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Burlington, Ontario–(Newsfile Corp. – October 25, 2023) – Silver Bullet Mines Corp. (TSXV: SBMI) (OTCQB: SBMCF) (‘SBMI’ or ‘the Company’) announces:
The Treasure Room is located roughly 310 feet from the portal, or roughly halfway to Zone1 along the vein structure. On March 1, 2022 SBMI reported assay results from grab samples from the Treasure Room as follows:
| GRAB SAMPLES | ||||
| SAMPLE I.D | Silver | Silver | ||
| [oz/ton] | [ppm] | |||
| 1 | 14.0 | 480.2 | ||
| 2 | 15.2 | 521.4 | ||
| 3 | 12.2 | 418.5 | ||
| 4 | 13.6 | 466.5 | ||
| 5 | 13.8 | 473.3 | ||
| 6 | 35.2 | 1207.4 | ||
| 7 | 125.0 | 4287.5 | ||
| 8 | 20.2 | 692.9 | ||
| 9 | 21.2 | 727.2 | ||
Additional selected grab samples were recently taken from the Treasure Room area, whose assay results were 8.6, 90.3, 90.6, and 229.7 ounces per ton silver. Paper thin plates of native silver, analyzed with a hand held XRF, were also observed along certain fractures.
Historically mining was carried out in the Treasure Room, resulting in stopes and drifts. A third set of selected grab samples from various stopes in the Treasure Room were assayed on October 23, 2023 and returned as follows:
Readers are cautioned that such samples may not be representative of the Treasure Room or the Buckeye Mine as a whole.
SBMI intends to stabilize the Treasure Room and provide other safety measures to allow access to the higher grade material located within the Treasure Room’s continuation of the vein. This will provide an additional supply of mineralized material for the mill and will also assist in refining a plan to mine that section of vein material. The Company believes the Treasure Room likely hosts more higher grade material at depth.
Zone1 begins roughly 700 feet from the portal. Twelve samples were assayed from the body of Zone1, with assay results from these preliminary samples averaging 2 oz per ton silver. Earlier assay results from the contact right edge with Zone1 over an initial width of 4 feet averaged 1 oz silver/t. Both of these averages are in line with management’s expectations. From past observations and past assays, the Company anticipates the silver grade to increase with further penetration into Zone1. Mineralized material will be shipped from Zone1 to the Company’s mill in Globe, Arizona when the grade is high enough to justify the cost of transportation.
Historically gold and copper values were also reported in Zone1. Current visual inspection of the vein material shows materials other than silver, for which SBMI cannot assay at its own onsite assay facility. SBMI has sent multiple samples of such material to an independent ISO 9001 certified lab for multielement analysis including gold and PGM.
The Company suffered through aberrant extremely hot weather in Arizona throughout most of August, 2023. For example, the temperature on the concrete ball mill pad during this period on occasion exceeded 150 degrees Fahrenheit. A wildfire proximate to the Buckeye Mine during that period caused by lightning further impeded SBMI’s efforts. The Company was unable to carry out work at the mill or at the Buckeye Mine during that period, and as a result was not able to generate cash flow. The Company now intends to bolster its financial position as it continues with operations.
SBMI intends to carry out a non-brokered financing (the “Financing”) of $500,000.00 by way of a private placement of units (each, a “Unit”) priced at $0.12 cents per Unit, resulting in the issuance of 4,166,666 shares. Each Unit will consist of one common share and a full warrant exercisable into one common share at $0.17 for a term of 2 years. There is no acceleration clause on these $0.17 warrants.
The Company also announces its intention to re-price previously issued warrants. SBMI intends to re-price all previously issued $0.60 warrants to $0.24, all previously issued $.50 warrants to $0.20, and all previously issued $0.30 warrants to $0.13. Regulatory approval is required for the Financing and to re-price warrants.
The Financing and the re-pricing of warrants are subject to regulatory approval.
QA/QC
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.
The SBMI facilities have been designed for quick production grade control and are not ISO compliant; however, duplicate sampling with other ISO labs has been done on past samples with good correlation.
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.
VANCOUVER, BC / ACCESSWIRE / October 19, 2023 / Metallic Minerals Corp. (TSXV:MMG)(OTCQB:MMNGF) (“Metallic Minerals” or the “Company”) is pleased to announce the completion of field activities at the Company’s 100%-owned, 166 square kilometer Keno Silver project, adjacent to Hecla Mining in the high-grade Keno Hill silver district of Canada’s Yukon Territory. The 2023 exploration program included 1,112 meters in four diamond drill holes focused on resource expansion at the Formo target, the highest-grade and largest target area to be included in an inaugural NI 43-101 mineral resource estimate for the property expected in Q4 2023. The Company also conducted additional soil geochemical sampling on open-ended earlier-stage targets for future drill campaigns.
Metallic Minerals holds the second largest land position in the Keno district with claims covering the east, and parts of central and western Keno Hill, including eight high-grade, shallow past-producing deposits. Hecla Mining holds the western portion of the Keno district and has recently started production from its Keno Hill mining operations, with full production expected by year-end.
Metallic Minerals President, Scott Petsel, stated: “We were very pleased to return to our Keno Silver project and complete this important new phase of exploration which focused on drilling mineralized extensions of our “resource-ready” target at Formo. With the key milestone of an inaugural resource estimate for Keno Silver on the near-term horizon, the team is already looking ahead to working from those initial deposit models to continue to add additional ounces with this and subsequent future programs. One of the major advantages the upcoming resources will have are their shallow depth which makes them amenable to low-cost bulk tonnage mining methods. The blueprint for rapid and dramatic resource growth in the Keno district, as demonstrated by prior operators, is to first identify the dominant mineralized vein structures and their orientations, then vector along trend and depth with successive drill campaigns. This tried-and-true methodology is being employed by Metallic Minerals to expand the Keno Silver project which is located within one of the world’s highest grade silver producing districts.”
Mr. Petsel continued, “In addition to our work at the Keno Silver project, drilling continues at our La Plata copper-silver-gold-PGE project in Colorado, where we have just passed 3,000 meters of a targeted 5,000-meter drill program. The first two drill holes reached 909 meters and 1,350 meters depth, respectively, and intersected continuous porphyry style mineralization. Our target is to complete two to three more step-out, expansion drill holes from the discovery hole announced in February 2023. Core is being processed and sent to the lab for assaying with initial results expected to come in through the fall of this year. The results of this drilling will be used to calculate a new mineral resource estimate for La Plata in 2024.”
About the Keno Silver Project
Keno Hill is one of the world’s highest-grade silver districts, with nearly 300 million ounces (“Moz”) of silver in past production and current M&I resources1,2 and featuring excellent existing infrastructure, including grid power, road access and nearby community services. In July 2022, Hecla Mining announced the acquisition of Alexco Resource Corp, which held the western portion of the district. Hecla Mining has started production at Keno Hill, which is now their highest-grade silver operation, and is expecting to be at full production by year end with a stated goal of producing 4-5 Moz of silver per year3. Metallic Minerals’ Keno Silver project is adjacent and contiguous with Hecla Mining ground, covering the east, and parts of the central and western Keno silver district and includes eight high-grade, shallow past-producing mines. Prior to the Company’s consolidation of the land package, very little modern exploration had been completed in these parts of the district due to fragmented, private land ownership. Metallic Minerals has advanced four targets in the district from discovery to resource definition stage with several additional targets at drill-ready status along the known historically productive trends. In addition, recent exploration has defined and expanded 12 priority multi-kilometer-scale early-stage targets for reconnaissance drilling in the under-explored parts of the district where highly elevated silver, lead and zinc in soils and high-grade rock samples have been identified.
About Metallic Minerals
Metallic Minerals Corp. is a leading exploration and development stage company focused on copper, silver, gold, and other critical minerals in the La Plata mining district in Colorado, and silver and gold in the high-grade Keno Hill and Klondike districts of the Yukon. Our objective is to create shareholder value through a systematic, entrepreneurial approach to making exploration discoveries, growing resources, and advancing projects toward development.
The Company’s 100%-owned La Plata project in southwestern Colorado hosts a porphyry copper-silver resource consisting of 1.21 billion pounds of copper and 17.6 Moz of silver4. Drilling in 2022 provided the basis for the expanded 2023 resource estimate, including the longest and highest-grade interval ever encountered at La Plata and one of the top intersections for any North American copper project in the past several years. In May 2023, the Company announced a 9.5% strategic investment by Newcrest Mining Limited (acquired by Newmont Mining in Q4 2023) to fund the current 2023 drill campaign and accelerate the overall advancement of the project. Colorado ranked 5th globally for investment attractiveness and 2nd in the USA in the Fraser Institute’s 2023 Annual Survey of Mining Companies.
Metallic Minerals has consolidated a 176 square kilometer land position directly adjacent to Hecla Mining’s operations in the historic high-grade Keno Hill silver district of Canada’s Yukon Territory, a region which has more than 300 Moz of high-grade silver in past production and current M&I resources. Hecla Mining, the largest primary silver producer in the USA and third largest in the world, is anticipating full production at its Keno Hill operations by the end of 2023. Metallic Minerals is targeting release of an inaugural mineral resource estimate on the Keno Silver project in Q4 2023, with an expansion drill program completed in September.
The Company is also one of the largest holders of alluvial gold claims in the Yukon and is building a production royalty business by partnering with experienced mining operators, including Parker Schnabel of Little Flake Mining from the Discovery Channel television show, Gold Rush.
All of the districts in which Metallic Minerals operates have seen significant mineral production and have existing infrastructure, including power and road access. The Company is led by a team with a track record of discovery and exploration success on several major precious and base metal deposits in the region, as well as having large-scale development, permitting and project financing expertise. The Metallic Minerals team has been recognized for its environmental stewardship practices and is committed to responsible and sustainable resource development.
FOR FURTHER INFORMATION, PLEASE CONTACT:
Website: www.mmgsilver.com
Email: cackerman@mmgsilver.com
Phone: 604-629-7800
Toll Free: 1-888-570-4420
Footnotes:
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, statements about expected results of operations, royalties, cash flows, financial position and future dividends as well as financial position, prospects, and future plans and objectives of the Company are forward-looking statements that involve various risks and uncertainties. Although Metallic Minerals believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Forward-looking statements are based on a number of material factors and assumptions. Factors that could cause actual results to differ materially from those in forward-looking statements include failure to obtain necessary approvals, unsuccessful exploration results, unsuccessful operations, 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 Company with securities regulators. Readers are cautioned that mineral resources that are not mineral reserves do not have demonstrated economic viability. Mineral exploration, development of mines and mining operations is an inherently risky business. Accordingly, the actual events may differ materially from those projected in the forward-looking statements. For more information on Metallic Minerals and the risks and challenges of their businesses, investors should review their annual filings that are available at www.sedar.com.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE: Metallic Minerals Corp.
Vancouver, British Columbia–(Newsfile Corp. – October 24, 2023) – Riverside Resources Inc. (TSXV: RRI) (OTCQB: RVSDF) (FSE: 5YY) (“Riverside” or the “Company”), Riverside is pleased to announce that it has acquired part of the Mount Grace Carbonatite known to host Rare Earth Elements (“REEs”). The Company continues to expand its presence in British Columbia adding this a prospective REE project to its critical metals’ portfolio. The Company has staked 2538 ha. (25 km²) of terrain that hosts carbonatites mapped by the British Columbia Geologic Survey and confirmed by subsequent explorers. The Project has been named “Revel” and is located 20 km from the community of Seymour Arm within a highly prospective carbonatite belt north of Revelstoke, BC. The Project is 100% owned by Riverside with no underlying royalties or encumbrances.
Rare Earth Elements, or REEs, have become important metals worldwide as countries race to usher in a green economy, with less reliance on fossil fuels and more reliance on electrical grids and EV’s. Most countries have begun protecting these elements and listing them as strategic or critical, acknowledging the importance of these metals to future economic growth and even sovereignty. Canada and particularly BC have geological environments that host several different types of rare earth element deposits. REE carbonatites are discrete layers of either of material being depositing on the surface during volcanic activity or intrusive layers of magma injected between layers of existing rock. At Revel the property has high values of niobium and light rare earth elements similar to those found and mined in the USA at Mountain Pass. Revel geology with carbonatite has both intrusive and volcanic styles of REE with the Company’s mapping and on-going sampling shown below and on the website site.
John-Mark Staude, President and CEO, commented on the recent acquisition: “we are excited to have acquired Revel, a quality REE project with no underlying royalties or encumbrances in a geologically prospective area within a stable political jurisdiction. The new Project compliments Riverside’s growing portfolio in British Columbia and positions the company well in this rapidly evolving space. Recent announcements by the Canadian government signal that Canada is serious about securing a steady and stable supply of critical elements within its borders and the Revel acquisition is part of the Company’s diversification expanding corporate strategy.”
Revel Project Geological Summary:
The claims are partly located on Mount Grace on the northeast margin of Frenchman Cap Gneiss Dome comprising part of the Shuswap Metamorphic Terrain. These core gneisses are overlain by allochthonous cover rocks which host both extrusive and intrusive carbonatites and are part of the Monashee cover sequence. The property is centred on the Mount Grace syncline which is a northwest trending isoclinal fold. The allochthonous rocks comprise a succession of pure quartzites, feldspathic quartzites and mica schists above this basal unit lies a series of pelitic schist, marble, calc-silicate paragneiss and the Mount Grace Carbonatite layer. This provides both intrusive and volcanic units that are targeted for REE concentrations and discovery potential making possible broad and easily traceable host units which could rapidly develop substantial tonnages.
The map and cross section below modified from the work of the BC Geological Survey, Hoy and others, for the carbonatite and Rare Earth Element target geologic units is shown below and more extensively on the Company website. The regional map shows the Revel claim areas in the regional context with other known REE locations as part of a north-south trending belt which where the Company has been working.
Figure 1. Regional location map of the Mount Grace Carbonatite and other REE locations superimposed on geologic quadrangle map from Hoy and Kwong (1986).
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6101/185049_8cb54255a4c27972_002full.jpg
Figure 2. Map with the Revel mineral claims on the Mount Grace Carbonatite from Hoy and Kwong (1986) with location of target Carbonatite horizon shown in blue and Riverside claim areas marked in red.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6101/185049_8cb54255a4c27972_003full.jpg
Revel Project History
Mount Grace and surrounding area was first mapped by government geologists where two types of carbonatites were identified. Type I intrusive carbonatites were noted to have a metasomatized contacts being conformable to the bedding within their metasedimentary host rocks, and commonly contacting either a syenite or nepheline syenite gneiss. Conversely Type II extrusive carbonatites, believed to be of volcanic origin and lacking any kind of metasomatic boundary, were linked with the occurrence of a prominent marble horizon that was stratigraphically above the carbonatite bodies and used as a regional marker (McMillan and Moore, 1974). Later mapping of the Mount Grace area by Hoy and McMillan (1979) revealed that the discontinuous extrusive carbonatites of the Perry River area were likely related to the extrusive Mount Grace Carbonatite, which has a lateral extent of over 60 km. A study by Hoy and Kwong (1986) revealed that the Mount Grace carbonatite is strongly enriched in the elements barium, manganese, and strontium, with high concentrations of niobium, lanthanum, neodymium and cerium relative to other carbonatites of its nature.
Figure 3. Cross sections for the Mount Grace Carbonatite from Hoy and Kwong (1986) with location of target Carbonatite horizon shown in blue and Riverside claim areas marked in black arrows. Refer to the legend in Figure 2 above for rock descriptions.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6101/185049_8cb54255a4c27972_004full.jpg
In 1983, Duval International Corporation conducted a geological and geochemical survey in the area that led to the discovery of the Ren carbonatite, south of Mount Grace; samples of the Ren carbonatite rendered anomalous values of niobium, cerium and lanthanum (Pilcher, 1983). Teck Exploration Ltd. carried out further work on carbonatites at Ratchford Creek in 1987, which included trenching and silt, rock, and soil sampling programs as well as radiometric and magnetic surveys (Betmanis and Lovang, 1988). Results from Teck’s program indicated anomalous values of niobium and light rare earth elements. At the present, these carbonatite exposures and associated alkaline rocks are contiguously staked by the Company along the western margin of the Frenchman Cap gneiss dome providing a guide for delineating the system so far.
In the early 2010’s field work in the project area found more well-defined carbonatite and in 2018 exploration work located zones of layered and also intrusive carbonatite which during the 2023 field season Riverside was able to work up and sample.
Qualified Person:
This news release was reviewed and approved by Freeman Smith, P.Geo., a non-independent qualified person to Riverside Resources, who is responsible for ensuring that the geologic information provided within this news release is accurate and who acts as a “qualified person” under National Instrument 43-101 Standards of Disclosure for Mineral Projects.
About Riverside Resources Inc.:
Riverside is a well-funded exploration company driven by value generation and discovery. The Company has over $7M in cash, no debt and less than 75M shares outstanding with a strong portfolio of gold-silver and copper assets and royalties in North America. Riverside has extensive experience and knowledge operating in Mexico and Canada and leverages its large database to generate a portfolio of prospective mineral properties. In addition to Riverside’s own exploration spending, the Company also strives to diversify risk by securing joint-venture and spin-out partnerships to advance multiple assets simultaneously and create more chances for discovery. Riverside has properties available for option, with information available on the Company’s website at www.rivres.com.
ON BEHALF OF RIVERSIDE RESOURCES INC.
“John-Mark Staude”
Dr. John-Mark Staude, President & CEO
For additional information contact:
John-Mark Staude
President, CEO
Riverside Resources Inc.
info@rivres.com
Phone: (778) 327-6671
Fax: (778) 327-6675
Web: www.rivres.com
Mehran Bagherzadeh
Corporate Communications
Riverside Resources Inc.
Phone: (778) 327-6671
TF: (877) RIV-RES1
Web: www.rivres.com
Certain statements in this press release may be considered forward-looking information. These statements can be identified by the use of forward-looking terminology (e.g., “expect”,” estimates”, “intends”, “anticipates”, “believes”, “plans”). Such information involves known and unknown risks — including the availability of funds, the results of financing and exploration activities, the interpretation of exploration results and other geological data, or unanticipated costs and expenses and other risks identified by Riverside in its public securities filings that may cause actual events to differ materially from current expectations. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release.
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.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/185049
Edmonton, Alberta–(Newsfile Corp. – October 23, 2023) – Grizzly Discoveries Inc. (TSXV: GZD) (FSE: G6H) (OTCQB: GZDIF) (“Grizzly” or the “Company”) is pleased to announce that it has engaged Matthews Investments Ltd. to provide capital market consulting services to the Company.
The Company has entered into an agreement (the “Agreement”) with Matthews Investments Ltd. (“Matthews”) whereby Matthews will provide capital market consulting services to the Company for consideration including the issuance of 250,000 stock options under the Company’s Stock Option Plan with a strike price of $0.09 per option and expiring no later than five years from the date of issuance. In addition, Matthews will be compensated for a) any completed merger or acquisition transaction with a party introduced by Matthews within 2 years from the commencement of the Agreement and b) for any successful financing transaction with parties introduced to the Company by Matthews, at a rate of 5% of the total transaction value. The stock options to be granted to Matthews and transaction referral fees are subject to approval or acceptance by the TSX Venture Exchange.
Matthews Investments Ltd. is a consulting firm with a history of advising private and public companies through their growth initiatives. With a focus on extractable commodities and energy, Matthews engages its’ vast network of industry professionals to help companies establish an effective blueprint for corporate success.
Rich Matthews, principal of Matthews Investments Ltd., is a highly experienced capital markets advisor with a strong background in the resource sector, serving at the executive and board levels. His experience includes business development and capital markets expertise across multiple countries. Rich has worked for public companies, including award-winning Fission Uranium Corp, advising CEO’s and Board of Director members, while liaising directly with investors and stakeholders. Mr. Matthews is currently Director of Matthews Investments Ltd, Vancouver, BC, and Managing Partner at Integrous Communications LLC, Austin, Texas.
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 72,000 ha (approximately 178,500 acres) of precious and base metals properties in southeastern British Columbia. Grizzly is run by a 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
For further information, please visit our website at www.grizzlydiscoveries.com or contact:
Nancy Massicotte
Corporate Development
Tel: 604-507-3377
Email: nancy@grizzlydiscoveries.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.
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.sedarplus.ca. Grizzly disclaims any obligation to update or revise any forward-looking information or statements except as may be required by law.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/184814
The Nasdaq Sprott Energy Transition Materials Index (NSETM) increased 2.42% in September to close the month at 983.45. For the nine months ending September 30, the Index returned 5.31%.Uranium’s performance helped the energy transition complex close higher in September.
September witnessed a wide dispersion of returns. For example, spot uranium surged 21%3 to a 12-year high, and uranium miners jumped 24%.9 Year to date, spot uranium and uranium miners have both returned over 50%. For most of the year, uranium had firming fundamental support from several sources, including utilities contracting U3O8, growing supply concerns, and long-term growth projections that were revised higher (see Uranium Rally Gains Power in September).
Despite market stresses, these uranium surges helped the energy transition complex close higher in September. Other metal groups in the energy transition complex came under further downward pressure from a combination of factors, including continuing weak China data, concurrent rapid rises in the U.S. dollar (USD) and real yields, and fears of slowing future demand.
The equity market faced increased challenges in September due to a stronger USD, worries about increased debt issuance and deficits, rising real yields and widening economic disparities between the U.S., China and the EU. Weakness in significant currencies such as the yen (due to the Bank of Japan’s yield curve control policy) and the yuan (due to China’s economic and credit problems) continue to boost the USD but create currency risk elsewhere. Countries with weak currencies that cannot afford further depreciation are straining under the higher rates needed to defend their currencies. The other option for currency support — selling foreign exchange reserves — becomes a de facto liquidity drain. The spike in crude oil prices adds to the risk by draining reserves and increasing growth concerns, particularly in the already fragile Chinese and EU economies.
Real yields have reached 15-year highs at an alarming pace, further tightening financial conditions. Historically, simultaneous increases in the USD, real yields and crude oil prices have detrimentally impacted risk assets. Yet, as seen in Figure 1, the Nasdaq Sprott Energy Transition Materials Index remains unfazed.
Figure 1. Nasdaq Sprott Energy Transition Materials Index Still Consolidating (2018-2023)
Source: Bloomberg. Nasdaq Sprott Energy Transition Materials Index (NSETM). Data as of 9/30/2023. Top Half of Chart: Red line indicates bottom level support; blue line indicates trend over time. Bottom Half of Chart: Moving average convergence/divergence is a trend-following momentum indicator that shows the relationship between two exponential moving averages (EMAs, red and black lines), calculated by subtracting the 26-period EMA from the 12-period EMA. Included for illustrative purposes only. Past performance is no guarantee of future results.
The lithium carbonate spot price continued its descent in September, falling 17.79% over the month to $10.35 per pound (see Figure 2). China dominates global demand for lithium and, in the past, has exhibited seasonality, with more demand in the fourth quarter and restocking ahead of this peak season. Restocking has not materialized this year, and short-term weakness in Chinese electric vehicle (EV) demand has weighed on prices. However, despite the steep decline in the lithium spot price since its November 2022 high, prices are still much higher than their historical levels (for example, in late 2020, the lithium spot price was below $3 per pound).The U.S. has recognized the need for massive investment in U.S. lithium production. The DOE’s loan program is another potential tailwind for lithium miners…
The transport sector accounted for 76% of lithium demand in 2022 (according to BloombergNEF), and China accounted for 58% of EV sales, with six million EVs sold. Because of this, the current weakness in China has had a significant impact on commodity prices. However, the U.S., which is the second largest seller of EVs with just under one million sold in 2022, has not experienced the same weakness in demand as China in 2023. U.S. EV sales data released in September show multiple positive developments. Based on preliminary Q3 reports, U.S. EV sales in 2023 have already passed the one million mark for the first time.16 U.S. EV battery sales are experiencing exponential growth. While it took a decade to achieve the first cumulative million in sales, it took just two years for the second million and a mere year for the third million. 17
In September, stocks of lithium miners fell by 8.31% as the lithium spot price dropped. Other factors weighed on capital-intensive sectors, including hawkish U.S. monetary policy sentiment, the strong USD and weak Chinese economic data. Although the lithium spot price drop has reduced miners’ margins, they are still profitable at current prices. Lithium mining equities have been a more attractive investment than lithium itself because of the rise in announced offtake agreements, direct equity investments by original equipment manufacturers into lithium miners, merger and acquisition (M&A) activity and grants and loans provided to miners by the U.S. Department of Energy (DOE).
With regard to M&A activity in September, Sigma Lithium Corporation received proposals to sell the company, with details yet to be disclosed publicly.18 This followed the events of early September when Liontown Resources Limited’s share price jumped 11.50% as its board backed a refreshed A$6.6 billion takeover bid from Albemarle Corporation, the world’s largest lithium producer.19
The U.S. has recognized the need for massive investment in U.S. lithium production. The DOE’s loan program is another potential tailwind for lithium miners and is supporting several lithium development projects in the U.S. Lithium Americas Corp. reported in September that it was in talks with the U.S. Department of Energy (DOE) for a $1 billion loan for its Nevada project.20 If the DOE funding goes through, it will represent nearly half the project’s $2.27 billion budget and be the first of its kind. The DOE gave Ioneer Ltd (a lithium and boron miner) a $700 million loan in January 2023.21 Albemarle Corporation received a $90 million grant from the U.S. Department of Defense in September to raise domestic output at its Kings Mountain lithium mine (for which the DOE also gave a $150 million grant in 2022 to fund construction).22
Figure 2. Lithium Continues to Decline (2018-2023)
Source: Bloomberg. Lithium carbonate spot price, $/lb, 2018-2023. Data as of 9/30/2023. Included for illustrative purposes only. Past performance is no guarantee of future results.
The copper spot price fell 2.28% to $3.73 per pound in September (see Figure 3), and shares of copper miners fell 3.31%. The U.S. Federal Reserve signaled that rates would stay higher for longer in September, which raised bond yields and took the USD to its highest level since November 2022. These developments challenged global markets, including copper.
Copper has a strong negative correlation with the USD (-0.58 correlation coefficient over the last five years). The copper spot price has been largely range-bound over the previous five months, falling on disappointing economic data from China and rising on the potential of Chinese stimulus. China accounts for approximately 50% of global refined copper demand, and China’s manufacturing and construction sectors have been weak. This directly contrasts expectations at the start of the year when markets believed China’s post-COVID reopening would boost these sectors.
Despite this activity, copper has managed to avert the larger year-to-date drawdowns in other metals markets. We believe this is due to favorable demand fundamentals and uncertain supply. Chilean state-owned copper miner Codelco recently reduced its guidance for copper production to the lowest in 25 years. Chile is the world’s largest copper producer, with 27% of the global market in 2022. In Peru — the second-largest copper producer with 11% of the global market — the head of the country’s National Society of Mining, Petroleum and Energy, Victor Gobitz, indicated that Peru’s copper production would likely flatten in the new year due to a slowdown in investment.
On a positive note, supportive tailwinds may be created by these negative developments and global supply impediments (like declining ore grades, fewer major copper discoveries and long lead times of 16.5 years from discovery to first production). Nearly 70% of all copper produced is used in electrical applications,23 making copper critical to the energy transition. Energy transition-related demand for copper is slated to increase nearly four fold by 2040 relative to 202224 to meet net-zero carbon emissions targets.
Figure 3. Copper Softens Despite Tailwinds (2018-2023)
Source: Bloomberg. Copper spot price, $/lb, 2018-2023. Data as of 9/30/2023. Included for illustrative purposes only. Past performance is no guarantee of future results.
The nickel spot price fell 8.20% in September (see Figure 4), and shares of nickel miners fell 4.08%. Over this year, rising supply from Indonesia — the world’s largest nickel producer at 48% of global production — has weighed on the nickel market.25 In September, there was some reprieve as Indonesia announced it would not approve any new mining quotas for the remainder of the year.26 (Indonesian miners are issued annual production and sales quotas, referred to as RKAB.) The announcement caused increased short-term nickel demand from the Indonesian midstream; however, the nickel price still fell on negative macroeconomic developments.
Figure 4. Nickel Soft on Economic Uncertainty (2018-2023)
Source: Bloomberg. Nickel spot price, $/lb. 2018-2023. Data as of 9/30/2023. Included for illustrative purposes only. Past performance is no guarantee of future results.
As the world progresses along the energy transition curve, the rapid expansion of solar photovoltaic (PV) technology is a key constituent. Solar panels have emerged as a critical player in transitioning to clean, sustainable, secure energy sources.
Solar PV panels harness sunlight and convert it to electricity. The panels’ core component is the solar cell, typically made from crystalline silicon. When sunlight strikes the solar cell, it excites electrons, creating an electric current. Solar panels dominate in energy transition because of their numerous advantages. They produce clean energy at one of the lowest megawatt-per-hour costs compared to conventional energy sources (see Figure 5). Once installed, solar panels have a low environmental impact and a long life expectancy (25+ years) with minimal maintenance.
The International Energy Agency (IEA) forecasts that solar energy capacity will grow faster than any other energy source on a cumulative global basis (see Figure 6). With the cost of renewable electricity now lower than fossil fuels, solar is expected to account for 98% of the expansion in global electricity capacity over the IEA’s forecast period through 2030.
Figure 5. Solar and Wind Cost Less (2014-2023)
Figure 6. Solar Set to Dominate Installed Capacity (2010-2030)
Source: International Energy Agency, “Net Zero Roadmap, 2023 Update”. Forecasts made under the Net Zero Emissions by 2050 Scenario. Included for illustrative purposes only. Past performance is no guarantee of future results.
From 2020 to 2030, solar capacity additions are expected to grow at a robust annualized rate of approximately 17% globally, according to BloombergNEF (see Figure 7). Cumulative solar PV capacity is forecast to expand by over five fold with almost 5,000 GW in new additions, surpassing natural gas and coal by mid-decade. However, there are challenges ahead as the energy transition process evolves.
Figure 7. Global Trends in Solar Demand and Supply (2020-2030)
Source: BloombergNEF. Data as of 9/30/2023. Included for illustrative purposes only. Past performance is no guarantee of future results.
China currently plays a central role in global solar PV supply chains, with about 80%27 of market share across all stages of solar panel manufacturing. This dominance results from strategic government policies, massive investments exceeding $50 billion since 201128 and continuous innovation. The scale achieved has significantly lowered solar PV costs, making clean energy more affordable worldwide.
China’s solar PV products are an important export, contributing significantly to the country’s trade surplus. Furthermore, Chinese investments in neighboring countries have transformed them into major exporters of PV products. (At the same time, concerns persist about the environmental impact of solar PV manufacturing in China, as much of the energy used in the process comes from coal-fired power plants.)
Despite the growth of solar PV, challenges loom large, particularly regarding the concentration of supply chains. Manufacturing capacity for crucial components like polysilicon, ingots, wafers, cells and modules must double by 2030 to increase solar PV capacity. However, the high concentration of production in China, especially in Xinjiang province, raises concerns about resilience, affordability and sustainability.
Furthermore, the demand for critical minerals in solar PV production, primarily controlled by China, is expected to surge as the world moves toward net-zero emissions. Ensuring the long-term financial stability of the solar PV manufacturing sector is essential for a rapid and cost-effective clean energy transition. Trade restrictions, such as tariffs and import duties, pose additional challenges. These measures risk disrupting the supply chain and slowing down the deployment of solar PV in regions outside of China.
Diversification of supply chains is essential to reduce vulnerabilities and unlock economic and environmental opportunities. Recent global events, including COVID-related supply chain issues and geopolitical conflicts, have underscored the risks of relying heavily on imports for critical goods like energy components.
The solar PV industry presents an opportunity for diversification, with the potential for global investment exceeding $120 billion by 2030.29 This would require doubling current annual investment levels throughout the supply chain, especially in critical sectors like polysilicon, ingots and wafers. Additionally, diversification would create jobs, potentially doubling the number of direct manufacturing jobs to one million by 2030.30
As the solar industry continues its exponential growth, silver is experiencing a surge in demand, driven primarily by the evolving technology of solar panels. Silver’s unique properties, including its exceptional electrical conductivity, thermal efficiency and optical reflectivity, play a vital role in enhancing the efficiency and performance of solar cells. Solar panels rely on silver for several critical components, including the front contact fingers, busbars and soldering of solar cells. These components ensure the electricity generated by the solar cells flows efficiently and maximizes energy conversion efficiencies.
Over the past decade, there has been a noticeable reduction in the silver intensity of solar panels, as measured by the amount of silver required per kilowatt of solar panel capacity. This reduction signifies a trend toward more efficient utilization of silver in solar cells, but it is starting to reach its limits.Overall demand for industrial silver continues to grow due to the relentless expansion of the renewable energy sector.
Silver’s unmatched conductive properties make substitution difficult without a drop in energy efficiency. It is becoming more challenging to increase efficiency while reducing silver loadings. Silver boasts the lowest electrical resistance among all metals at standard temperatures, meaning substitutes cannot match its energy output per panel. Any savings achieved through substitution might be offset by the increased number of panels needed to match capacity. Technological advancements, not substitution, are the most likely way to reduce the need for silver.
The solar industry’s demand for silver is tied to advancements in solar panel technology. In the past, silver paste served as a conductive layer on the front and back of silicon solar cells. However, evolving cell designs now use larger amounts of silver. Solar silver demand as a percent of total silver demand is forecast to rise from 5% in 2014 to approximately 14% in 2023 (see Figure 8). Using BloombergNEF’s estimate of 12 tonnes of silver demand per gigawatt of solar capacity, silver demand for solar panels could increase by almost 169% by 2030 to roughly 273 million ounces, or about one-fifth of total silver demand based on trend projections.
Figure 8. Photovoltaics Dominate Silver Demand (2014-2023)
Source: Silver Institute (World Silver Survey 2023), BloombergNEF, IEA. Included for illustrative purposes only. Past performance is no guarantee of future results.
Solar’s rapid growth and the near-inelastic demand for silver present a substantial challenge to silver supply. Primary silver production has stagnated over the past decade, exacerbating the issue. Moreover, around 80% of silver supply is a by-product of lead, zinc, copper and gold production. The scarcity of primary silver mines and the reluctance of miners to invest in new base metal projects mean that higher silver prices are an insufficient catalyst to boost mine output. Consequently, a supply strain is anticipated, and we expect to see sizeable negative market balances for the next several years.
Silver paste represents a substantial portion of production costs in solar cells, approximately 10%.31 Manufacturers actively seek solutions to reduce silver usage and alternatives such as multi-busbar/zero-busbar designs and other metals like copper. However, the adoption rate for these alternative metals remains limited due to their relatively high production costs, technical hurdles and the inevitable loss of efficiency, given silver’s unmatched conductivity. While these alternative metals hold promise, widespread adoption will likely occur after silver prices spike.
Most forecasts of photovoltaic (PV) capacity point to significant growth in the solar market. Given silver’s critical role in solar cell production, this escalating demand may exert considerable pressure on the silver market, dramatically causing demand to outpace primary supply. It is true that while the solar industry dominates the discussion, demand for silver is not thriving in all industrial sectors. The uncertain global economic outlook has negatively impacted the electronics and home appliance sectors and reduced silver’s use in construction. However, overall demand for industrial silver continues to grow due to the relentless expansion of the renewable energy sector.
| Metric | 9/29/2023 | 6/30/2023 | Change | Mo % Chg | YTD % Chg | Analysis |
| Miners | ||||||
| Nasdaq Sprott Energy Transition Materials™ Index1 | 983.45 | 960.21 | 23.24 | 2.42% | 5.31% | Despite the adverse market stresses, the energy transition complex closed higher due to a massive surge in spot uranium and uranium equities. For most of the year, uranium had firming fundamental support from the utilities contracting U3O8, building supply concerns, and LT growth projections being revised higher. |
| Nasdaq Sprott Lithium Miners™ Index2 | 840.04 | 916.16 | (76.12) | (8.31)% | (8.92)% | |
| North Shore Global Uranium Mining Index3 | 3,655.66 | 2,949.22 | 706.44 | 23.95% | 50.63% | |
| Solactive Global Copper Miners Index4 | 136.63 | 141.30 | (4.68) | (3.31)% | 4.86% | |
| Nasdaq Sprott Nickel Miners™ Index5 | 756.80 | 789.03 | (32.23) | (4.08)% | (16.84)% | |
| Nasdaq Sprott Junior Copper Miners™ Index6 | 888.26 | 957.84 | (69.58) | (7.26)% | 3.48% | |
| Nasdaq Sprott Junior Uranium Miners™ Index7 | 1,426.96 | 1,138.00 | 288.96 | 25.39% | 39.03% | |
| Physical Materials | ||||||
| Lithium Carbonate Spot Price $/lb8 | 10.35 | 12.59 | (2.24) | (17.79)% | (69.70)% | Federal Reserve hawkishness, weak Chinese economic data and electric vehicle sales weighed on commodity prices, excluding uranium. |
| U3O8 Uranium Spot Price $/lb9 | 73.38 | 60.63 | 12.75 | 21.03% | 51.88% | |
| LME Copper Spot Price $/lb10 | 3.73 | 3.81 | (0.09) | (2.28)% | (1.82)% | |
| LME Nickel Spot Price $/lb11 | 8.36 | 9.11 | (0.75) | (8.20)% | (38.30)% | |
| Benchmarks | ||||||
| S&P 500 TR Index12 | 4,288.05 | 4,507.66 | (219.61) | (4.87)% | 11.68% | A complex mix of rising USD, yields, and oil prices have increased risk and drained systematic market liquidity. Concerns on debt issuance, deficits, fiscal policies, govt shutdowns, labor strife, etc. have all led to sharp spike in long-end yields. |
| 106.17 | 103.62 | 2.56 | 2.47% | 2.56% | ||
| BBG Commodity Index14 | 104.84 | 106.03 | (1.19) | (1.12)% | (7.06)% | |
| S&P Metals & Mining Select Industry TR Index15 | 2,687.99 | 2,661.89 | 26.10 | 0.98% | (5.35)% | |
Source: Bloomberg and Sprott Asset Management LP. Data as of 9/29/2023.
Past performance is no guarantee of future results. Included for illustrative purposes only. You cannot invest directly in an index.
| 1 | The Nasdaq Sprott Energy Transition Materials™ Index (NSETM™) is designed to track the performance of a selection of global securities in the energy transition materials industry, and was co-developed by Nasdaq® and Sprott Asset Management LP. |
| 2 | The Nasdaq Sprott Lithium Miners™ Index (NSLITP™) is designed to track the performance of a selection of global securities in the lithium industry, including lithium producers, developers and explorers; the Index was co-developed by Nasdaq® and Sprott Asset Management LP. |
| 3 | The North Shore Global Uranium Mining Index (URNMX) is designed to track the performance of companies that devote at least 50% of their assets to the uranium mining industry, which may include mining, exploration, development and production of uranium, or holding physical uranium, owning uranium royalties or engaging in other non-mining activities that support the uranium mining industry. |
| 4 | The Solactive Global Copper Miners Index includes international companies active in exploration, mining and/or refining of copper. The index includes a minimum of 20 and a maximum of 40 members. The calculation is done in USD as a total return index. Index adjustments are carried out semi-annually. |
| 5 | Nasdaq Sprott Nickel Miners™ Index (NSNIKL™) is designed to track the performance of a selection of global securities in the nickel industry. |
| 6 | Nasdaq Sprott Junior Copper Miners™ Index (NSCOPJ™) is designed to track the performance of mid-, small- and micro-cap companies in copper-mining related businesses. |
| 7 | Nasdaq Sprott Junior Uranium Miners™ Index (NSURNJ™) is designed to track the performance of mid-, small- and micro-cap companies in uranium-mining related businesses. |
| 8 | The lithium carbonate spot price is measured by the China Lithium Carbonate 99.5% DEL. Source Bloomberg and Asian Metal Inc. Ticker L4CNMJGO AMTL Index. Data converted to pounds and to USD with Bloomberg FX Rates. |
| 9 | The U3O8 uranium spot price is measured by a proprietary composite of U3O8 spot prices from UxC, S&P Platts and Numerco. |
| 10 | The copper spot price is measured by the LME Copper Cash ($). Source Bloomberg ticker LMCADY. Data converted to pounds. |
| 11 | The nickel spot price is measured by the LME Nickel Cash ($). Source Bloomberg ticker LMNIDY. Data converted to pounds. |
| 12 | The S&P 500 or Standard & Poor’s 500 Total Return Index is a market-capitalization-weighted index of the 500 largest U.S. publicly traded companies. |
| 13 | The U.S. Dollar Index (USDX, DXY) is an index of the value of the U.S. dollar relative to a basket of foreign currencies. |
| 14 | The Bloomberg Commodity Index (BCOM) is a broadly diversified commodity price index that tracks prices of futures contracts on physical commodities, and is designed to minimize concentration in any one commodity or sector. It currently has 23 commodity futures in six sectors. |
| 15 | The S&P Metals & Mining Select Industry Index comprises stocks in the S&P Total Market Index that are classified in the GICS metals & mining sub-industry. |
| 16 | Source: BloombergNEF. |
| 17 | Source: Bloomberg, “US Electric Vehicle Sales Reach Breakthrough Pace”, September 14, 2023 |
| 18 | Source: Valor Business, “Sigma Lithium to evaluate acquisition offers”, September 14, 2023 |
| 19 | Source: Reuters, “Lithium developer Liontown backs Albemarle’s $4.3 billion bid”, September 4, 2023 |
| 20 | Source: Reuters, “Lithium Americas in talks with US Energy Dept to secure over $1 billion loan, source says”, September 29, 2023 |
| 21 | Source: Reuters, “U.S. to lend Pioneer $700 million for Nevada lithium mine”, January 13, 2023 |
| 22 | Source: Reuters, “Albemarle to get $90 million grant from Pentagon for raising domestic lithium output”, September 12, 2023 |
| 23 | Source: Copper Alliance, 2023. |
| 24 | Source: International Energy Agency (IEA), “Critical Minerals Market Review”, July 2023. Data shown for Net Zero Emissions Scenario. |
| 25 | Source: U.S. Geological Survey, Mineral Commodity Summaries, January 2023 |
| 26 | Source: Reuters, “Top nickel producer Indonesia will not approve any new mining quotas for 2023”, September 19, 2023 |
| 27 | Source: International Energy Agency, “Renewable Energy Market Update, Outlook for 2023 and 2024”, June 2023 |
| 28 | Source: International Energy Agency, “Special Report on Solar PV Global Supply Chains”, August 2022 |
| 29 | Source: International Energy Agency, “Special Report on Solar PV Global Supply Chains”, August 2022 |
| 30 | Source: International Energy Agency, “Special Report on Solar PV Global Supply Chains”, August 2022 |
| 31 | Source: PV Magazine, “Silver accounts for 10% of PV module costs”, March 4, 2021 |
Please Note: The term “pure-play” relates directly to the exposure that the Funds have to the total universe of investable, publicly listed securities in the investment strategy.
Important Disclosures
The Sprott Funds Trust is made up of the following ETFs (“Funds”): Sprott Gold Miners ETF (SGDM), Sprott Junior Gold Miners ETF (SGDJ), Sprott Energy Transition Materials ETF (SETM), Sprott Lithium Miners ETF (LITP), Sprott Uranium Miners ETF (URNM), Sprott Junior Uranium Miners ETF (URNJ), Sprott Junior Copper Miners ETF (COPJ) and Sprott Nickel Miners ETF (NIKL). Before investing, you should consider each Fund’s investment objectives, risks, charges and expenses. Each Fund’s prospectus contains this and other information about the Fund and should be read carefully before investing.
A prospectus can be obtained by calling 888.622.1813 or by clicking these links: Sprott Gold Miners ETF Prospectus, Sprott Junior Gold Miners ETF Prospectus, Sprott Energy Transition Materials ETF Prospectus, Sprott Lithium Miners ETF Prospectus, Sprott Uranium Miners ETF Prospectus, Sprott Junior Uranium Miners ETF Prospectus, Sprott Junior Copper Miners ETF Prospectus and Sprott Nickel Miners ETF Prospectus.
Investors in these Funds should be willing to accept a high degree of volatility in the price of the Funds’ shares and the possibility of significant losses. An investment in the Funds involves a substantial degree of risk. The Funds are not suitable for all investors. The Funds are non-diversified and can invest a more significant portion of assets in securities of individual issuers than diversified funds. As a result, changes in a single investment’s market value could cause more significant share price fluctuation than in diversified funds.
Exchange Traded Funds (ETFs) are bought and sold through exchange trading at market price (not NAV) and are not individually redeemed from the Fund. Shares may trade at a premium or discount to their NAV in the secondary market. Brokerage commissions will reduce returns. “Authorized participants” may trade directly with the Fund, typically in blocks of 10,000 shares.
Funds that emphasize investments in small-/mid-cap companies will generally experience greater price volatility. Diversification does not eliminate the risk of experiencing investment losses. ETFs are considered to have continuous liquidity because they allow for an individual to trade throughout the day. A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses, affect the Fund’s performance.
Nasdaq®, Nasdaq Sprott Energy Transition Materials™ Index, Nasdaq Sprott Lithium Miners™ Index, Nasdaq Sprott Junior Uranium Miners™ Index, Nasdaq Sprott Junior Copper Miners™ Index, Nasdaq Sprott Nickel Miners™ Index, NSETM™, NSLITP™ , NSURNJ™, NSCOPJ™ and NSNIKL™ are registered trademarks of Nasdaq, Inc. (which with its affiliates is referred to as the “Corporations”) and are licensed for use by Sprott Asset Management LP. The Product(s) have not been passed on by the Corporations as to their legality or suitability. The Product(s) are not issued, endorsed, sold, or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE PRODUCT(S).
Sprott Asset Management USA, Inc. is the Adviser to the Sprott ETF. Sprott Asset Management LP is the Sponsor of the Fund. ALPS Distributors, Inc. is the Distributor for the Sprott Funds Trust and is a registered broker-dealer and FINRA Member.
ALPS Distributors, Inc. is not affiliated with Sprott Asset Management LP.
Paul Wong, CFA, Market Strategist
Paul has held several roles at Sprott, including Senior Portfolio Manager. He has more than 30 years of investment experience, specializing in investment analysis for natural resources investments. He is a trained geologist and CFA holder.
Jacob White, CFA
ETF Product Manager, Sprott Asset Management LP
Call us at
888.622.1813
Email us at
invest@sprott.com
© 2023 Sprott Inc. All rights reserved.
ST. LOUIS, Oct. 12, 2023 /PRNewswire/ — On Thursday, October 26, 2023, Peabody (NYSE: BTU) will announce results for the quarter ended September 30, 2023. A conference call with management is scheduled for 10 a.m. CT on Thursday, October 26, 2023.
Instructions for the conference call participation and accessing a replay, as well as other investor data will be available at PeabodyEnergy.com prior to the call.
Participants may also access the call using the following phone numbers:
U.S. Toll Free 1 833 816 1387
Canada Toll Free 1 866 284 3684
International Toll 1 412 317 0480
Peabody (NYSE: BTU) is a leading coal producer, providing essential products for the production of affordable, reliable energy and steel. Our commitment to sustainability underpins everything we do and shapes our strategy for the future. For further information, visit PeabodyEnergy.com.
Contact:
Karla Kimrey
314.342.7900
View original content to download multimedia:https://www.prnewswire.com/news-releases/peabody-to-announce-results-for-the-quarter-ended-september-30-2023-301955374.html
SOURCE Peabody
Edmonton, Alberta–(Newsfile Corp. – October 12, 2023) – Grizzly Discoveries Inc. (TSXV: GZD) (FSE: G6H) (OTCQB: GZDIF) (“Grizzly” or the “Company”) is pleased to announce that after the Okanogan fire danger has subsided that geological crews are back at the Rock Creek camp and have re-commenced work at Midway, Copper Mountain and the Imperial target areas within the Greenwood Precious and Battery Metals Project.
Highlights
Brian Testo, President and CEO of Grizzly Discoveries, stated: “We are excited with the new results to date and for the start of the 2023 drilling program, which will pursue a number of high grade gold – silver showings and historical mines along with significant battery metal prospects in our current 160,000+ acre land holdings in the Greenwood District. We have barely scratched the surface in terms of exploration!“
Exploration Updates 2023
Drilling will initially be focused at the historical Midway Mine (Figure 2) but the intent is that eventually the Company will complete new drilling this fall, and then 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.
Figure 1: Exploration Targets 2023.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/4488/183759_7158109bc4b1cbfc_002full.jpg
The Company is awaiting land use permits for conducting drilling and trenching at the Midway Mine area as well as drilling at Copper Mountain, Imperial and potentially the Sappho target areas (Figure 1). The permit applications were submitted initially in January-February and the Company is now awaiting final comments and any required conditions or changes resulting from the recently completed 30 day notification period.
An extensive rock and soil sampling program along with new geological mapping during 2023 has been conducted in preparation for drilling this fall. 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 (Figure 2). At least 6 new areas with anomalous gold (> 100 ppb Au), silver or copper in soils has been identified across the Midway Mine Property with follow up work continuing to be conducted (Figure 2).
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 returning greater than 40 g/t silver (Ag) up to 469 g/t Ag. The samples define a targeted north – south strike length of over 170 m for future drilling (Figure 3). The samples show significant amounts of Pb, Zn and Cu with several samples yielding greater than 2% combined base metals. Geological mapping is in progress and ground geophysical surveys are planned prior to conducting drilling at this target.
Figure 2. Geology and Mineralization Trend at the Historical Midway Mine.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/4488/183759_7158109bc4b1cbfc_003full.jpg
Figure 3. Geology and Mineralization Trend at the Historical Imperial Mine.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/4488/183759_7158109bc4b1cbfc_004full.jpg
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. A total of 9 of 14 rock grab and chip samples collected this year from a new zone discovered late in 2022 at the Mabel Jenny area 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 (Figure 4). 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.
Figure 4. Geology and Mabel Jenny Mineralization Trend Copper Mountain.
To view an enhanced version of this graphic, please visit:
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Geological and prospecting crews have re-commenced 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 (Figure 5). Sulphide showings associated with skarn at Marshall Lake (Figure 5) 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.
To date, more than 3,300 soil samples and 600 rock samples have been collected from the Midway, Copper Mountain, Imperial and Sappho target areas and have been submitted to ALS Global Laboratories as well as an initial set of samples from the new mineral claims. Ground geophysical surveys will be performed in September in order to be ready for the 2023 drilling campaign.
Figure 5: New Mineral Claims Acquired August 1, 2023.
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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 2023 and 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.
ADDITIONAL LANDS ACQUIRED
The Company has signed an option agreement dated October 10, 2023 with Mr. Daniel Hurd of Peachland, British Columbia to purchase the mineral rights to 761.25 hectares (1,881 acres) in six (6) mineral claims in the Greenwood Mining District (“Midway-Beaverdell Option Agreement”).
These claims represent adjacent lands with some historical showings that represent additions that strengthen our land positions in these areas.
Under the terms of the Midway-Beaverdell Option Agreement, the Company may earn a 100% interest in the Midway-Beaverdell claims by paying $7,500 in cash and issuing 150,000 common shares of Grizzly by the third anniversary date of the agreement. Mr. Hurd retains a 1% Net Smelter Royalty and the right to any quarriable rocks. The issuance of common shares of Grizzly under the Midway-Beaverdell Option Agreement is subject to acceptance by the TSX Venture Exchange.
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 66,000 ha (approximately 165,000 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
For further information, please visit our website at www.grizzlydiscoveries.com or contact:
Nancy Massicotte
Corporate Development
Tel: 604-507-3377
Email: nancy@grizzlydiscoveries.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.
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.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/183759
To view a summary of today’s press release by Ridgeline CEO Chad Peters, click HERE
Vancouver, British Columbia–(Newsfile Corp. – October 12, 2023) – Ridgeline Minerals Corp. (TSXV: RDG) (OTCQB: RDGMF) (FSE: 0GC0) (“Ridgeline” or the “Company“) is pleased to announce results from the first two core holes of its proposed five (5) hole, 3,000-meter (“m”) drill program at the Selena (“Selena”) project, Nevada (Figure 1). Results from the Upper Chinchilla zone returned continuous intercepts of shallow-oxide, silver (“Ag”) – lead (“Pb”) – zinc (“Zn”) – gold (“Au”) containing high-grade including intervals that are consistent with nearby reverse circulation (“RC”) holes. Notably, deeper drilling beneath the Upper Chinchilla zone in hole SE23-048 also intersected localized antimony-rich (“Sb”) breccia intervals averaging 1-2% Sb, which are the first of its kind at Selena.
Chad Peters, Ridgeline’s President, and CEO commented, “This year’s drill program has two primary objectives. The first is to upgrade previously drilled, shallow-oxide RC intercepts in the Upper Chinchilla zone, and the second is to make a high-grade CRD discovery at depth. Hole 47 drilled between 2021 RC holes 13 and 14, materially upgrading both the thickness and overall grade of both holes, which includes a significant oxide gold component. This zone is shallow and projects up-dip through hole 48 to surface and is open for expansion. These intercepts confirm our belief that there is significant potential to delineate a shallow-oxide resource at Chinchilla that may be amenable to low-cost heap-leach processing methods.”
Mr. Peters continues, “The highest priority holes of the program are holes 49 and 50, which are in-progress and will drill to depths of 700 meters or more to test for stacked zones of CRD mineralization beneath the Upper Chinchilla Zone. These holes are targeting both sides of the known chimney structure that is believed to be a primary feeder to the Upper Chinchilla zone, which returned bonanza grade CRD intercepts in our 2022 program.”
Chinchilla Zone results summary
For a complete table of all Chinchilla Zone assay results click HERE
Figure 1: Plan view map showing SE23-047 and SE23-048 results on the eastern edge of the Chinchilla zone as well as select historical drill intercepts. SE23-049 and SE23-050 are in progress
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Silver Equivalent Calculation: Metal Prices ($20 Ag, $0.90 Pb, $1.25 Zn, 1800 Au, no recovery factor applied)
Silver g/t + (Gold g/t * (Gold Price/ Silver Price)) + ((22.0462* Lead Price)/ ((1/31.1035) * (Ag Price)) * Lead %) +
((22.0462* Zinc Price)/ ((1/31.1035) * (Ag Price)) * Zinc %)
Figure 2: Chinchilla Long-Section C-C’ highlighting SE23-047 and SE23-048 drill intercepts with the interpreted geometry of high-grade “chimney” and stratabound “manto” horizons shown with silver equivalent grade contours
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To view Chinchilla X-Section D-D’ Click HERE.
To view property-wide long-section A-A’ click HERE.
Picture 1: Shortwave ultra-violet photo of SE23-049 drill core starting at 293 m depth showing fugitive calcite veins or “BBQ Rock” within previously untested host rocks beneath the Upper Chinchilla Zone
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Selena Project
Selena is located in White Pine County, Nevada, approximately 64 kilometers (“km”) north of the town of Ely, NV. The Project shares a property boundary with the Butte Valley project, a US $33M earn-in agreement between Freeport-McMoRan and Falcon Butte Minerals. The 100% owned project is comprised of 39 square kms of highly prospective exploration ground including Ridgeline’s shallow-oxide 2020 Ag-Au ± Pb-Zn Chinchilla discovery. Subsequent drilling has continued to highlight the potential for high-grade CRD type mineralization (Ag-Au-Pb-Zn ±Cu) between Chinchilla and the Butte Valley Cu-Au-Ag porphyry located directly west of the property. (View the Selena VRIFY Deck Here)
QAQC Procedures
Samples are submitted to American Assay Laboratories (AAL) of Sparks, Nevada, which is a certified and accredited laboratory, independent of the Company. Independent check samples are sent to Paragon Geochemical Labs (PAL) of Sparks, Nevada. Samples are prepared using industry-standard prep methods and analysed using FA-PB30-ICP (Au; 30 g fire assay) and ICP-5AM48 (48 element Suite; 0.5 g 5-acid digestion/ICP-MS) methods. AAL also undertakes its own internal coarse and pulp duplicate analysis to ensure proper sample preparation and equipment calibration. Ridgeline’s QA/QC program includes regular insertion of CRM standards, duplicates, and blanks into the sample stream with a stringent review of all results completed by the Company’s Qualified Person, Michael T. Harp, Vice President, Exploration.
Technical information contained in this news release has been reviewed and approved by Michael T. Harp, CPG. the Company’s Vice President, Exploration, who is Ridgeline’s Qualified Person under National Instrument 43-101 and responsible for technical matters of this release.
About Ridgeline Minerals Corp.
Ridgeline Minerals is a discovery focused precious and base metal explorer with a proven management team and a 204 km2 exploration portfolio across six projects in Nevada and Idaho, USA. More information about Ridgeline can be found at www.RidgelineMinerals.com.
On behalf of the Board
“Chad Peters”
President & CEO
Further Information:
Chad Peters, P.Geo.
President, CEO & Director
Ridgeline Minerals Corp.
+1 775 304 9773
cpeters@ridgelineminerals.com
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
Cautionary Note regarding Forward-Looking Statements
Statements contained in this press release that are not historical facts are “forward-looking information” or “forward-looking statements” (collectively, “Forward-Looking Information”) within the meaning of applicable Canadian securities legislation and the United States Private Securities Litigation Reform Act of 1995. Forward-Looking Information includes, but is not limited to, the anticipated benefits of the Earn-In Agreement and the transaction contemplated thereby. The words “potential”, “anticipate”, “meaningful”, “discovery”, “forecast”, “believe”, “estimate”, “expect”, “may”, “will”, “project”, “plan”, “historical”, “historic” and similar expressions are intended to be among the statements that identify Forward-Looking Information. Forward-Looking Information involves known and unknown risks, uncertainties and other factors which may cause the actual results to be materially different from any future results expressed or implied by the Forward-Looking Information. In preparing the Forward-Looking Information in this news release, Ridgeline has applied several material assumptions, including, but not limited to, assumptions that TSX Venture Exchange approval will be granted in a timely manner subject only to standard conditions; the current objectives concerning the Project can be achieved and that its other corporate activities will proceed as expected; that general business and economic conditions will not change in a materially adverse manner; and that all requisite information will be available in a timely manner. Forward-Looking Information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements of Ridgeline to be materially different from any future results, performance or achievements expressed or implied by the Forward-Looking Information. Such risks and other factors include, among others, risks related to dependence on key personnel; risks related to unforeseen delays; risks related to historical data that has not been verified by the Company; as well as those factors discussed in Ridgeline’s public disclosure record. Although Ridgeline has attempted to identify important factors that could affect Ridgeline and may cause actual actions, events, or results to differ materially from those described in Forward-Looking Information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. 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. Accordingly, readers should not place undue reliance on Forward-Looking Information. Except as required by law, Ridgeline does not assume any obligation to release publicly any revisions to Forward-Looking Information contained in this news release to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/183736
Burlington, Ontario–(Newsfile Corp. – October 11, 2023) – Silver Bullet Mines Corp. (TSXV: SBMI) (OTCQB: SBMCF) (‘SBMI’ or ‘the Company’) announces the Company has intercepted the targeted mineralized zone at the Buckeye Mine in Arizona (the “Zone”). Based upon historical data, management expects the Zone to contain higher-grade silver mineralization. Confirmation will depend upon multiple rounds of sampling.
To target the Zone, SBMI has been working from its field team’s intensive knowledge of the area, assay data from historical drill holes drilled in 1969, mapping carried out in and around 1969, informal reports generated from such holes and mapping, actual field results as SBMI’s team drifted along the vein behind the Treasure Room, and the results of a recent LIDAR study. (As previously disclosed, the Company’s information related to those historical drill holes, the historical assaying of them, and the informal reports, do not meet NI43-101 standards and cannot be disclosed.
In its September 9, 2023 press release, and in other materials dating back to March, 2022, the Company advised, “The team now continues to drift along the vein towards a targetted area.” Management expects assay results from current and pending sampling should confirm the Zone has been hit, located where management believed it would be, based upon historical and current data. The Company is especially pleased that the historical data upon which it relied, has confirmed to be the actual location of the Zone, and can be further relied upon (see photo of targeted zone with iron oxide on right, vein and water course on left indicating fault and of the significant mineralization encountered in the zone).
Photo of mineralization on current face
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Photo of mineralization on current face
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In particular, SBMI drifted 708 feet from the portal, drifted behind the Treasure Room (which is not yet safe to work in), blasted through harder-than-expected host rock, and earlier this week drilled and blasted into the Zone approximately 30 feet from the projected drill holes left by a previous optionee in 1969. The assay data from those historical drill holes informed SBMI’s decision to target this zone; however, none were generally disclosed to the public. Please see the caution above.
SBMI plans to continue mining along the vein, refine a plan to maximize recovery of the metals from the Zone, and begin shipping mineralized material from the Zone to its 100%-owned mill in Globe, Arizona for processing. Multiple rounds of samples from the vein and the Zone will be collected and then assayed at SBMI’s 100%-owned assay facility. SBMI also intends to send samples to an independent third party lab for confirmation analysis and for analysis for other metals.
The Company continues to seek further data to inform its knowledge of local structures, the vein and the Zone. The Company recently contracted a Ground Penetrating Radar System study to outline the potential size and location of the Zone. The contractor for the study has advised it will use an OKM Future Walkabout 2003/5 ground penetrating radar unit that can detect historical tunnels, shafts and drifts, as well as native gold, native silver and other metals up to 60 feet deep.
The contractor has advised the company that the ground penetrating radar unit uses an electronic pulse method to select an anomaly in the Zone such as natural features, a formation of strata, hollow spaces, level groundwater, buried objects, pipes, tanks, boxes and other targets. The Company intends to further engage the contractor to help determine the overall extent of the Zone, the vein system and potential parallel structures.
The mine road was recently bladed in part by the United States Forest Service as part of its firefighting efforts. The mill has been test run, the fuel and water supply maximized, and the mill crew and assay teams are on standby. In conclusion, pending the sampling results, the mine and the mill are ready to be put into steady production.
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.
SBMI also announces that MNP LLP (the “Successor Auditor”) have been appointed as the company’s new auditor effective September 15, 2023, replacing Grant Thornton LLP, (the “Former Auditor”).
Reporting notices prepared in accordance with National Instrument 51-102 (“NI 51-102”) by the Former Auditor, the Successor Auditor and the Company have been filed on SEDAR.
There are no disagreements or consultations (as those terms are defined in NI 51-102) in connection with the change of auditor nor have there been any reservations or modifications in the Former Auditor’s reports on the Company’s financial statements relating to the period during which it was auditor.
No “reportable event” as defined in NI 51-102, has occurred in connection with the audit of the most recently completed fiscal year of the Company, nor any period from the most recently completed fiscal years of the Company for which Grant Thornton LLP issued an audit report and the date of the Notice.
The termination of Grant Thornton LLP, and appointment of MNP LLP, as auditor of the Company were considered and approved by the Board of Directors of the Company.
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.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/183675