VANCOUVER, BC / ACCESSWIRE / September 5, 2023 / Blackwolf Copper and Gold Ltd. (“Blackwolf“, or the “Company“) (TSXV:BWCG)(OTC PINK:BWCGF) is pleased to announce that it has completed its maiden drilling program at the Cantoo Property located in southeast Alaska. Three drill holes totalling 1,356 meters were completed. Initial visual observation of the drill core suggests significant alteration and mineralization consistent with a porphyry system. The Cantoo Property is situated adjacent to the Canadian border and the historic Premier Gold Mine that is currently in redevelopment.
Drilling Highlights:
Blackwolf’s CEO Morgan Lekstrom states, “We are pleasantly surprised encountering indications of a porphyry system at Cantoo, although it was not unexpected given the history of the area and proximity to the Premier mine. Cantoo may represent a telescoping porphyry feeder complex to the high-grade Premier-Big Missouri epigenetic gold-silver veins, similar to the KSM-Snowfield system that underlies the Brucejack Mine to the north.
In summary, there are strong indications that we are in the right rocks and location as we’ve hit zones at depth that are encountered at surface. Assay results are pending for these initial drill holes as well as the summer surface sampling program and will be released when available. In order to make good use of the summer exploration window, the drill has been moved to the Harry Property while we await these results.”
The Cantoo Property has never been previously drilled yet had some historic mining and exploration performed in the 1920’s. Surface work during 2023 targeted multiple stacked shallow-dipping vein structures and breccias, including a 30 m (100ft) wide structure. Blackwolf’s surface sampling results at Cantoo include high-grade mineralization, with grades up to 30.4 grams per tonne (“g/t”) gold, 2,860 g/t silver and 5.8% copper.
The Cantoo Property is primarily underlain by the Texas Creek intrusive complex, with multiple phases of intrusive rocks with potassic, phyllic/QSP and propylitic alteration, along with multiple styles of copper mineralization. Additionally, drilling encountered zones of strong silicification and veining that correspond with the surface expressions of veins outcropping in cliffs at Cantoo.
QA/QC and Qualified Person
The analytical work on the Hyder project will be performed by MSA LABS, a certified analytical services provider, at its laboratory in Langley, British Columbia. All samples will be prepared using procedure PRP-910 (dry, crush to 70% passing 2mm, riffle split off 250g, pulverize split to better than 85% passing 75 microns) and analyzed by method FAS-111 (30g fire assay with AAS finish) for gold and IMS-130 (0.5g, aqua regia digestion and ICP-MS/ES analysis) for rock samples, and IMS-230 (1.0g, 4-acid digestion and ICP-MS analysis) for core samples. Any samples containing >10g/t Au will be reanalyzed using method FAS-415 (30g Fire Assay with gravimetric finish). Samples containing >100 ppm Ag and/or >1% Cu, Pb, & Zn will be reanalyzed using method ICF-6 (0.2g, 4-acid digest and ore grade ICP-AES analysis). Samples containing >1000 g/t Ag will be reanalyzed using method FAS-418 (30g fire assay with AAS finish) and samples containing >20% Pb will be reanalyzed using method STI-8Pb (volumetric titration).
The reported work was completed using industry standard procedures, including a quality assurance/quality control (“QA/QC”) program consisting of the insertion of certified standard, blanks and duplicates into the sample stream. The Qualified Person has reviewed the data and detected no significant QA/QC issues.
Andrew Hamilton, P.Geo., Consultant to the Company, a Qualified Person under NI 43-101, has. reviewed and approved the scientific and technical content of this release.
About Blackwolf Copper and Ltd.
The Company holds a 100% interest in the high-grade Niblack copper-gold-zinc-silver VMS project, located adjacent to tidewater in southeast Alaska as well as five Hyder Area gold-silver and VMS properties in southeast Alaska and northwest British Columbia in the Golden Triangle, including the high-priority wide gold-silver veins at the Cantoo Property. Blackwolf’s founding vision is to be an industry leader in transparency, inclusion and innovation. Guided by our Vision and through collaboration with local and Indigenous communities and stakeholders, Blackwolf builds shareholder value through our technical expertise in mineral exploration, engineering and permitting. For more information on Blackwolf, please visit the Company’s website at www.blackwolfcopperandgold.com.
On behalf of the Board of Directors of Blackwolf Copper and Gold Ltd.
“Morgan Lekstrom” CEO and Director
For more information, contact:
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.
Cautionary Statement Regarding Forward-Looking Information
This release includes certain statements and information that may constitute forward-looking information within the meaning of applicable Canadian securities laws. Forward-looking statements relate to future events or future performance and reflect the expectations or beliefs of management of the Company regarding future events. Generally, forward-looking statements and information can be identified by the use of forward-looking terminology such as “intends” or “anticipates”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “should”, “would” or “occur”. This information and these statements, referred to herein as “forward‐looking statements”, are not historical facts, are made as of the date of this news release and include without limitation, statements relating to the Hyder properties and the Company’s future objectives and plans.Forward‐looking statements involve numerous risks and uncertainties and actual results might differ materially from results suggested in any forward-looking statements. These risks and uncertainties include, among other things, market volatility; the state of the financial markets for the Company’s securities; fluctuations in commodity prices and changes in the Company’s business plans.In making the forward-looking statements in this news release, the Company has applied several material assumptions that the Company believes are reasonable, including without limitation, that the Company will continue with its stated business objectives and its ability to raise additional capital to proceed. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements 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 statements and forward-looking information. Readers are cautioned that reliance on such information may not be appropriate for other purposes. The Company does not undertake to update any forward-looking statement, forward-looking information or financial outlook that are incorporated by reference herein, except in accordance with applicable securities laws. The Company seeks safe harbor.
For more information on the Company, investors should review the Company’s continuous disclosure filings that are available at www.sedar.com.
SOURCE: Blackwolf Copper and Gold Ltd
Three core holes up to 676 meters long completed at Cantoo;
Significant alteration and mineralization was encountered, consistent with a porphyry-style system similar to copper-gold +/- molybdenum deposits in the Golden Triangle;
Strong silicification zones including veining with sulphides were intersected, that corresponds with surface expressions identified from surface sampling; and
As the Company awaits assay results from Cantoo, the drill has been moved to test gold-silver targets at the Harry Project
Morgan Lekstrom 250-574-7350 (Mobile 604-343-2997 (Office) mll@bwcg.ca
PERTH, Australia, Aug. 28, 2023 /CNW/ – Hot Chili Limited (ASX: HCH) (TSXV: HCH) (OTCQX: HHLKF) (“Hot Chili” or the “Company”) is pleased to announce that the Company has entered into a binding letter of intent (“LOI”) with Bastion Minerals Limited (ASX: BMO) (“Bastion”) for the grant to Hot Chili of an option to acquire 100% of Bastion’s Cometa Project in Chile (“Cometa”), located near Hot Chili’s Costa Fuego Copper-Gold Project (“Costa Fuego” or “the Project”) in the coastal range of the Atacama Region, Chile.
Cometa consists of exploration and mining concessions covering approximately 56km2 in area located approximately 15km southeast of Costa Fuego’s planned operating centre (refer accompanying Figure 1) and contiguous with Hot Chili’s landholdings in the region.
The option is another step in Hot Chili’s consolidation strategy for the Costa Fuego copper project.
The Company’s recently published Preliminary Economic Assessment entitled Costa Fuego Copper Project – NI 43-101 Technical Report Preliminary Economic Assessment with an effective date of June 28, 2023 (the “PEA”)1 establishes Costa Fuego as a low-risk, long life copper project benefiting from a low start-up capital and a high annual copper equivalent2 metal production profile of over 100 kt for a 16-year mine life, including 95 kt copper and 49 koz gold during primary production (first 14 years) at C1 Cash Cost3 of US$1.33/lb (estimated net of by-product credits).
Hot Chili is focussed on up-scaling Costa Fuego’s resource base and potential study scale towards a 150,000 tpa copper production profile ahead of the delivery of the Costa Fuego Pre-Feasibility Study (“PFS”), expected in H2 2024. Cometa provides additional optionality for the discovery of further mineral deposits in the Costa Fuego Project area with the potential to provide supplemental feed and/or a longer mine life to the project laid out in the PEA.
The material terms of the LOI are as follows:
Exclusivity period of 60 days for Hot Chili to conduct due diligence and for Hot Chili’s subsidiary Sociedad Minera La Frontera SpA (“Frontera”) to enter into a definitive option agreement with Bastion’s subsidiary SCM Cornet Constelación, the holder of a 100% interest in the concessions comprising Cometa, for the grant to Frontera of an option to acquire a 100% interest in the Cometa concessions (“Option”).
Non-refundable cash payment of US$100,000 to Bastion upon grant of the Option.
Non-refundable cash payment of US$200,000 within 12 months from the grant of the Option to keep the Option in good standing.
Option may be exercised within 30 months of the date of grant.
If the Option is exercised, the consideration payable to Bastion to purchase the Cometa concessions is:
Hot Chili may elect to satisfy the purchase consideration in cash (100%), or in cash (50%) and ordinary shares of Hot Chili (50%) issued at a price per share equal to the 15-day VWAP at the date of exercise of the Option, subject to applicable regulatory approvals, including the approval of the TSX Venture Exchange (“TSXV”).
The Company will provide further updates on the grant and any exercise of the Option in due course.
_______________
1 The PEA is preliminary in nature and includes 3% inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the PEA will be realized. Mineral resources that are not mineral reserves do not have demonstrated economic viability. See Page 6 for additional cautionary language.
2 CuEq considers assumed commodity prices and average metallurgical recoveries from testwork. See page 9 for complete mineral resource disclosure of Costa Fuego.
3 See page 7 for full non-IFRS measures discussion.
Cortadera Expansion Drilling Update
Drilling operations at Cortadera continue, with nine Reverse Circulation (“RC”) drillholes completed so far for 2,010m.
Four of these drillholes have been completed across the western extension of the Cortadera porphyry resource, including one pre-collar in preparation for a deep diamond hole beneath Cuerpo 4. Following the drilling of RC pre-collars at Cortadera, the RC drill rig will begin a hydrogeological program at Cortadera commencing in mid-September.
One diamond drill rig is planned to commence double shift drilling in September. Preparations are underway to bring a second diamond drill rig online as the Company ramps up for its extensive 30,000m expansion drilling campaign across multiple exploration targets.
This announcement is authorised by the Board of Directors for release to ASX and TSXV.
Hot Chili’s Managing Director and Chief Executive Officer Mr Christian Easterday is responsible for this announcement and has provided sign-off for release to the ASX and TSXV.
Figure 1. Location of the Cometa Project in relation to Costa Fuego
Figure 1. Location of the Cometa Project in relation to Costa Fuego (CNW Group/Hot Chili Limited)
Figure 2. Location of Recently Completed RC Drillholes across Cortadera Porphyry Expansion Targets
Figure 2. Location of Recently Completed RC Drillholes across Cortadera Porphyry Expansion Targets (CNW Group/Hot Chili Limited)
Qualifying Statements
Technical Report
Certain scientific, technical and economic information contained in this news release is derived from the PEA. For readers to fully understand such information, they should read the PEA technical report prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) (available on www.sedarplus.ca or at www.hotchili.net.au) in its entirety, including all qualifications, assumptions, limitations and exclusions that relate to the information set out in this news release. The PEA is intended to be read as a whole, and sections should not be read or relied upon out of context. The technical information in this news release is subject to the assumptions and qualifications contained in the PEA.
Qualified Persons – NI 43-101
The PEA was compiled by Wood Australia Pty Ltd with contributions from a team of independent qualified persons (within the meaning of NI 43-101). The scientific, technical and economic information contained in this news release pertaining to Coast Fuego is based on the PEA, which was prepared by the following independent qualified persons (within the meaning of NI 43-101):
Ms Elizabeth Haren (MAUSIMM (CP) & MAIG) of Haren Consulting – Mineral Resource Estimate
Mr Dean David (FAUSIMM (CP)) of Wood Pty Ltd – Metallurgy
Mr Piers Wendlandt (PE) of Wood Pty Ltd – Market Studies and Contracts, Economic Analysis
Mr Jeffrey Steven (PE) of Wood Pty Ltd – Capital and Operating Costs
Mr Anton von Wielligh (FAUSIMM) of ABGM Consulting Pty Ltd – Mine Planning and Scheduling
Mr Edmundo Laporte (PE) of GAC – Environmental Studies, Permitting and Social or Community Impact
Mr Dave Morgan (PE) of Knight Piésold – Project Infrastructure (TSF)
The independent qualified persons have verified the information disclosed in the PEA, including the sampling, preparation, security, and analytical procedures underlying such information.
Disclosure regarding mine planning and infrastructure has been reviewed and approved by Mr Grant King, FAUSIMM, Hot Chili’s Chief Operations Officer, and a qualified person within the meaning of NI 43-101.
The scientific and technical information in this new release, other than such information derived from the PEA, has been reviewed and approved by Mr Christian Easterday, MAIG, Hot Chili’s Managing Director and Chief Executive Officer, and a qualified person within the meaning of NI 43-101.
Competent Persons – JORC
The information in this news release that relates to Mineral Resources for the Costa Fuego Project is based on information compiled by:
Ms Elizabeth Haren (MAUSIMM (CP) & MAIG) of Haren Consulting – Mineral Resource Estimate
Mr Dean David (FAUSIMM (CP)) of Wood Pty Ltd – Metallurgy
Mr Piers Wendlandt (PE) of Wood Pty Ltd – Market Studies and Contracts, and Economic Analysis
Mr Jeffrey Steven (PE) of Wood Pty Ltd – Capital and Operating Costs
Mr Anton von Wielligh (FAUSIMM) of ABGM Consulting Pty Ltd – Mine Planning and Scheduling
Mr Edmundo Laporte (PE) of GAC – Environmental Studies, Permitting and Social or Community Impact
Mr Dave Morgan (PE) of Knight Piésold – Project Infrastructure (TSF)
Ms Haren, Mr David, Mr Wendlandt, Mr Kossari and Mr von Wielligh have sufficient experience, which is relevant to the style of mineralisation and types of deposits under consideration and to the activities undertaken, to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code of Reporting of Exploration Results, Mineral Resources and Ore Reserves’ and as Qualified Persons under NI43-101.
Disclaimer
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 news release.
Cautionary Note for U.S. Investors Concerning Mineral Resources
NI 43-101 is a rule of the Canadian Securities Administrators which establishes standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. Technical disclosure contained in this news release has been prepared in accordance with NI 43-101 and the Canadian Institute of Mining, Metallurgy and Petroleum Classification System. These standards differ from the requirements of the U.S. Securities and Exchange Commission (“SEC”) and resource information contained in this news release may not be comparable to similar information disclosed by domestic United States companies subject to the SEC’s reporting and disclosure requirements.
All amounts in this news release are in U.S. dollars unless otherwise noted.
Non IFRS Financial Performance Measures
“Total Cash Cost”, “All-in Sustaining Cost”, “All-in cost LOM”, “C1”, and “Free Cashflow” are not performance measures reported in accordance with International Financial Reporting Standards (“IFRS”). These performance measures are included because these statistics are key performance measures that management uses to monitor performance. Management uses these statistics to assess how the Costa Fuego Project compares against its peer projects and to assess the overall effectiveness and efficiency of the contemplated mining operations. These performance measures do not have a meaning within IFRS and, therefore, amounts presented may not be comparable to similar data presented by other mining companies. These performance measures should not be considered in isolation as a substitute for measures of performance in accordance with IFRS.
Forward Looking Statements
This news release contains certain statements that are “forward-looking information” within the meaning of Canadian securities legislation and Australian securities legislation (each, a “forward-looking statement”). Forward-looking statements reflect the Company’s current expectations, forecasts, and projections with respect to future events, many of which are beyond the Company’s control, and are based on certain assumptions. No assurance can be given that these expectations, forecasts, or projections will prove to be correct, and such forward-looking statements included in this news release should not be unduly relied upon. Forward-looking information is by its nature prospective and requires the Company to make certain assumptions and is subject to inherent risks and uncertainties. All statements other than statements of historical fact are forward-looking statements. The use of any of the words “believe”, “could”, “estimate”, “expect”, “may”, “plan”, “potential”, “project”, “should”, ‘toward”, “up-scale”, “will”, “would” and similar expressions are intended to identify forward- looking statements.
The forward-looking statements within this news release are based on information currently available and what management believes are reasonable assumptions. Forward-looking statements speak only as of the date of this news release. In addition, this news release may contain forward-looking statements attributed to third-party industry sources, the accuracy of which has not been verified by the Company.
In this news release, forward-looking statements relate, among other things, to: the Company’s timing and ability to enter into a definitive agreement with respect to the Option; the completion of the conditions to exercise the Option; receipt of all regulatory approvals in respect of the Option, including the approval of the TSXV; prospects, projections and success of the Company and its projects; the ability of the Company to expand mineral resources beyond current mineral resource estimates; the results and impacts of current and planned drilling to convert inferred mineral resources to indicated, to extend mineral resources and to identify new deposits; the Company’s ability to convert mineral resources to mineral reserves; opportunities for growth in mineral projects; the timing and outcomes of this current and future planned economic studies; the Company’s ability to up-scale the Project to 150,000 tpa of copper production; the timing and outcomes of regulatory processes required to obtain permits for the development and operation of the Costa Fuego Project as contemplated in the PEA and/or future planned economic studies; whether or not the Company will make a development decision and the timing thereof; the ability of the Company to consolidate additional landholdings around its Project; estimates of cost; the ability of the Company to complete the PFS on the timeline indicated or at all; and estimates of planned exploration, including the hydrogeological program at Cortadera and the Company’s planned 30,000m expansion drilling campaign across multiple exploration targets.
Forward-looking statements involve known and unknown risks, uncertainties, and other factors, which may cause the actual results, performance, or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. A number of factors could cause actual results to differ materially from a conclusion, forecast or projection contained in the forward-looking statements in this news release, including, but not limited to, the following material factors: the ability of the Company to complete the conditions to exercise the Option; obtaining all regulatory approvals for the completion of the Option; operational risks; risks related to the cost estimates of exploration; sovereign risks associated with the Company’s operations in Chile; changes in estimates of mineral resources of properties where the Company holds interests; recruiting qualified personnel and retaining key personnel; future financial needs and availability of adequate financing; fluctuations in mineral prices; market volatility; exchange rate fluctuations; ability to exploit successful discoveries; the production at or performance of properties where the Company holds interests; ability to retain title to mining concessions; environmental risks; financial failure or default of joint venture partners, contractors or service providers; competition risks; economic and market conditions; and other risks and uncertainties described elsewhere in this news release and elsewhere in the Company’s public disclosure record.
Although the forward-looking statements contained in this news release are based upon assumptions which the Company believes to be reasonable, the Company cannot assure investors that actual results will be consistent with these forward-looking statements. With respect to forward-looking statements contained in this news release, the Company has made assumptions regarding: future commodity prices and demand; availability of skilled labour; timing and amount of capital expenditures; future currency exchange and interest rates; the impact of increasing competition; general conditions in economic and financial markets; availability of drilling and related equipment; effects of regulation by governmental agencies; future tax rates; future operating costs; availability of future sources of funding; ability to obtain financing; and assumptions underlying estimates related to adjusted funds from operations. The Company has included the above summary of assumptions and risks related to forward-looking information provided in this news release to provide investors with a more complete perspective on the Company’s future operations, and such information may not be appropriate for other purposes. The Company’s actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits the Company will derive therefrom.
For additional information with respect to these and other factors and assumptions underlying the forward-looking statements made herein, please refer to the public disclosure record of the Company, including the Company’s most recent Annual Report, which is available on SEDAR+ (www.sedarplus.ca) under the Company’s issuer profile. New factors emerge from time to time, and it is not possible for management to predict all those factors or to assess in advance the impact of each such factor on the Company’s business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statement.
The forward-looking statements contained in this news release are expressly qualified by the foregoing cautionary statements and are made as of the date of this news release. Except as may be required by applicable securities laws, the Company does not undertake any obligation to publicly update or revise any forward-looking statement to reflect events or circumstances after the date of this news release or to reflect the occurrence of unanticipated events, whether as a result of new information, future events or results, or otherwise. Investors should read this entire news release and consult their own professional advisors to ascertain and assess the income tax and legal risks and other aspects of an investment in the Company.
Mineral Resource Statement
Costa Fuego Combined Mineral Resource (Effective Date 31st March 2022)
Mineral Resource Statement – Costa Fuego Combined Mineral Resource (Effective Date 31st March 2022) (CNW Group/Hot Chili Limited)
1 Mineral Resources are reported on a 100% Basis – combining Mineral Resource estimates for the Cortadera, Productora and San Antonio deposits. All figures are rounded, reported to appropriate significant figures, and reported in accordance with the Joint Ore Reserves Committee Code (2012) and the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Standards on Mineral Resources and Reserves, Definitions and Guidelines prepared by the CIM Standing Committee on Reserve Definition, as required by National Instrument 43-101.
2 The Productora deposit is 100% owned by Chilean incorporated company Sociedad Minera El Aguila SpA (SMEA). SMEA is a joint venture (JV) company – 80% owned by Sociedad Minera El Corazón Limitada (a 100% subsidiary of Hot Chili Limited), and 20% owned by CMP Productora (a 100% subsidiary of Compañía Minera del Pacífico S.A (CMP)).
3. The Cortadera deposit is controlled by a Chilean incorporated company Sociedad Minera La Frontera SpA (Frontera). Frontera is a subsidiary company – 100% owned by Sociedad Minera El Corazón Limitada, which is a 100% subsidiary of Hot Chili Limited.
4 The San Antonio deposit is controlled through Frontera (100% owned by Sociedad Minera El Corazón Limitada, which is a 100% subsidiary of Hot Chili Limited) and has an Option Agreement with a private party to earn a 90% interest.
5 The Mineral Resource estimates in the tables above form coherent bodies of mineralisation that are considered amenable to a combination of open pit and underground extraction methods based on the following parameters: Base Case Metal Prices: Copper US$ 3.00/lb, Gold US$ 1,700/oz, Molybdenum US$ 14/lb, and Silver US$20/oz.
6 Metallurgical recovery averages for each deposit consider Indicated + Inferred material and are weighted to combine sulphide flotation and oxide leaching performance. Process recoveries: Cortadera and San Antonio – Weighted recoveries of 82% Cu, 55% Au, 82% Mo and 37% Ag. CuEq(%) = Cu(%) + 0.56 x Au(g/t) + 0.00046 x Mo(ppm) + 0.0043 x Ag(g/t). Productora – Weighted recoveries of 84% Cu, 47% Au, 47% Mo and 0% Ag (not reported). CuEq(%) = Cu(%) + 0.46 x Au(g/t) + 0.00026 x Mo(ppm). Costa Fuego – Recoveries of 83% Cu, 53% Au, 69% Mo and 23% Ag. CuEq(%) = Cu(%) + 0.52 x Au(g/t) + 0.00039 x Mo(ppm) + 0.0027 x Ag(g/t).
7 Resource Copper Equivalent (CuEq) grades are calculated based on the formula: CuEq% = ((Cu% × Cu price 1% per tonne × Cu_recovery) + (Mo ppm
× Mo price per g/t × Mo_recovery)+(Au ppm × Au price per g/t × Au_recovery)+ (Ag ppm × Ag price per g/t × Ag_recovery)) / (Cu price 1% per tonne
× Cu recovery). The base case cut-off grade for mineral resources considered amenable to open pit extraction methods at the Cortadera, Productora and San Antonio deposits is 0.21% CuEq while the cut-off grade for mineral resources considered amenable to underground extraction methods at the Cortadera deposit is 0.3% CuEq.
8 Mineral resources are not mineral reserves and do not have demonstrated economic viability. These Mineral Resource estimates include Inferred Mineral Resources that are considered too speculative geologically to have economic considerations applied to them that would enable them to be categorised as Mineral Reserves. It is reasonably expected that the majority of Inferred mineral resources could be upgraded to Measured or Indicated Mineral Resources with continued exploration.
9 The effective date of the estimate of Mineral Resources is March 31st, 2022. Refer to ASX Announcement “Hot Chili Delivers Next Level of Growth” (“Resource Announcement”) for JORC Code Table 1 information related to the Costa Fuego Resource Estimate (MRE) by Competent Person Elizabeth Haren, constituting the MREs of Cortadera, Productora and San Antonio (which combine to form Costa Fuego). Hot Chili confirms it is not aware of any new information or data that materially affects the information included in the Resource Announcement and all material assumptions and technical parameters stated for the Mineral Resource Estimates in the Resource Announcement continue to apply and have not materially changed.
10 Hot Chili Limited is not aware of political, environmental or other risks that could materially affect the potential development of the Mineral Resources.
VANCOUVER, BC / ACCESSWIRE / August 23, 2023 /Granite Creek Copper Ltd. (TSX.V:GCX)(OTCQB:GCXXF) (“Granite Creek” or the “Company“) is pleased to announce the preliminary results of a metallurgical study designed to increase recovery of copper from oxide material at its Carmacks Copper-Gold-Silver project (“Carmacks Project” or the “Project“)
Kemetco Research Inc. (“Kemetco”) has been contracted to carry out an initial series of scoping tests to evaluate the potential for extraction and recovery of copper from unrecovered copper oxide minerals in Carmacks Project flotation tailings as referenced in the Company’s 2023 Preliminary Economic Assessment (“2023 PEA”) *. Testing involves the leaching of tailings from previous flotation testing of oxidised copper material to dissolve copper into solution and subsequently precipitate copper in a form that could be added to a concentrate being produced by sulphide flotation. The leaching portion of the test work has now been completed with up to 81% of the copper present in the test samples going into solution. The remaining project task, currently underway at Kemetco, is to complete a series of bench tests to evaluate methods for selective recovery of the leached copper from solution. The planned tests will focus on copper sulphide precipitation to target generation of a high-grade copper sulphide product that could potentially be combined with a copper flotation concentrate in an overall production flowsheet, resulting in significant potential increases to both overall copper recovery and the copper grade of the final concentrate product.
The 2023 PEA was based on an average recovery of copper, life of mine (“LOM“) of 64%, with up to 93.7% recovery of copper when processing sulfide material but only 39.8% when processing oxide material. The current mine plan as outlined in the 2023 PEA contemplates processing material with a high oxide content of up to 80% oxide ore in the first five years of the mine life during which time over 8.4 million tonnes of oxide material would be processed versus 2.88 million tonnes of sulphide material. Sensitivity analysis completed in the 2023 PEA identified over $180M of Net Present Value (“NPV“) to be gained from a combined sulphide-oxide recovery system by increasing the LOM recovery of copper by 20% from the current projected 64% to 77% total copper recovery.
The material used for the current test consists of tailings from flotation testing of oxide material, where 39.8% recovery of copper was achieved prior to the current leach testing. With up to 81% of the remaining copper going into solution an additional 48% recovery of copper in oxide is possible (81% of remaining 60.2% copper from original test sample) which would increase the total copper recovery of oxide material to over 80% (original 39.8% plus 48%). This could potentially provide a path to exceed the 20% increase in total LOM copper recovery opportunity, which was referenced in the 2023 PEA. While the current work is being conducted on the most representative material available, it should be noted that this work is preliminary in nature and has not yet been tested on a range of potential feed blends.
Tim Johnson, President & CEO stated, “The 2023 PEA, a major milestone for the Company, identified several opportunities for the Project including increased recovery, resource expansion and additional mine and process optimisation. The unlocking of additional value through the improved recovery that this testing represents, especially in the early years of mine life, has the potential to add significantly to the NPV of the project. These results could allow for re-evaluation of resources that didn’t make it into the mine plan due to lower grades or assumed recoveries. The process being developed by the company also has the possibility of being used in other parts of the Minto Copper belt where oxidised or partially oxidised (POX) copper ores have not been processed by other operators.”
Table 1 Summary of flotation testing results and average values used in PEA.
Granite Creek Copper Ltd., Tuesday, August 22, 2023, Press release picture
1. Sulphide flotation testing completed by SGS prior to PEA Study see news release dated January 10, 2023. 2. Oxide flotation testing completed by SGS prior to PEA study see news release dated January 10, 2023. 3. Calculated LOM average recovery based on a regression curve dependant on oxide content. 4. Projected target based on successful completion of current testing.
Table 2 2023 – PEA Copper Recovery Sensitivity Table
Granite Creek Copper Ltd., Tuesday, August 22, 2023, Press release picture
BCSC continuous disclosure review.
Following a recent review of Granite Creek’s continuous disclosure by the British Columbia Securities Commission, the Company provides the following corrections:
In a news release dated January 19, 2023, announcing the completion of the PEA, the Company stated, “The PEA indicates that the potential economic returns from the Project justify advancing to a feasibility study”. This statement could be construed that the Company is treating the PEA as a pre-feasibility level study, which is not the case. While the Company maintains that the PEA was positive, additional work will need to be done before a full feasibility study could be initiated. The Company also wishes to retract to word “robust” when describing the economics of the Project as this may be misleading to some readers. Granite Creek has also added the following cautionary language to materials that are disseminated to the public including the Company’s corporate presentation, fact sheet and website. “The Company cautions that the results of the PEA are preliminary in nature and do not include the calculation of mineral reserves as defined by NI 43-101. There is no certainty that the results of the PEA will be realized.” The Company encourages the reader to reference the NI 43-101 technical report entitled CARMACKS PROJECT PRELIMINARY ECONOMIC ASSESMENT (PEA) YUKON, CANADA, available on SEDAR and the Company’s website for further details on the Project.
Qualified Persons
Mr. Douglas Warkentin, P.Eng., a Qualified Person for the purposes of National Instrument 43-101, has reviewed and approved the technical disclosure contained in this news release. Mr. Warkentin is a Senior Metallurgist with Kemetco Research and an advisor to the Company.
About Granite Creek Copper
Granite Creek Copper, a member of the Metallic Group of Companies, is a Canadian exploration company focused on the exploration and development of critical minerals projects in North America. The Company’s projects consist of its flagship 176 square kilometer Carmacks project in the Minto copper district of Canada’s Yukon Territory on trend with the high-grade Minto copper-gold mine and the advanced stage LS Molybdenum project and the Star copper-nickel-PGM project, both located in central British Columbia. More information about Granite Creek Copper can be viewed on the Company’s website at www.gcxcopper.com.
* 2023 PEA: The Company cautions that the results of the PEA are preliminary in nature and do not include the calculation of mineral reserves as defined by NI 43-101. There is no certainty that the results of the PEA will be realized.
Forward Looking Statements: This news release includes certain statements that may be deemed “forward-looking statements”. All statements in this release, other than statements of historical facts including, without limitation, statements regarding potential mineralization, historic production, estimation of mineral resources, the realization of mineral resource estimates, interpretation of prior exploration and potential exploration results, the timing and success of exploration activities generally, the timing and results of future resource estimates, permitting time lines, metal prices and currency exchange rates, availability of capital, government regulation of exploration operations, environmental risks, reclamation, title, and future plans and objectives of the company are forward-looking statements that involve various risks and uncertainties. Although Granite Creek Copper believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Forward-looking statements are based on a number of material factors and assumptions. Factors that could cause actual results to differ materially from those in forward-looking statements include failure to obtain necessary approvals, unsuccessful exploration results, changes in project parameters as plans continue to be refined, results of future resource estimates, future metal prices, availability of capital and financing on acceptable terms, general economic, market or business conditions, risks associated with regulatory changes, defects in title, availability of personnel, materials and equipment on a timely basis, accidents or equipment breakdowns, uninsured risks, delays in receiving government approvals, unanticipated environmental impacts on operations and costs to remedy same, and other exploration or other risks detailed herein and from time to time in the filings made by the companies with securities regulators. Readers are cautioned that mineral resources that are not mineral reserves do not have demonstrated economic viability. Mineral exploration and development of mines is an inherently risky business. Accordingly, the actual events may differ materially from those projected in the forward-looking statements. For more information on Granite Creek Copper 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.
Edmonton, Alberta–(Newsfile Corp. – August 15, 2023) – Grizzly Discoveries Inc. (TSXV: GZD) (FSE: G6H) (OTCQB: GZDIF) (“Grizzly” or the “Company”) is pleased to announce that, on August 15, 2023, it closed on a private placement (the “Offering”) by the issuance of 1,771,859 Units (as defined below) at a price of $0.07 per Unit and 5,312,500 FT Units (as defined below) at a price of $0.08 per FT Unit for aggregate gross proceeds of $549,030.
Under the terms of the Offering, each Unit consisted of one common share of the Company (“Common Share”) and one half of one warrant (“Warrant”). Each FT Unit consisted of one Common Share issued as a flow through share for the purposes of the Income Tax Act (Canada) and one half of one FT Warrant with each whole FT Warrant issued as a flow through share for the purposes of the Income Tax Act (Canada). Each whole Warrant and FT Warrant entitles the holder to acquire one additional Common Share (that is not a flow through share) at an exercise price of $0.10 per Common Share and shall expire on the earlier of: (a) 30 days following written notice by the Issuer to the Subscriber that the volume-weighted average trading price of the Common Shares on the TSX Venture Exchange is at or greater than CA$0.12 per Common Share for 10 consecutive trading days; and (b) August 15, 2025.
The Company intends to use the proceeds from the Units for general working capital, and the proceeds from the Units and FT Units on exploration of its mineral projects in British Columbia, primarily targeting critical minerals. In particular, the proceeds from the FT Units will be used to incur flow-through critical mineral mining expenditures, as defined in the Income Tax Act.
In connection with the Offering, the Company issued 400,000 Units and 400,000 Finder Warrants (non-transferrable, with the same terms and expiry date as the Warrants) to Accilent Capital Management Inc.
The Common Shares and any Common Shares issued on exercise of the Warrants and Finder Warrants are subject to restrictions on trading until December 16, 2023 in accordance with the policies of the TSX Venture Exchange.
Following closing of the Offering, the Company has 149,644,119 Common Shares issued and outstanding. The Offering is subject to Final Acceptance by the TSX Venture Exchange.
Insiders subscribed for an aggregate of 142,857 Units, representing gross proceeds of $10,000. The purchase of such Units is considered to be a related-party transaction under Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”),but is exempted from the requirements to obtain a formal valuation and to obtain minority approval, as the purchase of securities does not exceed 25% of the Company’s market capitalization. The Company is relying on exemptions from the formal valuation and minority shareholder approval requirements provided under sections 5.5(a) and 5.7(1)(a) of MI 61-101.
The Company did not file a material change report more than 21 days before the expected closing of the Financing because the details of the participation therein by related parties of the Company were not settled until shortly prior to closing of the Financing and the Company wished to close on an expedited basis for business reasons.
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 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
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.
High grade composite results increased in Zone 5 drilling
North Vancouver, British Columbia–(Newsfile Corp. – August 15, 2023) – Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) (ASX: LLO) (“Lion One” or the “Company”) is issuing an update on composite drill results reported in the Company’s August 10, 2023 news release.
The August 10, 2023 news release reported infill and grade control drill results from Zone 5 of the Company’s Tuvatu alkaline gold project in Fiji. Several composite gold grades reported in that news release are here updated.
Gold analysis at Tuvatu is conducted using fire assay with an atomic absorption (AA) finish. Samples that return grades over 10 g/t Au are then re-analyzed by gravimetric method. The gravimetric method is considered more accurate than fire assay for high-grade samples. Lion One has therefore recently adopted a new protocol whereby gravimetric results are reported for samples that return over 10 g/t Au. In the August 10, 2023 news release, composite intervals were calculated using fire assay values rather than gravimetric values, whereas high-grade individual assays were quoted using the more accurate gravimetric results. This led to a discrepancy between the composite values and the underlying assay values for certain intervals. The difference between fire assay and gravimetric analyses tends to be greater for higher grade samples. A total of 21 composite values have been updated and are presented in Table 1 below. The majority of the updated results are greater than was initially reported.
Table 1. Updated composite intervals from Zone 5 infill and grade control drilling. Bolded text represents a positive change, italicized text represents a negative change. Intervals are ordered by decreasing gold content.
Hole ID
From
To
Interval (m)
Updated Au (g/t)
Original Au (g/t)
Change (g/t)
TGC-0067
48.2
50
1.8
314.27
261.93
52.34
TUDDH-643
242.7
249.3
6.6
83.47
80.78
2.69
TGC-0067
53.3
54.2
0.9
104.00
93.05
10.95
TUDDH-643
111.6
114.9
3.3
18.40
17.48
0.92
TUDDH-643
161.7
163.2
1.5
16.13
15.96
0.17
TUDDH-638
254.7
257
2.3
10.25
9.41
0.84
TUDDH-643
101.9
103.1
1.2
13.50
13.13
0.37
TUDDH-643
123.4
124
0.6
25.19
25.95
-0.76
TGC-0061
219.2
220.4
1.2
10.31
8.32
1.99
TUDDH-637
45.3
45.6
0.3
35.98
36.2
-0.22
TUDDH-643
52.2
52.5
0.3
31.87
33.51
-1.64
TUDDH-644
55.8
58.2
2.4
3.43
3.4
0.03
TGC-0065
53.1
55.2
2.1
3.91
3.82
0.09
TUDDH-634
49.2
50.7
1.5
5.44
5.68
-0.24
TUDDH-637
216.4
217
0.6
11.63
10.99
0.64
TGC-0065
128.5
129.4
0.9
7.42
6.8
0.62
TGC-0065
57.4
58.3
0.9
7.01
6.88
0.13
TUDDH-634
154.9
155.2
0.3
14.96
15.17
-0.21
TUDDH-656
173.6
173.9
0.3
11.66
10.14
1.52
TGC-0059
220.3
220.6
0.3
10.87
12.85
-1.98
TGC-0058
133.4
133.7
0.3
10.86
10.37
0.49
Tables 2 and 3 below are reproductions of Tables 1 and 2 from the August 10, 2023 news release updated to include composite intervals calculated using assay results from the gravimetric method. Composite values that have been changed are highlighted with bolded text representing positive changes and italicized text representing negative changes. Values with no bolding or italicization represent intervals for which there is no change.
Table 2. Highlights of composited infill drill results in the Zone 5 area. Reproduction of Table 1 from the August 10, 2023 news release, with updated composite grades. For full results see Table 4 in the appendix.
Hole ID
From
To
Interval (m)
Au (g/t)
Change (g/t)
TUDDH-634
123.4
124
0.6
25.19
-0.76
TUDDH-637
161.7
163.2
1.5
16.13
0.17
including
161.7
162.3
0.6
38.62
–
which includes
161.7
162
0.3
72.46
–
TUDDH-637
198.2
202.1
3.9
5.38
–
including
198.2
198.5
0.3
10.02
–
and
199.7
200.6
0.9
3.42
–
and
201.2
202.1
0.9
16.13
–
which includes
201.8
202.1
0.3
40.21
–
TUDDH-643
111.6
114.9
3.3
18.4
0.92
including
111.6
113.7
2.1
28.44
–
which includes
113.1
113.7
0.6
95.63
–
TUDDH-643
242.7
249.3
6.6
83.47
2.69
including
242.7
246.3
3.6
17.39
–
which includes
243.9
245.7
1.8
55.49
–
which includes
243.9
244.5
0.6
79.84
–
and
245.1
245.7
0.6
14.89
–
and also including
247.5
249.3
1.8
271.14
–
which includes
247.5
247.8
0.3
40.03
–
and
248.7
249.6
0.6
793.24
–
TUDDH-643
254.7
257
2.3
10.25
0.84
including
254.7
255.3
0.6
35.54
–
TUDDH-650
192.6
194.1
1.5
14.93
–
including
192.6
193.5
0.9
23.89
–
TUDDH-650
203.5
207.4
3.9
11.84
–
including
203.5
204.7
1.2
35.18
–
which includes
203.5
204.1
0.6
48.27
–
and
204.1
204.7
0.6
22.09
–
TUDDH-651
184.6
185.2
0.6
32.65
–
TUDDH-651
194.5
197.2
2.7
17.2
–
including
194.5
196
1.5
25.92
–
which includes
195.4
195.7
0.3
124.52
–
and also including
196.9
197.2
0.3
25.22
–
TUDDH-653
53
56.9
3.9
9.53
–
including
55.1
56.9
1.8
19.47
–
which includes
56
56.3
0.3
46.92
–
and
56.6
56.9
0.3
55.08
–
TUDDH-653
89.5
96.3
6.8
9.96
–
including
91.3
92.2
0.9
66.62
–
which includes
91.6
91.9
0.3
165.95
–
and
91.9
92.2
0.3
30.46
–
TUDDH-655
96.4
97.9
1.5
8.24
–
including
96.7
97
0.3
18.48
–
and
97.6
97.9
0.3
20.77
–
TUDDH-656
101.9
103.1
1.2
13.5
0.37
including
101.9
102.5
0.6
19.73
–
and
102.5
103.1
0.6
6.54
–
Table 3. Highlights of composited grade control drill results in the Zone 5 area. Reproduction of Table 2 from the August 10, 2023 news release, with updated composite grades. For full results see Table 5 in the appendix.
Hole ID
From
To
Interval (m)
Au (g/t)
Change (g/t)
TGC-0059
57.4
58.3
0.9
7.01
0.13
including
57.4
57.7
0.3
12.89
–
and
58
58.3
0.3
8.14
–
TGC-0061
55.8
58.2
2.4
3.43
0.03
including
57.3
37.6
0.3
12.84
–
TGC-0065
45.3
45.6
0.3
35.98
-0.22
TGC-0065
49.2
50.7
1.5
5.44
-0.24
including
49.2
49.5
0.3
9.59
–
and
50.4
50.7
0.3
15.76
–
TGC-0065
52.2
52.5
0.3
31.87
-1.64
TGC-0067
48.2
50
1.8
314.27
52.34
including
48.8
49.4
0.6
934.91
–
which includes
48.8
49.1
0.3
1839.55
–
and
49.1
49.4
0.3
30.26
–
TGC-0067
53.3
54.2
0.9
104
10.95
including
53.3
53.9
0.6
155.68
–
which includes
53.3
53.6
0.3
10.89
–
and
53.6
53.9
0.3
300.47
–
Figure 1. Location of Zone 5 Infill and Grade Control Drillholes. Reproduced from August 10, 2023 news release for context. Left image: Plan view of Tuvatu showing Zone 5 infill and grade control drillholes in relation to the mineralized lodes. Drillholes are shown in black, mineralized lodes in pale grey, and underground developments in red. The yellow dashed square represents the area illustrated in the image on the right. Right image: Oblique view of Zone 5 infill and grade control drilling looking approximately northeast. Infill drilling was conducted from surface whereas grade control drilling was conducted from underground.
Figure 2. Location of High-Grade Intercepts from Zone 5 Drilling. Updated figure from the August 10, 2023 news release, with updated composite gold intervals. Composite intervals with grades between 3 and 10 g/t Au are shown in yellow, intervals with grades between 10 and 30 g/t Au are shown in red, and intervals over 30 g/t Au are shown in purple. Select high-grade intervals are identified. Image is looking approximately north-northeast, grades are gold grades in g/t.
About Tuvatu The Tuvatu Alkaline Gold Project is located on the island of Viti Levu in Fiji. The January 2018 mineral resource for Tuvatu as disclosed in the technical report “Technical Report and Preliminary Economic Assessment for the Tuvatu Gold Project, Republic of Fiji”, dated September 25, 2020, and prepared by Mining Associates Pty Ltd of Brisbane Qld, comprises 1,007,000 tonnes indicated at 8.50 g/t Au (274,600 oz. Au) and 1,325,000 tonnes inferred at 9.0 g/t Au (384,000 oz. Au) at a cut-off grade of 3.0 g/t Au. The technical report is available on the Lion One website at www.liononemetals.com and on the SEDAR website at www.sedar.com.
Qualified Person In accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”), Sergio Cattalani, P.Geo, Senior Vice President Exploration, is the Qualified Person for the Company and has reviewed and is responsible for the technical and scientific content of this news release.
QAQC Procedures Lion One adheres to rigorous QAQC procedures above and beyond basic regulatory guidelines in conducting its sampling, drilling, testing, and analyses. The Company utilizes its own fleet of diamond drill rigs, using PQ, HQ and NQ sized drill core rods. Drill core is logged and split by Lion One personnel on site. Samples are delivered to and analyzed at the Company’s geochemical and metallurgical laboratory in Fiji. Duplicates of all samples with grades above 0.5 g/t Au are both re-assayed at Lion One’s lab and delivered to ALS Global Laboratories in Australia (ALS) for check assay determinations. All samples for all high-grade intercepts are sent to ALS for check assays. All samples are pulverized to 85% passing through 75 microns. Gold analysis is carried out using fire assay with an AA finish. Samples that have returned grades greater than 10.00 g/t Au are then re-analyzed by gravimetric method. For samples that return greater than 0.50 g/t Au, repeat fire assay runs are carried out and repeated until a result is obtained that is within 10% of the original fire assay run. Lion One’s laboratory can also assay for a range of 71 other elements through Inductively Coupled Plasma Optical Emission Spectrometry (ICP-OES), but currently focuses on a suite of 9 important pathfinder elements. All duplicate anomalous samples are sent to ALS labs in Townsville QLD and are analyzed by the same methods (Au-AA26, and Au-GRA22 where applicable). ALS also analyses 33 pathfinder elements by HF-HNO3-HClO4 acid digestion, HCl leach and ICP-AES (method ME-ICP61).
About Lion One Metals Limited Lion One’s flagship asset is 100% owned, fully permitted high grade Tuvatu Alkaline Gold Project, located on the island of Viti Levu in Fiji. Lion One envisions a low-cost high-grade underground gold mining operation at Tuvatu coupled with exciting exploration upside inside its tenements covering the entire Navilawa Caldera, an underexplored yet highly prospective 7km diameter alkaline gold system. Lion One’s CEO Walter Berukoff leads an experienced team of explorers and mine builders and has owned or operated over 20 mines in 7 countries. As the founder and former CEO of Miramar Mines, Northern Orion, and La Mancha Resources, Walter is credited with building over $3 billion of value for shareholders.
On behalf of the Board of Directors of Lion One Metals Limited “Walter Berukoff“, Chairman and CEO
Neither the TSX Venture Exchange nor its Regulation Service Provider accepts responsibility for the adequacy or accuracy of this release
This press release may contain statements that may be deemed to be “forward-looking statements” within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein are forward-looking information. Generally, forward-looking information may be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “proposed”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases, or by the use of words or phrases which state that certain actions, events or results may, could, would, or might occur or be achieved. This forward-looking information reflects Lion One Metals Limited’s current beliefs and is based on information currently available to Lion One Metals Limited and on assumptions Lion One Metals Limited believes are reasonable. These assumptions include, but are not limited to, the actual results of exploration projects being equivalent to or better than estimated results in technical reports, assessment reports, and other geological reports or prior exploration results. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Lion One Metals Limited or its subsidiaries to be materially different from those expressed or implied by such forward-looking information. Such risks and other factors may include, but are not limited to: the stage development of Lion One Metals Limited, general business, economic, competitive, political and social uncertainties; the actual results of current research and development or operational activities; competition; uncertainty as to patent applications and intellectual property rights; product liability and lack of insurance; delay or failure to receive board or regulatory approvals; changes in legislation, including environmental legislation, affecting mining, timing and availability of external financing on acceptable terms; not realizing on the potential benefits of technology; conclusions of economic evaluations; and lack of qualified, skilled labour or loss of key individuals. Although Lion One Metals Limited has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information. Lion One Metals Limited does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
Appendix 1: Full Drill Results and Collar Information
Table 4. Updated composite results from infill drillholes in the Zone 5 area (grade >0.5 g/t Au). Bolded text indicates a positive change from the originally reported value, italicized text represents a negative change.
Hole ID
From
To
Interval (m)
Au (g/t)
Change (g/t)
TUDDH-634
92.2
92.8
0.6
0.52
–
TUDDH-634
93.7
94.3
0.6
0.5
–
TUDDH-634
123.4
124
0.6
25.19
-0.76
TUDDH-634
125.2
125.5
0.3
1
–
TUDDH-634
128.5
129.4
0.9
7.42
0.62
TUDDH-634
including
129.1
129.4
0.3
10.89
–
TUDDH-634
148.5
149.1
0.6
1.46
–
TUDDH-637
48.2
48.8
0.6
0.6
–
TUDDH-637
68.8
69.4
0.6
0.81
–
TUDDH-637
161.7
163.2
1.5
16.13
0.17
TUDDH-637
including
161.7
162.3
0.6
38.62
–
TUDDH-637
which includes
161.7
162
0.3
72.46
–
TUDDH-637
173.1
177.6
4.5
2.69
–
TUDDH-637
including
173.1
174
0.9
8.59
–
TUDDH-637
180
182.1
2.1
2.7
–
TUDDH-637
183.9
187.5
3.6
2.76
–
TUDDH-637
including
185.7
187.5
1.8
5.03
–
TUDDH-637
198.2
202.1
3.9
5.38
–
TUDDH-637
including
198.2
198.5
0.3
10.02
–
TUDDH-637
and
199.7
200.6
0.9
3.42
–
TUDDH-637
and
201.2
202.1
0.9
16.13
–
TUDDH-637
which includes
201.8
202.1
0.3
40.21
–
TUDDH-637
219.2
220.4
1.2
10.31
1.99
TUDDH-637
including
219.5
220.4
0.9
12.79
–
TUDDH-637
222.2
222.5
0.3
2.29
–
TUDDH-637
224
226.4
2.4
1.87
–
TUDDH-637
243.5
245
1.5
1.13
–
TUDDH-637
251.3
253.7
2.4
2.46
–
TUDDH-637
258.5
259.1
0.6
0.94
–
TUDDH-637
281.9
282.5
0.6
5.96
–
TUDDH-637
290.9
292.1
1.2
1.97
–
TUDDH-637
298.7
299.6
0.9
6.68
–
TUDDH-638
14.2
14.8
0.6
1.31
–
TUDDH-638
29.8
30.4
0.6
1.29
–
TUDDH-638
106.9
107.2
0.3
0.99
–
TUDDH-638
123.1
123.7
0.6
1.44
–
TUDDH-638
154.9
155.2
0.3
14.96
-0.21
TUDDH-638
162.4
163.3
0.9
3.19
–
TUDDH-638
166.3
167.5
1.2
6.23
–
TUDDH-638
including
166.3
166.9
0.6
8.43
–
TUDDH-638
169.9
171.7
1.8
3.6
–
TUDDH-638
including
170.8
171.7
0.9
6.07
–
TUDDH-638
179.8
181.3
1.5
1.62
–
TUDDH-638
235.9
236.5
0.6
0.87
–
TUDDH-638
241.3
242.5
1.2
4.8
–
TUDDH-638
including
241.9
242.5
0.6
9.06
–
TUDDH-639
50.3
50.6
0.3
5.17
–
TUDDH-641
153
153.7
0.7
2.78
–
TUDDH-641
including
153
153.3
0.3
5.1
–
TUDDH-641
174.5
174.8
0.3
0.57
–
TUDDH-641
176.9
178.7
1.8
2.32
–
TUDDH-641
including
176.9
177.5
0.6
5.1
–
TUDDH-643
111.6
114.9
3.3
18.4
0.92
TUDDH-643
including
111.6
113.7
2.1
28.44
–
TUDDH-643
which includes
113.1
113.7
0.6
95.63
–
TUDDH-643
133.4
133.7
0.3
10.86
0.49
TUDDH-643
158.8
159.1
0.3
0.83
–
TUDDH-643
163.3
163.9
0.6
5.3
–
TUDDH-643
173.6
173.9
0.3
11.66
1.52
TUDDH-643
213.7
214.6
0.9
0.61
–
TUDDH-643
216.4
217
0.6
11.63
0.64
TUDDH-643
233.8
234.4
0.6
5.48
–
TUDDH-643
242.7
249.3
6.6
83.47
2.69
TUDDH-643
including
242.7
246.3
3.6
17.39
–
TUDDH-643
which includes
243.9
245.7
1.8
55.49
–
TUDDH-643
which includes
243.9
244.5
0.6
79.84
–
TUDDH-643
and
245.1
245.7
0.6
14.89
–
TUDDH-643
and also including
247.5
249.3
1.8
271.14
–
TUDDH-643
which includes
247.5
247.8
0.3
40.03
–
TUDDH-643
and
248.7
249.6
0.6
793.24
–
TUDDH-643
251.7
252.9
1.2
0.97
–
TUDDH-643
254.7
257
2.3
10.25
0.84
TUDDH-643
including
254.7
255.3
0.6
35.54
–
TUDDH-643
260.4
261.3
0.9
0.69
–
TUDDH-643
262.8
266.1
3.3
1.63
–
TUDDH-643
268.3
268.8
0.5
1.3
–
TUDDH-644
172.3
175
2.7
2.33
–
TUDDH-644
including
173.8
174.4
0.6
5.83
–
TUDDH-644
208.6
208.9
0.3
4.37
–
TUDDH-644
220.3
220.6
0.3
10.87
-1.98
TUDDH-644
237.1
237.7
0.6
1.19
–
TUDDH-646
116.7
117.3
0.6
1.65
–
TUDDH-646
154.8
155.1
0.3
0.67
–
TUDDH-646
181.5
183.3
1.8
2.41
–
TUDDH-646
including
183
183.3
0.3
13.29
–
TUDDH-646
223.9
224.5
0.6
8.98
–
TUDDH-646
including
224.2
224.5
0.3
15.09
–
TUDDH-646
231.1
233.2
2.1
4.23
–
TUDDH-646
including
232
232.6
0.6
10.27
–
TUDDH-646
252.3
252.7
0.4
2.81
–
TUDDH-646
253.9
254.2
0.3
2.16
–
TUDDH-649
24.9
25.2
0.3
1.93
–
TUDDH-649
153.6
154.2
0.6
0.74
–
TUDDH-649
161.7
162.3
0.6
0.52
–
TUDDH-649
188.1
190.8
2.7
1.21
–
TUDDH-649
248.7
249.3
0.6
1.17
–
TUDDH-649
251.4
252.3
0.9
0.86
–
TUDDH-649
257.1
257.4
0.3
3.31
–
TUDDH-650
53.6
53.9
0.3
0.61
–
TUDDH-650
76.7
77
0.3
0.62
–
TUDDH-650
104.1
104.4
0.3
0.67
–
TUDDH-650
148.5
149.1
0.6
0.51
–
TUDDH-650
179.1
179.4
0.3
1.62
–
TUDDH-650
180.6
181.2
0.6
0.51
–
TUDDH-650
192.6
194.1
1.5
14.93
–
TUDDH-650
including
192.6
193.5
0.9
23.89
–
TUDDH-650
199
199.3
0.3
1.66
–
TUDDH-650
203.5
207.4
3.9
11.84
–
TUDDH-650
including
203.5
204.7
1.2
35.18
–
TUDDH-650
which includes
203.5
204.1
0.6
48.27
–
TUDDH-650
and
204.1
204.7
0.6
22.09
–
TUDDH-650
210.4
210.7
0.3
2.05
–
TUDDH-651
18.25
18.85
0.6
0.93
–
TUDDH-651
80.55
81.15
0.6
2.09
–
TUDDH-651
100.65
100.95
0.3
1.46
–
TUDDH-651
118.65
119.25
0.6
1.46
–
TUDDH-651
139.95
140.55
0.6
4.39
–
TUDDH-651
184.6
185.2
0.6
32.65
–
TUDDH-651
194.5
197.2
2.7
17.2
–
TUDDH-651
including
194.5
196
1.5
25.92
–
TUDDH-651
which includes
195.4
195.7
0.3
124.52
–
TUDDH-651
and also including
196.9
197.2
0.3
25.22
–
TUDDH-651
222.4
224.8
2.4
2.22
–
TUDDH-653
0
0.6
0.6
3.37
–
TUDDH-653
21.9
22.2
0.3
1.26
–
TUDDH-653
53
56.9
3.9
9.53
–
TUDDH-653
including
55.1
56.9
1.8
19.47
–
TUDDH-653
which includes
56
56.3
0.3
46.92
–
TUDDH-653
and
56.6
56.9
0.3
55.08
–
TUDDH-653
64.4
65
0.6
0.56
–
TUDDH-653
89.5
96.3
6.8
9.96
–
TUDDH-653
including
91.3
92.2
0.9
66.62
–
TUDDH-653
which includes
91.6
91.9
0.3
165.95
–
TUDDH-653
and
91.9
92.2
0.3
30.46
–
TUDDH-653
111.6
111.9
0.3
6.53
–
TUDDH-653
116.7
118.8
2.1
1.59
–
TUDDH-653
120
120.6
0.6
0.59
–
TUDDH-655
59.7
61.5
1.8
2.74
–
TUDDH-655
96.4
97.9
1.5
8.24
–
TUDDH-655
including
96.7
97
0.3
18.48
–
TUDDH-655
and
97.6
97.9
0.3
20.77
–
TUDDH-655
99.1
99.7
0.6
0.9
–
TUDDH-655
101.5
102.1
0.6
1.23
–
TUDDH-655
118.3
118.6
0.3
3.16
–
TUDDH-655
126.1
126.7
0.6
1.04
–
TUDDH-656
27.2
28.4
1.2
0.89
–
TUDDH-656
77
77.6
0.6
1.05
–
TUDDH-656
80.6
81.2
0.6
0.7
–
TUDDH-656
101.9
103.1
1.2
13.5
0.37
TUDDH-656
including
101.9
102.5
0.6
19.73
–
TUDDH-656
and
102.5
103.1
0.6
6.54
–
TUDDH-656
106.7
107
0.3
0.58
–
TUDDH-656
119.6
119.9
0.3
1.71
–
TUDDH-656
130.1
132.5
2.4
4.83
–
TUDDH-656
including
131.9
132.5
0.6
7.99
–
TUDDH-656
162.5
162.8
0.3
8.55
–
Table 5. Updated composite results from grade control drillholes in the Zone 5 area (grade >0.5 g/t Au). Bolded text indicates a positive change from the originally reported value, italicized text represents a negative change.
Hole ID
From
To
Interval (m)
Au (g/t)
Change (g/t)
TGC-0056
26.7
29.4
2.7
1.52
–
TGC-0056
38.1
38.4
0.3
2.31
–
TGC-0056
39.6
39.9
0.3
0.73
–
TGC-0058
34.2
34.8
0.6
0.66
–
TGC-0058
35.4
35.7
0.3
0.51
–
TGC-0058
48.3
48.6
0.3
4.83
–
TGC-0058
53.1
55.2
2.1
3.91
0.09
TGC-0058
including
53.1
54
0.9
8.74
–
TGC-0058
56.4
57
0.6
1.1
–
TGC-0059
39.4
40.3
0.9
0.53
–
TGC-0059
50.5
50.8
0.3
3.1
–
TGC-0059
53.2
54.4
1.2
0.88
–
TGC-0059
57.4
58.3
0.9
7.01
0.13
TGC-0059
including
57.4
57.7
0.3
12.89
–
TGC-0059
and
58
58.3
0.3
8.14
–
TGC-0061
34.2
34.5
0.3
0.69
–
TGC-0061
35.4
36
0.6
0.75
–
TGC-0061
45.6
46.8
1.2
0.56
–
TGC-0061
49.8
50.4
0.6
0.84
–
TGC-0061
55.8
58.2
2.4
3.43
0.03
TGC-0061
including
57.3
37.6
0.3
12.84
–
TGC-0065
29.7
30
0.3
0.61
–
TGC-0065
32.4
33.6
1.2
2.44
–
TGC-0065
45.3
45.6
0.3
35.98
-0.22
TGC-0065
49.2
50.7
1.5
5.44
-0.24
TGC-0065
including
49.2
49.5
0.3
9.59
–
TGC-0065
and
50.4
50.7
0.3
15.76
–
TGC-0065
52.2
52.5
0.3
31.87
-1.64
TGC-0067
23.6
23.9
0.3
1.06
–
TGC-0067
48.2
50
1.8
314.27
52.34
TGC-0067
including
48.8
49.4
0.6
934.91
–
TGC-0067
which includes
48.8
49.1
0.3
1839.55
–
TGC-0067
and
49.1
49.4
0.3
30.26
–
TGC-0067
53.3
54.2
0.9
104
10.95
TGC-0067
including
53.3
53.9
0.6
155.68
–
TGC-0067
which includes
53.3
53.6
0.3
10.89
–
TGC-0067
and
53.6
53.9
0.3
300.47
–
TGC-0067
63.2
63.8
0.6
2.89
–
TGC-0067
67.1
67.4
0.3
9.18
–
Table 6. Collar coordinates for grade control and infill drillholes reported in this release. Coordinates are in Fiji map grid.
Vancouver, British Columbia–(Newsfile Corp. – August 14, 2023) – EMX Royalty Corporation (NYSE American: EMX) (TSXV: EMX) (FSE: 6E9) (the “Company” or “EMX”) is pleased to report results for the quarter ended June 30, 2023 (“Q2-2023”). The Company’s filings for the quarter are available on SEDAR at www.sedarplus.ca, on the U.S. Securities and Exchange Commission’s website at www.sec.gov, and on EMX’s website at www.EMXroyalty.com. Financial results were prepared in accordance with International Financial Reporting Standards, as issued by the International Accounting Standards Board. All dollar amounts in this news release are in USD unless otherwise noted.
HIGHLIGHTS
Financial Updates for the Three Months Ended June 30, 2023
Revenue and other income for the three months ended June 30, 2023 was $3,408,000 compared to $7,034,000 for the three months ended June 30, 2022 (“Q2-2022”). Adjusted revenue and other income1 of $6,481,000 (Q2-2022 – $9,465,000) included $3,073,000 (Q2-2022 – $2,431,000) in revenue for the Company’s share of royalty revenue from the Caserones Mine (effective) royalty interest in Chile. Revenue and other income and adjusted revenue and other income1 for Q2-2022 included the accrual of a $4,000,000 milestone payment related to Gediktepe.
Net loss for the three months ended June 30, 2023 was $4,722,000 (Q2-2022 – $3,315,000).
Cash used in operating activities for the three months ended June 30, 2023 was $1,160,000 (Q2-2022 – $4,152,000). Adjusted cash1 provided by operating activities for the three months ended June 30, 2023 was $1,294,000 (Q2-2022 – adjusted cash used in operating activities of $3,254,000). Operating cash flows for Q2-2023 include an accelerated $2,500,000 option payment by Aftermath Silver for the Berenguela property.
As at June 30, 2023, EMX had cash of $9,980,000 (December 31, 2022 – $15,508,000), investments, long-term investments and loans receivable valued at $14,346,000 (December 31, 2022 – $14,561,000) and loans payable of $41,428,000 (December 31, 2022 – $40,489,000).
Corporate Updates
Timok Dispute Update
On January 27, 2022 the Company announced that it had suspended the filing of a Notice of Arbitration to Zijin Mining Group Ltd (“Zijin”) regarding its royalty agreement covering the Timok project in Serbia, which includes the producing Cukaru Peki copper and gold mine. This suspension followed EMX’s previous announcement of its intention to file the Notice of Arbitration to formally dispute the royalty rate as defined under the Royalty Agreement (see EMX news release dated December 17, 2021). Discussions with Zijin have since proved amicable and productive and continued through Q2 2023. Both companies are expecting to execute a modified royalty agreement in 2023.
Acquisition of Additional Royalty Interest on Caserones
During Q2 2023, EMX acquired an additional 2.263% ownership in the underlying Caserones royalty holder, Sociedad Legal Minera California Una de la Sierra Peña Negra (“SLM”), for cash consideration of $3,517,000 pursuant to agreements with existing shareholders of SLM. The acquisition provides EMX with a further 0.044% (effective) net smelter royalty (“NSR”) interest in the Caserones property, increasing the Company’s NSR royalty interest to 0.7775%.
Acquisition Agreement for New Royalties with Franco-Nevada
During Q2 2023, EMX executed a term sheet with Franco-Nevada Corporation (“Franco-Nevada”) (NYSE: FNV) (TSX: FNV) for the joint acquisition of newly created precious metals and copper royalties sourced by EMX (the “Agreement”). Franco-Nevada will contribute 55% (up to $5.5 million) and EMX will contribute 45% (up to $4.5 million) towards the royalty acquisitions, with the resulting royalty interests equally split (i.e., 50/50). The initial term of the Agreement is for three years, or until the maximum contributions totaling $10 million from both companies have been met, and may be extended if mutually agreed by both companies.
Royalty and Royalty Generation Updates
During Q2 2023, the Company’s royalty generation business was active in North America, South America, Europe, Turkey, Australia and Morocco. The Company spent $4,255,000 (Q2-2022 – $5,108,000) on royalty generation costs and recovered $1,811,000 (Q2-2022 – $2,014,000) from partners. Royalty generation costs include exploration related activities, technical services, project marketing, land and legal costs, as well as third party due diligence for acquisitions. Included in revenue and other income was $807,000 in option, advance royalty, and other pre-production payments related to existing partnered projects as a result of the royalty generating activities. During Q2 2023, the Company also completed two new partnerships across the portfolio while continuing to replace partnered properties with new royalty generation projects.
Producing Royalties
6
Advanced Royalties
11
Exploration Royalties
152
Royalty Generation Properties
105
Figure 1. EMX’s royalty and mineral property portfolio.
EMX earned over $1,175,000 in royalty revenue from the Gediktepe mine. Mine operator Lidya advised EMX that Oxide Zone gold production will increase during the summer months of 2023.
The Caserones (effective) royalty distribution for Q1 was received in Q2 and totaled approximately $2,454,000. Lundin Mining completed the acquisition of fifty-one percent (51%) of the issued and outstanding equity of MLCC, the Caserones mine operator, from JX Nippon (see Lundin news release dated June 13, 2023). In connection with the acquisition, Lundin filed a technical report on SEDAR titled “NI 43-101 Technical Report on the Caserones Mining Operation, Atacama Region, Chile” that included current mineral resource and reserve estimates in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects.
Leeville payments to EMX totaled approximately $664,000 from royalty production that totaled 338 ounces of gold. Q2 marked another strong quarter of Leeville royalty production along with robust gold prices.
EMX earned, and subsequently received in Q3-2023 Gold Bar South royalty revenue of $54,000 from Q1 production of 2,966 gold ounces and $80,000 from Q2 production of 3,984 gold ounces. The receipt of initial royalty revenue from Gold Bar South now establishes the operation as a paying royalty for EMX.
Arizona Sonoran Copper released results of the Parks-Sayler infill drill program in preparation for a PFS planned for 2024, which included enriched (secondary sulfide) copper intercepts from EMX’s royalty property. Arizona Sonoran also provided an update on metallurgical programs being conducted in preparation for the PFS, which included recoveries of ~80% after 160 days from Parks-Sayler enriched copper mineralization (secondary sulfide).
Exploration drilling by South32 at the Hermosa property’s Peake prospect returned mineralized intercepts covered by EMX’s Hardshell royalty property included the best copper intercept to date of 139 meters averaging 1.88% copper, 0.51% lead, 0.34% zinc, and 52 g/t silver (true width not reported).
In Canada, EMX programs advanced available properties in the portfolio as partners conducted summer field programs on EMX royalty properties. EMX received $45,000 in cash payments and $Nil in share equity payments during the quarter from partnered projects.
EMX’s Latin American royalty portfolio was advanced with work programs that included drilling and metallurgical test work conducted by AbraSilver at the Diablillos project’s JAC Zone silver-gold discovery. GR Silver Mining Ltd (“GR Silver”) reported on successful exploration step-out drilling at the San Marcial epithermal silver project. Aftermath Silver made an accelerated $2,500,000 option payment to EMX for the Berenguela polymetallic CRD project.
The Company’s U.S. royalty generation portfolio progressed with ongoing partner-funded work programs, as well by the expansion of properties through the staking of new claims and permitting at key projects. EMX currently has 43 projects in partnership with other companies in the western U.S.
In Northern Europe the Company continued to develop and advance its portfolio of projects, with summer field programs commencing on numerous properties in Q2. EMX has 37 projects in partnership with other companies in Northern Europe and partner funded drill programs were completed in Q2 by Mahvie Minerals AB, a private Swedish corporation, at the Mo-I-Rana royalty property in Norway, and by Bayrock Resources, a private Australian company, at EMX’s Vuostok battery metals royalty property in Northern Sweden.
Kendrick Resources PLC (LSE: KEN) announced drill results from EMX’s Espedalen royalty property in Norway, including an intercept of 11.60 meters averaging 2.85% nickel, 1.04% copper and 0.08% cobalt from 52.4 meters depth in drill hole ESP23-08 (see Kendrick news release dated May 4, 2023). This hole was drilled at the Stormyra prospect on the Espedalen license (true width not reported, but can be estimated at 70-80% according to published cross sections). Kendrick plans to expand its exploration programs at Espedalen in the second half of 2023.
The Company optioned the Yarrol gold-copper (+ Co-Mn) project and the Mt Steadman gold project to Many Peaks Gold (“MPG”) during Q2. The agreement provides EMX with cash payments, equity interests in MPG, and work commitments during a fifteen month option period. Upon exercise of the option, EMX will receive additional payments of cash and shares of MPG along with annual advance royalty payments, royalty interests and other consideration.
Royalty generation programs proceeded in the Balkans and in Morocco in Q2, where multiple exploration license applications have been filed by the Company. New target areas are being assessed for further acquisitions.
Investment Updates
As at June 30, 2023, the Company had marketable securities of $8,626,000 (December 31, 2022 – $9,966,000), and $4,688,000 (December 31, 2022 – $4,591,000) in private investments. The Company will continue to generate cash flow by selling certain of its investments when appropriate.
OUTLOOK
The 2023 year will continue to see revenue and other income coming from our cash flowing royalties, including Leeville and Gold Bar South in Nevada, Gediktepe and Balya in Turkey, potentially Timok in Serbia (pending conclusion of discussions with Zijin), and our effective royalty interest on Caserones in Chile. As in previous years, production royalties will continue to be complemented by option, advance royalty, and other pre-production payments from partnered projects across the global asset portfolio.
The Company will continue to strengthen its balance sheet over the course of the year by looking to retire portions of our long-term debt, continuing to evaluate equity markets, and the ongoing monetization of the Company’s marketable securities.
EMX is well positioned to identify and pursue new royalty and investment opportunities, while further filling a pipeline of royalty generation properties that provide opportunities for additional cash flow, as well as exploration, development, and production success.
Qualified Person. Michael P. Sheehan, CPG, a Qualified Person as defined by NI 43-101 and employee of the Company, has reviewed, verified, and approved the above technical disclosure on North America and Latin America. Eric P. Jensen, CPG, a Qualified Person as defined by NI 43-101 and employee of the Company, has reviewed, verified, and approved the above technical disclosure on Europe, Turkey, and Australia.
About EMX. EMX is a precious, base and battery metals royalty company. EMX’s investors are provided with discovery, development, and commodity price optionality, while limiting exposure to risks inherent to operating companies. The Company’s common shares are listed on the NYSE American Exchange and TSX Venture Exchange under the symbol “EMX”, and also trade on the Frankfurt exchange under the symbol “6E9”. Please see www.EMXroyalty.com for more information.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release
Forward-Looking Statements This news release may contain “forward looking statements” that reflect the Company’s current expectations and projections about its future results. These forward-looking statements may include statements regarding perceived merit of properties, exploration results and budgets, mineral reserves and resource estimates, work programs, capital expenditures, timelines, strategic plans, market prices for precious and base metal, or other statements that are not statements of fact. When used in this news release, words such as “estimate,” “intend,” “expect,” “anticipate,” “will”, “believe”, “potential” and similar expressions are intended to identify forward-looking statements, which, by their very nature, are not guarantees of the Company’s future operational or financial performance, and are subject to risks and uncertainties and other factors that could cause the Company’s actual results, performance, prospects or opportunities to differ materially from those expressed in, or implied by, these forward-looking statements. These risks, uncertainties and factors may include, but are not limited to unavailability of financing, failure to identify commercially viable mineral reserves, fluctuations in the market valuation for commodities, difficulties in obtaining required approvals for the development of a mineral project, increased regulatory compliance costs, expectations of project funding by joint venture partners and other factors.
Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this news release or as of the date otherwise specifically indicated herein. Due to risks and uncertainties, including the risks and uncertainties identified in this news release, and other risk factors and forward-looking statements listed in the Company’s MD&A for the year ended December 31, 2022 (the “MD&A”), and themost recently filed Annual Information Form (“AIF”) for the year ended December 31, 2022, actual events may differ materially from current expectations. More information about the Company, including the MD&A, the AIF and financial statements of the Company, is available on SEDAR at www.sedarplus.ca and on the SEC’s EDGAR website at www.sec.gov.
_________________________ 1 Adjusted revenue and other income and adjusted cash provided by (used in) operating activities are non-IFRS financial measures with no standardized meaning under IFRS and might not be comparable to similar financial measures disclosed by other issuers. Refer to the “Non-IFRS financial measures” section on page 26 of the Q2-2023 MD&A for more information on each non-IFRS financial measure.
YERINGTON, Nev., Aug. 11, 2023 (GLOBE NEWSWIRE) — Nevada Copper (TSX: NCU) (OTC: NEVDF) (FSE: ZYTA) (“Nevada Copper” or the “Company”) is pleased to provide an update on restart activities at its Pumpkin Hollow underground mine located in Yerington, Nevada (the “Underground Mine”).
Restart Progress
Underground development completed in Q2 2023 increased 65% to 1,424 feet (“ft”) as compared with Q1 2023 (496 ft).
Small Mine Development, Inc. (“SMD”), Nevada Copper’s development mining contractor, continues to ramp-up following their mobilization in June, with a 25% increase in average daily development footage in July compared with June development.
In Q2 2023, restart preparations for the mill and process plant advanced as planned and the mill is on track to restart in September 2023.
The surface stockpile has increased to approximately 73,000 tons of crushed ore, in preparation for sustained process operations on planned mill restart in September 2023.
Mining of the first stope began in early August and is expected to be completed before the end of August to provide an open stope for paste backfill placement to allow for commissioning of the paste plant.
Dumas Contracting USA Inc. (“Dumas”) completed all vertical and lateral development for the underground ore handling project and, as a result, the project has been turned over to RAM Enterprise, Inc. for the installation and commissioning of all mechanical and electrical components including the conveyors and crusher systems.
Dumas also advanced the Geho de-watering system installation and expects to have the new Geho pumps running by the end of the third quarter of 2023.
To date, the Company has rehabilitated ore passes #1 and #2 and expects to complete ore pass #3 in August 2023.
The Nevada Copper workforce has increased year to date by 30% to 177 employees, not including the development and projects contractor workforce; the largest workforce in the Company’s history.
Randy Buffington, President & CEO, stated: “The team, alongside our contracting partners, has made significant strides in advancing the underground mining and development activities at Pumpkin Hollow to enable the restart of milling activities in the third quarter, as planned. The process plant preparation and restart activities are moving forward well with September representing a significant milestone for Nevada Copper. The restart of processing operations will mark the end of restart activities and the beginning of an exciting new chapter for Nevada Copper as we realize the potential of this significant North American copper asset.”
2023 Outlook Reiterated
Nevada Copper reiterates its outlook for 2023 with the principal objective of achieving nameplate milling throughput of 5,000 tons per day (“tpd”) by the end of the year and all critical underground infrastructure complete and sufficient advance development to support sustained operations.
With the vent shaft project complete, underground lateral development continues to ramp-up as SMD increases staffing levels to meet development expectations. Lateral development over the second half of 2023 is planned to be 16,000 ft of combined primary and stope development. Commissioning of the underground crush and convey system is now scheduled for late October 2023 reflecting delays in underground excavation. To support the start of stope mining by the Company in September, existing ore passes and the surface crusher are being utilized until commissioning of the underground crusher is complete.
Mill restart is scheduled in September 2023 at an expected rate of approximately 3,500 tons per day. The mill and paste plant will be re-commissioned on low-grade stockpiled ore. Mill capacity and grade are expected to increase through the balance of 2023, however, milled grades will remain lower than average stope grades, as lower grade development ore constitutes a higher percentage of mill feed through these early commissioning months. The Company plans to truck its first concentrates in late September with first revenues expected in the fourth quarter.
Filing of Second Quarter 2023 Financial Statements and MD&A Nevada Copper filed its consolidated interim financial statements and management’s discussion and analysis (“MD&A”) for the quarter ended June 30, 2023. These filings can be found on the Company’s website at www.nevadacopper.com and the Company’s SEDAR+ profile at www.sedarplus.ca.
QualifiedPerson The technical information and data in this news release has been reviewed by Steven Newman, member of SME, Vice President of Technical Services and Greg French, C.P.G., VP Exploration of Nevada Copper, each of whom are a non-independent Qualified Person within the meaning of NI 43-101.
About Nevada Copper
Nevada Copper (TSX: NCU) is the owner of the Pumpkin Hollow copper project located in Nevada, USA with substantial reserves and resources including copper, gold and silver. Its two fully permitted projects include the high-grade Underground Mine and processing facility, which is undergoing a restart of operations, and a large-scale open pit PFS stage project.
Randy Buffington President & CEO
For additional information, please see the Company’s website at www.nevadacopper.com, or contact:
Tracey Thom | Vice President, IR and Community Relations tthom@nevadacopper.com +1 775 391 9029
Cautionary Language on Forward Looking Statements This news release contains “forward-looking information” and “forward-looking statements” within the meaning of applicable Canadian securities laws. All statements in this news release, other than statements of historical facts, are forward-looking statements. Such forward-looking information and forward-looking statements specifically include, but are not limited to, statements that relate to the advancement of restart operations at the Underground Mine. There can be no assurance that ramp-up of the Underground Mine will occur or will not cost more than expected and require the Company to raise additional financing. There can be no assurance that any such additional financing will be available on terms that are favourable to the Company or at all.
Forward-looking statements and information include statements regarding the expectations and beliefs of management. Often, but not always, forward-looking statements and forward-looking information can be identified by the use of words such as “plans”, “expects”, “potential”, “is expected”, “anticipated”, “is targeted”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or the negatives thereof or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. Forward-looking statements or information should not be read as guarantees of future performance and results. They are subject to known and unknown risks, uncertainties and other factors which may cause the actual results and events to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information.
Such risks and uncertainties include, without limitation, those relating to: results of exploration programs, the potential need for additional capital and no assurance can be given regarding the availability thereof; the ability of the Company to complete the restart and ramp-up of the Underground Mine within the expected cost estimates and timeframe; the impact of COVID-19 on the business and operations of the Company; the state of financial markets; history of losses; dilution; adverse events relating to milling operations, construction, development and restart and ramp-up, including the ability of the Company to address underground development and process plant issues; ground conditions; cost overruns relating to development, construction and restart and ramp-up of the Underground Mine; loss of material properties; interest rate increases; global economy; limited history of production; future metals price fluctuations; speculative nature of exploration activities; periodic interruptions to exploration, development and mining activities; environmental hazards and liability; industrial accidents; failure of processing and mining equipment to perform as expected; labour disputes; supply problems; uncertainty of production and cost estimates; the interpretation of drill results and the estimation of mineral resources and reserves; changes in project parameters as plans continue to be refined; possible variations in ore reserves, grade of mineralization or recovery rates from management’s expectations and the difference may be material; legal and regulatory proceedings and community actions; accidents; title matters; regulatory approvals and restrictions; increased costs and physical risks relating to climate change, including extreme weather events, and new or revised regulations relating to climate change; permitting and licensing; dependence on management information systems and cyber security risks; volatility of the market price of the Company’s securities; insurance; competition; hedging activities; currency fluctuations; loss of key employees; other risks of the mining industry as well as those risks discussed in the Company’s Management’s Discussion and Analysis in respect of the year ended December 31, 2022 and in the section entitled “Risk Factors” in the Company’s Annual Information Form dated March 20, 2023. The forward-looking statements and information contained in this news release are based upon assumptions management believes to be reasonable, including, without limitation: no adverse developments in respect of the property or operations at the project; no material changes to applicable laws; the restart and ramp-up of operations at the Underground Mine in accordance with management’s plans and expectations; no material adverse impacts from COVID-19 going forward; the Company will be able to obtain sufficient additional funding to complete the restart and ramp-up of the Underground Mine, if required, no material adverse change to the price of copper from current levels; and the absence of any other factors that could cause actions, events or results to differ from those anticipated, estimated or intended.
The forward-looking information and statements are stated as of the date hereof. The Company disclaims any intent or obligation to update forward-looking statements or information except as required by law. Although the Company has attempted to identify important factors that could cause actual actions, events, or results to differ materially from those described in forward-looking information and statements, there may be other factors that could cause actions, events or results not to be as anticipated, estimated or intended. Specific reference is made to “Risks and Uncertainties” in the Company’s Management’s Discussion and Analysis in respect of the year ended December 31, 2022 and “Risk Factors” in the Company’s Annual Information Form dated March 20, 2023, for a discussion of factors that may affect forward-looking statements and information. Should one or more of these risks or uncertainties materialize, should other risks or uncertainties materialize or should underlying assumptions prove incorrect, actual results and events may vary materially from those described in forward-looking statements and information. For more information on the Company and the risks and challenges of its business, investors should review the Company’s filings that are available at www.sedarplus.com.
The Company provides no assurance that forward-looking statements and information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements or information. Accordingly, readers should not place undue reliance on forward-looking statements or information.
Vancouver, British Columbia–(Newsfile Corp. – August 10, 2023) – Ridgeline Minerals Corp. (TSXV: RDG) (OTCQB: RDGMF) (FSE: 0GC0) (“Ridgeline” or the “Company“) is pleased to announce that Nevada Gold Mines LLC (“NGM” or “Nevada Gold Mines“), a joint venture between Barrick Gold and Newmont Corp., has mobilized a drill rig to the Swift Gold Project (“Swift“) located in the Cortez District of the Battle Mountain – Eureka mine trend (Figure 1). Ridgeline entered into an exploration earn-in agreement with NGM on September 22, 2021 (see press release HERE) where NGM can incur a minimum of US$ 20 million (of which US$ 5 million has been spent to-date) in qualifying work expenditures over an initial five-year term to earn an initial 60% interest in Swift, and will have further options to increase its interest to a total 75% interest. Details of the proposed drill program are highlighted below.
Drill Program Highlights
Drill hole SW23-005 will target the intersection of proposed low-angle structures and favourable lower plate carbonate host rocks of the Wenban and Roberts Mountains Formations.
Drill hole will provide key litho-structural information between historical drill intercepts in hole MCK-99-5A (18.3 meters (“m”) grading 0.64 grams per tonne (“g/t”) gold (“Au”)) and 2022 NGM drill intercepts in SW22-002 (41.9 m grading 0.26 g/t Au) and SW22-003 (48.8 m grading 0.45 g/t Au), (see Figure 2 and February 16, 2023 press release HERE)
Drill hole SW22-004 will be extended from a starting depth of 1,104 m where the hole was previously halted by NGM in January 2023 due to severe winter weather conditions.
Drilling returned up to 3.0 m grading 2.27 g/t Au in Upper Plate rocks prior to intersecting Lower Plate host rocks at 1,065 m (Figure 2).
Hole will be extended through prospective host rocks to an anticipated depth of 1,500+ meters.
Chad Peters, Ridgeline’s President, CEO & Director commented, “To date, we are very encouraged by the exploration results at Swift with early results highlighting the potential to discover a large Carlin-Type gold system. The Nevada Gold Mines team has done an exceptional job generating a property-wide geologic model and SW23-005 will target a highly prospective structural corridor bounded by mineralized gold intercepts on both sides. We look forward to updating our shareholders as results are received.”
Figure 1: Plan view map showing the location of the Swift exploration earn-in agreement with Nevada Gold Mines. Modified from Barrick Investor Day presentation¹ (November 18, 2022 Presentation HERE)
Swift is located on the Cortez District of the historic Battle Mountain – Eureka Trend approximately 30 kilometers (“km”) south of the town of Battle Mountain, in Lander County, Nevada. The district-scale 75 km² property is on trend to the Pipeline, Cortez Hills, and Goldrush deposits (View our Swift VRIFY Presentation), which comprise the multi-million ounce Cortez Complex owned by Nevada Gold Mines (a joint venture between Barrick Gold and Newmont Corp.). Ridgeline entered into an exploration earn-in agreement with NGM on September 22, 2021, where NGM can incur a minimum US$20 million (of which US$ 5 million has been spent to-date) in qualifying work expenditures over an initial five-year term to earn an initial 60% interest in the Swift gold project. NGM will have further options to increase its interest to a total 75% interest (subject to additional expenditures and commitments).
QAQC Procedures
Samples are submitted to ALS Minerals, Elko Nevada, which is a certified and accredited laboratory, independent of Nevada Gold Mines. Samples are prepared using industry-standard prep methods and analysed using Au-AA23 (Au; 30 g fire assay) and ME-MS61 (48 element Suite; 0.25 g 4-acid digestion/ICP-MS) methods. ALS also undertakes its own internal coarse and pulp duplicate analysis to ensure proper sample preparation and equipment calibration. Nevada Gold Mines QAQC program includes regular insertion of CRM standards, duplicates, and blanks into the sample stream with a stringent review of all results completed internally by Nevada Gold Mines technical personnel.
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 is a discovery focused gold-silver explorer with a proven management team and a 192 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 Ridgeline Minerals Corp. (775) 304-9773 | info@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.
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.
Vancouver, British Columbia–(Newsfile Corp. – August 8, 2023) – Dolly Varden Silver Corporation (TSXV: DV) (OTCQX: DOLLF) (the “Company” or “Dolly Varden“) is pleased to announce initial drill results from expansion drilling at Kitsol and Torbrit as part of the 2023 exploration program on the 100%-owned Dolly Varden property in BC’s Golden Triangle. Due to drilling success and efficiencies, a fifth drill has been mobilized to site and the 2023 program has been expanded by approximately 10,000m to 55,000m of drilling. Over 70 drill holes have been completed to-date this season.
Highlights from the Kitsol Vein in the Torbrit Deposit area include*:
DV23-334:297 g/t Ag over 8.32 meters including 1,090 g/t Ag over 0.90 meters at Kitsol
DV23-336:342 g/t Ag over 18.00 meters including 2,270 g/t Ag over 0.50 meters and 995 g/t Ag with 3.6% Pb over 0.60 meters at Kitsol
DV23-337: 496 g/t Ag over 9.57 meters including 1,100 g/t Ag over 0.73 meters at Kitsol
DV23-348: 334 g/t Ag over 3.50 meters including 672 g/t Ag over 1.34 meters at Torbrit Main, south extension
* Intervals are core length; true widths vary from 64 to 87% of core length interval (see table 1), assays are uncut
“As the flow of results from our fully funded 2023 exploration drill program have started, we continue to see successful resource expansion drilling at the Kitsol Vein, intersecting high grade silver mineralization over wide intervals, that is potentially amenable to bulk underground mining methods,” said Shawn Khunkhun, President and CEO of Dolly Varden Silver. “We are excited to have the fifth drill turning as it will allow us to allocate extra meters to exploration drilling on our priority list of targets along the Kitsault Valley trend.”
Figure 1. Area of results released relative to Silver and Gold Deposits of Dolly Varden’s Kitsault Valley Trend
Holes DV23-334 and 336 extended the plunge extent of the wide, high grade, silver mineralization at the Kitsol vein for an additional 40m towards surface. The plunge direction has been extended to over 250m from the furthest southwest intercept, down plunge in drill hole DV22-323 (Figure 2). Drilling has identified a consistent, high-grade interval within the wide vein interval, associated with multiple phases of brecciation (DV23-334: 1,090 g/t Ag over 0.90 meters and DV23-336: 2,270 g/t Ag over 0.50 meters).
Drill holes DV23-335, 337, 341 and 343 tested the high-grade shoot along strike; hole DV23-337 was a 41 meter step-out, up plunge from DV18-131, confirming the consistent vertical dimension of the shoot to be of 50-75 meters, along the length of the plunge. The remaining holes intersected the Kitsol vein, either above or below the higher grade mineralized shoot.
Exploration holes to the west, testing for new structures in the hanging wall of the Moose Lamb fault encountered a block of the Kitsol vein in drill hole DV23-338 within a fault splay. Further modelling with the new oriented core data will guide targeting of the possible offset of the Kitsol Vein across the Moose Lamb fault.
At the southern end of the Torbrit Main deposit, drill holes DV23-348 and 350 were collared as a 31m step outs testing for the mineralized horizon. DV23-348 intersected mineralization consistent with the lower sequence of the basin fill-style silver zone at Torbrit, within potassic and chlorite altered volcanic tuff.
Figure 2. Kitsol Vein Longitudinal section with plunge of high grade silver shoot and 2023 results
Figure 3. Drill hole DV22-336 (74.00m to 85.55m) from the Kitsol Vein deposit showing breccia vein style mineralization with argentite, native silver in a dark silica matrix and vein breccia fragments
Addition of fifth Diamond Drill and start of Geophysical Survey
The 15km long extent of the prospective Hazelton rocks on the property is host to numerous surface occurrences of alteration and silver mineralization that have been prioritized for drill testing. With the addition of approximately 10,000 meters to the initial 45,000 meter planned program, the extra drilling will be allocated to discovery-focused exploration targets. Efficiencies and excellent drill production have allowed for the additional drilling within the current budget.
In addition, a MT geophysical survey conducted by Simcoe Geoscience has commenced. The ground survey will be run over post-mineralization sedimentary rocks over the centre of the valley. Additional surveys will be performed to the area west and north of Homestake Ridge, where extensive gold in soil anomalies coincident with strong quartz-sericite-pyrite (QSP) alteration in interpreted to suggest a possible source at depth for the structurally-controlled gold-silver mineralization at Homestake Main and Homestake Silver deposits.
Figure 4. Kitsol Vein Plan View showing Drill Hole locations with Lithology, this release.
Table 1. Drill Hole Assays from 2023 Kitsol and Torbrit drill holes.
Hole ID
From (m)
To (m)
Length (m)
True Width (m)
Ag* (g/t)
Pb* (%)
Zn* (%)
Au* (g/t)
DV23-334
63.00
71.32
8.32
7.21
297
0.28
0.22
including
65.10
66.00
0.90
0.78
1090
1.59
0.90
DV23-335
159.50
160.50
1.00
0.72
118
0.24
0.06
and
174.00
175.00
1.00
0.72
104
0.24
0.50
and
176.70
177.61
0.91
0.65
176
0.12
0.09
DV23-336
70.00
88.00
18.00
15.59
342
0.58
0.57
including
75.40
75.90
0.50
0.42
2270
0.10
1.13
including
79.65
80.25
0.60
0.51
995
3.60
1.48
DV23-337
122.33
131.90
9.57
7.94
496
0.78
0.38
including
122.33
123.06
0.73
0.61
1100
0.14
0.37
and
171.00
172.00
1.00
0.83
129
0.03
0.09
DV23-338
123.27
123.74
0.47
0.33
14
0.02
1.02
DV23-341
176.90
177.40
0.50
0.32
310
1.20
0.11
0.80
and
184.14
184.64
0.50
0.32
208
1.48
0.11
and
187.03
187.53
0.50
0.32
22
0.11
0.09
0.16
and
272.50
275.50
3.00
1.92
115
0.21
0.06
0.11
DV23-342
NSV
DV23-343
216.45
217.36
0.91
0.52
107
0.02
0.11
and
299.00
300.00
1.00
0.57
140
0.18
0.32
DV23-346
NSV
DV23-348
86.00
89.50
3.50
3.50
334
0.03
0.05
0.13
including
86.00
87.34
1.34
1.34
672
0.02
0.07
0.24
DV23-350
NSV
* Assays reported are uncut. NSV denotes ‘No Significant Values’
Table 2. Drill Hole Collars for 2023 Dolly Varden Kitsol – Torbrit Area Drilling (this release)
Hole ID
Easting UTM83 (m)
Northing UTM83 (m)
Elev. (m)
Azimuth
Dip
Length (m)
DV23-334
467617
6172166
380
100
-45
130
DV23-335
467569
6172125
408
113
-59
201
DV23-336
467617
6172166
380
81
-45
130
DV23-337
467569
6172125
408
104
-49
228
DV23-338
467482
6172082
410
108
-60
401
DV23-341
467543
6172134
405
122
-55
321
DV23-342
467482
6172082
410
130
-60
326
DV23-343
467543
6172134
405
121
-70
396
DV23-346
467482
6172082
410
120
-50
276
DV23-348
468321
6171190
562
45
-55
168
DV23-350
468321
6171190
562
45
-72
186
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 determined by Fire Assay on a 30g split.
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 for Dolly Varden on the Kitsault Valley Project.
About Dolly Varden Silver Corporation
Dolly Varden Silver Corporation is a mineral exploration company focused on advancing its 100% held Kitsault Valley Project (which combines the Dolly Varden Project and the Homestake Ridge Project) located in the Golden Triangle of British Columbia, Canada, 25kms by road to tide water. The 163 sq. km. project hosts the high-grade silver and gold resources of Dolly Varden and Homestake Ridge along with the past producing Dolly Varden and Torbrit silver mines. It is considered to be prospective for hosting further precious metal deposits, being on the same structural and stratigraphic belts that host numerous other, on-trend, high-grade deposits, such as Eskay Creek and Brucejack. The Kitsault Valley Project also contains the Big Bulk property which is prospective for porphyry and skarn style copper and gold mineralization, similar to other such deposits in the region (Red Mountain, KSM, Red Chris).
Forward Looking Statements
This release may contain forward-looking statements or forward-looking information under applicable Canadian securities legislation that may not be based on historical fact, including, without limitation, statements containing the words “believe”, “may”, “plan”, “will”, “estimate”, “continue”, “anticipate”, “intend”, “expect”, “potential”, and similar expressions. Forward-looking statements involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of Dolly Varden to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements. Forward looking statements or information in this release relates to, among other things, the 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“) and management information circular dated January 21, 2022 (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.
