One” or the “Company“) is pleased to report significant new high-grade gold results from 3,791.3 metres of underground grade control drilling at its 100% owned Tuvatu Alkaline Gold Project in Fiji. The drilling is focused on Zone 2 and targeted the URW and Murau lode systems.
All drilling was completed from existing near surface underground workings. The Company intersected high-grade mineralized structures in 25 holes. Most of the drill holes did not exceed 130 metres in length from underground drill stations. Drill results include multiple bonanza grade gold assays over narrow widths such as 168.3 g/t over 0.4 m, 158.0 g/t over 0.3 m, 145.5 g/t over 0.4 m, 123.5 g/t over 0.6 m, and 119.5 g/t over 0.4 m, all of which are located near existing underground workings. These bonanza grade gold results occur within larger intervals of high-grade mineralization, such as 6.7 m of 25.45 g/t gold, and 4.7 m of 26.89 g/t gold.
The Zone 2 drilling targeted two separate mineralized systems: the URW system and the Murau system. The URW drilling primarily targeted the downdip extension of the URW1 stockwork zone below the 1101 level, while the Murau drilling primarily targeted mineralization below the 1095 level. Both programs intersected high grade mineralization, indicating that both systems extend down vertically below current mining levels. Due to the proximity of these results to active mining levels, these results are anticipated to be incorporated into the mine plan in the next six to twelve months. Notably, the headline intersect of 6.7 m of 25.45 g/t gold is located within the high-grade roscoelite zone, just 10 m below current mining activities in the 1095 level (see press releases dated November 12, 2024 and November 19, 2024 ).
Lion One Chairman and CEO Walter Berukoff commented: “We’re extremely pleased with the new results from our Zone 2 grade control drill program. These drill results are in close proximity to our active mine headings and we’re excited to incorporate them into our near-term mine plan. Together with the high-grade Zone 5 results released last week, we continue to advance Tuvatu on multiple fronts and we look forward to advancing the mine to new levels underground.”
Highlights of New Drill Results:
25.45 g/t Au over 6.7 m (including 145.5 g/t Au over 0.4 m) (TGC-0276, from 45.1 m depth)
26.89 g/t Au over 4.7 m (including 78.0 g/t Au over 0.85 m) (TGC-0264, from 36.8 m depth)
36.94 g/t Au over 2.5 m (including 158.0 g/t Au over 0.3 m) (TGC-0312, from 46.5 m depth)
13.97 g/t Au over 6.6 m (including 54.5 g/t Au over 0.3 m) (TGC-0260, from 31.45 m depth)
45.95 g/t Au over 1.8 m (including 123.5 g/t Au over 0.55 m) (TGC-0308, from 43 m depth)
168.25 g/t Au over 0.4 m (TGC-0276, from 18.5 m depth)
29.23 g/t Au over 2.1 m (including 37.43 g/t Au over 0.9 m) (TGC-0353, from 27.9 m depth)
21.48 g/t Au over 2.7 m (including 119.5 g/t Au over 0.42 m) (TGC-0344, from 70.2 m depth)
12.47 g/t Au over 3.8 m (including 49.86 g/t Au over 0.45 m) (TGC-0264, from 57.2 m depth)
10.82 g/t Au over 3.7 m (including 19.51 g/t Au over 0.6 m) (TGC-0276, from 39.9 m depth)
*Drill intersects are downhole lengths, 3.0 g/t cutoff. True width not known. See Table 1 for additional data.
Figure 1. Location of the Zone 2 drilling reported in this news release. Left image: Plan view of Tuvatu showing Zone 2 drillholes in relation to the mineralized lodes at Tuvatu, shown in grey. Right image: Section view of Zone 2 drilling looking northeast. Zone 2 drilling primarily targeted the Murau and URW lode systems below current mine levels.
The Zone 2 area of Tuvatu is located in the northwest part of the deposit, near the main portal. The URW and Murau lode systems are the primary mineralized systems in Zone 2, and they are both actively being mined. A total of 35 drill holes are reported in this news release, including 23 targeting the URW system and 12 targeting the Murau system.
The URW system consists of multiple closely spaced steeply dipping high grade mineralized lodes trending in a north-south direction. Within this system lies the URW1 stockwork zone, which consist of two steeply dipping lodes enveloped within a stockwork zone of gold-bearing veinlets. Four levels of underground mining have been completed within the URW1 stockwork zone; the 1161, 1141, 1121, and 1101 levels. Long hole open stope mining is taking place between these levels. The URW drilling reported here was conducted from the 1116 drill station underground and consists of a series of drill holes oriented in a fan from east to southeast. The drill program primarily targeted the down dip extension of the URW1 stockwork zone below the 1101 level along a 120 m strike length from north to south. High- and bonanza-grade results were intersected in multiple drill holes, indicating the continuation of the system below current mine workings (see Figure 2).
The Murau system consists of a series of high-grade flat to moderately flat mineralized structures located between the steeply dipping URW1 stockwork zone to the east and the steeply dipping Ura lode system to the west. The Murau structures are known as ”flatmakes”[1] and have abundant roscoelite mineralization. They Murau flatmakes are a major component of the high-grade roscoelite zone that was identified in 2024. The first such flatmake is being actively mined along the 1095 level in Zone 2 where a 120 m strike length of the system has been exposed. The Murau drilling reported here was conducted from the 1121 drill station underground. Drilling consists of a series of drill holes oriented in a fan from the north to the northwest. The primary target of the drilling was mineralization below the 1095 level, with several drillholes also targeting mineralization above the 1095 level. High grade mineralization was intersected both above and below the 1095 level, with 6.7 m of 25.45 g/t gold intersected within 10 m below the 1095 level indicating the potential for additional flatmakes below the 1095 level (see Figure 3).
The purpose of the current Zone 2 URW and Murau grade control drill programs are to enhance the mine model and inform stope design in advance of mining in these areas. The majority of the high-grade intervals reported in this release are located within 30 m of underground developments and are anticipated to be included in the mine plan in 2025. Both the URW1 and Murau drill programs have successfully intersected high-grade gold mineralization in close proximity below current underground workings. Highlights of the Zone 2 drilling reported here are shown in Figure 2 and Figure 3.
Figure 2. Zone 2 URW grade control drilling with high-grade intersects highlighted, 3.0 g/t gold cutoff. Oblique view looking down to the north. The URW grade control drilling in Zone 2 was oriented in a fan from the east to the south and primarily targeted the down-dip extension of the URW1 stockwork zone below the 1101 level, as well as the extensions of the system to the north and to the south.
Figure 3. Zone 2 Murau grade control drilling with high-grade intersects highlighted, 3.0 g/t gold cutoff. Section view looking east-northeast. The Murau grade control drilling in Zone 2 targeted mineralization in the roscoelite zone below the 1095 level, as well as the gap between the Murau and URW1 lode systems. The headline drill intercept of 6.7 m of 25.45 g/t gold is located within 10 m below the 1095 level and is scheduled for mining in the near term.
The information in this report that relates to mineral exploration at the Tuvatu Gold Project is based on information compiled by the Lion One team and has been reviewed and approved by Melvyn Levrel, who is the company’s Senior Geologist. Mr Levrel is a Member of the Australian Institute of Geoscientists and has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration, and to the activity being undertaken, to qualify as a Qualified Person as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43- 101”). Mr Levrel consents to the inclusion in this report of the matters based on the information in the form and context in which it appears.
Lion One Laboratories / QAQC
Lion One adheres to rigorous QAQC procedures above and beyond basic regulatory guidelines in conducting its drilling, sampling, testing, and analyses. The Company operates its own geochemical assay laboratory and its own fleet of diamond drill rigs using PQ, HQ and NQ sized drill rods.
Diamond drill core samples are logged by Lion One personnel on site. Exploration diamond drill core is split by Lion One personnel on site, with half core samples sent for analysis and the other half core remaining on site. Grade control diamond drill core is whole core assayed. Core samples are delivered to the Lion One Laboratory for preparation and analysis. All samples are pulverized at the Lion One lab to 85% passing through 75 microns and gold analysis is carried out using fire assay with an AA finish. Samples that return grades greater than 10.00 g/t Au are re-analyzed by gravimetric method, which is considered more accurate for very high-grade samples.
Duplicates of 5% of samples with grades above 0.5 g/t Au are delivered to ALS Global Laboratories in Australia for check assay determinations using the same methods (Au-AA26 and Au-GRA22 where applicable). ALS also analyses 33 pathfinder elements by HF-HNO3-HClO4 acid digestion, HCl leach and ICP-AES (method ME-ICP61). The Lion One lab can test a range of up to 71 elements through Inductively Coupled Plasma Optical Emission Spectrometry (ICP-OES), but currently focuses on a suite of 26 important pathfinder elements with an aqua regia digest and ICP-OES finish.
About Lion One Metals Limited
Lion One Metals is an emerging Canadian gold producer headquartered in North Vancouver BC, with new operations established in late 2023 at its 100% owned Tuvatu Alkaline Gold Project in Fiji. The Tuvatu project comprises the high-grade Tuvatu Alkaline Gold Deposit, the Underground Gold Mine, the Pilot Plant, and the Assay Lab. The Company also has an extensive exploration license covering the entire Navilawa Caldera, which is host to multiple mineralized zones and highly prospective exploration targets.
On behalf of the Board of Directors, Walter Berukoff, Chairman & CEO
Neither the TSX-V nor its Regulation Service Provider accepts responsibility or the adequacy or accuracy of this release
This press release may contain statements that may be deemed to be “forward-looking statements” within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein are forward-looking information. Generally, forward-looking information may be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “proposed”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases, or by the use of words or phrases which state that certain actions, events or results may, could, would, or might occur or be achieved. This forward-looking information reflects Lion One Metals Limited’s current beliefs and is based on information currently available to Lion One Metals Limited and on assumptions Lion One Metals Limited believes are reasonable. These assumptions include, but are not limited to, the actual results of exploration projects being equivalent to or better than estimated results in technical reports, assessment reports, and other geological reports or prior exploration results. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance, or achievements of Lion One Metals Limited or its subsidiaries to be materially different from those expressed or implied by such forward-looking information. Such risks and other factors may include, but are not limited to: the stage development of Lion One Metals Limited, general business, economic, competitive, political and social uncertainties; the actual results of current research and development or operational activities; competition; uncertainty as to patent applications and intellectual property rights; product liability and lack of insurance; delay or failure to receive board or regulatory approvals; changes in legislation, including environmental legislation, affecting mining, timing and availability of external financing on acceptable terms; not realizing on the potential benefits of technology; conclusions of economic evaluations; and lack of qualified, skilled labor or loss of key individuals. Although Lion One Metals Limited has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated, or intended. Accordingly, readers should not place undue reliance on forward-looking information. Lion One Metals Limited does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
Appendix 1: Full Drill Results and Collar Information
Table 1. Collar coordinates for drillholes reported in this release. Coordinates are in Fiji map grid.
Hole ID
Easting
Northing
Elevation
Azimuth
Dip
Depth
TGC-0253
1876320
3920738
123
10.3
-35.7
110.6
TGC-0258
1876320
3920738
122
10.1
-50.1
85.0
TGC-0260
1876320
3920739
122
10.6
-15.9
100.0
TGC-0262
1876320
3920739
123
10.5
0.0
101.0
TGC-0264
1876320
3920740
125
11.2
21.1
105.2
TGC-0266
1876319
3920738
123
353.8
-24.3
106.2
TGC-0270
1876317
3920736
121
295.7
-54.9
75.0
TGC-0272
1876317
3920736
121
295.5
-70.6
55.3
TGC-0274
1876316
3920737
122
300.6
-39.1
100.0
TGC-0276
1876316
3920729
121
320.2
-39.3
75.6
TGC-0280
1876317
3920728
121
322.8
-50.8
75.0
TGC-0283
1876317
3920729
121
339.1
-50.4
75.3
TGC-0285
1876298
3920812
121
103.6
10.9
90.2
TGC-0290
1876298
3920813
121
83.7
13.2
91.7
TGC-0293
1876298
3920813
120
90.0
-5.7
275.4
TGC-0298
1876298
3920812
120
107.0
-13.9
275.0
TGC-0305
1876289
3920808
119
157.3
-30.0
41.4
TGC-0308
1876287
3920806
119
157.9
-28.7
150.0
TGC-0312
1876287
3920806
119
156.4
-24.8
165.3
TGC-0314
1876288
3920807
119
149.6
-26.1
146.4
TGC-0317
1876288
3920808
120
135.1
-11.3
63.2
TGC-0320
1876288
3920807
119
135.5
-24.2
127.0
TGC-0322
1876288
3920807
119
132.1
-28.9
127.0
TGC-0324
1876288
3920808
120
129.3
-22.7
122.7
TGC-0328
1876288
3920807
120
134.2
-6.3
71.5
TGC-0329
1876287
3920806
118
166.1
-35.1
148.3
TGC-0334
1876287
3920806
118
102.0
-9.0
10.6
TGC-0337
1876292
3920809
119
118.1
-23.3
118.7
TGC-0340
1876292
3920809
119
117.4
-28.4
122.5
TGC-0344
1876295
3920810
119
109.2
-27.0
117.3
TGC-0348
1876298
3920811
120
103.3
-8.3
7.8
TGC-0350
1876298
3920811
119
102.7
-19.2
110.0
TGC-0353
1876298
3920811
120
102.3
-8.7
108.0
TGC-0357
1876298
3920811
119
106.9
-34.5
121.0
TGC-0362
1876298
3920812
119
98.3
-31.0
116.1
Table 2. Composite intervals from drillholes reported in this news release (composite grade >3.0 g/t Au, with <1 m internal dilution at <3.0 g/t Au).
Hole ID
From (m)
To (m)
Width (m)
Au (g/t)
TGC-0260
30.0
30.4
0.4
26.50
31.5
38.0
6.6
13.97
including
31.5
31.8
0.3
17.06
and
31.8
32.4
0.7
5.68
and
32.4
33.6
1.2
16.99
and
33.6
33.9
0.3
54.50
and
33.9
34.7
0.8
47.20
and
34.7
35.4
0.7
0.04
and
35.4
36.0
0.7
4.13
and
36.0
36.8
0.8
1.93
and
36.8
38.0
1.2
5.33
39.3
40.0
0.7
3.75
TGC-0262
24.0
24.3
0.3
3.46
45.0
45.3
0.3
6.94
46.5
47.2
0.7
5.04
TGC-0264
36.8
41.5
4.7
26.89
including
36.8
37.1
0.3
10.85
and
37.1
38.3
1.2
16.77
and
38.3
39.5
1.2
13.50
and
39.5
40.0
0.5
0.08
and
40.0
40.9
0.9
78.00
and
40.9
41.5
0.7
31.47
44.4
47.2
2.8
7.94
including
44.4
45.0
0.6
9.77
and
45.0
45.3
0.3
2.23
and
45.3
45.9
0.6
3.22
and
45.9
46.2
0.3
18.99
and
46.2
46.9
0.7
9.37
and
46.9
47.2
0.3
5.31
57.2
61.0
3.8
12.47
including
57.2
57.8
0.6
9.37
and
57.8
58.4
0.6
0.62
and
58.4
58.9
0.5
49.86
and
58.9
59.2
0.3
0.40
and
59.2
59.5
0.3
8.59
and
59.5
59.8
0.3
33.44
and
59.8
60.4
0.7
5.13
and
60.4
61.0
0.6
4.83
TGC-0270
45.4
46.6
1.2
19.55
TGC-0274
29.0
29.7
0.7
27.68
including
29.0
29.4
0.4
26.54
and
29.4
29.7
0.3
29.20
38.3
39.2
0.9
3.90
44.7
45.7
1.0
4.12
53.8
56.2
2.4
5.36
including
53.8
54.6
0.8
8.78
and
54.6
54.9
0.3
1.52
and
54.9
55.4
0.5
1.63
and
55.4
55.8
0.4
8.29
and
55.8
56.2
0.4
3.64
58.1
59.0
0.9
7.02
including
58.1
58.4
0.3
6.88
and
58.4
59.0
0.6
7.09
60.1
64.1
4.0
4.38
including
60.1
60.4
0.3
7.87
and
60.4
61.3
0.9
0.36
and
61.3
61.6
0.3
3.70
and
61.6
62.2
0.6
9.13
and
62.2
62.9
0.7
4.65
and
62.9
63.3
0.4
0.25
and
63.3
64.1
0.8
6.12
TGC-0276
18.5
18.9
0.4
168.25
39.9
43.6
3.7
10.82
including
39.9
40.8
0.9
9.00
and
40.8
41.1
0.3
12.00
and
41.1
41.7
0.6
19.51
and
41.7
42.7
1.0
0.44
and
42.7
43.6
0.9
17.99
45.1
51.8
6.7
25.45
including
45.1
45.4
0.3
66.44
and
45.4
46.2
0.8
8.25
and
46.2
46.5
0.3
67.29
and
46.5
46.9
0.4
13.36
and
46.9
47.2
0.3
12.58
and
47.2
47.6
0.4
23.10
and
47.6
48.0
0.4
145.50
and
48.0
48.6
0.6
13.66
and
48.6
49.6
1.0
4.04
and
49.6
50.1
0.5
47.73
and
50.1
50.8
0.7
6.76
and
50.8
51.8
1.0
5.48
TGC-0285
13.8
14.4
0.6
52.57
63.1
63.4
0.3
12.39
TGC-0290
41.7
43.0
1.3
10.85
including
41.7
42.0
0.3
20.38
and
42.0
42.7
0.7
5.93
and
42.7
43.0
0.3
12.79
45.4
46.0
0.6
6.18
58.4
61.0
2.6
10.76
including
58.4
59.2
0.8
24.33
and
59.2
60.4
1.2
4.97
and
60.4
61.0
0.6
4.24
62.2
62.5
0.3
6.90
TGC-0293
48.0
49.2
1.2
9.43
including
48.0
48.6
0.6
14.89
and
48.6
49.2
0.6
3.97
128.0
130.2
2.2
3.02
including
128.0
129.0
1.0
3.09
and
129.0
129.6
0.6
2.10
and
129.6
130.2
0.6
3.83
162.8
165.2
2.4
5.22
including
162.8
163.1
0.3
21.04
and
163.1
163.6
0.5
0.40
and
163.6
164.4
0.8
3.46
and
164.4
165.2
0.8
4.07
169.1
170.0
0.9
5.18
TGC-0298
23.8
24.2
0.4
19.57
56.6
57.5
0.9
8.50
65.4
65.7
0.3
8.48
TGC-0305
5.1
6.7
1.6
11.76
including
5.1
5.4
0.3
4.24
and
5.4
6.0
0.6
26.29
and
6.0
6.3
0.3
1.41
and
6.3
6.7
0.4
3.38
8.8
9.7
0.9
11.85
TGC-0308
4.6
4.9
0.3
3.30
5.6
5.9
0.3
3.15
10.1
10.5
0.4
5.58
11.6
12.5
0.9
6.81
including
11.6
12.0
0.4
9.95
and
12.0
12.5
0.5
4.30
43.0
44.8
1.8
45.95
including
43.0
43.3
0.3
6.21
and
43.3
43.6
0.3
0.18
and
43.6
44.2
0.6
123.50
and
44.2
44.5
0.3
29.20
and
44.5
44.8
0.3
6.03
52.6
53.8
1.2
5.70
57.2
58.4
1.2
4.78
122.6
122.9
0.3
7.08
TGC-0312
4.5
5.4
0.9
3.58
9.3
10.5
1.2
4.07
37.4
37.7
0.3
6.15
46.5
49.0
2.5
36.94
including
46.5
47.2
0.7
17.52
and
47.2
47.5
0.3
48.99
and
47.5
47.8
0.3
158.00
and
47.8
48.4
0.6
25.72
and
48.4
49.0
0.6
4.27
53.5
54.7
1.2
31.28
59.6
59.9
0.3
3.36
TGC-0314
3.4
3.7
0.3
8.36
4.9
6.0
1.1
4.07
51.6
51.9
0.3
3.20
57.8
59.7
1.9
11.67
including
57.8
58.7
0.9
17.99
and
58.7
59.4
0.7
2.32
and
59.4
59.7
0.3
15.36
TGC-0317
2.1
2.5
0.4
4.39
6.1
6.4
0.3
8.93
41.6
41.9
0.3
6.27
47.9
48.2
0.3
4.56
55.9
56.7
0.8
8.12
TGC-0320
3.8
5.8
2.0
4.27
including
3.8
4.3
0.5
7.36
and
4.3
4.6
0.3
1.05
and
4.6
5.3
0.7
<0.01
and
5.3
5.8
0.5
9.10
54.2
56.0
1.8
6.22
including
54.2
55.1
0.9
8.98
and
55.1
56.0
0.9
3.46
82.4
83.0
0.6
9.95
113.9
114.5
0.6
8.48
including
113.9
114.2
0.3
12.79
and
114.2
114.5
0.3
4.16
TGC-0322
123.8
125.6
1.8
6.67
including
123.8
124.1
0.3
3.70
and
124.1
124.4
0.3
0.01
and
124.4
124.7
0.3
2.16
and
124.7
125.0
0.3
9.82
and
125.0
125.6
0.6
11.98
TGC-0324
95.5
95.8
0.3
72.59
TGC-0328
20.0
21.0
1.1
6.16
including
20.0
20.4
0.4
3.65
and
20.4
21.0
0.6
7.77
42.6
44.5
1.9
4.98
including
42.6
43.8
1.2
5.20
and
43.8
44.5
0.7
4.63
53.7
56.3
2.6
11.14
including
53.7
54.0
0.3
6.20
and
54.0
54.3
0.3
1.41
and
54.3
55.0
0.7
23.57
and
55.0
55.3
0.3
9.03
and
55.3
56.0
0.7
6.71
and
56.0
56.3
0.3
10.26
67.4
68.3
0.9
4.98
TGC-0329
11.2
11.5
0.3
3.32
31.7
32.3
0.6
5.00
57.5
58.6
1.1
8.91
133.9
134.2
0.3
14.65
TGC-0344
70.2
72.9
2.7
21.48
including
70.2
71.0
0.8
5.60
and
71.0
71.5
0.5
0.10
and
71.5
71.9
0.4
119.50
and
71.9
72.9
1.0
3.27
TGC-0350
62.3
63.5
1.2
10.43
including
62.3
62.6
0.3
23.99
and
62.6
63.5
0.9
5.91
TGC-0353
27.9
30.0
2.1
29.23
including
27.9
28.8
0.9
37.43
and
28.8
30.0
1.2
23.08
33.3
33.6
0.3
3.46
38.7
39.1
0.4
3.53
54.3
55.3
1.0
7.38
including
54.3
54.6
0.3
9.95
and
54.6
55.0
0.4
0.85
and
55.0
55.3
0.3
14.38
64.0
65.0
0.9
9.72
including
64.0
64.4
0.3
3.16
and
64.4
65.0
0.6
13.45
TGC-0357
75.1
75.4
0.3
6.30
TGC-0362
68.7
69.3
0.6
30.10
including
68.7
69.0
0.3
23.75
and
69.0
69.3
0.3
36.44
1 Flatmakes are flat-dipping mineralized vein structures. The term is a Fijian mining term commonly used at the Vatukoula gold mine northeast of Tuvatu. At Vatukoula, flatmakes have been reported to have hundreds of meters of strike length.
Diamcor Mining has received an investment from a Dubai-based diamond manufacturer that will allow it to advance various projects at its South African operation.
The mining company, which operates the Krone-Endora at Venetia project, will use the funds to expedite the processing of previously stockpiled oversized material, increase processing volume, and develop work programs it currently has underway, it said Monday. It will also further its bulk sampling.
Diamcor did not provide the name of the Dubai-based company but did note it was a “manufacturer and supplier of bridal and anniversary diamonds to the global market.” The miner also said the manufacturer would not receive shares in Diamcor in return for the funding.
“This financing is the result of long-term relationships we have developed with key associates in Dubai over many years and the mutual vision our companies share on the merits of building a growing supply of gem-quality non-conflict natural rough diamonds for the luxury-jewelry sector,” said Diamcor CEO Dean Taylor. “While 2024 was a challenging year for everyone in the diamond industry, we believe the factors responsible for this will ultimately begin to stabilize by the second half of 2025, and this financing will help to ensure we are well-positioned and ready for this anticipated recovery.”
PHILADELPHIA, PA and VANCOUVER, BC / ACCESS Newswire / January 29, 2025 / Jericho Energy Ventures Inc. (TSXV:JEV)(OTC PINK:JROOF)(FRA:JLM) (“Jericho”, “JEV” or the “Company”) is pleased to announce the closing of the second and final tranche of its previously announced non-brokered private placement (the “Financing”). The Company issued 12,255,000 units (the “Units”) at a price of $0.10 per unit in the second tranche of the Financing, generating gross proceeds of $1,225,500.
The total gross proceeds raised from the first and second tranches of the Financing amounted to $2,024,500.
Each Unit consists of one common share (each, a “Share“) and one share purchase warrant (each, a “Warrant“), with each Warrant entitling the holder to purchase one Share at a price of $0.20 for a period of two years from closing.
All securities issued under the second tranche of the Financing are subject to a four month and one day hold period expiring on May 30, 2025, under applicable securities laws in Canada and the rules of the TSX Venture Exchange (the “Exchange”). The Financing remains subject to final approval of the Exchange.
Two insiders of Jericho acquired an aggregate 1,700,000 Units in the second tranche of the Financing (the “Insider Participation”).
The Insider Participation is exempt from the valuation and minority shareholder approval requirements of Multilateral Instrument 61-101 Protection of Minority Securityholders in Special Transactions (“MI 61-101”) by virtue of the exemptions contained in Sections 5.5(a) and 5.7(1)(a) of MI 61-101 based on that the fair market value of such Insider Participation does not exceed 25% of Jericho’s market capitalization.
Net proceeds from the Financing will be used for general working capital purposes.
The securities referred to herein will not be or have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.
About Jericho Energy Ventures Jericho is an energy company positioned for the current energy transitions; owning, operating and developing both traditional hydrocarbon JV assets and advancing the low-carbon energy transition, with active investments in hydrogen. Our wholly owned subsidiary, Hydrogen Technologies, delivers breakthrough, patented, zero-emission boiler technology to the Commercial & Industrial heat and steam industry. We also hold strategic investments and board positions in California Catalysts (formerly H2U Technologies), a leading developer of advanced materials for electrolysis, and Supercritical Solutions, developing the world’s first, high pressure, ultra-efficient electrolyzer. Jericho also owns and operates long-held producing oil and gas JV assets in Oklahoma which it is currently developing from cash flows in an effort to further increase production.
This news release contains certain “forward-looking information” and “forward-looking statements” (collectively, “forward-looking statements“) within the meaning of applicable securities laws. Such forward-looking statements are not representative of historical facts or information or current condition, but instead represent only Jericho’s beliefs regarding future events, plans or objectives, many of which, by their nature, are inherently uncertain and outside of Jericho’s control. Forward-looking statements are frequently characterized by words such as ”plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate” and other similar words, or statements that certain events or conditions “may”, “will” or “may not” occur. Specifically, this news release contains forward-looking statements relating to, among others, the Company’s ability to successfully complete the Financing, conditions to closing of the Financing, and the use of proceeds from the Financing.
Forward-looking statements are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking statements, which include, but are not limited to: regulatory changes; changes to the definition of, or interpretation of, foreign private issuer status; the impacts of COVID-19 and other infectious diseases; general economic conditions; industry conditions; current and future commodity prices and price volatility; significant and ongoing stock market volatility; currency and interest rate fluctuation; governmental regulation of the energy industry, including environmental regulation; geological, technical and drilling problems; unanticipated operating events; the availability of capital on acceptable terms; the need to obtain required approvals from regulatory authorities; liabilities and risks inherent in oil and gas exploration, development and production operations; liabilities and risks inherent in early stage hydrogen technology projects, energy storage, carbon capture and new energy systems; changes in government environmental objectives or plans; and the other factors described in Jericho’s public filings available at www.sedarplus.ca.
The forward-looking statements contained herein are based on certain key expectations and assumptions of Jericho concerning anticipated financial performance, business prospects, strategies, regulatory regimes, the sufficiency of budgeted capital expenditures in carrying out planned activities, the ability to obtain financing on acceptable terms, expansion of consumer adoption of the Company’s (or its subsidiaries’) technologies and products, results of DCC™ feasibility studies and the success of investments, all of which are subject to change based on market conditions, potential timing delays and other risk factors. Although Jericho believes that these assumptions and the expectations are reasonable based on information currently available to management, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Investors should not place undue reliance on forward-looking statements.
Readers are cautioned that the foregoing lists are not exhaustive. The forward-looking statements contained in this news release are made as of the date of this news release, and Jericho does not undertake to update any forward-looking statements that are contained or referenced herein, except as required by applicable securities laws.
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.
KELOWNA, BC / ACCESS Newswire / January 27, 2025 / Diamcor Mining Inc. (TSX-V:DMI)(OTCQB:DMIFF)(FRA:DC3A), (“Diamcor” or the “Company”), a well-established Canadian diamond mining company with a proven history in the mining, exploration, and sale of rough diamonds is pleased to announce the Company has entered into a non-binding letter of intent for a non-dilutive financing (the “Financing”) of up to USD $5,000,000 with a well-established Dubai based manufacturer and supplier of bridal and anniversary diamonds to the global market. The commercial terms of the Financing will be finalized in the course of negotiating the associated definitive documentation and are expected to include a security interest, an interest component and a revenue participation component. The proceeds of the Financing will be used to expedite the processing of previously stockpiled oversized material, the concurrent deployment of additional assets aimed at significantly increasing processing volumes for the long-term at the Company’s Krone-Endora at Venetia Project (the “Project”), as well as, the continued advancement of the work programmes previously underway, bulk sampling in the greater areas of the Project, and for general corporate purposes. There will be no issuance of any shares or warrants associated with the Financing.
“This financing is the result of long-term relationships we have developed with key associates in Dubai over many years, and the mutual vision our companies share on the merits of building a growing supply of gem quality non-conflict natural rough diamonds for the luxury jewelry sector”, noted Diamcor CEO Mr. Dean Taylor. “While 2024 was a challenging year for everyone in the diamond industry, we believe the factors responsible for this will ultimately begin to stabilize by the second half of 2025, and this financing will help to ensure we are well positioned and ready for this anticipated recovery”.
The Financing is subject to the regulatory approval of the TSX Venture Exchange along with completion of all definitive documentation and filings as required.
Results of 2024 Annual General and Special Meeting
The Company also wishes to announce that Shareholders passed each of the resolutions described in the Company’s proxy materials by the required majority of voting at the Company’s Annual General and Special Meeting (the “AGM”) held on December 30, 2024.
The total number of votes cast for each resolution is set out in the table below.
NUMBER OF SHARES
PERCENTAGE OF VOTES CAST
MOTIONS
FOR
AGAINST
WITHHELD/ ABSTAIN
RESTRICTED
NON VOTE
FOR
AGAINST
WITHHELD/ ABSTAIN
Number of Directors
88,320,583
203,568
0
0
0
99.77%
0.23%
0.00%
Dean H. Taylor
86,003,393
0
1,380,398
0
1,140,360
98.42%
0.00%
1.58%
Darren Vucurevich
86,642,334
0
741,457
0
1,140,360
99.15%
0.00%
0.85%
Dr. Stephen Haggerty
86,847,334
0
536,457
0
1,140,360
99.39%
0.00%
0.61%
D. Wayne Howard
87,365,156
0
18,365
0
1,140,360
99.98%
0.00%
0.02%
Appointment of Auditors
88,524,116
0
35
0
0
100.0%
0.00%
0.00%
Amendment to Stock Option Plan
64,644,242
*
2,183,438
0
20,556,111
1,140,360
96.73%
3.27%
0.00%
*Excluding 20,556,111 shares held by Insiders
TOTAL SHAREHOLDERS VOTED BY PROXY: 41
TOTAL SHARES ISSUED & OUTSTANDING: 168,638,937
TOTAL SHARES VOTED: 88,524,151
TOTAL % OF SHARES VOTED: 52.49%
About Diamcor Mining Inc.
Diamcor Mining Inc. is a fully reporting publicly traded Canadian diamond mining company with a well-established proven history in the mining, exploration, and sale of rough diamonds. The Company’s primary focus is on the mining and development of its Krone-Endora at Venetia Project which is co-located and directly adjacent to De Beers’ Venetia Diamond Mine in South Africa. The Venetia diamond mine is recognized as one of the world’s top diamond-producing mines, and the deposits which occur on Krone-Endora have been identified as being the result of shift and subsequent erosion of an estimated 50M tonnes of material from the higher grounds of Venetia to the lower surrounding areas in the direction of Krone and Endora. Well known Luxury Retailer Tiffany & Co provided the Company with financing to expedite the advancement of the Project and holds a first right of refusal to acquire rough diamonds under 10.8 carats in size at then market prices for the life of the Project. The Company focuses on the acquisition and development of mid-tier projects with near-term production capabilities and growth potential and uses unique approaches to mining that involves the use of advanced technology and techniques to extract diamonds in a safe, efficient, and environmentally responsible manner. The Company has a strong commitment to social responsibility, including supporting local communities and protecting the environment.
About the Krone-Endora at Venetia Project
Diamcor acquired the Krone-Endora at Venetia Project from De Beers Consolidated Mines Limited, consisting of the prospecting rights over the farms Krone 104 and Endora 66, which represent a combined surface area of approximately 5,888 hectares directly adjacent to De Beers’ flagship Venetia Diamond Mine in South Africa. The Company subsequently announced that the South African Department of Mineral Resources had granted a Mining Right for the Krone-Endora at Venetia Project encompassing 657.71 hectares of the Project’s total area of 5,888 hectares. The Company is also advancing an application for a mining right over the remaining areas of the Project. The deposits which occur on the properties of Krone and Endora have been identified as a higher-grade “Alluvial” basal deposit which is covered by a lower-grade upper “Eluvial” deposit. These deposits are proposed to be the result of the direct-shift (in respect to the “Eluvial” deposit) and erosion (in respect to the “Alluvial” deposit) of an estimated 1,000 vertical meters of material from the higher grounds of the adjacent Venetia Kimberlite areas. The deposits on Krone-Endora occur with a maximum total depth of approximately 15.0 metres from surface to bedrock, allowing for a very low-cost mining operation to be employed with the potential for near-term diamond production from a known high-quality source. Krone-Endora also benefits from the significant development of infrastructure and services already in place due to its location directly adjacent to the Venetia Mine, which is widely recognised as one of the top producing diamond mines in the world.
Qualified Person Statement:
Mr. James P. Hawkins (B.Sc., P.Geo.), is Manager of Exploration & Special Projects for Diamcor Mining Inc., and the Qualified Person in accordance with National Instrument 43-101 responsible for overseeing the execution of Diamcor’s exploration programmes and a Member of the Association of Professional Engineers and Geoscientists of Alberta (“APEGA”). Mr. Hawkins has reviewed this press release and approved of its contents.
This press release contains certain forward-looking statements. While these forward-looking statements represent our best current judgement, they are subject to a variety of risks and uncertainties that are beyond the Company’s ability to control or predict and which could cause actual events or results to differ materially from those anticipated in such forward-looking statements. Further, the Company expressly disclaims any obligation to update any forward looking statements. Accordingly, readers should not place undue reliance on forward-looking statements.
WE SEEK SAFE HARBOUR
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
An employee takes granules of 99.99 percent pure gold in a workroom during production at Krastsvetmet precious metals plant in the Siberian city of Krasnoyarsk, Russia, May 23, 2024. REUTERS/Alexander Manzyuk/File Photo Purchase Licensing Rights
Summary
Companies
Trump took the oath of office at 12:01 p.m. ET
U.S. markets closed for Martin Luther King Jr. Day holiday
Gold hit over a month high last week
Jan 20 (Reuters) – Gold prices edged higher on Monday, bolstered by a weaker U.S. dollar, as markets assessed the potential economic impact of U.S. President Donald Trump‘s second-term policies following his inauguration.
Spot gold added 0.3% to $2,709.09 per ounce as of 1:49 p.m. ET (1849 GMT) with trading volumes thin due to the U.S. markets being closed for the Martin Luther King Jr. Day holiday.
U.S. gold futures fell 0.7% at $2,730.20, reducing the premium over the spot price, after a Trump administration official said that President Trump would issue a broad trade memo on his first day in office that stops short of imposing new tariffs.
The price spread between New York futures and spot prices was inflated in recent weeks as traders priced in possible U.S. import tariffs and boosted deliveries into the CME stocks.
A line chart titled “Spot gold price in USD per oz” that tracks the metric over time.
“I believe Donald Trump (presidency) will result in higher market volatility, while some of his policies might keep inflation higher for longer. This should continue to support safe-haven assets like gold,” UBS analyst Giovanni Staunovo said.
Gold is used as a hedge against inflation, although Trump’s inflationary tariff policies could prompt the Federal Reserve to keep rates higher for longer, diminishing the non-yielding bullion’s appeal.
Trump has talked of tariffs of as much as 10% on global imports as well as 60% on Chinese goods and a 25% import surcharge on Canadian and Mexican products.
“Gold’s status as a financial asset makes it likely exempt from broad-based tariffs, and we therefore assign a 10% probability to a 10% effective tariff on gold being introduced within the next 12 months,” Goldman Sachs said.
Bullion hit its highest since Dec. 12, 2024, last week after cooler core inflation data, Fed Governor Waller’s dovish remarks and reports of gradual tariff introductions led traders to price in two rate cuts this year from just one earlier.
The dollar index (.DXY), opens new tab dropped 0.9%, making gold more attractive to foreign buyers.
Spot silver rose 0.7% to $30.52 per ounce, palladium shed 0.8% to $940.29 and platinum declined 0.2% to $940.70.
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Reporting by Daksh Grover and Sherin Elizabeth Varghese in Bengaluru, additional reporting by Swati Verma; Editing by Christina Fincher and Nick Zieminski
There’s a secrecy to the specifics of our planned rendezvous, when I meet a sharp-suited Egon von Greyerz in Zurich airport’s arrivals hall. Hands shaken, he guides us out of a side entrance towards a car park in a quiet corner of the sprawling complex. Roughly 30,000 people work in and around the site; annually, tens of millions of passengers pass through here. Scarce few are aware of the existence, let alone the precise location, of our intended destination: a high-security, 350sqm vault somewhere deep beneath us. Inside it, vast quantities of gold, much of it belonging to von Greyerz, and a roster of his company’s exceedingly wealthy international clientele.
For more than 25 years, von Greyerz has been in this business: buying, selling and storing precious metals for the super-rich, all the while preaching his golden gospel. “We set certain minimum levels,” he says, “to invest through us: $400,000 to store gold in this Zurich vault, or our similar one in Singapore. We use another deep in the Swiss Alps: you’ll need to invest $5m to have anything there.”
It’s not just the uber-wealthy who are turning to gold: more and more of us are at ie
It’s not just the uber-wealthy who are turning to gold, as its price continues to soar. Whether going big on bullion or nabbing a gold sovereign for a few hundred pounds to pension-plan, more and more of us are at it. Welcome to a new gold rush. Last year, the Royal Mint, which buys and sells gold bars and coins, had a “record year” for customer purchases. Revenues from its gold bullion sales were up 153% year on year. It’s not hard to see why. In 2024, gold prices increased by 28%. From the climate crisis to Trump’s presidency, and increasing geopolitical instability, the world feels ever more uncertain. As we’ve done for millennia, many are turning to gold in search of safety and security.
For a tiny percentage of investors, this vault in Zurich offers gold-plated security and safety. We are buzzed into an unassuming office building – beyond the ground floor lobby, a cargo warehouse for customs checks. Up on the second floor, most doors are adorned with airline emblems, or those of international logistics firms. There’s little remarkable about the small, open-plan space I’m shown into, save for a large television screen in one corner displaying a series of neatly divided squares, each livestreaming one of the countless CCTV cameras in and around the vault below.
Once seated in the office’s neat meeting room, we get to it. Many vaults globally, von Greyerz begins, are in airports: high security, easy export. Geographically, Switzerland is convenient for storage: 50–70% of global gold is refined here. My passport is taken by a smartly dressed staffer for a final identity check. No photos allowed; I’m asked not to share certain security details. “Our business model is streamlined and simple,” von Greyerz says. “We buy gold for our clients direct from refineries, always freshly minted. We handle all the practicalities of storing it safely. It’s the same process in reverse if you want to sell. Gold has a global market value, known as its paper or spot price. The cost of physical gold is always a little higher, taking into account production costs. We add a small mark-up, too.” The vaults used aren’t owned by von Greyerz. “Given we buy and sell, an independent company storing is necessary: our clients, should they wish to, can come and inspect their assets entirely of their own accord.”
‘It’s an investment. Buy it and then forget about it’: Zoe Lyons in the smelting room at Hatton Garden Metals. Photograph: Dan Burn-Forti/The Observer
Once given the green light, we descend, beeped into the restricted customs area with its gun-wielding guards. Codes are entered; passes presented. Down a sterile staircase, along a dim, strip-lit tunnel and through a metal detector. Any issues, the alarm system immediately alerts nearby armed airport police. “We actively don’t have armed guards in the vault,” says von Greyerz, “because they can be a liability and turn on you. Few staff, who you know, are better than an army of people. Americans always expect men with machine guns to be stationed outside. That’s not our way.”
I ask the value of what’s stored ahead of us. It’s confidential. Are we talking millions? Tens of millions? Hundreds of millions? Von Greyerz smiles, but his lips won’t loosen. “All I can say is it’s more than whatever you think.” For context, a standard 12.5kg gold bar, the ones you’ll recognise from films, would set you back about £880,000.
Doors slam shut. I’m directed to remain behind a red line, as a heavy hatch is opened. Beyond a lattice of grills, a 130sqm cavern. Sandwiched between wooden crates are layers of large, exposed bars of silver. That’s standard in storage. The walls beyond are lined with shelves, upon which are piles of sealed grey-and-blue boxes: inside them, the gold. In an adjoining room, various treasures are brought out for our examination. First, britannias: 1oz gold coins stamped with a profile of King Charles. “In 2002,” says von Greyerz, “when we first invested in gold, these were worth £200. Now, it’s £1,850.” That was in June 2024, during my vault visit; as of early January 2025, a Britannia is worth over £2,200. Next, a box filled with 100g bars. Rectangular, with round edges. Finally, a pile of 1kg bars, circa £70,000 a piece.
‘We don’t have armed guards in the vault, as they can be a liability and turn on you’: Egon von Greyerz buys, sells and stores gold for the super-rich in Zurich. Photograph: Scanderbeg Sauer/The Observer
Later, over lunch in Zurich’s old town, von Greyerz sets out his stall. “I’ve always been interested,” he says, “in understanding risk and protecting against downside.” He spent a few years working in the Swiss banking sector before joining a fledgling Dixons in 1972. In London, he was a company man for 17 years, latterly as a board member and finance director. “I resigned at 42, wanting to do my own thing.” He set up shop with a private asset and investment company, advising wealthy families and personal clients.
“Financial risk in the market, then and now, is too high for comfort,” he says. “Global debt today is $315trn; it’s an inescapable bubble. Since the early 1700s, 500 currencies have died, most through hyperinflation. Governments invariably destroy the finances of a country. Empires fall. Global powers change. Today, we’re seeing an acceleration in debts and decline. I think we’re close to another collapse.” He’s written about the subject extensively. A new era, he believes, will be based on commodities, not currency. “So, I turned to wealth preservation and came to the conclusion – obvious, in my opinion – that gold is its ultimate form. Simply put, it’s the only money that has survived through human history. Every other currency, without exception, has failed. In every situation of panic or crisis, people have always looked to gold.”
Convinced, in the late 1990s, von Greyerz took this analysis to a select group of clients. “In 2002, with gold dropping down a little in price, I put everything I had into gold, and suggested those I worked with do the same. It was never meant to become a company selling services or encouraging others to follow. But people kept asking…” Now he has clients in more than 90 countries. “With monetary currency,” he says, “you hold your wealth in something which, with inflation, has a constantly depreciating value. Even with low interest rates, the purchase power of your cash is always going down.”
There’s a distinction, von Greyerz clarifies, between gold and other investments. “I don’t see gold as speculation,” he says, “as something to buy and sell based on market changes. Prices fluctuate, but the trajectory is clear.” In essence, for those he advises – and von Greyerz himself – gold is a hedge; insurance for if and when their other financial assets implode. If the banking system and international order collapses, – say, amid a climate catastrophe – bullion remains tangible when the numbers disappear from our screens. “Our clients are prepared, worried about the world. Entrepreneurs, freethinkers.” Mavericks, maybe. “But they’re not strange people, they’re thinking smartly. Few of our clients invest less than 20% of their wealth in gold. Many invest more, up to 50% even.” Globally, only 0.5% of wealth is stored in gold. “If that goes up to 1.5% even, its value will go up vastly.” Just 3,000 or so tonnes of gold are mined each year; it’s a finite resource, you can’t just, on tap, produce it. Some predict reserves in the ground will run out as soon as 2050. There are other reasons to halt mining before then: emissions and water footprint; and regular reports of the global mining industry’s human rights abuses.
Most of us, von Greyerz concedes, could never dream of purchasing quantities that would qualify for his services. “Still,” he argues, “anything is worth investing. I believe for wealth preservation purposes you should buy gold at any level you can afford. Plus, in the UK, there’s no capital gains tax on any profits made on gold coins that are British legal tender, such as britannias and sovereigns.” In January 1970, 1oz of gold was worth about £14. Today, it’s up more than 15,000%.
Talk of brass tacks alone fails to capture the reality of gold’s enigmatic and enduring allure. Piles of cash, stocks and shares, or say, a lump of copper, would struggle to similarly stir the senses. Other metals are shiny; so why gold? Andrea Ferrero has been a professor of economics at Trinity College, Oxford, for a decade. Previously, he was an economist at the New York Federal Bank. “The starting point of gold’s role,” Ferrero says, “isn’t obvious. Its universal value can be put down to gold having a role in producing luxury goods and other commodities.” Traditionally, gold had few practical applications, its purpose purely cosmetic. “There’s its relative scarcity – we’ve discovered most of the gold, even with active searches. Plus, there are recent commentaries about the role of gold in industry, processors or other chips and technology. Industrial application might be another reason its value is going up.”
We should also look, Ferrero continues, to economic history. For centuries, gold played a major role in both domestic and international monetary systems: the first gold coins were struck on the order of King Croesus of Lydia (today part of Turkey), around 550BC. By the late 19th century, many of the world’s major currencies were fixed to gold at a set price per ounce: the gold standard. “This anchoring allowed for exchange rate stability. Today,” says Ferrero, “we live in the legacy of that system: the main role of gold is still hedging, a safe haven commodity.”
Ready to melt: gold products at Hatton Garden. Photograph: Dan Burn-Forti/The Observer
Contemporary political developments have only compounded gold’s current cachet. “Since the Russian invasion of Ukraine,” he says, “and with developments in the Middle East, there has been a big rise in geopolitical uncertainty. It’s one of the hottest topics in economics. Institutional and international investors are looking to diversify portfolios and allocate bigger shares to safe assets. In that respect, gold feels secure. It’s very libertarian – independent from governments. For states, like individuals, gold is like building a nuclear bunker,” says Ferrero, “preparing for a scenario you hope never materialises, but you’re ready, just in case.” According to the World Gold Council, latest data shows that central banks globally bought 53 tonnes of gold in November.
Just as important, feels historian Dr Stephen Tuffnell, is gold’s place in our cultural psyche. Much of his research has focused on the 19th-century gold rushes, at which stage, he says, gold cements itself as an almost mythical metal. “It’s then,” he says, “that miners see gold as a way to escape the drudgery of waged labour. It’s a bit like gambling, but in nature’s lottery.” In truth, many prospectors found small amounts. “Still, there’s an addiction to chasing gold rushes around the world. Yes, the age of gold underpins a wave of globalisation, but there’s more… There was a narrative then, maybe false, that with hard labour you could secure your own future. The excitement around gold, to this day, remains embedded in Anglo-American culture. It quickens the pulse in a way other metals don’t. There’s an idea that gold is wealth in its purest form.”
Just off the main thoroughfare of London’s Hatton Garden is Zoe Lyons’s family firm, Hatton Garden Metals. Their four-storey building is in the heart of the capital’s jewellery, precious-metal and diamond district, dating back centuries. Downstairs is a shopfront: two counters, a private inspection room and a waiting area, this morning – as on most days – filled with queueing customers. Above it, administrative offices, a boardroom I’m soon shown into and, on the top floor, a smelting lab, where purchased precious metals are melted down.
Lyons has been in the trade for 15 years, following in the footsteps of her South-Manchester pawnbroker and jeweller parents. Her sister also works in the business, as do various cousins. There are no minimums here. “Customers coming to the counter,” says Lyons, “generally have maybe up to £1,000-worth of gold on them. That figure can increase substantially: our trade customers come in with multiples and multiples of that to sell. We actively encourage customers not to make appointments. For the security of our clientele, it’s best that nobody knows who is coming in with what or when.”
A team of four experts buy and sell gold from the counters, each having undertaken six months of intricate training. “They know how to identify hallmarks, how to use acids to ascertain carats. They can identify plated items, strip items from core and base metal, assess if something needs smelting…” The list goes on. “In this industry, a typo or mistake can prove very expensive.” In essence, Hatton Garden Metals operates with the logic of a bureau de change. “There’s a lot of information online for buyers,” Lyons says. “Different companies flog different stocks: collectibles, commemorative items, the gift market. We publicly display our premiums over the spot price – the price we’ll buy, and that we’ll sell for. That changes on our website every 30 seconds. Once the deal is done, the price is locked.”
More collectible gold coins might be retained by the business for resale, but most of what Lyons and her team purchase is smelted down and sold back to the market at a price fixed twice-daily globally; in the UK, overseen by the London Bullion Market Association (LBMA). “We roughly know the volume we have coming in, and so book in a trade with the bank, either morning or afternoon. It means if the market dropped by 50% tomorrow, it doesn’t affect anything we’ve done today.” No risks can be taken. “I can’t hold on to gold in the hope the price goes up later. If the market went the other way, you’d have a problem on your hands.”
They provide a service to “a really eclectic mix of clients,” Lyons says. “Customers who buy a little every month for a pension or rainy day; those selling gold they’ve inherited, or owned for a long time; traders on Hatton Garden; preppers and end-of-worlders. Lots of our customers don’t feel totally secure about their money in the bank. They don’t want cash, not that banks make it easy to access it.”
Red hot: a gold-smelting furnace. Photograph: Dan Burn-Forti/The Observer
Presumably, her own savings are converted into gold? “When I first started,” she replies, “I did buy some sovereigns. Then the market jumped up like, £10, and I sold.” Today, Lyons now refrains from purchasing her own product. “Well, I have a little bit, but nothing significant. It’s something I yell at my parents about still: why didn’t you buy when gold was so cheap? Half-sovereigns were £20 when my parents started. Today, they’re £250. I’m sure my kids and grandkids will say the same. But gold is a long-term investment: you want to buy it and then not look at the prices regularly as it fluctuates. You want to forget about it and live your life.” Difficult, for someone in her line of work. “I don’t have a choice but to constantly monitor the market. If I had any substantial money there, I’d always be obsessing about the ups and downs, and really, I don’t have the time or nerve.”
Each gold-getter I speak to has their own logic: an older, Jewish Londoner who prefers to keep his assets close, a response to a prosecution-filled history. A twentysomething who turned to gold after getting into crypto. Many just see gold as an alternative to traditional ways of saving.
Andy Reid is a regular buyer. A former soldier, today he’s Merseyside-based. He runs a local café, and works as a motivational speaker. For a long time, any spare cash went on premium bonds: a few hundred quid, a few times a year, most often. He’d been watching the Discovery reality show Gold Rush on TV, following gold miners across North America. “I read about how there’s less and less of it left in the ground and the demand for it in modern technology.” Then, a trip to Costco. “I’d been going for years, always noticing the fact they sell gold bars in-store from a glass kiosk…” Yes, really… “It never crossed my mind to buy gold with my scones, then a year or two ago, I started thinking…”
He’s been buying from Hatton Garden Metals ever since. A gold coin each month, if there’s enough cash left in the bank at the end of it. “It’s something you have in your hand. I can go into my safe and hold it. You can also pass it on tax-free.” Britannias and Sovereigns are legal tender, exempt from capital gains tax.
Reid’s children are six and 11. “I want to give them the coins when they’re in their 20s or 30s. I don’t even look at the price, really, when I buy. I’m thinking about the long term. If it goes up by a few quid next year, I’m not going to sell it. I show them what I’ve got so far, sometimes, so they see the results of saving. And it feels real in a way money in an account doesn’t.” He’s aware it’s not a failsafe. Prices do go up and down; no investment is foolproof. “Of course the market could crash,” he says. “I bought a house just before the 2008 financial crisis, and lost £30,000 overnight. I’m not too concerned. It’ll go back up again: just look at history.” And for Reid, at least, it’s about more than a sound investment. “I’m a normal lad from up north,” he says, “who joined the army as a teen with no qualifications. Now I’ve got gold coins in my safe. There’s something special about that you can’t really explain.”
This article was amended on 20 January 2025 because an earlier version mistakenly referred to Geneva, rather than to Zurich, in the subheading and a picture caption.
