Vancouver, British Columbia–(Newsfile Corp. – September 18, 2024) – EMX Royalty Corporation (NYSE American: EMX) (TSXV: EMX) (FSE: 6E9) (the “Company” or “EMX“) is pleased to announce the appointment of Mr. Stefan L. Wenger as Chief Financial Officer effective October 1, 2024. Mr. Wenger was previously the Chief Financial Officer and Treasurer of Royal Gold, Inc., one of the mining industry’s leading royalty companies, from 2006 to 2018. Prior to becoming Royal Gold’s CFO, Mr. Wenger was the Chief Accounting Officer from 2003 to 2006. During his tenure, Royal Gold grew its portfolio from 14 to 188 royalties, while annual revenues increased from US$15 million to US$459 million. Before Royal Gold, Mr. Wenger had begun his career as an auditor with Arthur Andersen. Mr. Wenger holds a Bachelor of Science degree in Business Administration from Colorado State University, has completed the General Management Program at the Harvard Business School, and is a Certified Public Accountant.
In addition to Mr. Wenger’s new role as CFO, and as part of the Company’s optimization of corporate responsibilities, Mr. Douglas Reed has transitioned from CFO to become EMX’s Chief Accounting Officer and Mr. Ryan Hindmarch, currently Corporate Controller, has been appointed as the Director of Finance. The Company is excited to have Mr. Wenger onboard, as well as for the appointment of Mr. Reed and Mr. Hindmarch to their new positions, and looks forward to their collective contributions fostering EMX’s growth and shareholder value creation.
On the effective date, as part of his appointment Mr. Wenger will receive 50,000 incentive stock options and 50,000 restricted shares units (RSUs) as part of his CFO compensation package. The options vest on the date of grant, will have a term of 5 years to expiry, and will have an exercise price equal to the closing price of the Company’s common shares on the TSX-Venture Exchange as of the day prior October 1, 2024; and the RSUs will vest after 12 months from the grant date.
About EMX – EMX is a precious and base metals royalty company. EMX’s investors are provided with discovery, development, and commodity price optionality, while limiting exposure to risks inherent to operating companies. The Company’s common shares are listed on the NYSE American Exchange and TSX Venture Exchange under the symbol “EMX”. Please see www.EMXroyalty.com for more information.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release
Forward-Looking Statements
This news release may contain “forward looking statements” that reflect the Company’s current expectations and projections about its future results, but which are not statements of fact. When used in this news release, words such as “estimate,” “intend,” “expect,” “anticipate,” “will”, “believe”, “potential” and similar expressions are intended to identify forward-looking statements, which, by their very nature, are not guarantees of the Company’s future operational or financial performance, and are subject to risks and uncertainties and other factors that could cause the Company’s actual results, performance, prospects or opportunities to differ materially from those expressed in, or implied by, these forward-looking statements. These risks, uncertainties and factors may include, but are not limited to the Company being unable to comply with the covenants under the Credit Agreement, including the repayment of any amounts owing under the Loan, and other factors.
Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this news release or as of the date otherwise specifically indicated herein. Due to risks and uncertainties, including the risks and uncertainties identified in this news release, and other risk factors and forward-looking statements listed in the Company’s MD&A for the quarter ended June 30, 2024 (the “MD&A”), and the most recently filed Annual Information Form (“AIF”) for the year ended December 31, 2023, actual events may differ materially from current expectations. More information about the Company, including the MD&A, the AIF and financial statements of the Company, is available on SEDAR+ at www.sedarplus.caand on the SEC’s EDGAR website atwww.sec.gov.
VANCOUVER, BC / ACCESSWIRE / September 17, 2024 / Metallic Minerals Corp. (TSX.V:MMG)(OTCQB:MMNGF)(“Metallic Minerals” or the “Company”) announces that Newmont Corporation (“Newmont”) has elected to exercise its ‘top-up right’ to purchase additional common shares in Metallic Minerals in order to maintain its 9.5% interest pursuant to its Investor Rights Agreement (the “IRA”) dated May 18, 2023. Under the terms of the IRA, Newmont will purchase an aggregate of 577,776 common shares at a price of $0.36 per share (the “Top-Up Financing”) reflecting the Company’s July financing and certain other transactions completed over the past six months.
The Top-Up Financing remains subject to customary closing conditions, including final approval by the TSX Venture Exchange. All securities issued will be subject to a statutory hold period of four months and one day from their date of issuance.
Newmont funded a 4,500-meter drill program at Metallic Minerals’ La Plata copper-silver-gold-platinum group element (“Cu-Ag-Au-PGE”) project in southwestern Colorado via a $6.3 million strategic equity investment announced May 2023. Results from that program announced in May 2024 demonstrate the potential of the La Plata project to be a district-scale, precious-metal-rich porphyry system with multiple holes returning from 500 to 900 meters of continuous mineralization starting from surface and including some of the highest grade-times-thickness values for copper drill holes in the U.S. over the last year1. Resource modelling is currently underway to integrate the recent drilling results into an updated resource estimate at the Allard deposit for the project.
Newmont has provided technical support and expertise to the La Plata project team through the joint technical committee, which has included multiple site visits and assistance with geologic and geophysical interpretations and hyperspectral data acquisition. These contributions are ongoing, with Newmont providing experienced personnel to the project for enhancing surface data acquisition, geologic mapping, and geophysics.
Metallic Minerals CEO and Chairman, Greg Johnson, stated,”We are very pleased to continue the advancement of our excellent working relationship with the Newmont team. Metallic has worked closely with Newmont via our technical committee and appreciates the collaboration with their technical team at the site. The main Allard deposit remains open to expansion at depth and along trend, with more than 20 new surface targets identified which may represent additional porphyry centers. Work is currently underway on the Allard resource which will include adding gold, platinum and palladium to the existing copper and silver resource. The resource update is targeted to be complete in Q4 2024. Metallic has also been collaborating with Newmont personnel on follow up surface sampling at the newly identified targets to advance the highest priority targets to the first drill testing stage outside of the Allard resource area in 2025.”
In addition, Mr. Johnson, continued, “Based on our attendance last week at the Precious Metals Summit in Beaver Creek, Colorado, one of the keystone annual events for mining exploration companies and investors, we were pleased to see the interest in Metallic’s projects and the recognition of incredible value opportunity represented by the junior explorer / developer market with gold moving to new all-time highs and the recent breakouts of the mid-cap and large-cap miners. Sentiment at the event was positive, with expectations that the current deep value level of the junior market would lead to outsized future returns reflecting the scarcity of world-class discoveries and assets in copper, silver and gold currently under development in a period of such strong demand fundamentals.”
Precious Metals Summit Presentation
Metallic Minerals provided an overview and update on the Company and projects, including upcoming catalysts. To view the presentation, click here or the image.
About Metallic Minerals
Metallic Minerals Corp. is a resource-stage mineral exploration company, focused on copper, silver, gold, and platinum group elements in top North American mining jurisdictions. Our objective is to create shareholder value through a systematic, entrepreneurial approach to making exploration discoveries, growing resources, and advancing projects toward development.
At the Company’s La Plata project in southwestern Colorado, the expanded 2023 NI 43-101 mineral resource estimate highlights a significant porphyry copper-silver resource containing 1.2 Blbs copper and 17.6 Moz of silver1, with numerous additional targets showing potential for a district-scale porphyry system. The Company announced a 9.5% strategic investment by Newmont Corporation in May 2023. The U.S. Geological Survey has identified the La Plata mining district as a critical minerals resource area under the Earth Mapping Resources Initiative program and has completed significant geologic and geophysical studies to enhance understanding of the critical mineral occurrence in the district. The La Plata project is located between the communities of Mancos and Durango, Colorado, north of Highway 160.
In Canada’s Yukon Territory, Metallic Minerals has the second-largest land position in the historic high-grade Keno Hill silver district, directly adjacent to Hecla’s operations, with more than 300 Moz of high-grade silver in past production and current M&I resources. The new 2024 Resource Estimate at the Company’s Keno Silver project adds 18.2 Moz silver equivalent2 to the Company’s total resources. Hecla is the largest primary silver producer in the USA and soon to be Canada’s largest with full production at its Keno Hill operations in 2024.
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.
Metallic Minerals is led by a team with a track record of discovery and exploration success on several major precious and base metal deposits in North America, as well as having large-scale development, permitting and project financing expertise. The Metallic Minerals team is committed to responsible and sustainable resource development and has worked closely with Canadian First Nation groups, US Tribal/Native Corporations, and local communities to support successful project development.
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.
Resource expansion targets identified at the Moss Deposit offer potential to increase the ounce profile above the current resource (1.54 million ounces of Indicated gold resources at 1.23 g/t Au and 5.20 million ounces of Inferred gold resources at 1.11 g/t Au), and reduce the overall strip ratio, potentially enhancing project economics.
Vancouver, British Columbia–(Newsfile Corp. – September 17, 2024) – Goldshore Resources Inc. (TSXV: GSHR) (OTCQB: GSHRF) (FSE: 8X00) (“Goldshore” or the “Company“) is pleased to provide an update on resource expansion targets at the Moss Deposit. The identified targets are located within the top 200m from surface and are within, or directly adjacent to, the conceptual open pit shell defined in the Company’s current mineral resource estimate (“MRE“) (Figure 1). Collectively, there are five targets that have been defined that represent three avenues for potential mineral resource expansion (collectively, the “Expansion Targets“):
Strategic infill to increase drill density in locations where mineralized drill intercepts are currently too widely spaced to be included in the inferred mineral resource category;
Extending known mineralized shear zones laterally along strike; and
Extending mineralized shear zones intersected at depth at the Moss Deposit towards surface where no shallow drilling has occurred (Figure 2).
Michael Henrichsen, CEO of Goldshore commented, “We are very pleased with the mineral resource Expansion Targets that have been delineated which represent an opportunity to not only increase the ounce profile of the Moss Deposit, but to also reduce the overall strip ratio in a potential mining scenario. We view the drilling of these targets as a critical step to potentially improving the economic performance of the deposit on the back of the PEA, currently in progress with G Mining Services, being released as we continue to look to add ounces in the top 200m from surface.“
The Company is finalizing a conceptual program of approximately 15,000 meters that would test the Expansion Targets outlined with the combined goals of expanding the MRE within the top 200m through increasing drill density, extending known mineralization, and reducing the strip ratio within the conceptual open pit. A summary of the targets is presented below:
The Superion and QES Up targets represent an opportunity to add ounces by extending mineralization toward surface in the top 200 m over a roughly 1.5 km and 1 km strike length respectively within and immediately adjacent to the conceptual open pit.
The Southern Main target is similar to the QES Up target where drilling in the top 50 – 200 m from surface will aim to extend mineralization over an area of 400 m by 100 m
The Southwest Infill and QES extension targets focus on areas spanning 800 meters and 400 meters, respectively, where drill density was insufficient for inclusion in the current mineral resource estimate.
Figure 1. Proposed winter drill holes within Moss pit.
Mineral resources that are not mineral reserves have no demonstrated economic viability. There is no guarantee that any part of the mineral resources discussed herein will be converted to a mineral reserve in the future. The estimate of mineral resources may also be materially affected by geology, environment, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues.
Qualified Person
Peter Flindell, PGeo, MAusIMM, MAIG, Vice-President, Exploration, of the Company, and a qualified person under National Instrument 43-101, has approved the scientific and technical information contained in this news release.
About Goldshore
Goldshore is a growth-oriented gold company focused on delivering long-term shareholder and stakeholder value through the acquisition and advancement of primary gold assets in tier-one jurisdictions. It is led by the ex-global head of structural geology for the world’s largest gold company and backed by one of Canada’s pre-eminent private equity firms. The Company’s current focus is the advanced stage 100% owned Moss Gold Project which is positioned in Ontario, Canada, with direct access from the Trans-Canada Highway, hydroelectric power near site, supportive local communities and skilled workforce. The Company has invested over $60 million of new capital and completed approximately 80,000 meters of drilling on the Moss Gold Project, which, in aggregate, has had over 235,000 meters of drilling. The 2024 updated NI 43-101 mineral resource estimate (“MRE”) has expanded to 1.54 million ounces of Indicated gold resources at 1.23 g/t Au and 5.20 million ounces of Inferred gold resources at 1.11 g/t Au. The MRE only encompasses 3.6 kilometers of the 35+ kilometer mineralized trend, remains open at depth and along strike and is one of the few remaining major Canadian gold deposits positioned for fast track through this development cycle.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
This news release contains statements that constitute “forward-looking statements”. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, performance or achievements, or developments to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects,” “plans,” “anticipates,” “believes,” “intends,” “estimates,” “projects,” “potential” and similar expressions, or that events or conditions “will,” “would,” “may,” “could” or “should” occur.
Forward-looking statements in this news release include, among others, statements relating to expectations regarding the exploration and development of the Moss Gold Project, potential mineral resource expansion drill targets, timing and completion of a mineral resource expansion drill program, the impact of an expansion drill program on reducing the strip ratio, the targeted expansion of the deposit along the Superion target, the targeted increase in the ounce profile of the Moss Deposit, and the release of an updated preliminary economic assessment and other statements that are not historical facts. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors and risks include, among others: the foregoing exploration and development goals of the Company may not occur on the timetable anticipated or at all; the preliminary economic assessment may not be completed on the timetable expected or at all; the Company may require additional financing from time to time in order to continue its operations which may not be available when needed or on acceptable terms and conditions acceptable; risks related to compliance with extensive government regulation; domestic and foreign laws and regulations could adversely affect the Company’s business and results of operations; and the stock markets have experienced volatility that often has been unrelated to the performance of companies and these fluctuations may adversely affect the price of the Company’s securities, regardless of its operating performance. The forward-looking information in this news release is based on management’s reasonable expectations and assumptions, including that the Company’s business and financial position and general economic conditions will not be adversely affected; that the expansion drill program will be completed and on the timetable expected; and that the preliminary economic assessment will be completed on the timetable anticipated.
The forward-looking information contained in this news release represents the expectations of the Company as of the date of this news release and, accordingly, is subject to change after such date. Readers should not place undue importance on forward-looking information and should not rely upon this information as of any other date. The Company undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.
Sibanye Stillwater plans major restructuring, layoffs at Montana operations
By: Q2 News
Posted 12:47 PM, Sep 12, 2024
and last updated 6:56 PM, Sep 12, 2024
COLUMBUS – Citing the continuing plunge in the palladium market, Sibanye Stillwater announced Thursday in a letter to employees that it will undergo restructuring and layoffs at its Montana operations.
Executive Vice President Kevin Robertson said in the letter that operations at Stillwater West would be placed “on care and maintenance for now,” while the number of employees at its other Montana operations would also be reduced.
“We estimate that this restructure will reduce our total number of employees at our Montana operations from approximately 1,680 on July 31 to just under 1,000 after the layoffs,” Robertson states in the letter.
The mines in Montana are owned and operated by a company based in South Africa. Sibanye Stillwater CEO Neal Froneman spoke about the fragile future of the Stillwater operations at an investor conference in London in June.
“The future of Stillwater remains in the balance,” Froneman said, according to a report in Bloomberg News. “If there’s no correction in the price soon, as strategic as it is, we’ll have to put it on care and maintenance.”
Robertson said in the letter sent to employees Thursday that they would begin receiving layoff notices, and those employees will remain employed for 60 days until the layoffs take effect starting on Nov. 12.
Robertson stated the company recognizes the move will be “incredibly stressful” for employees and their families, and asked for “very vigilant focus on safety” during the restructuring.
Montana Gov. Greg Gianforte called the announcement a “significant blow” to the mining communities.
“Today’s decision by Stillwater Mining is a significant blow to hardworking Montana miners, their families, and our communities,” Gianforte said in a statement. “The State of Montana will bring to bear every available resource to help these workers and their families.”
“This is a challenging time for the mining sector. The ongoing regulatory assault on mining and natural resources has burdened this critical sector of our economy. The fact is the United States cannot and should not have to rely on our foreign adversaries for energy, critical metals, or other resources. The United States must support these industries, and their workers, with a policy dedicated to making our nation energy and resource dominant and independent.”
In a statement, U.S. Sen. Steve Daines, R-Mont., called for banning Russian mineral imports, and he blamed the Democratic administration for the Montana layoffs. He added that he’s introducing a bill Thursday aimed at banning Russian platinum, palladium and copper imports.
“Joe Biden and Kamala Harris failed to protect Montana jobs. Rather than relying on our own Montana mines to provide palladium, the Biden-Harris administration is allowing critical mineral imports from Russia, which is costing Montana jobs and funding Russia’s unjust war against Ukraine,” said Daines. “There is no reason the United States should be importing critical minerals that we can find right here at home. Montana is rich in minerals, and we need to be supporting American mines and American jobs, not Russia’s,” Daines said.
U.S. Sen. Jon Tester, D-Mont., also demanded greater control over Russian imports.
“It is totally unacceptable that the Sibanye-Stillwater mine is being forced to lay off hardworking Montana miners, and make no mistake: this is happening because Russia is dumping critical minerals into the American market to drive down our prices. But the Biden Administration also needs to step up and support these American workers. I personally spoke with the leaders of the Treasury Department about ways to support the local workforce, and I will hold them accountable to get the job done. I stand with these Montanans who power our economy and are the lifeblood of many of our communities, and we won’t take this sitting down,” Tester said.
The mining operations are the largest employer in Stillwater County and produce palladium and platinum. The market value for the metals have decreased significantly in recent years, with palladium falling from $2,305 an ounce two years ago to below $1,000 an ounce in recent months, Robertson stated in the letter.
Here’s the full letter:
Dear Team,
I write this message with a heavy heart. Today at our corporate results call, after many months of debates, discussions, reviewing and revising plans to address the challenges a depressed palladium market has created, our CEO Neal Froneman announced that we intend to restructure our Montana operations.
We produce about 78% palladium and 22% platinum from our Montana mining operations, with sufficient volumes between our production and the other American recyclers’ production to meet America’s palladium demand. Two years ago, palladium was trading at $2,305 per ounce. In late summer 2023, it was down to $1,280 per ounce. In the last three months, palladium has traded consistently below $1,000 per ounce. We believe Russian dumping is a cause of this sharp price dislocation. Russia produces over 40% of the global palladium supply, and rising imports of palladium have inundated the U.S. market over the last several years. Imported palladium prices have fallen by nearly 40% this year alone.
Our production costs in the second half of 2023 were $1,992 per ounce. We have all been working very hard for the last year to reduce our costs in line with last November’s restructuring. All of you have done a great job meeting that plan. In the results just presented in our market release, we increased production by 8% in the first half of 2024 as compared to the second half of 2023 and have also decreased our costs from the above-mentioned $1,992 per ounce down to $1,343 per ounce. Unfortunately, those costs are much higher than the $977 sales price for each ounce produced in the first half of 2024, resulting in significant cash losses. We have not had profitable operations since the third quarter of 2022. In 2023, our Montana operations lost over $265 million. We have lost an additional $87 million in the first half of 2024, for a total of over $350 million in losses since the beginning of 2023.
In addition to the savings from last November’s restructure, we were optimistic that the critical minerals production tax credit authorized in Section 45X of the Inflation Reduction Act would offer us much-needed relief both from the depressed palladium market and from our increased costs, which were due in part to higher inflation impacting everything from procurement of goods to contracted services. Unfortunately, the draft Section 45X rule was written to exclude mining and recycling costs from the tax credit. We’ve undertaken significant efforts to lobby for a change to the rule to include those costs.
We are one of just a few U.S. critical minerals producers. We are proud to pay prevailing wages and follow robust environmental and other regulations. That is why our communities thrive adjacent to our operations. But, this responsible and sustainable mining and metals processing is much, much more expensive than that of our competitors in Russia and other areas. To compete with those low-cost operations, we need to solidify government and other stakeholder support in the long-term. In the short-term, we have no choice but to reduce our losses as we continue to lobby for additional forms of financial support.
To reduce costs to a level that will support long-term viability of our reserves, we must address the especially high cost of our Stillwater West operations. The only way to do this is to place those operations on care and maintenance for now. We will then use the Stillwater East and East Boulder operations to improve efficiencies that could get Stillwater West back to production as prices permit. We also plan to reduce operations at East Boulder from six ramps to four ramps, which will reduce costs and ensure sustainable production. Consequently, we will reduce the Metallurgical Complex operations based on this lower mine production while continuing to run our recycling business.
With the pause of operations at Stillwater West, we plan to consolidate our mining leadership teams, with one central team responsible for both mines. Matt O’Reilly will head up this team. Each workgroup will undergo a process to determine how it will be configured to support this single mine operational structure.
Our vision is to manage our smaller operations centrally, with more employees having responsibilities at both mines. This morning, we plan to meet with the United Steelworkers leadership to discuss our path forward with the hope of working together to ensure the long-term sustainability of our operations and our employment opportunities.
With that in mind, later today we will provide notice of a layoff under the federal Worker Adjustment and Retraining Notification (WARN) Act, which requires employers to provide a 60-day notice of layoffs of 50 or more people at a worksite where the layoff will include at least one-third of that site’s workforce. We plan to give this notice for all of our sites, with central and Metallurgical Complex employees included in the Columbus location. Salaried employees whose positions will be eliminated, combined with another position, or who are in a role where the number of positions is being reduced will receive this notice via email by the end of today. Those salaried employees who are not sent this notice will retain their positions. Hourly employees will receive notice through the union, and bumping rights under our labor contracts will apply.
Each site and department is completing its restructure plan, and we will finalize those up until November 12, when the layoffs will first happen. Affected employees may be eligible for severance and will be eligible for benefits through November 30, if currently enrolled in benefits and if employed until the layoff. Affected employees currently enrolled in benefits will be eligible to enroll in COBRA for continuation of medical, dental, vision, and Employee Assistance Program (EAP) benefits.
We estimate that this restructure will reduce our total number of employees at our Montana operations from approximately 1,680 on July 31 to just under 1,000 after the layoffs. We know this will be a very difficult time for everyone and want to ensure employees receive the support they need. Lyra, our EAP provider, is available to all employees and their immediate family members. Lyra is accessible by calling 877-932-2101 or by visiting www.sibanyestillwater.lyrahealth.com, using the code SSMC. We are planning to invite other employers with available jobs to our area between now and early November to help place as many laid-off employees as possible into other jobs.
We know this time will be incredibly stressful for all of you and your families, and we ask for a very vigilant focus on safety. Working safely during this time is our first priority. This is also a critical time for completing work that will recalibrate our operations and bring Stillwater West back sooner if done right. The more that we can do to get our operations in the best shape possible, the greater the chance that we can return Stillwater West to operation sooner.
Our platinum and palladium mines are the highest grade in the world by at least three times. We are the example of responsible domestic critical minerals production because of the good work you have done throughout the history of these operations. We are committed to the vitality of our local communities. The decision to pause operations at Stillwater West and to curtail production at East Boulder was one we put considerable thought, time, and effort into and delayed as long as we could. But to continue to operate at these losses would jeopardize our ability to operate at all. We are therefore now undertaking this significant restructuring that we believe will ultimately result in a sustainable business.
We are optimistic we will get the government support we need to continue being the example of responsible mining and metals recycling in the United States. We also believe the palladium market will recover with the right adjustments. We are very concerned about all of you, your families and loved ones, and our communities. We want to be writing a positive update to our employees in the future, and we are going to work hard over the next year to get our business to a place where we can do that.
We will be updating you frequently as we navigate this difficult time.
Copyright 2024 Scripps Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Mineral resource model has been reviewed and confirmed by G Mining Services for use in the PEA study.
The Company share price has outperformed the GDXJ by 155% since the updated MRE was published on February 6, 2024.
Summer drill programs lead to identification of fault along the western edge of the Moss Gold Deposit that will allow the Company to focus its exploration efforts to expand the deposit to the west around the Moss Nose target.
Vancouver, British Columbia–(Newsfile Corp. – September 10, 2024) – Goldshore Resources Inc. (TSXV: GSHR) (OTCQB: GSHRF) (FSE: 8X00) (“Goldshore” or the “Company“) is pleased to announce drill results from the summer drill program and provides an update on progress of its Preliminary Economic Assessment (“PEA”).
Scout Drilling Results Overview:
At the Boundary Zone a 6 – 8 meter (true width) shear zone was encountered with nuggety gold mineralization. A best intercept of 13.30m at 1.27g/t gold was encountered.
The Boundary zone is interpreted as a mineralized splay at 30 degrees to the Moss Gold Deposit trend and represents an exploration target as the Company looks to identify additional shear zones with similar orientations as potential drill targets adjacent to the 3.6km long Moss Gold Deposit.
Southwest Extension drilling has identified the location of a significant sinistral NNE-striking fault that is interpreted to offset the Moss Gold Deposit to the southwest. This provides a focus area to develop additional drill targets in the Moss Nose area that has to date been defined by selective rock grab samples and soil samples by the Company.
Intersected mineralization in the Southwest Extension was interpreted to be smaller scale peripheral shears to the main Moss trend.
PEA Progress Overview:
G Mining Services Inc. (“G Mining”) completed a Site visit on July 23, 2024 to evaluate potential infrastructure sites.
Mineral resource model has been reviewed and confirmed by G Mining Services for use in the PEA study.
Currently reviewing high level economics of several mining and milling scenarios to identify the optimal project for PEA study.
Market Overview:
From publishing of the updated MRE on February 6, 2024 until August 31, 2024, the Company share price has outperformed the VanEck Junior Gold Miners ETF (the “GDXJ“) by 155% with the Goldshore share price rising 191% during the period.
The Company has observed strong insider support with roughly 6 million shares acquired in the open market from May 1, 2024 until July 31, 2024, approximately 10% of the total volume during the period.
As of August 31, 2024, 6.4% of the Company stock is held by board and management with an additional 35.0% held by strategic shareholders which includes Brian Paes-Braga, Lutry Investments, members of the SAF group and close associates.
Michael Henrichsen, CEO of Goldshore commented, “The Company is pleased to provide an update as we continue to execute on our strategic plan. From a growth perspective we tested two important targets and gained valuable information to continue to explore in and around the Moss Gold Deposit. Of note to the technical team is the identification of a fault along the western edge of Moss that offsets the deposit to the south-southwest and will allow the Company to focus its exploration efforts to expand the deposit to the west along the Moss Nose target. In addition, solid progress has been made on the PEA study, the Company’s largest catalyst in the next 6 – 7 months with G Mining Services. A site visit and a validation of the mineral resource model have been completed and the study is currently focusing on identifying the optimal mining and milling scenario for a phased production approach that will form the basis of the PEA study moving forward. We are encouraged by the strong performance of our share price, underpinned by the steadfast support of our strategic shareholders, who have consistently demonstrated their commitment through substantial open market purchases. This support has enabled us to continue transitioning shares into the hands of long-term shareholders, aligning our ownership structure with our long-term growth strategy.”
Figure 1: Moss geology maps with location of recent drilling
The Boundary Zone program was designed to evaluate, and expand upon, historical drilling results to define the full extent of the high-grade shear zone. Drilling intersected broad zones of intense, strongly sericitized and sheared intermediate volcanics containing disseminated pyrite and pyrite-chalcopyrite stringers with narrow moderately sheared diorite dykes similar to what was recorded by Tamavack Resources Inc. in the historical core logs. The main mineralized shear is approximately 6 – 8 meters wide and strikes 030°, approximately 30 degrees away from the 060° regional foliation and dominant trend of shearing at Moss. Assay results confirmed the width of the mineralization reported in the historical drilling but failed to replicate the individual high-grade samples, suggesting a strong nugget effect in the zone, amplified by the historical drilling using BQ core which provides a smaller sample size.
Hole MBD-24-123, which intersected 13.30m at 1.27 g/t Au from 131.5m depth, was a near twin of the historical hole TML-87-04 which intersected 21.49m at 2.26 g/t Au (cut) from 148.5m. The latter was biased by a single 59 g/t gold sample, highlighting the impact of sample size on reported grades. The Company does not treat the historical estimates disclosed in this news release as current mineral resources.
Further regional exploration is being conducted along similar oblique structures to identify additional zones of mineralization. Significant results of the Boundary Zone scout drill program are summarized below in Table 1.
Table 1: Significant results of the 2024 Boundary zone drill program
Drilling at the Southwest Extension targeted 300m and 600m step outs to the two mineralized zones associated with the Southwest Zone of the Moss Gold Deposit. Drilling intersected a foliated diorite intrusion complex containing the signature interchanging Moss alteration suite of sericite, silica, chlorite, hematite, albite, epidote, and carbonate. Minor (2-3%) sulphide mineralization, as is typical of the Moss deposit, was characterized by disseminated pyrite, with pyrite-chalcopyrite-molybdenite mineralization hosted in occasional quartz-carbonate veins.
Assay results showed wide intersections of anomalous gold mineralization containing sporadic multi-gram assays, but these assays do not cluster together to develop significant mineralized intercepts. A review of the trace element geochemistry noted an abrupt change in the chemistry of the host diorites at the Moss Gold Deposit suggesting a fault offset along the NNE trending Till Groove Fault shown to offset the nearby Moss stock by ~ 1km (Figure 1). A similar offset would align the extension of the Moss Gold Deposit with the Moss Nose prospect, which is being actively explored as part of the 2024 summer field program. Significant results of the Southwest Extension scout drillholes are outlined below in Table 2.
Table 2: Significant results of the 2024 Southwest Extension drill program
Mineral resources that are not mineral reserves have no demonstrated economic viability. There is no guarantee that any part of the mineral resources discussed herein will be converted to a mineral reserve in the future. The estimate of mineral resources may also be materially affected by geology, environment, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues.
PEA Update
G Mining continues to advance the PEA for the Moss Gold Project. G Mining has completed its review of the MRE, finding it acceptable for use in the PEA, while providing several recommendations on opportunities for further enhancement and improvement which are actively being incorporated into Goldshore’s ongoing site programs. The G Mining team conducted a site visit on July 23, 2024 along with select Goldshore and CSL Environmental & Geotechnical Ltd. personnel, to evaluate opportunities for the placement of potential key site infrastructure. G Mining is currently reviewing a series of high level scenarios involving a variety of mining and milling options to identify the optimal project for PEA study. Importantly, Goldshore has elected to exclude the small gold resource at East Coldstream to focus on the larger part of the mineral resource at Moss and a smaller project footprint.
Qualified Person
Peter Flindell, PGeo, MAusIMM, MAIG, Vice-President, Exploration, of the Company, and a qualified person under National Instrument 43-101, has approved the scientific and technical information contained in this news release.
About Goldshore
Goldshore is a growth-oriented gold company focused on delivering long-term shareholder and stakeholder value through the acquisition and advancement of primary gold assets in tier-one jurisdictions. It is led by the ex-global head of structural geology for the world’s largest gold company and backed by one of Canada’s pre-eminent private equity firms. The Company’s current focus is the advanced stage 100% owned Moss Gold Project which is positioned in Ontario, Canada, with direct access from the Trans-Canada Highway, hydroelectric power near site, supportive local communities and skilled workforce. The Company has invested over $60 million of new capital and completed approximately 80,000 meters of drilling on the Moss Gold Project, which, in aggregate, has had over 235,000 meters of drilling. The 2024 updated NI 43-101 mineral resource estimate (“MRE”) has expanded to 1.54 million ounces of Indicated gold resources at 1.23 g/t Au and 5.20 million ounces of Inferred gold resources at 1.11 g/t Au. The MRE only encompasses 3.6 kilometers of the 35+ kilometer mineralized trend, remains open at depth and along strike and is one of the few remaining major Canadian gold deposits positioned for fast track through this development cycle. For more information, please visit the Company’s profile at SEDAR+ (www.sedarplus.ca) and the Company’s website (www.goldshoreresources.com).
For More Information – Please Contact:
Michael Henrichsen President, Chief Executive Officer and Director Goldshore Resources Inc.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
This news release contains statements that constitute “forward-looking statements.” Such forward looking statements involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, performance or achievements, or developments to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects,” “plans,” “anticipates,” “believes,” “intends,” “estimates,” “projects,” “potential” and similar expressions, or that events or conditions “will,” “would,” “may,” “could” or “should” occur.
Forward-looking statements in this news release include, among others, statements relating to expectations regarding the exploration and development of the Moss Gold Project, including identifying additional shear zones as potential drill targets, the evaluation of potential infrastructure sites, the review of high level economics of mining and milling scenarios, and the targeted expansion of the deposit to the west along the Moss Nose target; the release of an updated preliminary economic assessment and the expected timing thereof; and other statements that are not historical facts. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors and risks include, among others: the foregoing exploration and development goals of the Company may not occur on the timetable anticipated or at all; the preliminary economic assessment may not be completed on the timetable expected or at all; the Company may require additional financing from time to time in order to continue its operations which may not be available when needed or on acceptable terms and conditions acceptable; risks related to compliance with extensive government regulation; domestic and foreign laws and regulations could adversely affect the Company’s business and results of operations; and the stock markets have experienced volatility that often has been unrelated to the performance of companies and these fluctuations may adversely affect the price of the Company’s securities, regardless of its operating performance. The forward-looking information in this news release is based on management’s reasonable expectations and assumptions, including that the Company’s business and financial position and general economic conditions will not be adversely affected; that the Company’s exploration and development goals will be met and on the timetable expected; and that the preliminary economic assessment will be completed on the timetable anticipated.
The forward-looking information contained in this news release represents the expectations of the Company as of the date of this news release and, accordingly, is subject to change after such date. Readers should not place undue importance on forward-looking information and should not rely upon this information as of any other date. The Company undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.
Vancouver, British Columbia–(Newsfile Corp. – September 10, 2024) – Riverside Resources Inc.(TSXV: RRI) (OTCQB: RVSDF) (FSE: 5YY) (“Riverside” or the “Company”), is pleased to announce the core drilling company and related equipment has arrived at the Cecilia Project (“Project”) in Sonora, Mexico. Drilling will commence for the planned 2,500m, 8 drill hole program and will initially test 3 target areas at the Project. All funding with partner Fortuna Mining is in place and permits are in hand to carry forward this next phase of gold – silver exploration.
Drill Program Highlights
2,500m planned drill program for a total of 8 holes
Drilling Cerro Magallanes breccia and dome margin with the potential to drill through the dome if warranted
Drilling East target where former small scale mine workings and adits move along 4 sub-parallel vein structures of quartz containing silver grades up to over 250 g/t Ag (June 6, 2017 press release)
Myra vein targets will be the first of several Mesa targets to be drilled and tested beneath an area that returned surface channel vein samples of up to 3 g/t Au (October 2, 2018 press release)
If meters allow, to drill the Mesa Fault target along the southeast portion of the Cecilia district tenure where past chip sampling has returned gold values up to 4 g/t Au (September 21, 2020 press release)
Budget of USD$800,000 for this phase of drilling
“We are excited to begin the drill program at the Cecilia project with our partner Fortuna Mining,” stated John-Mark Stude, CEO of Riverside Resources. “We announced the agreement with Fortuna Mining in March and have spent the past six months incorporating the results from a recent airborne magnetic survey and extensive geochemistry and mapping into our past project databases and have designed an initial drill program to test three of the highly prospective targets for the project. Concurrent to the commencement of this drill campaign, our teams will collaborate on a plan to define at least four other targets in anticipation of a follow-on drill campaign as well as potential follow up drilling on these initial three. The team at Riverside has spent several years methodically advancing exploration programs at the Cecilia Project and working with a strong partner like Fortuna Mining helps take this project through the next stage of exploration and hopefully towards a major discovery.”
During the recent summer field season the exploration targets were advanced with the results from a broader property-wide airborne magnetic survey which covered the complete property being integrated with an earlier detailed magnetic survey of the central Cerro Magallanes putting it into context with the full 80 km² project area. The drill program will begin with core drill testing of the Agua Prieta Breccia target on the east side of the Magallanes Dome along the contact zone of the rhyodacite dome and volcanic tuffs. The plan is to drill an angle hole up to 800m to cross the breccia features where surface gold mineralization has returned up to > 1 ounce / ton gold (September 21, 2020 press release) and shallow drill holes of 24.2m @ 1.51 g/t Au (April 15, 2021 press release) (Riverside, CED-21-005, 2021) have been intersected.
Figure 1: Geologic map with targets for Cecilia Project
Figure 2:Assay samples from this current summer 2024 field program with purple >1g up to 13 g/t Au. Labeled samples selected higher grade assays clustering in target areas shown on geologic map Figure 1.
Riverside Resources has undertaken comprehensive exploration efforts at the property, including drilling activities that have yielded significant gold intercepts. Notably, drill results have intersected near surface promising intercepts such as 24.2m @ 1.51 g/t Au (April 15, 2021 press release) within the rhyodacite dome, showcasing the property’s gold at shallow depths which also has been mined in over a dozen locations including some substantial small scale underground prospect mining. Further drill planning will look to explore for potential larger high grade targets at depths along these intercepts.
One distinguishing aspect of this project is the potential to preserve a fertile dome system. The Magallanes Target, situated at the central part of the project, exhibits interaction within extensive NE and NW structures, presenting a compelling opportunity for the discovery of epithermal gold-silver style mineralization and breccias at the margin of the dome and potentially inside feeder structures as breccia pipes in the dome. This geological scheme of the Cecilia Project resembles the Tertiary-age rhyolite systems, like the La Pitarrilla Ag-Pb-Zn project (~800M oz AgEq*) and Fresnillo’s San Julian Ag-Au Mine (~350M oz AgEq**), both situated in Durango, Mexico in the similar Sierra Madre Volcanic Province to Cecilia.
*Mineral Resource estimate for the Pitarrilla Ag Pb Zn Project, Durango, Mexico, SSR Mining, March, 2023. **Obtained from Fresnillo public presentation, Hermosillo, October, 2016.
Qualified Person & QA/QC:
The scientific and technical data contained in this news release pertaining to the Cecilia Project was reviewed and approved by Freeman Smith, P.Geo, a non-independent qualified person to Riverside Resources focusing on the work in Sonora, Mexico, who is responsible for ensuring that the information provided in this news release is accurate and who acts as a “qualified person” under National Instrument 43-101 Standards of Disclosure for Mineral Projects. The resource information for SSR Mining and Fresnillo is from their corporate public disclosure and has not been reviewed by Riverside Qualified Person.
Samples from the exploration program discussed above at the Cecilia Project were taken to the Bureau Veritas Laboratories in Hermosillo, Mexico for fire assaying for gold. The rejects remained with Bureau Veritas in Mexico while the pulps were transported to Bureau Veritas laboratory in Vancouver, BC, Canada for 45 element ICP/ES-MS analysis using 4-acid digestion methods. A QA/QC program was implemented as part of the sampling procedures for the exploration program. Standard samples were randomly inserted into the sample stream prior to being sent to the laboratory.
About Riverside Resources Inc.:
Riverside is a well-funded exploration company driven by value generation and discovery. The Company has over $5M 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
Eric Negraeff Investor Relations 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.
Kelowna, British Columbia–(Newsfile Corp. – September 10, 2024) – F3 Uranium Corp(TSV: FUU) (OTCQB: FUUFF) (“F3” or “the Company“) is pleased to announce scintillometer results from the current summer drill program, including PLN24-176 which was cored in the JR Zone and which returned mineralization over 11.0m, including 5.40m of high grade (>10,000 cps) containing 4.35m of composite off-scale mineralization(>65,535 cps).
Sam Hartmann, Vice President Exploration, commented:
“PLN24-176 was planned to increase confidence and high-grade continuity in the heart of the JR Zone, approximately 15m in the up-dip direction of PLN24-137 (see NR April 1, 2024 and July 20, 2024). Based on total radioactivity and the intercepted width of high grade, we expect this hole to rank near the top of all drillholes at JR. Exploration remains the focus of the program; previously (see NR August 13, 2024) we announced PLN24-168, which stepped out 700m along strike and encountered the altered and strongly graphitic B1 shear well below the Athabasca Unconformity. PLN24-175 was a follow up, testing the same structure 110m up-dip targeting its intersection with the unconformity. This hole intersected strong alteration in the basement; coupled with intense silicification and brecciation observed in the lower Athabasca Sandstone and the lack of graphitic structure in the basement, indications are that the structure dips steeper than presumed. This reveals a new target down-dip from PLN24-175 and an additional hole is planned to test the structure in this area with these prospective signs for nearby mineralization.”
Summer 2024 JR Zone Handheld Spectrometer Highlights:
PLN24-176 (line 035S):
11.0m interval with mineralization between 186.0 and 206.5m, including
4.35m composite off-scale radioactivity (> 65,535 cps) between 197.40m and 202.15m
PLN24-177 (line 070S):
13.0 interval with mineralization between 199.0 and 214.5m, including
0.20m high-grade radioactivity (> 10,000 cps) between 211.0 and 211.2m
Handheld spectrometer composite parameters: 1: Minimum Thickness of 0.5m 2: CPS Cut-Off of 300 counts per second 3: Maximum Internal Dilution of 2.0m
Natural gamma radiation in the drill core that is reported in this news release was measured in counts per second (cps) using a handheld Radiation Solutions RS-125 scintillometer. The Company considers greater than 300 cps on the handheld spectrometer as anomalous, >10,000 cps as high grade and greater than 65,535 cps as off-scale. The reader is cautioned that scintillometer readings are not directly or uniformly related to uranium grades of the rock sample measured and should be used only as a preliminary indication of the presence of radioactive materials. Samples from the drill core are split in half on site and are standardized at 0.5m lengths. One half of the split sample will be submitted to SRC Geoanalytical Laboratories (an SCC ISO/IEC 17025: 2005 Accredited Facility) in Saskatoon, SK. for lithogeochemical analysis using their “Uranium Package”.
All depth measurements reported are down-hole and true thickness are yet to be determined.
About Patterson Lake North:
The Company’s 4,078-hectare 100% owned Patterson Lake North property (PLN) is located just within the south-western edge of the Athabasca Basin in proximity to Fission Uranium’s Triple R and NexGen Energy’s Arrow high-grade world class uranium deposits which is poised to become the next major area of development for new uranium operations in northern Saskatchewan. PLN is accessed by Provincial Highway 955, which transects the property, and the new JR Zone uranium discovery is located 23km northwest of Fission Uranium’s Triple R deposit.
Qualified Person:
The technical information in this news release has been prepare in accordance with the Canadian regulatory requirements set out in National Instrument 43-101 and approved on behalf of the company by Raymond Ashley, P.Geo., President & COO of F3 Uranium Corp, a Qualified Person. Mr. Ashley has verified the data disclosed.
About F3 Uranium Corp.:
F3 Uranium is a uranium exploration company advancing its newly discovered high-grade JR Zone and exploring for additional mineralized zones on its 100%-owned Patterson Lake North (PLN) Project in the southwest Athabasca Basin. PLN is accessed by Provincial Highway 955, which transects the property, and the new JR Zone discovery is located ~25km northwest of Fission Uranium’s Triple R and NexGen Energy’s Arrow high-grade uranium deposits. This area is poised to become the next major area of development for new uranium operations in northern Saskatchewan. The PLN project is comprised of the PLN, Minto and Broach properties. The Broach property incorporates the former PW property which was obtained from CanAlaska as a result of a property swap.
Forward Looking Statements
This news release contains certain forward-looking statements within the meaning of applicable securities laws. All statements that are not historical facts, including without limitation, statements regarding future estimates, plans, programs, forecasts, projections, objectives, assumptions, expectations or beliefs of future performance, including statements regarding the suitability of the Properties for mining exploration, future payments, issuance of shares and work commitment funds, entry into of a definitive option agreement respecting the Properties, are “forward-looking statements.” These forward-looking statements reflect the expectations or beliefs of management of the Company based on information currently available to it. Forward-looking statements are subject to a number of risks and uncertainties, including those detailed from time to time in filings made by the Company with securities regulatory authorities, which may cause actual outcomes to differ materially from those discussed in the forward-looking statements. These factors should be considered carefully and readers are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements and information contained in this news release are made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
The TSX Venture Exchange and the Canadian Securities Exchange have not reviewed, approved or disapproved the contents of this press release, and do not accept responsibility for the adequacy or accuracy of this release.
F3 Uranium Corp. 750-1620 Dickson Avenue Kelowna, BC V1Y9Y2 Contact Information Investor Relations Telephone: 778 484 8030 Email: ir@f3uranium.com
ON BEHALF OF THE BOARD “Dev Randhawa” Dev Randhawa, CEO
Kelowna, British Columbia–(Newsfile Corp. – September 10, 2024) – Strathmore Plus Uranium Corporation (TSXV: SUU) (OTCQB: SUUFF) (“Strathmore” or “the Company“) is pleased to announce that it has received the final Drill Notice permit from the State of Wyoming to perform exploratory drilling at the Beaver Rim project in the Gas Hills Uranium District of Wyoming. The permit allows for 10,000 feet of drilling, planned to begin the week of September 16th to confirm historical results and extend mineralization into areas sparsely explored in the past.
Mr. Terrence Osier, VP Exploration of Strathmore said, “We are excited to start exploring our Beaver Rim claims. I previously drilled at Beaver Rim in 2012, as project geologist for Strathmore Minerals. We encountered stacked roll-fronts at the West Diamond area at depths of 700 to 1,000 feet. The entire mineralized host-sandstone is present, giving us multiple targets across our properties. Many of the claims were previously explored by American Nuclear and Cameco. The potential to define uranium deposits at Beaver Rim is very promising based on the information we have, and areas of close-spaced drilling noted in the field. We’ve contracted with two Wyoming companies, Lou’s Drilling of Riverton and Hawkins CBM Logging of Cody. I have extensive experience with both contractors over the years and expect a successful exploration campaign that we can build on in 2025 and beyond.”
About the Beaver Rim Project
The Beaver Rim project consists of 131 wholly owned mining claims totaling 2,706 acres. The Gas Hills uranium district is the largest producer in the State of Wyoming; more than 100 million pounds of uranium was mined. Historical and recent reports suggest 50-100 million pounds of uranium remain in the Gas Hills, with significant discovery potential in the lesser drilled areas to the south, notably atop Beaver Rim. The project area was previously explored by American Nuclear in the 1970s, Cameco in the 1990-2000’s, and most recently by Strathmore Minerals in 2012, where uranium mineralization was encountered at depths of 700-1,000 feet, contained in stacked, Wyoming-type roll front deposits within arkosic-rich sandstones of the Eocene-age Wind River Formation.
The Beaver Rim project lies immediately south and adjacent to Cameco’s fully permitted Gas Hills in-situ recovery project. The West Diamond claim group lies south of Cameco’s Peach deposit, for which Cameco reported (2002 Annual Report) mineral reserves and resources of 7.0 million and 2.6 million pounds of uranium, respectively (tonnage and grade % not stated). Additional, historically defined resources controlled by Cameco are noted to trend from their property south beneath the Beaver Rim claims including the East Diamond, North Sage, and South Sage properties. Strathmore is reviewing the greater Beaver Rim area and past exploration as part of its intent to acquire additional properties with the potential to contain uranium mineralization.
About Strathmore Plus Uranium Corp.
Strathmore has three permitted uranium projects in Wyoming: Agate, Beaver Rim, and Night Owl. The Agate and Beaver Rim properties contain uranium in typical Wyoming-type roll front deposits based on historical and recent drilling data. The Night Owl property is a former producing surface mine that was in production in the early 1960s.
Cautionary Statement: “Neither the TSX Venture Exchange nor its Regulation Services Provider (as the term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release”.
Certain information contained in this press release constitutes “forward-looking information”, within the meaning of Canadian legislation. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur”, “be achieved” or “has the potential to”. Forward looking statements contained in this press release may include statements regarding the future operating or financial performance of Strathmore Plus Uranium Corp. which involve known and unknown risks and uncertainties which may not prove to be accurate. Actual results and outcomes may differ materially from what is expressed or forecasted in these forward-looking statements. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. Among those factors which could cause actual results to differ materially are the following: market conditions and other risk factors listed from time to time in our reports filed with Canadian securities regulators on SEDAR at www.sedarplus.ca. The forward-looking statements included in this press release are made as of the date of this press release and Strathmore Plus Uranium Corp. disclaim any intention or obligation to update or revise any forward-looking statements, whether a result of new information, future events or otherwise, except as expressly required by applicable securities legislation.
Qualified Person
The technical information in this news release has been prepared in accordance with the Canadian regulatory requirements set out in National Instrument 43-101 and reviewed on behalf of the company by Terrence Osier, P.Geo., Vice President, Exploration of Strathmore Plus Uranium Corp., a Qualified Person.
Vancouver, British Columbia–(Newsfile Corp. – September 9, 2024) – Dolly Varden Silver Corporation (TSXV: DV) (OTCQX: DOLLF) (FSE: DVQ1) (the “Company” or “Dolly Varden“) is pleased to announce results from the Wolf Vein high-grade silver plunge expansion directional drilling. Drill hole DV24-416, averaged 654 g/t Ag, 0.47% Pb and 0.57% Zn over 21.48 meters and drill hole DV24-408, averaged 513g/t Ag, 2.95% Pb and 1.82% Zn over 27.19 meters. Both holes are located on the same vertical section and are separated by 44m vertically. The intersections demonstrate consistent thicknesses and indicate an increased vertical extent to the mineralized zone as it plunges to the southwest. The 2024 exploration drill program on the Kitsault Valley Project has been expanded to 32,000 m from the initial planned 25,000 m based on the successful drilling and supported by the recently completed financing. Currently, 3 drills continue expansion drilling at the Homestake Silver Deposit.
Wolf Vein Extension Drilling
Highlights include:
DV24-416: 654g/tAg, 0.47% Pb and 0.57% Zn over 21.48 meters, including 1,000 g/t Ag, 0.11 g/t Au, 0.62% Pb and 0.64% Zn over 7.70 meters.
DV24-408: 513 g/tAg, 2.95% Pb and 1.82% Zn over 27.19 meters, including 2,520 g/t Ag, 0.34 g/t Au, 0.18% Pb and 0.88% Zn over 2.80 meters.
* intervals shown are core length. Estimated true widths vary depending on intersection angles and range from 55% to 70% of core lengths, further modelling of the new intersections is needed before true widths can be estimated.
“The Wolf Vein continues to deliver exceptional silver grades, often with significant base metal values and strong native silver mineralization over potentially bulk-mineable widths. The extended drill program will prioritize lateral and vertical step-outs from these new Wolf results and follow up at other exploration targets including the silver zone at Moose. Resource expansion and exploration drilling efforts at the Homestake Silver Deposit continues within the projection of wider higher-grade gold and silver plunge zone defined in 2023,” said Shawn Khunkhun, CEO of Dolly Varden Silver.
This release includes results for three directional drill holes drilled from the same pad and intersecting the Wolf Vein on the same section, approximately 80 meters to the northeast of previously released (August 18, 2024) that documents step-out holes DV24-404, 409, 412 and 414. Directional drilling technology from this second drill pad was used to precisely target areas for vertical extension. Drill holes DV24-416 and DV24-408 intersected wide and high-grade silver mineralization in Wolf Vein breccias and coliform grey silica and carbonate approximately 14 meters above and 30 meters below, respectively from previously reported (September 11, 2023) drill hole DV23-368 that graded 381 g/t Ag, 0.46% Pb and 0.39% Zn over 29.34 meters including 583 g/t Ag, 0.13 g/t Au, 0.66% Pb and 0.45%Pb over 16.97 meter with 1,898 g/t Ag over 1.00 meter (Figure 1).
Figure 1. Section of Wolf Vein showing extended vertical expression of the Wolf vein silver mineralization and consistent wide zones of silica and carbonate vein and vein breccia with native silver, and silver sulphonate mineralization.
Drill hole DV24-416 confirms that high grade silver mineralization extends further up dip than expected, increasing the potential for a broader mineralized zone. There is also an increase in gold associated with higher grade silver as seen in a 0.60 meter interval from 676.04 to 676.64 meters grading 4,350 g/t Ag and 0.47 g/t Au. The mineralized vein remains open towards the sediment cap above it (Figure 3). Step out drilling along the upper portion of the plunge has been prioritized for late season.
Drill hole DV24-408 intersected the wider central portion of the higher-grade silver plunge and shows that in the southwestern drilling on the Wolf Vein, as the exploration approaches the projection of the intersection of the mid-valley north-northwest structures there is an increase in gold values associated with the higher grades of silver and the vein and vein breccias occur within a wide consistent structure.
Figure 2. Plan of Wolf Vein mineralized zone (in red) with all drilling to date. Lithology shown on drill trace- grey: sedimentary rock, green: volcanic rock, pink/red: mineralization. DV24-408, 410 and 416 are drilled from a collar location 80 meters northeast of the previously released step out holes.
Drill hole DV24-410 intersected the lower projection of the high-grade plunge, approximately 43 meters vertically below DV24-408. The vertical expression of the Wolf vein shows increased base metals at depth and on section, increased silver values into the high-grade plunge. This hole intersected 20.22 meters length of vein breccias that had a mix of low grade and high-grade silver, lead and zinc mineralization averaging 198 g/t Ag, 1.68% Pb and 3.42% Zn overall, with a higher-grade interval attributed to more sulphide-rich breccias, grading 823g/t Ag, 6.64% Pb and 1.55% Zn over 2.80 meters (table 1).
Figure 3. Longitudinal Section of Wolf Vein with mineralization envelope in red. Plunge of high-grade silver mineralization expanded vertically over 100m height. Drill traces in this release with bold font.
The Wolf Vein is hosted in Jurassic-age Hazelton Formation volcanic rocks and is interpreted as a structurally controlled, multi phased, epithermal vein and vein breccias that occur along a southwest plunging zone of wider, higher grade silver mineralization. Native silver, pyargerite, argentite and argentiferous galena are hosted in multiple phases of silica and iron carbonate veins and breccias. The extention of the mineralization discovered underneath the sedimentary rock cap and the outcropping Wolf deposit has a plunge extent of over 950 meters at -45 to the southwest.
Figure 4. Whole core of Wolf Vein and Vein Breccia in DV24-416 showing interval 674.30m to 682.00m (7.70 meters) with grades highlighted within broader vein intersect.
Figure 5. Cut core sample face of Wolf Vein silver mineralization in DV24-408 @ 698.10m consisting of coarse native silver in epithermal grey silica vein breccia fragments, local coliform texture open space fill. From an individual sample length of 0.78 meters grading 3,760 g/t Ag, 0.18 g/t Au, 10.60% Pb, 4.72%Zn. Field of view is 5cm across.
Table 1: Completed Drill Hole Assays from Wolf Vein (hole order in vertical sequence from top)
Target
Hole ID
From (m)
To (m)
Length (m)*
Ag (g/t)
Pb (%)
Zn (%)
Au (g/t)
Wolf
DV24-416
662.52
684.00
21.48
654
0.47
0.57
0.11
including
664.75
666.00
1.25
1,614
1.27
0.22
0.49
including
674.30
682.00
7.70
1,000
0.62
0.64
0.11
including
676.04
676.64
0.60
4,350
1.92
2.10
0.47
Wolf
DV24-408
688.26
715.45
27.19
513
2.95
1.82
–
including
688.78
689.28
0.50
2,010
1.45
1.18
–
including
697.22
700.02
2.80
2,520
13.16
6.28
0.34
including
708.94
712.07
3.13
712
11.36
4.65
–
Wolf
DV24-410
726.98
747.20
20.22
250
1.68
3.43
–
including
730.05
733.27
3.22
354
1.23
1.34
–
including
742.35
747.20
4.85
402
2.79
2.58
–
including
742.35
744.36
2.01
823
6.64
1.55
–
*All intervals shown are core length. Estimated true widths vary depending on intersection angles and range from 55% to 70% of core lengths, further modelling of the new interpretation is needed before true widths can be calculated.
Table 2: Drill hole data for Wolf Vein holes reported in this release
Hole ID
Easting UTM83 (m)
Northing UTM83 (m)
Elev. (m)
Azimuth
Dip*
Length (m)
DV24-408
466839
6173616
449
130.5
-63
759
DV24-410
466839
6173616
449
130.5
-63
795
DV24-416
466839
6173616
449
130.5
-63
726
*Directional drilling mother hole orientation; daughter holes directed at variable orientations downhole to reach target locations
Quality Assurance and Quality Control
The Company adheres to CIM Best Practices Guidelines for exploration related activities conducted on its property. Quality Assurance and Quality Control (QA/QC) procedures are overseen by the Qualified Person.
Dolly Varden QA/QC protocols are maintained through the insertion of certified reference material (standards), blanks and field duplicates within the sample stream. Drill core is cut in-half with a diamond saw, with one-half placed in sealed bags and shipped to the laboratory and the other half retained on site. Third party laboratory checks on 5% of the samples are carried out as well. Chain of custody is maintained from the drill to the submittal into the laboratory preparation facility.
Analytical testing was performed by ALS Canada Ltd. in North Vancouver, British Columbia. The entire sample is crushed to 70% minus 2mm (10 mesh), of which a 500 gram split is pulverized to minus 200 mesh. Multi-element analyses were determined by Inductively Coupled Plasma Mass Spectrometry (ICP-MS) for 48 elements following a 4-acid digestion process. High grade silver testing was determined by Fire Assay with either an atomic absorption, or a gravimetric finish, depending on grade range. Au is also determined by fire assay on a 30g split with either atomic absorption, or gravimetric finish, depending on grade range. Metallic screen on a 1.0kg sample may be completed on high-grade gold samples.
Qualified Person
Rob van Egmond, P.Geo., Vice-President Exploration for Dolly Varden Silver, the “Qualified Person” as defined by NI43-101 has reviewed, validated and approved the scientific and technical information contained in this news release and supervises the ongoing exploration program at the Dolly Varden Project.
About Dolly Varden Silver Corporation
Dolly Varden Silver Corporation is a mineral exploration company focused on advancing its 100% held Kitsault Valley Project (which combines the Dolly Varden Project and the Homestake Ridge Project) located in the Golden Triangle of British Columbia, Canada, 25kms by road to tide water. The 163 sq. km. project hosts the high-grade silver and gold resources of Dolly Varden and Homestake Ridge along with the past producing Dolly Varden and Torbrit silver mines. It is considered to be prospective for hosting further precious metal deposits, being on the same structural and stratigraphic belts that host numerous other, on-trend, high-grade deposits, such as Eskay Creek and Brucejack. Five kilometers to the East of the Kitsault Valley Project is the Big Bulk property which is prospective for porphyry and skarn style copper and gold mineralization, similar to other such deposits in the region (Red Mountain, KSM, Red Chris).
Forward Looking Statements
This release may contain forward-looking statements or forward-looking information under applicable Canadian securities legislation that may not be based on historical fact, including, without limitation, statements containing the words “believe”, “may”, “plan”, “will”, “estimate”, “continue”, “anticipate”, “intend”, “expect”, “potential”, and similar expressions. Forward-looking statements involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of Dolly Varden to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements. Forward looking statements or information in this release relates to, among other things, the 2022 drill program at the Kitsault Valley Project, the results of previous field work and programs and the continued operations of the current exploration program, interpretation of the nature of the mineralization at the project and that that the mineralization on the project is similar to Eskay and Brucejack, results of the mineral resource estimate on the project, the potential to grow the project, the potential to expand the mineralization and our beliefs about the unexplored portion of the property.
These forward-looking statements are based on management’s current expectations and beliefs and assume, among other things, the ability of the Company to successfully pursue its current development plans, that future sources of funding will be available to the company, that relevant commodity prices will remain at levels that are economically viable for the Company and that the Company will receive relevant permits in a timely manner in order to enable its operations, but given the uncertainties, assumptions and risks, readers are cautioned not to place undue reliance on such forward-looking statements or information. The Company disclaims any obligation to update, or to publicly announce, any such statements, events or developments except as required by law.
For additional information on risks and uncertainties, see the Company’s most recently filed annual management discussion & analysis (“MD&A“) dated March 27, 2024, and management information circular dated May 28, 2024 (the “Circular“), both of which are available on SEDAR at www.sedar.com. The risk factors identified in the MD&A and the Circular are not intended to represent a complete list of factors that could affect the Company.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this news release.
Vancouver, British Columbia–(Newsfile Corp. – September 6, 2024) – Riverside Resources Inc.(TSXV: RRI) (OTCQB: RVSDF) (FSE: 5YY) (“Riverside” or the “Company”), is pleased to announce that on September 4, 2024, it entered into a Letter of Intent with Questcorp Mining Inc. (CSE: QQQ) (“Questcorp”), whereby the Company will grant an option (the “Transaction”) to Questcorp for the acquisition of a one-hundred percent (100%) interest in the La Union project (the “Project”) located in Sonora, Mexico. Riverside will receive $100,000 and 19.9% in the ownership of Questcorp upon Questcorp investing $5,500,000 into the Project over a period of 4 years from the date of completing the Definitive Agreement.
Union is a large, carbonate-hosted gold district with high grade gold-zinc and a former mining operation of the Penoles Mining Company of Mexico. The Project has drive up access, private ranch surface ownership, and geologic features similar to the major carbonate replacement deposits located in Arizona and further east in Mexico. Union has past drilling and mining at multiple production centers which have been consolidated over the past 5 years by Riverside. Riverside now controls over 22 sq km with favorable limestone host rocks, large alteration footprint and many small mine workings which provide more than 8 drill ready target areas with the central former Union Mine and the Famosa Mine as two key immediate target areas.
“We are excited to partner this top-quality Project, consolidated and worked up by Riverside. To now work with Questcorp to go forward with the exploration program and continued development is an excellent collaboration and fits both companies’ business models.” said John Mark Staude, President and CEO of Riverside. “Riverside has extensive operational capacity in Mexico and can rapidly move ahead with Questcorp to unlock the value of La Union Project. Riverside being a significant shareholder of Questcorp with an initial 9.9% on signing the Definitive Agreement aligns our interests to see success for Union and the companies.”
Transaction Details:
In accordance with the terms of the Transaction, Questcorp can acquire a one-hundred percent (100%) interest in the Project in consideration for completion of a series of cash payments totaling $100,000, the issuance of 19.9% of the outstanding common shares of the Questcorp, and the incurrence of no less than $5,500,000 of exploration expenditures on the Project by Questcorp, as follows:
Deadline
Cash Payment
Share Issuance
Exploration Expenditures
Entering into Letter of Intent
(Paid) $12,500
Nil
N/A
Closing of the Transaction (Signing of the Definitive Agreement and conditions)
$12,500
*9.9%
N/A
First Anniversary of Closing
Nil
*14.9%
$1,000,000
Second Anniversary of Closing
$25,000
*19.9%
$1,250,000
Third Anniversary of Closing
$25,000
*19.9%
$1,500,000
Fourth Anniversary of Closing
$25,000
*19.9%
$1,750,000
Total
$100,000
*19.9%
$5,500,000
*Expressed as a cumulative total percentage of the undiluted issued and outstanding common shares of the Company
as of the applicable payment date, and assuming Riverside has not previously disposed of any common shares
**All dollar amounts in this news release are in Canadian dollars
Riverside will remain the program operator for the Project during the term of the option using its local team based in Hermosillo, Sonora and with support from the Vancouver, Canada exploration office. Following exercise of the option, Riverside will retain a two-and-one-half percent (2.5%) net smelter returns royalty on commercial production from the Project.
Exploration work by Riverside over the past 12 months has improved the geologic and structural contextual understanding of the past mines and overall potential areas of mineralization including possibilities for a deeper Laramide age porphyry Cu-Au target as found to the north at Ajo and eastward along the abundant Cu porphyry belt of Sonora- Arizona. Surface sampling recently completed by Riverside has continued to find gold and the tailings from the past mine operators, located in a number of locations on the property, have shown extensive gold zones in oxide ores.
Completion of the Transaction remains subject to a number of conditions, including the finalization of definitive documentation, completion of the Concurrent Financing by Questcorp for gross proceeds of no less than $1,500,000, receipt of any required regulatory, shareholder and third-party consents, approval of the Canadian Securities Exchange, and the satisfaction of other customary closing conditions. Riverside has been paid the initial $12,500 and will be paid the second $12,500 upon signing the Definitive Agreement.
Readers are cautioned that the Letter of Intent does not bind Questcorp to complete the Transaction. Should the Definitive Agreement not be done then the Letter of Intent will automatically terminate after forty-five days. The Transaction cannot close until the required approvals are obtained and the foregoing conditions satisfied. There can be no assurance that the Transaction will be completed as proposed or at all.
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 $5 million in cash, no debt and less than 75 million 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
Eric Negraeff Investor Relations 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.
