Ottawa, Ontario–(Newsfile Corp. – July 26, 2023) – Gold79 Mines Ltd. (TSXV: AUU) (OTCQB: AUSVF) (“Gold79” or the “Company”) is pleased to announce the closing of a second final tranche of its non-brokered private placement financing, raising gross proceeds of $249,314 through the issuance of 8,310,457 units at $0.03 per unit. In total, including the first tranche of the placement, 15,310,457 units were issued for gross proceeds of $459,314.
Each unit consists of one common share of the Company and one whole common share purchase warrant. A total of 8,310,457 warrants were issued in the second tranche, with each warrant entitling the holder to purchase one common share of the Company at a price of $0.05 per share until July 26, 2025. The warrants are callable after the statutory hold period, at the option of the Company, in the event that the 20-day volume-weighted average price of the Company’s common share meets or exceeds $0.08 for ten consecutive trading days based on trades on the TSX Venture Exchange (“TSX-V”) and Alternative Trading Systems. Subscribers will be notified of the call provision being triggered and will have a 30-day period to exercise the warrants.
In connection with the second tranche of the placement a cash finder fee of $210 was paid and 7,000 finder warrants were issued. The finder warrants are exercisable at $0.05 per share and expire on July 26, 2025.
This private placement is subject to the final approval of the TSX-V. All securities issued in the first tranche of the placement are subject to a statutory hold period until October 9, 2023 and for the second tranche until November 27, 2023, respectively.
It is anticipated that approximately 50 percent of the aggregate proceeds raised under the offering will be used for exploration expenditures, land management costs and property payments; approximately 25 percent will be used to pay management fees to Company officers; and, approximately 25 percent will be used for working capital and general corporate purposes.
The securities issued in the private placement will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) and may not be offered or sold within the United States or to or for the account or benefit of U.S. persons, except in certain transactions exempt from the registration requirements of the U.S. Securities Act. This press release does not constitute an offer to sell, or the solicitation of an offer to buy, securities of the Company in the United States.
Gold Chain annual property payment
The Company intends to issue 2,062,548 common shares of the Company in connection with a US$48,000 ($63,283) share payment due under the option agreement covering a portion of the Company’s landholdings for the Gold Chain project in Arizona. The common shares issued will have a statutory hold period of four months and one day from the date of issuance. This shares for debt transaction remains subject to TSX-V approval.
About Gold79 Mines Ltd.
Gold79 Mines Ltd. is a TSX Venture listed company focused on building ounces in the Southwest USA. Gold79 holds 100% earn-in option to purchase agreements on three gold projects: the Jefferson Canyon Gold Project and the Tip Top Gold Project both located in Nevada, USA, and, the Gold Chain Project located in Arizona, USA. In addition, Gold79 holds a 32.3% interest in the Greyhound Project, Nunavut, Canada under JV by Agnico Eagle Mines Limited.
For further information regarding this press release contact: Derek Macpherson, President & CEO Phone: 416-294-6713 Email: dm@gold79mines.com Website: www.gold79mines.com.
This press release may contain forward-looking statements that are made as of the date hereof and are based on current expectations, forecasts and assumptions which involve risks and uncertainties associated with our business including the uncertainty as to whether further exploration will result in the target(s) being delineated as a mineral resource, capital expenditures, operating costs, mineral resources, recovery rates, grades and prices, estimated goals, expansion and growth of the business and operations, plans and references to the Company’s future successes with its business and the economic environment in which the business operates. All such statements are made pursuant to the ‘safe harbour’ provisions of, and are intended to be forward-looking statements under, applicable Canadian securities legislation. Any statements contained herein that are statements of historical facts may be deemed to be forward-looking statements. By their nature, forward-looking statements require us to make assumptions and are subject to inherent risks and uncertainties. We caution readers of this news release not to place undue reliance on our forward-looking statements as a number of factors could cause actual results or conditions to differ materially from current expectations. Please refer to the risks set forth in the Company’s most recent annual MD&A and the Company’s continuous disclosure documents that can be found on SEDAR at www.sedar.com. Gold79 does not intend, and disclaims any obligation, except as required by law, to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
NOT FOR RELEASE OR DISTRIBUTION IN THE UNITED STATES OR FOR DISSEMINATION TO U.S NEWS WIRE SERVICES
PERTH, Australia, July 26, 2023 /CNW/ – Hot Chili Limited (ASX: HCH) (TSXV: HCH) (OTCQX: HHLKF) (“Hot Chili” or the “Company”) is pleased to announce that it has closed its previously announced transaction with Osisko Gold Royalties Ltd (“Osisko”), pursuant to which Hot Chili received proceeds of US$15 million in exchange for the sale of a 1.0% Net Smelter Return (NSR) royalty on copper and a 3% NSR royalty on gold (the “Investment”) across the Company’s Costa Fuego Copper-Gold Project (“the Project”) located 600 km north of Santiago, at low elevation (<1,000 m) in the coastal range of the Atacama Region, Chile.
Hot Chili Limited logo (CNW Group/Hot Chili Limited)
The Investment by Osisko has strengthened the Company’s current cash position to approximately A$26 million, demonstrated strong look-through value of the Project’s economics (see the Company’s announcement dated 28th June 2023, entitled “Hot Chili Announces PEA for Costa Fuego”) and provided another significant endorsement of Hot Chili’s Costa Fuego project from one of North America’s leading royalty-streaming groups (see the Company’s announcement dated 28th June 2023, entitled “Hot Chili Announces US$15 Million Investment Agreement with Osisko Gold Royalties”).
The Company is now well funded to deliver the next steps in its growth and development plan, including:
Commencement of 30,000 m drill program – preparations well-advanced; drilling operations set to commence in the coming weeks.
Completion of Costa Fuego resource upgrade by late 2023
Delivery of Costa Fuego pre-feasibility study (“PFS”) in H2 2024 – The Company has already considerably advanced its PFS (approximately 80% complete) with minimal expenditure required for completion
Hot Chili’s Managing Director Mr Christian Easterday commented, “We are very pleased to have closed the Investment with Osisko Gold Royalties enabling the Company to advance the project without the dilution of a share issuance.”
“Costa Fuego is globally relevant, being one of only a handful of projects with potential to deliver near-term, meaningful, new copper supply into a looming global copper supply shortage.”
The Company looks forward to providing updates on the Company’s next steps shortly.
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.
This document contains certain “forward-looking statements” and “forward-looking information” concerning the business, operations and financial performance and condition of Company. Forward-looking statements and forward-looking information include, but are not limited to, statements with respect to the timing and ability, if at all, for the completion of the PFS; the timing and ability, if at all, to complete a resource upgrade at Costa Fuego; timing of the commencement of the Company’s 30,000m drill programme; permitting and legal processes in relation to mining permitting and approvals; estimated production and mine life of the various mineral projects of the Company; the ability to obtain permits for operations; synergies; the realisation of mineral resource estimates; the benefits of the development potential of the properties of the Company; the future price of minerals, including gold, copper, and silver; the estimation of mineral reserves and resources; success of exploration activities; and currency exchange rate fluctuations. Except for statements of historical fact relating to the Company, certain information contained herein constitutes forward-looking statements. Forward-looking statements are frequently characterised by words such as “plan,” “expect,” “project,” “intend,” “believe,” “anticipate”, “estimate” and other similar words, or statements that certain events or conditions “may”, “should” or “will” occur. Forward-looking statements are based on the opinions and estimates of the Company at the date the statements are made and are based on a number of assumptions and subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. Many of these assumptions are based on factors and events that are not within the control of the Company and there is no assurance they will prove to be correct.
Factors that could cause actual results to vary materially from results anticipated by such forward-looking statements include the results of the Company’s preliminary economic assessment and planned PFS, as well as future economic studies, the results of the planned 30,000m drill programme and their impact on mineral resources and the economic studies, variations in ore grade or recovery rates, changes in market conditions, risks relating to the availability and timeliness of permitting and governmental approvals; risks relating to international operations, fluctuating metal prices and currency exchange rates, changes in project parameters, the possibility of project cost overruns or unanticipated costs and expenses, labour disputes and other risks of the mining industry, failure of plant, equipment or processes to operate as anticipated.
The Company cautions that the foregoing list of important factors is not exhaustive. Investors and others who base themselves on forward-looking statements should carefully consider the above factors as well as the uncertainties they represent and the risk they entail and are cautioned not to place undue reliance on forward-looking statements. The Company believes that the expectations reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this press release should not be unduly relied upon. These statements speak only as of the date of this press release.
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 statements, there may be other factors that cause actions, events or results not to be anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The Company undertakes no obligation to update forward-looking statements if circumstances or the Company’s estimates or opinions should change except as required by applicable securities laws. Any comparative market information is as of a date prior to the date of this document.
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.
This document (the “Document”) is to be used by the recipient for informational purposes only and does not purport to be complete or contain all the information that may be material to the current or future business, operations, financial condition, or prospects of Hot Chili Limited (“Hot Chili” or the “Company”). Each recipient should perform its own independent investigation and analysis of Hot Chili, and the information contained in this Document is not a substitute therefore. Hot Chili makes no representation or warranty, express or implied, as to the accuracy or completeness of the information contained in this Document or in any other written or oral communication transmitted to any recipient by any party. Except for liability which cannot be disclaimed by law, by accepting this Document, the recipient agrees that neither Hot Chili nor any of its officers, directors, employees, or representatives has any liability for any representations or warranties, express or implied, contained in, or for any omissions from, this Document or any such other written or oral communication from any person.
Certain information contained herein is based on, or derived from, information provided by independent third-party sources. Hot Chili believes that such information is accurate and that the sources from which it has been obtained are reliable; however, Hot Chili has not independently verified such information and does not assume any responsibility for the accuracy or completeness of such information.
This Document should not be considered as a recommendation from any person to purchase any securities. Each person for whom this Document is made available should consult its own professional advisors in making its own independent investigations and assessment and, after making such independent investigations and assessments, as it deems necessary, in determining whether to proceed with any investment in the Company.
Update on Underground and Regional Exploration Opportunities
Figure 1
Recent Underground Drilling
Figure 2
Property Map with Exploration Target Locations
Figure 3
Dimples Sampling (Gold)
Figure 4
Dimples Sampling (Copper)
YERINGTON, Nev., July 26, 2023 (GLOBE NEWSWIRE) — Nevada Copper (TSX: NCU) (OTC: NEVDF) (FSE: ZYTA) (“Nevada Copper” or the “Company”) today provides an update on its 2023 regional and underground exploration plans and recent exploration results at its approximate 36 square mile Pumpkin Hollow property located in Yerington, NV.
Randy Buffington, President & CEO, commented, “The Pumpkin Hollow property is a significant land package, in a well-known copper belt, in a strong mining jurisdiction and with substantial mineral resources already identified. These recent underground drill results indicate expansion to known copper mineralization. Additionally, our review of historical data, coupled with recent surface sampling and analysis, has identified several targets of interest that warrant follow-up. Our team is currently focused on bringing the underground back into operation, including completion of the remaining capital projects, and advancing development activities, both of which are well underway. The planned start-up of milling operations and concentrate sales in Q3 2023 is on track with targeted nameplate milling rates of 5,000 tons per day expected to be achieved by the end of 2023. With a significant portion of the property located on private land, we are in a rare position to quickly take advantage of growth opportunities once we achieve steady state underground operations.”
2023 Underground Drilling Highlights
Approximately 31,500 feet of drilling planned (approximately US$5 million program).
Approximately 4,900 feet drilled to date with one drill rig, and a second drill rig recently deployed.
Results of drilling indicate mineralization extension in the ES zone (see Figure 1), including 36.5 feet of 2.46% copper within a larger interval of 99 feet of 1.4% copper (Cu) in hole NC23U-007. Other notable results include:
DDH ID
From (ft)
To (ft)
Length (ft)
Cu %
Ag gpt
Au gpt
NC23U-002
14
24
10
1.62
14.200
0.251
NC23U-002
294
304.8
10.8
1.76
8.402
0.132
NC23U-004
60
70
10
1.63
11.600
0.316
NC23U-005
128
143
15
1.26
9.913
0.267
NC23U-006
68.4
79.8
11.4
1.27
5.738
0.165
NC23U-007
246
344.5
98.5
1.4
3.558
0.144
including
300
336.5
36.5
2.46
5.342
0.318
NC23U-008
123.5
155
31.5
1.59
4.342
0.264
NC23U-008
425
435
10
1.56
3.250
0.190
NC23U-008
445
480
35
1.82
3.986
0.291
NC23U-009
188
203
15
1.32
1.433
0.087
gpt = grams per tonne; Ag = silver
The 2023 East North (EN) and East South (ES) underground drill program began in the first quarter of 2023 and is focused on stope definition drilling and near-mine resource expansion targets. Drilling is expected to continue in the ES and EN zone through the remainder of the year. The deposit remains open in all directions.
The Pumpkin Hollow property has not been extensively explored in the past as the Company was focused on developing the known mineral resources, resulting in the development of the underground mine and advancement of the open pit project. Recent drone magnetic surveys have identified several high-quality targets of interest. Surface reconnaissance targeting these high-quality areas demonstrates that these targets have the potential to host additional independent mineralized systems, outside of the existing deposits.
New Area Identified in Pumpkin Hollow Site Wide Exploration – Dimples
Nevada Copper has identified a new exploration target, the Dimples target, located just south of the proposed open pit area in the southern area of the property (Figure 2). Analysis of recent surface grab samples has returned encouraging results including gold values of up to 61 gpt gold (Au). A total of 55 grab samples have been collected in 2023 with 42 of those samples returning gold values greater than 0.1 gpt Au and 14 samples being greater than 1 gpt Au, in quartz rich veins within granodiorite porphyry (Figure 3). Higher-grade copper was identified in eleven samples, with values greater than 1.0% Cu (Figure 4). High-grade copper rich zones are found in the granodiorite porphyry veins as well as skarns within metavolcanics. The Mesozoic rocks in the area are dominated by granodiorite porphyries and metavolcanics.
Additional News from the Copper Ridge Target
Surface sampling results from surface outcrops and prospect pits in the Copper Ridge area have indicated a potential for high-grade copper, highlighted by grades including 5.03% and 5.43% Cu. The Copper Ridge property is located north of the main Pumpkin Hollow property covered by 103 hectares through unpatented and patented claims. The target was mined for high-grade copper in the early 1900’s through several adits as well as a 122-meter inclined shaft.
The 2023 program is designed to follow-up on historic reconnaissance work completed in the early 1990s by a major copper company and has the potential to provide additional high-grade feed for the existing underground mill. A total of 70 historic and new rock samples were collected to confirm and extend the known mineralization along the vein and dike structures in the Yerington Batholith granodiorites. Forty-four samples assayed greater than 0.1% copper. Samples greater than 2.0% Cu were summarized in Table 1 of the Company’s February 13th, 2023, news release.
Follow-up trenching and a reverse circulation drill program are planned to further evaluate these high potential targets.
The grades identified in this press release are conceptual in nature as there has not been insufficient exploration to define a mineral resource and it is uncertain if further exploration will result in the delineation of a mineral resource.
Qualified Person The technical information and data in this news release has been reviewed by Greg French, C.P.G., VP Exploration of Nevada Copper, who is a non-independent Qualified Person within the meaning of NI 43-101.
Quality Assurance and Quality Control The analytical work referred to herein was performed by American Assay Labs (AAL) located in Sparks, Nevada. AAL is an ISO/IEC 17025 accredited laboratory. The Samples were crushed so that >80% passes 10 mesh, followed by pulverizing to >90% passes 75 < 150 mesh. Prepared samples were run using a three-acid digestion process and conventional ICP-AES analysis. Gold determination was via standard atomic absorption (AA) finish 30-gram fire-assay (FA) analysis. Blank, standard and duplicate samples were routinely inserted and monitored for quality assurance and quality control.
The historic analytical work was performed by Chemex Labs Inc. and ALS Minerals, currently ALS Geochemistry (ALS) located in Nevada. ALS is an ISO/IEC 17025 accredited laboratory. The samples were crushed so that >80% passes 10 mesh, followed by pulverizing split to < 150 mesh. Prepared samples were run using an acid digestion process and conventional ICP-AES analysis. Gold determination was via standard atomic absorption (AA) finish 30-gram fire-assay (FA) analysis.
Nevada Copper detected no significant QA/QC issues during review of the data and is not aware of any sampling or other factors that could materially affect the accuracy or reliability of the data referred to herein.
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 expected to restart milling operations in 2023, 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
Figure 1 – Recent Underground Drilling
Recent Underground Drilling
*Grey holes – assays pending
Figure 2 – Property Map with Exploration Target Locations
Property Map with Exploration Target Locations
Figure 3 – Dimples Sampling (Gold)
Dimples Sampling (Gold)
Figure 4 – Dimples Sampling (Copper)
Dimples Sampling (Copper)
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 future exploration and the potential outcome of exploration programs, development and restart and ramp-up plans and activities at the Underground Mine and the timing in respect thereof.
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, requirements 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, 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.sedar.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, July 24, 2023 (GLOBE NEWSWIRE) — Rover Metals Corp. (TSXV: ROVR) (OTCQB: ROVMF) (FSE:4XO) (“Rover” or the “Company”) has been notified by the U.S. Bureau of Land Management that it must complete a plan of operations prior to commencing any exploration drilling at its Let’s Go Lithium (“LGL”) project in rural Nevada.
Starting this week, the Company will begin to interview suitable environmental consulting firms to assist the Company with its Plan of Operations For Exploration and any necessary environmental assessment under the National Environmental Policy Act (“NEPA”). The NEPA process will include public engagement. The Company will provide an updating release once it has engaged an environmental consulting firm.
Let’s Go Lithium Underlying Option Agreement The vendor of the LGL project, GenGold2, LLC, has agreed to give certain concessions with regards to the timing and the amounts of future option payments as a result of the BLM requirement. An updating news release will be provided once the company has amended its Option Agreement for the LGL project.
Judson Culter, CEO at Rover Metals, states “the LGL claims adjoin Lhoist North America’s (“Lhoist’s”) Amargosa Valley Specialty Clays Mine. Lhoist’s mining activity in the area dates back to 1972. To the best of management’s knowledge, there have been no negative environmental impacts from over 50 years of specialty clay mining in the area. Our management team, including myself, will be planning townhalls and community engagement sessions as we progress through the NEPA process.”
About Rover Metals Rover is a publicly traded junior mining company that trades on the TSXV under symbol ROVR, on the OTCQB under symbol ROVMF, and on the FSE under symbol 4XO. The Company has a diverse portfolio of mining resource development projects with varying exploration timelines. Its critical mineral projects include lithium, zinc, and copper. Its precious metals projects include gold and silver. The Company is exclusive to the mining jurisdictions of the U.S. and Canada.
ON BEHALF OF THE BOARD OF DIRECTORS “Judson Culter” Chief Executive Officer and Director
For further information, please contact: Email: info@rovermetals.com Phone: +1 (778) 754-2617
Statement Regarding Forward-Looking Information This news release contains statements that constitute “forward-looking statements.” Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause Rover’s actual results, performance or achievements, or developments in the industry to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects,” “plans,” “anticipates,” “believes,” “intends,” “estimates,” “projects,” “potential” and similar expressions, or that events or conditions “will,” “would,” “may,” “could” or “should” occur. There can be no assurance that such statements prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements, and readers are cautioned not to place undue reliance on these forward-looking statements. Any factor could cause actual results to differ materially from Rover’s expectations. Rover undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.
THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS NEWS RELEASE REPRESENTS THE EXPECTATIONS OF THE COMPANY AS OF THE DATE OF THIS NEWS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY OTHER DATE. WHILE THE COMPANY MAY ELECT TO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME EXCEPT AS REQUIRED IN ACCORDANCE WITH APPLICABLE LAWS.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OF THIS RELEASE.
Vancouver, British Columbia–(Newsfile Corp. – July 24, 2023) – Riverside Resources Inc.(TSXV: RRI) (OTCQB: RVSDF) (FSE: 5YY) (“Riverside” or the “Company”), is pleased to announce it has acquired part of P.A.T. Gold Mine inside of the larger Pichette Project west of Geraldton, Ontario. The P.A.T Mine project was drilled extensively in the 1950s and then had test mining conducted in the 1970s with an initial bulk sample extracted during that period. The historical work (non NI43-101) includes geophysics, geochemistry, geology, and drilling, which delivered strong gold intercepts at shallow depths including 16.65 g/t Au over 3.81m and 34.28 g/t Au over 1.1m both intervals at less than 80m depth (see Figure 1). This historical work at Pichette was located on recently reverted mineral leases that Riverside acquired through staking as the Company had surrounded strategic area with mineral claims.
Highlights:
100% Riverside owned, no underlying royalty.
>1 Oz/ton Au in historical core intercepts for 1m+ intervals at 30m depth, thus shallow and open at depth.
Close to past producing 1M oz Au Leitch Mine with associated iron formation host rocks.
Within Greenstone Gold Mines, Hard Rock deposit >10M Oz Au so far.
Riverside magnetics survey has defined banded iron formation targets that fit with surface gold showings make this exciting and highly prospective for drilling gold.
“Riverside is very excited to have acquired this new area of gold mineralization, which is on trend with the previously identified Banded Iron Formation (BIF) gold mineralization at Pichette and appears to have continuity to the west with Leitch Gold Mine BIF host rock sequence . The BIF unit extends across the project outlining a multi-kilometer target in this district of significant past gold production. The historical work comprising geophysics and drilling gives us a solid focus for advanced drilling in this part of the Geraldton Gold Belt,” states Riverside’s President and CEO, John-Mark Staude who has been on site and notes the similarities to the Leitch Mine geology 15 kilometers to the west of Pichette.
The Pichette Project is well located with excellent road infrastructure immediately south of the Trans-Canada Highway with drive up targets within the Beardmore-Geraldton Greenstone Belt. The Pichette targets are underlain by the east-west trending Archean-aged metavolcanic and metasedimentary suite consisting of greywacke and iron formation, which is the same geologic
Figure 1: Drone magnetics survey completed recently by Riverside with historical drill holes plotted. Dashed black line subterrane boundary discussed in text.
sequence that hosts the <1M Oz Brookbank deposit1 opposite the highway from the project. Multiple banded ironstone units are interbedded with the metavolcanics throughout the sequence making stratigraphic traps for gold. BIF hosted gold deposits occur in many major Canadian mining camps and are a significant target on the Pichette Project seen as red and blue areas in the northern portion of the Figure 1. The BIF layers consist of recrystallized chert alternating with magnetite with small amounts of pyrite, chalcopyrite and other indicator minerals. There is favorable structural preparation for gold with major fractures acting as conduits for mineralizing fluids and minor intrusions. The veins and fractures contain secondary quartz, carrying gold which becomes a second habit of gold on the project. The ironstones have been traced across the project and were better defined by the recent drone magnetic survey. Medium-grained, quartz-porphyry sills, 0.5-1.5 m wide, intrude some of the ironstones and provide a third host for gold and in crossing structures for targeting gold bearing fluid flow.
Much of the historical exploration and mining work was conducted during the 1950s with Tombill Mines Ltd. carrying out a program of surface work and diamond-drilling. Tombill conducted VLF-EM geophysics and then a soil survey of the anomalous zones defining very shallow drill targets. Later during the 1974 and 1975 field seasons, P.A.T. Mines completed thirty-two core drill holes (see figure 2). The P.A.T. drilling returned high grade intercepts at shallow depths, leaving the system open at depth.
Mineralization In 1952 Tombill Mines Ltd. outlined 4 mineralized zones in the area of the claims. The drilling conducted by P.A.T. Mines on the Pichette property recorded gold mineralization associated with two persistent subparallel chert-magnetite-carbonate ironstones (see figure 3). The ironstones are 40 m apart and strike 75 and dip 85 north. Surface prospecting and historical diamond drilling have traced the ironstones 600 m along strike, and they average 2.0-2.5 m wide. Up to 20% magnetite has been noted in the ironstones and can contain up to 2% arsenopyrite.
Table 1: Some of the best intercepts from the historical drilling on the Pichette Project.
Drill Hole ID
From (m)
To (m)
Interval (m)
Grade Au g/t
201
16.76
20.57
3.81
16.65
202
35.91
37.03
1.13
34.28
202
56.97
58.46
1.49
7.20
204
61.87
65.07
3.20
4.80
209
32.46
35.05
2.59
4.51
210
31.88
35.81
3.93
2.31
213
48.95
49.65
0.70
6.51
216
42.31
45.78
3.47
3.37
217
35.69
37.58
1.89
7.37
220
42.82
45.08
2.26
5.31
Note: P.A.T. Mines drilled 26 holes on the Pichette Project as part of a larger drilling campaign in 1952. The original certificates for the assays are not available. The values here are extracted from drilling logs that were filed as part of assessment work. The work was conducted prior to the implementation of National Instrument 43-101 and as such should not be relied upon. Subsequent drilling in this area may not duplicate these results.
The gold is commonly enriched in intensely altered rocks adjacent to or within quartz-carbonate veins and veinlets as found in orogenic gold deposits. Several of the holes show high grade intercepts similar to those documented at the Leitch Gold Mine to the west at Beardmore. The bulk of the historical information described above was recovered from the Ontario Geological Survey (OGS) databases and the provincial government’s Mineral Deposit Inventory (MDI) records. These sites have been verified by government geologists and reviewed in the field by Riverside geologists and are believed to be reliable in their geological detail. However, the original assay certificates from the historical drilling are no longer available and therefore cannot be verified.
Figure 2: Plan view of the historical drilling with the best intercepts highlighted.
Qualified Person: This news release was reviewed and approved by Freeman Smith, P.Geo., a non-independent qualified person to Riverside Resources, who is responsible for ensuring that the geologic information provided within this news release is accurate and who acts as a “qualified person” under National Instrument 43-101 Standards of Disclosure for Mineral Projects.
About Riverside Resources Inc.: Riverside is a well-funded exploration company driven by value generation and discovery. The Company has over $7M in cash, no debt and less than 75M shares outstanding with a strong portfolio of gold-silver and copper assets and royalties in North America. Riverside has extensive experience and knowledge operating in Mexico and Canada and leverages its large database to generate a portfolio of prospective mineral properties. In addition to Riverside’s own exploration spending, the Company also strives to diversify risk by securing joint-venture and spin-out partnerships to advance multiple assets simultaneously and create more chances for discovery. Riverside has properties available for option, with information available on the Company’s website at www.rivres.com.
ON BEHALF OF RIVERSIDE RESOURCES INC.
“John-Mark Staude”
Dr. John-Mark Staude, President & CEO
For additional information contact:
John-Mark Staude President, CEO Riverside Resources Inc. info@rivres.com Phone: (778) 327-6671 Fax: (778) 327-6675 Web: www.rivres.com
Certain statements in this press release may be considered forward-looking information. These statements can be identified by the use of forward-looking terminology (e.g., “expect”,” estimates”, “intends”, “anticipates”, “believes”, “plans”). Such information involves known and unknown risks — including the availability of funds, the results of financing and exploration activities, the interpretation of exploration results and other geological data, or unanticipated costs and expenses and other risks identified by Riverside in its public securities filings that may cause actual events to differ materially from current expectations. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
1The Brookbank Deposit is reported to include open-pit Measured and Indicated Resources of 2.64 million tonnes averaging 2.02 g/t Au and containing 172,000 ounces. Underground resources are reported to include Measured and Indicated Resources of 1.86 million tonnes averaging 7.21 g/t Au and containing 430,000 ounces of gold (www.premiergoldmines.com).
Vancouver, British Columbia–(Newsfile Corp. – July 24, 2023) – EMX Royalty Corporation (NYSE American: EMX) (TSXV: EMX) (FSE: 6E9) (the “Company” or “EMX”) is pleased to announce the execution of an option agreement for EMX’s Flåt and Bamble nickel-copper sulfide projects in Norway (the “Projects“) (see Figure 1) to Londo Nickel Limited (“Londo Nickel“), a public unlisted Australian Company. The agreement provides EMX with 2.5% Net Smelter Return (“NSR“) royalty interests, cash and equity payments, work commitments and other considerations. In conjunction with this transaction, Londo Nickel intends to establish a public listing on the Australian Securities Exchange (ASX) later in 2023.
The Flåt and Bamble Projects belong to a belt of Proterozoic mafic intrusions in southern Norway that hosts a variety of nickel-copper sulfide deposits and occurrences (see Figure 1). These deposits were mined in the 20th century to help feed the nearby Nikkelverk smelter, which is now owned and operated by Glencore. During this period Norway was a major supplier of nickel to the world. The mines in southern Norway are also thought to have provided the majority of global nickel production in the late 19th century, and although over 40 mines have operated in the area historically, there has been very little modern exploration. In a broader context, the belt in southern Norway is considered to be the eastern extension of the same geologic trend that hosts the Voisey’s Bay nickel deposits in Labrador, Canada (the regions of modern-day Fennoscandia and Canada were once adjoined in the middle Proterozoic era).
The Projects will provide Londo Nickel with a strong pair of battery metal assets in advance of its proposed ASX listing. EMX and Londo Nickel will work together to apply modern exploration methods and deposit models to advance the Projects.
Commercial Terms Overview (terms are in Australian dollars (AUD) unless otherwise noted). Upon execution, Londo Nickel will make a cash payment of $30,000. During a seven-month option period, Londo Nickel can acquire a 100% interest in the EMX subsidiary company that controls the Projects by paying EMX an additional $20,000. Upon commencement of the IPO and ASX-listing process, Londo Nickel will make an additional cash payment of up to $100,000 and issue 750,000 shares of Londo Nickel to EMX along with 1,000,000 options with each option being exercisable for one share of Londo Nickel at a price of $0.25 for 48 months. Upon the first anniversary of the IPO, Londo Nickel will also pay EMX $50,000 in cash.
Upon completing the option requirements, Londo Nickel will earn 100% interest in each Project with EMX retaining:
A 2.5% NSR royalty interest in each Project.
Annual advance royalty (“AAR“) payments per each Project that commence on the third anniversary of the IPO. These will start at $30,000, with AAR payments increasing by 15% per year on subsequent anniversaries of the IPO until reaching $75,000.
Milestone payments of $250,000 in cash upon announcement via the ASX of a maiden JORC resource for each Project. Additional milestone payments of $500,000 in cash will be made to EMX upon the delivery of a feasibility study for each Project.
To maintain its interest in the Flåt and Bamble Projects, Londo Nickel will also spend a minimum of $300,000 and $100,000, respectively, by the first anniversary of the IPO, and $300,000 each year starting on the second anniversary of the IPO1.
Flåt Project Overview. EMX’s exploration licenses surround the historical Flåt Mine (see Figure 2), which was one of the largest nickel producers in Europe from 1872 through the end of World War II. Total reported production from the mine was 2.7 Mtonnes at average grades of 0.72% Ni, 0.48% Cu, and 0.06% Co2, and was the major source of nickel for the nearby Nikkelverk smelter in the first half of the 20th century. EMX’s land position covers the lateral and downward extensions of the mineralized body exploited by historical mining at Flåt, as well as other nearby historical mine workings. Falconbridge completed the most recent drill program in the 1970’s, but failed to reach the exploration target at depth. Beyond the near-mine targets, Falconbridge also investigated and drill tested other prospects within the intrusive complex, including Mølland and Oreknappen, which are also within the EMX land position. Drill results at Mølland, which include a historical intercept of 6.78 m @ 1.07% Ni, 0.27% Cu from 103.96 m depth (true width unknown), demonstrate additional upside potential on the project.3
Bamble Project Overview. The Bamble nickel-copper-cobalt project covers a 20-kilometer trend of mafic intrusions in the Bamble Belt. Multiple nickel and copper occurrences have been documented on the Bamble property, many of which have historical mine workings including the Skaugen and Nystein-Meikjaer target areas (see Figure 3). The Skaugen target is a 5 x 2 km magnetite-rich gabbroic pluton with a strong geophysical signature. There are disseminated sulfide occurrences around the periphery of the intrusion, with conductive EM anomalies in the center, many of which have never been drill tested.
Comments on Nearby and Adjacent Properties. The mines and deposits discussed in this news release provide context for EMX’s Projects, which occur in a similar geologic setting, but this is not necessarily indicative that the Projects host similar quantities, grades or styles of mineralization.
Dr. Eric P. Jensen, CPG, a Qualified Person as defined by National Instrument 43-101 and employee of the Company, has reviewed, verified and approved the disclosure of the technical information contained in this news release.
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.
For further information contact:
David M. Cole President and Chief Executive Officer Phone: (303) 973-8585 Dave@emxroyalty.com
Scott Close Director of Investor Relations Phone: (303) 973-8585 SClose@emxroyalty.com
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 reserve and resource estimates, work programs, capital expenditures, timelines, strategic plans, market prices for precious and base metal, or other statements that are not statements of fact. When used in this news release, words such as “estimate,” “intend,” “expect,” “anticipate,” “will”, “believe”, “potential” and similar expressions are intended to identify forward-looking statements, which, by their very nature, are not guarantees of the Company’s future operational or financial performance, and are subject to risks and uncertainties and other factors that could cause the Company’s actual results, performance, prospects or opportunities to differ materially from those expressed in, or implied by, these forward-looking statements. These risks, uncertainties and factors may include, but are not limited to: unavailability of financing, failure to identify commercially viable mineral reserves, fluctuations in the market valuation for commodities, difficulties in obtaining required approvals for the development of a mineral project, increased regulatory compliance costs, expectations of project funding by joint venture partners and other factors.
Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this news release or as of the date otherwise specifically indicated herein. Due to risks and uncertainties, including the risks and uncertainties identified in this news release, and other risk factors and forward-looking statements listed in the Company’s MD&A for the quarter ended March 31, 2023 (the “MD&A”), and the most 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.sedar.com and on the SEC’s EDGAR website at www.sec.gov.
1 The work commitment for the Bamble project will increase to $300,000 per year following the 3rd anniversary of the IPO.
2 Historical production values provided by the Norwegian Geologic Survey in “The Ore Database”. (https://aps.ngu.no/pls/oradb/minres_deposit_fakta.Main?p_objid=5253&p_spraak=E). EMX has not performed sufficient work to verify the published assay data reported above, and these data cannot be verified as compliant with NI 43-101 standards, however EMX considers them reliable and relevant.
3 The historical drilling was completed by Sulfidmalm in 1968 and 1970 as reported to NGU in ‘The Sulfidemalm 2005 Annual Report’. EMX has not performed sufficient work to verify the historical drill results. However, from independent assessment, EMX considers the historical results to be reliable and relevant as an example providing general context for mineralization occurring on the property.
Vancouver, British Columbia, July 20, 2023 (GLOBE NEWSWIRE) — Terra Balcanica Resources Corp. (“Terra” or the “Company”) (CSE:TERA; FRA:UB1) is pleased to announce closing of the 3rd tranche of the non-brokered private placement financing (the “Offering”) of units (the ”Units”) as it continues drilling the Brezani porphyry target in eastern Bosnia and Herzegovina.
Brezani Phase II Drilling Campaign The Company is testing a 650 m wide conductivity high at the centre of an anomalously magnetic volume of rock, 1.2 km in diameter, where potassic altered porphyritic andesites overprinted by chlorite are found below a gold-bearing skarn (Figure 1). Here, the electrically resistive unit returned 88.0 m of 0.61 g/t AuEq from surface (see Company news release dated 24th of January 2023). The redrilled Phase I drill hole has now been extended beyond its 2022 terminal depth of 215 m along the same dip and azimuth. The HQ diameter diamond drill bit has now reached 468 m as it progresses at a rate of ca. 20 m daily to intercept the >60 mS/m conductor in a week.
Figure 1.A NW-SE geophysical cross section showing the trajectory of the drillhole BREDD002. At 323m, the conductivity reaches 15mS/m and coincides with a pyrite rich footwall indicating that the subsurface resistivity is chiefly controlled by the rock sulfide content. Phyllic altered feldspar phyric andesite (lower right) contains marcasite rich groundmasswith up to 2,000 ppm Sb and 600 ppm Co. Also present are pyrite veins with crosscutting calcite centrelines that yield up to 1,000 ppm Cu(click here to view image). BREDD002 Geology From 240 m to 374.7m below surface, Terra’s BREDD002 drillhole has intersected a large package of phyllic altered hornfels with intermittent porphyry intrusions, crosscut at high angles and associated with both calc-silicate alteration and carbonate base metal veining.
At depth of 320 m and spatially coincident with a sub-horizontal conductivity change drilling has penetrated an intensely silicified structure underneath which there is a substantial increase in the volume of sulfide minerals and density of carbonate base metal veins (Figure 2). This structure, interpreted as a low-angle reverse fault, appears to intersect surface toward NW around the same area where gossanous material was previously mapped. It is suggested that this zone could be a target for intersection of carbonate-hosted, base metal veining.
The fault zone is characterized by increased pyrite veining and minor Zn, Sb, Sn anomalies and up to 2,100 ppm arsenic measured by the pXRF technique. If the current observed modal proportions of pyrite stay above 5 vol.% underneath the fault zone, along with the ubiquitous phyllic alteration overprint, this could be interpreted as evidence of the outer pyrite shell within a classic porphyry system and an indicator of potentially fertile ore system below.
Figure 2.Carbonate base metal vein registering 2,100ppm arsenic by pXRF(click here to view image). Third Tranche Private Placement Financing Closed The Company issued an aggregate of 1,194,118 Units at a price of $0.085 per Unit for gross proceeds of $101,500 pursuant to the Offering announced on April 4th, 2023. Each Unit consists of one common share in the capital of the Company (each, a “Common Share”) and one Common Share purchase warrant (each whole warrant, a “Warrant”). Each Warrant entitles the holder to purchase one Common Share at an exercise price of $0.13 until July 19th, 2026. Finders’ fees in the amount of $1,190 were paid.
Inclusive of the third tranche the Company has issued 9,575,268 units at a price of $0.085 for gross proceeds of $813,898 to date while continuing to raise funds until the end of July. Terra intends to use the net proceeds of the Offering for working capital and to finance the Phase II drilling across its portfolio of properties in Bosnia and Serbia.
Pursuant to applicable Canadian securities laws, all securities issued and issuable in connection with the closing of the Private Placement will be subject to a four (4) month hold period ending November 20th, 2023.
This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws, and may not be offered or sold within the United States, or to or for the account or benefit of any U.S. person or any person in the United States, unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available. “United States” and “U.S. Person” are as defined in Regulation S under the U.S. Securities Act.
Qualified Person Dr. Aleksandar Mišković, P.Geo. is the Company’s designated Qualified Person within the meaning of National Instrument 43-101 Standards of Disclosure of Mineral Projects (“NI 43-101”). Dr. Mišković has reviewed and validated that the information contained in this news release is factual, accurate and precise.
About the Company Terra Balcanica is a polymetallic exploration company targeting large-scale mineral systems in the Balkans of southeastern Europe. The Company has 90% interest in the Viogor-Zanik Project in eastern Bosnia and Herzegovina, 100% of the Kaludra and Ceovishte mineral exploration licences in southern Serbia. The Company emphasizes responsible engagement with local communities and stakeholders. It is committed to proactively implementing Good International Industry Practice (GIIP) and sustainable health, safety, and environmental management.
ON BEHALF OF THE BOARD OF DIRECTORS
Terra Balcanica Resources Corp. “Aleksandar Mišković”
This news release contains certain forward-looking information and forward-looking statements within the meaning of applicable securities legislation (collectively “forward-looking statements”). The use of any of the words“will”, “intends” and similar expressions are intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Such forward-looking statements should not be unduly relied upon. Actual results achieved may vary from the information provided herein as a result of numerous known and unknown risks and uncertainties and other factors. The Company believes the expectations reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct. The Company does not undertake to update these forward-looking statements, except as required by law.
VANCOUVER, British Columbia, July 20, 2023 (GLOBE NEWSWIRE) — Rover Metals Corp. (TSXV: ROVR) (OTCQB: ROVMF) (FSE:4XO) (“Rover” or the “Company”) is pleased to announce that further to its release of June 23, 2023, Rover has received additional orders of $177,000 for its $0.08 Unit Financing. The Company has received approval from the Toronto Venture Exchange (the “TSXV”) to close the second tranche of the Unit financing for gross proceeds of $177,000 (the “Second Closing”). The Company will issue 2,212,500 common shares and 2,212,500 warrants. Finders’ commissions are being paid in connection with the Second Closing in the amount of cash commissions of $6,200 and finders’ warrants of 77,500. The finder’s warrants will have an exercise price of $0.12 and a useful life of two and half (2 ½) years. The shares and warrants issued under the Second Closing will bear the minimum four-month regulatory hold period from the date of issuance. The Company has now raised a total of $677,000 under the first two closings of its financing.
The financing has been led by experienced lithium investors from Europe and Australia.
An updating release will be provided once the Company has completed any future closings of the unit financing, including receipt of final acceptance from the TSXV for the financing.
Use of Proceeds The proceeds from the Second Closing will be used for general and administrative expenses.
About Rover Metals Rover is a publicly traded junior mining company that trades on the TSXV under symbol ROVR, on the OTCQB under symbol ROVMF, and on the FSE under symbol 4XO. The Company has a diverse portfolio of mining resource development projects with varying exploration timelines. Its critical mineral projects include lithium, zinc, and copper. Its precious metals projects include gold and silver. The Company is exclusive to the mining jurisdictions of the U.S. and Canada.
ON BEHALF OF THE BOARD OF DIRECTORS “Judson Culter” Chief Executive Officer and Director
For further information, please contact: Email: info@rovermetals.com Phone: +1 (778) 754-2617
Statement Regarding Forward-Looking Information This news release contains statements that constitute “forward-looking statements.” Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause Rover’s actual results, performance or achievements, or developments in the industry to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects,” “plans,” “anticipates,” “believes,” “intends,” “estimates,” “projects,” “potential” and similar expressions, or that events or conditions “will,” “would,” “may,” “could” or “should” occur. There can be no assurance that such statements prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements, and readers are cautioned not to place undue reliance on these forward-looking statements. Any factor could cause actual results to differ materially from Rover’s expectations. Rover undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.
THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS NEWS RELEASE REPRESENTS THE EXPECTATIONS OF THE COMPANY AS OF THE DATE OF THIS NEWS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY OTHER DATE. WHILE THE COMPANY MAY ELECT TO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME EXCEPT AS REQUIRED IN ACCORDANCE WITH APPLICABLE LAWS.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OF THIS RELEASE.
VANCOUVER, BC / ACCESSWIRE / July 20, 2023 / Stillwater Critical Minerals Corp. (TSX.V:PGE)(OTCQB:PGEZF) (the “Company” or “Stillwater”) is pleased to announce the start of 2023 expansion drilling at its flagship Stillwater West nickel-PGE-copper-cobalt and gold project in Montana, USA, in addition to providing an update on other initiatives including work already underway.
Highlights
Drilling will focus on expansion of the NI 43-101-compliant resources announced January 25, 2023 which demonstrated world-class grade and scale with 1.6 billion pounds of nickel, copper and cobalt and 3.8 million ounces of palladium, platinum, rhodium, and gold (“4E”) in a base case study totaling 255 million tonnes (“Mt”), with a high-grade component of 11.6 Mt grading 1.05% recovered nickel equivalent (as 0.56% Ni, 0.33% Cu, 0.03% Co,0.54 g/t Pd, 0.27 g/t Pt, 0.15 g/t Au and 0.019 g/t Rh).
Priority is on expansion of high-grade mineralization at the DR-Hybrid deposit at Chrome Mountain, including:
Drill hole CM2021-05, which returned 13.2 meters grading 2.89% Recovered Nickel Equivalent1 (“NiEq”) (2.31% Ni, 1.51 g/t 4E, 0.35% Cu, and 0.115% Co), starting at 37.6 meters. This high-grade mineralization, contained within 400.8 meters of continuous battery and precious metal mineralization, is of a type not previously identified in the Stillwater district and appears to be related to 8.5 meters of similar high-grade, high-tenor nickel sulphide returned in hole CM2020-04, approximately 125 meters downdip to the west. See news releases from May 03, 2022, and March 03, 2021.
Drilling is also expected to expand on high-grade targets at the CZ and HGR deposits at Iron Mountain, up to nine kilometers east of Chrome Mountain, as step-outs from the following intercepts:
Drill hole CZ2021-01, which returned 63.7 meters grading 0.86% NiEq (0.47% Ni, 0.42 g/t Pd, 0.27% Cu, and 0.04% Co as well as significant Pt and Au values), within 367.6 meters of continuous mineralization. This hole was a step-out from hole CZ2019-01 which returned 62.0 meters grading 0.56% NiEq and also 3.54 meters of 2.67% NiEq (as 1.53% Ni, 0.49% Cu, 0.099% Co, and 3.45 g/t 4E) within 399 meters of continuous mineralization, starting at surface. The CZ deposit benefits from a historic resource and positive preliminary metallurgical work completed by AMAX in the 1970s. See news releases from December 20, 2021, and January 21, 2020.
Drill hole IM2021-05 in the HGR deposit area returned 7.3 meters grading 0.70% NiEq (as 0.45% Ni, 0.51 g/t 4E, 0.17% Cu and 0.026% Co), and 2.4 meters 2.04% NiEq (as 1.55% Ni, 0.85 g/t 4E, 0.17% Cu, and 0.087% Co), within 379.2 meters of continuous battery and precious metal mineralization starting at surface. This hole was a step-out from hole IM2019-03 which returned 26.8 meters grading 0.85% NiEq (as 0.34% Ni, 0.15% Cu, 0.019% Co, and 1.24 g/t 4E) within 272.5 meters of continuous mineralization. See news releases from July 07, 2022, and December 18, 2019.
The 2023 campaign will be the first to apply updated geological models which incorporate similar geology from South Africa’s Platreef district under the direction of Dr. Danie Grobler, who joined the team in May of 2022 as Vice-President Exploration.
This campaign is funded by the recent 9.99% strategic equity investment by Glencore and is expected to consist of approximately 5,000 meters of diamond core drilling.
Michael Rowley, President and CEO of Stillwater Critical Minerals, stated, “We are very pleased to announce the arrival of equipment and crews for our 2023 drill campaign with a view to expanding our recent high-grade nickel and copper sulphide discoveries, enriched in cobalt and precious metals. Those intercepts included some of the widest and highest-grade intervals in their respective years and drove a robust and low-cost expansion of our previous mineral resource. We are focused on continuing that trend as we apply our new understanding of the geology of the Stillwater complex from the giant mines of South Africa. The broader fundamentals are stronger than ever for our sector, and the recent strategic investment by Glencore in Stillwater is an important validation of both the project and the underlying fundamentals of US critical mineral supply. We look forward to further announcements from this iconic and expanding American mining district, which has been producing high-grade critical minerals for over one hundred years.”
Dr. Danie Grobler, Vice-President of Exploration for Stillwater Critical Minerals, said “It’s exciting to be embarking on the 2023 drill campaign, which will be the first ever in the Stillwater Igneous Complex that incorporates detailed structural and stratigraphic models from very similar mineralization in South Africa’s Bushveld Igneous Complex. Field work, which commenced in June, includes a ground-based high resolution magnetic survey which has already provided a clear response to the high-grade massive sulphide zone identified in holes CM2021-05 and CM2020-04 holes noted above, further defining that target while also delineating stratigraphic and structural controls on mineralization. The world-class size and well-mineralized nature of the Stillwater complex, coupled with our new understanding of the structure and controls on mineralization, has provided us with a large number of targets to guide expansion of the existing resources while also leading us into exciting new areas”.
Metallurgy, US Geological Survey, and Other Initiatives
Sample collection for more detailed metallurgical testing is on-going as part of the expanding development of Stillwater West, with a view to including full metallurgical assessment in future studies. Preliminary metallurgical assessments by Stillwater returned strong nickel tenor in sulphides drilled by the Company to date. In addition, favorable historic bench-scale metallurgical results completed historically by AMAX at the Iron Mountain target area demonstrate the potential for effective nickel and copper sulphide flotation and PGE recovery.
2023 fieldwork surface programs including geophysical and geological prospecting and mapping surveys are also planned as part of the 2023 campaign. Some of these programs commenced earlier this year with a view to detailing priority drill targets.
In addition, the Company is pleased to report its continuing and expanding engagement with the US Geological Survey which includes new technical programs in addition to ongoing consultation and data sharing following multiple onsite meetings, with some programs eligible for funding under the Inflation Reduction Act and other government initiatives.
Carbon Capture
All five deposits in the 2023 Resource contain desirable nickel sulphide mineralization that has been shown to require a much lower environmental footprint in subsequent processing to nickel metal or nickel sulphate in comparison to the laterite nickel ores that dominate global production. As part of Stillwater’s commitment to global sustainability initiatives, the Company is also examining the potential for large-scale carbon sequestration with the objective of further reducing and possibly eliminating the carbon footprint of a potential mining operation at Stillwater West.
Carbon sequestration studies are ongoing in two channels as reported previously. The first, led by Dr. Greeshma Gadikota at Cornell University with funding by the Department of Energy under the Advanced Research Projects Agency-Energy program, is focused on novel hydrometallurgical techniques and carbon capture with the objective of increasing the extraction of critical minerals using reduced energy for a carbon negative mining future. The second is via ARCA Climate (formerly Carbin Minerals Inc) and the University of British Columbia with focus on investigating the potential to exploit the presence of certain ultramafic minerals that are known to have high capacity to bind carbon dioxide by a natural process known as mineral carbonation for carbon capture as part of a potential mining operation at Stillwater West.
This work strongly aligns with Stillwater’s Environmental, Social and Governance guidelines and principles, and the incorporation of carbon uptake may bring financial benefits via initiatives such as the 45Q Tax Credit for Carbon Oxide Sequestration that is now in place in the US.
About Stillwater Critical Minerals Corp.
Stillwater Critical Minerals (TSX.V: PGE | OTCQB: PGEZF) is a mineral exploration company focused on its flagship Stillwater West Ni-PGE-Cu-Co + Au project in the iconic and famously productive Stillwater mining district in Montana, USA. With the addition of two renowned Bushveld and Platreef geologists to the team and a strategic investment by Glencore, the Company is well positioned to advance the next phase of large-scale critical mineral supply from this world-class American district, building on past production of nickel, copper, and chromium, and the on-going production of platinum group and other metals by neighboring Sibanye-Stillwater. An expanded NI 43-101 mineral resource estimate, released January 2023, delineates a compelling suite of critical minerals contained within five Platreef-style nickel and copper sulphide deposits at Stillwater West, which host a total of 1.6 billion pounds of nickel, copper and cobalt, and 3.8 million ounces of palladium, platinum, rhodium, and gold, and remains open for expansion along trend and at depth.
Stillwater Critical Minerals also holds the high-grade Black Lake-Drayton Gold project adjacent to Treasury Metals’ development-stage Goliath Gold Complex in northwest Ontario, currently under an earn-in agreement with Heritage Mining, and the Kluane PGE-Ni-Cu-Co critical minerals project on trend with Nickel Creek Platinum‘s Wellgreen deposit in Canada‘s Yukon Territory.
Stillwater Critical Minerals, Thursday, July 20, 2023, Press release picture
1 – Recovered Nickel Equivalents (“NiEq”) are presented for comparative purposes using conservative long-term metal prices (all USD): $8.00/lb nickel (Ni), $4.00/lb copper (Cu), $24.00/lb cobalt (Co), $1,000/oz platinum (Pt), $2,200/oz palladium (Pd), $1,800/oz gold (Au), and $10,000/oz rhodium (Rh). NiEq is determined as follows: NiEq% = [Ni% x recovery] + [Cu% x recovery x Cu price/ Ni price] + [Co% x recovery x Co price / Ni price] + [Pt g/t x recovery / 31.103 x Pt price / Ni price / 2,204 x 100] + [Pd g/t x recovery / 31.103 x Pd price / Ni price / 2,204 x 100] + [Au g/t x recovery / 31.103 x Au price / Ni price / 2,204 x 100]. In the above calculations: 31.103 = grams per troy ounce, 2,204 = lbs per metric tonne, and 100 and 0.01 convert assay results reported in % and g/t. The following recoveries have been assumed for purposes of the above equivalent calculations: 85% for Ni and 90% for all other listed metals, based on recoveries at similar nearby operations.
Quality Control and Quality Assurance
Mr. Mike Ostenson, P.Geo., is the qualified person for the purposes of National Instrument 43-101, and he has reviewed and approved the technical disclosure contained in this news release.
Forward-Looking Statements
This news release includes certain statements that may be deemed “forward-looking statements”. All statements in this release, other than statements of historical facts including, without limitation, statements regarding potential mineralization, historic production, estimation of mineral resources, the realization of mineral resource estimates, interpretation of prior exploration and potential exploration results, the timing and success of exploration activities generally, the timing and results of future resource estimates, permitting time lines, metal prices and currency exchange rates, availability of capital, government regulation of exploration operations, environmental risks, reclamation, title, and future plans and objectives of the company are forward-looking statements that involve various risks and uncertainties. Although Stillwater Critical Minerals believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Forward-looking statements are based on a number of material factors and assumptions. Factors that could cause actual results to differ materially from those in forward-looking statements include failure to obtain necessary approvals, unsuccessful exploration results, changes in project parameters as plans continue to be refined, results of future resource estimates, future metal prices, availability of capital and financing on acceptable terms, general economic, market or business conditions, risks associated with regulatory changes, defects in title, availability of personnel, materials and equipment on a timely basis, accidents or equipment breakdowns, uninsured risks, delays in receiving government approvals, unanticipated environmental impacts on operations and costs to remedy same, and other exploration or other risks detailed herein and from time to time in the filings made by the companies with securities regulators. Readers are cautioned that mineral resources that are not mineral reserves do not have demonstrated economic viability. Mineral exploration and development of mines is an inherently risky business. Accordingly, the actual events may differ materially from those projected in the forward-looking statements. For more information on Stillwater Critical Minerals and the risks and challenges of their businesses, investors should review their annual filings that are available at www.sedar.com.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
